A better understanding of the information provided by credit ratings and their proper use allow more transparent and effective communication to investors and a better risks’ diversification. In this way ratings will be able to play a more effective predictive role

The literature that examines target prices issued by equity research analysts is vast, and the role of the analytical process and valuation model used to determine target prices has received growing attention by scholars. However, the specific evidence that indicates how professional analysts...

This paper analyzes the methods of rating attribution of the major international agencies (Moody’s, Fitch and Standard & Poor’s) between 2005 and 2010 for a sample of Italian and European listed banks and tests empirically, through the multivariate analysis of Ols, the possible relations of...

The financial crisis has stimulated researches on the link between risk models and banking business, showing that banks with greater profitability deriving from traditional activity have less chancee to be involved in a crisis. This hypothesis is confirmed by an analysis conducted on a sample of...

The aim of the paper is to investigate the long-run performance of Italian Ipos, paying close attention to the banking companies. Specifically, the objective is to test if there are differences and/or anomalies between the securities issued by banks and those delivered by other issuers, in the...

Cooperative banking has produced, in more than a century, significant value in terms of proximity to clients and local communities. A governance reform is now necessary to solve interest conflicts and redefine the cooperative model in the present scenario

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

Are private equity investors able to reduce the overall costs of going public? This hypothesis was tested, for the Italian market, on a sample of 155 Ipos (54 Vb and 101 Nvb) during the period 1999-2007. For each company we estimated the direct and indirect costs of listing. The main results are...

The variability of cash flows of Real Estate investments is affected by specific characteristic of each investment and by the choices for the portfolio composition and for the debt structure. The Italian Real Estate funds could not be evaluated with the same approaches used for other...

The current great financial crisis points out the weakness of the originate to distribute model based on the definition by the global banks of a selling chain that is opaque, elusive and unsustainable. The reaction to the crisis must be wide and global: de-engineering of financial instruments,...