The liquidity risk is one of the drivers of uncertainty in the banking activities. It could worsen the impact of shocks caused by market instability or temporary lack of customers’ confidence with possible serious consequences on the stability of financial intermediaries, as shown by the...

The goal of this paper is to analyze the role that non-financial variables can play in assessing Smes creditworthiness and to compare their value in predicting business failure with the one of the most commonly used financial ratios. We investigate the importance for banks in modeling credit...

The legislative changes introduced in the Italian pre-insolvency law for corporate crisis management provide the opportunity to reconsider the question related to the bank’s responsibility in the case of restructuring agreements’ execution

Ratings measure the counterparty risk for an issuer or an issue while Cds are a market evaluation of the same risk exposure. The market evaluation could be not aligned with the rating agencies’ judgment and the difference could be relevant. The article presents an empirical analysis on a...

In estimating the downturn Lgd, financial intermediaries have to select the economic cycle on which investigating the relationship between default rate and recovery rate. In order to obtain the validation, the methodological framework must be detailed, sustainable and applied to a statistically...

The Italian corporate lending system is undergoing a legislative transformation, undoubtedly influenced by issues relating to debt restructuring plans. Banks are faced with different problems arising from loans to undercapitalized companies. Debt restructuring agreements are effective...

Thirty years after the tragic death of Giorgio Ambrosoli, liquidator of Banca Privata Italiana of Michele Sindona, occurred on 11 July 1979, we pay tribute to the memory of a just and free man, an example of civil courage and commitment.

Current developments of hedge funds market demonstrate the relevance of operative and market risk exposure measurement. VaR represents the more widespread approach adopted for measuring the market risk and it could be used jointly with other measures in order to overcome some forecasting limits...

The Italian legislation has introduced several significant changes to Italian Bankruptcy Law. The amendments relate to the composition with creditors procedure, the debt restructuring agreements and the certified restructuring plans, thus introducing specific provisions to avoid situations of...