The National Fund for Innovation is a public policy instrument that is showing a significant capacity in supporting Italian Smes. It is also functional to stimulate the activation of virtuous circles in local economies, but with different effects in the various geographical areas. In particular,...

This paper investigates the effects of the Italian real estate funds governance and intermediation structure on market prices discount over Nav figures.The hypothesis is that the mandatory provision of a shareholders’ meeting of newly established Reits offers potential protection to investors...

The Basel Agreements, designed to pursue financial stability, have been instead a cause of instability, revealing fundamental analytical and operational weaknesses. The idea to define a constant capital ratio through complex statistical models implies serious dangers. A radical change is...

Do rating models embody correctly the impact of macroeconomic variables on debtors’ solvency, determining a lag in downgrading? In pre-crisis periods, when interest rates increases are recorded as well as decreases in real growth rates, rating assessments fail to register risk increases in...

Otc derivatives Counterparty risk has assumed a fundamental role within the risks assumed by Sifis, Sistemically Important Financial Institutions. Different Counterparty risk management procedures have been introduced by regulatory provisions and market best practices. Moreover, the European...

The establishment of the Consumer Financial Protection Bureau is part of the Us financial system reform project and has been strongly supported by the Obama administration to streamline the existing rules and to realize consumer financial education and protection after the crisis. It testifies,...

The implementation of Solvency 2 Directive, which will come into force in 2016, in the insurance industry does not seem to lead to a radical change in the innovation product process. On the contrary it will produce more relevant consequences in the internal processes of the companies, in...