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...

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

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...

This paper analyses the X-efficiency level of Italian Asset Management Companies (Amc).This topic seems really important since there is a huge amount of literature that deals with X-efficiency with regard to the banking system; the aim of these works is to discover which factors can improve the...

In the euro Area, credit intermediation has a dominant role in the financing of businesses. As banks, we have great responsibilities, in order to identify the actions that are still to be taken to strengthen corporate equity. Among the possible measures to implement: the creation of incentives...

Hedge funds are a complex investment instrument with a great variety of players, innovative operational features, non homogeneous target markets. Recent developments of their regulations in Europe and in the U.S. shows: the objectives of financial regulation and its related problems, the current...

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...

The Solvency 2 Directive, which will come into force on January 1st 2016, represents an opportunity to not only improve insurers’ operations, but also to develop significant competitive advantage in a challenging market. The new regulation will have very significant effects on all business...

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 Solvency 2 Directive, which will come into force on January 1st 2016, represents an opportunity to not only improve insurers’ operations, but also to develop significant competitive advantage in a challenging market. The new regulation will have very significant effects on all business...