A sample of 1,087 Italian university students was surveyed to investigate their financial education and its determinants. Financial education of first-year and third-year business and non-business students was assessed using a 20-item test aimed at measuring both financial knowledge and...

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...

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...

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...

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...

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...

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...

Financial crisis has highlighted the responsibilities of rating agencies in the evaluation of some assets and in the delay in reacting to deteriorating market conditions. In Europe, this experience has made urgent to adapt the rules and fill a real law gap, with the adoption of a binding...