After the crisis and recent State interventions, the private nature of banks and their role in terms of public interest has been strongly questioned. In the new scenario, is there a scope for public banks? And what should be the regulatory framework to ensure that their strategy and management...

Literature and regulation on financial intermediaries consider real estate loans being credit risk mitigated exposures due to the role played by the collateral. The effectiveness of the mitigation stemming from the real estate collateral depends on the recovery value the intermediary can expect...

The volatility of tenant periodical cash flows produced by investment property can dramatically affect the expected return as estimated ex-ante, especially in recession times. Therefore tenant risk is a crucial factor for real estate investorsí strategies and asset allocation choices. The paper...

The certainty and the volatility of tenant periodical cash flows related to real estate investments can prominently impact on the expected return estimated ex-ante. Therefore the tenant risk is a crucial factor for the investors and their asset allocation choices. The paper considers the Italian...

Le Sgr che gestiscono fondi immobiliari devono avere una funzione di risk management. Il controllo dei rischi può rappresentare non solo un obbligo regolamentare, ma anche un modus operandi premiante e un vantaggio competitivo. Occorre un passaggio culturale dalla <i>compliance</i> formale alla...</i>

This paper enters the wide international debate about the average discount on the Net Asset Value (NAV) of the closed-end funds, considering the recent takeover bids on the Italian real estate funds. The poor empirical analysis and the anecdotical available surveys on the Italian real estate...