The chaos theory assumes that the returns dynamics are not normally distributed and more complex approaches have to be used to study these time series. In fact, the Fractal Market Hypothesis assumes that the returns dynamics are not independent of the investors’ attitudes and represent the...

The credit rating market is characterized by low competition and a potential conflict of interest, due to the system of remuneration of the rating services, which impairs the reliability of the judgement delivered. Multiple credit rating means further costs for companies, because of the fees...

On the market for factoring services independent suppliers coexhist with companies affiliated with banking groups. The last ones can be oriented in their decision processes by the policies of their parent company, usually a bank. They could also benefit from synergies among the different units...

Attention is a scarce cognitive resource (Kahneman, 1973) and investorsí limited attention can affect asset pricing statics as well as dynamics (Peng and Xiong, 2006). Literature on the measurement of the investor attention proposes indirect measures based on market data or news. Market proxies...

Loss Given Default (henceforth the LGD) is the ratio of losses to exposure at default. It includes the loss of principal, the carrying costs of non-performing loans and workout expenses. In light of the management and regulatory advances regarding LGD, this paper addresses the topic of choosing...

In light of multiple motivations for the use of trade credit, firms tend to supply and receive trade credit at the same time, so the choice to engage in one of these activities could influence the other. Many studies proposed in the literature define models of trade credit and provide empirical...

Real estate market trend could affect the value of both the direct exposures in property loans and the real estate collaterals of loans, therefore banks' performance and/or risk could change significantly in the case of real estate market collapse or expansion (i.a. Wheaton, 1999). Indeed,...

In the last decade, the development of investment funds specialized in the real estate investment, points out some interesting differences in the strategy adopted by fund manager in order to achieve an optimal portfolio allocation. An increasing number of real estate portfolio managers, manage...

PurposeThe aim is to identify the main macro-economic drivers of construction in an Eastern European country that is experiencing significant changes in the real estate sector.Design/methodology/approachUsing a proprietary database provided by Bank of Albania, the paper evaluate the relationship...

The market for Italian real estate funds has been characterized in recent years by fluctuations affecting both the number of new products and their performance. It is therefore important to establish criteria for measuring the funds’ performances, based on the income return and capital growth...