Liquidity is the ability of a bank to collect money necessary for financing assets and meet obligations as they come due, without incurring unsustainable losses; the maturity transformation of short-term deposits into long-term loans makes banks inherently vulnerable to liquidity risk (Basel...

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...

The increasing role of retail investors in the real estate vehicle market makes necessary to study simple return/risk measures that could be easily understood also by not financial skilled investors. Measures frequently used in the asset management industry are the Risk Adjusted Performance...

Purpose – In real estate industry, managers' choices in portfolio construction impact directly on the performance of real estate fund. Looking at the literature, real estate diversification criteria are related to tenants' characteristics, to endogenous and exogenous risk and to financial...

Purpose – The purpose of this paper is to define an approach useful to evaluate real estate funds on the specific characteristics of the Italian market and on the basis of international best practices. Design/methodology/approach – The first step is to identify specific factors and portfolio...

The standard approach to the evaluation of funds assumes a normal return distribution and uses the variance as a measure of the funds risk. A few characteristics of hedge funds, such as the remuneration mechanism of the portfolio manager, make this assumption unacceptable and the traditional...

Funds of Funds (FoF) are particular investment funds that invest resources in some mutual funds. This type of funds offers the possibility to achieve an higher diversification that an investor can’t realize using other instruments. One of the main differences among FoFs available is the...

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...