We propose a model which enables the measurement of term risk in markets which are sensitive to systemic risk. With its origins in the spectralisation of the AR(1) process (using the Wiener-Khintchine theorem, and a P ~ Q transform), a Q jump martingale solution is found which is unique and...

This paper presents a new model for term risk, yield curve, and credit risk in spreads in a unified approach. The originality lies in the structuring of the Poisson stochastic of risk in a form suitable for finding the differential equation for the yield curve and its spreads as the Poisson...

A new model, the Poisson Q, is presented which determines the term risk premium in markets from the Ornstein Uhlenbeck version of the Poisson intensity process. The risk neutral properties are obtained by Fourier frequency analysis and a logarithmic Cauchy change in measure. The Poisson Q...

This article describes the link between best practices and soft law in the financial market. The aim of the work is to understand if best practices are a management tool only or if they are 'pieces' of soft law. The analysis of "soft enforcement" and "soft remedies" shows the benefit of this new...

The buyout of Antonveneta is a part of a complex story. It began because of the banks' will to grow, when they imagine that the big size was necessary to play in the market. This paper analyzes the consequence of this buyout, the impact on the balance of MPS and the role of the Italian State...

This paper examines financial information both as the result of communication activity (of professional agents) and as the premise of the savers' knowledge required in order to manage their money.Following this approach, the research analyzes a model of public intervention in the financial...

If banking is the capability of an intermediary to link people in surplus with others able to pay for a temporary transfer of money, then the utility of this activity goes beyond the individual profit to benefit the whole community.Nowadays, the regulation does not foresee a fair sharing of this...

This analysis concerns the regulation of fintech banks, having regard to the possibility of a business model in which the production and delivery of banking products and services are based on technology-enabled innovation. We will go deep into European Central Bank's definition of ‘fintech...