Italian Real Estate Investment Trusts (REITs) are closed-end legal entities structured in the form of investment funds with finite life, externally managed by a management company. Retail REITs are subject to prudential and tax regulation aimed, respectively, to protect and favour retail...

REIT managers’ compensation structure typically provides a payment based alternatively on (i) “gross asset value� [GAV] or (ii) “net asset value� [NAV]. In addition, managers usually also gain a performance fee when REIT total return exceeds some minimum level.The...

(Italian) REIT managersí compensation structure typically provides a payment based alternatively on (i) ígross asset valueî [GAV] or (ii) ínet asset valueî [NAV]. In addition, managers also gain a performance fee when REIT total return exceeds some minimum level. In this respect, the paper...

The paper investigates how (public) REITs managersí compensation schemes influence capital structure and, consequently, REITsí share value. The analysis focuses on ígross asset valueî [GAV] versus ínet asset valueî[NAV]-based compensation of managers ñ typical of many European REIT...

In this work, two models for legal and illegal financiers are presented. The aim of the financiers are different: a bank try to minimize the defalt probabilityof the funded company, while the illegal financier aims to bring the company to bankruptcy and, at the same time, to obtain the maximum...

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 purpose of this paper is to suggest some managerial and policy recommendations deriving from the observation of the determinants of the best efficiency levels achieved by the Euro Area banking groups. Referring to the period 2009–2018 a stochastic frontier model, based on the proxy coming...

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...