The Solvency 2 Directive, which will come into force on January 1st 2016, represents an opportunity to not only improve insurers’ operations, but also to develop significant competitive advantage in a challenging market. The new regulation will have very significant effects on all business...

The implementation of Solvency 2 Directive, which will come into force in 2016, in the insurance industry does not seem to lead to a radical change in the innovation product process. On the contrary it will produce more relevant consequences in the internal processes of the companies, in...

The Solvency 2 Directive, which will come into force on January 1st 2016, represents an opportunity to not only improve insurers’ operations, but also to develop significant competitive advantage in a challenging market. The new regulation will have very significant effects on all business...

This paper investigates the effects of the Italian real estate funds governance and intermediation structure on market prices discount over Nav figures.The hypothesis is that the mandatory provision of a shareholders’ meeting of newly established Reits offers potential protection to investors...

The Italian legislator has introduced in 2011 a tax on financial assets held abroad by Italian residents. The Italian Revenue Agency has recently published an important document of interpretation of the rule concerned

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...

A tribute to the work and thought of Tancredi Bianchi, whose teaching is distinguished by depth of analysis, communication skills, real contact with the world of finance and business. The editorial initiative of Bancaria Editrice, edited by Mario Comana and Marina Brogi, collects in three...

Patent backed securitizations are customized financial solutions characterized by a high level of complexity. Their evaluation involves the analysis of a variety of factors concerning the characteristics of the asset, the architecture and economics of the transaction, the stakeholders involved....

The paper explores the motivations underlying the securitization activity of Italian banks from 1999 to 2006. By estimating probit and proportional hazard duration models, in which the probability of placing securitizations is linked to a set of balance sheet indicators and a vector of further...

The relevant development of Islamic finance is undisputable, but an evaluation is still uncertain because it is a recent experience that may involve moral, economic and financial characteristics. Furthermore, adherence to ethical principles borrowed from Islamic law must often face the...