Do rating models embody correctly the impact of macroeconomic variables on debtors’ solvency, determining a lag in downgrading? In pre-crisis periods, when interest rates increases are recorded as well as decreases in real growth rates, rating assessments fail to register risk increases in...

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity...

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their...

Otc derivatives Counterparty risk has assumed a fundamental role within the risks assumed by Sifis, Sistemically Important Financial Institutions. Different Counterparty risk management procedures have been introduced by regulatory provisions and market best practices. Moreover, the European...

The consequences of the crisis on private equity and venture capital have spurred new forms of SMEs financing, based on partnership between public and private sectors. Internationally, the two sectors cooperate intensively through the fund of funds instruments. In Italy, a new investment fund...

In the euro Area, credit intermediation has a dominant role in the financing of businesses. As banks, we have great responsibilities, in order to identify the actions that are still to be taken to strengthen corporate equity. Among the possible measures to implement: the creation of incentives...

Using a dataset including more than 6,000 Italian small firms over the period 2010-2012, we find an higher credit growth rate for companies that employ Ict in a more widespread and sophisticated way. This may be related to the improvement of the transparency of small businesses connected with...

The literature that examines target prices issued by equity research analysts is vast, and the role of the analytical process and valuation model used to determine target prices has received growing attention by scholars. However, the specific evidence that indicates how professional analysts...

The literature that examines target prices issued by equity research analysts is vast, and the role of the analytical process and valuation model used to determine target prices has received growing attention by scholars. However, the specific evidence that indicates how professional analysts...

Cooperative banking has produced, in more than a century, significant value in terms of proximity to clients and local communities. A governance reform is now necessary to solve interest conflicts and redefine the cooperative model in the present scenario