The 2003 Italian Corporate Reform Law, establishing one-tier vs two-tier board for listed and unlisted joint stock companies, introduced an alternative corporate governance system. We compare 548 unlisted firms: corporations with best performance in sales and capital structure, as well as those...

Systemic risk has been one of the most interesting issues in banking and financial literature during the last years, particularly in evaluating its effects on the stability of the whole financial system during crises. Differently from other studies which analyze systemic risk focusing on...

This paper presents an empirical analysis of the significance of operational efficiency on MFIs operating costs using both a cross-section and a balanced panel data approach. Using a sample of 750 microfinance institutions operating in Asia, Latin America and Sub-Saharan Africa, the analysis...