Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set...

This paper investigates whether the range of activities conducted by banks influences their performance and risk. Using an unbalanced panel dataset which includes 308 bank-year observations, for the period 2006-2011, corresponding to 52 Italian Bank Holding Companies in the last year, the core...

We use panel data from 52 Italian Bank Holding Companies (BHCs) over the period of 2006 to 2011 to test how revenue diversification affects bank performance. Unlike studies of diversification that focus on its effect on equity and debt values and risk return portfolio strategies, we investigate...

<i> Shock di liquidità e crisi bancarie: fallimento o corse agli sportelli? </i> (di Paola Brighi) - ABSTRACT: In this paper, we show that, contrary to Diamond and Dybvig’s [1983] model and further developments, bank runs are not the only cause of liquidity crises; even a quite prudent ex-ante...

This paper investigates whether the range of activities conducted by banks influences their performance and risk. Using an unbalanced panel dataset which includes 308 bank-year observations, for the period 2006-2011, corresponding to 52 Italian Bank Holding Companies in the last year, the core...

type="main" xml:lang="en" <p>In this paper, we show that abandoning the Diamond and Dybvig hypothesis of a unique bank representing the entire banking system gives rise to the possibility of endogenizing the interbank exchanges. In a system characterized by uncertainty regarding the moment of...</p>

We study the pricing factor structure of Italian equity returns. Using 25 years of data, we focus on a classical four factors model. A two step empirical analysis is provided where first we estimate an unrestricted multi-factor model to test if there is any evidence of misspecification. Then, we...

In the last decades, banking re-organization process has progressively increased centralized hierarchical organizational structures. In several cases, the restructuring activity has involved a geographic expansion of the financial organizations to other municipalities within the home province or...