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...

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...

L’economia italiana dal 2007 ha subìto una profonda turbolenza recessiva. In un sistema economico popolato da piccole e medie imprese, il più delle volte il dato nazionale nasconde la reale entità delle modifiche strutturali dei settori produttivi e delle realtà territoriali. L’economia...

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...

This paper deals with a portfolio selection model in which the methodologies of robust optimization are used for the minimization of the conditional value at risk of a portfolio of shares. Conditional value at risk, being in essence the mean shortfall at a specified confidence level, is a...

In this paper we define and compare versions of the robust and non robust portfolio selection models based on the use, as a measure of risk, of volatility, Value at Risk and Conditional Value at Risk. This with the aim to take account of asymmetries in distribution of yields, and in profits and...

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...

In contrast to the US experience, most international (European) real estate investments trusts (REITs) are subject to prudential regulation. This paper investigates the effects of prudential regulation on capital structures and consequently, the REIT share values of major legal and market...