I credit derivatives nell’economia dei sistemi finanziari tra innovazione e criticità

Il lavoro è volto a comprendere il ruolo degli strumenti credit derivatives nell’economia dei sistemi finanziari. I credit derivatives rappresentano una significativa forma di innovazione finanziaria che incide direttamente sull’attività degli intermediari finanziari e, in particolare, bancari. Il ricorso al mercato dei credit derivatives rende possibile il trasferimento integrale o parziale dei rischi di credito senza il contestuale trasferimento delle singole esposizioni creditizie. Ciò dischiude una varietà di scelte aziendali di de-integrazione della catena del valore dell’intermediazione creditizia e di diversificazione del portafoglio crediti che, tuttavia, non sempre conducono ad una…

L’accesso ai servizi di retail banking tra innovazione tecnologica e configurazione dei business models degli intermediari bancari

Il rischio creditizio nel nuovo Accordo di Basilea sul capitale delle aziende di credito (seconda parte)

The changing structure of banking firms and industry: an analysis through the European banks' balance sheets

This paper analyzes the changing structure of the Italian and European banking firms and industry. The main aim is to identify the fundamental changes of the underlying economics of banking through the analysis of banks’ balance sheets. In this paper, we provide evidence that commercial banks have progressively moved from traditional banking to new forms of financial intermediation. The paper discusses the implications of this changes in terms of business models of banking firms, business operations of banks, structure of the financial system and banking industry. The research points out that the role of traditional bank is in decline. It is changing the fundamentals of banking business. Ba…

Lezioni a stelle e strisce per le banche italiane: l’on-line banking negli USA

Multicanalità: la banca è più flessibile

Istituzioni di microfinanza e sostenibilità economico-finanziaria

Interest Rate Risk in Banking: a Theoretical and Empirical Investigation through a Systemic Approach (Asset & Liability Management).

The paper provides a theoretical analysis of the interest rate risk in banking through a systemic approach that is known in literature as “asset & liability management” approach. The paper provides also an empirical investigation on the exposure of banks to interest rate risk, using three different scenarios: parallel shift, slope shift, and bump shift of interest rate curves.

Gli istituti di pagamento: i nuovi soggetti previsti dalla direttiva europea

Operational risk in bank governance and control: How to save capital requirement through a risk transfer strategy. Evidences from a simulated case study

Operational risk management in banking has assumed such importance during the last decade. It has become increasingly important to measure, manage, and assess the impact of operational risk in the economics of banking. The purpose of this paper is to demonstrate how an effective operational risk management provides mitigating effects on capital-at-risk in banking. The paper provides evidences that an implementation of an operational risk transfer strategy reduces bank capital requirement. The paper adopts the loss distribution approach, the Monte Carlo simulation, and copula methodologies to estimate the regulatory capital and simulate an operational risk transfer strategy in banking.

Il credito alle imprese nell’attuale congiuntura economico-finanziaria: dinamiche di mercato e scelte organizzative bancarie

This paper aims to examine the underlying causes of the sharp reduction in bank lending, which in turn is highlighting some structural weaknesses of Italian firms and financial system. The structure of this paper is as follows. Section 1 introduces the paper. Section 2 analyzes some drivers of the bank loans market in the current financial crisis. Section 3 examines the increasing role of standardized bank lending practices that have enlarged the organizational and strategic differences between transaction-based lending and relationship-based lending. Section 4 concludes.

Nuovi modelli organizzativi e relazioni a distanza: il ruolo delle nuove tecnologie

Market Risk Disclosure in Banks’ Balance Sheets and the Pillar 3 Report: The Case of Italian Banks

Market risk has taken on growing importance in banking in recent years. Risk disclosure has strategic importance for the efficiency of financial markets and overall financial stability. It plays a pivotal role in strengthening market discipline and building trust in stakeholder relationships.

Creare valore nel mobile banking

Il rischio creditizio nel nuovo Accordo di Basilea sul capitale delle aziende di credito (prima parte)

Prodotti del risparmio gestito: ecco le criticità

La sostenibilità finanziaria dei programmi di microfinanza: cases history.

Le intranet negli istituti di credito: lo stato dell’arte

Così Funziona a Wall Street

Negli Usa, l’operato delle Spac ha permesso a più di 900 aziende statunitensi di quotarsi in Borsa. Fra le Spac americane che hanno registrato le migliori performance, sono degne di nota la Diamond Eagle Acquisition corp. e la Live Oak Acquisition corp. che da poco hanno concluso fusioni rispettivamente con le società DraftKings e Danimer scientific. A seguito di tali operazioni, la DraftKings si è imposta come leader nel settore emergente delle scommesse sulle esibizioni sportive virtuali. La Danimer Scientific rappresenta, invece, una realtà di successo nel campo della produzione di bio-plastiche. In entrambi i casi, i corsi azionari sono più che triplicati in pochi mesi.

Derivative Disclosure Practices in the Annual Financial Reporting of Large European Banks: A Cross-country Empirical Study

The topic of this paper is derivative reporting in banking. The authors employ content analysis to conduct an empirical study on a sample of large European banks. The research aims to assess the qualitative and quantitative profiles of derivative disclosure in banking institutions. The paper provides evidences that banks differ in their derivative reporting, even though they are subject to similar regulatory requirements and accounting standards. The paper also shows that there is room to improve various aspects of derivatives disclosure in banking.

Strategia aziendale e controllo di gestione nell’economia delle imprese bancarie. II° parte

L’importanza delle strategie di comunicazione nelle banche

Il project finance nel finanziamento delle opere pubbliche

Capital Regulation and Italian Banking System: Theory and Empirical Evidence

This paper aims to investigate the role of capital for banking institutions and provide an empirical analysis on large Italian banks’ capital adequacy. The paper is organized as follows. The first section introduces to the issue of the paper. The second section explains why the capital is important in the economics of banking firm. The paper reviews the theoretical literature on bank capital regulation. Empirical results on large Italian banks are reported on the third section. The final section contains summary and concluding comments.

An empirical investigation into market risk disclosure: is there room to improve for Italian banks?

PurposeThis paper aims to examine the market risk disclosure practices of large Italian banks. The contribution provides insights on the way banks should provide information about market risk. The problem related to the asymmetric information between banks from one side, and investors and stakeholders on the other, represents a crucial issue that requires further considerations by scholars and regulators.Design/methodology/approachThis contribution adopts a mixed methodological approach to analyse both qualitative and quantitative profiles of market risk disclosure in banking. This paper analyses the most important documents Italian banks are required to prepare for risk disclosure purposes…

L'applicazione del project finance per la realizzazione di opere pubbliche

Banca Osama. Le finanze del terrore

Strategia aziendale e controllo di gestione nell’economia delle imprese bancarie. I° parte

Cresce l’on-line banking con utenti retail e small business. Nuove strategie e processi

rischio di tasso di interesse nell’economia degli intermediari bancari: una prospettiva di asset & liability management

Il sistema di offerta delle organizzazioni di microfinanza nei paesi in via di sviluppo: una prospettiva di sostenibilità economico-finanziaria

Microfinance has evolved as an economic development approach intended to benefit low-income people. The term refers to the provision of financial services to low-income clients. The first section of this paper describes the role of microfinance sustainability as a necessary precondition for the stability and permanence of the financial system. Sustainable microfinance models demonstrate that formal institutions can deliver services profitably at the local level, challenging the assumption that subsidies are required for microfinance in developing countries. The second section aims to analyse the categories of products and services provided by microfinance institutions. A commercial approach…

I confidi e il modello organizzativo dell'intermediario finanziario

ESG and Asset Quality in the Banking Industry: The Moderating Role of Financial Performance

Innovazione finanziaria: processi di adozione e diffusione

How to measure bank credit risk disclosure? Testing a new methodological approach based on the content analysis framework

AbstractRisk disclosure is a crucial factor in enhancing the efficiency of financial markets and promoting financial stability. This paper proposes a methodological tool to analyze credit risk disclosure in bank financial reports, based on the content analysis framework. The authors also uses this methodology to carry out an empirical study on a small sample of large Italian banks. The paper provides preliminary empirical evidence that banks differ in their credit risk disclosure, even though they are subject to homogeneous regulatory and accounting requirements. Furthermore, by carrying out a correlation-based network analysis, the paper provides preliminary evidence on the existence of a …

Reti d’impresa e banche: profili giuridici ed economico-finanziari

The paper aims to examine the new regulatory framework of firm networks in Italy and its impact on the Italian banks' lending policies. In particular, the paper investigates the uniqueness of the Italian firm networks, and the main economic and financial issues resulting from the evaluation of the creditworthiness of banks.

La regolamentazione del rischio di tasso di interesse nelle banche: una prospettiva economico-aziendale

Online banking: analisi e gestione dati

La banca nella teoria dell’intermediazione finanziaria

Il ruolo dell’immagine aziendale nell’economia degli intermediari finanziari

Do Large European Banks Differ in their Derivative Disclosure Practices? A Cross-country Empirical Study.

Risk disclosure has strategic importance for the efficiency of financial markets and overall financial stability. It plays a pivotal role in strengthening market discipline and building trust to improve relationships with stakeholders in banking. Risk reporting has taken a growing importance in banking over the last years. The topic of this paper is derivative reporting in banking. The authors employ content analysis to conduct an empirical study on a sample of large European banks. The authors propose a hybrid scoring model for the assessment of derivative disclosure in banking institutions. The methodology employed in this research is able to capture a considerable amount of information b…

FINANZA ISLAMICA. DA TRADIZIONE ARABA ALL'ATTUALE CRESCITA ANCHE IN OCCIDENTE

Editorial

The purpose of this special issue is to offer different perspectives on finance sustainability and to develop analytical frameworks for the analysis of the drivers of sustainability at a firm and industry level. Financial mechanisms, instruments, markets, risk management techniques, and business models are identified and their interactions are examined and discussed in the following papers.

Basilea 2 e riforma del diritto societario: scelte strategiche e operative delle imprese siciliane

Alcune osservazioni sul processo di revisione dei requisiti minimi di patrimonializzazione delle aziende di credito,

Project Finance in the Energy Industry: An Integrated Approach to Credit Risk Assessment

Project finance has emerged as a leading way to finance large projects in energy industry. The basic characteristic of project finance is that lenders loan money for the development of a project solely based on the specific project’s risks and future cash flows. This highlights a key feature of project finance due to the capacity to generate cash flows to ensure the repayment of loans and adequate returns on equity capital. A revenue stream from the project large enough is a prerequisite for project financing. The paper aims to assess the drivers of credit risk in project finance. Credit risk is one of the risks to which the project lenders are exposed. In particular, the proposed paper aim…

Il mercato dei loan brokers nell’economia delle imprese bancarie: un caso di de-integrazione verticale della catena del valore

This paper aims to investigate the drivers of the emerging loan broker market in the lending business value chain. Transaction cost economics, the dominant paradigm for understanding make or buy decisions, represents the starting point of my research. Capabilities based view of banking firms and modularity helps to understand the creation of intermediate markets.

Credit Risk Disclosure Practices in the Annual Financial Reporting of Large Italian Banks

Risk disclosure in banking is particularly important for the efficacy of market discipline, the assessment of bank performance, the efficiency of the financial market, and the overall stability of the financial system. The European banking union and the financial crisis have enhanced the strategic role of credit risk disclosure in banking. The topic of this chapter is the evaluation of credit risk disclosure practices in banks’ annual financial reporting. The empirical research is conducted on a sample of ten large Italian banks. The authors employ content analysis and provide a hybrid scoring model for the assessment of credit risk disclosure. The chapter provides empirical findings which …

Financial Crisis and the Changing Structure of Banking Firms and Industry: a Cross Country Analysis

This paper analyzes the changing structure of the Italian and European banking firms and industry. The main aim is to identify the fundamental changes of the underlying economics of banking through the analysis of banks’ balance sheets. Commercial banks have progressively moved from traditional banking to new forms of financial intermediation. It is changing the fundamentals of banking business. The paper discusses the implications of this changing in terms of organizational structure of banking firms, business operations of banks, and structure of the financial system and banking industry. The research points out that the role of traditional bank is in decline. Banks are losing their predo…

Crisi economica e vigilanza unica europea sulle banche: alcuni riflessi sul mercato dei servizi finanziari.

This paper aims to examine some significant implications of the new European single banking supervision for the economics of banking and the market of financial services. It is one of the three pillars of the European Banking Union architecture, as part of a longer term vision for further economic and monetary integration in EU. The new supervisory mechanisms implies a huge and complex transfer of powers from national authorities to the European Central Bank. It aims to ensure the safety and soundness of the European banking system, increase financial integration and stability, and ensure consistent supervision. Banks are being held to common supervisory standards. The structure of this pap…

L’accesso ai servizi di retail banking: network e information technology

Fondi comuni di investimento immobiliari. Struttura e tendenze del mercato italiano

Il caso Conto arancio: così vince la comunicazione

How Banks Disclose Market Risk Information: an Empirical Analysis on a Sample of Italian Banks.

The topic of this paper is market risk reporting in banking, and its purpose is to provide a methodology to evaluate the qualitative and quantitative profiles of market risk disclosure. This methodology, based on a hybrid scoring approach, aims to assess the market risk disclosure in banking. In this paper, I use content analysis to conduct an empirical research on a sample of Italian banks. The paper provides evidences that banks differ in their market risk reporting, even though they are subject to similar regulatory requirements and accounting standards. The paper also shows that there is room to improve various aspects of market risk disclosure.

Transaction Costs, Standardization and Modularity in Credit Risk Transfer Market

The advent of a credit risk market has profoundly altered the role of banking firms into one of asset originator and asset distributor rather than the asset holder. Banks have traditionally originated and held credit risk. It emphasis the different role of financial institutions from holders of credit risk to originators and distributors of credit risk. In this paper I aim to evaluate how the modularity and the standardization create the precondition for the creation of a credit risk transfer market in the banking industry. The intermediate market of credit risk transfer appears when the banking production processes have become more disintegrated. The vertical disintegration of the banking …

Virtuale sì, ma anche a prova di hacker. Così la banca è sicura

Market risk disclosure in banking: an empirical analysis on four global systemically important European banks

Market risk reporting in banking has assumed such importance during the last decade. The purpose of this paper is to provide a methodology to evaluate the qualitative and quantitative profiles of the market risk disclosure in banking. We propose a hybrid methodology to assess whether or not banks are able to provide a satisfactory degree of information about the market risks they are exposed to. In this paper, we conduct an empirical research of market risk disclosure on a sample of four global systemically important European banks. The paper provides evidences that banks differ in their market risk reporting models, even though they are subject to similar regulatory requirements and accoun…

BCC in Sicilia: i risultati di bilancio

Le Banche di Credito Cooperativo (BCC) si caratterizzano per la natura essenzialmente mutualistica della loro attività, circoscritta ad un ambito territoriale stabilito statutariamente. Il conseguimento di risultati economici e l’incremento di valore del capitale assumono, dunque, un carattere strumentale per il raggiungimento della mission aziendale, sintetizzabile nel perseguimento dello sviluppo socio-economico e finanziario delle comunità locali. Tuttavia, fattori regolamentari e dinamiche di mercato hanno contribuito, nel corso del tempo, a produrre non trascurabili mutazioni nell’operatività e localismo delle BCC. L'articolo analizza i principali risultati aziendali delle BCC sicilian…

Il controllo di gestione nell’economia delle banche: aspetti definitori e considerazioni sulle prospettive interpretative proposte dalla letteratura economico-aziendale.

Il presente lavoro intende prendere in esame la nozione di controllo di gestione nell’economia delle aziende di credito, a partire dei principali contributi delle dottrine economico-aziendali e manageriali. In Economia aziendale, il controllo è inteso come guida, governo, conduzione aziendale secondo linee prestabilite e con l’impiego di determinati supporti. In prospettiva sistemica, i meccanismi operativi che supportano il raggiungimento degli obiettivi economico-finanziari-patrimoniali ricoprono un ruolo di rilievo nell’economia e gestione delle banche; fra questi, i “sistemi di controllo di gestione”, assumono fondamentale importanza per il funzionamento efficace ed efficiente dell’orga…

Bonifici, incassi e carte di pagamento nella Sepa

Rischio di liquidità, profili di governance e forme istituzionali: evidenze empiriche su un campione di banche europee

La crisi finanziaria 2007-2009 e l’emergenza pandemica da Covid-19 hanno evidenziato l’importanza del mantenimento di condizioni di liquidità per il regolare funzionamento delle imprese, del sistema finanziario e dei mercati. Questo lavoro ha l’obiettivo di analizzare le relazioni esistenti tra le caratteristiche della governance bancaria, con particolare riferimento alla composizione del board e del risk committee e l’esposizione al rischio di liquidità della banca, declinato quale disallineamento delle scadenze tra prestiti e depositi. L’indagine è condotta su un campione di banche europee e mette in evidenza come l’azione del risk committee nella mitigazione del rischio di liquidità sia …

I processi di standardizzazione della funzione creditizia degli intermediari bancari: aspetti istituzionali, organizzativi e finanziari

This paper aims to point out how standardization and financial innovation are putting under pressure the traditional economics of banking. It is argued that the progressive standardization and information technology innovation, with special reference to internal rating systems, risk management techniques, and regulatory constraints, have been leading bank lending toward new business models. The increasing role of internal ratings, credit scorings, and hard information in the banking intermediation process have enlarged the organizational and strategic differences between transaction-based banking and relationship-based banking. The structure of this paper is as follows. Section 1 outlines t…

Editorial

Editorial of the first issue of the International Journal of Financial Innovation in Banking (IJFIB), published by Inderscience. The mission of the IJFIB is to publish theoretical and empirical papers, which further the disciplines of banking, supporting and encouraging research and intellectual debate on financial innovation issues.

La direttiva Mifid e l’obbligo di best execution

Brokers in the Credit Market: An Examination of the Vertical Scope

This paper analyzes the vertical disintegration of the bank loan origination value chain. The main aim is to identify the relevant drivers which cause the emergence of brokers in the credit market which lead to vertical disintegration of the credit origination value chain. Transaction cost economics is the typical perspective of analysis of the vertical scope of banking value chains. This paper argues that in order to capture the drivers underlying the dynamic evolution of the vertical scope of bank loan origination business models, the above perspectives must be combined and further integrated with a capabilities and resource based view and with a modularity perspective.

European Banking Union and bank risk disclosure: the effects of the Single Supervisory Mechanism

AbstractThis paper provides evidence on the impact of European Banking Union (BU) and the associated Single Supervisory Mechanism (SSM) on the risk disclosure practices of European banks. The onset of BU and the associated rules are considered as an exogenous shock that provides the setting for a natural experiment to analyze the effects of the new supervisory arrangements on bank risk disclosure practices. A Difference-in-Differences approach is adopted, building evidence from the disclosure practices of systemically important banks supervised by the European Central Bank (ECB) and other banks supervised by national regulators over the period 2012–2017. The main findings are that bank risk…

Innovazione tecnologica ed organizzativa: Basilea 2 nelle banche

La gestione dei crediti deteriorati nell’economia delle aziende di credito: alcune riflessioni.

Il tema dei crediti bancari deteriorati, quale manifestazione del rischio di credito nei bilanci bancari, ha assunto una particolare rilevanza per i molteplici riflessi su economia e gestione delle banche, mercato del credito, imprese, risparmiatori, autorità di regolamentazione e vigilanza nazionali e internazionali. Le banche sono invitate ad operare una rapida ed efficiente gestione dei crediti deteriorati, al fine di garantire la stabilità del sistema bancario e l’erogazione del credito all’economia. Il tema si presta a diverse prospettive di indagine. Con il presente lavoro ci si limiterà a formulare, dopo una breve introduzione, alcune riflessioni con particolare riferimento al contes…

Credit derivatives disclosure in banks’ risk reporting: Empirical evidence from four large European banks

This paper aims to analyze the derivatives disclosure in banks’ annual risk reports. In this paper, the author uses content analysis to examine the qualitative and quantitative profiles of the derivatives disclosure at a cross-country level, with particular reference to credit derivatives. The empirical research is conducted on a sample of large European banks. The paper also shows that there is room to improve various aspects of derivatives disclosure, and provides some useful insights for further research. The derivatives disclosure in banks’ annual risk reports has deep managerial, financial, regulatory and accounting implications at a firm and industry levels, and the comprehension of t…

Risk committee complexity and liquidity risk in the European banking industry

Abstract The present study aims to investigate how bank governance characteristics are related to liquidity risk by analysing board composition, gender, and the risk committee. A dynamic panel data model is employed on a sample of European banks during the period after the financial crisis (from 2011 to 2017). Furthermore, we collect information about the profiles of the directors on the boards of banks, thereby creating five categories of risk committee members. To address the endogeneity issue, a generalised method of moments two-step estimator is implemented. The findings highlight that the fundamental role of the risk committee adequately shields banks against general liquidity risks. M…

Innovazione tecnologica e attività bancaria: analisi di taluni profili strategici ed operativi nell'economia delle imprese bancarie.

LA MULTICANALITA’ NEL RETAIL BANKING: INNOVAZIONI, STRATEGIE, RISCHI

Il presente lavoro intende prendere in esame i processi di innovazione tecnologica ed organizzativa nel mercato dei servizi di retail banking, con particolare riferimento all’accesso multicanale ai prodotti e servizi bancari che, inquadrandosi nei profondi cambiamenti della struttura distributiva delle banche intervenuti negli ultimi anni, rappresenta un connotato strutturale del mercato dei servizi bancari retail. Saranno, pertanto, analizzati i caratteri distintivi della multicanalità nel retail banking, le implicazioni di carattere organizzativo e strategico che simili processi evolutivi determinano nell’economia e gestione delle banche, i principali profili di rischio relativi all’impie…

Adozione e diffusione del mobile banking in Europa: un percorso articolato

Bank Lending in Project Finance: The New Regulatory Capital Framework

The paper aims to examine the new regulatory framework of project finance in the economics of banking firms. In particular, the paper investigates the uniqueness of the project finance, the significant importance of the project finance in bank activity, and the role of the new bank capital requirements to promote the innovative financial scheme. In the project finance business loans terms and characteristics are primarily based on the assets and quality of the project to be financed. It means that the usual bank rating models for lending business might not been implemented in the project finance lending. Quantitative estimates of credit risk could not be always possible in project finance l…

Il rapporto banca-impresa tra transaction banking e relationship banking: la ricerca condotta nella provincia di Caltanissetta.

In questo capitolo saranno esposti i principali contributi teorici ed empirici della letteratura economico-finanziaria sul relationship banking e transaction banking utili alla lettura e interpretazione dei comportamenti aziendali adottati dalle banche nell’esercizio della complessa e articolata funzione creditizia. Infatti, il vario articolarsi della soft e hard information nell’economia e gestione della banca influenza significativamente la valutazione del merito di credito dell’impresa richiedente fondi, gli approcci strategico-organizzativi alle relazioni creditizie banca-impresa e, in ultima analisi, l’efficienza ed efficacia dell’intermediazione creditizia bancaria.

La comunicazione muta strategie e si evolve online

Strategia e tecnologia: quando il call center entra in banca

Banca e credito nel rapporto con le imprese: note finali.

In questo capitolo vengono tracciate le conclusioni di questo percorso di ricerca. Il volume è rivolto ad un pubblico di studenti, imprenditori, manager, professionisti e personale bancario, e intende porsi come uno contributo conoscitivo utile alla comprensione delle linee evolutive dei rapporti creditizi banca-impresa, in un contesto istituzionale e competitivo caratterizzato da una crescente complessità tecnica ed operativa dell’attività creditizia, da un’incessante innovazione finanziaria, da una continua evoluzione della tecnologia informatica e telematica, e dalla complessa armonizzazione e unificazione della regolamentazione e vigilanza dell’industria bancaria europea.

Corruption Disclosure in Banking: Insights from the Literature

Transparency and disclosure are pivotal to attenuate the adverse effects of information asymmetries that strongly influence the relationship between banks and their stakeholders (Levine, 1997) and to ensure an adequate and efficient functioning of both banking and financial markets. Among the most important benefits of transparency in the banking sector, it is noteworthy to mention its reduction effect on the cost of capital; its relationship with higher levels of stakeholders’ and investors’ trust (Botosan & Plumlee, 2002; Eng & Mak, 2003); the more effective bank lending activity (Zelenyuk et al., 2020); and the higher levels of financial stability (Nier, 2005).

What drives the disintegration of the loan origination value chain in the banking business

Purpose - The purpose of this paper is to analyze the vertical disintegration of the bank loan origination value chain. This paper conducts a study on the credit information market from the perspective of the bank's decision to vertically disintegrate the loan origination value chain. The main aim is to identify the relevant drivers of the decision to vertically disintegrate the credit assessment phase in the lending business.Design/methodology/approach - Transaction cost economics and information asymmetry are the typical perspectives of analysis of the vertical scope of business value chains.Findings - This paper argues that in order to capture the drivers underlying the dynamic evolution…

Il project finance nell'economia degli enti locali.

Pagamenti online. Così le banche centrali vigilano sulla sicurezza

Il ruolo di internalizzatore sistematico nella direttiva Mifid

Credit Risk Disclosure Practices in the Annual Financial Reporting of Large Italian Banks: An Empirical Study

The purpose of this paper is to evaluate the qualitative and quantitative profiles of the disclosure of credit risk in banking institutions. The authors employ content analysis to conduct an empirical study on a sample of large Italian banks. The sample represents approximately 60% of the Italian banking industry in terms of total assets.

La comunicazione economico-finanziaria nell’economia delle imprese bancarie

I fondi immobiliari: un’alternativa all’investimento

La catena del valore dell’intermediazione creditizia nell’economia delle imprese bancarie. Profili di innovazione finanziaria, organizzativa e tecnologica

Cambiamenti radicali di natura finanziaria, tecnologica ed organizzativa, stanno determinando una profonda trasformazione istituzionale ed organizzativa del settore creditizio, con significative implicazioni per la gestione bancaria. Il volume si propone di analizzare come il modello bancario integrato, attorno al quale tradizionalmente le imprese bancarie avevano fondato le loro strategie aziendali, evidenzi processi di de-integrazione in seguito all’evoluzione del contesto competitivo, ambientale, normativo, organizzativo e strategico. L’evoluzione delle tecnologie dell’informazione si sta rivelando una variabile decisiva che accelera tali trasformazioni. Elementi di de-integrazione verti…

Meno assegni e più Pos e bonifici: così cambia l’Italia della moneta

Using Project Finance to Fund Long-term Investments in the Energy Industry.

Project finance has emerged as a leading way to finance large projects in energy industry. The basic characteristic of project finance is that lenders loan money for the development of a project solely based on the specific project’s risks and future cash flows. This highlights a key feature of project finance due to the capacity to generate cash flows to ensure the repayment of loans and adequate returns on equity capital. A revenue stream from the project large enough is a prerequisite for project financing. The paper aims to assess the drivers of credit risk in project finance. Credit risk is one of the risks to which the project lenders are exposed. In particular, the proposed paper aim…

Credit derivatives e catena del valore del rischio di credito: le determinanti delle scelte di de-integrazione.

This paper analyses the drivers of the credit risk transfer market in the credit risk value chain. The central line of my research is to explain why the credit derivatives market is a case of credit risk value chain disintegration. I examine the determinants that explain the use of credit derivatives by banks in the lending business. Transaction cost economics represents the starting point of my research. Competitive advantages of banking firms, standardization of information and financial instruments, financial regulation and shareholder value view help us understand the creation of credit risk transfer markets.

I tratti distintivi dell’economia degli intermediari bancari: un approccio di analisi funzionalista.

This paper aims to examine the basic functions performed by banks. It is argued that financial crisis has altered the traditional economics of banking in an important way. A key element of our paper is the use of a functional perspective to study the economics of banking. It is applicable at several levels of analysis: systems, institutions, activities, and products. The application of the functional perspective at the level of financial institutions is particularly useful because the functions are more stable than activities and products.

Modelli innovativi di lending value chain degli intermediari bancari: implicazioni finanziarie ed economico-aziendali.

L’articolo mette al centro dell’analisi la catena del valore del lending business nell’economia degli intermediari bancari, quale momento qualificante e decisivo per lo studio dei processi di de-integrazione verticale nel settore dell’intermediazione creditizia. Il modello innovativo di business dell’intermediazione creditizia, denominato originate and distribute, ha contribuito a trasformare quasi “geneticamente” l’intermediario bancario, con rilevanti effetti di instabilità sistemica, che hanno interessato la struttura e il funzionamento dei sistemi finanziari.

The Role of Capital and Liquidity in Bank Lending: Are Banks Safer?

The aim of this paper is to examine whether and to what extent bank capital requirements and liquidity standards influence the level of bank stability. Our approach is that both capital and liquidity affect lending growth, which in turn affects bank stability. We construct a panel dataset on a sample of 2,054 commercial banks from 117 developed and developing countries during the 2000–16 period. By applying a two-stage least squares (2SLS) empirical methodology, our findings show that capital and liquidity have a negative direct impact on the level of bank stability. However, this influence is counteracted by an indirect positive effect through the increased level of credit. Our results are…

L’ingresso del credit scoring nel retail banking per ottimizzare i processi

Funzionalità e rischi di Bi-Rel e Bi-Comp

La direttiva Mifid e il ruolo della consulenza finanziaria

Continuous auditing in public sector and central banks: a framework to tackle implementation challenges

Purpose This paper aims to analyse the implementation challenges faced by internal audit departments of public sector organisations and central banks when implementing continuous auditing (CA) systems. CA aims to monitor internal control systems and risk levels on a continuous basis to support the audit process. This study identifies the implementation challenges of CA systems and proposes adequate countermeasures. Design/methodology/approach This study employs the design science information system research and the design science research process methodologies to ensure the rigor of this analysis. These research methodologies are adopted to tackle identified organisational problems and pro…

Note a margine del dibattito epistemologico e metodologico in economia aziendale

Theory and regulation of liquidity risk management in banking

Liquidity risk is now more important than it used to be in the past. The financial crisis has emphasised the importance of liquidity risk to the functioning of banking and financial system. The paper presents a theoretical and regulatory investigation of two types of liquidity risk: funding liquidity risk and market liquidity risk. The paper analyses the different approaches to measure the impact of funding and market liquidity risk in the economics and management of banks. The paper provides also an analysis of the organisational implications of the asset and liability management perspective of liquidity risk. Liquidity risk does not need to be covered by equity but by an adequate volume o…

Credit reporting e intermediazione creditizia: scelte di “make or buy” tra relationship e transaction banking.

Il presente lavoro prende in esame, con una prospettiva di analisi economico-aziendale, il ruolo del mercato del credit reporting nell’esercizio della funzione creditizia delle banche, nonche il vario articolarsi delle scelte di make-or-buy informativo nella catena del valore dell’intermediazione creditizia, tra approcci di relazione di clientela di tipo relationship banking e transaction banking. In particolare, il lavoro e volto a sistematizzare le teorie ed a comprendere le determinanti del ricorso delle banche al mercato dell’informazione creditizia. Il paper e strutturato nel modo seguente. La sezione 2 introduce il tema dell’economia dell’informazione nel mercato creditizio. La sezion…

Innovazione finanziaria e instabilità: il trasferimento del rischio di credito

This paper aims to point out the role of credit risk transfer market in the financial system. The advent of a credit risk market has profoundly altered the role of banking firms into one of asset originator and asset distributor rather than the asset holder. The traditional economics of banking has changed in an important way and the new business model has evolved as a result of financial innovation. The main results of the paper are that the lending process disintegration and the development of the credit risk transfer market represent a key element in the recent financial risis. Incentive structures faced by various agents in the financial intermediation chain also became dysfunctional. B…

La misurazione dell’esposizione la rischio di tasso di interesse negli intermediari bancari: una prospettiva economico-aziendale

Limiti e criticità nell’intermediazione creditizia.

Il capitale degli intermediari bancari tra teoria e regolamentazione

Il rapporto banca-impresa: aspetti definitori e premesse teorico-metodologiche.

Questo capitolo introduttivo, pur ponendosi l’obiettivo di analizzare i fondamenti teorici del rapporto banca-impresa, non vuole avere la pretesa di prendere in esame in modo esaustivo la copiosa letteratura teorica ed empirica sulle scelte di finanziamento delle imprese, struttura finanziaria e intermediazione creditizia di natura bancaria, quanto piuttosto lo scopo di delineare i diversi percorsi di ricerca e di studio sui temi della finanza d’impresa e dell’intermediazione finanziaria, quali premesse teorico-metodologiche dell’analisi empirica del mercato creditizio della provincia di Caltanissetta, e in particolare del rapporto banca-impresa, condotta nei capitoli successivi.

Project finance in the energy industry: new debt-based financing models

The paper aims to examine the development of new financing models for project finance to attract private investors to finance large European energy infrastructure projects. In particular, the paper investigates the uniqueness of the project finance as a rapidly growing field in finance, the financial characteristics of the project bond market as one of the vehicles for funding energy projects, and the role of the credit support provided by the European Investment Bank and the European Union to promote the bond-based financing schemes. The paper is organized as follows. Section 1 provides a general description of project finance. Section 2 identifies the economic reasons for using project fi…

Innovazione tecnologica e sistema dei pagamenti

La multicanalità bancaria in Italia tra innovazione finanziaria, tecnologica e organizzativa

Information providers e information sharing mechanisms nel mercato creditizio italiano.

Il presente lavoro esamina i principali casi aziendali di information providers e sistemi di information sharing operanti nel mercato creditizio italiano, con una prospettiva di analisi prettamente economico-aziendale. Sono analizzati i modelli di business dei primi 5 operatori italiani: Cerved, Crif, Infocamere, Experian, Euler Hermes Siac. Sarà, inoltre, preso in esame il sistema di condivisione di informazioni di natura pubblica, gestito dalla Banca d’Italia, che ha un ruolo di rilievo nel sistema creditizio italiano. Quello che emerge dall’analisi è un quadro molto variegato dei sistemi di informazione creditizia operanti in Italia in quanto, accanto al tradizionale business dell’inform…

Corruption-Related Disclosure in the Banking Industry: Evidence From GIPSI Countries

This paper empirically investigates corruption-related disclosure in the banking industry, aiming to identify the most relevant theories which explain why financial institutions disclose corruption-related information to the public in their annual financial reports.Using a total sample of 88 banks from the GIPSI countries during the period 2011-2019, our results reveal that, on average, banks involved in corruption issues disclose less on corruption-related information than banks not involved in any corruption scandal. Moreover, banks not involved in corruption cases disclose even more information after other banks’ corruption events become public. These basic relationships, however, are sh…

La nuova regolamentazione dell’adeguatezza patrimoniale delle aziende di credito: l’implementazione di un sistema di rating interno

Un caso di project finance nel settore idrico