Search results for " CRED"
showing 10 items of 280 documents
Confisca antimafia e diritti dei creditori:una soluzione sistemica con qualche ombra
2015
Il saggio esamina la disciplina dei rapporti che intercorrono tra i terzi creditori e l’amministrazione giudiziaria una volta che sia stato sottoposto a misura di prevenzione il patrimonio del prevenuto. Nella sostanza tale disciplina, oggi contenuta nella l. n. 159 del 2011 e nella legge di Stabilità del 2012, prevede una conversione del credito nel diritto ad una indennità da far valere nell’ambito di una procedura modellata secondo lo schema del fallimento.
The Recent Change in the Italian Policies for Photovoltaics: Effects on the Energy Demand Coverage of Grid-Connected PV Systems Installed in Urban Co…
2016
In July 2013, the Italian photovoltaic (PV) support policies changed the feed-in tariff (FIT) mechanism and turned to a tax credits program, which is currently in force. The aim of this paper is to investigate how such a radical change has influenced the electricity demand coverage of the PV systems installed in urban contexts. A methodology, which connects the economic assessment to a detailed architectural and energy suitability analysis, was applied to some case studies to analyse the relationships between the physical parameters related to multi-storey buildings (roof shapes, number of floors and area of flats) and the most relevant economic and financial features affecting the viabilit…
CREDIBILIDAD CORPORATIVA EN CADENAS TELEVISIVAS: ANTECEDENTES Y EFECTOS
2013
RESUMENLa creciente competencia está facilitando la aplicación del brand management en muchas industrias de medios, cuyos participantes necesitan establecer una credibilidad de marca clara y memorable. En este contexto, se ha planteado la presente investigación con información procedente de 816 valoraciones, a fin de de analizar los antecedentes capaces de explicar el desarrollo de una óptima credibilidad corporativa, así como sus efectos posteriores desde la perspectiva del consumidor. Para tal fin, han sido consideradas las cadenas televisivas de primera generación que operan en abierto en el territorio nacional (TVE 1, Antena 3, Tele 5, Cuatro y Sexta).ABSTRACTIncreasing competition is f…
Is There a Credit Risk Anomaly in FX Markets?
2015
This paper explores whether a link between sovereign credit ratings and currency returns exists. Perhaps contrary to expectations, it finds that currencies of countries with higher credit risk tend to generate lower returns than those with a lower credit risk. The credit risk spread cannot be explained by standard risk factors.
Portfolio diversification in the sovereign credit swap markets
2018
We develop models for portfolio diversification in the sovereign credit default swaps (CDS) markets and show that, despite literature findings that sovereign CDS spreads are affected by global factors, there is sufficient idiosyncratic risk to be diversified. However, we identify regime switching in the times series of CDS spreads and spread returns, and the optimal diversified strategies can be regime dependent. The developed models trade off the CVaR risk measure against expected return, consistently with the statistical properties of spreads. We consider three investment strategies suited for different CDS market participants: for investors with long positions, speculators that hold unco…
Is There a Connection between Sovereign CDS Spreads and the Stock Market? Evidence for European and US Returns and Volatilities
2020
This study complements the current literature, providing a thorough investigation of the lead&ndash
Do microfinance rating assessments make sense? An analysis of the drivers of the MFI ratings
2011
Rating assessments of microfinance institutions are claimed to measure a combination of creditworthiness, trustworthiness and excellence in microfinance. Using a global dataset covering reports from 324 microfinance institutions, this study suggests that these ratings are mainly driven by size, profitability, and risk. The ratings do not seem to capture the double bottom-line objective of microfinance institutions, as our analyses are unable to prove any statistical relationship between microfinance ratings and the social objectives of these institutions. Moreover, the association between operational efficiency and microfinance ratings appears weak. Although there are some minor differences…
The impact of criminality on the riskiness of cooperative credit banks in Italy: a macro regional approach
2017
In Italy, Cooperative Credit Banks (CCBs), unlike large banks, despite the economic downturn, have continued to extend credit to customers, but at the cost of a higher incidence of bad credit. This increased credit risk of local banks has been caused by management policy choices, such as preferring to modify the conditions applicable to credit supply and to engage firms in long-term credit relationships rather than initiating credit recovery procedures. The originality of this empirical analysis lies in its demonstration of the effects of environmental factors related to the spread of crime and lower economic well-being, higher unemployment and poverty in families on the credit market in So…
The impact of criminality on the riskiness of cooperative credit banks in Italy: a macroregional approach
2016
In Italy, Credit Cooperative Banks (CCBs), unlike large banks, despite the economic downturn, have continued to extend credit to customers, but at the cost of a higher incidence of bad credit. This increased credit risk of local banks has been caused by management policy choices, such as preferring to modify the conditions applicable to credit supply and to engage firms in long-term credit relationships rather than initiating credit recovery procedures. The originality of this empirical analysis is due to the demonstration of the effects of environmental factors related to the spread of crime and lower economic well-being, higher unemployment rate and poverty of families on the credit marke…
- CREDIT RISK AND EFFICIENCY IN THE EUROPEAN BANKING SYSTEMS: A THREE-STAGE ANALYSIS
1999
Increased competition and the attempts of European banks to increase their presence in other markets may have affected the efficiency and credit risk. The first of this aspects is based on the incentive to the banks to reduce cost in order to gain in competitiveness. The second is associated to their lack of knowledge of such markets and/or acceptance of a higher risk in order to increase their market share. Despite the importance of these aspects, banking literature has usually analyzed the effects of competition on the efficiency of banking systems without considering these aspects. The few studies that attempt to obtainrisk adjusted efficiency measures do not consider that part of the ri…