Search results for " bank"
showing 10 items of 502 documents
Credit derivatives e catena del valore del rischio di credito: le determinanti delle scelte di de-integrazione.
2013
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.
Local banks and credit: from crisis to the new regulatory proposals for the development of lending policies in favour of the real economy
2014
Comparing the credit cooperative banks (CCBs) and banking groups operating in Italy, descriptive analyses show that the 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 the preference to modify the conditions applicable to credit supply and to engage firms in long-term credit relationships rather than initiate credit recovery procedures. An empirical analysis shows that this risk has also been caused by a higher incidence of environmental factors such as the spread of situations of crime and…
La Suprema Corte limita il privilegio processuale in favore del credito fondiario
2019
Lo scritto esamina una recente pronuncia della Corte di Cassazione, che ha ristretto la possibilità per i creditori fondiari di partecipare alla distribuzione del ricavato della espropriazione individuale proseguita ai sensi dell’art. 41, 2° comma, TUB (D.Lgs. 1° settembre 1993, n. 385). L’A., dopo avere ripercorso la disciplina positiva che regola i rapporti tra credito fondiario e fallimento, espone alcune considerazioni critiche sulla decisione. A recent judgment of the Supreme Court narrows the rights of banks, as mortgagee creditors, to seize the assets of the debtor notwithstanding bankruptcy proceedings, according to paragraph 41, subsection 2, of the Italian Consolidated Law on Bank…
Le BCC e la crisi internazionale: un’analisi comparata per macro regioni
2014
La crisi nanziaria internazionale, che ha assunto connotati maggiormente strutturali a partire dal 2009, ha prodotto e etti disomogenei sulle performance delle banche di credito cooperativo italiane, manifestandosi con maggiore intensità sulle BCC operanti nel Sud Italia. La crisi nanziaria ha messo a nudo talune fragilità endogene, riconducibili essenzialmente al ristretto ambito di operatività, alla carenza di competenze in comparti di attività diversi dall’intermediazione creditizia tradizionale, nonché all’orientamento quasi esclusivo verso la clientela di piccole dimensioni. Per contrastare gli e etti della crisi globale appare necessario un processo di innovazione che passi attra…
Financial Fragmentation and Economic Growth in Europe
2015
Using industry data from Eurostat and applying the Rajan-Zingales methodology, we investigate the real growth effects of banking sector integration in the European Union. Our sample stretches from 2000 until 2012 and includes the phase of rapid financial integration before the global financial crisis as well as the following phase of financial fragmentation and bank deleveraging. We find evidence that banking sector integration had a more than four times stronger growth effect during the crisis than in normal times. Growth effects are also stronger in times of domestic bank deleveraging. We conclude that concerns of European policy makers about fragmentation in the European banking sector a…
Growing Like Germany: Local Public Debt, Local Banks, Low Private Investment
2021
The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking landscape: the local segmentation of credit markets for small and medium-sized firms (SME) and the role of local public banks in local public finance. Local public banks dominate lending to small and medium firms in Germany and also have an explicit mandate to lend to the local public sector. With spreads on local government debt at all-time lows, local public banks tried to break even, using their market pow…
Species size affects hatching response to different temperature regimes in a rotifer cryptic species complex
2013
The strategy of decreasing size with increasing temperature known as Bergmann’s rule operates at geographic scale and in spite of extensive studies still presents a puzzle to researches. The aim of this work was to verify whether patterns of diapausing egg hatching of closely related species are consistent with the expectations from Bergmann’s rule. In a laboratory study of the cryptic species complex of the rotifer Brachionus plicatilis, the response to temperature (17.5, 22.5, and 25.0 °C) of diapausing eggs collected in a pond where the three tested species coexist was assessed by (1) the number of hatchlings emerging or (2) the time needed to hatch. Our results show that the response to…
Towards a "fingerprint" of paper network; separating forgeries from genuine by the properties of fibre structure
2014
A novel method is introduced for distinguishing counterfeit banknotes from genuine samples. The method is based on analyzing differences in the networks of paper fibers. The main tool is a curvelet-based algorithm for measuring the distribution of overall fiber orientation and quantifying its anisotropy. The use of a couple or more appropriate parameters makes it possible to distinguish forgeries from genuine samples as concentrated point clouds in a two- or three-dimensional parameter space. Furthermore, the techniques of making watermarks is investigated by comparing genuine and counterfeit e50 banknotes. In addition, the so-called wire markings are shown to differ significantly from each…
Corporate board and default risk of financial firms
2022
This paper analyses the impact of corporate board structure on default risk of European banking firms. We focus on four core aspects of boards that have been addressed in Directive 2013/36/ EU to strengthen the corporate governance of banks: the size of boards, their independence, the participation of female directors and CEO duality. We employ panel data analysis to study the 109 European listed banks between 2002 and 2019. Default risk is estimated by Merton’s (1974) distance to default. We take into account the presence of unobservable heterogeneity, simultaneity and dynamic endogeneity and estimate the model using the dynamic difference and dynamic system GMM methodologies. The results …
Notations et écarts de rentabilité : le marché français avant l'euro
2003
The main task of this paper is to confront two classical measures of default risk of the issuer, the rating and the spread. The first is attributed by agencies specialized in this activity (Standard and Poor's or Moody's) while the second results directly from the market price of the bond. This article studies this link over a period of two years for about forty French denominated bonds. Two measures of the spread are used and the results obtained show the very partial consideration of this information by the investors on the French bond market.