Search results for "DEBT"
showing 10 items of 295 documents
The Power of Fiction in Creating a Territory’s Image
2021
The current economic crisis, and its effects on the European sovereign debt, has resulted in a significant reduction in Italian investments in the field of preservation and enhancement of cultural heritage. In fragile contexts, such as Sicily, the contraction of investments has put further into crisis the already weak manage- ment and planning system. Despite this scenario of crisis, in South-Eastern Sicily, the province of Ragusa shows a significant resilience to the crisis also due to the “Mon- talbano effect” and the capability to rethink the traditional heritage policies (Maga- zzino and Mantovani 2012). The paper, based on the analysis of the South-Eastern Sicily case study, reflects o…
Risk Management Optimization for Sovereign Debt Restructuring
2015
Abstract Debt restructuring is one of the policy tools available for resolving sovereign debt crises and, while unorthodox, it is not uncommon. We propose a scenario analysis for debt sustainability and integrate it with scenario optimization for risk management in restructuring sovereign debt. The scenario dynamics of debt-to-GDP ratio are used to define a tail risk measure, termed conditional Debt-at-Risk. A multi-period stochastic programming model minimizes the expected cost of debt financing subject to risk limits. It provides an operational model to handle significant aspects of debt restructuring: it collects all debt issues in a common framework, and can include contingent claims, m…
LA RINEGOZIAZIONE DEGLI ACCORDI DI RISTRUTTURAZIONE DEI DEBITI
2021
L’articolo ha per oggetto l’esame critico, con un tentativo di sviluppo anche rispetto ad ipotesi non espressamente regolate, dell’art. 58 del nuovo Codice della crisi di impresa e di insolvenza, che disciplina oggi la materia della rinegoziazione degli accordi di ristrutturazione e delle modifiche del piano, distinguendo fra la fase precedente e quella successiva all’omologazione The essay focuses – with a critical approach, also aimed to develope further implementation events – on the Section 58 of the new Crisis and Insolvency Code, now regulating the Renegotiation of Debt Restructuring Agreements, in order to face their shortcomings as well as adjustment needs, by introducing different …
Measuring Firm Performance: Testing a Proposed Model
2018
Abstract Firm performance is a very complex and exhaustive concept. It can be related to many factors: starting with variables from balance sheet, income statement or cash-flow statement, continuing with research and development expenses or IT competences, and last but not least with intangible assets like human capital, goodwill, or brand value. The purpose of the present paper is to develop and test a model in order to measure firm performance by considering US companies that are ranked into the Global Fortune 500. In this study we used control variables (assets growth rate, net income growth rate and revenue growth rate) and depended variables – return on assets (ROA), debt to equity, re…
Stochastic debt sustainability analysis for sovereigns and the scope for optimization modeling
2017
We express the opinion that sovereign debt sustainability analysis must be augmented by stochastic correlated risk factors and a risk measure to capture tail effects. Crisis situations can thus be adequately specified and analyzed with sufficient accuracy to warrant the relevance of policy decisions. In this context there is significant scope for optimization modeling for both strategic planning and operational management. We discuss diverse aspects of the problem of debt sustainability and highlight modeling approaches that can be brought to bear on the problem. Results with the fictitiuous, but nor unrealistic, Kingdom of Atlantis, which is sinking under excessive debt, illustrate the pro…
Dynamic Risk Taking with Bonus Schemes
2014
This paper studies dynamic risk taking by a risk-averse manager who receives a bonus; the company may default on its contractual obligations (debt and fixed compensation). We show that risk taking is time independent, and is summarized by the so-called risk aversion of derived utility. We highlight the importance of dynamic aspects and provide a foundation for common qualitative discussions that are based on characteristics of bonus functions. The paper cautions that deferral of fixed compensation may increase risk taking. Finally, we motivate a new bonus scheme that incentivizes the manager to implement the socially optimal risk level.
Am I riskier if I rescue my banks? Beyond the effects of bailouts
2021
Abstract We examine the relationship between bank bailouts and sovereign risk in 35 countries and 19 bailouts from 2005 to 2015. Bailouts negatively affect sovereign ratings, with rating agencies consistently perceiving higher risk when a country’s banking system has been rescued (risk-increasing effect). The increase in public debt as a result of the bank bailouts is the main mechanism through which the risk-increasing effect occurs. Moreover, financial soundness and banking market structure shape the impact of bailouts on sovereign risk. In particular, proactiveness in undertaking public bailouts for banking systems that are largely distressed – that is, risky and low profitable – and hig…
Debito e ingratitudine: la sovversione del tumulo donum nelle Troades di Seneca
2017
Il contributo indaga il sovvertimento delle dinamiche di dono e debito nelle Troades senecane, alla luce dei modelli etici illustrati nel De beneficiis. Nella tragedia, Seneca riscrive la relazione di reciprocità vigente tra Achille e i Greci secondo il modello analogico del debito. L’ombra di Achille, infatti, accusa gli Achei di sottrarre gli honores dovuti ai suoi Mani, dando prova di ingratitudine. Come praemium, l’eroe esige quindi il sacrificio di Polissena, che rappresenta un sovvertimento della pratica rituale dei doni ai morti. Per comprendere il significato antropologico di questa lettura, si opererà un confronto ragionato tra la rappresentazione della prassi cultuale con cui a Ro…
I RIGIDI CONFINI DELLA NOZIONE DI «CONSUMATORE» NELLA COMPOSIZIONE DELLA CRISI DA SOVRAINDEBITAMENTO
2016
Consumer bankruptcy Remedies
Stato e prospettive dei servizi di consulenza del debito in Italia. Il ruolo del debt advisor nella gestione della crisi da sovraindebitamento
2023
Dopo aver esaminato lo stato dei servizi di consulenza sul debito in Italia e in Europa, con un focus sul tipo di servizi erogati, gli enti fornitori e le possibili fonti di finanziamento, il contributo analizza il contesto normativo in materia - ed in particolare il nuovo CCII - con particolare riguardo al ruolo da esso assegnato al debt advisor.