1,721,015 research outputs found
The role of regulatory pressure in banks’ capital and risk decisions
No full textCapital regulation represents the core of prudential regulation in banking. The effects of capital regulation on banks’ capital and risk decisions appear ambiguous, according to previous empirical contributions. This study examines the behaviour of European banks in terms of capital and risk decisions during the period 2006-2010, which encompasses the boost and development of the latest financial crisis. The analysis focuses on the determinants of capital ratio and risk changes and on the role of regulatory pressure. Results highlight that banks tend to adopt a different behaviour depending on the capital ratio considered
The determinants of leverage : a comparative analysis
No full textThis paper develops an analysis of the determinants of leverage in European listed companies in the last decade. To test the impact of firm characteristics on the capital structure, we use panel data of companies located in 7 countries (Austria, Czech Republic, Germany, Hungary, Italy, Poland, and Slovakia) from 2001 to 2012. Results show that several firm characteristics, such as size, profitability, and the tangibility of assets are able to influence the capital structure and overall confirm the theories developed by the literature
Venture capital in Europe : investors and targets
Full text linkVenture capital is a key driver for the growth and development of business and its importance in Europe has been increasing in the last decades. This study provides additional insight on venture capital by evaluating the characteristics of the venture capitalists (VCs) that operate in Europe and by giving an overview of the investment strategies and portfolios, as well as the characteristics of the funded businesses and the level of survivorship of targets. The analyses suggest that VCs tend to invest more in high tech industries and confirm the cyclicality of VC, as the number of investments and the sum invested decreased during the crisis
Corporate governance and bank regulation : the impact on capital ratios
No full textRegulation and corporate governance are able to influence the banks’ capital optimization problem, therefore impacting changes in capital ratios and risk exposure. Capitalization of banks has become a hot issue during the latest financial crisis that had its peak in 2008, and a key component in the review of the regulatory framework. This study aims at evaluating the influence of regulatory constraints and corporate governance in determining changes in capital ratios and risk levels in banking institutions. To test the hypotheses a panel of European banks from 2006 to 2010 is analyzed. 3SLS is used as estimation technique to account for possible endogeneity problems. Results overall suggest that regulatory pressure and corporate governance act as complementary forces on capital and risk adjustments, although the strength and sign of the governance variables remain unclear. This is one of the first studies to analyze capital and risk decisions taking into consideration both corporate governance and regulation in a unified framework for a sample of European banks operating across the latest financial crisis
Finanziamento e performance delle nuove iniziative imprenditoriali : il caso degli spin-off di ricerca
No full textThe innovative capacity of a nation has always represented a key factor to economic development and becomes a critical issue during crises, when it can be used to redirect industrial policies and face competitive forces of low value added productions coming from emerging countries. Product and process innovation can develop in the academic environment and find their way to commercialization through so-called “technology transfer”. Research-based spin-offs, in fact, represent a tool to implement it and their use in Italy, despite being recent, has seen an important diffusion, also favored by a better normative and regulatory framework.
This study aims at providing a description of the spin-off phenomenon in Italy and to evaluate the performance of spin-offs using various indices, such as survival rate and financial and economic performances
Digital lending e peer-to-peer lending: uno studio delle motivazioni e delle attese dei prenditori di fondi nel comparto business
No full textCrowdfunding – also in the form of Peer-to-Peer lending (P2P) – represents an innovative form of financing the economy, both in the segment of consumers (with personal loans and mortgages) and in the segment of business activities.
Some distinctive elements compared to traditional funding channels are common to all forms of P2P lending:
- financing takes place on the direct market by a plurality of investors who adhere to the proposal formulated through the platform that performs a simple mediation function, to which it sometimes adds a rating function through the attribution of a rating and sometimes a pricing function or an auction mechanism;
- the evaluation processes use AI technology and the relationship is mainly on line;
- on platforms - although with different formats and emphasis - it is emphasised the activity/project to be financed and to the figure of the entrepreneur/management who lead the company.
In the literature there is little knowledge on the underlying motivations for the use of this form of financing, on the degree of satisfaction and the critical issues faced, the subjective perception of the creditworthiness assessment procedures and the suggestions for an offer better suited to needs.
Our paper is aimed at filling this gap. In order to acquire knowledge on the elements mentioned above, a survey was carried out aimed at companies that have resorted to peer-to-peer lending and a questionnaire was submitted to them. Paragraph 2 presents the survey aims and methodology, and paragraph 3 explains and comments on the results. Finally, paragraph 4 makes a few concluding remarks
The European consumer credit industry : determinants of performance
No full textDespite the relevance gained by the consumer credit industry since the 2000s and its importance in supporting the financial needs of households, there is very little evidence on how this industry has performed over the years. This paper fills a gap in the literature by providing updated evidence through a dynamic generalised method of moments (GMM) estimation of the determinants of performance, measured as profitability and as cost efficiency, in a sample of European consumer credit companies over the period 2005–2014. Results show that both firm-specific and market-specific features influence the performance. Among these, larger size contributes to enhanced performance, while credit risk has a strong deleterious effect. The negative effect prevails also for the market household debt. On the contrary, credit diffusion has a positive impact both on profitability and efficiency
Governance e performance nelle imprese di assicurazioni: un'analisi bibliometrica ed una meta analisi
No full textIl presente lavoro fornisce una rassegna dei contributi teorici e degli studi empirici sui meccanismi esterni ed interni di corporate governance applicati alle imprese assicurative per perseguire obiettivi di performance e/o di riduzione del rischio, fra il 1985 e il 2019. Grazie all’utilizzo del software bibliometrico di mappatura Vosviewer, adatto ad illustrare visivamente i network di collaborazioni scientifiche (co-authorship) e di relazioni fra i termini più utilizzati, identifica i gruppi di studiosi e i filoni di ricerca più significativi. Effettua inoltre una meta analisi su una trentina di articoli quantitativi che evidenziano una relazione fra caratteristiche quanti-qualitative del Board of directors e la performance dell’impresa di assicurazione. I risultati di questa analisi mostrano come gli studi empirici pervengano ad un consenso sul contributo positivo della dimensione del board e della presenza di director indipendenti sulla performance, misurata tramite diverse misure. Inoltre, i network di ricerca in tema assicurativo non sembrano essere molto interconnessi, soprattutto con riferimento agli studi sui mercati emergenti. Questo studio rappresenta in punto di inizio per linee future di ricerca che mirino a definire le peculiarità della relazione governance-performance delle imprese di assicurazione nell’ambito di una cornice regolamentare e di mercato modificata.This paper provides a survey of the literature and empirical research focusing over the wide array of external and internal governance mechanisms and their effectiveness, with respect to performance and risk taking, in the particular setting of the insurance industry, over the period 1985–2019. Using Vosviewer software for a meta-literature mapping we present networks (co-authorship network and co-occurrence network) that identify top authors publishing and influential research streams. We also provide a meta-analysis of around 30 quantitative studies of corporate governance in the insurance sector which consider the relation between quanti-qualitative aspects of board composition and firm performance. The results show that in general there is a common evidence in the literature on the positive contribution of the size of the board and of the presence of independent directors on firm performance, variously measured. The networks in the insurance field of study appear not well connected, especially in relation to studies on emerging markets. This study might represent a starting point for possible future research lines aimed at clarifying the peculiarities of the governance-performance relationship in the insurance industry within a modified market and policy setting
SWFs in banks during the crisis
Full text linkSWFs are characterized by their large size and limited level of transparency, which might worsen the potentially politicized nature of their investments.
During the latest financial crisis, SWFs have started getting interested in financial companies and have become key players, also entering the capital of large US and European banks. The literature and the industry have analyzed the potential pros and cons of the participation of SWFs into the financial industry, but no conclusive answer has been provided, especially with reference to the effects of the presence of SWFs on the performance of their targets.
This paper aims at evaluating this latter aspect, by measuring the performance of SWF banks, through the use of four performance ratios. When comparing the performance of SWF banks with a sample of non-SWF banks in three time periods (2004-2006, 2007-2008 and 2009-2014) we find no statistical differences in performances, but during the acute crisis period, when SWF activity in the banking industry was at its top. During this phase, SWF banks performed worse than their peer. Nevertheless, regression results confirm that the presence of a SWF cannot be per se considered the determinant of this performance
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