13,230 research outputs found
A securitisation scheme for sesolving Europe's problem loans
No full textThis chapter proposes a comprehensive, pan-European way of addressing the issue of non-performing exposures. We contend that securitization is the most effective way for banks to sell the bulk of their troubled loans. To this end, we propose a numerical example to describe the main characteristics of a common scheme of securitization to be applied at the European level. Such a scheme, as a European blueprint for implementation at the national level, is meant to attract funds from a wide array of investors, with a public support compatible with the current rules on state aid
Topological equivalence of a plane vector field with its principal part defined through Newton Polyhedra
No full textWe introduce a blowing-up of singularities of vector fields associated with
Newton Polyhedra in the space of the exponents, by means of which we prove a
generalization of the Hartman-Grobman Theorem, namely: a plane vector field
possessing characteristic orbits is locally topologically equivalent with its principal
part, under suitable non-degeneracy hypotheses. Under stronger hypotheses, a
similar equivalence result is proven between a plane vector field and a single
quasihomogeneous component of its principal part. The case of second order
equations is also studied
European banks’ response to COVID-19 “Quick Fix” regulation and other measures
No full textThe original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven by capital-enhancing measures such as the “Quick fix”
Financial structure and corporate investment in Europe
No full textWe explore the differential impact of leverage and debt maturity structure on investment in European firms belonging to different countries and industries during the financial and sovereign crisis period. We find that in crisis years (i) leverage exerts a strong and negative effect on the level of investment and (ii) firms with more long-term debt invest less. We also uncover heterogeneous reactions to the crisis due to the level of debt and its maturity by sorting firms by country-specific and firm-specific characteristics. We find that firms who cut back most investment in crisis years (conditional on the level of leverage and maturity) (i) are located in Eurozone periphery countries, and (ii) are featured by a small-scale. Factors that help firms alleviate financial frictions and shield investment are being able to rely on multiple bank relationships and the ability to generate internal resources (cash flows). We find no evidence of a positive nexus between cash and investment, and only little evidence of a positive effect on investment of access to capital markets, to mitigate the negative impact of debt in crisis years
Are risk-based capital requirements detrimental to corporate lending? Evidence from Europe
No full textIn this paper, we first explore the main drivers of the differences in risk-weighted assets (RWAs) across a sample of 50 large European banking groups. We then assess the impact of RWA-based capital regulations on those banks’ asset allocations in 2008-2014. We find that risk weights are affected by bank size, business models and asset mix. We also find that the adoption of internal ratings-based (IRB) approaches is an important driver of RWAs and that national segmentations explain a significant (albeit decreasing) share of the variability in risk weights. As for the impact of internal ratings on banks’ asset allocation in 2008-2014, we uncover that banks using IRB approaches more extensively have reduced more (or increased less) their corporate loan portfolio. This effect is somewhat stronger for banks located in Eurozone periphery countries during the 2010-12 sovereign crisis. We do not find evidence, however, of internal models producing a reallocation from corporate loans to government exposures, suggesting that other motives prevailed in driving banks towards sovereign bonds during the Eurozone sovereign crisis, including the so-called ‘financial repression’ channel
Determinants of bank lending in Europe and the United States. Evidence from crisis and post-crisis years
No full textWe investigate bank lending patterns and their determinants in Europe and the United States over 2008-2014. Specifically, we relate bank characteristics prior to the financial crisis to their lending behaviour during and after the crisis period. Our analysis confirms the existence of a bank lending channel. This channel seems stronger in Europe than in the United States, especially if we look at corporate loans rather than at the whole loan portfolio
Why we need to breach the taboos on European banks’ non-performing loans
No full textWe propose a comprehensive, pan-European scheme to address the issue of non-performing exposures. We contend that securitisation is the most effective way to sell the bulk of troubled loans because it can rise the transfer price at a level closer to the real economic value, reducing the loss for the banks at bearable levels. Through a numerical example, we describe the main characteristics of a blueprint of securitisation to be implemented at a national level. We argue that this scheme could attract funds from a wide array of investors, while forms of public support can be worked out in terms compatible with the current European rules on state aid
La Responsabilità sociale delle imprese: analisi, rendicontazione ed effetti delle performance sociali sulle performance finanziarie
No full textThe field of corporate social responsibility (CSR), based on the complex relationship between economics and ethics, has been the subject of a growing and renewed interest in the last decade.The contributions with which CSR may improve corporate performances are both internal, according to the resource-based theory, and external, such as reputational capital, definite as the most important competitive advantage that companies can have and that ultimately leads to profitability.To increase corporate reputation and maintain business legitimacy, companies have to communicate their sustainable actions in a manner that goes beyond mere financial aspects.
In order to do that, internet is a very relevant CSR communication tool, since it allows to spread a greater amount of significant and specific information to several targets.The survey carried out in the present study addressed two purposes. The first was to examine the CSR reporting practices of Italian companies into annual reports, which can be in a social, environmental, or sustainability form, depending on the company. We employed the content analysis, a methodology frequently used to examine information coming from CSR disclosures in annual reports and stand-alone CSR reports. The second purpose was to analyze the relationship between CSP - measured by social disclosure - CFP - measured by market and accounting ratios. The link between CSP and CFP has been evaluated by using the Spearman rank-order correlation coefficient
Management of candidemia in patients with Clostridium difficile infection
No full textIntroduction: Patients with C. difficile infection (CDI) experience intestinal microflora changes that can promote the overgrowth and subsequent translocation of gut resident pathogens into the blood. Consistently, CDI due to PCR-ribotype 027 strain, severe or relapsing CDI, and treatment with high-dosage vancomycin are independent risk factors for candidemia. Areas covered: We review the role played by the gut microbiota during CDI and its treatment, as well as the clinical profile of CDI patients who are at risk of developing candidemia. Also, we discuss the management of these patients by focusing on pre-emptive strategies aimed at reducing the risk of candidemia, and on innovative anti-C. difficile therapies that may mitigate CDI-related effects such as the altered gut microbiota composition and prolonged intestinal mucosa damage. Expert commentary: A closer clinical and diagnostic monitoring of patients with CDI should help to limit the CDI-associated long-term consequences, including Candida infections, which worsen the outcome of hospitalized patients
MABS validation through repeated execution and data mining analysis
No full textAgent Based Modelling is the most interesting and advanced approach for simulating a complex system: in a social context, the single parts and the whole are often very hard to describe in detail. Besides, there are agent based formalisms which allow to study the emergency of social behaviour with the creation and study of models, known as artificial societies. Thanks to the ever increasing computational power, it's been possible to use such models to create software, based on intelligent agents, which aggregate behaviour is complex and difficult to predict, and can be used in open and distributed systems. Data mining is born in the last decades in order to help users in finding useful knowledge from the otherwise overwhelming amount of data available nowadays from the web and the data collected every day by companies. Data Mining techniques can therefore be the keystone to reveal non-trivial knowledge expressed by the initial assumption used to build the micro-level of the model and the structure of the society of agents that emerged from the simulation
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