1,721,306 research outputs found
Il circuito Bancoposta-Cassa Depositi e Prestiti. Regolamentazione, organizzazione e gestione
No full textAnalisi dell'evoluzione regolamentare e gestionale del Bancoposta e della Cassa depositi e prestiti fino all 2005
The quality of European equity markets. Reflections and empirical evidence on the pricing structures of the major trading venues
No full textIl paper mira a descrivere la dinamica dei costi di transazione nei servizi di trading mettendo in luce come detti costi siano importanti per la qualità e l'efficienza dei mercati azionari
The effects of competition on the fee structures of the major stock exchanges
No full textThis paper investigates whether, as a result of competition, certain explicit transaction costs (execution fees) paid by broker-dealers to execute client orders on trading platforms are effectively decreasing, and considers the implications for stock exchanges and equity markets. It aims to integrate the literature on trading costs in equity markets by focusing on qualitative aspects and their specific relevance to the assessment of securities market quality, considering that in a high quality market, transaction costs are low. Changes in the price lists of the major European stock exchanges and multilateral trading facilities (MTFs) are examined to highlight the main pricing policy trends. In line with the prevailing literature, trading fees paid by brokers on these platforms are compared. The decrease in execution fees has coincided with a fall in trading revenues; lower revenues may undermine the profitability and long term stability of stock exchanges, and have a negative impact on equity market quality. It emerges that stock exchanges are progressively diversifying their business, increasing other sources of income to compensate for the loss of trading revenues.The findings relate largely to the period 2008 – first half 2012
Clearing Houses in Europe: a financial market infrastructure in evolution.
No full textClearing houses in Europe are changing their business due to regulation. The competiton in the stock exchanges industry is also contributing to this change. The paper studies in particular the issue of interoperability among European clearing houses
Earnings Quality and the Cost of Debt of SMEs
No full textThe aim of this chapter is to examine the importance of demand and supply factors in determining credit availability during the recent financial crisis for a different sample of small- and medium-sized enterprises (SMEs) in some principal European countries. A first investigation suggests that during crisis time, the credit demand is mainly driven by liquidity problems. As for the determinants of credit demand, it emerges a different pattern among countries more bank than market oriented. Then, controlling for the supply of credit two types of credit rationing have been investigated. Weak rationing defines that condition for which firms asking for credit at the same interest rate did not receive it. To be strongly bank dependent implies a greater probability to be weakly credit rationed in crisis times. Differently solid accounting data, collateral and greater size may loosen such a condition. Finally, we control for strong rationing, i.e., the condition for which a firm even if ready to accept worse interest rates is subject to rationing. Evidence suggests that relationship-lending attitude as well as larger size could weaken the rationing condition; differently collateral as well as R&D propensity may exacerbate it because of moral hazard risk and higher information asymmetries
Proyecto de intervención educativa en la materia Electrónica de la carrera de Ingeniería Biomédica
Full text linkFil: Chesini, Ezequiel. Universidad Nacional de Córdoba. Facultad de Ciencias Exactas, Físicas y Naturales. Departamento de Electrónica; Argentina.Se presenta un proyecto de intervención educativa para la asignatura “Electrónica” de la carrera de Ingeniería Biomédica de la Facultad de Ciencias Exactas Físicas y Naturales (FCEFyN) de la Universidad Nacional de Córdoba. La propuesta tiene como objetivo modificar el sistema instructivo de modo que se creen condiciones que permitan a un mayor numero de estudiantes alcanzar la condición de aprobación directa (frecuentemente denominada promoción), aunque cuidando el desarrollo de ciertas ´ competencias pertinentes al perfil del egresado de las carreras. Se aplica un sistema de intervención educativa centrado en el discente, diseñado bajo pautas de teóricas constructivistas. Se selecciona el método de proyectos, buscando enfrentar a los ´ estudiantes a situaciones que los lleven a rescatar, comprender y aplicar herramientas para resolver problemas.Fil: Chesini, Ezequiel. Universidad Nacional de Córdoba. Facultad de Ciencias Exactas, Físicas y Naturales. Departamento de Electrónica; Argentina.Ingeniería Eléctrica y Electrónic
Rischi dell'attività bancaria e adeguatezza patrimoniale: alcune osservazioni alla luce degli orientamenti della vigilanza internazionale
No full textL'elaborato considera l'evoluzione degli Accordi internazionali in materia di capitalizzazione delle banche. Analizza i rischi e la relativa regolamentazione. Si pregia di una valutazione empirica
Il sistema finanziario del Regno Unito. Evoluzione della regolamentazione
No full textIl libro esamina il sistema finanziario del Regno Unito distinguendo gli intermediari bancari, mobiliari e gli investitori istituzionali. Obiettivo del lavoro era la accurata descrizione normativa e operativa degli intermediari nel sistema finanziario del Regno Unit
Can Sovereign Green Bonds Accelerate the Transition to Net‐Zero Greenhouse Gas Emissions?
Full text linkThis paper focuses on sovereign green bonds issued in Europe. By issuing green bonds, European governments commit themselves to realizing environmentally friendly projects and encourage other entities, including private-sector ones, to do the same, thus increasing further domestic investments in addressing climate change. However, considering that governments could pursue their sustainable goals by also issuing conventional bonds, this begs the question of why governments should prefer green bonds. A dataset of European sovereign green bonds was retrieved from the Bloomberg Fixed Income database to answer this question. The data cover all European sovereign green bonds issued until the end of 2023. Quantitative analysis confrms the existence of a small green premium for the issuers, representing an incentive to increase the issuances of sovereign green bonds. Furthermore, the government’s carbon emissions reduction, the power sector decarbonization, and good climate policies, measured by the Government Climate Risk Score, contribute to further reducing a country’s climate risk and consequently the costs of the issuance, thus triggering a virtuous circle which could, in turn, accelerate the transition to net-zero emissions. Despite these benefts, hurdles still exist, and have curbed the development of the market. Examples include divergence between the use of funds raised through green bonds, which should be earmarked exclusively for climate and environmental projects, and the fungibility requirements for proceeds from sovereign debt and fiscal revenues
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