1,720,999 research outputs found
Le concentrazioni bancarie in Europa e i processi di integrazione cross-border. Il caso Unicredit-HVB.
No full textLe aggregazioni bancarie costituiscono un oggetto d’indagine assai complesso che rende difficile giungere ad una condivisione unanime delle determinanti, dei principali effetti e risultati. Il libro fa il punto sulla materia attraverso l’analisi del quadro di riferimento teorico sottostante i processi di concentrazione bancaria al fine di individuare le principali determinanti che tendono a spiegare il ricorso da parte di un’impresa bancaria ad operazioni di fusione e/o di acquisizione e gli effetti microeconomici più significativi che possono essere generati dalle aggregazioni bancarie sulle banche, sui consumatori e sulle imprese.
Dopo una rassegna della letteratura italiana, europea ed americana esistente sul tema delle aggregazioni bancarie, il focus si sposta poi sullo studio e sull’analisi delle concentrazioni bancarie in Europa, sia di tipo domestico che cross-border, al fine di rilevare l’attuale dimensione del fenomeno e di poter formulare anche qualche ipotesi sugli scenari in divenire e sulla possibilità di assistere o meno in futuro ad una accelerazione di tali operazioni, in particolare di quelle transnazionali, soprattutto alla luce dell’importante e recente concentrazione cross-border avvenuta tra Unicredit e HVB. Al fine di sottolineare l’importanza dell’operazione Unicredit-HVB, prima manifestazione di un fenomeno di consolidamento pan-europeo tra imprese bancarie europee di grande dimensione, il libro nell’ultima parte affronta le principali determinanti, i principali rischi dell’aggregazione, le scelte organizzative e di governance adottate dal nuovo Gruppo e i principali fattori che ne hanno comportato il successo
Net Stable Funding Ratio e redditività bancaria: quali relazioni?
No full textIl presente studio si prefigge l'obiettivo di fornire un contributo al corrente dibattito sull'impatto del requisito di liquidità strutturale introdotto da Basilea 3 (il Net Stable Funding Ratio, Nsfr) sulla redditività bancaria, tenendo in debito conto il costo del funding. L'analisi viene svolta su un campione di banche commerciali, cooperative e di risparmio appartenenti ai 28 paesi dell'Unione europea nel periodo 2004-2013. Contrariamente a quanto stimato da recenti indagini, i risultati ottenuti segnalano che il rispetto del Nsfr non comprime la profittabilità delle banche, specialmente di quelle di piccola dimensione. Quest'ultime infatti, essendo in media compliant con il vincolo di liquidità regolamentare, godono di una maggiore redditività anche alla luce dei minori costi di funding sopportat
CDS spreads a good proxy of bank risk? Evidence from the financial crisis
No full textBased on a sample of mid-tier and top-tier internationally active banks with five-year senior CDS spreads, this paper investigates the determinants of CDS spreads and whether CDS spreads can be considered a good proxy of bank risk. The analysis encompasses three time periods: a pre-crisis period (1 January 2005 - 30 June 2007); a crisis period (1 July 2007 - 31 March 2009) and a crisis and its less acute phase period (1 July 2007 - 31 March 2010) and focuses exclusively on bank specific balance sheet ratios. The results of the empirical analysis indicate that bank CDS spreads, both in the pre-crisis period, but expecially in the crisis period (acute and less acute), reflect the risk captured by bank balance sheet ratios. We find that the determinants of bank CDS spreads vary strongly across time, as economic and financial conditions vary. TIER 1 ratio and leverage appear insignificant in all of the three periods considered, while liquidity indicators become significant only during and post crisis
Bank Liquidity and the Global Financial Crisis. The Causes and Implications of Regulatory Reform.
No full textOne of the lessons learned from the Global Financial Crisis of 2007–9 is that minimum capital requirements are a necessary but inadequate safeguard for the stability of an intermediary. Despite the high levels of capitalization of many banks before the crisis, they too experienced serious difficulties due to insufficient liquidity buffers. Thus, for the first time, after the GFC regulators realized that liquidity risk can jeopardize the orderly functioning of a bank and, in some cases, its survival. Previously, the risk did not receive the same attention by regulators at the international level as other types of risk including credit, market, and operational risks. The GFC promoted liquidity risk to a significant place in regulatory reform, introducing uniform international rules and best practices. The literature has studied the potential effects of the new liquidity rules on the behaviour of banks, the financial system and the economy as a whole.
The book provides a comprehensive understanding of the bank liquidity crisis that occurred during the GFC, of the liquidity regulatory reform introduced by the Basel Committee with the Basel III Accord, and its implications both at the micro and macroeconomic levels
Firm systematic risk after the Russia–Ukraine invasion
No full textWe explore the systematic risk effects of the Russia–Ukraine war on European non-financial firms
during the period 2021Q1–2022Q4. Using quarterly firm-level data, we find that, after the
Russia–Ukraine conflict, European non-financial firms experienced a statistically significant increase
of systematic risk (Beta). Moreover, we also find that firms with higher foreign sales
reduced their exposure to such unprecedented geopolitical event, showing a statistically significant
lower Beta in the aftermath of the announcement of the Russian invasion of Ukraine. Results
are robust also using alternative measures of firm risk as well as after running alternative
econometric approaches
The assessment of the NSFR value. Evidence from the financial crisis
No full textAlthough the Basel Committee outlines these two liquidity standards, the research focus on the NSFR only, since publicly available information does not allow to assess the value of LCR. In addition, a good management of structural liquidity would avoid negative effect in the short-term. In particular, the chapter assesses, on the basis of available data and simplified hypothesis, the value of the Net Stable Funding Ratio on a sample of top-tier international banks operating in five area of specialization (Bank Holding & Holding Companies, Commercial Banks, Cooperative Banks, Saving Banks and Real Estate & Mortgage Banks) both in the pre-crisis period (2005-2007), and in the crisis and “post” crisis period (2008-2009), in order to identify which sample banks comply with new structural liquidity risk measure on the dual time horizon considered. The results highlight that the banks with structural liquidity furthest away from minimum requirements are those that would probably be included in the systemic risk list drawn up by the Group of Governors and Head of Supervision, belonging to the category of Bank Holding & Holding Companies or Commercial Banks. Conversely, the sample banks with liquidity structures in line with the new liquidity requirement NSFR are those belonging to the specializations Cooperative Banks, Saving Banks, or Real Estate & Mortgage Banks. These banks operate on a smaller geographical scale and so have lower total assets
I servizi bancari
No full textIl capitolo affronta un ambito che negli ultimi tempi ha assunto una rilevanza crescente nell’operatività delle banche. In esso si esaminano gli strumenti e i servizi offerti dalle banche alla clientela in generale, ovvero a famiglie, imprese non finanziarie e pubblica amministrazione, all’interno dei quali vi rientrano quelli di pagamento e di incasso e quelli che costituiscono la cosiddetta raccolta bancaria indiretta (servizi di negoziazione, di custodia e amministrazione, di consulenza e di gestione del risparmio). Accanto a questi, particolare attenzione viene data anche a una serie di servizi bancari specificamente indirizzati alle imprese non finanziarie (quali il cash management e il pool account)
I CDS spreads come indicatori della rischiosità di una banca? Alcune evidenze empiriche dalla recente crisi finanziaria
No full textIn seguito al fallimento della banca d’affari Lehman Brothers e al quasi tracollo della compagnia d’assicurazioni American International
Group (Aig), entrambe fortemente impegnate nel settore dei Cds, si è iniziata a registrare una maggiore attenzione verso i Cds dei
principali gruppi bancari. Utilizzando i Cds spreads di un campione di banche internazionali nel periodo 2005 - marzo 2010, il presente
lavoro indaga la presenza di una relazione tra i Cds spreads e gli indicatori di bilancio. Dai risultati dell’analisi empirica si evince una
forte relazione tra la dinamica dei Cds spreads del settore bancario e le performance economico-finanziarie delle banche, rendendoli
quindi importanti indicatori del profilo di rishio bancario
Banche cooperative e stabilità finanziaria. Evidenze empiriche dalla recente crisi finanziaria in alcuni paesi europei
No full textBased on a sample of banks from eleven European countries over the period 2001-2010, this paper examines the stability of cooperative banks in comparison with other business models, as well as the specific role played by cooperative banks in determining banking soundness. The empirical findings show that cooperative banks do exert positive and significant effects on average bank stability, although only in periods of financial distress. This contrasts with a series of publications which blame the fragility of banking systems on the presence of non-profit maximizing entities. Largely mutualized banking systems nevertheless demonstrate a better ability to withstand periods of crisis, possibly even preserving confidence in bank stability
Capital and liquidity ratios and financial distress. Evidence from the European banking industry
Full text linkUsing a large bank-level dataset, we test the relevance of both structural liquidity and capital ratios, as defined in Basel III, on banks' probability of failure. To include all relevant episodes of bank failure and distress (F&D) occurring in the EU-28 member states over the past decade, we develop a broad indicator that includes information not only on bankruptcies, liquidations, under receivership and dissolved banks, but also accounts for state interventions, mergers in distress and EBA stress test results. Estimates from several versions of the logistic probability model indicate that the likelihood of failure and distress decreases with increased liquidity holdings, while capital ratios are significant only for large banks. Our results provide support for Basel III's initiatives on structural liquidity and for the increased regulatory focus on large and systemically important banks
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