75 research outputs found
Real estate leasing: cambiano gli spazi di convenienza della locazione finanziaria
No full textNo abstract availabl
Finanza e credito nel settore turistico alberghiero
No full textAnalisi della competitività del comparto alberghiero attraverso il processo di investimento delle aziende, sia nell'ottica della finaza, che del ruolo macro del comparto
How is bank performance affected by functional distance?
No full textThe aim of this study is to confirm the presence of a relationship between the territory and the bank, verifying empirically the effect of the functional distance (headquarters-branches distance) on bank performance. To support this hypothesis we also test the effects that the bank size, the intensity of labour factor, the bank type (and its lending features) have on bank performance. We aim to shed light on the impact of bank size on the link between distance and performance. The analysis is based on a sample of almost 3,000 Italian banks over the period 2005-2008, and demonstrates the existence of a positive relationship between functional distance, foreign control, institutional type of intermediary and bank performance. In the model the control variables used take into account local market competition, relationship lending features and banking business structure. The robustness checks, conducted excluding the outlier observations and using other variables, confirm the negative effect of the functional distance on bank performance and, consequently, the importance of relationship lending to SMEs. Finally, on the basis of these outcomes, some managerial implications are proposed related to the intermediary siz
Sustainable and socially responsible finance: Introduction
No full textThis Special Issue on Sustainable and Socially Responsible Finance examines how sustainability considerations enter asset pricing, corporate reporting, and prudential oversight. The contributions jointly show that outcomes hinge on the interaction of heterogeneous preferences, the design and credibility of information (ratings, labels, disclosures, stress tests), and real-world constraints faced by investors, firms, and banks. Methodologically, the Issue combines portfolio construction, experimental evidence on investor motives, large-scale analyses of financial reporting around climate shocks, and market reactions to supervisory climate exercises. The unifying message is pragmatic: when sustainability information is credibly produced and appropriately integrated into decision rules, markets can accommodate alignment goals without mechanically sacrificing efficiency; where information is noisy or discretion is high, incentives and governance determine whether sustainability claims translate into real change. We conclude by outlining implications for product design, assurance, and the architecture of climate-related supervision
Relationship lending, default rate and loan portfolio quality
No full textThis article empirically verifies the existence of a connection between the relationship-oriented model and the quality of the loan portfolio, by using alternative risk measures to previous studies. Consistently with earlier literature, bank size, distance and intensity of labour are used as proxies for the relationship lending model. The main results demonstrate that the relationship lending variables are all significant contributory factors to the loan portfolio quality. Robustness tests, conducted using intermediate risk measures (Doubtful Loan Rate (DLR), Past Due Loan Rate (PDLR)), confirm the results. Our findings are consistent with the relationship lending literature, but we extend to Default Rate (DR) measurement, a new role in terms of a banking model to create loans and manage credit risk. Finally, banking literature can take advantage of the DR indicator as a proxy for the quality of loan portfolio, and we consider its strong relationship to the intermediation model chose
Tourism Financials and financial structure: an European comparison.
No full textThis paper focuses on the main profiles of SMEs (small and medium enterprises) financial
structures. The spotlight is on the hospitality and tourism industry.
The keys areas of financial and accounting statements are analysed in a comparative studies
between several European countries.
As well known, the tourism industry is characterized by two different management issues: real
estate and industry specific management. While the tourism property management is almost
similar to a general real estate management, the specific management is strongly related to the
seasonality. The business cycle impact on the financial structure is reasonably significant and
the effect on the risk is relevant as well.
Therefore, the aim of the research is to recognize the main aspect the accounting and financial
data over different countries considering also different sorts of financing (short and long term
financing).
In fact, the ability to fit the short term financing needs, also called treasury management,
requires a specific forecast and control of the cash inflows and outflows. To deal with the
specific financial needs is required to set-up a specialized financing facilities.
Clearly, mortgages and loans represent the most relevant medium and long term financing
instruments. Banking financing is a strongly structured on the SMEs financial requirements. By
definition, the bank has developed a strong ability to provide an adequate source of funds. On
the other hand, when a bank financing is the most relevant on the liabilities of the firm, it can
penalize the growth opportunities.
The seasonality of operations impacts on the financing cycle too. The operation management
often smoothes the overloaded period using different strategies. Also the cash flow management
benefits from a greater accuracy in financial forecasts.
The strong seasonality does not imply a severe risk profiles. Several empirical analysis and
interviews show how the whole tourism industry has a medium risk level. In addition, SMEs
exhibit a lower credit risk profile, in particular when the number of employees is very small.
From an empirical point of view, a sample of European tourism SMEs (Hotel and restaurants) is
investigated. The accounting data set, related to the period 1999-2002, describes relevant
differences between tourism companies across European countries
FINANCIALS MENU AT EUROPEAN RESTAURANTS
No full textThis paper highlights the main profiles of SME’s (small and medium enterprises) financial structures, focusing particularly on hospitality and tourism. A sample of European hotels and restaurants is empirically investigated. Financial and accounting statements are analysed through comparisons between several European countries. Tourism is known to experience two different management issues: real estate and industry-specific management. Although they are very similar, tourism property management is strongly related to seasonality. The business cycle impact on financial structure is significant, and so does the effect on risk. Therefore, this research also investigates both short and long-term financing. The former needs specific control of cash inflows and outflows. It is necessary to deal with specific financial needs to set up specialized financing facilities. Seasonality also impacts on the financing cycle. Operation management is smoothed during overloaded periods by using various strategies. Additionally, cash flow management benefits from better financial forecast
Il multiaffidamento: un fenomeno esclusivamente italiano?
No full textIl contributo analizza in ottica comparata e diacronica il fenomeno del multiaffidamento
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