1,721,029 research outputs found
Going public and listing fees around the world
No full textThis book presents the results of new research promoted by Emittenti Titoli on the evolutionary trends in the European securities industry, with some special regard to the Italian financial market. The studies collected in the volume deal with the costs and quality of listing, trading, post-trading and regulatory services offered by exchanges, other trading platforms, central depositories, intermediaries and regulatory agencies, from the viewpoint of the issuers. They shed light on some topical problems that issuers must confront when they decide to go and stay public
Shareholder identification and corporate action in Europe
No full textThis book presents the results of new research promoted by Emittenti Titoli on the evolutionary trends in the European securities industry, with some special regard to the Italian financial market. The studies collected in the volume deal with the costs and quality of listing, trading, post-trading and regulatory services offered by exchanges, other trading platforms, central depositories, intermediaries and regulatory agencies, from the viewpoint of the issuers. They shed light on some topical problems that issuers must confront when they decide to go and stay public
Claudio e l'helicopter view
No full textA dieci anni dalla scomparsa di Claudio Dematté - fondatore di questa rivista da lui diretta per 16 anni - i suoi collaboratori ricordano la sua figura e il segno che ha lasciato nelle istituzioni, nelle imprese e nelle realtà con cui è entrato in contatto nei suoi diversi ruoli di docente, di intellettuale e di manager
Trends in the European Securities Industry
No full textThis book presents the results of new research promoted by Emittenti Titoli on the evolutionary trends in the European securities industry, with some special regard to the Italian financial market. The studies collected in the volume deal with the costs and quality of listing, trading, post-trading and regulatory services offered by exchanges, other trading platforms, central depositories, intermediaries and regulatory agencies, from the viewpoint of the issuers. They shed light on some topical problems that issuers must confront when they decide to go and stay public
Il financial risk management quale servizio di corporate banking
No full textIl mercato dei servizi finanziari per le imprese è in profonda trasformazione. Nella seconda metà degli anni Novanta, negli Stati Uniti, si è verificata una concentrazione che ha ridotto il numero delle investment banks storiche e, parallelamente, ha visto emergere nuovi grandi competitori con una matrice di commercial banking. Sotto la spinta della globalizzazione della finanza, lo scenario in Europa tende progressivamente a diventare omogeneo e a convergere verso il modello americano. Permangono, tuttavia, segmentazioni nazionali, assieme alla presenza rilevante di grandi banche universali con prevalenza di attività corporate "non di mercato"
La valutazione delle aziende
No full textIl mercato dei servizi finanziari per le imprese è in profonda trasformazione. Nella seconda metà degli anni Novanta, negli Stati Uniti, si è verificata una concentrazione che ha ridotto il numero delle investment banks storiche e, parallelamente, ha visto emergere nuovi grandi competitori con una matrice di commercial banking. Sotto la spinta della globalizzazione della finanza, lo scenario in Europa tende progressivamente a diventare omogeneo e a convergere verso il modello americano. Permangono, tuttavia, segmentazioni nazionali, assieme alla presenza rilevante di grandi banche universali con prevalenza di attività corporate "non di mercato"
Listing and being listed costs: an international comparison
No full textCompetition among exchanges is growing fast on trading services. Differently, competition for listing securities has so far been minimal, if not absent, especially in Europe. The purpose of this paper is to investigate the listing services and compare the listing fees pricing policies adopted by the most important and well renowned exchanges around the world. We try first to clarify the content of listing services. We then quantify fees applied by different exchanges to companies according to their size. We consider both initial and annual fees. Our results show that US exchanges are more expensive for medium sized firms while EU markets apply higher fees to largest companies. Many exchanges, particularly in the EU, are still taking advantage of their monopolistic position by applying premium price policies to largest companies in order to cross subsidize smaller companies
Stress testing the equity home bias: a turnover analysis of Eurozone markets
No full textShifts in equity turnover happen on and around holidays because rationally bounded investors become distracted. Their pattern reveals a persistent equity home bias even in the Eurozone, a stress test case for the survival of this bias given the high level of economic and financial development and integration in this area. The bias is greater for small caps because investors are reluctant to hold this class of foreign asset. Our study corroborates calendar anomalies in trading volumes, but refutes the hypothesis regarding turnover sensitivity to stock returns common in the empirical and theoretical literature based on investor heterogeneity and short sale constraints. Our results reveal vanishing cost asymmetries in taking long rather than short positions
- …
