1,721,285 research outputs found
LA GESTIONE DEI RISCHI NELLA BANCA
No full textIl capitolo illustra i principali aspetti della gestione finanziaria della banca con particolare riferimento alla misurazione dei rischi. Sono introdotte le principali metodologie di misurazione dei rischi finanizari e le pricnipali tecnche di gestione. Sono illustrate le principali tecniche di asset-liability managemen
Corporate Governance, business model e performance delle banche europee
No full textIl lavoro si propone di investigare l’esistenza o meno di una relazione tra diverse configurazioni di corporate governance e le performance delle banche europee nel periodo 2007-2016. L’obiettivo è di quantificare il segno e l’intensità di tale relazione con riferimento ad una pluralità di indicatori di redditività, capitalizzazione, qualità del credito, crescita dei crediti e dei titoli ed efficienza. La metodologia utilizzata è quella dell’analisi panel, applicata a diverse configurazione del campione di analisi sulla base di diversi modelli di governance (derivanti da sei modelli proprietari) e dei modelli di business.
I risultati non consentono di indentificare in modo univoco una tipologia di corporate governance e modello di business superiore nelle diverse dimensioni di valutazione della performance.The work aims to investigate the existence or otherwise of a relationship between different configurations of corporate governance and the performance of European banks in the period 2007-2016. The objective is to quantify the sign and intensity of this relationship with reference to a variety of indicators of profitability, capitalisation, credit quality, credit and securities growth and efficiency. The methodology used is that of panel analysis, applied to different configurations of the analysis sample on the basis of different governance models (deriving from six proprietary models) and business models. The results do not allow the unambiguous identification of a type of corporate governance and higher business model in the different dimensions of performance evaluation
Banks Restructuring and Resolution in Italy (2015-2016): Lessons from Recent Italian Regulatory Experiences
No full text1.- Crises in context: a brief preamble; 2.- Act One: The first banking package on significant cooperative banks (“banche popolari“) and their compulsory transformation of legal form into joint stock compa- nies; 3.- Act Two: Implementation of CRD IV/CRR and the new prudential framework; 4.- Act Three: Imple- mentation of BRRD; 5.- Act Four: November 2015 4 banks resolution under the newly enacted Italian rules; 6.- Act Five: A new solidarity fund and a new year law establishing an Italian guarantee scheme for securitised NPLs and mandating the affiliation of Italian credit unions to a group; 7.- Act Six: Banca popolare di Vicenza failed capital increase, its resur- rection through an Italian Atlas (with narrow shoul- ders) and Law Decree No 59 of 3 May 2016; 8.- What next? The first merger between Banco Popolare and BPM, Veneto Banca saga and some preliminary con- clusions on the phantom of the opera
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
Model-based approach for scenario design: stress test severity and banks' resiliency
Full text linkAfter the financial crisis, evaluating the financial health of banks under stressed scenarios has become common practice among supervisors. According to supervisory guidelines, the adverse scenarios prepared for stress tests need to be severe but plausible. The first contribution of this paper is to propose a model-based approach to assess the severity of the scenarios. To do so, we use a Large Bayesian VAR model estimated on the Italian economy where potential spillovers between the macroeconomy and the aggregate banking sector are explicitly considered. We show that the 2018 exercise has been the most severe so far, in particular, due to the path of GDP, the stock market index and the 3-month Euribor rate. Our second contribution is an evaluation of whether the resilience of the Italian banking sector to adverse scenarios has increased over time (for example, thanks to improved risk management practices induced by greater awareness of risks that come with performing stress test exercises). To this scope, we construct counterfactual exercises by recalibrating the scenarios of the 2016 and 2018 exercises so that they have the same severity as the 2014 exercise. We find that in 2018, the economy would have experienced a smaller decline in loans compared to the previous exercises. This implies that banks could afford to deleverage less, i.e. maintain a higher exposure to risk in their balance sheets. We interpret this as evidence of increased resilience
Il risparmio gestito nell'esperienza delle banche europee: effetti sulla performance
No full textDiversificazione delle banche nel settore del risparmio gestito si è accompagnata al cambiamento della struttura dei mercati e al miglioramento della performance
Cesare Bisoni, Elisabetta Gualandri, Andrea Landi e Giuseppe Lusignani (a cura di) Lo stato della finanza. Scritti in onore di Marco Onado
No full textRaccolta di saggi di allievi e colleghi in onore del Prof. Marco Onad
EUROPEAN BANKS IN THE XXI CENTURY: ARE THEIR BUSINESS MODEL SUSTAINABLE?
No full textBanks’ activity is challenged by the macroeconomic, financial and regulatory environment emerging from the financial crisis. Lower rates of economic growth, low interest rates, more stringent regulation on capital and liquidity, the need to decrease leverage for a number of operators, increased market scrutiny following the new rules on crisis management have put pressure on pre-crisis bank business models. In this paper we discuss a new methodology to identify different business models and group European banks according to them. We then analyse the relationship between business models and a set of bank performance indicators and how this relationship has changed over time
L'EVOLUZIONE DEL RISPARMIO GESTITO NEI PRINCIPALI SISTEMI FINANZIARI
No full textIl lavoro analizza l'industria del risparmio gestito. In primo luogo si propone una classificazione delle attività e degli operatori del settore; successivamente si analizzano ampie basi statistiche al fine di fornira una articolata rappresentazione quantitativa delle principali categorie di investitori istituzionali e i problemi di ordine metodologico che si incontrano nella rappresentazione intertemporale e comparata del settore del risparmio gestito.
E' inoltre analizzata la posizione assunta nel corso degli anni novanta dalle attività gestite dagli investitori istituzionali nei principali paesi europei e si propone un confronto con le caratteristiche del risparmio gestito degli Usa, anche con lo scopo di delineare scenari di sviluppo del settore a livello europeo.
Infone sono anlizzati i principali fattori che si ritiene cruciali nel definire i percorsi di sviluppo di risparmio gestito e le peculiarità in termini di rilevanza e di composizione dell’investimento istituzionale nei diversi paesi analizzati
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
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