1,720,974 research outputs found
VC managers, incentive schemes and transitioning economies
No full textThe research presented is devoted at understanding the impact of
hypothetic incentives, designed to attract Venture Capital towards UE
New Member States (NMS). We interviewed a sample of western
European VC managers, trying also to evaluate the impact of possible
restrictions and of the specific features of target Countries. First some
interesting characteristics of VC institutions clearly emerge and typical
attitudes of VC managers are highlighted. Then, relying both on the
results obtained in the field research and on past contributions, we
elaborate a proposal of a possible framework for the development of
proper VC markets in NMS. A set of differentiated policies would be
necessary for the scope, with attention paid not only to the supply
side
Un modello a variabili fondamentali e la crisi valutaria asiatica: adattamento e performance previsiva
No full textBasilea 2 tra miti e verità: una guida per orientare le decisioni
No full textLa recensione descrive, commenta ed analizza il contenuto del libro "Miti e Verità di Basilea 2. Guida alle decisioni" di G. De Laurentis e S. Caselli (EGEA, 2004
Un modello monetario, il lungo periodo e l’ipotesi di cambiamento strutturale. Analisi empirica della crisi valutaria asiatica del 1997
No full textLa ricerca è volta ad individuare le variabile macroeconomiche significative nella determinazione del tasso di cambio, con specifico riferimento alla crisi valutaria asiatica del 1997.
La non stazionarietà delle serie temporali richiede di utilizzare l'analisi di cointegrazione come corretta metodologia econometrica per l'inferenza circa i parametri del modello teorico di riferimento. A questo riguardo, nello specifico, si sceglie di testare la validità del modello monetario puro.
I risultati ottenuti avvalorano in ampia misura il modello adottato e soprattutto supportano l'ipotesi che il periodo della crisi coincida con un cambiamento strutturale nelle relazioni di equilibrio
Collateral in debt contracts: the case of a securitised leasing portfolio
No full textThe research originates from a comment to the famous 1981 Stiglitz - Weiss paper. In their work, mainly focused on the problem of credit rationing, the authors point out that nor the interest rate nor collateral are instruments suited for achieving a market clearing equilibrium. The idea here analysed is, instead, that the posting of collateral by entrepreneurs could be interpreted as a signalling strategy about the “goodness” of the investment project. This hypothesis can be of interest not only, let say, for macroeconomic considerations, but even for the bank internal rating process. In fact lenders could theoretically use information gained in the contracting process as an input for the assessment of borrowers creditworthiness.
We first present a review of theoretical and empirical literature; then we study the optimisation problems of banks and entrepreneurs with reference to the bargain of credit contracts variables; a simple numerical example is also presented. The last part of the research, after the specification of two main testable hypotheses, is devoted to the analysis of a detailed database of credit contracts. Findings are against the hypothesis that collateral is positively related to project quality
Lessors' recovery risk management capability
No full textPurpose – The purpose of this paper is to verify recovery risk management capabilities by lessors. It tests several hypotheses and finds out interesting specific results for lessors. Design/methodology/approach – The approach is empirical: two different database of leasing contracts are analysed with econometric methodologies. Findings – There is clear evidence that: lessors are ex ante able to balance the probability of default and the loss given default case by case, using proper contract structures; and they carefully manage recovery procedures and strategies according to operations' characteristics. Research limitations/implications – The data used are large enough, but come from institutions concentrated in Italy. Future research could be extended to other relevant countries. Practical implications – Results presented are verified in leasing companies which made a limited use of rating systems and credit risk model: they have been achieved by the continuous improvements of traditi..
Lessors' recovery risk management capability
No full textThe purpose of this paper is to verify recovery risk management capabilities by lessors. It tests several hypotheses and finds out interesting specific results for lessors. The approach is empirical: two different database of leasing contracts are analysed with econometric methodologies. Findings: there is clear evidence that: lessors are ex ante able to balance the probability of default
and the loss given default case by case, using proper contract structures; and they carefully manage recovery procedures and strategies according to operations’ characteristics
La gestione del capitale circolante nelle Pmi
No full textQuesto testo nasce con il chiaro obiettivo di offrire al lettore indicazioni a 360° sulle problematiche di "management" delle piccole e medie imprese. Si tratta di una guida dal taglio pragmatico in cui si trovano spie-gate e risolte le principali problematiche gestionale che interessano e spesso affliggono un imprenditore: da quelle fondamentali ove è maggiore la specificità rispetto alle piccole dimensioni (strategia e organizzazione), a quelle inerenti ai rapporti con tutto ciò che è esterno all'impresa (marketing, finanza e credito, reti di fornitura), per arrivare a quelle interne più "tecniche" (produzione, vendite, controllo di gestione e sistemi informativi
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