1,720,964 research outputs found
Corporate and Investment Banking
No full textLa crisi economica e finanziaria esplosa con il fallimento di Lehman Brothers ha messo in discussione il modello operativo e le scelte strategiche messe in atto dalle Investment Banks e, di fatto, la loro funzione-utilità all’interno di un sistema finanziario. La rincorsa scellerata al profitto di breve termine, l’assunzione di livelli elevatissimi di rischio favoriti da un indebolimento della normativa e dei controlli interni hanno portato le banche di investimento sull’”orlo dell’estinzione”. Le scelte spesso eticamente discutibili se non addirittura illegali ne hanno minato la reputazione e causato l’applicazione di pesanti sanzioni da parte delle autorità di vigilanza. Eppure, per un sistema economico, rimane fondamentale poter disporre di una catena finanziaria evoluta nell’ambito della quale i servizi di Corporate & Investment Banking sono fondamentali per l’elevato valore aggiunto che sono in grado di esprimere. L’accesso a queste particolari tipologie di operazioni, spesso, rappresenta per l’impresa un’occasione per intraprendere un percorso virtuoso di miglioramento della propria cultura finanziaria. Il testo descrive le tecniche, le logiche e i vincoli che regolano la costruzione delle operazioni tipiche di questa specifica area dell’intermediazione. In particolare, la trattazione si sofferma ad analizzare la struttura di operazioni normalmente sviluppate secondo una logica “tailor made”. All’intermediario è infatti richiesto di supportare l’impresa seguendo una logica di forte personalizzazione per riuscire a soddisfarne le esigenze finanziarie di maggiore complessità. Il volume fornisce un supporto logico e teorico per approcciare le technicalities utilizzate dagli operatori nell’attività di corporate banking (valutazione d’azienda, analisi del merito creditizio, analisi degli investimenti, diagnosi dei fabbisogni finanziari e copertura dei rischi). Al contempo, offre l’opportunità di approfondire, con taglio applicativo, l’analisi delle diverse operazioni di Corporate & Investment banking che rappresentano l’insieme delle attività di chi opera nel settore (venture capital e private equity, quotazione d’azienda ed emissioni di prestiti obbligazioni, mezzanine finance, operazioni di M&A e LBO, ristrutturazione d’impresa, copertura dei rischi)
Gender differences in new venture financing: evidence from equity crowdfunding in Latin America
No full textPurpose: The purpose of this paper aims to understand whether gender disparity has an impact on the likelihood of obtaining equity crowdfunding financing in Latin America. Design/methodology/approach: The paper uses a unique database of 492 projects from different equity crowdfunding platforms in Latin America over a period of 2013–2017. Findings: Results indicate that the involvement of at least one woman in the board of firms seeking equity financing increases campaigns' success significantly. Team gender has no impact on the project's likelihood to experience overfunding. Originality/value: The paper sheds light on women's access to crowdfunding financing in Latin America, not yet considered so far
In women, we trust! Exploring the sea change in investors? perceptions in equity crowdfunding
Get PDFPurpose Women's entrepreneurial activity can significantly impact economic and social development globally, particularly in developing countries. The significant challenges entrepreneurial women face draw the attention of researchers and policymakers. This paper aims to analyse the impact of gender disparity on the likelihood of obtaining equity financing through crowdfunding. The equity crowdfunding industry was selected because it is a non-traditional financial market where gender bias may act differently for women. Design/methodology/approach To investigate the relationship between gender and equity financing through crowdfunding, this paper applies ordinary least squares regression. The analysis is based on a unique data set of 492 equity crowdfunding campaigns launched between 2013 and 2017 on all existing platforms in Brazil, Chile and Mexico. Findings The analysis reveals that the involvement of at least one woman on the board of firms seeking equity financing increases campaign success rates in terms of the investors' average pledge, the target amount reached at the end of the campaign and the percentage raised at the end of the campaign exceeding the initial fundraising goal. Altogether, this suggests that equity crowdfunding campaigns should be based on gender equality in the firms' boards. The research finds evidence that there is no gender disparity in the likelihood of a campaign being financed by a greater number of investors. Practical implications These findings have implications for Latin American female entrepreneurs when selecting funding sources and policymakers when defining political actions to remove the barriers at the root of this historic inequality in female entrepreneurs' access to finance. Originality/value To the best of the authors' knowledge, this document analyses the gender disparity in the Latin American equity crowdfunding market, shedding light on women's access to crowdfunding financing for the first time
Gender disparity effect among financially included (and excluded) women in the Middle East and North Africa
Get PDFUsing the 2017 World Bank’s Global Findex database, this study aims to investigate the effect of gender disparity on the financial inclusion (and exclusion) of women in a sample of 16 countries in the Middle East and North Africa (MENA) region. The results of the probit models suggest the existence of significant gender gaps in the access to and use of formal and informal financial services such as the ownership of financial institution accounts, mobile money accounts, credit card, and the usage of savings and credit products. Being a woman reduces the probability of having an account at a financial institution or through a mobile money provider, of formally saving at a financial institution, and of taking loans regardless of purpose. However, being a woman increases the probability of owning a credit card and saving semi-formally, by using a savings club or a person outside the family. Our analysis also highlights that the lack of enough money, religious concerns, and the fact that a family member already has an account are the most relevant factors in explaining the financial exclusion of women in the countries analysed. The findings of this study are beneficial for policymakers to promote financial inclusion for women and remove the barriers they face to access and use financial services. Reducing gender disparity in financial inclusion is crucial to enhance women’s economic empowerment and promote inclusive development across emerging markets and developing economies of the MENA region
Il project finance
No full textIl capitolo analizza le operazioni di finanza di progetto, con particolare riferimento agli aspetti finanziari, di strutturazione dell'operazione e di bancabilità della stessa
Gender diversity on corporate boards: How Asian and African women contribute on sustainability reporting activity
Get PDFPurpose: This study aims to investigate the influence of organisations’ board gender diversity on the adoption of the United Nations sustainable development goals (SDGs) and on the use of external assurance. Design/methodology/approach: The paper combines data from the Global Reporting Initiative’s Sustainability Disclosure Database and the Orbis database from Bureau van Dijk. The study uses logit models based on a sample of 366 large Asian and African companies which have addressed the SDGs in their sustainability reports published in 2017. Findings: The results reveal that board gender diversity is positively associated with sustainability reporting and the involvement of an external assurance provider. Originality/value: This study adds to the growing literature on the relationship between women’s participation on corporate boards and SDG reporting. Additionally, it addresses the understudied question of how the gender diversity of board resources affects the adoption of the external assurance of sustainability reporting
“Il leasing nel project finance”, Egea, Milano, 1997.
No full textIl libro affronta il tema innovativo del project leasin
Financial inclusion and development in the least developed countries in Asia and Africa
Get PDFThe purpose of this paper is to investigate the relationship between the financial inclusion index and development variables in the least developed countries in Asia and Africa by using annual data of 42 countries for the period 2000–2019. The pooled panel regression and panel data analysis technique are used to explore this relationship. The empirical finding indicates that economic growth leads to financial inclusion. Unemployment and literacy rates are among the factors contributing to financial inclusion, and it is observed that women are more vulnerable than men are to lack financial inclusion. In less developed countries, the economy relies heavily on agriculture, and people are less financially inclusive when they live in rural areas of these countries. Also, pay inequality reduces financial inclusion rates and has a negative impact on development. The low financial inclusion rate reduces the levels of development in these countries. The results of this study can lead to the development and empowerment of vulnerable groups in the studied countries. In order to improve the conditions for development, policymakers should consider policies that enhance literacy, eliminate gender inequality and increase pay equality
The Impact of Board Gender Diversity on Sustainability Reporting and External Assurance: Evidence from Lower-Middle-Income Countries in Asia and Africa
No full textBased on the notion that a diverse board will pay greater attention to social responsibility and stakeholder concerns, this article examines the effect of board gender diversity on the adoption of new sustainability reporting practices (i.e., SDG reporting) and on the use of external assurance. After controlling for corporate governance as well as companies’ performances, sustainability commitment, industries, and regions, we find that gender-diverse boards are positively associated with sustainability reporting and the involvement of an external assurance provider. This article consolidates and provides information on the relationship between women participation on corporate boards and sustainability reporting activities of 366 large Asian and African companies. Additionally, it addresses the understudied question of how the gender diversity of board resources affects the adoption of the external assurance of sustainability reporting and the types of assurance providers
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