1,720,969 research outputs found
Redefining insurance through technology: Achievements and perspectives in Insurtech
Full text linkThe digital revolution has been shaking up the financial sector for some time now. This is also happening in the insurance industry, which has remained unchanged for a long time. Insurtech is a phenomenon that uses new technologies to revolutionize the traditional insurance business, and it deserves to be explored in depth to understand its risks and potential. This study examines the academic literature on Insurtech through a bibliometric analysis and a systematic review, which allowed us to identify the main contributors to the topic, the main research clusters and future research directions. The results show a growing trend in scientific production on Insurtech and a strong focus on the implications of artificial intelligence and blockchain on the insurance sector. Furthermore, the analysis highlighted a strong collaboration between information technology and economics disciplines and the need for an interdisciplinary approach to understand the Insurtech phenomenon fully
Il rischio di modello negli studi di banca: un’analisi bibliometrica
No full textL'utilizzo di modelli nella gestione bancaria è in costante aumento e, di conseguenza, anche la criticità del rischio di modello sta crescendo. L'obiettivo di questo studio è quello di chiarire tramite un'indagine bibliometrica in che modo la letteratura sul model risk stia evolvendo, al fine di comprendere lo stato dell'arte, individuare i temi di discussione, le questioni aperte e le sfide per il futuro. I risultati dello studio evidenziano che la letteratura sul tema è recente ed esigua. Le questioni da risolvere sono di natura concettuale, computazionale e organizzativa. Le riflessioni compiute portano a chiedersi se l'aggiunta di ulteriore complessità nel model risk management sia una soluzione o se, al contrario, generi nuovo rischio di modello e se un giudizio qualitativo possa rappresentare la soluzione migliore
Il rischio di modello negli studi di banca: un’analisi bibliometrica
No full textL’utilizzo di modelli nella gestione bancaria è in costante aumento e, di conseguenza,
anche la criticità del rischio di modello sta crescendo. L’obiettivo di questo studio è quello di chiarire tramite un’indagine bibliometrica in che modo la letteratura sul model risk stia evolvendo, al fine di comprendere lo stato dell’arte, individuare i temi di discussione, le questioni aperte e le sfide per il futuro. I risultati dello studio evidenziano che la letteratura sul tema è recente ed esigua. Le questioni da risolvere sono di natura concettuale, computazionale e organizzativa. Le riflessioni compiute portano a chiedersi se l’aggiunta di ulteriore complessità nel model risk management sia una soluzione o se, al contrario, generi nuovo rischio di modello e se un giudizio qualitativo possa rappresentare la soluzione migliore
Environmental controversies, environmental fines and firms’ default risk
Full text linkThis paper aims to provide empirical evidence on the unexplored relationship between environmental controversies, environmental fines, and firms' default risk, as well as to test whether this relationship changes with firms' level of environmental commitment or the country's environmental awareness. Using a sample of 402 global firms over ten years, we show that an increase in environmental controversies, and thus greater media exposure of firms for environmental damage, increases firms' risk of default. Instead, environmental fines do not significantly influence default risk. Our results also point out that the effect of environmental controversies on default risk is heterogeneous: it is significant exclusively for firms with a higher environmental commitment to reducing carbon emissions and headquartered in countries with greater environmental attention. Our results present several implications for firms, policymakers, and financial institutions
Conservation finance: What are we not doing? A review and research agenda. Journal of Environmental Management
No full textConservation finance embraces a series of innovative financing mechanisms aimed at raising and managing capital to be used for the conservation of biodiversity. The climate emergency and the pursuit of sustainable development underline the criticality of financial support for achieving this goal. Funding for the protection of biodiversity, in fact, has long been disbursed by governments in a residual form, only after they have dealt with social needs and political challenges. To date, the main challenge of conservation finance is to identify solutions that not only generate new revenue for biodiversity, but also effectively manage and allocate existing funding to provide a mix of social and community benefits as well. The paper, therefore, aims to act as a wake-up call, urging academics working in economics and finance to turn their attention to resolving the financial problems faced by conservation. Through a comparative bibliometric analysis, the study aims to outline the structure of scientific research on the topic of conservation finance, to understand the state of the art, and to identify open questions and new research trends. The results of the study show that the topic of conservation finance is currently a prerogative of scholars and journals of ecology, biology and environmental sciences. Finance scholars pay very little attention to the topic and yet there are many opportunities/needs for future research. The results are of interest to researchers in banking and finance, policy-makers and managers
Perdita di biodiversità, sistema finanziario e banche: regolamentazione e impatti attesi
No full textLa perdita di biodiversità è il nuovo grande problema da presidiare. Il forte legame esistente tra economia e biodiversità evidenzia la portata sistemica di tale fenomeno, le cui ripercussioni sul sistema finanziario iniziano a essere sotto i riflettori di accademici, Autorità di vigilanza ed enti governativi. L’Unione europea, con la sua Strategia per la Biodiversità e con una serie di regolamenti e direttive volti a canalizzare i finanziamenti verso attività green, a stimolare l’informativa di sostenibilità con appositi standard dedicati alla biodiversità e a punire i crimini ambientali sembra aver intrapreso un percorso virtuoso che tuttavia comporterà costi diretti e indiretti per le imprese e in particolar modo per le banche: esse, oltre alla normativa generale, dovranno recepire le linee guida delle Autorità di vigilanza che chiedono una gestione sempre più Esg-oriented del business bancario e dei rischi tradizionali
Fintech, Financial Inclusion, and Social Challenges: The Role of Financial Technology in Social Inequality
No full textThis chapter reviews the emerging literature on the interaction between fintech, financial inclusion, and social inequality. Given the focus of institutions and regulators’ attention on climate change and the need to reduce emissions and guide the economy towards a green future, the application of technology to finance can provide an important contribution in the transition towards a more equal and inclusive social context. In this chapter, we investigate how financial technology and fintech companies can facilitate the implementation of the United Nations 2030 agenda and the achievement of the Sustainable Development Goals (SDGs), which require the full inclusion of all actors in the financial system. New technologies can reduce costs while increasing speed and accessibility, enabling more personalized and scalable financial services. In this way, they can allow for easier access to banking services and payment instruments, promoting economic growth and helping to solve a range of social problems such as low employment, poverty, and income inequality in both developed and developing countries. In fact, financial inclusion is not only an objective but also an enabler and accelerator of economic growth. Furthermore, fintech platforms may be able to channel resources into achieving sustainable social goals. The question is, therefore, how financial technology and fintech companies can affect the reduction of social inequalities. By analyzing the most important contributions of scholars on the subject, this study aims to highlight the role that fintech has or could have in the path towards the 2030 social goals and the elimination of inequalities. Finally, we investigate the main critical issues related to low financial literacy, highlighting the need to activate tools complementary to the construction of infrastructures for the effective achievement of financial inclusion objectives
Credit Risk Assessment in the Climate Shadow: Evidence From White and Grey Literature
Full text linkClimate change is reshaping financial stability, making climate risk a critical component of banks' risk management. However, the absence of standardized frameworks validated by central authorities hinders banks' ability to integrate climate risk into existing credit risk models. This study employs a bibliometric and systematic literature review approach to examine the existing white and grey literature regarding the impact of climate change on credit risk components, like probability of default (PD), loss given default (LGD), exposure at default (EAD), and unexpected loss (UL). We highlight that innovations in climate-adjusted credit risk estimation primarily stem from grey literature but lack empirical validation in academic research. This study encourages academics to refine climate-adjusted risk metrics, financial institutions to evaluate their applicability, and policymakers to establish a more coherent regulatory approach. It also offers clarification to bank managers and practitioners on which methodologies are most applicable. Our study explains theoretically how climate risks affect creditworthiness and contributes to the development of standardized methodologies for their consistent integration into risk assessments
Sustainable finance disclosure regulation insights: Unveiling socially responsible funds performance during COVID‐19 pandemic and Russia–Ukraine war
Full text linkThe transition towards a more sustainable financial market demands transparency andtrust from investors, objectives also pursued by the Sustainable Finance DisclosureRegulation (SFDR). Specifically, carefully assessing the risk-adjusted performance ofsustainable funds empowers investors to make informed decisions in alignment withtheir ethical and financial objectives. This article contributes to the debate on the per-formance of socially responsible investment (SRI) funds in times of crisis by evaluatingthe risk-adjusted performance of a sample of SRI and conventional funds, ranked inlight of the SFDR, during the COVID-19 pandemic and the Russia–Ukraine war. Usinga two-step analysis, the results of the study show that funds with clear sustainabilityobjectives, as defined by Article 9 of the SFDR, were able to outperform conventionalfunds, but only a few months after the onset of the crisis periods, thus demonstratingpoor performance persistence. At the same time, sustainable funds with a focus onfinancial materiality, as defined by Article 8, were never able to generate significantlydifferent risk-adjusted performance from conventional funds. Our results show thatthe lack of performance persistence of Article 9 funds prevents an effective hedgingrole for investment strategies that consider extra-financial criteria. They also confirmthat the classification criteria introduced by the SFDR still need to be more specificand create more transparency in financial market
Banks' fossil fuel divestment and corporate governance: The role of board gender diversity
Full text linkThis study investigates the relationship between bank boards' characteristics and their commitment to divest from fossil fuels. Using data on worldwide listed banks from 2016 to 2022, the results show a positive influence of board gender diversity on bank divestment from fossil fuel companies. We find that this result holds even following numerous robustness tests. A sub-sample analysis reveals that the effect of board gender diversity is significant for laggards' countries in environmental performance. These results highlight that greater gender diversity in board composition promotes sustainability, facilitating a shift towards business models prioritizing environmental goals. Evidence also offers valuable insights for policymakers in their efforts to align financial activities with sustainability goals. By embracing these implications, banks can contribute to the global transition towards a more environmentally sustainable and socially responsible future
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