1,721,018 research outputs found
The food and beverages stock performance during and after the 2007-2011 crisis
No full textThe importance of food in the everyday life is vital, so as its importance in the economy, especially in Europe. 'Food for the planet' has also been the slogan for the latest expo organised in Milan. Despite this, little evidence has been provided on the performance of food and beverage producers during the latest financial and economic crisis. This paper aims at filling in this gap by evaluating the stock performance of food and beverages companies listed in Europe since 2004 and during and after the recent financial crisis (2007-2011) to highlight their behaviour compared to the overall economy. Yearly, monthly and risk-adjusted performance measures for the MSCI Europe beverages and MSCI Europe food producers are computed and compared to the MSCI Europe Index. Results show that the industry had a higher return since 2004 and showed higher resilience than the market to the financial and economic crisis
The Role of Regulatory Pressure in Banks’ Capital and Risk Decisions
No full textCapital regulation represents the core of prudential regulation in banking. Despite the aim of the regulators to have a safer and
more robust banking industry, the effects of capital regulation on banks’ capital and risk decisions appear ambiguous. The paper
analyses the relationship between capital and risk changes and the impact of regulatory pressure for a sample of European banks
during the period 2006–2010, which encompasses the start of the latest financial crisis. Results highlight that banks tend to adopt
a different behaviour depending on the capital ratio considered, supporting the so-called ‘gamble for resurrection’ hypothesis. Evidence supports the rethinking of the regulatory framework, especially with reference to higher and stricter capital requirements
The Role of Regulatory Pressure in Banks’ Capital and Risk Decisions
Full text linkCapital regulation represents the core of prudential regulation in banking. Despite the aim of the regulators to have a safer and
more robust banking industry, the effects of capital regulation on banks’ capital and risk decisions appear ambiguous. The paper
analyses the relationship between capital and risk changes and the impact of regulatory pressure for a sample of European banks
during the period 2006–2010, which encompasses the start of the latest financial crisis. Results highlight that banks tend to adopt
a different behaviour depending on the capital ratio considered, supporting the so-called ‘gamble for resurrection’ hypothesis. Evidence supports the rethinking of the regulatory framework, especially with reference to higher and stricter capital requirements
Banks' capital decisions: the influence of the regulatory framework and corporate governance mechanisms in Europe (2006-2010)
No full textLa tesi esamina il tema del capital management nelle banche, con particolare riferimento all’impatto della regolamentazione e della corporate governance sulle decisioni in tema di patrimonializzazione ed esposizione al rischio. La letteratura evidenzia come l’attuale framework regolamentare possa produrre effetti indesiderati, inducendo le banche ad assumere un livello di rischio non coerente con il patrimonio disponibile; anche con riferimento alla corporate governance i contributi empirici evidenziano risultati contrastanti.
Partendo dai risultati di tale review, nella tesi si analizza il comportamento di un vasto campione di banche europee tra il 2006 e il 2010, tenendo conto delle variabili principali che determinano le scelte sul livello di patrimonializzazione e di rischio.
In particolare, nel primo capitolo si valuta l’impatto della pressione regolamentare sulle variazioni di capital ratio ed esposizione al rischio in un vasto campione di banche europee. I risultati suggeriscono che il comportamento delle banche sembra dipendere dalla definizione di patrimonio utilizzata, ossia dalla qualità degli strumenti ricompresi nei coefficienti di solvibilità. Il secondo capitolo si concentra su un campione di grandi banche europee: tale analisi consente di rilevare come la regolamentazione e i meccanismi di corporate governance costituiscano fattori rilevanti e complementari nel determinare alla relazione tra patrimonializzazione e rischio.This thesis examines capital management in banks, with special reference to the impact of regulation and corporate governance on the decisions on capital and risk exposure. Past literature highlights how the present regulatory framework might produce unwanted effects, inducing banks to take a level of risks not consistent with their capital base; also with reference to corporate governance, past empirical contributions present controversial results. On the basis of the review of the literature, this study analyses the behaviour of a wide sample of European banks between 2006 and 2010, taking into consideration the main variables that influence the decisions on capital and risk. In particular, the first chapter evaluates the impact of regulatory pressure on changes in capital ratio and risk for a wide sample of European banks. Results suggest that banks behaviour depends on the capital ratio considered, i.e. on the quality of the instruments included in the capital base. The second chapter focuses on a sample of large European banks: such analysis suggests that regulation and corporate governance mechanisms are crucial and act complementarily in determining the relationship between capital and risk
The role of Venture Capital in the underpricing of European life science companies
No full textThis study evaluates the underpricing of the European companies operating in the life science industries at IPO. Results show a positive and high underpricing for the IPOs occurred between 2002 and 2007. Moreover, when differentiating between VC backed and non VC backed firms, we find that the first exhibit a lower underpricing both for the first day of trading and the first week after the IPO, and evidence support the idea of a positive contribution of venture capitalists to the performance of the listing firms. Moreover, VC backed firms appear less risky, registering a lower volatility of returns in the days following the IPO date
Finanziamento e performances delle nuove iniziative imprenditoriali: il caso degli spin-off di ricerca
No full textLa capacità innovativa di un paese rappresenta da sempre un fattore chiave per il suo sviluppo economico e, in condizioni di crisi economica, diviene una variabile critica su cui far leva nel riorientamento delle politiche industriali, per fronteggiare le dinamiche competitive su produzioni a basso valore aggiunto di paesi emergenti. L'innovazione, di prodotto e di processo, può originarsi in ambito accademico e svilupparsi fino ad arrivare alla fase di commercializzazione attraverso il cosiddetto “trasferimento tecnologico”. Gli spin-off di ricerca rappresentano un modalità di effettuare tale trasferimento e il loro utilizzo in Italia, seppur recente, ha vissuto un periodo di importante crescita, favorito anche da un migliore apparato normativo e regolamentare. Questo studio intende fornire una descrizione del fenomeno degli spin-off di ricerca in Italia e valutare le performance delle imprese costituite tramite spin-off utilizzando diversi indicatori, tra cui il tasso di sopravvivenza e le performance finanziarie ed economiche
Finanziamento e performance delle nuove iniziative imprenditoriali : il caso degli spin-off di ricerca
No full textThe innovative capacity of a nation has always represented a key factor to economic development and becomes a critical issue during crises, when it can be used to redirect industrial policies and face competitive forces of low value added productions coming from emerging countries. Product and process innovation can develop in the academic environment and find their way to commercialization through so-called “technology transfer”. Research-based spin-offs, in fact, represent a tool to implement it and their use in Italy, despite being recent, has seen an important diffusion, also favored by a better normative and regulatory framework.
This study aims at providing a description of the spin-off phenomenon in Italy and to evaluate the performance of spin-offs using various indices, such as survival rate and financial and economic performances
The determinants of leverage : a comparative analysis
No full textThis paper develops an analysis of the determinants of leverage in European listed companies in the last decade. To test the impact of firm characteristics on the capital structure, we use panel data of companies located in 7 countries (Austria, Czech Republic, Germany, Hungary, Italy, Poland, and Slovakia) from 2001 to 2012. Results show that several firm characteristics, such as size, profitability, and the tangibility of assets are able to influence the capital structure and overall confirm the theories developed by the literature
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