1,721,001 research outputs found
From Seeker Side to Investor Side: Gender Dynamics in UK Equity Crowdfunding Investments
No full textCrowdfunding has come to play a significant role in the democratisation of financial markets and provides more accessible funding, especially for women entrepreneurs. The aim of this work was to analyse gender dynamics from both the seeker and the investor sides. From the seeker side, we attempted to establish whether female-led campaigns are correlated with a high success rate in terms of overfunding level and the number of investors involved. From the investor side, we examined which aspects drive female investments. Our analysis was conducted on Crowdcube, a British equity crowdfunding platform, from 2011 to 2016, and we explored 81 equity crowdfunding campaigns participated by 5966 investors. Results show that equity crowdfunding campaigns’ success is not correlated to the proponent’s gender, and that female investment decisions show a similarity effect between seekers and investors. From a theoretical perspective, our findings shed new light on how individual characteristics can be an important factor in financing situations. Our results allow entrepreneurs and equity crowdfunding platforms to better understanding potential investor behaviour and highlight the role of equity crowdfunding as a tool for women’s financial inclusion and the empowerment of female entrepreneurs
How Income Diversification, Size and Capital Ratio affect BHCs Performance?
Full text linkThis paper investigates whether the range of activities conducted by banks influences their performance and risk. Using an unbalanced panel dataset which includes 308 bank-year observations, for the period 2006-2011, corresponding to 52 Italian Bank Holding Companies in the last year, the core question is to analyse the effect of diversification across and within both traditional and non-traditional income and if the results have been affected by the financial crisis. The main results suggest that revenue diversification plays a role in determining bank performance. The relative effects appear, however, to be different in relation to banks’ size and capital ratio. The results have strategic implications both for bank managers, regulators and supervisors for the consequences on banks’ performance and stability
Governance, modelli di business e rischi. Riflessioni su Srep 2019 e vigilanza bancaria
No full textLa presidenza di Andrea Enria dell’Ssm sta contribuendo a una maggiore disclosure al mercato da parte della Bce in tema azione di vigilanza. La comunicazione pubblica del 28 gennaio 2020 dei risultati del ciclo Srep 2019 ha riguardato per la prima volta l’indicazione dei singoli add-on patrimoniali per le banche Si, che sono applicati nel 2020. Inoltre consente una analisi più approfondita dei singoli ambiti del processo Srep: business model, governance e risk management, risk to capital, risk to liquidity. Nonostante i passi avanti dell’Ssm nei suoi primi cinque anni per un’armonizzazione dei processi di vigilanza, rimangono ancora nodi da sciogliere in tema di disclosure anche nei confronti delle banche stesse, soprattutto dal punto di vista metodologico
Business model of banks and SSM
No full textIn recent years, Business Model analysis has become the conceptual framework used by regulators, analysts and investors in the attempt to identify a bank's main strategic behaviours and their implications in terms of competitiveness and possible future performance and stability. This interest follows the radical review and transformation of banks' strategies due to major changes to the competitive scenario in the financial industry, which affected their competitive positions and led to subsequent restructuring and strategic repositioning choices. From the point of view of banking supervision, the main regulatory reference for the analysis and assessment of banks' Business Models by the supervisory authorities is provided by the prudential regulation framework, mainly based on the Basel Accord on Capital Adequacy (Basel 3), with specific reference to Pillar II. In this case, the subject of proportionality becomes a relevant issue, since banks' Business Models have widely different degrees of complexity, which must be carefully considered for supervisory evaluation and SREP decision
The Effect of Revenue and Geographic Diversification on Bank Performance
Full text linkThis paper investigates the effect of revenue and geographic diversification on bank performance, also on a risk adjusted basis. Using an unbalanced panel dataset of 3,002 observations relative to Italian banks for the period 2006-2011, the core question is to analyse the effect of geographic and functional diversification across and within both interest and non-interest income and their effect on some principal performance measures. Furthermore in our study we analyse whether certain type of institutions are better able to reap the benefits of diversification analysing performance implications for different categories of banks and if the results have been affected by the financial crisis. The main results suggest that revenue and geographical diversification play a role in determining bank performance. The relative effects appear, however, to be different between mutual and not-mutual banks suggesting different business strategies for different banks. Moreover, in the after crisis period, banks that have been less penalized in terms of riskadjusted profit are those characterised by a gretare focus on non interest income component and the ones more geographically diversified. These findings have strategic implications both for bank managers, regulators and supervisors for the consequences on banks’ performance and stability
Le decisioni nel credito alle Pmi: sono più corrette le informazioni quantitative o relazionali?
No full textUtilizzando un dataset proprietario di linee di credito erogate a piccole-medie imprese (Pmi) tra il 2012 e il 2014, l’obiettivo del paper è capire come l’informazione di tipo hard e soft possa influenzare la correttezza e la probabilità di errore nelle decisioni di affidamento assunte da un campione di banche di credito cooperativo (Bcc). I due tipi di informazione hanno un ruolo complementare nell’influenzare la decisione di prestito finale della banca. L’informazione di tipo quantitativo appare più consistente nel condizionare la correttezza delle decisioni di prestito cosi come quella di evitare gli errori di valutazione. Al contrario, l’informazione di tipo relazionale produce risultati diversi nel tempo e nello spazio. Proprio per questa ragione forme di finanziamento basate sul relationship lending, a seconda del contesto, possono generare decisioni di finanziamento sia corrette sia errate.
Using a proprietary database of lending decisions for small and medium-sized enterprises (Smes), the aim of the paper is to understand how hard and soft information affect the correctness as well as the probability of errors within the loan decisions for a sample of cooperative banks (Cbs). The two types of information play a complementary role in defining the bank loan final decision. Hard information appear more consistent in conditioning the correctness of loans decisions as well as to avoid errors. On the contrary, the relationship lending information generates different results over time and across space. In this sense, according to different scenarios, a lending relationship-based technology may generate both correct and wrong loan’s decisions
L’integrazione dei fattori ESG nella valutazione del rischio di credito. Capitolo 2 - CER e Other ESG Risk: impatti sui principali rischi quantificabili dell’intermediario
No full textBirds of a feather flock together and get money from the crowd
Full text linkIn constructing online alternative finance instruments as a new form of financial
democratization and financial inclusion, this article aims at verifying the presence of
similarity effect in equity crowdfunding investments. Discussion focuses on ethnic and gender
similarity between the seekers and investors that sustained the project. Our analysis is based
on 5,996 personal investors that have participated in 81 equity crowdfunding campaigns, on
Crowdcube, a British equity crowdfunding platform from 2011 and 2016.
Results show that in equity crowdfunding gender and ethnic similarities play different role
based on investors’ characteristics - gender, ethnicity and the combination of two. In
particular, ethnic similarity positively influence the level of amount invested by both female
and male investors belonging to an ethnic minority. Even if female investors tend to prefer
male company, their preference changes if a female proponent belonging to an ethnic
minority runs the company.
From a practical perspective, our findings shed new light on how individual characteristics
can be important factor in financing situations. Results allow entrepreneurs and equity
crowdfunding platforms to understand better potential investor behaviour and highlights the
role of equity crowdfunding as tool for minorities’ financial inclusion and women
entrepreneur empowerment
Do multiple competing offerings on a crowdfunding platform influence investment behavior?
No full textThe aim of this study is to investigate crowd investor behavior when competing offerings are simultaneously published on an online platform. The behaviors explored are choice avoidance, the 1/n heuristic, and herding, which can be influenced by the number of concurrent offerings. This analysis is based on a sample of 2,592 investors that have participated in 50 campaigns on an Italian equity crowdfunding platform between 2016 and 2018. We find that the presence of competing offerings influences the amount invested and, to a lesser extent, the investment decision, while the exposure to heuristics varies among investors’ profiles. Moreover, selectors and serial investors are those with a lower exposure to heuristics, whereas early and late investors are subject to herding when multiple campaigns are published on a platform. This study has implications for entrepreneurs and platform managers in terms of crowdfunding portal selection and information design
'Share this pic!': A picture of the Adoption of Online Social Media by Italian Banks
No full textBanks are increasingly using online social media to engage with their existing and potential customers, however, the use of technology can both strengthen and weaken these "virtual" relationships. These chapter analyses the adoption of online social media for 151 Italian banks and tests how it affected bank profitability in 2013-2016. Although the adoption rate is lower than customers would like and banks'popularity on online social media is poorthe authors find that the effects of online social media vary
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