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N° 3 March 2013

N° 3 March 2013

Securitization, the new road for commercial credit Paolo Mottura G01, G21, G28 The current phenomenon of credit crunch is due to various causes, butnot to a supposed banks’ willingness to limit liquidity circulation. It could be usefu...

Basel 3 and the liquidity of corporate and government bonds in Europe Giovanni Petrella, Andrea Resti G10, G28 We perform an empirical analysis to identify the main factors driving the liquidity of corporate and government bonds both in ordinary times and in times o...

Long run implications of «substantially heightened» bank capital requirements Vincenzo Chiorazzo, Pierluigi Morelli, Giovanni Battista Pittaluga G21, G28 This paper contributes to the literature on the effects of changes in bank capital requirements in three ways: first, introducing the notion of (capital ra...

The determinants of the ratings of European listed banks. An empirical analysis Elisabetta D’Apolito, Vincenzo Pacelli G21, G24, G29 This paper analyzes the methods of rating attribution of the major international agencies (Moody’s, Fitch and Standard & Poor’s) between 2005 and 2010 for ...

The special stamp tax on declared financial assets Enzo Mignarri G28, K34 A special stamp tax has been introduced in Italy on financial assets declared on the basis of provisions regulating the «Scudo Fiscale» (Tax Shield Act)

A regulatory risk appetite framework for small banks Marco Corbellini G21, G28 Italian banks are required by the new regulatory provisions on internal controls to evaluate their risk tolerance and risk appetite

The impact of social networks and mass medias on financial news and investors’ perceptions Alessandro Carretta, Vincenzo Farina, Albana Nako G01, G12 The ability of the traditional media to capture the attention and to influence, at least in the short term, individuals awareness of financial events is st...