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Using a representative sample and a measure of insurance literacy developed and validated by an insurance supervisor, this study tests the impact of insurance literacy on the holding of insurance products in Italy. We show that insurance literacy influences insurance purchase decisions along with age, marital status, education, employment status, and having children. The greater the literacy, the higher the individual's participation in the insurance market. Given the lower level of insurance literacy compared to financial literacy, policymakers and institutions must provide more insurance education.

Security token offerings (STOs), based on blockchain technology, are attracting increasing attention as an innovative alternative means of venture financing. Information about specific STOs is generally provided in white papers. This study analyses the content of white papers using a unique sample of 188 STOs from 2017 to 2021 to identify which topic is related to campaign success. We leverage latent Dirichlet allocation (LDA) topic modelling to identify the topics and themes in white papers. Nine topics are identified through LDA: company description, distributed ledger technology components, energy and green issues, financial and legal issues, artificial intelligence, and tech applications in different industries—specifically, healthcare, manufacturing and construction, education, and financial services. We find that energy and green issues represent one of the most prominent topics among all types of projects and that their disclosure is positively related to the probability of campaign success and the amount of funding raised. Another prominent topic that affects campaign outcomes is technology in the healthcare industry, reflecting wider investment trends in this sector. Our results may help entrepreneurs to improve their campaign disclosures and present new issues for policymakers regarding investments in digital tokens.

Research crowdfunding is a new fundraising tool adopted by higher education institutions (HEIs) to support innovation, entrepreneurial activity, and public engagement. This study explores successful ways HEIs manage and integrate research crowdfunding to provide new funding opportunities for university-born projects. We chose the case study of BiUniCrowd, i.e., the first reward-based crowdfunding initiative managed by an Italian University (University of Milano-Bicocca) open to the whole Academic community—students and alumni included—and evaluated as one of the best practices by the Knowledge Valorisation Platform of the European Union. We explore how to create an effective ecosystem that encompasses an internal organizational structure composed of a committed academic community, where innovative ideas are born, along with several outsiders, such as an established crowdfunding platform and financial and industrial partners. Our case study highlights the critical activities for successfully integrating HEIs in the research crowdfunding ecosystem: (i) building crowdfunding commitment within the Academy, (ii) co-creating with external partners in the selection and financing phases, and finally, (iii) providing entrepreneurial and crowdfunding knowledge to the academic community. The study concludes with managerial advice for HEIs.

Tail events, due to their nature, occur very rarely and are therefore often regarded as an element of surprise. However, business continuity management (BCM) as a part of enterprise risk management (ERM) should protect businesses from disruption in case of such events. In this chapter, we investigate whether businesses of different sizes were ready to withstand the consequences of the outbreak of the global SARS-CoV-2 pandemic in 2020. To this aim, we analyse the results of a global survey conducted during a major lockdown period (April-May 2020) by applying multiple correspondence analysis (MCA) and clustering. Our findings indicate that the financial sector was the best prepared for tail events, which may be attributed to regulations enforced for most financial institutions. Although around a half of businesses did not have a business continuity plan (BCP), having one helped adjust to the new conditions efficiently.

The study investigates the evolution of financial literacy in Italian adults. Using three surveys from the years 2013, 2017, and 2020, we measure the financial literacy index and its components (financial knowledge, financial attitude, and financial behavior) using the OECD definition. The results show that financial literacy has decreased overall since 2013 in all three components. The gender gap persists, although the distance between the financial knowledge of women and men has shrunk. Moreover, results of the CART analysis show that the importance of the socioeconomic explanatory factors also changes over time; repeated baseline surveys of financial literacy of the adult population are therefore crucial for designing effective financial education programs.

Using a large sample of banks from the Middle East and North Africa (MENA), and African countries, we identify bank business models in the region. We use an Activity-Funding Approach (AFA) and cluster analysis, and we uncover a range of diverse business models heterogeneously distributed across countries. We then evaluate business model change between 2010 and 2019, a turbulent time in many of our sample countries. We find a high persistence of bank business models. Finally, we consider the determinants of bank business models, including bank-specific and macroeconomic factors, and the internationalisation of banks in the region. We find that country-specific characteristics play a crucial role in influencing banks’ choices. Regardless of the country of origin, foreign banks are more likely to diversify their assets and less likely to focus on lending than domestic banks.

In response to post-crisis regulatory reforms, the European banking sector has undergone significant changes that have led banks to reconsider their strategies, structures and operations. Based on a sample of over 3,000 banks from 32 European countries during the period 2010–2017, we identify banks' business models based on cluster analysis and track their evolution. We then apply a logistic regression and find that banks with higher risk and lower profitability are more likely to change their business model. Employing a propensity score matching approach, we investigate the effect of migration on bank performance and find that changing the business model affects banks positively (i.e. migrating banks increase their profitability, stability and cost efficiency). The effect of migration differs depending on the target business model. When switches are a consequence of being acquired or motivated by regulatory compliance, the positive impact remains.

We explore the role that financial (il)literacy and personal traits have on financial behavior. Using a sample of 156 college students from the United States, we provide unique empirical evidence by specifically differentiating between individuals with higher levels of financial literacy versus individuals declaring not knowing the answers to financial literacy questions and those answering incorrectly. Thus, we assess the implications of revealed lack of financial knowledge on financial behavior regarding credit card use in comparison with two other cohorts; cohort one answering correctly, and cohort two failing to answer correctly. A novelty of our study is that we contrast these results to the behavioral factors of over spending and surprised levels of spending—proxies for personality traits—when using credit card. Our exploratory empirical findings indicate that among personal-traits considered in this study overspending results in lack of payment in full in credit card debt, and more importantly these effects dominate any gains derived from financial literacy. To this extent financial literacy appears to only play a marginal role avoiding month-to-month credit card debt. Furthermore, financial knowledge derived from parents has a strong positive effect on individuals’ financial behavior especially for students characterized by a relevant financial illiteracy. The implications of this research support the argumentation that early financial literacy may have the strongest effect in shaping individuals inherent behavior patterns; that is, early exposure to financial education is strictly preferred and should be promoted at early stages of the educational system

Based on a sample of 14 Central, Eastern and Southeastern European (CESEE) countries during the period between 1995 and 2015, we analyse how foreign-owned banks and foreign trade impact economic growth. To date, studies have concentrated on the interlinkages between different forms of foreign bank presence (cross-border flows, branches, subsidiaries and syndicated loans) and the scale of foreign trade (imports and exports). Our approach is novel because we analyse the impact of the similarity between the geographical structures of foreign-owned banks and foreign trade on economic growth. We find that this similarity is not conducive to economic growth and reduces the benefits of a country’s openness to trade.

This paper provides an in-depth analysis of small and medium enterprise (SME) access to capital markets across Eurozone countries. First, we determine which factors-at firm and country level-influence the likelihood of SME access to market-based finance. Second, we construct an index of market suitability to indicate the percentage of firms potentially fit for market-based finance. Our results suggest that while several Eurozone countries have realised SMEs' 'potential' for capital market financing, a large number of firms fit for market-based finance remain unexploited. We also find that overall business conditions-measured by GDP growth, the development degree of domestic financial markets and the quality of the legal and judicial enforcement system-considerably influence a firm's market suitability. In the studied period (2009-2014), macro-economic and institutional factors tended to reduce the likelihood of SMEs accessing market-based finance in most countries in our sample

This paper provides an in-depth analysis of small and medium enterprise (SME) access to capital markets across Eurozone countries. First, we determine which factors-at firm and country level-influence the likelihood of SME access to market-based finance. Second, we construct an index of market suitability to indicate the percentage of firms potentially fit for market-based finance. Our results suggest that while several Eurozone countries have realised SMEs' 'potential' for capital market financing, a large number of firms fit for market-based finance remain unexploited. We also find that overall business conditions-measured by GDP growth, the development degree of domestic financial markets and the quality of the legal and judicial enforcement system-considerably influence a firm's market suitability. In the studied period (2009-2014), macro-economic and institutional factors tended to reduce the likelihood of SMEs accessing market-based finance in most countries in our sample

The present chapter focuses on the role of market valuation during financial crises. Consistent with the dominant efficient markets paradigm in finance, market prices are the best estimate of a firm fundamental value and they readjust as long as new, unpredictable, information is revealed. However, recent empirical literature in finance emphasizes that market prices can be influenced by the accounting rules in force and by the level of transparency/opacity of the firms’ activities. In particular, we discuss how these problems are more acute in the case of bank equity valuation as the opacity of banks assets badly affects the efficient transmission of information into stock prices. We underline how the findings of this literature have important policy and regulatory implications.

BACKGROUND Expansion of donor acceptance criteria for liver transplantation increased the risk for early allograft failure (EAF). Though EAF prediction is pivotal to optimize transplant outcomes, there is no consensus on specific EAF indicators or timing to evaluate EAF. Recently, the Liver Graft Assessment following Transplantation (L-GrAFT) algorithm, based on aspartate transaminase, bilirubin, platelets, and INR kinetics, has been developed from a single-center database gathered from 2002 to 2015. OBJECTIVE To develop and validate a simplified comprehensive model estimating the EAF risk at day 10 after liver transplantation (the Early Allograft failure Simplified Estimation, EASE score), and, secondarily, to early identify patients with unsustainable EAF risk, suitable for re-transplant. DESIGN This multicenter study was designed to elaborate a score catching the continuum from normal graft function to non-function after transplant. We included among EAF determinants both parenchymal and vascular factors, which provide an indication to list for re-transplant. The L-GrAFT kinetic approach was adopted and modified with less data-entries and novel variables. ClinicalTrials.gov Identifier: NCT03858088. SETTING The patient population included 1,609 Italian patients in the derivation set and 570 UK patients in the validation set, all transplanted in 2016 and 2017. MAIN OUTCOME and MEASURE EAF was defined as graft failure (codified by re-transplant or death) for any reason within day 90 after transplant. RESULTS The EAF incidence was 6.8%. The EASE score was developed through 17 entries derived from 8 variables: MELD, blood transfusions, early thrombosis of hepatic vessels, kinetic parameters of transaminases, platelets and bilirubin. Donor parameters (age, DCD, machine perfusion) were not predictive. Results were adjusted for Center-volume. At ROC curve analysis, the EASE score outperformed L-GrAFT, MEAF, EAD, ET-DRI, DMELD, and DRI scores, predicting day-90 E

Il presente capitolo si concentra sul processo di progettazione di un intervento educativo volto a migliorare le competenze finanziarie degli utenti dell’intervento stesso, a partire dalla definizione degli obiettivi, passando per la fase di monitoraggio (in itinere) fino alla valutazione ex post dell’im- patto del programma educativo. L’obiettivo è quello di fornire spunti di riflessione utili per chi in- tenda progettare nuovi percorsi o rivedere progetti già esistenti per (meglio) valutarne l’efficacia. Per fare ciò lo studio si avvale, oltre che delle indicazioni dell’International Gateway for Financial Education (OCSE/INFE) e della letteratura in materia (soprattutto in ambito pedagogico) anche dei dati raccolti dall’Osservatorio ONEEF (Osservatorio Nazionale Educazione Economico-Finanzia- ria) nella sua recente mappatura (2018) dei percorsi di educazione economico-finanziaria realizzati in Italia. Il lavoro propone inoltre un modello di riferimento per la progettazione e valutazione di percorsi educativi in ambito finanziario e si conclude con un case study quale esemplificazione delle diverse fasi del processo di progettazione, monitoraggio e valutazione di un percorso dedicato agli alunni delle scuole primarie. Si evidenzia come l’aver definito in modo chiaro gli obiettivi educativi, il modello teorico di riferimento, le modalità di monitoraggio e di valutazione fin dal momento dell’avvio del programma abbia permesso ai proponenti di comprendere l’effettiva efficacia del pro- getto nel suo complesso, i suoi punti di debolezza e forza, e più in generale, di raccogliere indicazioni utili alla ricerca scientifica sulla socializzazione e l’educazione finanziaria dei bambini necessarie alla progettazione di interventi didattici più efficaci in futuro

Il presente capitolo si concentra sul processo di progettazione di un intervento educativo volto a migliorare le competenze finanziarie degli utenti dell’intervento stesso, a partire dalla definizione degli obiettivi, passando per la fase di monitoraggio (in itinere) fino alla valutazione ex post dell’im- patto del programma educativo. L’obiettivo è quello di fornire spunti di riflessione utili per chi in- tenda progettare nuovi percorsi o rivedere progetti già esistenti per (meglio) valutarne l’efficacia. Per fare ciò lo studio si avvale, oltre che delle indicazioni dell’International Gateway for Financial Education (OCSE/INFE) e della letteratura in materia (soprattutto in ambito pedagogico) anche dei dati raccolti dall’Osservatorio ONEEF (Osservatorio Nazionale Educazione Economico-Finanzia- ria) nella sua recente mappatura (2018) dei percorsi di educazione economico-finanziaria realizzati in Italia. Il lavoro propone inoltre un modello di riferimento per la progettazione e valutazione di percorsi educativi in ambito finanziario e si conclude con un case study quale esemplificazione delle diverse fasi del processo di progettazione, monitoraggio e valutazione di un percorso dedicato agli alunni delle scuole primarie. Si evidenzia come l’aver definito in modo chiaro gli obiettivi educativi, il modello teorico di riferimento, le modalità di monitoraggio e di valutazione fin dal momento dell’avvio del programma abbia permesso ai proponenti di comprendere l’effettiva efficacia del pro- getto nel suo complesso, i suoi punti di debolezza e forza, e più in generale, di raccogliere indicazioni utili alla ricerca scientifica sulla socializzazione e l’educazione finanziaria dei bambini necessarie alla progettazione di interventi didattici più efficaci in futuro

Purpose - The purpose of this paper is to investigate the main predictors of university students' intention to invest in a pension fund: an understanding of how young people perceive retirement planning is relevant for its policy implications. Design/methodology/approach - The authors apply the theory of planned behaviour (TPB) proposed by Ajzen (1985) which explains how human behaviour is guided, and provides a framework to explore the underlying beliefs that affect one's behaviours. Findings - The evidence on a sample of Italian university students highlights that the TPB predictors, pension knowledge, money management and the highest level of financial literacy, positively influence their intention to invest in a pension fund. Research limitations/implications - Although the authors are aware of the limitations of the analysis (limited to a specific country and to a specific financial product), the authors believe that the study has the merit of offering a number of ideas for further research. In fact, there are few contributions in the literature that identify the intention of young people to save for retirement. The study sheds light on this important issue. However, because it is limited to Italian university students, its findings cannot be generalised. Practical implications - The study can be used by regulators, financial educators, counsellors and public institutions to increase the propensity of young people to plan for their future and guide them towards attitudes and behaviours most likely to increase their savings for retirement. Social implications - The evidence suggests that regulators, institutions and educators should improve the information that is provided to families first and to the younger generations - at school, for instance - about the functioning of the pension system. The survey's findings emphasise that university students are generally unaware of the many reforms to the system while believing that their state pensions will be sufficien

This paper explores the finance–growth nexus in 14 countries from Central, Eastern and South-eastern Europe (CESEE) over the 1995–2015 period. It investigates whether including two ‘non-standard’ variables, i.e. a credit cycle dummy and foreign bank relevance, deepens our understanding of the role of a typical financial determinant of economic growth, i.e. bank credit. We find evidence of a negative impact of bank credit on economic growth and the significance of cyclical fluctuations of bank credit. In contrast, a higher market share of loans granted by foreign-owned banks in a cyclical upswing and stock market capitalisation are found to have a proactive effect on growth

This paper contributes to the existing literature on bank crisis and bank profitability by shedding light on “profitability shock” (i.e. a sudden and sizeable decline in profitability) and “profitability recovery” (i.e. returning to the previous level). Using a sample of 109 European bank holding companies over the years 2006-2016, we investigate the main drivers of these profitability shocks and the factors allowing banks to regain profitability and avoid a more severe crisis. Our findings show that (1) the profitability crisis has its roots in the lending activity and in the deterioration of the loan portfolio caused by a strong risk appetite that is not counterbalanced by adequate loan loss provisions and capitalization; (2) banks that recover after the profit shock adopt a more conservative lending policy, reduce their credit offer and tackle more effectively the NPL issue

We investigate the issue of university students’ financial literacy (FL) to provide evidence that IRT models are appropriate measures when the construct is made of both quantitative and qualitative items and to explore how and to what extent latent regression models add to traditional interpretations of factors associated with FL. We surveyed 366 Business Studies freshmen at the beginning of 2009-10 academic year in a large Italian University. Results confirm the influence of variables found to be relevant in previous studies and suggest that more research is needed on the role of non-observable traits in influencing financial literacy

Background: Assessing individuals’ financial literacy levels is currently widely recognized as being necessary to design effective financial education programs and also to evaluate their actual impact. To address the lack of a consensus regarding an appropriate instrument to measure financial literacy, the OECD and its International Network on Financial Education (INFE) developed a core questionnaire in 2011, to be administered across a wide range of countries. Italy participated in the study with a survey promoted by the financial consortium ABI–PattiChiari. A tailored version of the OECD/INFE questionnaire was used in the survey, with three indicators of financial literacy taken from the OECD survey (financial behavior index, financial attitude index, financial knowledge index) and two new indicators (financial familiarity index and financial planning). Purpose: The present paper focuses on data analysis methods used to evaluate financial literacy among the Italian adult population. It reviews data analysis approaches used to evaluate financial literacy and proposes a new method to gauge this latent construct in order to obtain a valid and reliable index that is able to capture educational needs in a manner that is as accurate and targeted as possible. Methods: The sample used for the survey consisted of 1247 Italian residents of at least 18 years of age who were reached via CATI. The sample was obtained by appropriate stratification across several dimensions (gender, age, geographical area, and municipality size). We propose alternative data analysis methods to treat the survey data: item response theory (IRT) and classification and regression tree analysis. Results: The analysis highlighted the crucial role that data analysis methods play in assessing financial literacy. Comparing the results for classical test theory and IRT, this paper suggests that financial literacy research should be open to alternative and multiple approaches to obtain reliable measures of

We tested the reliability of different versions of the Z-score and CAMELS-based financial strength indices (aggregated from bank-level data) in detecting periods of banking crisis on a sample of 20 Central, Eastern, and Southeastern European (CESEE) countries during 1995–2014. We demonstrated that the predictive power of both types of accounting-based measures is weak. Our results cast some doubt on their usefulness in academic research and in the macroprudential monitoring framework for emerging economies. Thus, there is a need to strengthen the informational content of accounting data through more frequent and higher-quality data disclosures, including exposures allowing for analysis of interconnectedness and network effects for systemic banking risk monitoring

This book provides an in-depth analysis of the role of foreign-owned banks for credit growth, financial stability and economic growth in the post-communist European countries. Using data covering 20 countries over the period from 1995 to 2015, the authors analyse the evolution of banking sectors in CESEE after the transformation in the historical context. This helps draw a new picture of the role of financial development and EU accession in that region, being also a lesson for other countries or regions in transition. Additionally, as the Global Financial Crisis has left a stigma in banking sectors, the book shows its impact on the post-communist banking sectors. As the foreign banks dominate the banking sectors in CESEE countries (the stake of foreign-owned banks is below 50% of assets in only five out of 20 countries), their strategies materially impact the development of CESEE banking sectors, which warrants our scientific exploration. Arriving at a clear concluding point of view on the role of foreign-owned banks and providing insights for future policy of CESEEs towards foreign presence in their banking sectors, this book should be of interest to academics, students, and policymakers.

Background: Assessing individuals’ financial literacy levels is currently widely recognized as being necessary to design effective financial education programs and also to evaluate their actual impact. To address the lack of a consensus regarding an appropriate instrument to measure financial literacy, the OECD and its International Network on Financial Education (INFE) developed a core questionnaire in 2011, to be administered across a wide range of countries. Italy participated in the study with a survey promoted by the financial consortium ABI–PattiChiari. A tailored version of the OECD/INFE questionnaire was used in the survey, with three indicators of financial literacy taken from the OECD survey (financial behavior index, financial attitude index, financial knowledge index) and two new indicators (financial familiarity index and financial planning). Purpose: The present paper focuses on data analysis methods used to evaluate financial literacy among the Italian adult population. It reviews data analysis approaches used to evaluate financial literacy and proposes a new method to gauge this latent construct in order to obtain a valid and reliable index that is able to capture educational needs in a manner that is as accurate and targeted as possible. Methods: The sample used for the survey consisted of 1247 Italian residents of at least 18 years of age who were reached via CATI. The sample was obtained by appropriate stratification across several dimensions (gender, age, geographical area, and municipality size). We propose alternative data analysis methods to treat the survey data: item response theory (IRT) and classification and regression tree analysis. Results: The analysis highlighted the crucial role that data analysis methods play in assessing financial literacy. Comparing the results for classical test theory and IRT, this paper suggests that financial literacy research should be open to alternative and multiple approaches to obtain reliable measures of

We tested the reliability of different versions of the Z-score and CAMELS-based financial strength indices (aggregated from bank-level data) in detecting periods of banking crisis on a sample of 20 Central, Eastern, and Southeastern European (CESEE) countries during 1995â 2014. We demonstrated that the predictive power of both types of accounting-based measures is weak. Our results cast some doubt on their usefulness in academic research and in the macroprudential monitoring framework for emerging economies. Thus, there is a need to strengthen the informational content of accounting data through more frequent and higher-quality data disclosures, including exposures allowing for analysis of interconnectedness and network effects for systemic banking risk monitoring

Firms’ access to capital markets among Eurozone countries is a challenging issue for the EU Capital Markets Union (CMU) agenda. We contribute to the current debate on the CMU by identifying the characteristics of firms that can be deemed ‘suitable’ for market-based finance. Based on survey-based research, we show which firm-specific attributes and country-specific features foster a firm’s likelihood of accessing non-bank sources of finance. Our results reveal that a few Eurozone countries appear to have achieved high access to capital market financing, but there is substantial unexploited potential among firms fit for market-based finance. Our research also indicates that the macro business environment and conditions – such as GDP growth, the degree of development of domestic financial markets, and the quality of the legal and judicial enforcement system – significantly impact firms’ market suitability. Our results therefore can be linked to a number of goals of the CMU Action Plan.

This study shows that interconnections in the global banking network decreased due to the global financial crisis and subsequent regulatory initiatives. It also proves the effectiveness of the regulations of global systemically important banks in inducing these banks to contain their systemic nature

This paper investigates the effects of the disclosure of the list published by the FSB/BCBS on SIFIs’ market equity value. Using event study methodology applied to a sample of 70 of the world’s largest banks, we assess whether following the release of information regarding the methodology used to identify SIFIs and the new capital requirements (July 19, 2011), and the disclosure of the list of 29 SIFIs (November 4, 2011), stock prices of SIFIs reacted significantly and differently from those of other large banks. Our work contributes to the ongoing debate concerning the regulation of SIFIs.

This study focuses on the role of financial development in the economic growth of Central, Eastern and South-Eastern European (CESEE) countries in the post-communist era (1995-2014), which coincides with the opening up of financial markets to foreign investors and the global financial crisis. We investigate whether economic growth in CESEE countries has benefited from the presence of foreign-owned banks. To this end, we introduce some refined measures of financial development and control for banks' financial strength. Our results challenge the idea that bank credit fosters economic growth and that foreign-owned banks are indisputably a positive addition to local markets able to foster economic growth.

This study focuses on the role of financial development in the economic growth of Central, Eastern and South-Eastern European (CESEE) countries in the post-communist era (1995-2014), which coincides with the opening up of financial markets to foreign investors and the global financial crisis. We investigate whether economic growth in CESEE countries has benefited from the presence of foreign-owned banks. To this end, we introduce some refined measures of financial development and control for banks' financial strength. Our results challenge the idea that bank credit fosters economic growth and that foreign-owned banks are indisputably a positive addition to local markets able to foster economic growth.

The present paper provides in–depth analysis of SME access to capital markets among Eurozone countries. First, we detect the factors – at the firm and country level – that are able to influence the likelihood of SME access to market-based finance. Second, we construct an index of what we call “market suitability”, i.e., a score that can be measured at the dimensional, sectoral and national level, which provides the percentage of firms potentially fit for marketbased finance. Our results highlight that a few Eurozone countries seem to have deployed the “potential” for capital market financing, while there exists a large percentage of unexploited potential for firms fit for market-based finance. It should also be highlighted that overall business conditions - measured by GDP growth, the degree of development of domestic financial markets, and the quality of the legal and judicial enforcement system - greatly influence a firm’s market suitability. In the period under consideration (2000-2014), macro factors tended to reduce the likelihood of SME access to market-based finance in most countries in our sample.

This paper analyses the development of bank long-term funding at an international level. We consider about 16,000 debt issuances in the period 2006-2012 in Europe and US. We investigate the driving forces that helped banks to weather the storm during the financial crisis with a relatively stable cost of long term funding. Through the use of a Principal Component Analysis we represent bank business model and we show that different orientation towards the Originate-To-Hold (OTH) or the Originate-To-Distribute (OTD) business models had subsequently, during crisis times, diverse impact on the variability or stability of the cost of long-term funds. We document the relevance of the OTH bank business model in keeping these costs under control and to be a sustainable business model in crisis times

This paper addresses the issue of systemic risk in insurance and investigates how financial markets evaluate the introduction of a new regulation addressed to global systemically important insurers (G-SIIs). We analysed the stock price reactions and the evolution of the distance-to-default of a sample of 44 of the world's largest insurers to the publication of the first list of 9 G-SIIs and the release of information regarding their new capital requirements and other policy measures. The results of our event study suggest that, overall, investors doubt the effectiveness of the new regulatory framework in reducing systemic risk in the insurance sector and curbing the moral hazard implications of a “too systemic to fail” policy.

The aim of this study is to investigate the following questions: i) how deeply systemic crises (subprime, sovereign crisis) impacted on the cost of bank long-term funding?; (2) were such effects tied to the issue's characteristics- maturity, rating, volume-or to the issuing bank main specific characteristics-for instance, business model-or were they mainly dependent on the macro conditions of the country in which the bank operate? In order to answer these questions, we collect information on banks' long-term debt issuance for the years 2006-12. The analysis is based on a dataset created using DCM Analytics by Dealogic. We collect information on about 26,350 debt issuances by bank headquartered in France, germany, Italy, Norway, Spain, Sweden, Switzerland, the United Kingdom, the United States and Japan. We document the impact of the subprime crisis and subsequent sovereign crisis on the volume, frequency of issuance, nature of instrument and cost of bank bonds.

Gender gap is a general outcome of financial literacy surveys, which also highlight that differences among men and women in the domain of financial capability are irrespective of country differences. However, when considering the young and, particularly, college students, empirical results are rather mixed. Further research is therefore needed on the factors explaining the young’s financial literacy; our study contributes to the literature investigating a homogeneous sample of freshmen of the same age and cohort enrolled in a large Italian Business School, where ex ante gender differences should not be expected. We deliberately concentrate on a sample of business students, i.e., a homogeneous sample of the youth population expected to exhibit a similar personal interest in economic and financial matters. No gender gap was found either considering an overall measure of financial literacy (Rasch measure) or considering the overall difficulty of the instrument (Differential Item Functioning). We argue that personal interests in financial matters overcome potential gender issues in financial literacy.

We investigate whether financial markets reacted to the regulatory changes implied by the publication of the list of systemically important financial institutions (SIFI) and the new rules designed to address the too-big-to-fail problem of systemic banks. By applying event study methodology to a sample of 70 of the world's largest banks, we assess whether the stock prices of SIFIs reacted significantly and differently from those of other large banks not deemed to be systemically important following the release of information regarding the methodology used to identify SIFIs and their new capital requirements; the disclosure of the first list of 29 SIFIs; and the publication of the updated list of 28 SIFIs. Overall, we determine that financial markets did not univocally react to the new regulation regarding SIFIs. However markets discriminated between high and low capitalized banks and they correctly estimated the probable effects of the additional capital requirements.

The current international financial crisis, which started in 2007 in the US and soon spread to the rest of the world, has revealed that the failure of an interconnected and complex financial institution, even though not necessarily large in terms of total assets, can threaten the stability of the entire financial system and have serious negative consequences for the real economy. In this study, we survey the analytical framework for identifying systemically important financial institutions (SIFIs) and discuss the various regulatory proposals that have been put forward at the national and global level to deal with SIFIs.

Il lavoro valuta se la concentrazione presso il sistema bancario italiano dei flussi finanziari verso le imprese renda più complessa la ripresa dell'economia italiana, nel momento in cui l'industria è entrata in crisi; oppure se, invece, tale concentrazione possa facilitare una ricomposizione e riqualificazione del rapporto banca impresa in una logica di Relationship Lending. L'obiettivo è valutare se e a quali condizioni banche di diverse dimensioni sono in grado e hanno convenienza ad operare secondo le logiche del Relationship Lending

ll lavoro esamina il tema della supervisione delle banche aventi un'importanza sistemica (SIFI’s), un tema diventato di estrema attualità dopo lo scoppio della crisi finanziaria globale. Dopo aver provato a definire il concetto di intermediario "a rilevanza sistemica", lo studio si concentra sulle proposte di supervisione attualmente allo studio delle autorità nazionali e internazionali di regolamentazione finanziaria

il lavoro propone un quadro dell’evoluzione delle politiche di raccolta delle banche durante la recente crisi dei debitori sovrani e si concentra sulle caratteristiche delle emissioni obbligazionarie sul mercato domestico al dettaglio nel triennio 2009-2011, per verificare se il contesto di elevata turbolenza che ha caratterizzato i mercati dei titoli abbia indotto le banche a modificare le proprie politiche di offerta