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In a financial revolution, new determinants of performance arise and interest in the way performance is measured and communicated to stakeholders grows. This book presents a wide and accurate analysis of the impact that regulation, structural changes and new financial products have on the performance of markets and intermediaries



New Financial Products and Approaches: Focus on Performance


1. European Exchanges, Investors’ Behaviour and Asset Allocations Criteria: Country Approach vs Industry Approach

Several years have now passed since the first attempts at integration were made by European stock exchanges. The first stage of the process, from the end of the 1990s to the first years of 2000, led to a number of different solutions being tried and tested, and the outcome was not always encouraging. The iX (International Exchange) project between the London Stock Exchange and the Deutsche Börse and the ‘Group of Eight’ between the principal European bourses are just two examples of unsuccessful integration projects.
Alessandro Carretta, Gianni Nicolini

2. The Performance Evaluation of Hedge Funds: a Comparison of Different Approaches

The term ‘hedge fund’ defines heterogeneous types of financial instruments that are characterized by lower restrictions being applied to the fund manager in the investment selection process (Pia, 2002). Hedge funds can also be defined as an investment partnership that could take either long or short positions (Agarwal and Naik, 2004) and is not subject to the information disclosure rules that are established for other investment funds (Liang, 2003).
Alessandro Carretta, Gianluca Mattarocci

3. Real Estate Investments: the Case of the Italian Market

With reference to the Italian market, in this chapter we discuss the results of an empirical survey that considers the size of real estate weight in a mixed-asset portfolio. The absence of data for the Italian public market has forced us to restrict the survey only to the impact of private segment inclusion in a portfolio invested in stocks and bonds (both short and long term). Although the Italian real estate public market officially started in 1994 with the institution of the specialized closed fund (‘fondi comuni di investimento immobiliari’, Law 86/1994), the illiquidity of the market and the limited number of listed funds determine the lack of a meaningful literature about the role of such investment’s channel as portfolio diversifier. Previous studies on the public market from a portfolio approach point of view have referred only to the inclusion in an asset-mixed portfolio of Italian real estate company’s shares and ABS derived from domestic properties securitization.
Claudio Porzio, Gabriele Sampagnaro

4. Real Estate Selection and Portfolio Construction Model: Data Analysis from the Italian Market

The purpose of this chapter is to develop a real estate investment selection and a portfolio construction model, based on the main specific risk factors (tenant, exogenous, endogenous and financial risks).
Claudio Giannotti, Gianluca Mattarocci

5. Funds of Funds Portfolio Composition and its Impact on Performance: Evidence from the Italian Market

Funds of Funds (FoF) are financial instruments that have been traded on the American market since the 1980s. In the 1990s they experienced significant growth in the United States, but only at the beginning of the new millennium did they become an actively traded financial instrument in Europe (Davidson, 2003).
Alessandro Carretta, Gianluca Mattarocci

6. Market Characteristics and Chaos Dynamics in Stock Markets: an International Comparison

Capital markets are characterized by significant differences in investors’ attitudes and expectations that, as a rule, determine unusual price dynamics that are unlike those suggested by classical linear models (Westerhoff, 2005).
Gianluca Mattarocci

Determinants of Value Creation in Banking


7. The Profit Generation Process in Banking

This chapter examines the determinants of profit and shareholder value creation for a large sample of European listed and unlisted banks between 1995 and 2002. There is a substantial literature that focuses on various factors that influence the performance of banks (see Molyneux and Thornton, 1992; Berger, 1995; Berger and Hannan, 1997; Berger and Mester, 2003; and Berger and Bonaccorsi di Patti, 2006). Few of these studies, however, consider the shareholder value creation indicators as measures of bank performance, which is surprising given that creating value for shareholders (generating returns in excess of the opportunity cost of capital) has been the main strategic objective of quoted banks over the last decade or so (Fiordelisi and Molyneux, 2006).
Franco Fiordelisi

8. The Impact of Mergers and Acquisitions on Shareholder Wealth in European Banking

In recent years a substantial body of literature has emerged to investigate the effects produced by Merger and Acquisitions (M&A) operations in the banking industry. In the past decade, the financial markets in most industrialized nations have undergone an intense process of consolidation. While in the 1980s the growth of M&A operations was seen primarily in North America and the United Kingdom, since 1990 this phenomenon has been undertaken by all major industrialized nations and an even greater percentage of operations conducted have had an international dimension.
Marcello Pallotta

9. Does Corporate Culture Affect Shareholder Value? Evidence from European Banking

This chapter presents an empirical investigation of the relationship between bank performance and corporate culture in European banking using a sample of quoted banks over the period 2001–03. There is a substantial literature dealing with bank performance and shareholder value,2 but few studies have attempted to conduct an empirical analysis of the relationship with business conditions that may lead to create shareholder value.
Alessandro Carretta, Vincenzo Farina, Franco Fiordelisi, Paola Schwizer

Regulation and Change in Banks’ and Customers’ Behaviour


10. The Consumer’s Financial Capability: a Regulatory Perspective

At present, the development of consumers’ self-evaluation of their own financial situation is still in its infancy. In the interests of consumers, it is important that there is a narrowing in the current gap in information and financial expertise between themselves and financial intermediaries. This could contribute to a reduction in the instances of over-indebtedness and bankruptcy. At the same time, it might make it easier for consumers to compare products and hence to increase the level of competition between lenders.
Gianni Nicolini

11. Transparency Between Banks and Their Customers: Information Needs and Public Intervention

In recent decades, factors such as the spread of complex financial instruments, the broadening of available alternatives, the general interest in making sure that financial activities are conducted efficiently and effectively, and the opening up of markets to international competition, have fostered more decisive public intervention in support of greater transparency between banks and their customers.
Massimo Caratelli

12. Corporate Disclosure Determinants: A Cross-Country Investigation

The wave of bankruptcies that have followed rapidly in recent years as the consequence of financial scandals (such as the infamous cases of Enron, Worldcom and Parmalat) and the integration among the financial systems of various countries have given rise to a search for mechanisms suitable for protecting investors and regulating growing capital flows.
Vincenzo Farina

13. Single European Payment Area: Opportunities for Consumers and Corporates

Payment systems enable the transfer of funds between economic agents and efficient and reliable cross-border payments services are essential for the smooth functioning of markets. In the European market, large-value payment systems and cash are consolidating. In securities settlement systems, there have been some advances, but little progress has been made in terms of integrating retail payment systems.
Lucia Leonelli

14. Coordination and Cooperation in Financial Regulation: Do Regulators Comply with Banking Culture

This chapter identifies cultural gaps as a possible stumbling block in the efficient exchange of information and the sharing of problems and goals among regulators and the industry, with respect to the recent innovations introduced in the financial sector, which are orienting the supervisory authorities towards the adoption of new interaction models with the supervised financial intermediaries.
Alessandro Carretta, Vincenzo Farina, Paola Schwizer


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Blockchain-Effekte im Banking und im Wealth Management

Es steht fest, dass Blockchain-Technologie die Welt verändern wird. Weit weniger klar ist, wie genau dies passiert. Ein englischsprachiges Whitepaper des Fintech-Unternehmens Avaloq untersucht, welche Einsatzszenarien es im Banking und in der Vermögensverwaltung geben könnte – „Blockchain: Plausibility within Banking and Wealth Management“. Einige dieser plausiblen Einsatzszenarien haben sogar das Potenzial für eine massive Disruption. Ein bereits existierendes Beispiel liefert der Initial Coin Offering-Markt: ICO statt IPO.
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