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2020 | OriginalPaper | Buchkapitel

7. The Value Drivers of the Italian Asset Management Industry: An Inquiry on the Systematic Risk Drivers

verfasst von : Andrea Ferrarin, Josanco Floreani, Maurizio Polato

Erschienen in: Banking and Beyond

Verlag: Springer International Publishing

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Abstract

After the escalation of the global financial crisis and the consequent turmoil of the whole banking system, the asset management industry in the EU has undergone a significant growth in the last decade, distinguishing itself as the most vibrant segment within the financial intermediation field. Based on a sample of 44 Italian asset management firms from 2006 to 2016, this paper provides an empirical investigation of the major systematic risk drivers which have featured Italian asset managers across the financial crisis. Our results show that operating efficiency represents a crucial factor for the pricing of the systematic risk exposure of asset managers, having a positive impact on market beta.

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Titel: The Value Drivers of the Italian Asset Management Industry: An Inquiry on the Systematic Risk Drivers
verfasst von: Andrea Ferrarin
Josanco Floreani
Maurizio Polato
Verlag: Springer International Publishing
Buch: Banking and Beyond
Print ISBN: 978-3-030-45751-8

Electronic ISBN: 978-3-030-45752-5

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-3-030-45752-5_7