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Ownership And Control Of Italian Banks
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Book Synopsis Ownership and Control of Italian Banks by : Leonardo Giani
Download or read book Ownership and Control of Italian Banks written by Leonardo Giani and published by . This book was released on 2010 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work does a short inquiry into the past experience of the Italian banking law and the ownership structure of the Italian credit industry. The inquiry is especially focused on the role played by culture and other historical events (e.g. political ones) in shaping the Italian economic framework. In other words, this paper wants to trace a short and descriptive outline of the evolution of the Italian banks' ownership structure in order to show how political and social factors counted in determining the present features of the system.
Book Synopsis The Relationship Between Ownership and Performance in the Italian Banking Industry by :
Download or read book The Relationship Between Ownership and Performance in the Italian Banking Industry written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the impact of different ownership structures on the performance of Italian banks in a period that goes from 2006 to 2013. After a review of the relevant literature, a quantitative analysis is performed on a sample of 481 institutions and several regression models are employed to isolate the effect of the type of bank - commercial bank, Banca di Credito Cooperativo or Banca Popolare - on different aspects of performance. A first finding is that, coeteris paribus, the "Popolare" form does not have an impact on any form of performance, whereas the "Credito Cooperativo" form has a significant and positive relationship with profitability and asset quality. The same analysis is then performed on two subsamples, 2006-2007 and 2008-2013, in order to verify whether the determinants of performance changed after the latest global financial crisis. I find that in the pre-crisis period the Banche Popolari had, all else being equal, a lower profitability than commercial banks; conversely, in the following six years only the "Credito Cooperativo" ownership structure and the presence of controlling shareholders were positively related to profitability and negatively to asset quality. Hence, the ownership structure is per se a relevant factor to be monitored and regulated.
Book Synopsis Reforming the Corporate Governance of Italian Banks by : Nadège Jassaud
Download or read book Reforming the Corporate Governance of Italian Banks written by Nadège Jassaud and published by International Monetary Fund. This book was released on 2014-09-25 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large cooperatives. Although Italian banks have recently made progress in improving their corporate governance, more needs to be done. In this regard, further improvements should include: (i) strengthening further the existing banking regulations through stricter fit-and-proper rules for directors and controlling shareholders; (ii) implementing the new related party lending regulation with tightened definitions; (iii) strengthening oversight of foundations when they are the controlling shareholders in banks; and (iv) facilitating the transformation of large cooperatives into joint stock companies.
Book Synopsis A History of Corporate Governance around the World by : Randall K. Morck
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Book Synopsis The Banks and the Italian Economy by : Damiano Bruno Silipo
Download or read book The Banks and the Italian Economy written by Damiano Bruno Silipo and published by Springer Science & Business Media. This book was released on 2009-04-22 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Damiano Bruno Silipo In the 1990s the Italian banking system underwent profound normative, institutional and structural changes. The Consolidated Law on Banking (1993) and that on Finance (1998) instituted the legal framework for a far-reaching overhaul of the Italian banking and ?nancial system: signi?cant relaxation of entry barriers, the liberalization of branching, the privatization of the Italian banks, and a massive process of mergers and acquisitions. Following the Bank of Italy’s liberalization of branching in 1990, in 10 years the number of bank branches increased by 70% in Italy, while in the rest of Europe it declined. Over the decade the average number of banks doing business in a province rose from 27 to 31, while a wave of mergers (324 operations) and acquisitions (137) revolutionized the Italian banking industry, reducing the overall number of Italian banks by 30%. To a signi?cant extent this concentration represented take-overs of troubled Southern banks by Central and Northern ones. As a result of these developments (plus a rise in banking productivity and a fall in costs), the spread between short-term lending and deposit rates fell from 7 percentage points in 1990 to 4 points in 1999. And despite an increase in concentration in a number of local credit markets, the interest-rate differential between the locally dominant and other banks generally narrowed.
Book Synopsis Reforming the Corporate Governance of Italian Banks by : Nadège Jassaud
Download or read book Reforming the Corporate Governance of Italian Banks written by Nadège Jassaud and published by International Monetary Fund. This book was released on 2014-09-25 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sound corporate governance is essential for a well-functioning banking system and the integrity of financial markets. The paper discusses the corporate governance of Italian banks, its regulatory framework, and the specific challenges arising from the role played by foundations and large cooperatives. Although Italian banks have recently made progress in improving their corporate governance, more needs to be done. In this regard, further improvements should include: (i) strengthening further the existing banking regulations through stricter fit-and-proper rules for directors and controlling shareholders; (ii) implementing the new related party lending regulation with tightened definitions; (iii) strengthening oversight of foundations when they are the controlling shareholders in banks; and (iv) facilitating the transformation of large cooperatives into joint stock companies.
Book Synopsis Italian Banking and Financial Law: Intermediaries and Markets by : D. Siclari
Download or read book Italian Banking and Financial Law: Intermediaries and Markets written by D. Siclari and published by Springer. This book was released on 2016-01-12 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today's increasingly global and integrated financial climate, there is an amplified need for cooperation between regulators and supervisors across the globe in order to promote economic growth and maintain competitive markets. However, idiosyncrasies remain within local markets, and for those wishing to participate within them, it is necessary to understand the distinctive qualities of each. This book explores the intermediaries of the Italian financial system. It examines the banks, investment services, electronic payment institutions, insurance companies and credit rating agencies functioning in the country, to explore how Italian regulation functions within the context of a wider harmonizing trend. The authors present a study on the current control models of the Italian markets in the wake of changes induced by the privatization of public banks, the increased size and complexity of the intermediaries, the increased level of competition, and the internationalization of the financial innovation. They explain how the country's financial markets are controlled by a combination of bodies, including the State, the authorities and the market participants themselves.
Book Synopsis The Italian Banking System by : Stefano Cosma
Download or read book The Italian Banking System written by Stefano Cosma and published by Springer. This book was released on 2012-11-13 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why was the Italian Banking System more resilient during the sub-prime crisis and harder-hit in the sovereign crisis? Will their strength in the retail market result as an asset or a liability for Italian banks in the future? This book offers an in-depth analysis of one of the most important EU banking systems its attempts to weather the crisis.
Book Synopsis Ownership Structure, Banks and Private Benefits of Control by : Paolo F. Volpin
Download or read book Ownership Structure, Banks and Private Benefits of Control written by Paolo F. Volpin and published by . This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: What affects the number of banks a company chooses to borrow from? This paper provides evidence of a negative correlation across countries between shareholder protection and average number of banks used by firms, and proposes a simple explanation for this result. The intuition of the model is that setting up fewer bank relations induces the controlling shareholder to extract more private benefits of control because the banks share a larger fraction of the costs via the larger rent they earn. Since the opportunity to enjoy private benefits of control is larger in countries with lower shareholder protection, the model predicts more bank relationships (and higher ownership concentration) in those countries. Consistent with the model's predictions, in Italy the number of bank relations per firm increases with firm ownership concentration and with the size of the private benefits of control as measured by the voting premium.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484386256 Total Pages :91 pages Book Rating :4.4/5 (843 download)
Book Synopsis Italy by : International Monetary Fund. European Dept.
Download or read book Italy written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-09-27 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper presents Italy’s economic growth through innovation and reforms. It highlights that Italy’s future competitiveness depends on the institutional and macroeconomic conditions that allow productive firms to innovate, expand, and attract inward foreign direct investment (FDI) that in turn will require the successful implementation of the authorities’ full structural- and institutional-reform agenda. The IMF report focuses on the enforcement of civil and commercial claims in Italy as a key way to improve the environment for sustaining economic growth. There has been considerable interest in the possibility of introducing a comprehensive wealth tax in Italy, reflecting the public resistance to spending-only austerity.
Book Synopsis Italy by : International Monetary Fund
Download or read book Italy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-05-14 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews findings of the Detailed Assessment of Italy’s Compliance with the Basel Core Principles for Effective Banking Supervision. The Italian banking system seems to exhibit a high degree of resilience to possible macroeconomic shocks, as supported by the evolution of some financial soundness indicators and by the results of various model simulations. Despite significant improvements over the last few years, the quality of banks’ loan portfolios remains moderate. Cost-cutting and restructuring remain key challenges for Italian banks, with several conjunctural factors putting pressures on costs and income.
Book Synopsis Ownership Structure, Behavior and Performance of the Italian Banking Industry by : Francesco Aiello
Download or read book Ownership Structure, Behavior and Performance of the Italian Banking Industry written by Francesco Aiello and published by . This book was released on 2001 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Italian Corporate Governance in the Last 15 Years by : Marcello Bianchi
Download or read book Italian Corporate Governance in the Last 15 Years written by Marcello Bianchi and published by . This book was released on 2007 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Between 1990 and 2005 the Italian legal and economic framework relating to financial markets experienced major developments (a new Banking Law was passed, institutional investors' role increased in financial markets, the stock market was privatized, a securities law was enacted, a corporate governance code was introduced and then twice revised; a new company law has been enacted; the law on savings has further strengthened shareholders' protection). All these changes should have deeply affected the governance structure of Italian companies. We provide an in-depth (descriptive) analysis of the evolution of both unlisted and listed corporate governance over the period, with the aim of evaluating the effect of the reforms in the light of the recent theoretical developments. We find limited changes in the ownership and control structures of unlisted firms and listed companies. At the same time there is no substantial increase in the access to stock market.For both listed and unlisted companies we observe some changes in the instruments used to ensure stability of control. In unlisted companies the aim is pursued through an increasing use of by-laws clauses that restrict the transferability of shares; in listed companies the objective was reached in the past through an extensive use of pyramids, more recently by establishing shareholders' coalitions of various nature, with an increasing relevance of bank-firm relationships.This evidence shows that no radical change occurred; this suggests on the one side, that it might still be necessary to further strengthen shareholders' protection; on the other side, that the unwillingness of owners to release control is central in understanding the limited separation between ownership and control in Italy. The role of coalitions and the nature of the bank-firm relationships seem to be the main issues for both regulatory and market developments.
Book Synopsis Italy - A Contested Polity by : Martin Bull
Download or read book Italy - A Contested Polity written by Martin Bull and published by Routledge. This book was released on 2013-10-31 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite the promise of the new "Second Republic" launched in the early 1990s, Italy remains Europe’s least well-governed country. Fifteen years ago, politicians on the take and mafiosi on the make were supposedly pushed aside by a new generation of reformers and crusading magistrates. However, in this new book a team of leading experts on Italy uncovers little real progress. Badly needed reforms have foundered on bickering between the parties and their ego-centric leaders. Both left and right-wing coalitions have been guilty of impeding the anti-corruption revolution. Little has been done to improve the quality of public expenditure: infrastructure and education systems remain shambolic, and decades of periodic devaluation and deficit spending have left the economy structurally weakened. Italy’s politicians are not just masters of trasformismo (an ability to reinvent and present themselves anew to voters), but of stratificazione, or "layering", the introduction of new policies and institutions without replacing those that preceded them. The result is a damaging mix of obsolete and contradictory legislation, the product of bargaining over reform by chronically weak governments in a veto-ridden polity. The outcome – immobilismo – is a system in which all parties, and democratic government itself, are steadily losing legitimacy. This book was published as a special issue of West European Politics.
Book Synopsis Corporate Governance in a Changing Economic and Political Environment by : M. Federowicz
Download or read book Corporate Governance in a Changing Economic and Political Environment written by M. Federowicz and published by Springer. This book was released on 2003-12-19 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection provides exceptional descriptive and analytical insights into changes in corporate governance settings in ten Eastern and Western European countries. It demonstrates that there exist different varieties of capitalisms and paths to transformation of economic institutions. In addition, it offers detailed discussions about national cases as well as the overall European Union effects. This book should be of great interest to scholars and students of comparative national systems, corporate governance and European studies.
Book Synopsis Competition and Control Banking by : David A. Alhadeff
Download or read book Competition and Control Banking written by David A. Alhadeff and published by Univ of California Press. This book was released on with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Control of Corporate Europe by : Fabrizio Barca
Download or read book The Control of Corporate Europe written by Fabrizio Barca and published by OUP Oxford. This book was released on 2001-11-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.
