Lo sviluppo del FinTech Opportunit\ue0 e rischi per l\u2019industria finanziaria nell\u2019era digitale

FinTech is a new part of the financial industry that is radically innovating the way financial services are built and offered. In this paper we analyse the characteristics of FinTech, their activities and the relative risks, highlighting analogies and differences with the activities performed by the financial intermediaries and the financial markets that are subject to specific regulation. In general, the study underlines the opportunity to pursue an effective balance between the urge to stimulate innovation and competition in the financial markets to bring benefits to the customers, on the one hand, and the need to ensure market stability both at micro and macro-level, transparency and fairness towards customers, as well as prevention of illegal activities, on the other hand. Additionally, the paper provides an overview of the main strategies that incumbents are following in the new market conditions

How future surgery will benefit from SARS-COV-2-related measures: a SPIGC survey conveying the perspective of Italian surgeons

COVID-19 negatively affected surgical activity, but the potential benefits resulting from adopted measures remain unclear. The aim of this study was to evaluate the change in surgical activity and potential benefit from COVID-19 measures in perspective of Italian surgeons on behalf of SPIGC. A nationwide online survey on surgical practice before, during, and after COVID-19 pandemic was conducted in March-April 2022 (NCT:05323851). Effects of COVID-19 hospital-related measures on surgical patients' management and personal professional development across surgical specialties were explored. Data on demographics, pre-operative/peri-operative/post-operative management, and professional development were collected. Outcomes were matched with the corresponding volume. Four hundred and seventy-three respondents were included in final analysis across 14 surgical specialties. Since SARS-CoV-2 pandemic, application of telematic consultations (4.1% vs. 21.6%; p < 0.0001) and diagnostic evaluations (16.4% vs. 42.2%; p < 0.0001) increased. Elective surgical activities significantly reduced and surgeons opted more frequently for conservative management with a possible indication for elective (26.3% vs. 35.7%; p < 0.0001) or urgent (20.4% vs. 38.5%; p < 0.0001) surgery. All new COVID-related measures are perceived to be maintained in the future. Surgeons' personal education online increased from 12.6% (pre-COVID) to 86.6% (post-COVID; p < 0.0001). Online educational activities are considered a beneficial effect from COVID pandemic (56.4%). COVID-19 had a great impact on surgical specialties, with significant reduction of operation volume. However, some forced changes turned out to be benefits. Isolation measures pushed the use of telemedicine and telemetric devices for outpatient practice and favored communication for educational purposes and surgeon-patient/family communication. From the Italian surgeons' perspective, COVID-related measures will continue to influence future surgical clinical practice

Burnout among surgeons before and during the SARS-CoV-2 pandemic: an international survey

Background: SARS-CoV-2 pandemic has had many significant impacts within the surgical realm, and surgeons have been obligated to reconsider almost every aspect of daily clinical practice. Methods: This is a cross-sectional study reported in compliance with the CHERRIES guidelines and conducted through an online platform from June 14th to July 15th, 2020. The primary outcome was the burden of burnout during the pandemic indicated by the validated Shirom-Melamed Burnout Measure. Results: Nine hundred fifty-four surgeons completed the survey. The median length of practice was 10 years; 78.2% included were male with a median age of 37 years old, 39.5% were consultants, 68.9% were general surgeons, and 55.7% were affiliated with an academic institution. Overall, there was a significant increase in the mean burnout score during the pandemic; longer years of practice and older age were significantly associated with less burnout. There were significant reductions in the median number of outpatient visits, operated cases, on-call hours, emergency visits, and research work, so, 48.2% of respondents felt that the training resources were insufficient. The majority (81.3%) of respondents reported that their hospitals were included in the management of COVID-19, 66.5% felt their roles had been minimized; 41% were asked to assist in non-surgical medical practices, and 37.6% of respondents were included in COVID-19 management. Conclusions: There was a significant burnout among trainees. Almost all aspects of clinical and research activities were affected with a significant reduction in the volume of research, outpatient clinic visits, surgical procedures, on-call hours, and emergency cases hindering the training. Trial registration: The study was registered on clicaltrials.gov "NCT04433286" on 16/06/2020

The food and beverages stock performance during and after the 2007-2011 crisis

The importance of food in the everyday life is vital, so as its importance in the economy, especially in Europe. 'Food for the planet' has also been the slogan for the latest expo organised in Milan. Despite this, little evidence has been provided on the performance of food and beverage producers during the latest financial and economic crisis. This paper aims at filling in this gap by evaluating the stock performance of food and beverages companies listed in Europe since 2004 and during and after the recent financial crisis (2007-2011) to highlight their behaviour compared to the overall economy. Yearly, monthly and risk-adjusted performance measures for the MSCI Europe beverages and MSCI Europe food producers are computed and compared to the MSCI Europe Index. Results show that the industry had a higher return since 2004 and showed higher resilience than the market to the financial and economic crisis

The Role of Regulatory Pressure in Banks’ Capital and Risk Decisions

Capital regulation represents the core of prudential regulation in banking. Despite the aim of the regulators to have a safer and more robust banking industry, the effects of capital regulation on banks’ capital and risk decisions appear ambiguous. The paper analyses the relationship between capital and risk changes and the impact of regulatory pressure for a sample of European banks during the period 2006–2010, which encompasses the start of the latest financial crisis. Results highlight that banks tend to adopt a different behaviour depending on the capital ratio considered, supporting the so-called ‘gamble for resurrection’ hypothesis. Evidence supports the rethinking of the regulatory framework, especially with reference to higher and stricter capital requirements

The digitalization of foreign banks

open1opentandaTanda, Alessandr

Banks' capital decisions: the influence of the regulatory framework and corporate governance mechanisms in Europe (2006-2010)

La tesi esamina il tema del capital management nelle banche, con particolare riferimento all’impatto della regolamentazione e della corporate governance sulle decisioni in tema di patrimonializzazione ed esposizione al rischio. La letteratura evidenzia come l’attuale framework regolamentare possa produrre effetti indesiderati, inducendo le banche ad assumere un livello di rischio non coerente con il patrimonio disponibile; anche con riferimento alla corporate governance i contributi empirici evidenziano risultati contrastanti. Partendo dai risultati di tale review, nella tesi si analizza il comportamento di un vasto campione di banche europee tra il 2006 e il 2010, tenendo conto delle variabili principali che determinano le scelte sul livello di patrimonializzazione e di rischio. In particolare, nel primo capitolo si valuta l’impatto della pressione regolamentare sulle variazioni di capital ratio ed esposizione al rischio in un vasto campione di banche europee. I risultati suggeriscono che il comportamento delle banche sembra dipendere dalla definizione di patrimonio utilizzata, ossia dalla qualità degli strumenti ricompresi nei coefficienti di solvibilità. Il secondo capitolo si concentra su un campione di grandi banche europee: tale analisi consente di rilevare come la regolamentazione e i meccanismi di corporate governance costituiscano fattori rilevanti e complementari nel determinare alla relazione tra patrimonializzazione e rischio.This thesis examines capital management in banks, with special reference to the impact of regulation and corporate governance on the decisions on capital and risk exposure. Past literature highlights how the present regulatory framework might produce unwanted effects, inducing banks to take a level of risks not consistent with their capital base; also with reference to corporate governance, past empirical contributions present controversial results. On the basis of the review of the literature, this study analyses the behaviour of a wide sample of European banks between 2006 and 2010, taking into consideration the main variables that influence the decisions on capital and risk. In particular, the first chapter evaluates the impact of regulatory pressure on changes in capital ratio and risk for a wide sample of European banks. Results suggest that banks behaviour depends on the capital ratio considered, i.e. on the quality of the instruments included in the capital base. The second chapter focuses on a sample of large European banks: such analysis suggests that regulation and corporate governance mechanisms are crucial and act complementarily in determining the relationship between capital and risk

The Performance Of Listed European Innovative Firms

European venture capital has gained increasing interest in the latest years by academics, practitioners and policy makers: its relevance in this area has been growing, and firms located in European countries have attracted a substantial share of the investments. Traditionally the literature identifies venture capital (VC) as the form of investment in start-up and growth companies, which is particularly fitted to overcome the asymmetries of information characterizing new businesses and firms which are living a series of changes (Gompers, 1995; Brav and Gompers, 1997). VC is also able to boost the performance of the target companies thanks to its value-added services, in terms both of sales growth and employment (Grilli and Murtinu, 2014; Paglia and Harjoto, 2014) and of stock performance (Bessler and Seim, 2012), or with reference to corporate governance (Farag et al., 2014), although the real contribution of VC might depend on the context (Rosenbusch et al., 2013)