Non-Performing Loans for Italian Companies: When Time Matters. An Empirical Research on Estimating Probability to Default and Loss Given Default

Within bank activities, which is normally defined as the joint exercise of savings collection and credit supply, risk-taking is natural, as in many human activities. Among risks related to credit intermediation, credit risk assumes particular importance. It is most simply defined as the potential that a bank borrower or counterparty fails to fulfil correctly at maturity the pecuniary obligations assumed as principal and interest. Whenever this happens, a loan is non-performing. Among the main risk components, the Probability of Default (PD) and the Loss Given Default (LGD) have been the subject of greater interest for research. In this paper, logit model is used to predict both components. Financial ratios are used to estimate the PD. Time of recovery and presence of collateral are used as covariates of the LGD. Here, we confirm that the main driver of economic losses is the bureaucratically encumbered recovery system and the related legal environment. The long time required by Italian bureaucratic procedures, simply put, seems to lower dramatically the chance of recovery from defaulting counterparties

Investigation on Harmonic Tuning for Active Ku-Band Rectangular Dielectric Resonator Antennas

A slot-coupled rectangular dielectric resonator antenna (DRA) operating in the 14–14.5 GHz frequency band is investigated as a possible radiating element for an active integrated antenna of a transmitting phased array. The effectiveness of the resonator shape factor on achieving harmonic tuning is addressed. Simulation results show that the DRA shape factor can be used to provide a fine tuning of the DRA input impedance both at the fundamental frequency and its first harmonics, so synthesizing the proper load for the optimization of the microwave amplifier power-added efficiency (PAE)