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CAREFIN is a research structure created by Università Bocconi, Italy’s leading business and economics school. Located on-campus in Milan, it encompasses and enhances the activities of three former Bocconi research bodies, Newfin, Cerap and Pension Forum. CAREFIN has a strong commitment to delivering rigorous material that is both well-grounded in financial research and highly geared towards real-life applications. Leveraging ongoing dialog with the financial industry, professional associations, regulators and policy makers, the Centre uses advanced analytical tools to investigate the opportunities and threats posed by new financial products, markets and brokerage models.
Latest news
Call for paper - The development of securities markets. Trends, risks and policies
Author: Carefin
February 27, 2015
Università Bocconi
Keynote Speech: Steven Maijoor, Chair, ESMA
Structural Changes in the Banking Sector
Author: Carefin
October 24 - 10am
Aula Magna - Via Gobbi 5

Keynote Speaker: Peter Praet
Member of the Executive Board, European Central Bank
Money Doctors
Author: N. Gennaioli, A. Shleifer, R. Vishny
We present a new model of investors delegating portfolio management to professionals based on trust.
Bailouts And Moral Hazard: How Implicit Government Guarantees Affect Financial Stability
Author: M. Mariathasan, O. Merrouche, C. Werger
The recent crisis has shown that systemically relevant banks in distress are likely to benefit from governmental support. This reduces their downside risk and leads to moral hazard, i.e. to incentives for these banks to assume excessive risks. In this paper we show empirically that implicit guarantees lead to more leverage and to a lower quality of bank capital; furthermore, we investigate which institutional characteristics are associated with a reduction in moral hazard. Our analysis combines bank balance sheet information from 92 countries with Fitch Support Ratings and World Bank survey data on governance and regulation.
Deleveraging and derisking strategies of European banks: business as usual?
Author: S. Caselli, S. Gatti, F. Querci
Using a multi-country panel of banks observed over the 2008-2012 period, we study the measures adopted by European banks to improve their capital ratios.
Financing Innovation: Venture Capital as a Development Driver. A Public-Private Partnership Solution
Primo Convegno Annuale Osservatorio Partnership Pubblico Privato - MP3
L'Osservatorio sulle Partnership Pubblico Privato (Monitor on Public Private Partnership - MP3) dell'Università Bocconi ha l'obiettivo di generare e diffondere cultura e conoscenze sulle partnership pubblico e privato quale leva per supportare l'attrazione di capitali per lo sviluppo di imprese e investimenti.

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