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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.
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Latest news
Call for paper - The development of securities markets. Trends, risks and policies
02/09/2014
Author: Carefin
February 27, 2015
Università Bocconi
Keynote Speech: Steven Maijoor, Chair, ESMA
Highlights
La stabilità finanziaria in Italia. Il rapporto 2014 della Banca d'Italia sulla stabilità finanziaria
18/11/2014
Durante il convegno è stato presentato il rapporto 2014 della Banca d'Italia sulla stabilità finanziaria.
The Exchange Industry Evolution And The Impact Of Mifid II
05/11/2014
Author: M. Geranio
This work aims to illustrate the strategies played by major world exchanges in recent years. Furthermore, it attempts to prospect the possible evolution of the exchange industry in the near future, as the implementation of new regulations will lead to new threats and opportunities for all types of trading venues active on all kinds of asset classes.
Structural Changes in the Banking Sector
24/10/2014
This conference (organised by CAREFIN jontly with Intesa Sanpaolo) was the chance to discuss many of the most recent research papers in the areas of banking and banking regulation. The programme featured contributions by international scholars, selected by an independent advisory committee and covered topics such as: systemic risk, bank lending, financial markets, capital requirements and capital structure, financial regulation and risk management.
Money Doctors
22/04/2014
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
22/04/2014
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?
22/04/2014
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
18/11/2013
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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