Asset Pricing, Real Estate and Public Finance over the Crisis

The current financial crisis started from the US real estate market and after, though the increase of risk premium requested by investors and due to the lack of liquidity of all financial markets, it became a world financial crisis. A detailed analysis during the crisis focuses attention on asset management, the real estate and public sector. During the crisis the asset management is affected by a lack of investors' confidence and an increase of risk exposure for all financial instruments traded and investor need more efficient solution for constructing and managing their investment portfolio. The real estate market was the source of the financial crisis development and the main limits of the market could be ascribed to the low quality of the information available, the investment strategies adopted by the managers and the mistakes done in evaluating the risk exposure. Due to the crisis, financial resources available for the public sector are lower and Public entities have to develop new instruments for collecting financial resources and to take care about the market reaction to their investment and expenditure policies. The book provides an original analysis of the effect of the crisis in the three sectors and points out the new instruments or approaches proposed in order to avoid the development of a new crisis During The Crisis The Asset Management Is Affected By A Lack Of Investors' Confidence And An Increase Of Risk Exposure For All Financial Instruments Traded And Investor Need More Efficient Solution For Constructing And Managing Their Investment Portfolio. The Real Estate Market Was The Source Of The Financial Crisis Development And The Main Limits Of The Market Could Be Ascribed To The Low Quality Of The Information Available, The Investment Strategies Adopted By The Managers And The Mistakes Done In Evaluating The Risk Exposure. Due To The Crisis, Financial Resources Available For The Public Sector Are Lower And Public Entities Have To Develop New Instruments For Collecting Financial Resources And To Take Care About The Market Reaction To Their Investment And Expenditure Policies. The Book Provides An Original Analysis Of The Effect Of The Crisis In The Three Sectors And Points Out The New Instruments Or Approaches Proposed In Order To Avoid The Development Of A New Crisis. Part I: Asset Pricing During The Crisis -- 1. Does Investor Attention Influence Stock Market Activity? The Case Of Spin-off Deals; A. Carretta, V. Farina, E.a. Graziano And M. Reale -- 2. The Effects Of Derivatives Trading On Stock Market Volatility And Market Efficiency. Some Evidence From European Markets; G. Liccardo -- 3. How Much Globalization Is There In The World Stock Markets And Where Is It?; G. Nicolini And E. Dorodnykh -- 4. Financial Analyst Recommendation Driven Funds: A Risk Adjusted Measure Analysis; G. Galloppo -- 5. Alternative Neural Network Approaches For Enhancing Stock Picking Using Earnings Forecasts; G. Galloppo And M. Aliano -- 6. Market Timing With The Black-litterman Model; U. Pomante -- 7. Performance And Governance In Investment Management Companies; M.c. Arcuri -- Part Ii: Real Estate Investment Vehicles And Markets During The Crisis -- 8. The Quality Of Real Estate Data: The Italian Case; F. Battaglia, C. Porzio And G. Sampagnaro -- 9. Real Estate Trends And Portfolio Rebalancing: Evidence From Main European Markets; G. Mattarocci And G. Siligardos -- 10. The Choice Of The Risk Measure In Selecting Real Estate Funds: Evidence From The Italian Market; C. Giannotti And G. Mattarocci -- Part Iii: Public Sector Issues In A Crisis Scenario -- 11. Economic And Financial Determinants Of Italian Local Government Ratings: An Empirical Analysis; A.v. Venneri -- 12. Evolution Of The Finance Function In The Italian Local Public Bodies; F. Quarta And P. Stefanizzi -- 13. Project Finance Exposures In The Supervisory Slotting Criteria Approach: Pricing And Judgmental Analysis; P. Marchetti And A.v. Venneri. Edited By Alessandro Carretta And Gianluca Mattarocci. Front Matter....Pages i-xix Introduction....Pages 1-4 Front Matter....Pages 5-5 Does Investor Attention Influence Stock Market Activity? The Case of Spin-Off Deals....Pages 7-24 The Effects of Derivatives Trading on Stock Market Volatility and Market Efficiency: Some Evidence from European Markets....Pages 25-37 How Much Globalization Is There in the World Stock Markets and Where Is It?....Pages 38-55 Financial Analyst Recommendation Driven Funds: A Risk Adjusted Measure Analysis....Pages 56-76 Alternative Neural Network Approaches for Enhancing Stock Picking Using Earnings Forecasts....Pages 77-96 Market Timing with the Black-Litterman Model....Pages 97-111 Performance and Governance in Investment Management Companies....Pages 112-125 Front Matter....Pages 127-127 The Quality of Real Estate Data: The Italian Case....Pages 129-151 Real Estate Trends and Portfolio Rebalancing: Evidence from Main European Markets....Pages 152-164 The Role of Risk Measures Choices in Ranking Real Estate Funds: Evidence from the Italian Market....Pages 165-189 Front Matter....Pages 191-191 Economic and Financial Determinants of the Italian Local Government Ratings: An Empirical Analysis....Pages 193-213 Evolution of the Finance Function in the Italian Local Public Bodies....Pages 214-227 Project Finance Exposures in the Supervisory Slotting Criteria Approach: Pricing and Judgemental Analysis....Pages 228-241 Back Matter....Pages 242-255 An Increasing Number Of The World's Largest Banks Now Have More Activities Outside Their Home Country Than Withinches But What Do We Know About The Effects Of Internationalization, And What Is A Successful Business Model For The Future? This Book Explores The Formulation, Implementation And Evaluation Of Internationalization Strategies In Banking. The International Strategies Of The World's Leading Banks In Eight Countries Are Examined Between 1980 And 2004, Strategic Patterns Are Identified And The Effects On Profitability, Stability And Shareholder Performance Are Analysed. The Results Are Sobering. Increasing Profitability And Shareholder Return Through Internationalization Turns Out To Be Extremely Challenging. Only A Few Banks Are Able To Turn International Banking Activities Into A Success. With The Ongoing Cross-border Consolidation In The Banking Industry, This Book Is An Important Contribution To The Internationalization Debate And A Must-read For Bank Management, Regulators And Shareholders. Banking Since The 1980s: Challenges And Issues -- International Banking: A Theoretical Framework -- The World's Largest Banks -- Internationalization Patterns -- Internationalization Strategies -- Performance And Shareholder Wealth -- Competitive Future Internationalization Strategies. Alfred Slager. Includes Bibliographical References (pages 213-218) And Index. Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation. This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges ..." An account of the principal phases in the development of the English banking system, and an analysis of the financial structure of the economy of the UK. The book focuses in detail on the regulatory and supervisory aspects of the UK banking system, and the interactions between the structural aspects of the banking and supervisory system.