Research Centre
Contributions on corporate funding and on overcoming states of crisis. Technical notes, readings of the regulatory framework and observations drawn from professional engagements, published when there is something verified to say.
Contributions
All four contributions below are published in full in English. The Italian original of each is one click away, via the language selector.
Every tightening of capital requirements moves credit towards unsupervised intermediaries. Risk does not dissolve: it is repackaged, and often returns to the very institutions that transferred it.
Read the articleThree instruments for three phases of a fund's life cycle, with an effect on returns that must be disclosed and documentation that has to contemplate them from inception.
Read the articleThe life-cycle hypothesis and the Modigliani-Miller theorem read together: financial structure matters precisely because of the imperfections the theorem isolates, and that is where structured finance lives.
Read the articleSecuritisation separates the asset from the company that originated it, which changes what the investor prices. For SMEs the obstacle is dimensional and informational, not legal.
Read the articleObservatory contributions are for study purposes and do not constitute professional advice or an investment solicitation.