Suchergebnisse

Copertina -- Occhiello -- Elenco Autori -- Presentazione alla quarta edizione -- Parte I. I prodotti assicurativi vita -- I. L'assicurazione vita: inquadramento logico e classificazione (S. Miani) -- II. Profili tecnico-attuariali del contratto di assicurazione ramo vita (F. Pressacco - L. Ziani) -- III. I prodotti vita tradizionali (E. Geretto) -- IV. I prodotti vita a elevato contenuto finanziario (E. Geretto) -- V. I prodotti di capitalizzazione e di costituzione di rendita (E. Geretto) -- Breve bibliografia sul settore vita -- Parte II. I prodotti assicurativi danni -- VI. L'assicurazione danni: inquadramento logico e classificazione (S. Miani) -- XVII. Profili tecnico-attuariali delle assicurazioni contro i danni (L. Sigalotti) -- XVIII. I prodotti danni alle cose (A. Dreassi) -- IX. I prodotti danni alle persone (F. Pichler) -- X. I prodotti danni patrimoniali (S. Miani) -- XI. I prodotti responsabilità civile (A. Dreassi) -- XII. L'assicurazione trasporti (F. Seganti) -- Breve bibliografia sul settore danni -- Parte III. Complementi giuridici -- XIV. La disciplina della trasparenza nell'offerta dei prodotti assicurativi (M. Lembo) -- Brevi note sulle regole della responsabilità civile (L. Gaudino) -- Parte IV. Breve commento alla disciplina dei contratti assicurativi -- Indice

AbstractAn understanding of volatility and co‐movements in financial markets is important for portfolio allocation and risk management practices. The current financial crisis caused a shrinkage in values of most assets, an increased volatility and a threat to the survival of several institutional investors. Managing risks and returns within the classic portfolio theory, when correlations across securities soar, is increasingly challenging. In this paper, we investigate the volatility behavior and the co‐movements between sukuk and international stock indexes. Symmetric multivariate GARCH models with dynamic conditional correlations (DCC) were estimated under Student‐t distribution. We provide evidence of high correlations between sukuk and US and EU stock markets, without finding the well‐known flight to quality behavior affecting Islamic bonds. We also show that volatility linkages between sukuk and regional market indexes are higher during financial crisis. We argue that investors could obtain diversification benefits including sukuk in a well‐diversified equity portfolio, given their lower volatility compared to equity. But higher volatility linkages and dynamic correlations during financial crises show that they are hybrid instruments between bonds and equity. Our findings are relevant for institutional investors and asset managers that include Islamic bonds in a diversified portfolio.

AbstractPublicly owned private‐law organizations represent a sort of a hybrid between pure‐public and pure‐private management forms, and a rather successful one, at least if one considers the ongoing success that such organizations encounter in many European countries, especially at the local level. Economic theory has devoted scant attention to the reasons that may confer a competitive advantage to public enterprises, vis‐à‐vis both entirely privatized companies and traditional public bureaucracies. The paper develops a conceptual framework to systematically evaluate the performances of local SoEs in relation to their ability to achieve policy goals. By considering SoEs as output‐maximizing organizations rather than profit‐maximizing ones, the proposed approach entails an interactive dialogue between evaluators, policymakers and managers to deliver better evaluation outcomes. The methodology is applied to assess the performance of a sample of local SoEs owned by the Region Friuli Venezia Giulia in Italy in an effort to support policymakers in deciding whether to maintain its shareholding participations or divest them, that is, privatizing the public services involved.