This book analyses the economic and financial profiles of
heritage assets as tourist attractions. Offering both theoretical insights, methods,
and global empirical examples, it considers how heritage ...assets can create economic
and social value for a region.
It offers an analysis of micro- and macroeconomic characteristics of heritage assets
and their financial management. The importance of innovation in light of
technological and market transformations is considered, as well as the sustainable
management of heritage assets environmentally and in terms of sustainable tourism.
The book delves into the financial assessment of heritage assets with a focus on
evaluation models, the technique of project financing and wealth management in the
art sector. These topics are illustrated with cases studies of heritage assets
managed as tourist attractions to outline successful management strategies. The book
draws on examples from a range of sites and locations across Italy, Spain, the
United Kingdom, New Zealand, and the United States to show how heritage assets can
be an economic stimulus for the development of local economies.
The book will be of interest to academics and students at both undergraduate and
postgraduate levels in the fields of tourism economics, cultural studies and
environmental studies.
We observe the main efficiency drivers of European Banking Groups after the burst of the Global Financial Crisis. This analysis is a live issue within the studies in the field of intermediation. The ...observed period (2010–2021) is emblematic of the complexity of the financial market in the last two decades. The efficiency levels derive from a stochastic frontier approach; a k-means cluster analysis distinguishes the units into three homogeneous groups, so that the main determinants of the higher level of efficiency can be identified. They are linked to a particular business model, specific managerial choices, costs rationalization and liquidity optimization.
This paper uses learning methods and optimization techniques to investigate the determinants of shock propagation in the Euro area for the period 2001–2015. First, principal component analyses are ...used with country bond yields to identify sub-periods and country groups; second, influencing factors for country bond yields are investigated with random forest models; lastly, shock propagation among groups are examined with impulse response functions. Models in steps two and three are improved by using simulated annealing algorithm. The empirical findings achieved can be particularly relevant for both investors and policymakers. Shedding light on the determinants of financial contagion may be in fact useful for investors who can derive relevant information about countries which are less sensitive to be affected by shocks, orienting thus their investment strategies. At the same time, policymakers could draw worthwhile and preventive hedging strategies and design the most suitable crisis management policies.
The crucial role of mutual banks in promoting local development is highlighted by an extensive theoretical and empirical literature. The historical success of mutual banks derives not only from their ...specific business model, but also from their peculiar and distinguishing corporate governance with member ownership. According to a copious literature, these features have probably allowed mutual banks to better withstand financial crisis. This work compares the cost efficiency of European mutual banks by analyzing a sample which consists of the universe of all the banks operating in Italy, Germany, France and Spain over the period 2011–2016, by employing a stochastic approach (Stochastic Frontier Analysis-SFA) to determine the effects of the recent financial crisis on the efficiency level of this particular kind of bank. The analysis aims to point out the determinants of efficiency in order to understand if the mutual model reveals to be still attractive in the modern banking system. The main contribution of the paper to previous literature consists in comparing different impacts of financial crisis on efficiency of mutual banks in main European countries. Furthermore, the results enrich the recent debate about the cooperative and mutual banking system and its raison d’être. Our results show that the European mutual banks reveal a higher degree of efficiency with respect to commercial banks. Cost efficiency appears to be significantly and negatively related to the level of regulatory capital, the level of credit risk, the level of leverage and the cost-income ratio. On the other hand, it is significantly and positively related to the profitability of the traditional lending activity, to the level of prudence in terms of provisions against credit risk and to the amount of liquidity as a buffer against unexpected troubles.
In the last decade, the demand for sustainable and social investments has improved. The mutual funds industry has responded to market needs by offering a number of investment products focused on ...Environmental, Social and Governance (ESG) companies. The aim of this article is to understand if an ESG score can actually be considered a valid criterion that portfolio managers could adopt, along with traditional risk–return optimisation, in selecting asset portfolios. The paper analyses the link between the performance and the ESG score of different sectoral portfolios (one for each sector of the Global Industry Classification Standard), entirely composed of ESG assets, in the search for a clear and strong positive correlation that could suggest an overall advantage to focus on an ex ante choice of assets with high ESG scores.
The paper empirically analyses the tail risk connectedness between FinTech and the banking sector in the European context over 2015–2022. For this purpose, we use the Tail-Event driven NETworks ...(TENET) risk model, i.e., we can capture the behaviour of extreme (negative and positive) risk spillover within the financial system. The results highlight how most tail risk spillovers are from banks to FinTech firms. Also, the findings suggest that the spillovers of cross-sector tail risk are more significant in downside (bearish) risk conditions than in upside (bullish) one. We find evidence of an asymmetric effect of extreme risk spillover to the real economy. Finally, we evaluate the monetary policy’s impact on extreme risk. Our findings highlight the importance of closer monitoring risk spillover between FinTech institutions and the European banking system to maintain financial stability.
This paper investigates the relationship between natural disasters and the reaction of sovereign CDS spread in Europe. By applying an event study methodology during the period January 2007–December ...2021 on an original database in which we identify 92 natural disasters in 17 European countries, we assess the reaction of the sovereign CDS market to a natural disaster. We find a heterogeneous response of the European sovereign risk to a natural disaster, as the response of the sovereign CDS market differs from region to region. The advent of a natural disaster can increase inequality between the regions due to the higher cost of credit for sovereigns and the reduced scope for manoeuvring public finances. Also, the results of the contagion effect confirm the hypothesis of a cross-border propagation effect, as natural disaster, in general, is not local event but spreads to other countries.
•We examine the impact and the contagion effect of natural disasters on EU sovereign CDS spreads.•The uncertainty deriving from the occurrence of a natural disaster is incorporated into the sovereign CDS spreads.•A natural disaster increases inequality between the regions due to the higher cost of credit for sovereigns.•We find a cross-border propagation effect, as natural disaster is not a local event but spreads to other countries.
Digital asset investment represents a new class of assets to invest in. In recent months, fan tokens have been among the most popular digital assets among football clubs and investor fans. Therefore, ...understanding the dynamics and spillover effects between these new and traditional assets is essential for risk management. In this study, we use daily data covering November 2020 and December 2022 to examine the mean and volatility risks spillover between the stock market and the fan token ones. Using the VAR-BEEK-AGARCH model and wavelet frequency analysis, we are able to identify the sender and receiver characteristics of the risks between the two assets. Our results show that volatility spillovers are more persistent in the long run, suggesting a strong interdependence between the stock market and fan tokens. Our empirical findings can be helpful for portfolio managers and investors.
•We study the stock market and digital asset investment (fan token) nexus.•We found evidence of a significant risk spillover between the two assets.•We document the presence of heterogeneity (“bad news effect”) in shock transmission.
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The sovereign green bond market has been growing rapidly worldwide since its debut in 2016. The study investigates the empirical response of the stock and credit default swap (CDS) market to green ...bond issuance by 10 EU countries during the period 2016–2021. We document that the issuance of a green bond is regarded by the investors as reflecting as value‐enhancing and risk‐reducing behavior by EU countries. The issuance of sovereign green bond provides a strong signal of the country's involvement to a low‐carbon economy by increasing the social and reputational benefits. This effect is even more evident during the pandemic crisis. The reaction of stock and CDS market is driven by several factors such as bond and country characteristics. Overall, our findings suggest that the sovereign issuance of green bonds acts as mitigation mechanism for country risk.
In this paper, we study systemic risk propagation by exploring the dynamic mechanism of financial contagion among Eurozone countries. Using a multilayer information spillover network framework, we ...can consider the sovereign, banking and equity sectors’ risk spillover between countries simultaneously. This specification helps us to better identify the systemically important countries, i.e., the Eurozone financial stability. The findings emphasise the prominence of considering systemic risk propagation in a multilayer network structure. In fact, our empirical analysis suggests that considering intra-layer and inter-layer propagation is essential to gain a deeper insight into Eurozone systemic risk mechanisms.
•We analyse the systemic risk propagation of Eurozone countries.•We build a multilayer network between sovereign, banking and equity sectors.•We identify the systemically important countries.•Systemic risk propagation effects between the three layers are found.
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