Appunti VERIFICATO
appunti IBCM II
Università degli Studi di Roma - La Sapienza finanza e assicurazioni Curriculum financial risk and data analysis - in lingua inglese 2021
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- Bank-based vs Market-based Financial Systems: Key characters include employees (lenders/savers), government (deficit position), firms (usually deficit due to debt and funding needs), and households (deficit for asset purchases). Financial systems transfer money from lenders to borrowers, with market-based systems using direct or assisted transfers through financial instruments, while bank-based systems use intermediaries like banks.
- Efficient Market Hypothesis: Three degrees - weak form (past info in prices), semi-strong form (new info immediately reflected), and strong form (all info priced in). Markets are not efficient due to transaction costs, control costs, and insider trading.
- Intermediaries' Role: Reduce costs of information collection, create financial instruments matching needs, and diversify investments. Market-based systems exemplified by UK/USA, bank-based by Germany.
- Banking System Regulation in EU: Credit institutions defined as taking deposits and granting credits. Modern banks also engage in investment banking and asset management. Separation debate between commercial and investment banking, with some European countries implementing separation through specific regulations like the Vickers Reform or Loi de Séparation Bancaire.
- UCITS (Undertakings for Collective Investment in Transferable Securities): Key features include pooling investors' capital into a portfolio of financial instruments. Eligible assets include transferable securities, money market instruments, and certain derivatives. Concentration limits apply to investments from the same issuer or non-listed securities.
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