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<p class="MsoTitle"><span style="font-size:20.0pt">Seminario di
Finanza
Quantitativa<o:p></o:p></span></p>
<p class="MsoTitle"><span
style="font-size:8.0pt;font-family:"Times New
Roman","serif""><o:p><span
style="text-decoration:none"> </span></o:p></span></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><span
style="font-size:16.0pt;font-family:
"Times New Roman","serif";mso-no-proof:yes">Lunedì
7 aprile 2014</span><span
style="font-size:16.0pt;font-family:"Times New
Roman","serif""><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><span
style="font-size:16.0pt;font-family:
"Times New Roman","serif"">ore <span
style="mso-no-proof:yes">11:00</span><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><span
style="font-size:16.0pt;font-family:
"Times New Roman","serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><u><span
style="font-size:16.0pt;
font-family:"Times New Roman","serif"">Scuola
Normale Superiore<o:p></o:p></span></u></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><span
style="font-size:16.0pt;font-family:
"Times New Roman","serif"">Pisa<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><span
style="font-size:16.0pt;font-family:
"Times New Roman","serif"">Aula <span
style="mso-no-proof:yes">Bianchi<o:p></o:p></span></span></p>
<p class="MsoNormal" style="margin-left:9.0pt;text-align:center;
line-height:18.0pt;tab-stops:324.0pt" align="center"><span
style="font-size:8.0pt;font-family:
"Times New Roman","serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-align:center" align="center"><b
style="mso-bidi-font-weight:
normal"><span style="font-size:24.0pt;font-family:"Times
New Roman","serif"">Paolo
Porcedda <o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:center" align="center"><i
style="mso-bidi-font-style:
normal"><span style="font-family:"Times New
Roman","serif"">UniCredit</span></i><b
style="mso-bidi-font-weight:normal"><i
style="mso-bidi-font-style:normal"><span
style="font-size:22.0pt;font-family:"Times New
Roman","serif";color:#646464;
background:#F0F5FF"><o:p></o:p></span></i></b></p>
<p class="MsoNormal"><i style="mso-bidi-font-style:normal"><span
style="font-family:"Times New
Roman","serif""><o:p> </o:p></span></i></p>
<p class="MsoNormal" style="text-align:center;tab-stops:324.0pt"
align="center"><span
style="font-size:16.0pt;font-family:"Times New
Roman","serif"">Terrà un
seminario dal titolo:<o:p></o:p></span></p>
<p class="MsoNormal" style="tab-stops:324.0pt"><b
style="mso-bidi-font-weight:
normal"><span style="font-size:10.0pt;font-family:"Times
New Roman","serif""><o:p> </o:p></span></b></p>
<p class="MsoNormal" style="text-align:center" align="center"><b
style="mso-bidi-font-weight:
normal"><i style="mso-bidi-font-style:normal"><span
style="font-size:22.0pt;
font-family:"Times New Roman","serif"">“</span></i></b><b
style="mso-bidi-font-weight:
normal"><span style="font-size:22.0pt;font-family:"Times
New Roman","serif"">Asimmetrie
informative e selezione avversa nella gestione del<span
style="mso-spacerun:yes"> </span>portafoglio<span
style="mso-spacerun:yes">
</span>creditizio nell’esperienza di un primario istituto
creditizio italiano<i style="mso-bidi-font-style:normal">”</i><o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:center" align="center"><b
style="mso-bidi-font-weight:
normal"><span style="font-family:"Times New
Roman","serif""><o:p> </o:p></span></b></p>
<p class="MsoNormal" style="text-align:justify"><b
style="mso-bidi-font-weight:
normal"><span style="font-family:"Times New
Roman","serif"">Abstract:<o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-align:justify"><span
style="font-family:"Times New
Roman","serif"">Alimentata
dalle pressioni esercitate dalle autorità di vigilanza bancaria
a seguito
dell’introduzione della nuova normativa regolamentare (cd
Basilea 2), nei primi
anni 2000 i principali istituti di credito delle economie
avanzate cercarono di
dotarsi di sistemi centralizzati di misurazione della
probabilità di default
delle controparti affidate fondati su modelli statistici, in
alcuni casi anche
molto complessi.<span style="mso-spacerun:yes"> </span>Il
salto “culturale”
comportato da tale riassetto organizzativo, con le implicazioni
che ne sono
derivate in termini di pratiche decisionali e sistemi di
misurazione delle performance
aziendali e relativa incentivazione, potrebbe essere tra le
cause dei problemi
di esigibilità dei prestiti riscontrati negli anni più recenti.
<br>
Secondo la nostra tesi, infatti, i profondi cambiamenti causati
da tali
ristrutturazioni nei processi di valutazione ed erogazione del
credito non
hanno, da un lato, tenuto in piena considerazione gli effetti
dell’asimmetria
informativa venutasi a creare con il nuovo modello organizzativo
(risk
management accentrato, che “cala” le proprie valutazioni sulla
rete
distributiva che eroga i prestiti) e ciò ha portato ad un tipico
paradosso di
“principal-agent” non facilmente risolvibile con le sole
soluzioni già proposte
nella <br>
letteratura esistente sull’argomento. Dall’altro, sono stati
sottovalutati i
problemi di selezione avversa che i modelli quantitativi di
misurazione del merito
di credito implicano se applicati senza gli adeguati correttivi.
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<pre class="moz-signature" cols="72">--
--------------------------------------------------------------------------------
Valeria Giuliani
Scuola Normale Superiore
Servizio alla Didattica e Allievi
Tel. 050-509260
Piazza dei Cavalieri, 7
56126 Pisa
E-Mail: <a class="moz-txt-link-abbreviated" href="mailto:v.giuliani@sns.it">v.giuliani@sns.it</a>
E-Mail: <a class="moz-txt-link-abbreviated" href="mailto:classi@sns.it">classi@sns.it</a>
Le informazioni contenute nella presente e-mail e nei relativi allegati possono essere riservate e sono, comunque, destinate esclusivamente al destinatario in indirizzo.
E’ vietata, pertanto, la diffusione, distribuzione e/o copiatura di tali informazioni da parte di qualsiasi soggetto diverso dal destinatario.
Chiunque abbia ricevuto o letto questa e-mail per errore o senza esserne legittimato è invitato a darne immediatamente notizia al mittente tramite fax o e-mail e a distruggerla.
Grazie.
</pre>
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