Crisi e proprietà delle Sgr: quali implicazioni sulla struttura delle commissioni?
Journal title ECONOMIA E DIRITTO DEL TERZIARIO
Author/s Maria Cristina Arcuri, Elisa Bocchialini, Monica Rossolini
Publishing Year 2011 Issue 2010/3 Language Italian
Pages 22 P. 571-592 File size 517 KB
DOI 10.3280/ED2010-003009
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Recent actions by market participants stressed the importance of investigating the consequences of ownership of asset managers, showing a possible link between the financial crisis and corporate governance systems. This paper aims to define the following points: is the ownership of the asset management companies able to influence the structure of commissions’ income? Is the ownership of the asset management companies able to influence the structure of commissions’ expenses? Do significant changes exist with reference to the commissions before and after the crisis? The analysis is conducted on a sample of Sgrs distinguished between independent and not independent (i.e. in this context, ownership of banks and insurance companies). The study is about commissions’ income and expenses in the period 2005-2008. The results obtained allow formulating useful reflections on the importance of the characteristics of asset managers’ governance and, finally, on the choices made by them in order to overcome the financial crisis and recover profitability margins.
Maria Cristina Arcuri, Elisa Bocchialini, Monica Rossolini, Crisi e proprietà delle Sgr: quali implicazioni sulla struttura delle commissioni? in "ECONOMIA E DIRITTO DEL TERZIARIO " 3/2010, pp 571-592, DOI: 10.3280/ED2010-003009