Titlebook: Bank Performance, Risk and Firm Financing; Philip Molyneux (Professor of Banking and Finance) Book 2011 Palgrave Macmillan, a division of

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,Managers’ Capital Structure Decisions — the Pecking Order Puzzle,ration between value creation and financing constitutes the foundation for modern corporate finance, even though the assumption of perfect capital markets and zero transaction costs is an illusion. On the other hand, introducing a market imperfection in the form of corporate tax makes the funding of assets relevant to the market value of the firm.

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Bank Size, Market Power and Financial Stability,ng to a situation in which difficulties exist in obtaining finance in international markets, both in volumes and in terms of interest rates, and in which the levels of risk are substantially higher. Moreover, financial entities’ degree of risk aversion has increased considerably, which has translated into a hardening of credit conditions.

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Asset-Backed Securitization and Financial Stability: The Downgrading Delay Effect,t the credit risk borne by investors. This depends on the quality of assets and of guarantees lent by originators and by any third-party guarantor, as well as on the trend of macroeconomic determinants which may compromise the capacity of principal debtors to honour their debts.

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The Italian Popular Banks and Their Behaviour after the Recent Financial Crisis,rea to enjoy advantages as regards information. Such advantages can be traced back to the fact that local bank managers can take account of a large range of factors, such as the loan-holder’s personal characteristics and those of the local markets, when evaluating the creditworthiness of small businesses.

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,Bank Risk and Analysts’ Forecasts, of risk faced by banks. The distortion materialized in a marked underestimation of risk by the major players in the system: top management, board of directors, rating agencies, regulatory and supervisory authorities, and so on.

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