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The Value Drivers of the Italian Asset Management Industry: An Inquiry on the Systematic Risk Drivers

In: Banking and Beyond

Author

Listed:
  • Andrea Ferrarin

    (University of Udine)

  • Josanco Floreani

    (University of Udine)

  • Maurizio Polato

    (University of Udine)

Abstract

After the escalation of the global financial crisis and the consequent turmoil of the whole banking system, the asset management industry in the EU has undergone a significant growth in the last decade, distinguishing itself as the most vibrant segment within the financial intermediation field. Based on a sample of 44 Italian asset management firms from 2006 to 2016, this paper provides an empirical investigation of the major systematic risk drivers which have featured Italian asset managers across the financial crisis. Our results show that operating efficiency represents a crucial factor for the pricing of the systematic risk exposure of asset managers, having a positive impact on market beta.

Suggested Citation

  • Andrea Ferrarin & Josanco Floreani & Maurizio Polato, 2020. "The Value Drivers of the Italian Asset Management Industry: An Inquiry on the Systematic Risk Drivers," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Caterina Cruciani & Gloria Gardenal & Elisa Cavezzali (ed.), Banking and Beyond, chapter 0, pages 139-168, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-45752-5_7
    DOI: 10.1007/978-3-030-45752-5_7
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