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ALEX SCLIP

DOCENTE A CONTRATTO presso: Dipartimento di Economia "Marco Biagi"


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Pubblicazioni

2020 - The effect of the Fed zero-lower bound announcement on bank profitability and diversification [Articolo su rivista]
Landi, Andrea; Sclip, Alex; Venturelli, Valeria
abstract

In this paper, we investigate the impact of the Federal Reserve's decision to maintain the zero-lower bound for at least two years on bank profitability and strategies. Using a difference in difference setting, we find that banks with lower reliance on deposit funding are more sensitive to the policy event. Our evidence suggests that, compared to high deposit banks, the reduction in net worth of low deposit banks, induced them to change their strategies toward an increase in fee income to maintain the targeted level of performance. This increase is mainly explained by fiduciary and insurance-related revenues that entail a lower threat for financial stability.


2019 - Frontier Topics in Banking: Investigating New Trends and Recent Developments in the Financial Industry [Curatela]
Gualandri, Elisabetta; Sclip, Alex; Venturelli, Valeria
abstract

The aim of this book is twofold: Firstly to focus on the development of new instruments and topics in the financial industry. Secondly to analyze the development of “old” themes applied to different international contexts, such as cross-border banking and the role of government financial resources in China. With these goals in mind, the book explores the investigation of new instruments for the financing of SMEs and new ventures, such as mini bonds and equity crowdfunding. Additionally, it covers the field of corporate governance and corporate social responsibility including financial inclusion, gender roles, disclosure, social media roles and litigation. The book also investigates the choices followed by the Royal Swedish Academy in the selection of Nobel laureates in economics science to analyze their influence on the financial industry. Geared to banking academics, researchers and students, this book uncovers the most prominent issues within the banking industry today.


2019 - The effect of the Fed zero-lower bound announcement on bank profitability and diversification [Working paper]
Landi, A.; Sclip, A.; Venturelli, V.
abstract

In this paper we investigate the impact of the Federal Reserve's decision to maintain the zero-lower bound for at least two years on bank pro tability and strategies. Using a di erence in di erence setting we nd that banks with lower reliance on deposit funding are more sensitive to the policy event. Reduced net worth of low deposit banks, relative to high deposit banks, induces those banks to change their strategies toward an increase in fee income related products to maintain the targeted level of performance. Such an increase is mainly explained by duciary and insurance related revenues that entail a lower risk for nancial stability.


2018 - Large EU banks’ capital and liquidity: Relationship and impact on credit default swap spreads [Articolo su rivista]
Sclip, Alex; Girardone, Claudia; Miani, Stefano
abstract

This paper explores the interrelations between bank capital and liquidity and their impact on the market probability of default. We employ an unbalanced panel of large European banks with listed credit default swap (CDS) contracts during the period 2005–2015, which allow us to consider the impact of the recent financial crisis. Our evidence suggests that bank capital and funding liquidity risk as defined in Basel III have an economically meaningful bidirectional relationship. However, the effect on CDS spread is ambiguous. While capital appears to have a relatively large impact on CDS spread changes, liquidity risk is priced only when it falls below the regulatory threshold.


2018 - Systematic risk and banks leverage: The role of asset quality [Articolo su rivista]
Beltrame, Federico; Previtali, Daniele; Sclip, Alex
abstract

We analyse how bank asset quality interacts within the relationship between leverage and systematic risk. We elaborate three leverage adjustments for sterilizing the effect of provisioning and incorporating the effect of non-performing loans and total credit risk exposure. We test the model on a sample of 97 European banks from 2005 and 2016. Controlling for size, findings show the relevance of a combined effect of leverage and asset quality as a systematic risk component. NPLs are found to be one significant variable of market risk. Results demonstrate that simple leverage is pointless for verifying the financial riskiness of banks.