Gianluca Oricchio Knihy

This book explores current financing optionsfor small and medium size enterprises (SMEs), with particular insight into theEuropean market. The authors position SME funding within a risk-averse lendingenvironment with high regulatory costs on business loans, which has arisen fromthe recent financial crisis and new European bank capital regulations. Chaptersin the book demonstrate how and why SMEs may be forced to leave the market andposit that shadow banking and other alternative funding options are viablechannels for raising funds. A new and innovative SME credit risk model is alsopresented. This book will appeal to all who share an interest in sustainable solutions toissues in SME financing. Inhaltsverzeichnis 1) Banking Crisis and SME Credit Risk Assessment; Gianluca Oricchio.- 2) SMEs in Europe: An Overview; Stefano Fontana.- 3) European SMEs Funding Through Securitisation: An Introduction; Stefano Fontana.- 4) Corporate and SME Credit Rating Models; Gianluca Oricchio.- 5) SME Credit Rating Models: A New Approach; Gianluca Oricchio.- 6) Restarting the Credit Engine in Europe; Sergio Lugaresi.- 7) Alternative Funding Options: E-Platforms; Andrea Crovetto.- 8) The EPIC Case Study; Andrea Crovetto.

This book presents the state-of-the-art with respect to credit risk evaluation and pricing within the contemporary global banking and financial system. It focuses on credit pricing in illiquid, liquid and hybrid markets. No one with any connection to the credit management business will be able to do without it. Inhaltsverzeichnis Introduction PART I: PRICING IN LIQUID MARKETS Introduction The Merton Structural Default Model Nelson-Siegel: A Parametric Approach PART II: PRICING IN NON LIQUID MARKETS Introduction Internal Rating and Pricing Models PIT and TTC Rating Systems: Influence on the Insurance Pricing Incorporating Market View in Pricing Models Probability of Default Transition Matrix State - Dependent Pricing Model Usage Given Default (Exposure at Default) Loss Given Default Analytics of Pricing Models Pricing of a Pre-Payment Option PART III: HYBRID PRODUCTS Introduction Moody's Approach Standard and Poor's Approach PART IV: CONSISTENCY ANALYSIS BETWEEN EVA METRICS AND CREDIT PRICING Introduction - Market Based Pricing vs EVA IRB Pricing Approach: A Consistent Framework