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This paper aims to investigate the drivers of systemic risk and contagion among European banks from 2007 to 2012. The authors explain why some banks are expected to contribute more to systemic events in the European financial system than others by analysing the tail co-movement of banks’ security prices.

First, the authors derive a systemic risk measure from the concepts of marginal expected shortfall and conditional value at risk analysing tail co-movements of daily bank stock returns. The authors then run panel regressions for the systemic risk measure using idiosyncratic bank characteristics and a set of country and policy control variables.

The results comprise highly significant drivers of systemic risk in the European banking sector with important implications for research and banking regulation. Using a set of panel regressions, the authors identify bank size, asset and income structure, loss and liquidity coverage, profitability and several macroeconomic conditions as drivers of systemic risk.

Analysing the tail co-movement of security prices excludes a number of “smaller” institutions without publicly listed securities. The other shortfall is that we do not assess the systemic impact of non-bank financial institutions.

Regulators have to consider a broad variety of indicators for assessing systemic risks. Existing microprudential-oriented rules are less effective, and policymakers may consider new measures like asset diversification to mitigate systemic risks in the banking system.

The authors contribute to existing empirical analyses in three ways. First, they propose a method to identify systemically important banks (SIBs). Second, they develop two measures to assess their potential negative impact on the system. Third, they contribute to the closing of the research gaps by analysing which macroprudential regulations for SIBs are most effective without hampering free market forces.

I'VE said it before, and I'll say it again: Eastbourne is an excellent place for a conference, and I set out for it after five years' absence with the hope that its handsome and genial presence would produce something better than the mixture of ordinary, obvious and sometimes inaudible papers that have been a constituent of more than one intervening conference. That towns can affect such occasions is no doubt a farfetched conceit, but they certainly affect me; as soon as I arrived the environmental magic worked, and old friends and new faces were seen in the golden light of perfect autumn weather.

This study aims to analyse the systemic risk emitted by all publicly listed commercial banks in a key emerging economy, India.

The study makes use of the Tobias and Brunnermeier (2016) estimator to quantify the systemic risk (ΔCoVaR) that banks contribute to the system. The methodology addresses a classification problem based on the probability that a particular bank will emit high systemic risk or moderate systemic risk. The study applies machine learning models such as logistic regression, random forest (RF), neural networks and gradient boosting machine (GBM) and addresses the issue of imbalanced data sets to investigate bank’s balance sheet features and bank’s stock features which may potentially determine the factors of systemic risk emission.

The study reports that across various performance matrices, the authors find that two specifications are preferred: RF and GBM. The study identifies lag of the estimator of systemic risk, stock beta, stock volatility and return on equity as important features to explain emission of systemic risk.

The findings will help banks and regulators with the key features that can be used to formulate the policy decisions.

This study contributes to the existing literature by suggesting classification algorithms that can be used to model the probability of systemic risk emission in a classification problem setting. Further, the study identifies the features responsible for the likelihood of systemic risk.

The purpose of this paper is to analyze the emergence and development of public relations in Italy between 1945 and 1960. Its aim is to examine the main actors (corporate and political) involved in the process, how they were influenced by the USA and the emergence of professional associations devoted to expanding the field

The paper is based on research conducted in US and Italian archives and libraries. It analyzes primary sources concerning corporations, government agencies and professional associations involved in promoting public relations in post‐war Italy, such as the United States Information Service, Standard Oil (NJ), Fiat, Piaggio, Olivetti, Pirelli, Intersind.

This paper argues that the introduction of public relations in postwar Italy was strongly influenced by US companies and government agencies, which had a considerable impact on the emergence of professional associations. It also looks at the specific Italian definitions of public relations and points out that in Italy the field of public relations emphasized the importance of “style” and culture over that of marketing, and was often carried out by an array of “humanists” (poets, graphic designers, and writers).

This paper is one of the first studies about the history of public relations in Italy. It points out the peculiarity of the Italian case, by showing the intersection between the terms “propaganda” and “public relations” in a country that had experienced 20 years of Fascist rule.