Quaderni IRCrES-CNR, (2019) vol. 4, n. 2
 
    pp. 47-82
       DOWNLOAD (pdf file)

SOLVIBILITÀ VS. LIQUIDITÀ NELLE CRISI D’IMPRESA

Solvibility vs. Liquidity in the Corporate Financial Crisis

Franco Varetto

CNR-IRCRES, Consiglio Nazionale delle Ricerche – Istituto di Ricerca sulla Crescita Economica Sostenibile, Via Real Collegio 30, Moncalieri (TO) – Italy

corresponding author: Questo indirizzo email è protetto dagli spambots. È necessario abilitare JavaScript per vederlo.

 

Abstract

The firm’s default can be examined as a solvency event or a shortfall liquidity event. This work deals with two main perspectives followed in the relevant literature: the EBIT-based models and the liquidity-based models. Both are consistent with each other when the over-indebtedness coexists with the shortfall of liquidity. In the econometric section of the paper, the risks of shortage of liquidity compared with the estimated debt reimbursement are measured in the manufacturing industries using the Dati Cumulativi of Mediobanca.

Keywords: Credit Risk, Solvency, Liquidity, Cash Flow, Financial Structure

JEL codes: C61, G17, G21, G28, G32, G33

 

How to cite this article

Varetto, F. (2019). Solvibilità vs. liquidità nelle crisi d’impresa. Quaderni IRCrES, 4(2), 47-82. http://dx.doi.org/10.23760/2499-6661.2019.10 

 

 

We use cookies to improve our website and your experience when using it. Cookies used for the essential operation of this site have already been set. To find out more about the cookies we use and how to delete them, see our privacy policy.

  I accept cookies from this site.
EU Cookie Directive plugin by www.channeldigital.co.uk