With contributions presented during the Second International Risk Management Conference, this second volume addresses important areas of risk management from a variety of angles and perspectives. The book will cover two separate tracks-financial risk management and risk management and corporate strategies-and will be of interest to academic researchers and students in risk management, banking, and finance.

Paola De Vincentiis is a full professor of banking and finance at the University of Turin, Italy. She is the organizer of the Second International Risk Management Conference.

Francesca Culasso is a full professor in Business Administration at the University of Turin, Italy. Her research interests are in management accounting, cost management, strategic management, governance, risk management, and the organizational behavioural aspects of accounting.

Stefano A. Cerrato is a full professor of company law at University of Turin, Italy. He received his JD from the same university in 2000 and holds a PhD in company law from Bocconi University, Italy. He is on the panel of arbitrators at Piedmont Arbitration Chamber, at National and International Arbitration Chamber in Milan, and at the Arbitration Chamber of Italy's Anti-Corruption Authority in Rome (ANAC). He is admitted to plead in front of the supreme jurisdictions. He is founder and director of the Law Review Giurisprudenza arbitrale , and a member of the editorial scientific board of the following Law Reviews: Giurisprudenza italiana , Giurisprudenza commerciale , AIDA - Annali italiani di diritto d'autore , and Nuovo Diritto Societario .

1;Preface;5 2;Contents;7 3;List of Contributors;10 4;List of Figures;14 5;List of Tables;19 6;Part I Financial Risk Management;23 7;Chapter 1 Risk Management Instruments Offered by P2P Lending Platforms. A Cross-Country Empirical Analysis Based on a Scoring System;25 7.1;1 Introduction;25 7.2;2 Literature Review and Conceptual Framework;26 7.3;3 Overview and Organisational Features of Our Sample;31 7.4;4 Diversification Opportunities and Capital Allocation Tools;39 7.5;5 Risk Mitigation Tools;44 7.5.1;5.1 Lender Risk Mitigation;45 7.5.2;5.2 Borrower Risk Mitigation;49 7.5.3;5.3 The Risk Mitigation Sub-score;49 7.6;6 Quality and Quantity of Information Available to Platform Users;51 7.7;7 Conclusions;60 7.8;References;62 8;Chapter 2 Equity Crowdfunding and Risk Management: The Attitude of Italian Platforms;65 8.1;1 Introduction;65 8.2;2 Theoretical Backbone;67 8.2.1;2.1 Fundamental Principles of Crowdfunding;67 8.2.2;2.2 Defining Equity Crowdfunding;69 8.2.3;2.3 Risk Management Theory;70 8.3;3 Risk and Regulation in Crowdfunding Platform: Focus on Equity Crowdfunding;71 8.3.1;3.1 Italian Regulation;71 8.3.2;3.2 Crowdfunding Risks;75 8.3.3;3.3 Equity Crowdfunding Risks;76 8.4;4 Risk Management Approaches in Crowdfunding Platforms;81 8.5;5 Conclusions, Implications, and Future Lines of Research;82 8.6;References;84 9;Chapter 3 Fair Value Measurement Under Level 2 Inputs: Do Market and Transaction Multiples Catch Firm-Specific Risk Factors?;89 9.1;1 Introduction;89 9.2;2 Quality of Information, Fair Value Measurement and Firm Value;90 9.3;3 Research Design, Methodology and Data Collection;93 9.4;4 Data Analysis and Discussion of Findings;97 9.4.1;4.1 Analysis of the Portfolio Fair Values: Estimation of the Biases Introduced by Market and Transaction Multiples and Their Effect on Asset Values and Balance Sheet;97 9.4.1.1;4.1.1 P/E Fair Values;99 9.4.1.2;4.1.2 EV/SALES Fair Values;100 9.4.1.3;4.1.3 EV/EBITDA Fair Values;100 9.4.1.4;4.1.4 EV/EBIT Fair Values;101 9.4.1.5;4.1.5 Transaction Multiples (EBITDA) Fair Value;102 9.4.2;4.2 Analysis of the Portfolio Trends and Volatility in the Financial Statements: Estimation of the Variation of the Portfolio Evaluation and Its Effects on P/L Statement;103 9.4.3;4.3 Descriptive Statistics and Distribution of the Estimated-to-Real Fair Value Ratios;106 9.5;5 Comments and Conclusions;107 9.6;Appendix;108 9.7;References;125 10;Chapter 4 Non-financial Information and Risk Disclosure: Compliance Levels with Mandatory Requirements in the Italian Market;127 10.1;1 Introduction;127 10.2;2 Literature Review;129 10.2.1;2.1 Background on Non-financial Information Disclosure;129 10.2.2;2.2 Related Risk Disclosure Studies;133 10.3;3 Methodology and Data Collection;135 10.4;4 Discussion of Findings;138 10.4.1;4.1 The Level of Compliance of NFI;141 10.4.2;4.2 The Level of Compliance of Risk Disclosure;147 10.5;5 Conclusions;154 10.6;Appendix A;157 10.7;Bibliography;160 11;Chapter 5 Mutual Correlation and Interaction on Capital Markets in Countries of Development, Certain EU Member Countries and Development Countries: Evidence of Federation of Bosnia and Herzegovina;165 11.1;1 Introduction;165 11.2;2 Brief Review of Relevant Literature;167 11.3;3 Research Hypothesis;168 11.4;4 A Brief Overview of the Performance of the Capital Markets of the Countries of Western Balkans, EU Member Countries and Developed Countries;168 11.5;5 Research Methodology;170 11.5.1;5.1 Research Results;171 11.6;6 Conclusion;176 11.7;References;177 12;Chapter 6 Who Uses Trade Finance? Case-Based Evidence from Italian Exporters;178 12.1;1 Introduction;178 12.2;2 A Primer on Bank-Intermediated Export Finance Instruments;182 12.3;3 Literature Review and Hypotheses' Development;186 12.4;4 Empirical Analysis: Data, Model, and Findings;188 12.5;5 Conclusions;198 12.6;References;199 13;Chapter 7 Patient Investors Taxonomy: A Behavioral Approach;202 13.1;1 Introduction;202 13.2;2 Literature