This first issue of 2017 has five articles and a commentary. The first article, entitled "Non Performing Loans, Moral Hazard & Supervisory Authority: the Italian Banking System" – by Peter Cincinelli, Domenico Piatti – investigates whether Italian banks’ lending behaviour is sensitive to high levels of NPLs and, more importantly, whether banks with higher NPLs ratios tend to adopt a more aggressive and riskier lending strategy. Indeed, they find that Italian banks may be affected by moral hazard problems, but there seems to be no effect of regulatory enforcement action on reducing it. I wish to highlight that this paper received the Targa Adeimf award during the last ADEIMF Annual Conference.
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