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Robo-advisors are online wealth management platforms that provide tailored automated investment solutions. First platforms were located in Silicon Valley in 2011 and since then have enjoyed continuous success among private investors all over the world. Thanks to the simplification of the relation between investors and advisors through digitalisation, low fees and good performance achieved through the use of personalized algorithms, new investor segments are approaching to digital wealth management. Although the It...

In a lease agreement, when it comes to determine the residual debt at a given date in case of insolvency or continuous arrears (i.e. an early termination, before the maturity of the lease plan), often the contract decides upon the penalties and some lump sum refund for impairment. Accounting purposes require both the lessor and the lessee to calculate separately for the amount of the outstanding debt and the agreed-upon for the impairment and the penalties. In this paper, the authors propose a model for a precise ...

The aim of this study is to define the contexts in which wineries work. The paper presents a comparative analysis between two wine districts of Piedmont (Italy), located in the provinces of Cuneo (Langhe), and Asti (Monferrato). Even if these two wine districts differ in terms of territory, history, and traditional wine production, both are attractive in terms of industrial tourism (wine and food sector). Each district has its own “wine routes”: in the province of Cuneo there is the “Strada del Barolo e gran...

According to the behavioral finance theory, agents act coherently with the Kahneman and Tversky prospect paradigms and may violate those dictated by the rational expected utility. From the point of view of real financial markets' applications, a key question concerns how to eliciting the financial professionals' risk preferences. In this contribution we propose the benchmarking procedure originally set up by Castagnoli & LiCalzi (1996) and Bordley & LiCalzi (2000) that couples sound axiomatic fundamentals with a u...