PART I: BANK MANAGEMENT, INNOVATION AND TECHNOLOGY Financial Innovation: Theoretical Issues and Empirical Evidence in Italy and in the U.K.; F.Arnaboldi & B.Rossignoli A New Appraisal of the Structure of European Banking Systems; C.Ruza, R.de Juan & M.Cuesta Intellectual Capital and Banking's Performance in the Italian Banking; G.Gigante & D.Previati Traditional and R&D Investments: Are They Really Different?; P.Brighi & G.Torluccio PART II: EFFICIENCY AND PRODUCTIVITY OF FINANCIAL INTERMEDIARIES Modelling Risk in Efficiency and Productivity Analysis of Banking Systems; T.Weyman Jones, K.Kenjegalieva & G.Ravishjankar Cross Country Comparison of Efficiency in Investment Banking; F.Fiordelisi, C.Girardone & N.Radic Are Cost and Profit Efficiencies Arising from Bank M&As Priced in the Stock Markets?; D.Chronopoulos, C.Girardone & J.Nankervis PART III: CONSOLIDATION IN THE FINANCIAL SECTOR The Impact of Corporate Culture, Efficiency and Geographic Distance on M&A Results: the European Case; F.Fiordelisi & D.Martelli What Does Bank Financial Profile Tell us about Mergers and Acquisitions in Latin American Banking?; J.Williams & F.Williams The Determinants of M&A Operations in Banking; E.Beccalli & P.Frantz PART IV: CORPORATE GOVERNANCE ISSUES Comply or Explain - Rule or Exception - An Assessment of Compliance with the Corporate Governance Code for Italian Listed Companies; M.Bianchi, R.Signoretti, A.Ciavarella & V.Novembre Sources of Risk and Return in Different Bank Business Models - Comparing Poland with the Global Trends; E.Miklaszewska & K.Mikolajczyk Strategic Frames in the Banking Industry - Does Board Composition Matter?; V.Farina, A.Carretta & P.Schwizer In Search of an Optimal Board of Directors for Commercial Banks; M.Maribal, P.Alonso, E.Merino & E.Vallelado Value and Governance in the Exchange Industry: the Case of Diversified Conglomeral Exchanges; M.Polato & J.Floreani