This paper examines the effects of changes in civil and fiscal law made to facilitate direct access to the debt capital market by unlisted companies in Italy, in order to allow companies (particularly SMEs) to cope with the persisting credit crunch. Despite the slow start, corporate finance regulations have created some "work in progress", so that a greater use of direct financing through bonds, in addition to bank credit, is pratically at hand.
Direct Access to the Debt Capital Market by Unlisted Companies in Italy. Effect of Changes in Civil Law: an Empirical Investigation
RICCIO, GIUSEPPE
In corso di stampa
Abstract
This paper examines the effects of changes in civil and fiscal law made to facilitate direct access to the debt capital market by unlisted companies in Italy, in order to allow companies (particularly SMEs) to cope with the persisting credit crunch. Despite the slow start, corporate finance regulations have created some "work in progress", so that a greater use of direct financing through bonds, in addition to bank credit, is pratically at hand.
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