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New Financing Instruments to Bridge the Funding Gap: The Lesson from Italy

In: Bank Funding, Financial Instruments and Decision-Making in the Banking Industry

Author

Listed:
  • Elisa Giaretta

    (University of Verona)

  • Giusy Chesini

    (University of Verona)

Abstract

The funding gap occurs when deserving companies do not get the amount of loans that they would get in an efficient market, making obstacles to the birth and growth of companies. This research analyzes the ability of two funding instruments that have been identified as alternatives to bank debt, to bridge the funding gap that followed the sovereign debt crisis in Italy: mini-bonds and companies’ networks. Studying a sample of 216 companies funded in 2013–14, the analysis is carried out by a Student’s T test and a regression model. The results suggest that mini-bond’s issuers present a better financial structure when compared to networked companies, despite the extra cost of financing on companies’ revenues.

Suggested Citation

  • Elisa Giaretta & Giusy Chesini, 2016. "New Financing Instruments to Bridge the Funding Gap: The Lesson from Italy," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Santiago Carbó Valverde & Pedro Jesús Cuadros Solas & Francisco Rodríguez Fernández (ed.), Bank Funding, Financial Instruments and Decision-Making in the Banking Industry, chapter 6, pages 117-143, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-30701-5_6
    DOI: 10.1007/978-3-319-30701-5_6
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