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Direct Access to the Debt Capital Market by Unlisted Companies in Italy and the Effects of Changes in Civil Law: An Empirical Investigation

In: Financial Crisis, Bank Behaviour and Credit Crunch

Author

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  • Giuseppe Riccio

    (University of Cagliari)

Abstract

This paper examines the effects of changes in civil and fiscal law that were made to facilitate direct access to the debt capital market by unlisted companies in Italy to allow them (particularly SMEs) to cope with the persisting credit crunch. This study is based on an empirical investigation of data regarding issues listed in the ExtraMOT Pro market (MTF) of the Italian Stock Exchange from March 2013 to June 2014. Our results demonstrate that few issues were listed in this period and that approximately one-half of the total outstanding issues were absorbed by issues of the top three companies. This is because companies of medium to large size were also among the first movers; afterwards, issues were primarily launched in smaller amounts. The most frequent sectors are services (Information and Communication Technology, engineering, gaming) and building/real estate sectors. Despite the slow start, corporate finance regulations have created “work in progress” so that a greater use of direct financing through bonds, in addition to bank credit, is almost at hand.

Suggested Citation

  • Giuseppe Riccio, 2016. "Direct Access to the Debt Capital Market by Unlisted Companies in Italy and the Effects of Changes in Civil Law: An Empirical Investigation," Contributions to Economics, in: Stefania P.S. Rossi & Roberto Malavasi (ed.), Financial Crisis, Bank Behaviour and Credit Crunch, edition 1, pages 179-193, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-17413-6_12
    DOI: 10.1007/978-3-319-17413-6_12
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    Cited by:

    1. Robert Gampfer & Jessica Mitchell & Blagoy Stamenow & Jana Zifciakova & Koen Jonkers, 2016. "Improving access to finance: which schemes best support the emergence of high-growth innovative enterprises? A mapping, analysis and assessment of finance instruments in selected EU Member States," JRC Research Reports JRC102928, Joint Research Centre.

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