Direct Access to the Debt Capital Market by Unlisted Companies in Italy. Effect of Changes in Civil Law: an Empirical Investigation

RICCIO, GIUSEPPE

In press

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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.