Corporate Bonds for SMEs: A Study of Italian Minibonds

Mauro Aliano
;
Roberto Malavasi;Giuseppe Riccio
2017

Abstract

Starting in 2013, Italian small- and medium-sized enterprises (SMEs) can issue so-called ‘minibonds’. Such an instrument allows firms to diversify their funding sources, as they primarily rely on banking channels. By combining firm-level data gathered from Aida, supplied by Bureau van Dijk, with hand-collected data from specific firm reports, a quali-quantitative analysis is offered of firms issuing minibonds from January 2013 to June 2015. This study demonstrates that the observed firms differ, not only in operating conditions and issuance motivations, but also in their financial and economic characteristics. Finally, we offer some policy implications, aimed at improving the ability of such financial instruments to satisfy SMEs’ financial needs.
Inglese
Access to Bank Credit and SME Financing
Stefania P. S. Rossi
257
285
29
Palgrave Macmillan
London
REGNO UNITO DI GRAN BRETAGNA
978-3-319-41362-4
https://link.springer.com/chapter/10.1007/978-3-319-41363-1_10
Esperti anonimi
internazionale
scientifica
Bond markets; Firm financial structure
no
info:eu-repo/semantics/bookPart
2.1 Contributo in volume (Capitolo o Saggio)
Aliano, Mauro; Malavasi, Roberto; Riccio, Giuseppe
2 Contributo in Volume::2.1 Contributo in volume (Capitolo o Saggio)
3
268
reserved
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