Italy is the European country where firms with fewer than 10 employees account for the largest share of value added and employment. On the basis of data from the company balance sheets and the Central Credit Register during the period 2003-2010, this work contributes to the analysis of these...

This report analyses and reviews the corporate finance structure of non-financial corporations (NFCs) in the euro area, including how they interact with the macroeconomic environment. Special emphasis is placed on the crisis that began in 2007-08, thus underlining the relevance of financing and...

Trade credit arises from delayed payments between firms. It is not easy to identify its determinants since they are connected to organisational,technical, commercial and financial factors.In this paper we empirically examine the determinants of the usage of trade credit by Italian industrial...

A recent strand of the literature shows that the adoption of different lending technologies is associated with heterogeneous credit policies and performance. Using a unique Bank of Italy?s survey, specifically designed to capture some organizational features and the lending techniques adopted by...

When the debt of firms in distress is dispersed, a restructuring agreement is difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, allowing them to threaten a punishment in case of free riding. As the number of lending banks...

Purpose: This paper aims to propose a new indicator of product differentiation in the mortgage market and use it to examine how the double crisis, local market competition and bank-specific characteristics have influenced the supply of non-conventional mortgages in Italy....

Purpose: Following the mandatory IFRS adoption in 2005, the Continental European accounting systems changed. This study investigates if it influenced the value relevance of intangible assets in Italy. Design/methodology/approach: To measure the value relevance of intangible assets of...

Purpose: The role that the board can have in influencing the adoption of non-financial reporting (NFR) by companies is a topic that has raised interest in the recent literature. However, very few have so far been said on the logic that underpins the selection by corporate boards of a particular...

We study the effects of the diversification of funding sources on the financing conditions for firms. We exploit a regulatory reform which took place in Italy in 2012, i.e., the introduction of "minibonds", which opened a new market-based funding opportunity for unlisted firms. Using the Italian...