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Increasing the efficiency of bond covenants: a proposal for the Italian market

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Author Info
Flavio Bazzana (Università degli Studi di Trento)
Marco Palmieri (Università di Bologna)
Abstract

In Italy the use of bond covenants is restrained by the predominance of SMEs, the significant role of relationship banking, the high costs related to public placements, the lack of investors‘ financial culture, the low amount of loans normally requested by each firm and the lack of liquidity of the secondary market. On the basis of Us experience, the creation of a trustee could help to define debt contract terms to increase the efficiency of covenants market, but Italian corporate bonds law does not allow to adopt this model. New regulation on financial instruments with administrative rights offers more opportunities in order to define a solution coherent with the debt agreements and owners' rights that characterizes bond covenants.

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File URL: http://www.bancariaeditrice.it/portal/ssm/page.do?pageId=6289204
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Publisher Info
Article provided by Bancaria Editrice in its journal BANCARIA.

Volume (Year): 9 (2009)
Issue (Month): (September)
Pages: 39-58
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ban:bancar:v:9:y:2009:m:september:p:39-58

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Web page: http://www.bancaria.it

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Related research
Keywords: innovazione finanziaria; crisi finanziaria; rischio di liquidità; regolamentazione;

Find related papers by JEL classification:
D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation
G1 - Financial Economics - - General Financial Markets
G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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This page was last updated on 2009-11-16.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.