Several innovations have been introduced in the financial system starting from the ‘80s like new products, new types of transactions and even new financial markets. This paper analyses the factors that incentivize the introduction of such innovations, a fact that is becoming more and more frequent, how these innovations have been used and their impact on the modern financial transactions. In particular, this paper is primarily focused on the analysis of the innovation related to a specific financial operation called Leveraged Buyout (LBO). The introduction of hybrid instruments and issuer-friendly products, like the covenant light loans and the Payment In Kind (PIK) bonds, has changed how the companies choose their capital structure and has enabled the possibility to structure of bigger deals.
A partire dagli ’80 si è assistito all’introduzione nel sistema finanziario di numerose innovazioni, quali nuovi strumenti o tipologie di transazione o, infine, l’evoluzione dei mercati stessi. Lo scopo di questo elaborato è l’analisi e lo studio delle motivazioni sottostanti alla sempre più frequente introduzione di innovazioni e del loro uso ed impatto nelle moderne operazioni finanziarie. Lo studio si focalizza principalmente sull’analisi delle innovazioni di una peculiare tipologia di operazione finanziaria chiamata Leveraged Buyout (LBO). La creazione di strumenti finanziari ibridi e di strumenti issuer-friendly, come i covenant light loan ed i Payment In Kind (PIK) bond, ha infatti cambiato le scelte delle imprese in termini di struttura del capitale ed ha permesso la strutturazione di deal di dimensioni sempre maggiori.
Financial innovation nella strutturazione di transazioni di leveraged buyout
INNOCENTI, CARLO
2017/2018
Abstract
Several innovations have been introduced in the financial system starting from the ‘80s like new products, new types of transactions and even new financial markets. This paper analyses the factors that incentivize the introduction of such innovations, a fact that is becoming more and more frequent, how these innovations have been used and their impact on the modern financial transactions. In particular, this paper is primarily focused on the analysis of the innovation related to a specific financial operation called Leveraged Buyout (LBO). The introduction of hybrid instruments and issuer-friendly products, like the covenant light loans and the Payment In Kind (PIK) bonds, has changed how the companies choose their capital structure and has enabled the possibility to structure of bigger deals.File | Dimensione | Formato | |
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2018_12_Innocenti.pdf
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Descrizione: Testo della Tesi
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https://hdl.handle.net/10589/144586