The economic and financial crises occurred in recent years have generated significant consequences on the structure of the Italian and European economic and social system, mainly consisting of small and medium-sized enterprises. As a result, it was decided to introduce new financial tools that could generate alternative supply channels, that are, among others, the minibonds. Minibonds have been conceived and developed with different timing, methods and purposes according to the country involved. In some cases, the spread of minibonds has been achieved by exploiting collective investment platforms. For this reason, the first attempt of this work is to examine the European market (including the United Kingdom) for minibonds placed on crowdfunding portals through a detailed analysis of the leading authorized platforms. In Italy, the use of equity crowdfunding platforms to place minibonds was only approved at the end of 2019. In this view, it fits the ultimate project's objective: to analyse the recent development of minibonds on Italian crowdfunding platforms and determine the existence of advantages and risks for companies and investors through an in-depth examination of different case studies.
Le crisi economiche e finanziarie verificatesi negli ultimi anni hanno generato conseguenze significative sulla struttura del sistema economico e sociale italiano ed europeo, costituito principalmente da piccole e medie imprese. Di conseguenza, si è deciso di introdurre nuovi strumenti finanziari che potessero generare canali di approvvigionamento alternativi, che sono, tra gli altri, i minibond. I minibond sono stati concepiti e sviluppati con tempi, modalità e finalità diverse a seconda del paese coinvolto. In alcuni casi, la diffusione dei minibond è stata realizzata sfruttando piattaforme di investimento collettivo.Per questo motivo, il primo intento di questo elaborato è quello di esaminare il mercato europeo (compreso il Regno Unito) dei minibond collocati su portali di crowdfunding attraverso un'analisi dettagliata delle principali piattaforme autorizzate. In Italia, l'utilizzo delle piattaforme di equity crowdfunding per collocare minibond è stato approvato solo alla fine del 2019. In quest'ottica si inserisce l'obiettivo finale del progetto: analizzare il recente sviluppo dei minibond sulle piattaforme di crowdfunding italiane e determinare l'esistenza di vantaggi e rischi per le imprese e gli investitori attraverso l'approfondimento di diversi casi studio.
Minibonds placement on crowdfunding platforms : an analysis of future prospects for the Italian market
Rossetto, Marco
2019/2020
Abstract
The economic and financial crises occurred in recent years have generated significant consequences on the structure of the Italian and European economic and social system, mainly consisting of small and medium-sized enterprises. As a result, it was decided to introduce new financial tools that could generate alternative supply channels, that are, among others, the minibonds. Minibonds have been conceived and developed with different timing, methods and purposes according to the country involved. In some cases, the spread of minibonds has been achieved by exploiting collective investment platforms. For this reason, the first attempt of this work is to examine the European market (including the United Kingdom) for minibonds placed on crowdfunding portals through a detailed analysis of the leading authorized platforms. In Italy, the use of equity crowdfunding platforms to place minibonds was only approved at the end of 2019. In this view, it fits the ultimate project's objective: to analyse the recent development of minibonds on Italian crowdfunding platforms and determine the existence of advantages and risks for companies and investors through an in-depth examination of different case studies.File | Dimensione | Formato | |
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2021_04_Rossetto.PDF
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https://hdl.handle.net/10589/173953