Restarting European Long-Term Investment Finance: A Green Paper Discussion Document

Alberto Giovannini, Colin Mayer, Stefano Micossi, Carmine Di Noia, Marco Onado, Marco Pagano, Andrea Polo 29 January 2015

Restarting European Long-Term Investment Finance (RELTIF) is a joint project organised by CEPR and Assonime, and supported by Emittenti Titoli. It was launched in response to the low level of investment that has been observed across Europe and the policies that have been adopted to deal with it. This Green Paper is the first output of the project and sets the stage for its future research. The paper describes the significant changes in financing of corporations that have occurred in Europe over the last few years and the reasons for them.

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Executive Summary

Introduction

Part 1: Changing financing patterns

1 Small and medium-sized enterprises
2 Long-term versus short-term debt finance
3 Bonds versus bank finance
4 Debt and equity

Part 2: Causes

5 Supply versus demand
6 Intermediation
7 Information
8 Financial regulation
9 Corporate governance

Summary

Research Questions

Alberto Giovannini

Chief Executive Officer, Unifortune SGR SpA and Principal Policy Advisor of the European Commission’s Clearing and Settlement Advisory and Monitoring Group (CESAME)

Colin Mayer

Peter Moores Professor of Management, Saïd Business School; Professorial Fellow of Wadham College, Oxford; CEPR Research Fellow

Stefano Micossi

Director General, ASSONIME; Honorary Professor College of Europe; Member of the Board of Directors of Unicredit and chairman of the Board Committee for Corporate Governance, Nomination and Sustainability; Chairman of the School of European Political Economy, LUISS

Carmine Di Noia

Deputy Director General and Head of Capital Markets and Listed Companies at Assonime

Marco Onado

Professor at Bocconi University, Milan and former Commissioner of the Italian public authority responsible for regulating the Italian securities market (CONSOB).

Marco Pagano

Professor of Finance, University of Naples Federico II, Director of the Centre for Studies in Economics and Finance (CSEF) and CEPR Research Fellow

Andrea Polo

Assistant Professor, Universitat Pompeu Fabra; Associate Research Professor, Barcelona Graduate School of Economics; CEPR Research Affiliate; ECGI Research Member

Events

CEPR Policy Research