Il quasi Equity: aspetti istituzionali, teoria economica ed evidenza empirica

Corporations’ financial structures are featured by the increasing relevance of financial devices, the mezzanine financing, that juxtapose the twofold nature of equity and debt in terms of risk and return. Some of these instruments show several analogies with equity and therefore have been defined as “Quasi-Equity”. This definition encompasses specific financial issues, like shares with restricted or without voting rights, convertible bonds and warrants. This monograph specifically analyses the “Quasi Equity” financial tools giving an overview of their main relevant economic and financial features and institutional and empirical aspects. The study is organized in two parts: the first part is devoted to the description of the “Quasi-Equity” and to its connection to the voting right issues; the latter deals with the aspects of “Quasi-Equity” pricing and market value of the corporations, concluding with some corporate finance policy suggestions.