Finanziamento dell'impresa e coazione a sottoscrivere. Gli aumenti di capitale iperdiluitivi

Enrico Rino Restelli*

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in rivistaArticolo in rivista


In publicly traded companies, highly dilutive rights issues create market anomalies throughout the whole offer period, especially with respect to rights’ prices, which quote considerably below their fair value. These anomalies could cause severe losses to non-subscribing shareholders, inducing them to take part in the operation even if the financial perspectives of the company would have suggested otherwise (= enforced subscription mechanism). In order to strike a proper balance between enabling companies to raise new capital while simultaneously protecting investors, company law provides an array of regulatory strategies; the aim of this paper is to analyze the function and the contents of managers’ liability to investors (art. 2395 Italian Civil Code) as a constraint to managers’ discretionary power in setting the economic and regulatory conditions of share issuances.
Titolo tradotto del contributo[Autom. eng. transl.] Company financing and compulsion to subscribe. The hyper-diluting capital increases
Lingua originaleItalian
pagine (da-a)547-586
Numero di pagine40
RivistaOsservatorio del Diritto Civile e Commerciale
Stato di pubblicazionePubblicato - 2018
Pubblicato esternamente


  • Enforced Subscription
  • Managers’ Liability To Investors
  • Rights Issue
  • Share Issuance
  • Shareholders’ Dilution


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