BItNotes n°6

BItNotes n°6
 
"The Italian equity market: an estimate of growth opportunities for the number of listing companies"
E.Pellizzoni - December 2002

This paper compares the number of domestic listed companies and the capitalisation of the Italian stock exchange to the other main European equity markets. Through the analysis of the financial information contained in the Archivio Elettronico of Centrale dei Bilanci, an estimate of the number of Italian non financial companies that could be currently listed is provided. The selection criteria include turnover, number of employees, profitability and ownership structure of the firms. The size, sectoral and geographical distribution of this sample is described, and an analysis of the differences in profitability and financial structure of the firms is carried out. The growth opportunities of the Italian equity market in term of number of listed companies and capitalisation are estimated. These results are related to the differences in the industrial structure of the main European countries, to the breakdown by size and sector of the companies listed on the European equity markets, and to the main historical reasons at the root of the relative underdevelopment of the Italian stock exchange. These elements should be taken into consideration to increase the number of Italian listed companies.

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For further information please send an e-mail to:
enrico.pellizzoni@borsaitaliana.it