Italian firms' leverage well above average, study finds
Leverage has risen in recent years, researchers say
Italian non-financial companies (NFCs) have leverage levels significantly higher than the eurozone average, an occasional paper published in February by the Bank of Italy says.
In The debt of Italian non-financial firms: an international comparison, Antonio de Socio and Paolo Finaldi Russo use both micro and macro data to estimate levels of leverage, drawing on a sample of approximately 1 million eurozone NFCs. Following a 1995 paper by Raghuram Rajan and Luigi Zingales, they define leverage as
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