LA BLACK LIST DELLA CONSOB. CRISI FINANZIARIE E OBBLIGHI INFORMATIVI PER LE SOCIETÀ QUOTATE.

Abstract

This paper deals with the  so called “Consob Black list”, including Italian companies forced by the Market Authority (Consob) to provide more frequent financial information.

Since 2002 when it was created, 79 listed companies where included in the list, that is a significant percentage of all companies listed in the Italian stock market. The paper provides the list of companies (unpublished before) and  analyzes it in search of common characteristics. Dates of entrance and exit, sector of activity, size dimensions (revenues, number of employees and market capitalization) are examined. The way of exit from the black list  (turnaround or bankruptcy proceedings) try to explain the main scenarios.

Also due to the small sample dimension, it is hard to find statistically significant correlations and the work has to be considered  more descriptive than analytical, but it can be however useful as basis for further analysis.