Similarity-based heterogeneity and cohesiveness of networked companies issuing minibonds

This paper adopts a complex network approach for discussing the level of heterogeneity and cohesiveness among firms that have used a particular financial instrument — the so-called minibond. The nodes of the networks represent firms, and the weight of a link is assumed to be increasing with the similarity of the corresponding nodes/firms — where similarity is intended in terms of specific economic-financial characteristics of the firms. We assess the level of heterogeneity through the strength degree and the level of cohesiveness through the clustering coefficient. The empirical experiments are based on the paradigmatic case of the Italian reality, where minibonds have been and are currently efficiently used. The analysis reveals regularities and discrepancies among firms’ financial characteristics. Furthermore, the results suggest the potential identification of the main determinants of minibonds issuance.