On the effects of the ACE, see N. Branzoli and A. Caiumi, ‘Tax incentives and financial stability’, Banca d’Italia, Questioni di economia e finanza (Occasional Papers), forthcoming. 4  Recourse to the stock market has increased, especially in recent years.
Between 2014 and 2016 over 60 firms were quoted on the stock exchange, mainly on the Alternative Investment Market (AIM), a market segment with lower entry costs. In the same period, investments by private equity and venture capital firms in risk capital returned to pre-crisis levels of around € billion a year.