The study looked at Italian companies that issued bonds for the first time between 2002 and 2013. They found that these companies were larger and more likely to be listed on the stock exchange compared to those that did not issue bonds. The decision to issue bonds was driven by the need to fund growth and balance assets and liabilities. The economic crisis led to fewer small companies issuing bonds due to investor risk aversion. Around 450-650 similar companies did not issue bonds during this period.