Abstract

Since the beginning of the third millennium, there were two world crises in financial markets: it now appears that a third one is beginning. Underlying the phenomenon are the behaviours of key stakeholder investors, who assumed the role of short- and very short-term "speculators". However, the work of ratings agencies, which sometimes have issued assessments which proved to be totally unreliable, has also to be acknowledged, among the causes of the crisis. This paper will also examine the possible effects of crisis on the economic and financial balance and, consequently, on the financial statement of companies, particularly referred to the Italian one.