Risky business

No matter what some might say, the Beirut Stock Exchange is economically insignificant. Few companies are listed, with real estate giant Solidere and a handful of banks taking up the largest share of the market, and there has not been a new listing since the turn of the century. This sad state of affairs is begging for change, and many investment bankers are hoping to see more companies going public in the coming years (see story). It could certainly bring about many positives. A new flow of companies opening up their capital to outside investors would lead to an increase in investment banking services revolving around financial advisory, restructurings, mergers and acquisitions, and initial public offerings (IPOs).  This could help change economic norms in a country where the dominant corporate structure is still the family one, whose organizational structures are often opaque at best. Opening up such businesses to outside