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STEFANO CASELLI

STEFANO CASELLI
Full Professor
Department of Finance

Courses a.y. 2020/2021

10428 FINANZIAMENTI D'AZIENDA [CORPORATE FINANCING]
10441 PRIVATE EQUITY & VENTURE CAPITAL
11063 INTERNATIONAL FINANCE
11328 FINANCIAL MARKETS AND INSTITUTIONS
20131 INVESTMENT BANKING
20156 INTERNATIONAL FINANCE
20260 PRIVATE EQUITY AND VENTURE CAPITAL
30390 EQUITY AND VENTURE CAPITAL FINANCING

Courses previous a.y.


Biographical note

Born June 14th, 1969. He earned a MSc in Business Administration from the University of Genoa and a Ph.D. in Financial Markets and Institutions from the University of Siena.

 


Academic CV

Stefano Caselli is Vice-Rector for International Affairs at Bocconi University whereas is a Full Professor of Banking and Finance at Department of Finance and Algebris Chair in Long-Term Investment and Absolute Return. He is member of the board of directors of SDA Bocconi School of Management.

For International Affairs, he covers several roles. He is member of the Steering Committee of CIVICA, the University of Social Sciences (www.civica.eu). He is member of the Management Board of CEMS, the Global Alliance in Management Education (www.cems.org). He is the Chair for the EMEA Region of PIM, Partnership in International Management (www.pimnetwork.org). He is the Executive Secretary of the External Advisory Board of the School of Transnational Governance at EUI, the European University Institute in Florence (www.stg.eui.org).  

He conducted numerous research, training and consulting projects both with the most important financial institutions at European level and corporations for valuation and corporate governance issues. He is an expert guest speaker in international conferences. His Private Equity course is available on Coursera at: https://www.coursera.org/learn/private-equity.

He has a long experience as independent director in several boards of corporations and financial institutions as well as advisor of investment committees. He acts as columnist and opinion maker on “L’Economia del Corriere della Sera” as well radio and television programs and he is member of the advisory board of “Rivista di Politica Economica”. He is research fellow of BAFFI-CAREFIN where he chairs the Investment Banking and Structured Finance Unit as well as the project on “Capital Market” with Equita Group.


Research areas

His research activities focus on the relationship between banking and industrial system, facing issues both of corporate lending, banking credit risk management, corporate governance and of corporate finance and capital structure. Private equity and venture capital are relevant topics as well. He is the author of numerous books and articles on the subject.


Publications



SELECTED PUBLICATIONS

International Papers

“Public credit guarantee Schemes and SMEs’ profitability: evidence from Italy”, (with Corbetta G., Rossolini M., Vecchi V.), Journal of Small Business Management, n. 2, 2019.

“The impact of sovereign rating news on European banks” (with Gandolfi G., Soana G.), European Financial Management, n.1, vol. 22, 2016.

“Return of the state? An appraisal of policies to enhance access to credit for infrastructure-based public private partnerships”, (with Hellowell M., Vecchi V.), Public Money and Management, n.1, vol. 35, 2015.

“Explaining returns in private equity investments”, (with E. Garcia Appendini, F. Ippolito), Journal of Financial Intermediation,  n.1, 2013.

“Project   Finance   collateralized   debt   obligations:   an   empirical   analysis   on   spread determinants” (with V. Buscaino, F. Corielli, S. Gatti). European Financial Management, n. 5, vol. 18, 2012.

“Are Small Family Firms Financially Sophisticated?” (with A. Di Giuli and S. Gatti). Journal of Banking and Finance, Vol. 35, n.11, November 2011.

“Governance and Strategy within the financial system: tradition and innovation”. Journal of Management and Governance, vol. 14, n.3, 2010.

“Conference  Calls  and  Volatility.  Evidence  from  US  High  Tech  Market”,  (with  A. Dell’Acqua and F. Perrini). European Financial Management, n.2, March 2010.

“Offtaking Agreements and How They Impact the Cost of Funding for Project Finance Deals. A Clinical Study of The Quezon Power Ltd. Co” (with S. Gatti and V. Bonetti). Review of Financial Economics, vol. 19, 2010.

“Does  the  CFO  Matter  in  Family  Firms?  Evidence  from  Italy”,  (with  A.  Di  Giuli). European Journal of Finance, vol. 6, 2010.

“Pricing Final Indemnification Payments to Private Sponsors in Project-Financed Public- Private Partnerships: An Application of Real Options Valuation” (with S. Gatti and A. Marciante). Journal of Applied Corporate Finance, Volume 21, Issue 3, Summer 2009.

 “Are Venture Capitalist a Catalyst for Innovation or Do They Simply Exploit It?” (with S. Gatti, F. Perrini). European Financial Management, n.1, 2009.

“The Sensitivity of Loss Given Default Rate to Systematic Risk: New Empirical Evidence on Bank Loans” (with S. Gatti, F. Querci). Journal of Financial Services Research, n. 1 2008.

“M&A risk management: A state-of-the-art review of tools and techniques”, (with Gatti S, Visconti M.), Journal of Applied Corporate Finance, Volume 18, Number 4, Fall 2006.

International books

“Structured Finance. Techniques, Products and market” – Second and revised edition (Editor with S. Gatti), Springer Verlag, Berlin, New York, 2018.

“Private Equity and Venture Capital in Europe. Markets, Techniques and Deals” – Second and revised edition (with Negri G.), Elsevier Academic Press, Burlington, MA USA, 2018. Preface by Josh Lerner and Michael Collins.

“Principles and Practice of Impact Investing. A Catalytic Revolution”, (Editor with Vecchi V., Balbo L., Brusoni M.), Greenleaf Publishing Limited, Sheffield UK, 2016.

“Public Private Partnerships for infrastructure and enterprise funding. Principles, Practices and Perspectives”, (Editor with Corbetta G., Vecchi V), New York, Palgrave, 2015.

“Private Equity and Venture Capital in Europe. Markets, Techniques and Deals”, Elsevier Academic Press, Burlington, MA USA, 2010. Preface by R. Smith.

“Banking for Family Business. The New Challenge for Wealth Management”, (Editor with S. Gatti), Springer, Verlag, Berlin, New York, 2004.

“Venture  Capital.  A  Euro-System  Approach”, (Editor  with  S. Gatti), Springer  Verlag, Berlin, New York, 2004. Preface by J. Lerner, Harvard Business School.

Chapters in books

“The term-sheet and negotiating with investors”, in Alemany L., Andreoli J., (Editors), “Entrepreneurial Finance: the art & science of growing ventures”, Cambridge University Press, Cambrdige UK, 2018.

“Corporate Governance”, in Alemany L., Andreoli J., (Editors), “Entrepreneurial Finance: the art & science of growing ventures”, Cambridge University Press, Cambrdige UK, 2018.

“Closing PPP’s gaps in Italy: from legal microsurgery to managerial flow” (with Airoldi M., Vecchi V.), in Brusoni M., Farr-Warthon B., Farr-Warthon R., Vecchi V. (Eds), “Managerial Flow and the Implementation of Local Development Policies” Abingdon, Routledge, 2015.

“Public - Private Equity funds: where are we now?” (with Vecchi V.), in Caselli S., Corbetta G., Vecchi V. (Eds), “Public Private Partnerships for infrastructure and enterprise funding. Principles, Practices and Perspectives” New York, Palgrave, 2015.

“Impact Investing: a new asset class or a societal refocus of Venture Capital?” (with L. Balbo, F. Casalini, V. Vecchi), in Caselli S., Corbetta G., Vecchi V. (Eds), “Public Private Partnerships for infrastructure and enterprise funding. Principles, Practices and Perspectives” New York, Palgrave, April 2015.

“Soverign Rating Events and bank Share Prices in the Italian Market” (with G. Gandolfi, M. Soana), in G. Bracchi; D. Masciandaro (Editors), “Banche e ciclo economico: redditività, stabilità e nuova vigilanza”, Edibank - Bancaria Editrice, 2013.

“Project  Finance”  (with  S.  Gatti,  A.  Steffanoni),  in  D.  Cumming,  “The  Handbook  of Entrepreneurial Finance”, Oxford University Press, New York, 2010.

“Risk management in Project Finance” (with S. Gatti), in H.K. Baker, P. English (Editors) “Capital  Budgeting  valuation:  financial  analysis  for  today’s  evaluation  project”,  John Wiley and Sons; New York, 2009.

“Long-Run Venture-Backed IPO Performance Analysis of Italian Family-Owned Firms: What  Role  Do  Closed-End  Funds  Play?”,  in  Gregoriou  G.N.,  Kooli  M.,  Kraussl  M. (Editors), “Venture Capital: a European Perspective”, Elsevier, 2006.

Some domestic papers and books

“Il debito pubblico e le conseguenze sul finanziamento alle imprese”, in Rivista di Politica Economica, n.1 2019.

“L'Unione Bancaria e il coraggio della crescita”, in Economia & Management, n.1 2019.

“Perché le imprese italiane si quotano (e perché no)”, (con Chiarella C., Gatti S., Gigante G.), in Economia & Management, n.1 2019.

“Nuovi strumenti di politica industriale per lo sviluppo e la quotazione delle PMI”, (con Alvaro S., D’Eramo D.), in Quaderni Giuridici della Consob, n.18 2018.

“Da start-up a scale-up: è tempo di cambiare narrativa”, in Economia & Management, n.1 2018.

“La sfida del consolidamento del sistema delle start-up”, in Economia & Management, n.2 2017.

 “L’eco-sistema del venture capital: una sfida possibile per il bene del paese”, in Economia & Management, n.2, 2016.

“L’Unione Bancaria: ambizioni, certezze, rischi”, (con A. Sironi), in Economia & Management, n.3, 2015.

“Per forza o per amore. I destini incrociati di banche e imprese”, Università Bocconi Editore, Milano, 2014.   

“La sfida della valutazione degli intangibles per le banche”, in Economia & Management, n.6, 2014.

“Capitale economico e capitale relazionale: la governance e il rapporto con le imprese”, Bancaria, n. 2, 2012.

“Private Equity e Intervento Pubblico. Esperienze rilevanti e modelli di intervento per una nuova politica economica”, (Editor with Sattin F.), Egea, Milano, 2011.

“Il corporate lending. Manuale della gestione del credito alle imprese: organizzazione, valutazione e contratti”, II Edizione (con S. Gatti), Bancaria Editrice, Roma, 2006.

“Miti e verità di Basilea 2. Guida alle decisioni” II Edizione, (con G. De Laurentis), Egea, Milano, 2006.