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Valeria VENTURELLI

Professore Associato
Dipartimento di Economia "Marco Biagi"

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Pubblicazioni

2024 - Pinkwashing in the Banking Industry: The Relevance of Board Characteristics [Articolo su rivista]
Venturelli, Valeria; Pedrazzoli, Alessia; Pennetta, Daniela; Gualandri, Elisabetta
abstract

Corporate Social Responsibility (CSR)-washing has been commonly applied to environmental practices under greenwashing, while limited research deals with social-washing applied to gender issues. This work aims to verify how banks engage in pinkwashing. We identify pinkwasher as a bank that discloses the adoption of policies that directly or indirectly aim to improve gender equality but performs poorly in such aspects. The analysis is developed on an international panel of 170 banks active in 46 countries over four years, from 2017 to 2020. Results, robust to endogeneity, reveal that banks with a high percentage of women on the board, many independent directors, and a female CEO are less prone to adopt pinkwashing behavior. Also, country factors are critical drivers of pinkwashing, highlighting the relevant role of institutional initiatives in favoring gender representation and parity.Corporate Social Responsibility (CSR)-washing has been commonly applied to environmental practices under greenwashing, while limited research deals with social-washing applied to gender issues. This work aims to verify how banks engage in pinkwashing. We identify pinkwasher as a bank that discloses the adoption of policies that directly or indirectly aim to improve gender equality but performs poorly in such aspects. The analysis is developed on an international panel of 170 banks active in 46 countries over four years, from 2017 to 2020. Results, robust to endogeneity, reveal that banks with a high percentage of women on the board, many independent directors, and a female CEO are less prone to adopt pinkwashing behavior. Also, country factors are critical drivers of pinkwashing, highlighting the relevant role of institutional initiatives in favoring gender representation and parity.

2024 - The Clientele Effects in Equity Crowdfunding: a Complex Network Analysis [Articolo su rivista]
Righi, Riccardo; Pedrazzoli, Alessia; Righi, Simone; Venturelli, Valeria
abstract

The study develops an original interdisciplinary approach, leveraging complex networks through which it identifies groups of investors and projects in equity crowdfunding, investigates whether clientele effects arise resulting in specific investor-entrepreneur matching, and explores which investor-entrepreneur combinations can lead to the emergence of collective behaviors. Data about campaigns and investors are gathered from Crowdcube to identify investors and company types that populated this leading UK platform during its early years (2011–2016). Results show that the clientele effect exists only between specific investors and project types: serial investors are attracted to innovative companies, whereas high-value and small investors, representing the largest group in the crowd, prefer mature companies in the consumer product industry. Moreover, the study reveals that information exchange in certain matching drives the clientele effect, resulting in collective behavior on specific segments: small investors engage in collective behaviors only when targeting high-tech innovative companies. These findings provide a new view on the clientele effect in equity crowdfunding platforms and the financing of innovative companies.

2023 - Does individual SREP results reveal real news? [Articolo su rivista]
Ferretti, Riccardo; Venturelli, Valeria; Azzaretto, Alessandro
abstract

The disclosure of SREP results aims to enhance transparency and reduce opacity in the banking sector. Prior to 2020, there was no standardized framework for disclosure, leading to diversity in approaches across banks and countries. In 2020, the ECB established a common disclosure framework by publishing individual capital requirements resulting from the SREP exercise. This study fills a research gap in the literature by examining the impact of individual SREP results on bank share prices and identifying the information that influences the market reaction. The sample includes 168 SREP communications from 43 significant institutions in 14 European countries. The findings indicate that the disclosure of SREP results provides new information to the market, allowing for more accurate pricing distinctions and alleviating investor concerns. These findings have implications for regulators and market participants in understanding the role of SREP in market dynamics.

2023 - L’orientamento Esg delle imprese europee. Controversie, valore e rischi [Articolo su rivista]
Brighi, Paola; Carlo Francesco Della Bina, Antonio; Venturelli, Valeria
abstract

Utilizzando un ampio dataset di score ambientali, sociali e di governance prodotti da Refinitiv e associati a un campione di 1.271 società quotate con sede legale in 22 paesi dell’Europa geografica, questo lavoro verifica nel periodo 2002-2018 in che misura le controversie Esg possono influenzare la performance e il rischio di una società. I risultati indicano che eventuali controversie associate a eventi avversi in ambito Esg possono essere percepite negativamente dagli stakeholder con un conseguente peggioramento della performance e maggiore rischiosità della società. Ulteriori indagini suggeriscono, tuttavia, che l’effetto negativo di una controversia può essere mitigato da una buona valutazione (score) in ambito Esg. Da un punto di vista di policy i risultati suggeriscono che una buona reputazione in ambito Esg si rivela importante non solo dal punto di vista della sostenibilità macroeconomica ma anche per la massimizzazione dei risultati economico-finanziari della singola impresa.

2023 - The Impact of ESG Score and Controversy on Stock Performance [Capitolo/Saggio]
Paola, Brighi; Carlo Francesco Della Bina, Antonio; Venturelli, Valeria
abstract

Using an extensive international dataset based on Refinitiv environmental, social, corporate governance (ESG), and controversies scores, this chapter contributes investigating whether a high overall ESG score improves firm value and decreases risk and to what extent ESG controversies may negatively affect a firm’s financial performance. We find strong evidence of an improvement in value and risk associated with a better ESG score. Results are confirmed in the case of every single E, S, and G pillar. Findings also suggest that firms facing adverse ESG events experience a significant negative effect on value and risk. Our results are robust to different value and risk variables specifications and highlight that controversies affect more financial firms and emerging markets.

2022 - Do ESG Investments Mitigate ESG Controversies? Evidence From International Data [Working paper]
Brighi, P.; Della Bina, A. C. F.; Venturelli, V.
abstract

2022 - Do ESG investments mitigate ESG controversies? Evidence from international data [Relazione in Atti di Convegno]
Brighi, Paola; Carlo Francesco Della Bina, Antonio; Venturelli, Valeria
abstract

2021 - Do multiple competing offerings on a crowdfunding platform influence investment behavior? [Articolo su rivista]
Ferretti, R.; Venturelli, V.; Pedrazzoli, A.
abstract

The aim of this study is to investigate crowd investor behavior when competing offerings are simultaneously published on an online platform. The behaviors explored are choice avoidance, the 1/n heuristic, and herding, which can be influenced by the number of concurrent offerings. This analysis is based on a sample of 2,592 investors that have participated in 50 campaigns on an Italian equity crowdfunding platform between 2016 and 2018. We find that the presence of competing offerings influences the amount invested and, to a lesser extent, the investment decision, while the exposure to heuristics varies among investors’ profiles. Moreover, selectors and serial investors are those with a lower exposure to heuristics, whereas early and late investors are subject to herding when multiple campaigns are published on a platform. This study has implications for entrepreneurs and platform managers in terms of crowdfunding portal selection and information design.

2021 - How does the financial market evaluate business models? Evidence from European banks [Articolo su rivista]
Venturelli, V.; Landi, A.; Ferretti, R.; Cosma, S.; Gualandri, E.
abstract

This paper investigates the way in which the financial market defines and evaluates different business models, using a sample of listed European banking groups from 2006 to 2015. The main findings suggest that the financial market seems to associate a better risk-return trade-off to non-banking fees than to banking ones and that the performance of different business models varies depending on context conditions. In particular, in the current economic context, characterised by the combination of slow economic growth with historically low levels of interest rates, the market-oriented business model tends to over-perform. These findings have strategic implications for bank managers, regulators, and supervisors, due to the impact of the crises on banking business, profitability and risk and the new challenges they entail.

2021 - IFRS9 e le sfide di contesto. Capitolo 1. Regulatory guidance and expectation. Il quadro normativo – Le prospettive di BCE e Banca d’Italia [Working paper]
Crescitelli, Rosamaria; Sampaolesi, Sergio; Uttaro, Salvatore; Venturelli, Valeria
abstract

2021 - L’integrazione dei fattori ESG nella valutazione del rischio di credito. Capitolo 2 - CER e Other ESG Risk: impatti sui principali rischi quantificabili dell’intermediario [Working paper]
Brighi, P.; Galli, P.; Venturelli, V.
abstract

2021 - Strumenti, prodotti e servizi finanziari. Bisogni di investimento, finanziamento, pagamento e gestione dei rischi [Monografia/Trattato scientifico]
Ferrari, A.; Gualandri, E.; Landi, A.; Venturelli, V.; Vezzani, P.
abstract

2020 - Birds of a Feather Flock Together: The Inclusive Effect of Similarity Patterns in Equity Crowdfunding [Articolo su rivista]
Venturelli, Valeria; Pedrazzoli, Alessia; Gallo, Giovanni
abstract

Crowdfunding is helping to drive financial inclusion by expanding the availability of funds to traditionally excluded and underserved groups of individuals, such as ethnic minority and female entrepreneurs. This study verifies how ethnic and gender similarity between investor and entrepreneur can affect the invested amount in an equity crowdfunding campaign. Using an integrated approach with linear regression and Shapley decomposition, we analyze 8600 investments made by 5996 unique personal shareholder investors in 81 equity crowdfunding campaigns. Results show that similarity patterns seem to significantly influence the amount invested in a campaign but their effects change according to investor’s gender and ethnic origin. In fact, even if female investors give a higher amount to men-led companies, their preference changes if the company is run by a female founder belonging to the same ethnic minority group. Results emphasize equity crowdfunding’s potential as a tool for the financial inclusion of ethnic minority groups of investors and entrepreneurs.

2020 - Governance, modelli di business e rischi. Riflessioni su Srep 2019 e vigilanza bancaria [Articolo su rivista]
Gualandri, E; Venturelli, V
abstract

La presidenza di Andrea Enria dell’Ssm sta contribuendo a una maggiore disclosure al mercato da parte della Bce in tema azione di vigilanza. La comunicazione pubblica del 28 gennaio 2020 dei risultati del ciclo Srep 2019 ha riguardato per la prima volta l’indicazione dei singoli add-on patrimoniali per le banche Si, che sono applicati nel 2020. Inoltre consente una analisi più approfondita dei singoli ambiti del processo Srep: business model, governance e risk management, risk to capital, risk to liquidity. Nonostante i passi avanti dell’Ssm nei suoi primi cinque anni per un’armonizzazione dei processi di vigilanza, rimangono ancora nodi da sciogliere in tema di disclosure anche nei confronti delle banche stesse, soprattutto dal punto di vista metodologico.

2020 - Riflessioni sul rapporto banche e imprese per il post Covid-19. Le banche come cinghia di trasmissione della politica industriale. [Altro]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

2020 - The effect of the Fed zero-lower bound announcement on bank profitability and diversification [Articolo su rivista]
Landi, Andrea; Sclip, Alex; Venturelli, Valeria
abstract

In this paper, we investigate the impact of the Federal Reserve's decision to maintain the zero-lower bound for at least two years on bank profitability and strategies. Using a difference in difference setting, we find that banks with lower reliance on deposit funding are more sensitive to the policy event. Our evidence suggests that, compared to high deposit banks, the reduction in net worth of low deposit banks, induced them to change their strategies toward an increase in fee income to maintain the targeted level of performance. This increase is mainly explained by fiduciary and insurance-related revenues that entail a lower threat for financial stability.

2019 - Birds of a feather flock together and get money from the crowd [Working paper]
Venturelli, V.; Gallo, G.; Pedrazzoli, A.
abstract

In constructing online alternative finance instruments as a new form of financial democratization and financial inclusion, this article aims at verifying the presence of similarity effect in equity crowdfunding investments. Discussion focuses on ethnic and gender similarity between the seekers and investors that sustained the project. Our analysis is based on 5,996 personal investors that have participated in 81 equity crowdfunding campaigns, on Crowdcube, a British equity crowdfunding platform from 2011 and 2016. Results show that in equity crowdfunding gender and ethnic similarities play different role based on investors’ characteristics - gender, ethnicity and the combination of two. In particular, ethnic similarity positively influence the level of amount invested by both female and male investors belonging to an ethnic minority. Even if female investors tend to prefer male company, their preference changes if a female proponent belonging to an ethnic minority runs the company. From a practical perspective, our findings shed new light on how individual characteristics can be important factor in financing situations. Results allow entrepreneurs and equity crowdfunding platforms to understand better potential investor behaviour and highlights the role of equity crowdfunding as tool for minorities’ financial inclusion and women entrepreneur empowerment.

2019 - From Seeker Side to Investor Side: Gender Dynamics in UK Equity Crowdfunding Investments [Capitolo/Saggio]
Venturelli, V; Pedrazzoli, A; Gualandri, E
abstract

Crowdfunding has come to play a significant role in the democratisation of financial markets and provides more accessible funding, especially for women entrepreneurs. The aim of this work was to analyse gender dynamics from both the seeker and the investor sides. From the seeker side, we attempted to establish whether female-led campaigns are correlated with a high success rate in terms of overfunding level and the number of investors involved. From the investor side, we examined which aspects drive female investments. Our analysis was conducted on Crowdcube, a British equity crowdfunding platform, from 2011 to 2016, and we explored 81 equity crowdfunding campaigns participated by 5966 investors. Results show that equity crowdfunding campaigns’ success is not correlated to the proponent’s gender, and that female investment decisions show a similarity effect between seekers and investors. From a theoretical perspective, our findings shed new light on how individual characteristics can be an important factor in financing situations. Our results allow entrepreneurs and equity crowdfunding platforms to better understanding potential investor behaviour and highlight the role of equity crowdfunding as a tool for women’s financial inclusion and the empowerment of female entrepreneurs.

2019 - Frontier Topics in Banking: Investigating New Trends and Recent Developments in the Financial Industry [Curatela]
Gualandri, Elisabetta; Sclip, Alex; Venturelli, Valeria
abstract

The aim of this book is twofold: Firstly to focus on the development of new instruments and topics in the financial industry. Secondly to analyze the development of “old” themes applied to different international contexts, such as cross-border banking and the role of government financial resources in China. With these goals in mind, the book explores the investigation of new instruments for the financing of SMEs and new ventures, such as mini bonds and equity crowdfunding. Additionally, it covers the field of corporate governance and corporate social responsibility including financial inclusion, gender roles, disclosure, social media roles and litigation. The book also investigates the choices followed by the Royal Swedish Academy in the selection of Nobel laureates in economics science to analyze their influence on the financial industry. Geared to banking academics, researchers and students, this book uncovers the most prominent issues within the banking industry today.

2019 - PREDICTIVE STRENGTH OF LENDING TECHNOLOGIES IN FUNDING SMES [Articolo su rivista]
Brighi, P.; Lucarelli, C.; Venturelli, V.
abstract

Using a proprietary database of lending decisions (N=9,898) for small and medium-sized enterprises (SMEs), the paper investigates how banks cope with the adverse selection dilemma. Based on an intertemporal framework, we qualify incorrect and correct lending decisions of banks and investigate the power of lending technologies to predict errors and correct choices. Findings suggest that adverse selection can be better controlled by a durable bank–firm relationship, as well as by an atomistic loan decision process, at the local level. By contrast, a loan decision-making process based exclusively on hard financial information about SMEs may lead to adverse selection errors.

2019 - Regole sul capitale e prassi di vigilanza: impatti sulle scelte strategiche delle banche [Articolo su rivista]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

L’apparato regolatorio delle banche è diventato sempre più oneroso e complesso, condizionando scelte strategiche, modello di business e ruolo nel finanziamento dell’economia. I requisiti patrimoniali di Pilastro 1 e di Pilastro 2 (ambito SREP) di Basilea 3 hanno richiesto una contemporanea azione di ricapitalizzazione e derisking, con riduzione delle RWA, evidenziando il nesso “requisiti di capital adequacy-business model-redditività e remunerazione del capitale”. Le azioni strategiche per il recupero di una redditività sostenibile vanno individuate nella modifica del modello di business e nell’efficientamento delle strutture, in presenza di over-regulation e talora di sovrapposizione di competenze tra regolatore e autorità di vigilanza.

2019 - The effect of the Fed zero-lower bound announcement on bank profitability and diversification [Working paper]
Landi, A.; Sclip, A.; Venturelli, V.
abstract

In this paper we investigate the impact of the Federal Reserve's decision to maintain the zero-lower bound for at least two years on bank pro tability and strategies. Using a di erence in di erence setting we nd that banks with lower reliance on deposit funding are more sensitive to the policy event. Reduced net worth of low deposit banks, relative to high deposit banks, induces those banks to change their strategies toward an increase in fee income related products to maintain the targeted level of performance. Such an increase is mainly explained by duciary and insurance related revenues that entail a lower risk for nancial stability.

2019 - Un approccio multidimensionale all’equity crowdfunding: facilitare l’accesso ai finanziamenti e ampliare il capitale relazionale delle imprese [Capitolo/Saggio]
Balboni, B; Gualandri, E; Kocollari, U; Pedrazzoli, A; Venturelli, V
abstract

2018 - A Multidimensional Approach to Equity Crowdfunding: Bridging the Equity Gap and Boosting Social Capital [Relazione in Atti di Convegno]
Balboni, Bernardo; Gualandri, Elisabetta; Kocollari, Ulpiana; Pedrazzoli, Alessia; Venturelli, Valeria
abstract

Drawing inspiration from micro-finance and crowdsourcing, equity crowdfunding has become a valuable source of fundraising for entrepreneurs and small and medium size firms (SMEs). Crowdfunding facilitates access to finance for those companies that would otherwise have great difficulty in accessing it and is viewed as a potentially revolutionary application of social networking with direct consequences for supporting sustainability and innovation. During recent years the number of equity crowdfunding platforms has been on the increase and policymakers and regulators have been fuelling greater attention to this theme. Our aim is twofold: a) to explore the characteristics of equity crowdfunding campaigns launched by different European platforms; and b) to analyze the relationship between social capital created online and the number of investors sustaining the campaign. Given the web context in which it develops, the role of online social capital in the project’s success should be considered from a broad perspective that involves both the founder’s and the project’s social networks. These two levels of analysis represent different networks that mobilize different resources and frame different types of crowd. Results are relevant for the field of equity crowdfunding research, as they shed light on a flourishing tool for bridging the equity gap of startups and innovative SMEs and propose a new perspective on the online social capital framework.

2018 - Book and Market Values of European Banks: Country, Size, and Business Mix Effects. [Relazione in Atti di Convegno]
Ferretti, Riccardo; Landi, Andrea; Venturelli, Valeria
abstract

In the years since the outbreak of the crisis, the financial markets have persistently reduced the market value of European banks as a consequence of macroeconomic, regulatory, and structural factors. Even though these factors have affected the European banking industry as a whole, the market valuation of banks have shown differences across country, size, and business mix profiles. In line with the existing literature on bank market valuation, this study tests for the difference between the market-to-book ratios of the large European banks using a variety of indicators typically affecting bank market value. To verify our research questions, we first regress the market-to-book ratio over performance measures, risk indicators, and growth patterns. Then, in a second step, we test whether bank business or country characteristics affect bank market valuation. Our panel consists of all large publicly traded bank holding companies at the European level. Large publicly traded banks comprise all listed banks with consolidated assets exceeding 50 billion euro in 2015. The results highlight the relevance of the country context for the consequences on bank performance and stability.

2018 - Market-Book Ratios of European Banks: What Does Explain the Structural Fall? [Working paper]
Ferretti, R.; Gallo, G.; Landi, A.; Venturelli, V.
abstract

In the years since the outbreak of the crisis, financial markets have persistently reduced the market value of European banks, as consequence of macroeconomic, regulatory and structural factors. Even if these factors affected the whole European banking industry, differences characterized market evaluation of banks along country, size and business mix profiles. Following the extant literature on bank market valuation, our paper tests for the difference between market to book ratios of the large European banks, using three blocks of indicators typically affecting the banks’ market value. To verify our research question, we first regress the market to book ratio over performance measures and risk indicators. Then, we verify whether bank business size and composition affect bank market valuation. Lastly we evaluate the relevance of country context variables, by considering both macroeconomic and banking structure indicators. Our panel consists of all large publicly traded bank holding companies at European level. Large publicly traded banks are all listed banks with consolidated assets exceeding 50 billion euro in 2015. The results highlight that the market considers the fundamental variables (current performance and volatility) as the main factors affecting the evaluation process. Furthermore a significant share of variability in banks’ market-book values is explained by country context variables.

2017 - Business model of banks and SSM [Articolo su rivista]
Gualandri, E.; Venturelli, V.
abstract

In recent years, Business Model analysis has become the conceptual framework used by regulators, analysts and investors in the attempt to identify a bank's main strategic behaviours and their implications in terms of competitiveness and possible future performance and stability. This interest follows the radical review and transformation of banks' strategies due to major changes to the competitive scenario in the financial industry, which affected their competitive positions and led to subsequent restructuring and strategic repositioning choices. From the point of view of banking supervision, the main regulatory reference for the analysis and assessment of banks' Business Models by the supervisory authorities is provided by the prudential regulation framework, mainly based on the Basel Accord on Capital Adequacy (Basel 3), with specific reference to Pillar II. In this case, the subject of proportionality becomes a relevant issue, since banks' Business Models have widely different degrees of complexity, which must be carefully considered for supervisory evaluation and SREP decisions

2017 - Demand and Supply Determinants of Credit Availability: Evidence from the Current Credit Crisis for European SMEs [Capitolo/Saggio]
Brighi, Paola; Venturelli, Valeria
abstract

The aim of this chapter is to examine the importance of demand and supply factors in determining credit availability during the recent financial crisis for a different sample of small- and medium-sized enterprises (SMEs) in some principal European countries. A first investigation suggests that during crisis time, the credit demand is mainly driven by liquidity problems. As for the determinants of credit demand, it emerges a different pattern among countries more bank than market oriented. Then, controlling for the supply of credit two types of credit rationing have been investigated. Weak rationing defines that condition for which firms asking for credit at the same interest rate did not receive it. To be strongly bank dependent implies a greater probability to be weakly credit rationed in crisis times. Differently solid accounting data, collateral and greater size may loosen such a condition. Finally, we control for strong rationing, i.e., the condition for which a firm even if ready to accept worse interest rates is subject to rationing. Evidence suggests that relationship-lending attitude as well as larger size could weaken the rationing condition; differently collateral as well as R&D propensity may exacerbate it because of moral hazard risk and higher information asymmetries.

2017 - How Does Financial Market Evaluate Business Models? Evidence From European Banks [Working paper]
Cosma, S.; Ferretti, R.; Gualandri, E.; Landi, A.; Venturelli, V.
abstract

This paper investigates the way in which the financial market defines and evaluates different business models/business mix, using a sample of listed European banking groups, with a total asset value greater than 50 billion US$, for the period 2006-2015. The main results suggest that non-interest components foster market valuation and that financial market seems to associate a better risk-return trade-off to non-banking fees compared to the banking ones. This evidence enables us to identify 3 clusters of European banking groups based on the main components of income. These findings have strategic implications both for bank managers, regulators and supervisors due to the impact of the crisis on banking business, bank profitability and riskiness and the new challenges they entail.

2017 - Le decisioni nel credito alle Pmi: sono più corrette le informazioni quantitative o relazionali? [Articolo su rivista]
Brighi, Paola; Lucarelli, Caterina; Venturelli, Valeria
abstract

Utilizzando un dataset proprietario di linee di credito erogate a piccole-medie imprese (Pmi) tra il 2012 e il 2014, l’obiettivo del paper è capire come l’informazione di tipo hard e soft possa influenzare la correttezza e la probabilità di errore nelle decisioni di affidamento assunte da un campione di banche di credito cooperativo (Bcc). I due tipi di informazione hanno un ruolo complementare nell’influenzare la decisione di prestito finale della banca. L’informazione di tipo quantitativo appare più consistente nel condizionare la correttezza delle decisioni di prestito cosi come quella di evitare gli errori di valutazione. Al contrario, l’informazione di tipo relazionale produce risultati diversi nel tempo e nello spazio. Proprio per questa ragione forme di finanziamento basate sul relationship lending, a seconda del contesto, possono generare decisioni di finanziamento sia corrette sia errate.

2017 - Le tendenze globali dell'asset management: tra mercato dei capitali e nuovi modelli di business bancari [Articolo su rivista]
Landi, Andrea; Venturelli, Valeria
abstract

Negli anni successivi alla crisi l’industria dell’asset management si è confermata come la componente più dinamica dell’intermediazione finanziaria. L’evoluzione nell’Area euro, in Uk e in Usa emerge dal confronto tra le attività del risparmio gestito e della assicurazione, da un lato, e quelle bancarie, dall’altro, nonché dall’analisi delle scelte di portafoglio delle famiglie. In particolare le banche, per effetto dei vincoli regolamentari che stanno accompagnando la ridefinizione dei loro modelli di business, mostrano una rinnovata attenzione verso aree dell’intermediazione a minore assorbimento di capitale e in grado di utilizzare meglio la capacità distributiva.

2017 - Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi [Monografia/Trattato scientifico]
Ferrari, Andrea; Gualandri, Elisabetta; Landi, Andrea; Venturelli, Valeria; Vezzani, Paola
abstract

Il presente volume intende offrire un contributo alla conoscenza degli strumenti e dei prodotti finanziari attraverso un percorso logico finalizzato a descriverne le caratteristiche economico-tecniche e i principali aspetti di valutazione. Il testo nasce dall’esperienza didattica dei corsi di Economia degli Intermediari Finanziari e di Economia del Mercato Mobiliare, tenuti dagli autori presso la Facoltà di Economia «Marco Biagi» e la Facoltà di Scienze della Comunicazione e dell’Economia dell’Università di Modena e Reggio Emilia. I temi vengono illustrati seguendo gli schemi classici dell’economia dei sistemi finanziari. Seguendo questo approccio, si affrontano le tematiche inerenti: il valore finanziario del tempo, i concetti generali di rendimento e di rischio, il fabbisogno finanziario delle imprese, i servizi e i prodotti bancari, i titoli di debito, i titoli di capitale e ibridi, i prodotti del risparmio gestito, i contratti assicurativi, i contratti derivati e alcune nozioni di base sulla gestione del rischio di cambio. In particolare i singoli strumenti finanziari vengono descritti analizzandone le caratteristiche tecnico-economiche e i principi generali di valutazione. Di volta in volta, sono riportati esempi relativi ai principali strumenti finanziari presenti nel contesto istituzionale italiano. La trattazione delle principali categorie degli strumenti finanziari negoziati nel sistema finanziario e un adeguato approfondimento del loro funzionamento e delle loro caratteristiche rendono il volume un utile strumento di apprendimento per gli studenti e un valido supporto operativo per tutti coloro che desiderano approfondire le proprie conoscenze del complesso e mutevole mondo del funzionamento degli strumenti e dei prodotti finanziari.

2017 - The Business Model of Banks: A Review of the Theoretical and Empirical Literature [Capitolo/Saggio]
Cosma, Stefano; Ferretti, Riccardo; Gualandri, Elisabetta; Landi, Andrea; Venturelli, Valeria
abstract

The business model (BM) has become a key concept in banking literature. The topic’s relevance is due to the impact of the crisis on bank profitability and risk levels, leading to new challenges for bank managers, analysts and regulators. The chapter deals first of all with the definition of BM in the management literature; afterwards the focus is on the on bank business model (BBM) and the business model analysis (BMA) literature, also considering the nexus with bank diversification. The point of view of supervisory authorities is critically analysed with specific regard of BMA embedded in the Supervisory Review and Evaluation Process (SREP).

2016 - How functional and geographic diversification affect bank profitability during the crisis [Articolo su rivista]
Brighi, Paola; Venturelli, Valeria
abstract

Using bank-level data on 491 Italian banks over the period 2006-2012, we investigate the impact of functional and geographic diversification on bank performance during 2008’s financial and 2010’s sovereign debt crises. Both scenarios negatively affect bank profitability while discordant effects emerge in case of the Z-Score analysis. Italian banks’ risk stays unaffected by the 2008’s episode, while the sovereign debt crisis increases such risk. Results differ for the sample of mutual and not-mutual banks being the different banking groups characterised by different size and business models.

2016 - I modelli di business delle banche: letteratura, nuove regole e implicazioni strategiche. [Articolo su rivista]
Cosma, Stefano; Ferretti, Riccardo; Gualandri, Elisabetta; Landi, Andrea; Venturelli, Valeria
abstract

Changing market conditions, new technologies, modifications in supervisory frameworks and low interest rates are casting doubt on the sustainability of banking business models. The article supplies a wide-ranging survey of the main empirical studies of the Banking Business Model, starting from a close examination of the definitions provided in the literature on strategic approaches. The correct perspective for Bm analysis can be obtained by combining the literature of Business Models with that on bank diversification, with the aim of providing a fuller representation of the banking business, incorporating schema capable of identifying and classifying the various Bms.

2016 - Nasce l'impresa. Le startup e le PMI innovative [Monografia/Trattato scientifico]
Gualandri, Elisabetta; Venturelli, Valeria; Caponcelli, Diego; Caselli, Paolo; Kocollari, Ulpiana
abstract

Il presente volume è indirizzato agli aspetti relativi alla costituzione e al finanziamento delle startup e delle imprese innovative. Il primo capitolo rappresenta la normativa italiana aggiornata su questo tema, di cui al D.L. 179/2012, spaziando dalla costituzione di una startup innovativa, al funzionamento, alle modalità di iscrizione nel registro delle imprese, all’indicazione delle deroghe agevolative al diritto societario ed alla Legge fallimentare, oltre ai possibili scenari di composizione e gestione delle crisi di impresa nelle startup innovative. Il secondo capitolo, partendo dalla normativa del Decreto Crescita 2.0., analizza le agevolazioni fiscali sia per l’impresa startup innovativa sia per gli investitori persone fisiche o istituzionali, alla luce dei diversi interventi del MISE e delle circolari della Agenzia delle Entrate. Il Decreto Crescita 2.0 e l’Agenda Digitale rappresentano per l’Italia due interventi normativi volti ad incentivare la creazione d’impresa e la raccolta di capitale da parte di partner anche europei e oltreoceano. Tali interventi hanno aperto la strada a una normativa in continua evoluzione, che richiede un costante e puntuale aggiornamento per poter sfruttare le possibilità offerte dal legislatore. Il terzo capitolo affronta il tema del finanziamento della nascita e crescita di questo tipo di imprese, che sono condizionate dalla disponibilità di adeguate risorse finanziarie, il cui reperimento è spesso ostacolato sia da problematiche tipiche delle prime fasi di vita delle imprese innovative (mancanza di un track record e di garanzie idonee, scarsa esperienza manageriale, ecc.), sia dalla difficoltà per potenziali investitori come le banche di valutarne appieno il potenziale di business. Sono illustrati i principali strumenti e canali di finanziamento: in primo luogo il credito bancario, quindi il ricorso a strumenti di mercato come i minibond, il venture capital, la quotazione e infine il crowdfunding. Questi strumenti e canali si affiancano all’intervento di operatori di capitale di rischio già trattati anche nelle guide precedenti a cui si rinvia (business angels, private equity e venture capital). Il quarto capitolo illustra l’ecosistema delle startup innovative in Italia, con una fotografia del grado di “innovazione” delle regioni e delle provincie italiane, evidenziando le misure di supporto pubblico idonee ad incentivare l’ecosistema dell’innovazione e descrivendo il ruolo propulsivo degli incubatori. Il capitolo si chiude con l’analisi del fenomeno delle startup innovative in Italia a pochi anni dall’emanazione della normativa che ha consentito la loro nascita e sviluppo. Nonostante gli importanti risultati raggiunti da alcune regioni italiane, agevolati anche dagli interventi normativi che si sono succeduti negli ultimi anni, emerge tuttavia il persistere di un ritardo rispetto ad altre regioni europee in termini di investimenti, di disponibilità di risorse umane ad alta specializzazione e di spesa per la ricerca e l’innovazione che determinano un più generale gap dell’ecosistema dell’innovazione nazionale rispetto alle principali controparti europee. Su questi aspetti occorre quindi continuare il lavoro intrapreso in questi anni, coniugando interventi normativi e fiscali ad hoc, con la messa a punto di strumenti e mercati finanziari idonei al finanziamento di queste imprese, con interventi agevolativi di varia natura e con lo sviluppo di un ecosistema idoneo alla nascita e alla crescita di imprese innovative.

2015 - Credit, venture capital and regional economic growth [Articolo su rivista]
Pistoresi, Barbara; Venturelli, Valeria
abstract

In this paper we investigate the role of credit and venture capital investments on regional economic growth. In particular, the paper investigates the nexus between finance and regional economic growth by means of an international comparison, making joint use of banking system structural indicators (i.e. the predominance of mutual bank circuits or large commercial banks) and risk capital values obtained in a local context. The dataset consists of a panel of 53 regions belonging to three countries, Germany, Italy and Spain, for the period 1995–2008. To avoid a problem of endogeneity, we estimate a dynamic panel using the generalised method of moments (GMM). The results underline the important role played by different types of financial intermediaries in regional economic growth: both mutual and commercial banks have a strong positive effect on regional economic growth, but the role of mutual banks is greater in economically deprived areas [EDAs]. Finally, the positive effect of venture capital investments is also more effective in EDAs regions.

2014 - Credit crunch: analisi e possibili soluzioni [Articolo su rivista]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

La seconda fase della grande crisi finanziaria iniziata nel 2010, c.d. del debito so-vrano, ha pesantemente colpito le banche italiane, determinando dal 2011 una si-tuazione di credit crunch per famiglie e imprese. L’obiettivo del presente contributo è di analizzare come il credit crunch stia determinando una situazione di disintermediazione, ormai strutturale, del canale bancario per il credito alle imprese, modificando il tradizionale rapporto banca-impresa in Italia. Come conseguenza occorre individuare e implementare azioni volte a intervenire sull’assetto complessivo del nostro sistema finanziario per porre rimedio a severe carenze strutturali in termini di strumenti, mercati e intermediari.

2014 - Dimensione, capitalizzazione e diversificazione funzionale: quale relazione per i gruppi bancari italiani? [Capitolo/Saggio]
Brighi, Paola; Venturelli, Valeria
abstract

Il lavoro tratta il tema della diversificazione nel settore bancario. Negli ultimi tre decenni, la trasformazione del sistema bancario è stata intensa e strettamente correlata agli effetti della deregolamentazione, dell’innovazione finanziaria e tecnologica e più in generale del mutato contesto competitivo di riferimento. Il processo di deregolamentazione si è innanzitutto basato sul principio che la diversificazione delle attività riduce la volatilità dei rendimenti e rende le banche più resilienti ai fenomeni di crisi. Alla luce della recente e profonda crisi finanziaria, il tema appare di grande attualità inserendosi nel dibattito sull’opportunità o meno di consentire l’ampliamento della gamma produttiva dell’intermediario bancario verso attività non tradizionali [Vallascas et al. 2012]. Da un punto di vista teorico, la diversificazione bancaria si fonda anzitutto sull’ipotesi che l’entrata in nuove aree di attività implichi una riduzione dei costi ed un incremento dei ricavi grazie alla realizzazione di economie di scala e di scopo nella gestione delle informazioni [Berger et al. 1987]. Inoltre, le banche possono ridurre il rischio diversificando le loro attività [Diamond 1984] e riducendo i costi di agenzia della discrezione manageriale attraverso una riduzione della volatilità dei cash flow [Stulz 1990; Amihud e Lev 1981]. Come in precedenti studi, anziché tentare di valutare le conseguenze in termini di economie di scopo e di costi di agenzia connesse alla strategia di diversificazione implementata, in questo lavoro si valuta il nesso che intercorre tra ampliamento della gamma produttiva e performance della banca. Il tema risulta di particolare interesse in un periodo come quello investigato caratterizzato da un forte break strutturale dovuto alla crisi finanziaria in atto; l’analisi qui condotta si inserisce, peraltro, all’interno del dibattito su quale sia e/o dovrebbe essere l’estensione della gamma di attività ammissibili per un intermediario bancario. Il tema, infatti, risulta essere all’ordine del giorno di numerosi regulators a livello internazionale. Rispetto alla letteratura prevalente, il contributo si differenzia in quanto verifica l’impatto delle strategie di diversificazione sulla performance per tipologie di banche differenti. Le diverse caratteristiche sottoposte a verifica empirica sono la dimensione e il grado di capitalizzazione dei gruppi bancari. Tenuto conto delle conseguenze che tali risultati producono in termini sia di performance sia di stabilità della banca, l’analisi condotta genera importanti implicazioni da un punto di vista sia strategico sia regolamentare. Un’ulteriore elemento di novità del contributo è rintracciabile nell’utilizzo di dati di bilancio su base consolidata quando disponibili e non consolidata altrimenti . Tale scelta si rivela di particolare rilevanza per diverse ragioni la prima delle quali è legata al fatto che le banche tendono a riservare lo svolgimento delle attività meno tradizionali a sussidiarie non bancarie il cui apporto non può essere direttamente valutato qualora non si disponga di bilanci consolidati. Il lavoro si struttura come segue. Il paragrafo 2 analizza in modo critico i principali contributi teorici ed empirici sviluppati sul tema della relazione tra diversificazione bancaria e performance. Nel paragrafo 3 si definiscono le variabili utilizzate nell’analisi empirica e si presenta la metodologia econometria utilizzata. Il paragrafo 4 è dedicato alla presentazione dei principali risultati. Infine, il paragrafo 5 conclude.

2014 - Diversification Strategies and Performance in the Italian Banking System [Capitolo/Saggio]
Brighi, Paola; Venturelli, Valeria
abstract

The paper addresses the question of diversification in the Italian banking sector. The Italian banking system represents an ideal experimental setting since it is characterised by a quite heterogeneous type of banks. The process of deregulation, innovation and consolidation during the Nineties implied a new competitive contest forcing new managerial strategies in the attempt to find new opportunities in terms of increased profits. Theoretically, the literature suggests bank diversification policies may lead to cost savings or revenue improvements due to spreading of fixed costs, exploitation of economies of scope from using the same information and customer cost economies. Diversification implies also benefits in terms of reduced agency costs of managerial discretion by lowering cash-flow volatility. As in previous studies, rather than attempting to measure economies of scope and agency problems directly, we investigate whether two types of diversification strategies, i.e. revenue and geographic diversification, may affect bank risk adjusted performance. Using an unbalanced panel dataset of 3,002 observations relative to Italian banks for the period 2006-2011, the core question is to analyse the effect of geographic and functional diversification across and within both interest and non-interest income and their effect in terms of risk adjusted performance verifying also if the results have been affected by the financial crisis. With respect to the previous work on bank diversification, our paper represents one of the first attempt to directly assess the risk/return implications of different types of product mixes. Moreover, in our empirical analysis we investigate whether certain type of institutions are better able to reap the benefits of diversification focusing on performance implications of size. Finally, we use consolidated balance sheet when available and unconsolidated if not, since banks tend to reserve the making of non traditional innovative activities to non-banking subsidiaries whose contribution can be more precisely evaluated if consolidated financial statements are available. The main results suggest that revenue and geographical diversification play a role in determining bank performance, but the relative effects appear to be different in relation to banks’ size. Moreover, in the after crisis period banks that have been less penalized in terms of risk-adjusted profit are those characterised by a greater focus on non-interest income component and the ones more geographically diversified. The paper is structured as follows. Section 2 reviews the literature on the nexus between diversification and bank performance. Section 3 presents the econometric methodology and the data used. Section 4 describes the results. Section 5 concludes.

2014 - How Do Income Diversification, Firm Size and Capital Ratio Affect Performance? Evidence for Bank Holding Companies [Articolo su rivista]
Brighi, Paola; Venturelli, Valeria
abstract

We use panel data from 52 Italian Bank Holding Companies (BHCs) over the period of 2006 to 2011 to test how revenue diversification affects bank performance. Unlike studies of diversification that focus on its effect on equity and debt values and risk return portfolio strategies, we investigate how various nontraditional revenues mix impact performance. Diversification increases bank profitability on a risk-adjusted basis; however, no statistical effect in terms of risk is observed. We also argue that the results of previous research on the impact of diversification may differ because of its interaction with asset size and degree of capitalization. Our models are robust to different measures of performance, endogeneity tests and the effect of the financial crisis. The results have strategic implications for the consequences of bank performance and stability that are relevant to bank managers, regulators and supervisors.

2014 - The Financing of Italian Firms and Credit Crunch: Findings and Exit Strategies [Capitolo/Saggio]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

The aim of the chapter is to analyse how credit crunch has modified the traditional bank-firm relationship with a particular attention to the Italian situation. Our analysis reinforces the finding that in Italy, the credit available to the real economy is insufficient in terms not only of quantity but also of quality. The subsequent step is to identify and discuss possible exit strategies for eliminating the credit crunch and to overcome serious intrinsic shortcomings in terms of alternative instruments, markets and intermediaries. In fact, if on the one hand the crisis has revealed the underdevelopment of the Italian financial market, the insufficient role of institutional investors, the embryonic state of the corporate bond markets and the virtual non-existence of commercial paper markets; on the other hand, it could finally provide the opportunity for the development of these channels. The changing role of banks in the new scenario is also analysed as well as the characteristics firms will require to benefit from it.

2013 - How Income Diversification, Size and Capital Ratio affect BHCs Performance? [Working paper]
Brighi, P.; Venturelli, V.
abstract

This paper investigates whether the range of activities conducted by banks influences their performance and risk. Using an unbalanced panel dataset which includes 308 bank-year observations, for the period 2006-2011, corresponding to 52 Italian Bank Holding Companies in the last year, the core question is to analyse the effect of diversification across and within both traditional and non-traditional income and if the results have been affected by the financial crisis. The main results suggest that revenue diversification plays a role in determining bank performance. The relative effects appear, however, to be different in relation to banks’ size and capital ratio. The results have strategic implications both for bank managers, regulators and supervisors for the consequences on banks’ performance and stability.

2013 - The Effect of Revenue and Geographic Diversification on Bank Performance [Working paper]
Brighi, P.; Venturelli, V.
abstract

This paper investigates the effect of revenue and geographic diversification on bank performance, also on a risk adjusted basis. Using an unbalanced panel dataset of 3,002 observations relative to Italian banks for the period 2006-2011, the core question is to analyse the effect of geographic and functional diversification across and within both interest and non-interest income and their effect on some principal performance measures. Furthermore in our study we analyse whether certain type of institutions are better able to reap the benefits of diversification analysing performance implications for different categories of banks and if the results have been affected by the financial crisis. The main results suggest that revenue and geographical diversification play a role in determining bank performance. The relative effects appear, however, to be different between mutual and not-mutual banks suggesting different business strategies for different banks. Moreover, in the after crisis period, banks that have been less penalized in terms of riskadjusted profit are those characterised by a gretare focus on non interest income component and the ones more geographically diversified. These findings have strategic implications both for bank managers, regulators and supervisors for the consequences on banks’ performance and stability.

2013 - The financing of Italian firms and the credit crunch: findings and exit strategies [Working paper]
Gualandri, E.; Venturelli, V.
abstract

The aim of the paper is to analyse how credit crunch has modified the traditional bank-firm relationship with a particular attention to the Italian situation. Our analysis reinforces the finding that in Italy, the credit available to the real economy is insufficient in terms not only of quantity but also of quality. The subsequent step is to identify and discuss possible exit strategies for eliminating the credit crunch and to overcome serious intrinsic shortcomings in terms of alternative instruments, markets and intermediaries. In fact, if on the one hand the crisis has revealed the underdevelopment of the Italian financial market, the insufficient role of institutional investors, the embryonic state of the corporate bond markets and the virtual non-existence of commercial paper markets; on the other hand, it could finally provide the opportunity for the development of these channels. The changing role of banks in the new scenario is also analysed as well as the characteristics firms will require to benefit from it.

2012 - Credit, Venture Capital and Regional Economic Growth [Working paper]
Pistoresi, Barbara; Venturelli, Valeria
abstract

In this paper we investigate the role of credit and venture capital investments on regional economic growth. The dataset consists of a panel of 53 regions belonging to three countries, Germany, Italy and Spain, for the period 1995‐2008. To avoid a problem of endogeneity, we estimate a dynamic panel using the generalised method of moments (GMM). The results underline the important role played by different types of financial intermediaries in regional economic growth: both mutual and commercial banks areimportant for regional growth but the role of mutual banks is greater in economically deprived areas [EDAs]. Similar results are obtained for the venture capital investments.

2012 - Finanza e credito [Capitolo/Saggio]
Ferretti, Riccardo; Gualandri, Elisabetta; Venturelli, Valeria; Vezzani, Paola
abstract

Analisi del questionario con riferimento a finanza e credito

2012 - La stima del fabbisogno di equity delle imprese del territorio [Capitolo/Saggio]
Canovi, Luciana; Venturelli, Valeria
abstract

La crisi iniziata nel 2008 si è innestata su una situazione di strutturale sottocapitalizzazione delle imprese manifatturiere reggiane. Alla fine del 2009 delle 683 imprese in analisi, il 53% si trovava in situazione di tensione finanziaria; valore elevato ma in riduzione rispetto al 200 quando in situazione di difficoltà finanziaria versava oltre il 60% delle imprese del campione.La crisi ha inciso soprattutto sulla capacità di autofinanziamento. Anche ritornando ai livelli di redditività e quindi di autofinanziamento pre‐crisi, tuttavia, il capitale di rischio da raccogliere per finanziare la crescita, ma soprattutto per riequilibrare la struttura finanziaria, resta significativo e supera il fabbisogno finanziario addizionale.

2012 - Le risposte al questionario: finanza e credito [Capitolo/Saggio]
Ferretti, Riccardo; Gualandri, Elisabetta; Venturelli, Valeria; Vezzani, Paola
abstract

I risultati del questionario delineano una situazione in cui una buona parte delle imprese del campione, nonostante la pesante crisi, mostra una discreta salute finanziaria, e una restante parte che, di contro, presenta condizioni economico-finanziare squilibrate e qualche criticità nella relazione con la propria banca di riferimento che generano una maggiore sensibilità verso gli aspetti finanziari della gestione aziendale, ritenuti conseguentemente importanti per la vita dell’impresa stessa.

2012 - Main Features of the Italian Financial System [Capitolo/Saggio]
Venturelli, Valeria
abstract

This chapter aims to identify the characteristics of the Italian financial system that partially shielded it from the effects of the financial crisis in its first phase. This will be done by analysing the evolution of the financial aggregates and balance sheet compositions of banks at the European and Italian level. Based on the harmonised statistics produced by the European Central Bank (ECB), we compare the structural characteristics of some of the main European countries. Apart from Italy, the countries considered are Germany, France, Spain and the United Kingdom, chosen because these countries’ banking and financial systems share a number of features and trends. We also assess the average data for the financial systems of Euro Area countries. The chapter consists of three main parts. The first part identifies the current trends in the financial systems under consideration, by examining the main indicators that reveal the evolution and determinants of financial intensity. This analysis is completed by an assessment of the portfolio composition and financial structures of non-financial sectors, with a particular focus on the financial strategies of households and non-financial corporations. The next part examines the situation of the banking sectors in the various countries by establishing the size of monetary financial institutions (MFIs) and by analysing the breakdown of their balance sheets. The final part of the chapter provides a comparative analysis of the main structural and composition indicators of banking sector assets. This is followed by the main conclusions.

2012 - Private Banking and Asset Management in Italy [Capitolo/Saggio]
Venturelli, Valeria
abstract

This chapter provides an analysis of the asset management industry in Italy from various perspectives. First, I analyse the size and trend of the market for asset management products and services, discussing the main underlying factors. This is followed by a closer investigation of the investment fund sector, one of the asset management industry segments that has experienced the largest drop in the amounts of funds managed during recent years; my aim is to identify the causes of this reduction and possible solutions for overcoming it. The strategic business area of private banking, serving HNWI (high net worth individuals) is also reviewed, to identify elements of similarity or contrast with the asset management industry overall.

2012 - Strategie di innovazione. Aspetti di governance [Capitolo/Saggio]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

Analisi dei questionari della ricerca sui temi di strategie di innovazione e sistemi di governance

2012 - Strumenti e prodotti finanziari: bisogni di investimento, finanziamento, pagamento e gestione dei rischi [Monografia/Trattato scientifico]
Ferrari, Andrea; Gualandri, Elisabetta; Landi, Andrea; Venturelli, Valeria; Vezzani, Paola
abstract

Il presente volume intende offrire un contributo alla conoscenza degli strumenti e dei prodotti finanziari attraverso un percorso logico finalizzato a descriverne le caratteristiche economico-tecniche e i principali aspetti di valutazione. L’intensità e la frequenza dei cambiamenti che hanno interessato la complessiva attività di intermediazione finanziaria, rendono quanto mai necessario un continuo aggiornamento delle conoscenze teoriche e pratiche degli strumenti e dei prodotti finanziari la cui varietà è aumentata in modo esponenziale negli ultimi anni.Pensato come strumento di apprendimento per gli studenti di un corso di laurea di primo livello, il testo può risultare un utile strumento operativo per tutti coloro che desiderano approfondire le proprie conoscenze del complesso e mutevole mondo degli strumenti finanziari.Il testo nasce dall’esperienza didattica dei corsi di Economia degli Intermediari Finanziari e di Economia del Mercato Mobiliare, tenuto dagli autori presso la Facoltà di Economia ‘Marco Biagi’ e la Facoltà di Scienze della Comunicazione e dell’Economia dell’Università di Modena e Reggio Emilia.Il proposito è stato quello di realizzare uno strumento di apprendimento per gli studenti di un corso di laurea di primo livello: a tal fine, i temi vengono illustrati seguendo gli schemi classici dell’economia dei sistemi finanziari.Seguendo questo approccio, si affrontano le tematiche inerenti: il valore finanziario del tempo, i concetti generali di rendimento e di rischio, il fabbisogno finanziario delle imprese, i servizi e i prodotti bancari, i titoli di debito, i titoli di capitale e ibridi, i prodotti del risparmio gestito, i contratti assicurativi, i contratti derivati e alcune nozioni inerenti la gestione del rischio di cambio. In particolare i singoli strumenti finanziari vengono descritti analizzandone le caratteristiche tecnico-economiche e i principi generali di valutazione degli strumenti medesimi. Di volta in volta, sono riportati esempi relativi ai principali strumenti finanziari presenti nel contesto istituzionale italiano.La trattazione delle principali categorie degli strumenti finanziari negoziati nel sistema finanziario e un adeguato approfondimento del loro funzionamento e caratteristiche rendono il volume un utile strumento operativo per tutti coloro che desiderano approfondire le proprie conoscenze del complesso e mutevole mondo del funzionamento degli strumenti e dei prodotti finanziari.

2011 - Access to Equity for New, Innovative Companies in Italy [Capitolo/Saggio]
Canovi, Luciana; Gualandri, Elisabetta; Venturelli, Valeria
abstract

This paper sets out to investigates the subject of finance for the growth of small and medium enterprises (SMEs) in one of the Italian Provinces: the Province of Modena. Th main aim is to analyse the means by which start-ups are financed, especially in the form of equity, and attempt to identify any financial constraints, in particular in the form of an equity gap, which restrict the growth and development for this kind of firms.In order to analyse the means by which innovative start-ups are financed and attempt to obtain empirical proof of the presence or otherwise of an equity gap at the local level, a qualitative approach has been adopted. In particular, a questionnaire was drawn up and sent to a suitably selected sample of new innovative firms.In conclusion, the main finding that emerged from this study is the fact that investors need to combine their financial contribution with the supply of managerial inputs. The analysis of the sources of finance used by firms appears to point to a preference for managing investment processes internally or with bank partners. The entry of new partners into the company’s ownership structure is more likely as a means of solving problems relating to a lack of expertise than as a strategy for obtaining new financial resources.

2010 - Attività ed efficienza allocativa dei Consorzi fidi [Capitolo/Saggio]
Cosma, Stefano; Landi, Andrea; Pattarin, Francesco; Venturelli, Valeria
abstract

Il contributo analizza il ruolo dei consorzi di garanzia collettiva (Confidi) nel finanziamento delle piccole e medie imprese al fine di contrastare i fenomeni di razionamento del credito e migliorare le condizioni finanziarie (interessi, commissioni e servizi finanziari accessori).La ricerca analizza l’attività di alcuni importanti Confidi provinciali con l’obiettivo di valutare la loro efficienza allocativa, con particolare riguardo alla capacità di indirizzare le risorse finanziarie (soprattutto di natura pubblica) verso quelle imprese che si caratterizzano per buone prospettive economiche e di sviluppo ma che al contempo risultano più deboli sotto il profilo finanziario e quindi più vincolate dal punto di vista della disponibilità e del costo del credito.

2010 - L’accesso al capitale di rischio delle nuove imprese innovative [Capitolo/Saggio]
Canovi, Luciana; Gualandri, Elisabetta; Venturelli, Valeria
abstract

Il tema dell’innovazione e delle PMI innovative è tornato al centro della politica economica nazionale ed internazionale; da diversi studi condotti emerge come tale segmento di imprese sia in grado di condizionare positivamente la crescita economica di un paese. Il lavoro affronta il tema della finanza per lo sviluppo delle PMI innovative in Provincia di Modena. L’obiettivo è di analizzare in primo luogo le modalità di finanziamento, soprattutto a titolo di capitale di rischio, delle start-up, cercando di individuare la presenza di cosiddetti financial constraints, cioè vincoli di natura finanziaria che ne limitano la nascita e lo sviluppo. In secondo luogo si intende mettere in luce il ruolo di diversi operatori finanziari nel finanziamento e gli ostacoli che le neo imprese incontrano per accedere al capitale di rischio. A tal fine, è stata utilizzata una metodologia di tipo qualitativo, con l’erogazione di un questionario. L’analisi condotta evidenzia che le difficoltà incontrate all’inizio dell’attività da tali imprese sono state nel complesso contenute, con una prevalenza di ostacoli di natura gestionale in senso lato, rispetto ai vincoli di natura finanziaria. Ciò suggerisce che l’intervento di portatori di capitale deve coniugare la dimensione finanziaria con quella gestionale. Permane comunque la preferenza a governare dall’interno o con partner bancari i processi di investimento.

2010 - M&As and Equity Risk in the EMU Financial Sector [Capitolo/Saggio]
Ferretti, Riccardo; Pattarin, Francesco; Venturelli, Valeria
abstract

Over the past decade mergers and acquisitions in the financial sector have been very frequent. In Europe the pace of M&As has been rapid. This process has been driven by the consolidation of market-oriented policies in the EU member countries, as well as by the expansion of the common market environment and the introduction of the euro since 1999. The opening of new markets in former Communist countries has also played a prominent role.We survey a large, comprehensive and original list of M&A operations concluded from 1997 to 2007 by banks and insurance companies from EMU countries; a selection of exchange-listed firms is then examined to assess whether M&As changed the market risk profile of the acquirers, and to investigate whether any variations can be traced to the cross-border or cross-industry character of the operation. To this purpose, we first estimate market risk differentials between different segments of the financial sector and across EMU countries over several different periods of the decade, and make an assessment of the opportunities for risk reduction. Then, we use daily data to estimate market risk for individual acquirers before and after the completion of M&A operations and we test for any variations induced by the characteristics of the deal.

2009 - Crisi finananziaria e nuove dimensioni del rischio di liquidità: implicazioni per regolamentazione e controlli [Articolo su rivista]
Gualandri, Elisabetta; Landi, Andrea; Venturelli, Valeria
abstract

Questo lavoro affronta il tema della liquidità e della sua importanza nell’evoluzione e gestione della crisi finanziaria attuale. La prima parte è dedicata alla classificazione delle diverse accezioni di liquidità e dei rischi ad esse connessi, precisando come, negli anni più recenti, l’innovazione finanziaria abbia consentito di estendere il concetto liquidità ad una gamma sempre più ampia di attività finanziarie. Successivamente, vengono descritti i cambiamenti di lungo periodo relativi alla crescita dell’intensità finanziaria dei principali sistemi economici e agli effetti di maggiore indebitamento degli operatori (famiglie e imprese ma anche intermediari finanziari) prodotti dall’innovazione finanziaria e dal conseguente affermarsi di una intermediazione di tipo originate to distribute (OTD). Tale modello di gestione ha aumentato il potenziale di offerta di credito delle banche, contribuendo peraltro ad indebolire la loro capacità di governare i rischi di credito e di liquidità nelle fasi di stress finanziario. Successivamente, l’attenzione è rivolta agli aspetti dell’attuale assetto regolamentare e dei controlli che maggiormente hanno fallito sia nel prevenire la crisi di liquidità, sia nel limitarne l’effetto di contagio. L’analisi perviene ad individuare le principali aree di intervento ritenute di maggiore criticità per la stabilità e liquidità degli intermediari. Tra queste: il sistema di capital adequacy di Basilea 2, i regimi di liquidità e i sistemi di liquidity risk management delle banche, il funzionamento dei mercati OTC. Nelle conclusioni sono sintetizzate le principali implicazioni della crisi finanziaria per il quadro regolamentare, con riferimento particolare ai temi della gestione del rischio di liquidità.

2009 - Financial Crisis and New Dimensions of Liquidity Risk: Rethinking Prudential Regulation and Supervision [Working paper]
Gualandri, E.; Landi, A.; Venturelli, V.
abstract

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their reform. We first investigate the evolution of the concept of liquidity and the nexus between the transformations of financial systems and their increased vulnerability to liquidity risks. Then we focus on the causes of the emergence of liquidity risk in the ongoing financial crisis. We point out two intertwined processes: firstly, the huge increase in financial assets stemming from the shift to an “originate-to-distribute” intermediation model; secondly, the growth of a parallel financial circuit. After this, we focus on the main lessons for regulation and supervision: first of all we address the case for adjustments to or reform of Basel 2 in view of the nexus between solvency and liquidity. Further crucial points relate to market liquidity and OTC markets, scale and scope of LLR function, architecture of supervisory authorities and perimeter of controls. Finally we stress the need for harmonization, or at least coordination, of national liquidity regimes, at least for cross-border groups

2009 - Financial crisis and new dimensions of liquidity risk: rethinking prudential regulation and supervision [Articolo su rivista]
Gualandri, Elisabetta; Landi, Andrea; Venturelli, Valeria
abstract

This paper aims to stress the importance of market liquidity for the stability of the financial system, emphasizing the pivotal role played by liquidity risk in the development of the current financial crisis, pointing out the flaws of regulation and supervision and stressing the need for their reform. We first investigate the evolution of the concept of liquidity and the nexus between the transformations of financial systems and their increased vulnerability to liquidity risks. Then we focus on the causes of the emergence of liquidity risk in the ongoing financial crisis. We point out two intertwined processes: firstly, the huge increase in financial assets stemming from the shift to an “originate-to-distribute” intermediation model; secondly, the growth of a parallel financial circuit. After this, we focus on the main lessons for regulation and supervision: first of all we address the case for adjustments to Basel 2 in view of the nexus between solvency and liquidity. Further crucial points relate to market liquidity and OTC markets, scale and scope of LLR function, architecture of supervisory authorities and perimeter of controls. Finally we stress the need for harmonization, or at least coordination, of national liquidity regimes, at least for cross-border groups.

2009 - The determinants of equity needs: size, youth or innovation? [Articolo su rivista]
Venturelli, Valeria; Gualandri, Elisabetta
abstract

Purpose – This paper sets out to critically review the approaches developed for the assessment of the equity gap, extending the quantitative approaches to the equity gap and developing a demand-side model that allows accurate prediction of the future demand for equity.Design/methodology/approach – The first part of the paper deals with financial constraints for innovative SMEs and the possible existence of an equity gap. The next step concentrates on calculating the additional amount of equity needed in order to finance the expected growth in sales. Findings – With regard to the approaches developed to estimate the scale of the equity gap, our main finding is that demand-side analysis is the least well developed. Through the application of an original model to a sample of Italian firms, we find that the degree of innovation cannot be considered the main discriminating factor when it comes to the differences in equity requirement per unit of marginal sale; the analysis reveals the pivotal role played by the enterprise’s year of foundation.Research limitations/implications – The empirical data considered in this paper are from a large database that does not cover the period before the company starts to sell its goods on the market; moreover, the estimation of the amount of equity needed cannot be considered explicit evidence of an equity gap problem, since the gap itself implies an unfulfilled demand for additional sources of finance, only measurable in qualitative terms. Practical implications – The research will be of interest to policy makers and practitioners in defining appropriate mechanisms for bridging the equity gap for SMEs. Originality/value – The attempts to quantify the scale of the equity gap at the international level have been limited by the availability of data. As a result, they have tended to be largely qualitative, and their conclusions anecdotal. The model presented here allows precise prediction of the future demand for equity: the results could indirectly confirm that there is indeed a gap in the availability of risk capital for SMEs.

2008 - Access to Finance of Innovative SMEs [Capitolo/Saggio]
Venturelli, Valeria
abstract

This chapter surveys the theoretical literature on the financial constraints affecting small and medium-sized enterprises (SMEs) and then briefly introduces the reasons supporting government intervention to sustain the companies most at risk of credit rationing: new firms and small firms with innovative business plans, in the early stages of their development. The focus here is mainly on SMEs, although the financial constraints on innovative operations also affect larger firms.Innovation is generally considered one of the main drivers of economic growth, both in terms of its impact on the individual firm’s performance and at the aggregate level, through innovation’s effects on a country’s competitiveness and thus, in the final analysis, on the economic growth rate .The European Commission has attributed Europe’s unsatisfactory economic growth to a lack of innovation; given the decisive role of innovative business, it thus becomes necessary to create a favourable environment for the launch and growth of innovative firms, especially SMEs, by removing the constraints which may reduce their numbers, amongst which problems relating to access to finance are particularly significant. This chapter discussing innovative firms’ difficulties in obtaining funds comprises different sections. In the first one, the emphasis is on the financial sustainability of the growth of innovative new firms, and we will trace the operating risk and financial risk profiles which can be associated to each of the different stages in these firms’ life cycle. The second section will investigate the market failures related to the capital market imperfection correlated to the risk and profitability characteristics of the innovative project. The conclusion of this part underlines the fact that financial theory provides evidence as to how different forms of financing contracts, financial intermediaries and the capital markets can reduce these imperfections. The third one discusses the usefulness of applying the financial growth cycle approach, developed in corporate finance studies, to innovative firms to find out whether the hierarchy in sources of finance is different for small innovative firms

2008 - An original Equity Requirement Estimation Model [Capitolo/Saggio]
Canovi, Luciana; Venturelli, Valeria
abstract

During the last few years, the question of whether the growth of Italian SMEs, and young, innovative firms in particular, is being restricted by a lack of equity capital, and if so to what extent, has attracted the attention of both researchers and practitioners.The main aim of this chapter is to identify and verify the causes which generate financial needs to be covered by equity, and to estimate the absolute and relative size of the investment required. The contribute consists of two main sections. The first examines the models adopted to compute the additional equity needed to finance the expected growth in sales, and the sample of SMEs to which the different models have been applied. Particular attention is paid to the sample selection criteria – crucial for a proper explanation of the results – and the structural characteristics which emerge from an analysis of the firms’ financial statements. The second section surveys the key variables included in the models and evaluates the results stemming from their application. Finally, the main conclusions of the study are presented.

2008 - Assessing and measuring the equity gap and the equity requirements for innovative SMEs [Articolo su rivista]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

The attempts to quantify the scale of the equity gap at the international level have been limited by availability data. As a result, they have tended to be largely qualitative pointing to anecdotal conclusions. This paper sets out to critically review the different approaches developed for the assessment and measurement of the equity gap for firms, mainly innovative SMEs, extending the quantitative approaches for equity gap developing a demand-side model that allows to predict the future demand for equity in precise terms. Through the application of the model to a sample of Italian firms, we find that the amount of equity needed is on average tiny (147.3 K euro). One important new finding to emerge from the application of the estimation model is the direct, statistically significant relationship between additional equity requirement per unit of sales and the firm’s size category and age; on the other hand, no significant differences were found with regard to firms’ degrees of innovation. This paper sets out to investigate the problem of assessing and measuring the equity gap for innovative SMEs. The contribution to the current debate is the development of an original demand-side model that allows to predict the future demand for equity (so-called equity requirement) in precise terms. Various authors (Berger and Udell, 1998) have reported that, due to market failures, equity is the form of finance best suited to providing the entrepreneur with the additional resources needed for the development of the innovative project. In continental Europe, the relative backwardness of financial systems (Rajan and Zingales, 2001; European Commission, 1998 and 2003b) aggravates the structural difficulties faced by SMEs in obtaining access to finance amplifying the problems related to the availability of equity. This contributes to create a lack of resources available for equity investments, known as the equity gap. During the last few years there have been various attempts, at the international level, to estimate whether an equity gap exists, and if so to assess its significance. However, there is still a great deal of uncertainty with regard to the method to be used for estimating the phenomenon. Most of the approaches developed focus on the equity supply side, although the demand-side analysis which is currently the least used, it is the most interesting from the methodological point of view.The paper is the outcome of research into “Equity Financing”, performed as a part of the FIRB project “Nuove dinamiche di sviluppo competitivo nella società della conoscenza" [New competitive growth mechanisms in the knowledged society], co-financed by the Italian University and Research Ministry.Our intention here is to pursue the demand-side quantitative approach, with the main aim of measuring the future demand for equity on the part of firms, with a particular focus on firms in innovative sectors.The paper consists of 4 sections. The first surveys the theoretical literature on the financial constraints limiting SMEs’ growth and the main methods used and the thresholds identified in international studies on the equity gap. In the second part, we show the methodology used in order to compute the additional equity requirements. In section three, we study firms in Italy’s Emilia Romagna region to identify the causes which generate financial needs to be covered by equity, and estimate the absolute and relative size of the investment required. Finally, the main conclusions of the study are presented.

2008 - Assessing and measuring the equity gap and the equity requirements for innovative SMEs [Working paper]
Gualandri, E.; Venturelli, V.
abstract

Purpose – This paper sets out to critically review the different approaches developed for the assessment and measurement of the equity gap for innovative firms, mainly SMEs, extending the quantitative approaches for equity gap developing a demand-side model that allows to predict the future demand for equity in precise terms.Design/methodology/approach – The first part of the paper deals with financial constraints for innovative SMEs and the possible existence of an equity gap, due to market failures. We analyse the different approaches developed for the assessment and measurement of the equity gap, their limits and level of significance. The next step in our analysis is focused on the computation of the additional amount of equity needed in order to finance the expected growth in sales for a sample of Italian SMEs.Findings – As far as the approaches developed to estimate the scale of the equity gap our main finding is that demand-side analysis is the least well developed, especially as the quantitative approach is concerned. Through the application of an original model to a sample of Italian firms, we find that, the amount of equity needed, expressed in absolute terms, is on average tiny (147.3 K euro). Moreover, the size of the additional equity requirement is clearly influenced by the role of the current debt. The results of the cluster analysis confirms that the degree of innovation cannot be considered the main discriminating factor when it comes to the differences in equity requirement per unit of marginal sale; while the regression analysis reveals the pivotal role played by the enterprise’s year of foundation.Research limitations/implications – The empirical data covered in this paper are from a large database that does not allow for pre-sale situation; moreover, the estimation of the amount of equity needed cannot be considered explicit evidence of an equity gap problem, since the gap itself require the rejection of a demand for additional financing tools that can be measured only in qualitative terms. Practical implications – The research will be of interest to policy makers and practitioners in defining appropriate mechanism for bridging the equity gap for innovative SMEs. The relevance of the topic is due to contribution of these firms to economic growth. Originality/value – The attempts to quantify the scale of the equity gap at the international level have been limited by availability data. As a result, they have tended to be largely qualitative pointing to anecdotal conclusions. The model presented here allows predicting the future demand for equity in a precise way: the results could indirectly confirm the problem of a gap in the availability of risk capital for innovative SMEs.

2008 - Bridging the Equity Gap for Innovative SMES [Curatela]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

The contribution of small and medium-sized enterprises (SMEs) to job creation, innovation and economic growth is acknowledged and testified in developed countries, as well as in developing and emerging economies. Although it represents an extremely small proportion of the total number of SMEs in any given country, the subsector of innovative SMEs (ISMEs) has an even greater role in creating new jobs and enhancing technological development, with a major contribution to overall economic growth. This is particularly true for advanced economies, where growth in productivity is generated not so much by the accumulation of capital as by innovation and its diffusion by the knowledge spillover mechanism and entrepreneurial capital.In view of the strategic economic role played by the creation and development of these firms, an understanding is required of the factors which may adversely affect the growth of SMEs, and especially the financial difficulties which may prevent them from fulfilling their potential. Since SMEs, and ISMEs in particular, may face serious constraints due to market failures, these firms may be the victims of financing and equity gaps even in advanced economies. Given this scenario, the book deals with the theme of the equity gap for innovative SMEs and the devices and instruments developed in order to bridge it. The main research questions might be summarised as follows:1. Is it possible to separate out and verify the financing constraints that affect the birth and development of ISMEs?2. Is it possible to identify and perhaps measure the size of the financing gap in a reliable manner?3. Is there a role for financial intermediaries and markets in bridging the equity gap? And if so, what is it?4. Is public intervention feasible in solving this problem? If so which are the best practices developed at the international level by policy-makers?The main results can be summarized as follows:1. There are certainly financing constraints that affect the birth and development of ISMEs in particular, arising from market failures due especially to an information asymmetry. Moreover, given the specific characteristics of firms of this kind, risk capital emerges as the most suitable form of financing, in a reversal of the traditional hierarchic financing structure. 2. An equity gap for young and innovative SMEs does exist. The measurement techniques developed up to now have not been completely satisfactory due to their concentration on qualitative methods; in spite of this, they are useful for an initial prima rough quantification of the phenomenon. However an improvement in quantitative estimation is required, and the original model presented here is intended as a step in this direction. 3. The intermediaries which may contribute the most to overcoming the financial constraints facing ISMEs are venture capitalists and business angels; they also make a significant contribution to the growth of venture-backed firms. As far as financial markets are concerned, exchanges do not appear suitable for financing the initial growth stages, but they are able to help remove financial constraints by providing investors with the guarantee of effective exit strategies. To this end the identification or creation of specific markets/segments on which these firms can be listed seems to be the right path.4. The existence of market failures in providing ISMEs with adequate financial resources justifies the growing role of the public sector in providing equity financing. However, as the best practice developed at the international level shows, an effective public intervention policy must take all the instruments in the financial ladder into consideration and also include non-financial measures aimed at stimulating entrepreneurship. Moreover, a cost-benefits analysis assessing the fit between the objectives and results of public assistance schemes is necessary as a basis for the drafting of future policies.

2008 - Costi e ricavi, investimenti e finanziamenti nelle società di calcio [Capitolo/Saggio]
Venturelli, Valeria
abstract

Obiettivo del presente lavoroè quello di verificare se le società di calcio hanno saputo compiere il passaggio da club a imprese sullo sfondo dell’evoluzione normativa che ha contributo al mutamento di impostazione generale. Dopo aver ripercorso i fondamentali passaggi compiuti dal legislatore in tema di calcio professionistico si analizzeranno le principali risultanze economico-finanziarie, sia in termini aggregati che per fascia dimensionale di impresa, con l’obiettivo di valutare il rispetto dei canoni di economicità della gestione.

2008 - Innovation and Economic Growth [Capitolo/Saggio]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

It is widely recognised that the innovation process is a fundamental driver for economic growth, due to its role in increasing output and productivity. This is particularly true for the advanced economies, which are increasingly reliant on innovation and entrepreneurship for their sustained growth (Bottazzi et al., 2001).Technological change, resulting from innovative activities including investments in intangibles such as R&D, impacts positively, in the long term, on both employment rates and incomes. Therefore at the macro level, a country’s ability to innovate supports its long-term growth. The most advanced economies are depending to an ever-greater extent on factors such as knowledge, information and high skill levels, and have a growing need for rapid access to these, in the ‘knowledge-based economy’, of which innovation is seen as the main driver.The reinforcement of innovation is one of the pillars of the strategy adopted to achieve the aim set by the Lisbon Council of Europe in March 2000: to make the European Union the world’s most competitive, dynamic knowledge-based economy by the end of the decade. The European Commission (2002) has already underlined that a lack of innovation is one of the key factors behind Europe’s disappointing results with regard to growth in productivity.Policy-makers therefore have an obvious interest in adopting policies which create the conditions in which technological change can develop at the micro level, in individual firms, through innovative activities and investments. R&D has a key role in achieving this, by enhancing a firm’s capacity to absorb and make use of new knowledge of all kinds, not just technological knowledge.The chapter is structured as follows. First of all, we focus on the problem of defining innovation and innovative activities and on the factors influencing innovation. In the second paragraph, we analyse the mechanisms by which innovation is spread through the economy, by means of knowledge spillover and entrepreneurship capital, to influence economic growth. Finally, after pointing out that the financing gap is particularly large for new and innovative small and medium-sized enterprises (SMEs), we will analyse venture capital as a further mechanism of economic growth.

2008 - Introduction [Bridging the Equity Gap for Innovative SMEs] [Breve Introduzione]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

There is an increasing perception that Europe's growth problems, in the present competitive environment, may be caused not so much by rigidities in labour markets, as by weaknesses in capital markets, and in particular in the access to risk capital. This chapter introduces the evaluation of the financial needs and constraints faced by start-up firms and the means for bridging their financing and equity gaps during the firm's most crucial growth phases. The role of public sector intervention is analysed, focusing on international best practices and the creation of public-private partnerships aiming at developing a private venture capital market for these innovative firms

2007 - Assessing and measuring the equity gap and the equity requirements for innovative SMEs [Relazione in Atti di Convegno]
Gualandri, Elisabetta; Venturelli, Valeria
abstract

Purpose – This paper sets out to critically review the different approaches developed for the assessment and measurement of the equity gap for firms, mainly innovative SMEs, extending the quantitative approaches for equity gap developing a demand-side model that allows to predict the future demand for equity in precise terms.Design/methodology/approach – The first part of the paper deals with financial constraints for innovative SMEs and the possible existence of an equity gap, due to market failures. We analyse the different approaches developed for the assessment and measurement of the equity gap, their limits and level of significance. The next step in our analysis is focused on the computation of the additional amount of equity needed in order to finance the expected growth in sales, through the development of an original model that enable the estimation of the equity requirement under the hypothesis of maintaining a constant ratio between financial debt and equity. Findings – As far as the approaches developed to estimate the scale of the equity gap from the documentary review, our main finding is that demand-side analysis is the least well developed, especially as the quantitative approach is concerned. Through the application of the model to a sample of Italian firms, we find that, irrespective of the degree of innovation, the amount of equity needed is on average tiny (147.3 K euro). Moreover, the size of the additional equity requirement is clearly influenced by the role of the current debt.Research limitations/implications – The empirical data covered in this paper are from a large database that does not allow for pre-sale situation; moreover, the estimation of the amount of equity needed cannot be considered explicit evidence of an equity gap problem, since the gap itself require the rejection of a demand for additional financing tools that can be measured only in qualitative terms. Nonetheless, the threshold identified in our study could point to the existence of an equity gap, since the figure is in line with the findings emerging from international studies centred on the financing obstacles to SMEs’ growth. Practical implications – The research will be of interest to policy makers and practitioners in defining appropriate mechanism for bridging the equity gap for innovative SMEs. The relevance of the topic is due to contribution of these firms to economic growth. Originality/value – The attempts to quantify the scale of the equity gap at the international level have been limited by availability data. As a result, they have tended to be largely qualitative pointing to anecdotal conclusions. The model presented here allows predicting the future demand for equity in a precise way: the results could indirectly confirm the problem of a gap in the availability of risk capital for innovative SMEs.

2007 - Chi più spende, meno (e)spande? [Articolo su rivista]
Venturelli, Valeria
abstract

La carenza infrastrutturale italiana è nota: da decenni si verifica infatti la presenza di un importante gap infrastrutturale dell’Italia rispetto i principali partner europei e all’interno del paese, tra le regioni del Sud e quelle del Centro-Nord. Tuttavia la spesa per investimenti del nostro paese risulta allineata a quella media dell’UE. Il problema italiano sembra quindi risiedere più nell’efficienza della spesa per infrastrutture piuttosto che nella mancanza di risorse destinabili a questo fine. Diventa quindi necessaria una riflessione in termini di scelta degli strumenti finanziari più idonei ad efficentare la spesa infrastrutturale del paese.

2007 - Il fabbisogno di capitale di rischio delle Pmi innovative in Italia [Articolo su rivista]
Canovi, Luciana; GRASSO A., G; Venturelli, Valeria
abstract

Il lavoro si articola in 3 sezioni. La prima è dedicata alla rassegna della letteratura teorica sul tema dei vincoli finanziari allo sviluppo delle Pmi con una particolare attenzione alla sostenibilità finanziaria della crescita delle nuove imprese innovative . La seconda parte propone una rassegna delle principali metodologie utilizzate e delle soglie identificate negli studi condotti a livello internazionale sul tema dell’equity gap. La terza sezione del lavoro, attraverso metodologie d’analisi quantitativa, persegue l’obiettivo di verificare, nel contesto italiano, le cause che sono alla base della formazione di fabbisogni finanziari da coprire con capitale di rischio, stimandone la dimensione assoluta e relativa. In particolare, dopo aver descritto i modelli di stima del fabbisogno di equity e l’universo di imprese innovative al quale tali modelli sono stati applicati, vengono analizzati i risultati ottenuti da tale applicazione

2007 - Mind the gap [Articolo su rivista]
Venturelli, Valeria
abstract

Il processo di finanziamento dell’attivitàdi innovazione condotta dalle Pmi viene oggi concordemente indicato dalla letteratura finanziaria e dagli orientamenti di politica comunitaria come un fattore di elevata criticità in grado potenzialmente di ostacolarne le capacità di sviluppo. Da qui l’esigenza di creare un ambiente favorevole all’avviamento e allo sviluppo di imprese innovative, specialmente di Pmi, rimuovendo i vincoli che possono ritardarne la diffusione tra i quali assumono particolare rilevanza quelli connessi all’accesso ai finanziamenti.

2006 - Finanza e sviluppo in Europa: il caso delle Pmi nelle aree economicamente svantaggiate [Articolo su rivista]
Landi, Andrea; Quinto, E; Rigon, A; Romeo, R; Venturelli, Valeria; Vezzani, Paola
abstract

Il contributo si articola in cinque parti principali. La prima è volta alla valutazione delle trasformazioni intervenute nella struttura dei sistemi bancari europei con l’obiettivo di identificare eventuali tendenze verso la convergenza dei sistemi e/o la permanenza di elementi distintivi di struttura in grado di incidere sui rapporti con le PMI. La parte seguente è indirizzata a valutare empiricamente il legame tra le caratteristiche strutturali dei principali sistemi bancari europei e il diverso grado di sviluppo economico delle aree locali. La valutazione comparata dei rapporti tra PMI e sistema finanziario forma invece l’oggetto della terza parte del lavoro, in cui si evidenzia come i rischi di razionamento dei finanziamenti interessino in maniera eclatante alcuni segmenti di imprese più rilevanti per lo sviluppo economico (nuove imprese e piccole imprese nelle prime fasi di sviluppo caratterizzate da progetti imprenditoriali a contenuto innovativo). Pertanto, assumono importanza le politiche di offerta delle banche e le esperienze più significative di supporto finanziario alle PMI da parte di operatori pubblici, valutate e descritte in ottica comparata nelle ultime due parti del lavoro, con l’obiettivo di delineare le forme di intermediazione e gli strumenti finanziari con cui il settore pubblico affianca e stimola la finanza degli operatori privati.

2006 - Le aree economicamente svantaggiate: metodologia e descrizione [Capitolo/Saggio]
Venturelli, Valeria
abstract

Il contributo è dedicato alla descrizione delle aree economicamente svantaggiate in ambito europeo e alla metodologia seguita per la loro identificazione

2006 - Le politiche comunitarie a sostegno dell’imprenditorialità e delle Pmi [Capitolo/Saggio]
Venturelli, Valeria
abstract

L’elevata presenza in Europa di PMI e il ruolo primario che svolgono in termini di crescita, competitività ed occupazione hanno generato un interesse specifico da parte della Commissione Europea che ha messo in atto interventi volti a favorirne il rafforzamento e la crescita. Il contributo è dedicato alla descrizione e all'analisi delle politiche comunitarie a sostegno dell'imprenditorialità e delle Pmi

2006 - L’accesso alla finanza delle Pmi [Capitolo/Saggio]
Landi, Andrea; Venturelli, Valeria
abstract

Una prima valutazione di come le variabili finanziarie condizionano l’attività delle PMI nei diversi paesi oggetto di indagine può essere svolta a partire dall’analisi della struttura finanziaria delle imprese, avendo come riferimento sia i livelli di indebitamento, e quindi il grado di dipendenza dalle fonti di finanziamento esterno, sia la composizione dei finanziamenti per forma tecnica e tipologia di intermediari. Il minore o maggiore livello di capitalizzazione, la diversa dipendenza dal credito bancario, così come il prevalere di rapporti contrattuali di finanziamento a medio-lungo termine, sono tutti profili finanziari che riflettono in buona misura le caratteristiche assunte del rapporto tra sistema finanziario e PMI nei diversi paesi; caratteristiche a loro volta in grado di incidere sulle condizioni di economicità e sulle prospettive di sviluppo delle imprese.

2006 - L’intervento pubblico a sostegno della finanza delle Pmi [Capitolo/Saggio]
Quinto, E; Romeo, R; Venturelli, Valeria
abstract

Le PMI europee usufruiscono di una serie di misure di assistenza finanziaria volte a favorirne il rafforzamento e la crescita, misure che trovano riferimento in un quadro di intervento pubblico sempre più connotato dagli orientamenti comunitari in tema di imprenditorialità, innovazione e di sostegno allo sviluppo. Avendo come riferimento le principali direttrici dell’intervento comunitario il presente capitolo è dedicato all’analisi dei principali strumenti di intervento pubblico adottati a livello nazionale e regionale a sostegno della finanza delle piccole e medie imprese.

2006 - Profili regolamentari e procedurali nel comparto dell’asset management [Relazione in Atti di Convegno]
Venturelli, Valeria
abstract

L'obiettivo di questo paper è l'analisi del sistema di regolamentazione finanziaria attualmente vigente nell'Unione Europea che, così come definito dal Financial Service Action Plan (FSAP) e dal Comitato Lamfalussy, punta alla realizzazione di un Mercato Unico per i servizi finanziari all'interno della stessa UE. Tra i servizi finanziari, la scelta è ricaduta sul comparto del risparmio gestito per una serie di ragioni: da un lato il settore dell’asset management è, tra i comparti dell’intermediazione finanziaria, quello che ha mostrato i tassi di crescita più evidenti, dall’altro lo sviluppo del settore ha interessato tutti i segmenti dell’intermediazione finanziaria tradizionale (bancario, mobiliare, assicurativo) sollevando notevoli problemi di natura regolamentare.

2006 - Sistemi bancari e sviluppo economico nelle aree economicamente svantaggiate [Capitolo/Saggio]
Venturelli, Valeria
abstract

L’obiettivo del lavoro è quello di verificare se esiste un modello di sistema bancario superiore ad altri per la capacità di sostenere lo sviluppo delle aree svantaggiate. In particolare, nella verifica empirica del nesso finanza-sviluppo regionale, l’attenzione è indirizzata all’analisi del sistema bancario, stante la centralità che la banca assume nell’intermediazione dei flussi finanziari . Tra le diverse caratteristiche del sistema bancario, quella che rileva in questa sede è la relazione tra ruolo delle banche mutualistiche e intensità dello sviluppo economico. Per banche mutualistiche si intende l’insieme di banche che tradizionalmente appartengono ad importanti circuiti mutualistici e delle banche indipendenti che agiscono su base locale.

2006 - The nexus between banking structure and economic development: a regional perspective at a European level [Relazione in Atti di Convegno]
Quinto, E; Romeo, R; Venturelli, Valeria
abstract

The paper analyses the nexus between the structure of the banking system at a regional level (NUTS 2) and the local economic development with a particular attention on the SMEs in the deprived areas. The project of research examines four countries: France, Germany, United Kingdom and Spain.The paper is divided into two parts. Firstly, the development of the banking systems has been investigated in order to evaluate elements of converge between systems, or elements of differentiation. In the second part, the nexus between economic development and the structure of financial systems at a regional level has been examined. Using a Barro growth regression, the main results suggest that a systemic correlation between structure and economic development cannot be verified at a local level.Between the variables employed, a positive and statistical correlation has been found between local development and financial deepening. The negative and significant relation between initial level of GDP per inhabitant and local development suggests a catching-up’s effect between local areas.This conclusion is also confirmed by a case studies analysis centred on regions that showed, during the period 1995 – 2002, a positive development although in a context of different structure and evolution of local banking systems.

2005 - Analisi economica del sistema di credito cooperativo: il caso Emilia Romagna [Articolo su rivista]
Brighi, P; Venturelli, Valeria
abstract

Obiettivo di questo studio è comprendere l’evoluzione del sistema bancario a livello regionale al fine di individuare un benchmark rispetto al quale comparare l’evoluzione del sistema BCC.

2005 - Profili regolamentari e procedurali nel comparto dell’Asset Management [Capitolo/Saggio]
Venturelli, Valeria
abstract

Negli ultimi due decenni i sistemi finanziari sono stati interessati da profondi cambiamenti che hanno coinvolto le funzioni e le tipologie di attività degli intermediari, il funzionamento e lo sviluppo dei mercati così come la varietà degli strumenti finanziari offerti alla clientela. Modifiche sostanziali hanno riguardato anche la regolamentazione interessando non solo gli specifici strumenti utilizzati dalle Autorità di Vigilanza, ma anche l’impostazione della policy regolamentare e la suddivisione delle competenze tra le diverse autorità.L'obiettivo di questo contributo è l'analisi del sistema di regolamentazione finanziaria attualmente vigente nell'Unione Europea che, così come definito dal Financial Service Action Plan (FSAP) e dal Comitato Lamfalussy, punta alla realizzazione di un Mercato Unico per i servizi finanziari all'interno della stessa UE. Tra i servizi finanziari, la scelta è ricaduta sul comparto del risparmio gestito per una serie di ragioni: da un lato il settore dell’asset management è, tra i comparti dell’intermediazione finanziaria, quello che ha mostrato i tassi di crescita più evidenti, dall’altro lo sviluppo del settore ha interessato tutti i segmenti dell’intermediazione finanziaria tradizionale (bancario, mobiliare, assicurativo) sollevando problemi regolamentari notevoli. Gli interrogativi emersi dalla ricerca sono diversi: da una parte, ci si chiede se le Direttive della UE, definite nel piano d’azione dei servizi finanziari (FSAP), sono sufficientemente coordinate rispetto ad un settore, quello dell’asset management, che interessa trasversalmente i diversi comparti dell’intermediazione finanziaria; dall'altra, se il modello di comitatologia introdotto dal Comitato dei Saggi per il segmento dei valori mobiliari, e successivamente esteso agli altri segmenti dell’intermediazione finanziaria, è coerente rispetto alle caratteristiche del settore in esame.

2004 - Le strategie di diversificazione dei grandi gruppi bancari europei nell’Asset Management e nel Private Banking [Capitolo/Saggio]
Di Battista, M. L.; Venturelli, Valeria
abstract

Obiettivo del lavoro è l’analisi delle strategie adottate dalle banche europee nel settore dell’asset management (AM). Più specificamente si sono individuati alcuni modelli di riferimento che hanno consentito di classificare le scelte strategiche effettuate dalle banche al fine di estendere la loro attività al settore dell’AM nonché le caratteristiche aziendali delle banche stesse. Inoltre, si è verificata la relazione esistente tra la rilevanza dell’attività di AM rispetto alle scelte strategiche compiute dalle banche e alle caratteristiche morfologiche e concorrenziali del mercato di origine in cui le banche operano.

2003 - Le strategie di diversificazione dei grandi gruppi bancari europei nell’Asset Management e nel Private Banking [Working paper]
Di Battista, M. L.; Venturelli, Valeria
abstract

In questo lavoro ci si propone di effettuare un’indagine sulle strategie di diversificazione nell’asset management e nel private banking perseguite da un campione di 25 gruppi bancari europei. A tal fine sono state raccolte informazioni dai dati di bilancio di gruppo, dalle presentazioni per gli analisti e gli investitori e, laddove disponibili, dalle relazioni e dai dati per singole divisioni. Più in particolare, si indaga sulla strategia di diversificazione a livello di impresa che ciascuna banca ha perseguito negli ultimi anni così da poter inquadrare l’attività di asset management edi private banking all’interno del complessivo business model aziendale. Inoltre, sulla base dello schema matrice clienti/prodotti/mercati, da una parte, e di quello della catena del valore dall’altra, si approfondisce l’analisi a livello di business units interessate (asset management, private banking e, seppur in modo meno approfondito, assicurazioni ramo vita). Da ultimo, siapprofondiscono i modelli organizzativi di queste aree di business e la loro più recente evoluzione. Seguono alcune considerazioni conclusive.

2002 - Gli effetti economici della diversificazione bancaria: una verifica empirica [Capitolo/Saggio]
Venturelli, Valeria
abstract

Il contributo analizza gli effetti economici della strategia di diversificazione dei ricavi posta in essere da un campione di banche europee. In particolare, vengono stimate le economie di scala, introdotta una nuova misura per la stima delle economie di diversificazione ed infine valutati i pounteggi di x-effiency.

2001 - I percorsi di diversificazione delle banche europee [Working paper]
Venturelli, Valeria
abstract

Il lavoro analizza la diversificazione delle banche ovvero una delle differenti opzioni strategiche a disposizione del management. La diversificazione, intesa come lo sviluppo di una strategia il cui fine è quello di estendere le aree strategiche d'affari di una banca può rappresentare una leva gestionale utilizzabile ed efficace ai fini della gestione, secondo criteri di economicità, di una banca

2001 - LE STRATEGIE DI DIVERSIFICAZIONE DELLE BANCHE EUROPEE. DETERMINANTI ED EFFETTI IN TERMINI DI EFFICIENZA E DI PROFITTABILITÀ [Articolo su rivista]
Venturelli, Valeria
abstract

Il lavoro si concentra sulla diversificazione delle banche europee con l'obiettivo di individuare ed esaminare i fattori economici che spiegano il processo di diversificazione e comprendere le principali connessioni sotto il profilo della redditività e dell'efficienza.Nella prima parte si approfondisce l'evoluzione della diversificazione a partire da alcuni tradizionali indicatori di attività. Al fine di cogliere con maggior precisione i percorsi di diversificazione e la rilevanza assunta dai nuovi business di attività si è arricchita l'analisi con un approfondimento delle strategie sviluppate da un campione di grandi global player. La parte successiva è riservata alla verifica empirica delle determinanti economiche della diversificazione utilizzando congiuntamente dati di struttura dei sistemi bancari e informazioni contabili. Nell'ultima parte del lavoro vengono analizzati gli effetti reddituali dello sviluppo della strategia di diversificazione.

2001 - La diversificazione bancaria: definizioni e paradigmi teorici a confronto [Working paper]
Venturelli, Valeria
abstract

Negli ultimi quarant'anni il tema della diversificazione ha costituito un importante filone di studio per la teoria economica dell'impresa, mentre minore è stata l'attenzione rivolta a questi argomenti dalla teoria dell'intermediazione finanziaria. In questo lavoro si utilizzano i principali contributi sul tema della diversificazione delle imprese, sottolineando i nessi teorici più importanti che tale letteratura ha con l'analisi dell'intermediazione finanziaria e i percorsi di diversificazione delle banche

2001 - The Diversification Strategy of European Banks: Determinants and Effects on Efficency and profitability [Relazione in Atti di Convegno]
Landi, Andrea; Venturelli, Valeria
abstract

The paper addresses the question of diversification in the banking sector. The need to look closely at the determining factors and economic effects of diversification in the financial sector stems from two main types of reasons. Firstly the banking diversification is taking on an increasingly important role the magnitude of which is difficult to assess without first defining and classifying the main business areas of financial intermediation. Secondly the expansion of banks’ activity towards the insurance services and the securities industry has important implications in terms of concentration and stability of financial systems.The paper has two main aims. The first one is to define more precisely the phenomenon of European banks’ diversification while at the same time mapping the considerable range of financial products and services with relation to the main business areas. The second aim is to analyse the economic factors which explain the European banks’ diversification and at the same time to evaluate the main implications of this process in terms of concentration, profitability and efficiency. In line with this objective the attention will be turned to the distinction between external and internal factors, which guide the activity choices of the large European banks. Consideration will be given to the effects of the changes in the demand for financial services on banks’ diversification.In examining the internal factors we will consider scale and scope economies as well as the effects of diversification on banks’ overall efficiency.The comparative analysis between the European banking systems will be developed through the use of some data base such as “Bank Profitability" and " Ibca-Bankscope ", while the analysis of the strategic behaviours of the Global Player will be developed using the documentary material and the annual reports.