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Climate change adaptation, governance and new issues of value. Measuring the impact of ESG scores on CoE and Firm 'performance

Published by Palgrave Macmillan
ISBN-10 3030901149


"Climate change adaptation, governance and new issues of value. Measuring the impact of ESG scores on CoE and Firm 'performance" , has been released with the international publishing house Palgrave Macmillan, is a book edited by Carlo Bellavite Pellegrini, Massimo Catizone and Laura Pellegrini, aimed at offering an understanding of important future trends, such as sustainability and ESG factors. The book, aimed at scholars and practitioners , is divided into two parts: the first part offers theoretical insights into the various aspects related to sustainability, while the second part collects numerous empirical contributions at sector and geographical area level, the result of studies conducted in recent years by Professor Carlo Bellavite Pellegrini and by the research group of the Center for Applied Economics Studies (CSEA) of the Catholic University of the Sacred Heart. The authors' objective is to offer, with an international scope, tools capable of demonstrating the significant impact of the adoption by companies of a sustainable business . Understanding issues such as Corporate Social Responsibility (CSR), Environmental, Social and Governance (ESG) factors allows for an in-depth assessment of the risks and opportunities that a company faces in the medium to long term. Particular attention is therefore dedicated to sustainable strategies, and to how these affect both debt and capital, with important repercussions on the allocation of assets , stock picking, risk management, liquidity, performance and the value of the company itself.

“It is an ambitious book, a book created with the aim of bringing the academic and professional world closer to the new challenges for businesses, unique for the different and numerous perspectives offered to the reader. The project conceived together with Laura and Massimo, and carried out together with the various co-authors, many of them young, therefore offers important tools to understand and look towards a new reality in which companies and attention to their stakeholders can really create value that lasts over time."

Tra cielo e terra

Published by Egea
ISBN: 978-88-8350-323-8


Value and price, work and pay, debts and credits. One doesn't need to be a refined biblical scholar to realise that the Old and New Testaments are littered with economic references. On the other hand, a more careful reading, free of doctrinal intentions, is needed to understand that these references are not exclusively or even predominantly allegorical but more often narrative or explanatory, and therefore provided in their 'earthly' concreteness. The Bible, in other words, can also be read as a robust economics manual. In proposing a reading in this key, “Tra Cielo e terra” combines different perspectives – historical, hermeneutical, philological, existential – that the author intersects without forcing them, even when alternating them with personal life experiences or the reflections of great figures of the Church today, from Cardinal Martini to Pope Francis. Always careful to avoid the temptation, on the one hand, of fundamental and ahistorical literature and, on the other, of the immediate translation of biblical text into current life. What prevails, however, is a steady vision of economic action as a generator of fairness and justice, the constant search for 'a way of reasoning about economic and financial facts that is ontologically different from what we are used to'.

Società Benefit. Profili giuridici ed economico-aziendali

Published by Egea
ISBN: 978-88-238-4664-7


What does 'Benefit Company' mean? What are its distinctive features? And why does an enterprise decide to start or become a benefit company? With contributions from numerous experts, this book offers comprehensive answers to these questions to provide an up-to-date overview and articulate treatment of the subject, specifically focusing on the state of the art in Italy. Benefit Companies are enterprises that combine the pursuit of profit with one or more objectives of common benefit. In this sense, they not only represent a new business model but, as agents of gradual change, also contribute to the sustainable development of territories in a broader sense, committed to transparently measuring and assessing their impact according to canons and criteria developed by independent institutes and research centres. Choices regarding the definition and pursuit of common benefit are therefore decisive as they become a strategic asset in the life of such enterprises. The volume is produced by Assobenefit, the national association for Benefit Companies, which aims to help establish a new economic model of development in Italy based precisely on the constitutive principles of Benefit Companies. At the end of 2015, Italy became the first sovereign state in the world to adopt specific legislation for Benefit Companies and, in the national and international context, Assobenefit guides and facilitates this process of profound economic renewal.

Valutazione d'azienda nel mondo ESG

Published by Egea
ISBN 978-88-238-3797-3


Anyone interested in corporate finance places business valuation at the centre of their attention, along with the criteria used for valorisation. For some time now, the convergence towards multiples and DCF (Discounted Cash Flow) has been almost unanimous. It is a pity that multiples often have serious limitations and that the logic of 'everyone does it', i.e. the absolute dominance of the market, has proved very flawed in many circumstances. Particularly in the presence of strong and unpredictable volatility. The DCF and the 'fundamental' criteria never lie... but increasingly the world of investors and companies themselves are looking with great interest at ESG (Environmental, Social, Governance) issues as variables with a growing impact on the cost of capital and risk in general. Business valuation is therefore moving in a new direction after years of generalised alignment.

Pirelli: Technology and Passion 1872-2017

Editore: Third Millenium Publishing
ISBN: 978-1-78125-877-4


The history of Pirelli crosses three centuries, a remarkable period of time, even for a long-lasting corporation. This extensive study by Professor Carlo Bellavite Pellegrini explore the corporate values and the managers’ profiles which made this extraordinary outcome possible The book describes the corporate history of Pirelli, from the incorporation and the establishment of the first factory in Milan in 1872 through rapid international development, up to its current status as a multinational corporation with 22 factories in 13 different countries around the world. It tells a story of entrepreneurs, managers, engineers, corporate researchers and workers who all contribute to a strong corporate identity that has endured over a significant period of time. Pirelli’s continuous emphasis on the areas of research, innovation and development, together with its investment in its employee are the key ingredients that explain its lasting corporate success. The volume illustrates and describes the reasons for Pirelli’s investment in optical fibres and in telecommunications, which help make it the global player in the tyres sector that it is today. In his analysis of the historical events that have shaped Pirelli, the author has had exclusively access to the archives of the Pirelli Foundation, the public and private correspondence and records of some of the protagonists, and the private diaries of Carlo Azeglio Ciampi, former Italian President.

Pirelli: innovazione e passione, 1872-2017

Published by Il Mulino
ISBN: 978-88-15-27342-0


The life and history of Pirelli spans three centuries, which is unusual even among the longest-lived companies. What values have made this possible? In these pages, Carlo Bellavite Pellegrini recounts Pirelli's corporate history, from the establishment of the company and its first Milanese factory in 1872, to its rapid international expansion and its current size as a global multinational. It is a tale of industries, entrepreneurs, managers, engineers, researchers and workers, with a strong sense of identity that endures over time. Among the building blocks of success are the ever-vigilant focus on research, innovation and development and the constant care for all those whose lives have intersected with its history. The book traces and illustrates the reasons behind Pirelli's investment decisions in the fibre optics and telecommunications sectors, as well as its progressive refocusing on its core tyre business, its rise to the role of 'global premium player' and later to that of 'unique pure consumer player, the first luxury tyre makers'. In the final part, the book recounts the international agreements of recent years and Pirelli's return to the capital market in October 2017. In reconstructing the facts, the author makes use of a variety of official sources from the Pirelli Foundation's archives, unpublished correspondence and direct testimony of some central figures, as well as the private diaries of Carlo Azeglio Ciampi.

Pirelli: innovazione e passione, 1872-2015

Published by Il Mulino
ISBN: 978-88-15-25312-5


The life and history of Pirelli spans three centuries, which is unusual even among the longest-lived companies. What are the values that have made this extraordinary achievement possible? What are the salient features of the people who have run the company over time? This monograph recounts Pirelli's 'corporate history', from the establishment of the company and its first Milanese factory in 1872, to its rapid international expansion, to its current size as a global multinational with 22 production plants in 13 countries worldwide, well integrated into different economic and social contexts. It is a tale of industries, entrepreneurs, managers, engineers, researchers and workers, with a strong sense of identity that stands the test of time. The book also traces and illustrates the reasons behind Pirelli's investment choices in the fibre optics and telecommunications sectors, through to its rise to the role of 'global premium player' in the tyre sector and recent international agreements.

Una storia italiana: Dal Banco Ambrosiano a Intesa Sanpaolo. Con i Diari di Carlo Azeglio Ciampi

Published by Il Mulino
ISBN: 978-88-15-24083-5


Intesa Sanpaolo originates from the merger of two banking groups (Banca Intesa and Sanpaolo IMI) which, like the tributaries of a great river, fully represent its roots, corporate culture, corporate governance and business models. The book tells the story of one of these two banks: the Nuovo Banco Ambrosiano, which later became Banca Intesa. Founded in dramatic circumstances from the ruins of Calvi's Banco Ambrosiano, the new Institute has achieved extraordinary growth, acquiring and integrating some of Italy's largest banks. The book traces the fascinating and contrasting events of this growth, which represented a not insignificant chapter in Italian history from 1982 to 2007. In reconstructing the events, the book makes use of a variety of sources, from the official ones of the banks incorporated over time, to the testimonies of some of the central figures, to the unpublished diaries of Carlo Azeglio Ciampi.

Modelli di Equilibrio e Fondamentali d’impresa. I rendimenti azionari nell’area dell’euro

Published by Carocci Editore
ISBN: 978-88-430-4976-9


The book reviews the literature both on long-term equity returns in different parts of the world (with a focus on the US and Europe) and on equity pricing. It focuses particularly on the three-factor models introduced in the literature following the studies of Fama and French (1992), and seeks to implement these models by introducing economic control variables such as productivity and system governance, in addition to the state variables used in modelling. It considers the returns on the shares of the 1,058 listed industrial companies in the countries that initially joined the euro, with the exception of Luxembourg (more than 50% of the total capitalisation of the countries examined), over the period from 1 January 1996 to 31 December 2006. This analysis offers an interesting insight into the determinants of stock returns on an innovative sample of countries with the same currency, but significantly different economic and political systems.

Il venture capital per lo sviluppo.
Un’analisi delle Economie Emergenti

Published by Vita e Pensiero, Foreword by Pier Carlo Padoan
ISBN: 88-343-1272-4


The opening up of emerging countries to international financial markets makes it increasingly necessary to integrate economic development processes with financial instruments that have hitherto been typical of advanced economies. In particular, 'venture capital' is an advanced financial instrument that can also become an important tool for 'development finance' in emerging economies. This is illustrated by the analysis in this volume which, after describing venture capital as an advanced tool of financial intermediation, proceeds to a thorough empirical assessment of its impact on growth, investment and capital flows in Southeast Asian and Pacific countries.

Il Quasi Equity: aspetti istituzionali, teoria economica ed evidenza empirica

Published by Giuffrè Editore
ISBN: 88-14-10250-3


In the financial structure of companies, one type of financing source is becoming increasingly important, which cannot be entirely traced back to the classic distinction between risk capital and debt capital (Fama and Jensen 1983) but takes on specific characteristics of both instruments mentioned above, in terms of both return and risk. This is the so-called mezzanine financing of which quasi-equity is a part, consisting, inter alia, of financial instruments such as non-voting or limited voting share classes, convertible bonds and warrants. The aim of this study is therefore to deal with and reorganise the subject of financial instruments with quasi-equity characteristics in a unified manner, attempting to give an overall view of the subject and examining the various aspects of economic and financial theory on the one hand and empirical evidence on the other, as well as those of a legal and institutional nature.

Storia del Banco Ambrosiano. Fondazione, ascesa e dissesto 1898-1982

Published by Editori Laterza, Introduction by Giovanni Bazoli
ISBN: 88-420-6585-4


The history of Banco Ambrosiano spans almost the entire economic history of the 20th century in Italy. The Institute, founded in 1896 by the Brescian lawyer Giuseppe Tovini, enjoyed considerable success right from the start, taking advantage of the economic boom during the Giolitti era. It subsequently experienced intense growth, although not without its critical moments, due in part to being a company with a large number of shareholders. Over time, this last characteristic nourished in the Bank's directors a sense of diversity that on the one hand served to safeguard its independence, but on the other hand ended up enabling Roberto Calvi's deviant quest for power, which led to the Bank's collapse in 1982. The compulsory liquidation of the company traumatically and painfully sanctioned the end of a history that had previously been happily intertwined with that of the economic and civil development of the Lombard world. It was precisely in order to avoid the irreparable loss of the identity and values contained in that history that the Nuovo Banco Ambrosiano was founded and entrusted with the task of reviving the company by picking up the best of the past. This paved the way for the new institution, through successive transformations, to become one of the major players in the banking history of the last 20 years.


Multidisciplinary Advisory boutique