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CAREFIN is a research structure created by Università Bocconi, Italy’s leading business and economics school. Located on-campus in Milan, it encompasses and enhances the activities of three former Bocconi research bodies, Newfin, Cerap and Pension Forum. CAREFIN has a strong commitment to delivering rigorous material that is both well-grounded in financial research and highly geared towards real-life applications. Leveraging ongoing dialog with the financial industry, professional associations, regulators and policy makers, the Centre uses advanced analytical tools to investigate the opportunities and threats posed by new financial products, markets and brokerage models.
Latest news
CONSOB Call for Papers 2016
Securities Markets: Trends, Risks and Policies
Author: Baffi Carefin
Public Support to the Venture Capital Market: International Experiences, Results and the Way Forward
Authors: S. Caselli, V. Vecchi, F. Casalini, Research presented at MP3 Annual Conference, July 3 2015
Public Support to the Venture Capital Market: International Experiences, Results and the Way Forward
Private Equity Investments. Financial Markets, Macroeconomic Trends and the Return of Leveraged Buyouts
The fourth annual conference organised by Baffi Carefin and Goldman Sachs was an opportunity for debate among academics, regulators and practitioners on the drivers of private equity investment, with the aim to shed light on what is currently challenging a full comeback of buyout deals. To support the discussion, a position paper by Carlo Chiarella and Stefano Gatti will be presented, showing the results of an empirical analysis that links buyout volumes and value creation to the interplay of credit availability, investor confidence and target valuations
The Development of Securities Markets. Trends, Risks and Policies
Il mercato dei capitali per le imprese italiane: una risorsa per il rilancio e la crescita del Paese
In un momento storico in cui la restrizione del credito bancario si ripercuote sulla disponibilità di fondi per gli investimenti industriali e in cui il tema del rilancio del mercato dei capitali riacquista centralità per lo sviluppo del nostro Paese, BAFFI CAREFIN (Centre for Applied Research on International Markets, Banking, Finance and Regulation dell’Università Bocconi) ed EQUITA SIM hanno dato vita a una partnership triennale. Il secondo dei tre incontri a cadenza annuale, dal titolo “Il mercato dei capitali per le imprese italiane: un’opportunità per investitori e imprese”, intende individuare le linee strategiche volte a favorire lo sviluppo dei mercati attraverso lo studio del panorama degli investitori sul mercato italiano, nonché sensibilizzare la comunità imprenditoriale, politica e istituzionale sui recenti trend di settore.

I risultati di questa collaborazione sono stati presentati ad un convegno che si è tenuto presso l'Università Bocconi il giorno 21 novembre.
La stabilità finanziaria in Italia. Il rapporto 2014 della Banca d'Italia sulla stabilità finanziaria
Durante il convegno è stato presentato il rapporto 2014 della Banca d'Italia sulla stabilità finanziaria.
The Exchange Industry Evolution And The Impact Of Mifid II
Author: M. Geranio
This work aims to illustrate the strategies played by major world exchanges in recent years. Furthermore, it attempts to prospect the possible evolution of the exchange industry in the near future, as the implementation of new regulations will lead to new threats and opportunities for all types of trading venues active on all kinds of asset classes.
Structural Changes in the Banking Sector
This conference (organised by CAREFIN jontly with Intesa Sanpaolo) was the chance to discuss many of the most recent research papers in the areas of banking and banking regulation. The programme featured contributions by international scholars, selected by an independent advisory committee and covered topics such as: systemic risk, bank lending, financial markets, capital requirements and capital structure, financial regulation and risk management.
Money Doctors
Author: N. Gennaioli, A. Shleifer, R. Vishny
We present a new model of investors delegating portfolio management to professionals based on trust.
Bailouts And Moral Hazard: How Implicit Government Guarantees Affect Financial Stability
Author: M. Mariathasan, O. Merrouche, C. Werger
The recent crisis has shown that systemically relevant banks in distress are likely to benefit from governmental support. This reduces their downside risk and leads to moral hazard, i.e. to incentives for these banks to assume excessive risks. In this paper we show empirically that implicit guarantees lead to more leverage and to a lower quality of bank capital; furthermore, we investigate which institutional characteristics are associated with a reduction in moral hazard. Our analysis combines bank balance sheet information from 92 countries with Fitch Support Ratings and World Bank survey data on governance and regulation.
Deleveraging and derisking strategies of European banks: business as usual?
Author: S. Caselli, S. Gatti, F. Querci
Using a multi-country panel of banks observed over the 2008-2012 period, we study the measures adopted by European banks to improve their capital ratios.
Financing Innovation: Venture Capital as a Development Driver. A Public-Private Partnership Solution
Primo Convegno Annuale Osservatorio Partnership Pubblico Privato - MP3
L'Osservatorio sulle Partnership Pubblico Privato (Monitor on Public Private Partnership - MP3) dell'Università Bocconi ha l'obiettivo di generare e diffondere cultura e conoscenze sulle partnership pubblico e privato quale leva per supportare l'attrazione di capitali per lo sviluppo di imprese e investimenti.

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