Conference Programme

Venue: Sapienza University of Rome, Graduation Hall, Second Floor, Via del Castro Laurenziano 9, Rome.


6.00 PM – Public Talk on Social Impact Investments

Round table
Chair: Mario La Torre, Sapienza University of Rome

  • Mario Calderini, Politecnico di Milano
  • Helen Chiappini, Sapienza University of Rome
  • Sergio Gatti, Federcasse
  • Marco Spallone, CASMEF Centro Arcelli, Luiss Guido Carli
  • Gianfranco Torriero, Associazione Bancaria Italiana
  • Gianfranco A. Vento, Regent’s University London

Presentation of the Palgrave Macmillan Series ‘Studies in Impact Finance’

Launch of the book ‘Social Impact Funds. Definition, Assessment and Performance’ authored by Helen Chiappini, Palgrave Macmillan, London


7.00 – 7.30 PM – Question time


8.30 PM – Welcome Dinner

Venue: Banco BPM – Representation Office, Palazzo Altieri – Second Floor, Piazza del Gesù, 49 Rome.


8.15 – 8.45 AM – Registration


8.45 AM – Welcome Address

Mario La Torre, Sapienza University of Rome
Mario Calderini, Politecnico di Milano


9.00 – 10.00 AM – Session 1: The Market for Social Impact Investments

Session Chair: Solórzano – García Marta (Universidad Nacional de Educación a Distancia,
Session Discussant: Gianfranco A. Vento (Regent’s University London)
Interpreting the state of art of social impact investing
Calderini M. (Politecnico di Milano), Chiodo V. (Politecnico di Milano), Michelucci F. V.
(Politecnico di Milano)Investing with impact: an integrated analysis between academics and practitioners
Carè R. (University Magna Graecia), Wendt K. (Eccos International)
Capital Social Enterprises – a breakthrough in social investments
Nasioulas I. (University of the Aegean)
Impact Investing to transform PPP for infrastructures of public interest: the case of the new hospital
of Treviso
Addarii F. (University College London), Medda F. (University College London)


10.00 – 10.30 AM – Guest Speaker: Emanuel Bohbot, Social Finance Israel


10.30 – 10.45 AM – Coffe Break


10.45 – 12.00 AM Session 2 – Financial Structures for Social Impact Investments

Session Chair: Mario La Torre (Sapienza University of Rome)
Session Discussant: Roberto Randazzo (Politecnico di Milano)
Social Impact Bonds and Institutional Investors: an Empirical Analysis of a Complicated
Del Giudice A. (Università Cattolica del Sacro Cuore), Migliavacca M. (Università Cattolica del
Sacro Cuore)
The use of payment by results in healthcare: a review and a proposal
Rizzello A. (University Magna Graecia), Caridà R. (University Magna Graecia), Trotta A.
(University Magna Graecia), Ferraro G. (University Magna Graecia), Carrè R. (University Magna
Is Equity Crowdfunding a good tool for social enterprises?
Cosma S. (UNIMORE), Grasso A. G. (UNIMC), Pagliacci F. (UNIMORE), Pedrazzoli F.
The evolution of a social service crowdfunding platform towards an investing logic: the meridonare
case study.
Gallucci C. (University of Salerno), Modina M. (University of Molise), Minguzzi A. (University of


12. 00 – 1.00 PM – Session 3: Impact Investments, Social Impact Measurement and Social Entrepreneurship

Session Chair: Mario Calderini (Politecnico di Milano)
Session Discussant: Ioannis Nasioulas (University of the Aegean)
Municipality-Based Benefit-Cost Analysis of Indicated Parent Training Programs
Nystrand C. (Uppsala University), Hultkrantz L. (Örebro University), Vimefall E. (Örebro
University)Monitoring and Evaluation of Social Innovation: Analysis of the Spanish Third Sector of social
Solórzano-García M.(Universidad Nacional de Educación a Distancia, UNED), Valcárcel-Dueñas
M. (UNED), Navío-Marco J. (UNED)
Social impact measurement in microcredit industry: developing and testing a novel framework for
measuring impact
Bengo I. (Politecnico di Milano); Borello A. (Politecnico di Milano), Caloni D. (Politecnico di
Milano), Kummitha R. (Politecnico di Milano)
The drivers of Energy Efficiency Investments: The role of job flexibility
Forgione A. (University of Messina), Migliardo C.(University of Messina)


1.00 – 1.30 PM – Remarks from Institutions Representatives

Riccardo Graziano, Ente Nazionale per il Microcredito
Massimo Lucidi, Banca Popolare del Lazio
Francesco Minotti, Banco BPM


1.30 – 2.30 PM – Lunch


2.30 – 3.30 PM – Session 4: Impact Investments, Risk and Portfolio Approach

Session Chair: Lars Hultkrantz (Örebro University)
Session Discussant: Alfonso Del Giudice (Università Cattolica del Sacro Cuore)
Ready or not, here I come, you can’t hide. Are Italian institutional investors ready for impact
Martelli M. (University of Perugia), Testoni L. (ETicaNews)
Social risk and financial return: evidences from social impact bonds
Scognamiglio E. (Federico II University of Naples), Rizzello A. (Magna Graecia University of
Catanzaro), Chiappini H. (Sapienza University of Rome)
Impact-Oriented Microfinance Investment Vehicles: A Preliminary Investigation on the
Controversial Link Between Performance and Stability
La Torre, M. (Sapienza University of Rome), Chiappini, H. (Sapienza University of Rome), Mango
F. (Sapienza University of Rome)
The link between guarantees and default of microcredit in Italy
Provenzano V. (University of Palermo), Arnone M. (University of Palermo)


3.30 – 4.00 Coffe Break4.00 – 5.00 – Session 5: Socially Responsible Investments and Islamic Finance

Session Chair: Marco Spallone, CASMEF Centro Arcelli Luiss Guido Carli
Session Discussant: Giuseppe Scellato (Politecnico di Torino)
Sustainability-Themed Mutual Funds: An Analysis Of The European Market
Rossolini M. (University of Milan Bicocca), Ielasi F. (University of Florence)
Sustainable and Responsible Investments: same sea, different fishes
Burchi A. (University of Perugia), Martelli D. (University of Perugia), Musile Tanzi P. (University
of Perugia)
Brexit effects on Social Responsible Investments (SRI): can we confirm the SRI anticyclical power?
Chiappini H. (Sapienza University of Rome), Vento G. (Regent’s University London)
Islamic, Social Responsible and Conventional markets co-movements: evidence from stock
Paltrinieri A. (University of Udine), Floreani J. (University of Udine), Mitchell M. (Drake
University), Kappen J. (Drake University) and Chawla K. (Drake University)


5.00 – 5.45 PM – Concluding Remarks and Future Meetings

Mario La Torre, Sapienza University of Rome
Pina Muré, Sapienza University of Rome
Marco Spallone, CASMEF Centro Arcelli Luiss Guido Carli