Social Impact Investments International Conference

11-12 October 2017

October 11, 2017

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, ABI
  • 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

October 12, 2017 

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

08.15-08.45 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, UNED)

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 Relationship
    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)
  • Is Equity Crowdfunding a good tool for social enterprises?
    Cosma S. (UNIMORE), Grasso A. G. (UNIMC), Pagliacci F. (UNIMORE), Pedrazzoli F. (Unimore)
  • 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 Molise)

11. 45 – 12. 00 AM Coffe Break

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 Trining 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 Action, 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

Massimo Lucidi, Banca Popolare del Lazio

Francesco Minotti, Banco BPM

Representative of Ministry of Education (to be confirmed)

1.30 – 2.30 PM Lunch

2.30 – 3.30 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 strategies?
    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 PM Coffe Breack

4.00 – 5.00 PM 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
    Rosolini 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 indexes
    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 Concluding Remarks and Future Meetings

Mario La Torre, Sapienza University of Rome

Pina Murè, Sapienza University of Rome

Marco Spallone, CASMEF Centro Arcelli Luiss Guido Carli