Finance & Real Estate

Edited by Andrea Beltratti and Alessia Bezzecchi

2023-12-18 Andrea Beltratti, Alessia Bezzecchi

Business Innovation and Finance for Sustainability

On October 13, the 2023 edition of the EMF C-Suite Forum of the Executive Master in Finance at SDA Bocconi was held. The "Chiefs" of the participating companies offered interesting and original perspectives on the impact of elements such as innovation in business and finance on sustainability. In this analysis, we argue that technological innovation must be accompanied by changes in the business models of companies and society itself in order to increase circularity. Furthermore, we believe that there is a need to revisit the debate and discuss "sustainable sustainability" from an economic perspective, ...

Economia & Management - Grafico Beltratti e Bezzecchi
2023-10-30 Andrea Beltratti, Alessia Bezzecchi

REIstat: A Price Index for the Italian Residential Sector

When we connect to any platform, we know at every moment the trends in stock market prices and thus understand the valuation that the community provides of publicly-traded companies. Around the world, there is another asset which is quantitatively even more significant than corporate assets: real estate. In part, real estate is indirectly assessed by the stock market for the portion of assets used as instruments for the production of goods and services. However, a large part remains outside this assessment, for example concerning the vast majority of homes. This is especially true in a country ...


Built-to-Rent as a Solution for the Next (Re)Generation

Built-to-Rent. The analysis of the reference context, the new demands of the market in terms of flexibility arising from the labor market, the need to make housing accessible, and the necessary respect for parameters of well-being to be guaranteed for end users, outline the emerging need for a rental housing offer, supported by services for persons and places, capable of creating economic, social, and environmental value, including positive externalities for local communities. The domestic market is characterized by: a) Urban planning/construction regulations; b) Legislation concerning rental ...

2023-01-23 Andrea Beltratti, Alessia Bezzecchi

The PNRR and Finance for Sustainability

Sustainability and policy-making. The Brundtland Report of 1987 reminded all of us that we do not inherit the planet from our parents, but we borrow it from our children, introducing a definition of sustainability that is still relevant today. Some progress has been made, especially if we consider the results in light of the concurrent increase by 60 percent of the overall population, from 5 to 8 billion people. European economic policy has chosen to give great weight to the goal of sustainability, potentially placing the production sector in a position of competitive disadvantage compared to ...

2022-06-16 Andrea Beltratti, Alessia Bezzecchi

All Quiet on the Western Front? The Challenge of Sustainable Sustainability

In six months the macroeconomic picture has changed radically: from growth without inflation to anticipated stagflation. In December 2021, the ECB forecast economic growth of 4.2% in 2022, a reduction from the forecast of 4.6% formulated in September of the same year. Inflation was expected to be 3.2% for 2022, a strong increase from the 1.7% expected in September. In June 2022, the forecast for growth fell to 2.7% and inflation could exceed 8% in May. In the United States, growth for 2022 could be 3%, but most economists see a recession coming within 12 months, and inflation is already 8.6%. ...

ESG Real estate
2022-04-11 Andrea Beltratti, Alessia Bezzecchi

Sustainable Real Estate

Demand does not become equal to supply by magic. Technology influences both, but does not create products and services by itself. Companies must estimate the demand coming from society and create the conditions for the creation of supply. Without management and its ability to manage businesses in the best manner possible, we cannot meet the challenge of sustainability, in which real estate has a prominent role.   Real Estate Sustainable Value Creation   In the REInnovation Academy C-Suite Forum,[1] sustainability in real estate was defined, recalling the 1987 United Nations Report “Our Common ...

2022-01-11 Andrea Beltratti, Alessia Bezzecchi

Sustainable Social Finance & ESG investing

The role of the Sustainable Development Goals in pursing sustainability on the part of all stakeholders has made urgent the codification and relative measurement of ESG criteria in a holistic vision of investments and finance. The considerable diversity of the ratings of the main international agencies risks confusing companies and investors, hindering the pursuit of actions aimed at reaching sustainability. The work of the European Commission on the definition of the taxonomy is more advanced for the “E-Environmental” dimension, with the goal of completing and finalizing it with the “S-Social” ...

2021-09-22 Andrea Beltratti, Alessia Bezzecchi

The Renaissance of Sustainable Real Estate (with Patient Capital)

The real estate market is no longer a static element of the global economy, thanks to the combination of new factors linked to supply and demand, including interest rates, inflation, private real estate, and urban regeneration. In this article, we will shed light on some of the most important factors of the real estate market as tools for social attractiveness, as well as its intangible assets and its role as an agent for culture and social inclusion, concluding with a comment on the sustainability of real estate as an element that attracts patient capital. Unconventional monetary policy and interest ...

Smart parking 2
2021-05-22 Andrea Beltratti, Alessia bezzecchi, Diego Ferrari

The Infrastructure of the Future? Car Parking for Sustainable Mobility

Italy sees sustainability and infrastructure as the key to revive the process of economic growth, that has disappeared over the past twenty years. There are many important areas of infrastructure, from traditional areas such as roads and railways, to new material infrastructure such as satellites, to immaterial infrastructure such as human capital and social cohesion. To paraphrase the singer Jovanotti, “when a definition captures them, the world is ready for a new generation.” If capturing the attention of investors is just as important, why limit ourselves to looking at satellites in the ...

Sostenibilità_Real Estate
2021-03-23 Andrea Beltratti, Alessia Bezzecchi

Seeking Well-being by Measuring Sustainability

Microeconomy teaches us that the theoretical foundations of national accounting, i.e. the known relationship between supply and demand at the aggregate level, are linked to choices made by society aimed at the best management of capital stock and the maximization of long-term well-being. In a functioning economy the use of each resource must be balanced and aimed at the creation of prosperity. Thus, the relevant capital stock must include everything that is useful and necessary for social well-being, meaning human, physical, social, and environmental capital. Without a specific method of measurement, ...