Finance & Real Estate

Edited by Andrea Beltratti and Alessia Bezzecchi

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, ...

2021-01-04 Andrea Beltratti, Alessia Bezzecchi

Real Estate and Sustainability: One Size Does Not Fit All

The attention to Environmental, Social and Governance criteria (ESG) and to sustainability is a consolidated trend by now. We all take it for granted that eight billion people can live together on the planet earth only following certain basic rules that require not depleting limited resources and managing them with a very long temporal horizon. The lifestyle each of us follows is the necessary condition for well-being and sustainability, and requires adequate buildings, that minimize the use of energy resources, are compatible with landscape constraints, and contribute to a sense of beauty. What ...

Finanza e Real estate
2020-11-22 Andrea Beltratti, Alessia Bezzecchi

SESG for Asset/Wealth Management and Real Estate

"We inherit the earth from our parents, but we borrow it from our children," is a sentence used so often in official reports (a famous example is the Brundtland Report of 1987 entitled Our Common Future) that it cannot be attributed with certainty to some great thinker. It is one of the most effective ways to intuitively and comprehensibly describe the concept of sustainability. Having capital and not wasting it, but caring for it and growing it gradually over time. And what is the most precious capital for all of us, especially in the "global village" in which we live? The planet. Thinking in ...

2020-09-17 Andrea Beltratti, Alessia Bezzecchi

Economic Policy, Finance, and Real Estate

More than six months after the start of the pandemic, we can use market prices to understand the opinion of investors regarding the consequences of the health shock. This is a particularly important analysis, especially given the contrast between the data coming from the real economy and that from the financial markets. Drawing inspiration from the customary international benchmark to then derive implications for Italy, we note that the United States economy contracted by one-third in the second quarter of the year, and the Fed foresees a drop in GDP of 7 percent for 2020. At the same time, the ...

Real estate_big data
2020-06-05 Andrea Beltratti, Alessia Bezzecchi

The Importance of Big Data for Real Estate

In addition to the loss of numerous human lives, the COVID-19 pandemic is causing significant economic harm to our country. An additional aspect, which is just as important, though less discussed, regards the role of data. It is sometimes said that data is the "new oil," to reference the potential wealth linked to the creation and use of sources of reliable data. This is not really a new discovery: still today history books speak of how the great civilizations of the past, from the Egyptians to the Assyrians, distinguished themselves precisely for the systematic collection of empirical evidence ...

Real estate_covid
2020-05-07 Andrea Beltratti, Alessia Bezzecchi

The World to Come

In 1963, Charles Eric Maine published The Darkest of Nights, translated into Italian and published in 1973 with the title Il grande contagio. The novel explores the social aspects that emerged due to the spread of a new, highly contagious virus, with a mortality rate of 50 percent, that emerged in Japan and spread throughout China and Russia. Nobody knows how we will manage co-existence with COVID-19 and when a vaccine will be available. What is certain from the start, is that our life will be different, because "health risk" will be a central element in the risk management activities of companies ...

Creazione di valore
2020-03-09 Andrea Beltratti, Alessia Bezzecchi

Value Creation in Asset/Wealth Management

In the 1960s, some thought that corporate social responsibility meant making a profit. This is a strong idea, with important implications. If a company must make profits, then it becomes easier to give a straightforward evaluation of the implications of possible decisions, and to choose the ones that allow for increasing earnings with the least possible risk. Gordon Gekko is the best representative of this school of thinking, and the film Wall Street an excellent vehicle for understanding the implications of this approach. Sixty years later, has the world really changed? Or as the Eagles sang ...