Biography:

One of their most recent publications is 9 - A review of the venture capital industry in Italy. Which was published in journal .

More information about Fabio Bertoni research including statistics on their citations can be found on their Copernicus Academic profile page.

Fabio Bertoni's Articles: (4)

9 - A review of the venture capital industry in Italy

Publisher SummaryThis chapter describes the venture capital (VC) industry in Italy. Italy has historically been considered as having a bank-based financial system, with a relatively marginal role played by the stock market, poor shareholder protection, and significant importance of state-owned companies, even when compared with other countries in continental Europe. The chapter outlines the evolution of the VC industry since the mid-1990s in terms of investments, divestments, and fundraising activity. It also provides evidence that prove that New Technology-Based Firms (NTBFs) in Italy benefit significantly from VC investments. The framework of policies supporting VC has been described. Despite the bank-centric nature of the financial system in Italy that slowed down the emergence of the industry, VC has proved to be able to improve dramatically the performance of recipient firms. Nevertheless, this does not seem to be sufficient to feed the "virtuous capital cycle" that usually characterizes the VC industry. The recent evolution of the industry in Italy is interpreted as a switch in the demand/supply equilibrium with rational expectations on both sides: on the one hand VC funds do not invest in seed and early stage companies because of the lack of good investment opportunities; on the other, entrepreneurs, being aware of the scarcity of VC support for new firms, refrain from starting new ventures. The chapter concludes by defining those characteristics a VC-related policy should have in order to succeed.

Does governmental venture capital spur invention and innovation? Evidence from young European biotech companies

Highlights•We investigate whether GVCs spur invention and innovation.•We focus on young biotech firms in Europe.•Stand-alone GVCs have no effect on invention and innovation.•GVCs increase patenting when syndicating with IVCs.•DVCs (TVCs) have a positive effect on invention (innovation).

The impact of government-supported participative loans on the growth of entrepreneurial ventures

Highlights•1-million-Euro PL generates 12.1–14.7 jobs.•1-million-Euro PL generates 1.09–1.97 million Euro sales.•Effect increases with information asymmetry.•PLs increase employment (sales) growth by 10.6% (18.0%).•No evidence of spillovers or differences in survival.

Detecting abnormal changes in credit default swap spreads using matching-portfolio models☆

AbstractWe evaluate the size and power of different statistical tests and adjustment methods for matching-portfolio models to detect abnormal changes in credit default swap (CDS) spreads. The sign-test generally dominates the signed-rank test in terms of size, and dominates both the t-test and the signed-rank test in terms of power. Traditional adjustment methods often lead to a misspecified sign-test. We propose a new and parsimonious method (the spread-matched method), which leads to a well-specified and more powerful sign-test. The superiority of the spread-matched method is particularly evident for observations characterized by extreme levels of CDS spread. Analyses of CDS samples differing by contract maturity, data source, and time period confirm these results. We perform an event study on rating downgrades to illustrate how the choice of tests and adjustment methods can affect inference.

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