ACFAI, which stands in Italian for Amministrazione, Controllo, Finanza Aziendale e Immobiliare is the SDA Bocconi School of Management’s Department focused on Accounting, Control, Corporate and Real Estate Finance. Its expertise in these subjects is targeted to promote continuous growth and development among finance professionals.
ACFAI Department’s key skills generate three main activities:
- Research: Developing and testing, on both national and international level, fundamental theories in Accounting, Control and Finance. This is why the School has a dedicated faculty, which includes resident and visiting professors, partners, researchers, and scholars.
- Education and Certification: Executive Open Programs and Executive Custom Programs share theories and models, tools and applications thanks to interactive teaching methods. Such as a learning experience also benefits from the School’s reputation and close connections with other national and international institutions.
- Relationship: Creating opportunities for dialogue with both corporate and institutional professionals and managers, along with entrepreneurs and academics. This is mainly - but not exclusively - done via conferences, research, newsletters and community activities.
Activities and Initiatives
The ACFAI Department offers Executive Open Programs and Executive Custom Programs, Masters in English (MCF), Masters in Italian (EMF, which also includes a track in Real Estate) and Special Activities, such as the EMFM - Executive Masters in Financial Management, in partnership with ESA Business School Beirut. This wide range of activities is the outcome of the Department’s involvement in research, its close links with the business world and its extensive network of relationships as well. From short executive courses to full-time master programs, classes cater to attendances ranging from junior managers to senior executives, in order to provide them all with training and expertise in the following disciplines:
- Management Planning and Control
- Corporate Finance and M&A
- Tax & Legal
- Corporate Governance
- Real Estate
The ACFAI faculty includes not only scholars and researchers, but also professionals from the business world. Their diverse backgrounds foster:
- Knowledge generation, by introducing models, techniques and tools. These are the result of internal research and testing, and are constantly reviewed and updated.
- Knowledge sharing, by offering high-caliber programs that use the latest teaching methodologies.
In addition, the faculty maintains close relationships with the international academic world, by taking part in public debates and inviting professors from other world-renowned Business Schools to visit.
In order to better connect with its stakeholders, the ACFAI Department set up an Advisory Board. This gathers at least twice per year, and comprises a number of high-profile professionals coming from both the corporate and the institutional worlds. Among them:
- Rosario Bifulco, Chief Executive Officer, Mittel
- Danilo Broggi, Chairman, Poste Assicura
- Manfredi Catella, Chief Executive Officer, Coima Res
- Nicola Ciniero, Chairman, IBM Italia
- Paolo Colonna, Chairman & Chief Executive Officer, Permira Associati
- Sergio Dompé, Chairman, Dompé Farmaceutici
- Beniamino Maltese, Chief Financial Officer, Costa Crociere
- Aldo Mazzocco, Head of Group Real Estate, CDP; Chairman, Assoimmobiliare
- Massimo Mondazzi, Chief Financial Officer, ENI
- Antonio Pacioretti, Chief Financial Officer, SNAM
- Samuele Pasi, Head of M&A and Client Executive, JP Morgan Italia
- Marina Salamon, Chairman, Alchimia; Chairman, Altana
- Stefano Vecchi, Chief Executive Officer, Credit Suisse Italia
Research & Publications
ACFAI focuses on applied research, which involves empirical tests, case studies, testimonials and sharing experiences with the business world. Research is by default performed in close connection with corporate and institutions’ professionals.
The most recent research documents and publications - or currently in progress - include:
BOOKS - LIBRI
• Aielli Massimo: Contenere i costi. Una via per crescere senza rinunce, EGEA, 2012.
• Allevato, Giulio: The Use of Tax Policy to Reform the Financial Sector: Approaches, Proposals and Feasibility, 2012.
• Bezzecchi Alessia, Scardovi Claudio: Banking e Real Estate, Active Real Estate Management per le banche, gli investitori e gli operatori immobiliari, EGEA 2014.
• Cameran Mara, Pettinicchio Angela Kate, Campa Domenico: L’adozione dei principi contabili internazionali da parte delle società italiane: determinanti ed effetti, EGEA, 2013.
• D’Alessio Ida, Lombardi Stocchetti Gianluca, Viganò Alfredo: Accounting, Editore Guerini, 2012.
• Dallocchio Maurizio, Lucchini Gianluigi, Scarpelli Marco (a cura di): Mergers & Acquisitions, EGEA, 2014.
• Dallocchio Maurizio, Salvi Antonio: Finanza Aziendale (in due volumi, Finanza Ordinaria e Finanza Straordinaria), EGEA, 2011.
• Etro Leonardo Luca, Dell’Acqua Alberto: Vendere e comprare un’azienda: casi, esperienze, problemi e soluzioni, Credit Suisse, 2010.
• Livatino Massimo, Pecchiari Nicola, Pogliani Giuseppe: Principi e metodologie di auditing, EGEA, 2012.
• Meloni Gianluca: Agire in digitale, EGEA, 2012.
• Morelli Marco, Zoni, Laura, Innovare i sistemi di controllo, EGEA, 2013.
• Morri Giacomo, Mazza Antonio: Property finance: an international approach, Wiley, 2015.
• Morri Giacomo, Mazza Antonio, Finanziamento Immobiliare, EGEA, 2010.
• Morri Giacomo, Hoesli Martin, Investimento Immobiliare, Hoepli, 2010.
• Pecchiari Nicola, Mariani Marco, Pogliani Giuseppe: Frodi Aziendali, EGEA, 2012.
• Perrini Francesco: Valuation. Competitive Analysis for Firm Valuation. The Missing Link between Corporate Finance and Strategy, Wiley, 2015.
• Perrini Francesco: Management, Economia e Gestione delle Imprese, EGEA, 2012.
• Pettinicchio Angela Kate: La rotazione obbligatoria del revisore contabile: un’indagine empirica nel panorama italiano, EGEA, 2014.
• Prencipe Annalisa, Marra Antonio, Gallimberti Carlo: Understanding and preparing consolidated financial statements under IFRS, McGraw-Hill, 2013.
• Salvi Antonio: M&A. Crescita esterna e creazione di valore, III Rapporto Annuale dell’Osservatorio M&A dell’Università Bocconi, EGEA, 2015.
• Salvi Antonio: Governance e performance delle società quotate italiane. Leve per la creazione di valore in momenti di crisi, EGEA, 2013.
• Songini Lucrezia, Gnan Luca, Lundberg Hans, Pellegrini Massimiliano: The Entrepreneurship SIG at European Academy of Management: New Horizons with strong Traditions, Information Age Publishing, 2014.
• Teti Emanuele, Perrini Francesco: Sustainable Value Creation: from a country to a corporate perspectives, EGEA, 2012.
• Vinzia Mario Antonio: Finanza per la crescita internazionale, EGEA, 2016.
• Zoni Laura: Amministrazione Finanza e Controllo: costo o valore? La trasformazione della Funzione AFC nelle imprese italiane, EGEA, 2013.
• Zoni Laura, Merchant Kenneth A., Van der Steede Wim A.: I sistemi di controllo di gestione. Misure di performance, valutazione e incentivi, Pearson, 2013.
SCIENTIFIC ARTICLES – ARTICOLI SCIENTIFICI
• Beretta Sergio, Bozzolan Saverio, Michelon Giovanna: Board monitoring and internal control system disclosure in different regulatory environments, in Journal of Applied Accounting Research, 2013.
• Bonini Stefano: Secondary Buy-Outs: operating performance and investment determinants, Financial Management, 2015.
• Cameran Mara, Pettinicchio Angela Kate, Marra Antonio, Francis Jere R.: Are There Adverse Consequences of Mandatory Auditor Rotation? Evidence from the Italian Experience, Auditing: A Journal of Practice and Theory, Vol. 32, n. 1, 2015.
• Cameran Mara, Pettinicchio Angela Kate, Campa Domenico: IFRS Adoption among Private Companies: Impact on Earnings Quality, Journal of Accounting, Auditing & Finance, Vol. 29, n. 3, 2014.
• Conca Valter, Cairo Emanuele: La crescita per acquisizioni aggregative: evidenze empiriche nel mercato italiano del private equity, Economia & Management, 2015.
• Cugini Antonella, Michelon Giovanna, Pilonato Silvia: In search of academic excellence with the strategy map: analysis of an Italian case study, International Journal of Business Performance Management, Vol. 15, n. 1, 2014.
• Cugini Antonella, Pilonato, Silvia: Costing and pricing in healthcare private firms, Journal of Modern Accounting and Auditing, 2014.
• Dallocchio Maurizio, Salvi Antonio, Quiry Pascal, LeFur Yann: Corporate Finance. Theory and Practice, Fourth Edition, John Wiley & Sons, 2014.
• Dell’Acqua Alberto, Morri Giacomo, Quaini Enrico: L’indotto di Expo 2015, Rapporto SDA Bocconi per Camera di Commercio di Milano ed Expo 2015 SpA, Milano, 2013.
• Derchi Giovanni Battista, Dossi Andrea: La progettazione dei sistemi di misurazione delle performance a servizio della strategia d’impresa, Economia & Management, n. 3, 2013.
• Dossi Andrea, Zoni Laura, Morelli Marco: Management accounting system change: field evidence, Asia-Pacific Journal of Accounting & Economics, 2012.
• Etro Leonardo Luca, Dell’Acqua A., Teti Emanuele, Barbalace Pasquale: Market value and corporate debt. The 2006-2010 international evidence, Applied Financial Economics, vol. 23, 2013.
• Etro Leonardo Luca, Teti Emanuele, Dell’Acqua Alberto, Murri Michele: IPO underpricing and aftermarket performance in Italy. The 2001-2012 evidence, International Journal of Finance and Banking, 2014.
• Gietzmann Miles Bernard, Isidro Helena Analysis of Institutional Investors’ Reaction to the Issuance of SEC’s Comment Letters to European IFRS Registrants versus US GAAP Registrants, Journal of Business Finance and Accounting, 2013.
• Lombardi Maurizio Leonardo, Dossi Andrea: L’impatto degli intangibili sul controllo di gestione, Economia & Management, 2014.
• Meloni Gianluca, Grandi Alberto: Misurare la Corporate Governance: un approccio sistemico, Economia & Management, n. 3, 2011.
• Morelli Marco, Lecci Francesca: Management control systems (MCS) change and the impact of top management characteristics: the case of healthcare organizations, Journal of Management Control, 2014.
• Morelli Marco, Dossi Andrea, Zoni Laura: Does the organizational life cycle affect the management accounting system (MAS) change pattern? A review of case studies, Management Control, 2012.
• Petrova Milena, Ghosh Chinmoy: The Impact of Capital Expenditures on Property and Portfolio Performance of Commercial Real Estate, Journal of Real Estate Finance and Economics, 2015.
• Pettinato Ombretta, Gatti Stefano: Finanza, Infrastrutture e crescita. Quale ruolo per l’Italia?, Economia & Management, n.2, 2014.
• Pettinicchio Angela Kate, Gietzmann Miles Bernard, Marra Antonio: Comment Letter Frequency and CFO Turnover: a Dynamic Survival Analysis, Journal of Accounting, Auditing and Finance, 2015.
• Prencipe Annalisa, Cameran Mara, Trombetta Marco: Mandatory Audit Firm Rotation and Audit Quality, European Accounting Review, 2015.
• Prencipe Annalisa, Bar-Yosef Sasson, Dekker Henri C.: Accounting Research in Family Firms: Theoretical and Empirical Challenges, European Accounting Review, n. 3, 2014.
• Pistoni Anna, Songini Lucrezia (edited by): Accounting and control for sustainability, Emerald, 2013.
• Salvi Antonio, Bonini Stefano, Alkan Selen: The effects of venture capitalists on the governance of firms, Corporate governance: an International review, vol. 20, n.1, 2012.
• Songini Lucrezia, Morelli Marco, Pistoni Anna: Sustainability Disclosure and Integrated Reporting: An historical perspective and the state of the art, EURAM Annual Conference, Warsaw, 2015.
• Teti Emanuele, Perrini Francesco, Tirapelle Linda: Competitive strategies and value creation. A twofold perspective analysis, Journal of Management Development, 2014.
• Wagner Hannes, Franks Julian, Mayer Colin, Volpin Paolo: The Life Cycle of Family Ownership: International Evidence, Review of Financial Studies, n. 25, 2012.
• Wagner Hannes, Colla Paolo, Ippolito Filippo: Leverage and Pricing of Debt in LBOs, Journal of Corporate Finance, n. 18, 2012.
Community & Network
Over time, the ACFAI Department set up a number of networking projects aimed to share knowledge with students, alumni, faculty, and professionals. Among them:
AFCnet - This community is open to everyone who takes part in an Executive Open Program, and to those who are interested in the subject Knowledge Group too. In short, AFCnet represents an opportunity to interact and network with peers and faculty.
CFO agorà - This is a high profile and influential network that gathers CFOs from some of the most successful Italian companies. The network members share experiences and act together in order to spread knowledge to the business community and society at large.
Club dei Controller - Since the early 1980’s, this network has been attracting professionals operating in management control. Controllers, general managers, CEOs and CFOs share ideas and experiences in meetings organized by the SDA Bocconi School of Management.
- Laboratorio Private Equity e Finanza per la Crescita (Private Equity and Finance for Growth Lab): this observer promotes collaboration between companies and the financial market, in order to increase transparency and knowledge about the Private Equity & M&A markets, thanks to the both academic research and cues from the professional world. The lab is an independent point of reference for companies and transactors/dealers, thus nurturing a mutually beneficial relationship.
- Osservatorio Fiscale e Contabile (Accounting and Tax Policy Unit): this Lab promotes efficient policies and issues strategic recommendations on regulations that pertain to company taxation, administration, accounting, and management control. In doing so, this unit also established relationships with major research centers around the world.
- Osservatorio di Revisione (Auditing Research Observer): this Lab focuses on internal and external auditing, as well as accounting activities. In addition, it is actively engaged in:
- Spreading knowledge and stimulating debate.
- Encouraging data research and analysis.
- Building a cross-functional network of professionals, businesses, institutions and in the academic world at large.
- Promoting a more efficient delivery of information to the financial market.