M&A & Restructuring
Via Bocconi 8, room 417
Tel.+39 02 5836.6505 Fax.+39 02 5836.6893
Curriculum Vitae
Leonardo Etro is Director of International Development, Board Member and Associate Professor of Practice in the Knowledge Group "Corporate Finance & Real Estate" at SDA Bocconi. He is Professor of Corporate Finance & Business Valuation at Bocconi University.
At SDA Bocconi, he directed the Accounting, Control, Corporate and Real Estate Finance Department and was Board Member in the 2015-2016 biennium. He is currently Director of Executive Master in Financial Management and Executive Master in Finance, Banking and Real Estate. He is Program Director of Corporate Finance Intensive Course. In 2014, he was appointed Head of SDA Bocconi International Development for Eastern Europe and Middle East. He is Scientific Director of the Best Performance Award, the annual SDA Bocconi prize (in partnership with JP Morgan, PwC, Thomson Reuters, Il Sole 24 Ore) dedicated to Italian companies that stood out for excellence in sustainable development. He conducted numerous research, training and consulting projects with the most important multinationals operating in fashion, food, pharma, manufacturing, E-commerce and banking industries.
His research activities focus on issues of financial nature such as M&A and restructuring, private equity & venture capital, capital structure and company valuation. Currently, his research concentrates on three different main areas: the first is the study of optimal capital structure for Italian and European companies; the second focuses on the relationship between corporate governance and company value; the third aims at determining how to create value in M&A Cross Border transactions.
He is the author of numerous books and articles on the subject. His works have been published in leading national and international journals including Applied Financial Economics, Journal of Management Development, International Journal of Finance and Banking, Thunderbird International Business Review and Economia & Management. He won many awards for his researches such as the prize for Best Innovation in Research Projects, Divisione Claudio Dematté Research in 2014. In 2015-2016, he won the Bocconi Teaching Award. He serves on the Advisory Board of various Italian SMEs.
Leonardo earned a Degree with Honors in Business Administration from Bocconi University and an ITP (International Teachers Programme) organized by Kellogg School of Management, Northwestern University (Chicago). He is Faculty Member of SDA Bocconi Asia Center in Mumbai, India. He has two big passions: skiing and travelling to discover new cultures and emotions.
Books
- Private Capital. Principi e Pratiche di Private Equity e Private Debt, (with Ippolito R.), Milano, EGEA, May 2019.
- Vendere e comprare un’azienda: casi, esperienze,problemi e soluzioni, Credit Suisse, (with Dell’Acqua A.), Milano, 2010
- Eccellenza imprenditoriale: il valore dell’internazionalizzazione per le imprese italiane, Confindustria, (with Cenciarini R.A., Dallocchio M., Dell’Acqua A.), Milano, 2008
- Top Performer: un’analisi empirica sulla crescita delle imprese lombarde, Confindustria, (with Cenciarini R., Dallocchio M., Dell’Acqua A.), Milano, 2007
- Un ponte per la crescita.Imprese, Banche e Finanza per il futuro del sistema Italia, GANGEMI Editore, (with Cenciarini R., Dallocchio M., Dell’Acqua A.), Roma, 2006
- Finanza agevole per l'Impresa globale. Proposte di sviluppo in Emilia Romagna per vincere le sfide future, Artioli Editore, (with Cenciarini R., Dallocchio M., Dell’Acqua A.), Modena, 2006
- L’impresa veneta: finanza,internazionalizzazione e crescita, Confindustria, (with Cenciarini R., Dallocchio M., Dell’Acqua A.), Verona, 2006
- Brand Italiani. Sviluppo e finanziamento, EGEA, (with Dallocchio M., Dell’Acqua A., Ligresti G., Rovetta B.), Milano, 2006
- Finanza e crescita delle Pmi in Lombardia: stato dell’arte e idee per il futuro, Confindustria, (with Cenciarini R., Dallocchio M., Dell’Acqua A.), Milano, 2005
Articles and chapters in books
- Investor protection and value creation in cross-border M&As by emerging economies (con Dell’Acqua A., Piva M, Teti E.), Forthcoming, Journal of International Financial Management & Accounting, 2017
- International Portfolio Diversification (con Dell’Acqua A., Teti E., Ruilei Jia), Forthcoming, International Journal of Accounting and Finance, 2017
- Corporate Governance, CEO Duality, and CEO Fixed Compensation on Investor Reactions to Acquisition Events (con Dell’Acqua A., Teti E.), Forthcoming, Corporate Governance International Journal of Business in Society, 2017
- The Economic Significance of the Film Business: An Empirical Analysis of the Italian Market, (con Dell’Acqua A, Teti E.), Thunderbird International Business Review, 2016
- Corporate Governance and Cost of Equity: Empirical evidence from Latin American companies, (with Dell’Acqua A, F. Resmini and Teti E.), Corporate Governance. The International Journal of Business in Society, Vol 16 No. 5, 2016
- Come misurare le performance aziendali sui social media? Una proposta metodologica, (with Dell’Acqua A, Maggioni R. and Teti E.), Economia & Management, Vol. 2, Marzo/Aprile, 2016
- Valore e Scelte di Investimento (with Campanelli G. e Tamarowski C.) in Valore e Misurazione delle Performance. La Day Surgery in Italia, (by Campanelli G., Dallocchio M. and Tamarowski C.), EGEA, 2016
- La Day Surgery in Italia (with Campanelli G. e Tamarowski C.) in Valore e Misurazione delle Performance. La Day Surgery in Italia, (by Campanelli G., Dallocchio M. and Tamarowski C.), EGEA, 2016
- Corporate Social Performance and Portfolio Management, (con Dell'Acqua A., Teti E., Andreoletti L.), Journal of Management Development, (2015), 34(9), pp. 1144-1160
- Il mercato M&A in Italia e le prospettive offerte dai mini-bond (con M. Vizzaccaro) in M&A. Crescita esterna e creazione di valore, (a cura di Salvi A.), EGEA, 2015
- IPO Underpricing and Aftermarket Performance in Italy, (con Dell’Acqua A., Murri M., Teti E.), International Journal of Finance and Banking, Vol. 1, No 05 (2014): 30-45
- L’M&A in Italia nel 2013 e l’opportunità delle operazioni Cross Border (con S. Alberti) in M&A. Crescita internazionale e premi per il controllo, (a cura di Salvi A.), EGEA, 2014
- Il Conglomerate Discount nelle aziende diversificate, (con Dell’Acqua A, Correra A.), Economia & Management, Vol. 5, 2013
- Market value and corporate debt. The 2006-2010 international evidence, (con Dell’Acqua A., Teti E., Barbalace P.), Applied Financial Economics Journal, Vol. 23, Issue 6, Pag. 495-504, 2013
- Cross Country industry betas, (con A. Dell’Acqua, E. Teti e M. Boero), Corporate Ownership and Control Journal, vol. 10, is. 1, continued 6, November 2012
- M&A e piccole medie imprese: aspetti critici delle operazioni di successo (con S. Alberti) in M&A e Private Equity. Dinamiche, prezzi e performance nei mercati internazionali, (a cura di Salvi A.), EGEA, 2012
- I metodi di valutazione delle IPO in Italia: analisi ed evoluzione nel periodo 1997-2010, (con Dell’Acqua A., Gremmo D.), in La Valutazione delle Aziende, Marzo 2012
- Il costo del capitale internazionale: una verifica empirica pre crisi finanziaria, (con Dell’Acqua A.), in La Valutazione delle Aziende, Settembre 2010
- Finanza straordinaria e PMI (con Dell’Acqua A. e Lombardi M.L.), in La gestione della piccola e media impresa (a cura di Preti P. e Puricelli M.), Il Sole 24 Ore, 2008
- BRAND: MEMENTO AUDERE SEMPER!, in Quale Impresa (Rivista di Confindustria), 12/2006
- Tra Borse e Gallerie si fa strada l’arte di investire, in Via Sarfatti 25, 09/2006
- Quale finanza per il futuro delle PMI?, (con Dell’Acqua A.), in Economia & Management, n.4/2006
- Finanza e Pmi: voglia di network, (con Dell’Acqua A.), in Borsa & Finanza, 30 Ottobre 2004
- Prepararsi alla quotazione…simulandola, in Economia & Management, n.2, Marzo-Aprile 2004
- Caso Astaldi (con Dell’Acqua A.), in Finanza Aziendale Casi ed Applicazioni, Dallocchio M., Previtero A. (a cura di), McGraw Hill Italia, 2004
- Caso Messaggerie Italiane A: Costo del capitale per un’azienda non quotata (con Previdero A.), in Finanza Aziendale Casi ed Applicazioni, Dallocchio M., Previtero A. (a cura di), McGraw Hill Italia, 2004
- Caso Messaggerie Italiane B. L’immobile di Roma: affitto o leasing? (con Previdero A.), in Finanza Aziendale Casi ed Applicazioni, Dallocchio M., Previtero A. (a cura di), McGraw Hill Italia, 2004
- DALLOCCHIO, M., L. L.ETRO, G.NEGRI, M.VIZZACCARO, "La frontiera della sostenibilità italiana", Economia & Management, 2018
- ETRO, L., A.DELL'ACQUA, E.TETI, M.VOLPE, "The Impact of Board Independency, CEO Duality and CEO Fixed Compensation on M&A Performance", Corporate Governance - International Journal Of Business In Society, 2017
- MORRI, G., A.GHEZZI, L. L.ETRO - "Beni Stabili SpA Siiq - Strategic and Financial Planning in the Real Estate Industry" - 2019, The Case Centre, Great Britain
- CAVALLERI, I., L. L.ETRO, M.VIZZACCARO - "Deal Structuring: The Acquisition of Kollmorgen Motion-control Business by Zapi Group" - 2019, The Case Centre, Great Britain
- DELL'ACQUA, A., L.ETRO, E.TETI - "AC Milan Case" - 2015, The Case Centre