Fabio Bertoni

Economics, Finance, Control

Fabio Bertoni is the associate dean for research of emlyon business school.

His research activity is mostly focused on the relationship between financing and firm performance. He has devoted particular attention to the effect of venture capital, leveraged buyouts and guaranteed loans on firm’s growth, patenting and investments. He has also studied sovereign wealth fund asset allocation and the effect of sovereign wealth fund investments on credit risk.

EDUCATION

• 2015: Chartered Alternative Investment Analyst, CAIA Association
• 2005: Chartered Financial Analyst - CFA Institute
• 2004: PhD in Management, Economics and Industrial Engineering - Politecnico di Milano, Italy
• 2000: Degree in Management Economics and Industrial Engineering - Politecnico di Milano, Italy

EXPERIENCETOP

Work experience :

• 2017 – current: Associate dean for research, emlyon business school, Ecully, France
• 2015 – current: Professor, Corporate finance, emlyon Business School, Ecully, France
• 2012 – 2015: Associate professor, Corporate finance, emlyon business school, Ecully, France
• 2005 – 2012: Assistant professor, Accounting and finance, Politecnico di Milano, Italy
• 2001 – 2004: Lecturer, Accounting and finance, Università di Bergamo, Dalmine, Italy

Visiting periods :

• Copenhagen Business School - Center for Strategic Management and Globalization, Copenhagen, Denmark
• Universidad Complutense de Madrid - Department of Accounting and Finance, Madrid, Spain
• Centre for European Economic Research (ZEW) - Department of International Finance and Financial Management, Mannheim, Germany
• University of Oxford - Saïd Business School, Oxford, UK

EXPERTISE

• Financial constraints
• Finance and innovation
• Venture capital and private equity
• Sovereign wealth funds

COURSES TAUGHT

• Corporate Finance (MSc Management)
• Advanced Corporate Finance II (MSc Management - PFA04: Financier d'entreprise)
• Empirical Corporate Finance (MSc Economics and Finance)

RESEARCH INTEREST

• Venture capital, growth and innovation
• Financial constraints of young high tech companies
• Leveraged buyouts
• Asset allocation of sovereign wealth funds
• Sovereign wealth funds and credit risk

PUBLICATIONS

ACADEMIC ARTICLES (23)

‑ Bertoni, Fabio, D'Adda, Diego, , Grilli, Luca. 2018. Self-selection of entrepreneurial firms in thin venture capital markets: Theory and empirical evidence.Strategic Entrepreneurship Journal, FORTH

‑ Bertoni, Fabio, Lugo, Stefano. 2018. Detecting abnormal changes in credit default swap spreads using matching-portfolio models.Journal of Banking and Finance, 90: 146-158 p.

‑ Bertoni, Fabio, Colombo, Massimo G., , Quas, Anita. 2017. The role of Governmental Venture Capital in the Venture Capital ecosystem: An organizational ecology perspective.Entrepreneurship Theory and Practice, FORTH

‑ Bertoni, Fabio, D'ADDA, Diego, , GRILLI, Luca. 2016. Cherry-picking or frog-kissing? : A theoretical analysis of how investors select entrepreneurial ventures in thin venture capital markets.Small Business Economics, 46 (3): 391-405 P.

‑ BERTONI, Fabio, TYKVOVA, Tereza. 2015. Does governmental venture capital spur invention and innovation?: Evidence from young European biotech companies.Research Policy, 44 (4): 925-935 P.

‑ Bertoni, Fabio, CROCE, Annalisa, , GUERINI, Massimiliano. 2015. Venture Capital and the Investment Curve of Young High-Tech Companies.Journal of Corporate Finance: Contracting, Governance and Organization , 35: 159-176 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , Quas, Anita. 2015. The patterns of venture capital investment in Europe.Small Business Economics, 45 (3): 543-560 P.

‑ Bertoni, Fabio, Groh, Alexander. 2014. Cross-Border Investments and Venture Capital Exits in Europe.Corporate Governance, 22 (2): 84-99 P.

‑ Bertoni, Fabio, GIUDICI, Giancarlo. 2014. The Strategic Reallocation of IPO shares.Journal of Banking and Finance , 39: 211-222 P.

‑ BERTONI, Fabio, LUGO, Stefano. 2014. The Effect of Sovereign Wealth Funds on the Credit Risk of their Portfolio Companies.Journal of Corporate Finance: Contracting, Governance and Organization , 27: 21-35 P.

‑ Bertoni, Fabio, LE, NADANT Anne-Laure, , PERDREAU, Frédéric. 2014. Innovation and R&D investments by leveraged buyout companies in times of crisis.Economics Bulletin , 34 (2): 856-864 P.

‑ Bertoni, Fabio, MEOLI, Michele, , VISMARA, Silvio. 2014. Board Independence, Ownership Structure and the Valuation of IPOs in Continental Europe.Corporate Governance, 22 (2): 116-131 P.

‑ BERTONI, Fabio, LUGO, Stefano. 2013. Testing the Strategic Asset Allocation of Stabilization Sovereign Wealth Funds.International Finance, 16 (1): 95-119 P.

‑ Bertoni, Fabio, FERRER, Maria Alejandra, , MARTI, PELLON José. 2013. The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms.Small Business Economics, 40 (3): 607-633 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , GRILLI, Luca. 2013. Venture capital investor type and the growth mode of new technology-based firms.Small Business Economics, 40 (3): 527-552 P.

‑ LUUKKONEN, Terttu, DESCHRYVERE, Matthias, , BERTONI, Fabio. 2013. The value added by government venture capital funds compared with independent venture capital funds.Technovation, 33 (4-5): 154-162 P.

‑ RABBIOSI, Larissa, ELIA, Stefano, , Bertoni, Fabio. 2012. Acquisitions by EMNCs in Developed Markets: An Organisational Learning Perspective.Management International Review, 52 (2): 193-212 P.

‑ Bertoni, Fabio, CROCE, Annalisa. 2011. The Productivity of European Life Insurers: Best-Practice Adoption vs. Innovation.Geneva Papers on Risk and Insurance: Issues and Practices, 36 (2): 165-185 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , GRILLI, Luca. 2011. Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects.Research Policy, 40 (7): 1028-1043 P.

‑ PICCARDI, Carlo, CALATRONI, Lisa, , Bertoni, Fabio. 2011. Clustering Financial Time Series by Network Community Analysis.International Journal of Modern Physics C, 22 (1): 35-50 P.

‑ PICCARDI, Carlo, CALATRONI, Lisa, , Bertoni, Fabio. 2010. Communities in Italian corporate networks.Physica A: Statistical Mechanics and its Applications , 389 (22): 5247-5258 P.

‑ Bertoni, Fabio, CROCE, Annalisa, , D'ADDA, Diego. 2010. Venture capital investments and patenting activity of high-tech start-ups: a micro-econometric firm-level analysis.Venture Capital, 12 (4): 307-326 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , CROCE, Annalisa. 2010. The Effect of Venture Capital Financing on the Sensitivity to Cash Flow of Firm's Investments.European Financial Management, 16 (4): 528-551 P.

BOOK CHAPTERS (8)

‑ Bertoni, Fabio, LUGO, Stefano. 2016. The use of debt by sovereign wealth funds., The Oxford Handbook of Sovereign Wealth Funds. : Oxford : Oxford University Press

‑ Bertoni, Fabio, GIUDICI, Giancarlo, , BONAVENTURA, Matteo. 2013. The Allotment of IPO Shares: Placing Strategies between Retail vs. Institutional Investors., Handbook of Research on IPOs. : Oxford University Press, 207-218 P.

‑ Bertoni, Fabio, CROCE, Annalisa, , GUERINI, Massimiliano. 2013. The effectiveness of public venture capital in supporting the investments of European young high-tech companies., Entrepreneurial Business and Society: Frontiers in European Entrepreneurship Research. : Edward Elgar, 79-100 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , CROCE, Annalisa. 2013. Corporate governance in high-tech firms., The Oxford Handbook of Corporate Governance. : Oxford University Press, 365-388 P.

‑ Bertoni, Fabio, ELIA, Stefano, , RABBIOSI, Larissa. 2012. Outward FDI from the BRICs: Trends and Patterns of Acquisitions in Advanced Countries., Emerging Economies and Firms in the Global Crisis. : Palgrave Macmillan, 47-82 P.

‑ Bertoni, Fabio, CROCE, Annalisa. 2011. Policy reforms for venture capital in Europe., Science and innovation policy for the new knowledge economy. : Edward Elgar, 137-160 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , GRILLI, Luca. 2007. Venture Capital Financing and the Growth of New Technology-based Firms: What Comes First?., Entrepreneurship, Competitiveness and Local Development. : Edward Elgar, 25-43 P.

‑ Bertoni, Fabio, Colombo, Massimo G., , CROCE, Annalisa. 2006. A review of the venture capital industry in Italy., Venture Capital in Europe., 129-141 P.