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Associate Professor
Department of Finance

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Courses a.y. 2022/2023


Courses previous a.y.

Biographical note

Born October 14th, 1967. Degree in Business Administration from Università Bocconi.

Academic CV

Antin IP Professor of Infrastructure Finance. Past Director del Full time MBA presso la SDA Bocconi. Visiting fellow at the International Finance Corporation, The World Bank Group, Washington DC, March 2000. ITP International Teachers Programme, Manchester Business School, 2003.  Winner of Best Teacher Award SDA Bocconi School of Management from 2004 to 2015. Winner of the Best MBA Case of the Year, SDA Bocconi School of Management from 2004 to 2013. Winner of the Award for excellence in teaching from 2008 to 2014. Consultant and academic expert of public institution such as the Italian Ministry of Economy, The Financial Stability Board, the group of G20 and G24,  the OECD.


Research areas

Investment banking, project and infrastructure finance, corporate finance, structured finance, corporate financial advisory, risk management, project management.




Gatti S. with Mariya Ivanova and Gabriel Pereira Pundrich, "Corporate bankruptcy and directors’ reputation: an empirical analysis of the effects on public debt contracts", in Journal of Accounting Auditing & Finance, forthcoming

Gatti S. and Chiarella C. (editors), "Disruption in the infrastructure sector", Springer, Heidelberg, 2019

Gatti S., Prencipe A. Viarengo L., "Enforcement Quality and the Use of Earnouts in M&A Transactions: International Evidence", Journal of Business, Finance and Accounting, forthcoming.

Gatti S., Florio A., Issue spread determinants in the green bond market: The role of second party reviews and of the Green Bond Principles, in Sabri Boubaker, Douglas Cumming and Duc Khuong Nguyen (editors), "Research Handbook of Finance and Sustainability", Edward Elgar Publishing, forthcoming.

V. Vecchi, M. Hellowell, R. Della Croce, "Government policies to enhance access to credit for infrastructure - based PPPs: an approach to classification and appraisal" in Public Money & Management - ISSN: 0954-0962, 2017.

R. Della Croce, Gatti S. , "Financing infrastructure – International trends", OECD Financial Market Trends, n.1/2014

Gatti S., "Government and Marked-based Instruments and Incentives to Stimulate Long-term Investment Finance in Infrastructure" OECD Working Papers on Finance, Insurance and Private Pensions, No. 37, OECD Publishing.

Borgonovo E., Gatti S., "Risk Analysis with Contractual Default. Does Covenant Breach Matter?", in European Journal of Operational Research, vol. 230, n. 2, 2013.

Gatti S., S. Kleimeier, W.L. Megginson, A. Steffanoni, "Arranger Certification in Project Finance" , Financial Management, vol. 42, issue 1, 2013

Buscaino S., Caselli S., Corielli F., Gatti S., "Project Finance Collateralised Debt Obligations: an empirical analysis of spread determinants", in European Financial Management, Vol. 18, Issue 5, November 2012.

Gatti S., "Project Finance in Theory and Practice". Second edition, Academic Press-Elsevier, 2012.

Vecchi V., Hellowell M., Gatti S., "Does the private sector receive an excessive return from investments in health care infrastructure projects? Evidence from the UK", in Health Policy, Elsevier, vol. 110, n. 2, 2013.

Gatti S. and Caselli S., "Risk Management in Project Finance " in Baker H.K., English P. (editors) Capital budgeting valuation, John Wiley, 2011.

Caselli S., Di Giuli A. and Gatti S., "Are Small Family Firms Financially Sophisticated?", Journal of Banking and Finance, vol.35, issue 11, 2011.

Corielli F., Gatti S ., Steffanoni A., "Risk Shifting through nonfinancial contracts. Effects on loan spreads and capital structure of project finance deals", Journal of money, credit and banking, vol. 42, No. 7, 2010.

Borgonovo E., Gatti S., Peccati L., What Drives Value Creation in Investment Projects? An Application of Sensitivity Analysis to Project Finance Transactions, European Journal of Operational Research, vol. 205, No. 1, 2010.

Caselli S., A. Di Giuli and S. Gatti (forthcoming), "Family Firms’ Performance and Agency Theory. What’s going on from the Italian market?", in Icfai Journal of Corporate Governance.

Gatti S. and Riva (forthcoming), "Acquisition Dynamics in the Optics Sector: Luxottica-Cole National", in International Journal of Finance Education.

Gatti S. and C. Battistini, "Hedge Funds’ Activism: A new trend of convergence toward private equity in public firms", in D. Cumming (editor), Companion to Venture Capital, John Wiley and Sons, 2010.

Bonetti V., Caselli S., Gatti S., Offtaking agreements and how they impact the cost of funding for project deals. A clinical case study of the Quezon Power Ltd Co., Rewiew of Financial Economics, Vol. 19, No. 2, 2010.

Caselli S., Gatti S., Marciante A., Pricing Final Indemnificaton Payments to Private Sponsors in Project- Financed Public-Private Partnerships: An Application of Real Options Valuation, Journal of Applied Corporate Finance, Vol. 21 No.3, 2009.

Caselli S., S. Gatti and F. Perrini, "Are Venture a Catalyst for Innovation or Do They Simply Exploit It?", European Financial Management Journal, vol. 5, 1, 2009.

Caselli S. Gatti S., Querci F., "The Sensitivity of Loss Given Default Rate to Systematic Risk: New Empirical Evidence on Bank Loans". Journal of Financial Services Research, Vol. 34, N. 1, August 2008.

Caselli S. and S. Gatti (2007), "Long-Run Venture-Backed IPO Performance Analysis of Italian Family-Owned Firms: What Role Do Closed-End Funds Play?" "An evidence from the Italian market", in Gregoriou G.N., Kooli M., Kraussl M. (Editors), "Venture Capital in Europe", Elsevier, 2007.

Gatti S., Rigamonti, F. Saita and Senati (2007), "Measuring Value at risk in project finance deals", European Financial Management.

Gatti S., "Project Finance in theory and Practice", Academic Press-Elsevier, Burlington, 2007.

Caselli S., S. Gatti and Visconti (2006), "Managing M&A Risk with Collars, Earn-outs, and CVRs", Journal of Applied Corporate Finance.

Caselli S. and S. Gatti (2005), Structured Finance, Springer Verlag.