Elisa Ughetto

Associate Professor at Politecnico di Torino (Department of Management and Production Engineering) and Research Associate at the Bureau of Research in Innovation Complexity and Knowledge (BRICK), Collegio Carlo Alberto. Elisa teaches Accounting and Corporate Finance and Organizational Models and HRM at undergraduate level. She has a Ph.D. in Economics and Management of Technology from the University of Bergamo.

She has been visiting scholar at Washington University in Saint Louis and at the European Investment Fund.


Curriculum vitae

[english]


Contacts

Politecnico di Torino, DIGEP
address: Corso Duca degli Abruzzi 24B, 10129, Torino, Italy
telephone: +39 011 090 7275
e-mail: elisa.ughetto[AT]polito.it


Education

(2008) Philosophiae Doctor in Economics and Management of Technology, Università degli Studi di Bergamo, Italy

(2003) Laurea in International and Diplomatic Relations (specialization in Economics), Università degli Studi di Torino, Italy


Research Activities

Her research activity has concerned four major research areas, spanning topics that include corporate and entrepreneurial finance, start-ups’ internationalization, public policy, economics of innovation and IPR management. She has studied these topics mainly empirically, making use of a wide range of empirical methodologies.

I. Innovation financing

The studies belonging to this research area have addressed the following topics: i) firms’ financing constraints and R&D investments; ii) territorial proximity (e.g. industrial districts), outside financing (e.g. private equity financing) and firms’ financing constraints to innovation; iii) regulation of the banking system at the European level (Basel II) and innovative firms’ access to the credit market; iv) public policy instruments for the financing of firms’ innovative activities and role played by mutual guarantee consortia in facilitating innovative SMEs’ access to the credit market; v) patent securitization as an IP finance instrument; vi) guarantee backed loans and innovation. The papers related to this research area have appeared on the following international refereed journals: Cambridge Journal of Economics, Regional Studies, International Small Business Journal, Small Business Economics, Technological Forecasting and Social Change, The Manchester School, R&D Management, International Review of Applied Economics, International Journal of Banking, Accounting and Finance and in national journals (L’Industria, Bancaria, Economia e Politica Industriale and Sviluppo Locale) and book chapters. As far as this research area is concerned, she also wrote a book, edited by Giappichelli Editore, which illustrates the contents, issues and instruments of innovation financing.

II. Private equity, venture capital and informal risk capital

The studies belonging to this research area have addressed the following topics: i) private equity (e.g. buyout) and venture capital financing and the economic, financial and innovative performance of invested firms; ii) public ownership, managerial incentives and the investment strategies of public-private venture capital funds; iii) public policy instruments to sustain risk capital financing for Italian SMEs; iv) the investment strategies, characteristics and evaluation process of business angels (solo angels and angel groups) and the performance of invested firms. The papers related to this research area have appeared on the following international refereed journals: Research Policy, Journal of Business Research, Small Business Economics, Journal of Banking and Finance, Journal of Corporate Finance, International Small Business Journal, Journal of Small Business Management and in book chapters. As far as this research area is concerned, she also wrote a book, edited by Rubbettino Editore, which illustrates which are the public policy instruments to sustain risk capital financing for innovative SMEs in Italy and abroad. She was also Principal Investigator of a research project funded by the European Investment Bank under the grant STAREBEI and of a research project funded by the Italian Presidency of the Council of Ministers, Department for Regional Affairs (Presidenza del Consiglio dei Ministri, Dipartimento per gli Affari Regionali). She also won a scholarship (years 2010-2011) granted by Fondazione CRT and Fondazione Giovanni Goria (Programma Master dei Talenti della Società Civile) to carry out a research on the public support to R&D financing through venture capital funds.

III. Markets for technology and management of intellectual property rights

The studies belonging to this research area have addressed the following topics: i) geographical origin of patents, harmonization of international patent systems and patent opposition procedures; ii) corporate incentives for the commercialization of patents, patent auctions and the role of non-practicing entities in the markets for technologies; iii) patent trading. The papers related to this research area have appeared on the following international refereed journals: Research Policy, Industrial and Corporate Change, Technological Forecasting and Social Change, Management Decision and R&D Management. As far as this research area is concerned, she worked on a research project funded by the European Commission (DG Internal Market) “Study on the quality of the European Patent System, PATQUAL” (years 2010-2011). The results of this project have contributed to influence the debate within the European Council on the reform of the European Patent System.

IV. Innovative start-ups and early internationalization

The studies belonging to this research area have addressed the following topics: i) determinants of early internationalization of innovative start-ups; ii) localization determinants of internationalization flows; iii) venture capital financing, entrepreneur’s profile and firms’ early internationalization. The papers related to this research area have appeared on the following international refereed journals: International Business Review, International Entrepreneurship and Management Journal and European Business Review.

Recent research projects

European Commission - DG Research and Innovation, 2015, “An analysis of the role and engagement of universities with regard to participation in the framework programmes”, PP-01263-2014, under Framework Contract 2012/S 144-240132

Presidenza del Consiglio dei Ministri - Dipartimento per gli Affari Regionali, 2010, “The governance of risk capital finance: the role of regional financial holdings”, CIG03781478C4

European Commission - DG Internal Market, 2010, “PATQUAL - Study on the quality of the patent system in Europe”, MARKT/2009/11/D, under Framework Contract 2009/S 147-214675

European Commission - Entrepreneurship and Innovation Programme (EIP), 2009, “IPeuropAware - IP awareness and enforcement modular based action for SMEs”, under Contract S12-479203

European Investment Bank - STAREBEI Programme, 2008, “Private Equity, firms’ performance and structural change. Theoretical and empirical perspectives in Italy and UK”

Department of Management and Production Engineering (DIGEP) - Interdisciplinary Research Grant, 2017, “The adoption of additive manufacturing technologies: an analysis of the effects on value chain, firm organization and innovation strategies”


Grants

Collegio Carlo Alberto, 2017, Research Award (1,000 Euros)

Tel Aviv University (Coller Institute of Venture), 2017, City Venture Research Grant (1,000 Dollars)

Staff mobility for teaching award (Politecnico di Torino), 2017, Erasmus+ Program (600 Euros)

Fondazione CRT and Fondazione Goria (Master dei Talenti della Società Civile), 2010, “New forms of public support to R&D financing through venture capital funds”

Fondazione Rosselli, 2004-2007, Ph.D. scolarship


Teaching

Accounting and Corporate Finance, Industrial Engineering and Management program, Politecnico di Torino

Organizational Models and HRM, Industrial Engineering and Management program, Politecnico di Torino

Economics and Management of Innovation, master courses, Alta Scuola Politecnica

Economics of Innovation, Università Telematica Internazionale Uninettuno

Entrepreneurial Finance and Gender, Summer School on Gender Economics and Society, sponsored by Università degli Studi di Torino, Politecnico di Torino, Collegio Carlo Alberto, CERP, ITC (ILO), Eurizon Capital and Unicredit Bank

Entrepreneurial Finance, on line course for Ph.D. students, Politecnico di Torino

Corporare Governance: Concepts, University of Ausburg


Institutional roles

Member of the Departmental Doctoral Recruiting Committee, Ph.D. Program in “Production, Management and Design” (XXVIII Cycle, year 2013 and XXXII Cycle, year 2016), Politecnico di Torino

Elected member of Departmental Board (Giunta), Politecnico di Torino, since 2015

Departmental Erasmus students advisor (Erasmus+, outgoing mobility), Politecnico di Torino, since 2015

Member of the Committee (Aggregato Esperto) for the evaluation of the Engineer Professional Practice Examination (Esami di Stato per l’Abilitazione all’Esercizio della Professione di Ingegnere Industriale), academic year 2014/2015

Reference Professor M.Sc. in Engineering and Management, academic year 2016/2017 for the accreditation by the National Agency for the Evaluation of the University and Research Systems (ANVUR, Commissioni di Esperti della Valutazione, CEV)

Member of the Commission for the evaluation of Adjunct Professors at Politecnico di Torino (Commissione Albi) for the disciplinary sector ING-IND/35


International journals [full list in curriculum vitae]

DE MARCO, A., SCELLATO, G., UGHETTO, E., CAVIGGIOLI, F., (2017), “Global markets for technology: evidence from patent transactions”, Research Policy, forthcoming

TENCA, F., CROCE, A., UGHETTO, E., (2017), “Business angels research in entrepreneurial finance: a literature review and a research agenda”, Journal of Economic Surveys, forthcoming

CROCE, A., GUERINI, M., UGHETTO, E., (2017), “Angel financing and the performance of high-tech start-ups: an exploratory study”, Journal of Small Business Management, forthcoming, DOI 10.1111/JSBM.12250

COWLING, M., UGHETTO, E., LEE, N., (2017) “The innovation debt penalty: cost of debt, loan default, and the effects of a public loan guarantee on high-tech firms”, Technological Forecasting and Social Change, forthcoming, DOI 10.1016/J.TECHFORE.2017.06.016

CAVIGGIOLI, F., DE MARCO, A., SCELLATO, G., UGHETTO, E., (2017), “Corporate strategies for technology acquisition: evidence from patent transactions”, Management Decision, Volume 55, Issue 6, Pages 1163-1181, DOI 10.1108/MD-04-2016-0220

UGHETTO, E., SCELLATO, G., COWLING, M., (2017), “Cost of capital and public loan guarantees to small firms”, Small Business Economics, Volume 49, Issue 2, Pages 319-337, DOI 10.1007/S11187-017-9845-Y

CROCE, A., TENCA, F., UGHETTO, E., (2017), “How business angel groups work: rejection criteria in investment evaluation”, International Small Business Journal, Volume 35, Issue 4, Pages 405-426, DOI 10.1177/0266242615622675

BUZZACCHI, L., SCELLATO, G., UGHETTO, E., (2016) “Medical malpractice claims in Italy: scale and scope effects”, Social Science & Medicine, Volume 170, Pages 152-160, DOI 10.1016/J.SOCSCIMED.2016.10.021

UGHETTO, E., (2016), “Investments, financing constraints and buyouts: the effect of private equity investors on the sensitivity of investments to cash flow”, The Manchester School, Volume 84, Issue 1, Pages 25-54, DOI 10.1111/MANC.12085

UGHETTO, E., (2016), “Growth of born globals: the role of the entrepreneur’s personal factors and venture capital”, International Entrepreneurship and Management Journal, Volume 12, Issue 3, Pages 839-857, DOI 10.1007/S11365-015-0368-1, DOI 10.​1007/​S11365-015-0371-6 (erratum)

CAVIGGIOLI, F., UGHETTO, E., (2016), “Buyers in the patent auction market: opening the black box of patent acquisitions by non-practicing entities". Technological Forecasting & Social Change, Volume 104, Issue C, Pages 122-132, DOI 10.1016/J.TECHFORE.2015.11.031

BUZZACCHI, L., SCELLATO, G., UGHETTO, E., (2015), “Investment stage drifts and venture capital managerial incentives”, Journal of Corporate Finance, Volume 33, Issue C, Pages 118-128, DOI 10.1016/J.JCORPFIN.2015.05.006

ODASSO, C., SCELLATO, G., UGHETTO, E., (2015), “Selling patents at auction: an empirical analysis of patent value”, Industrial and Corporate Change, Volume 24, Issue 2, Pages 417-438, DOI 10.1093/ICC/DTU015

CANNONE, G., UGHETTO, E., (2015), “Internationalization flows of high-tech start-ups: a gravity model”, European Business Review, Volume 27, Issue 1, Pages 60-79, DOI 10.1108/EBR-03-2014-0020

CROCE, A., D’ADDA, D., UGHETTO, E., (2015), “Venture capital financing and the financial distress risk of portfolio firms: how independent and bank-affiliated investors differ”, Small Business Economics: An Entrepreneurship Journal, Volume 44, Issue 1, Pages 189-206, DOI 10.1007/S11187-014-9582-4

CANNONE, G., UGHETTO, E., (2014), “Funding innovation at regional level: an analysis of a public policy intervention in the Piedmont region”, Regional Studies, Volume 48, Issue 2, Pages 270-283, DOI 10.1080/00343404.2011.653338

CANNONE, G., UGHETTO, E., (2014), “Born globals: a cross-country survey on high-tech start-ups”, International Business Review, Volume 23, Issue 1, Pages 272-283, DOI 10.1016/J.IBUSREV.2013.05.003

CAVIGGIOLI, F., SCELLATO, G., UGHETTO, E., (2014), “International patent disputes: evidence from oppositions at the European Patent Office”, Research Policy, Volume 42, Issue 9, Pages 1634-1646, DOI 10.1016/J.RESPOL.2013.06.004

SCELLATO, G., UGHETTO, E., (2014), “Real effects of private equity investments: evidence from European buyouts”, Journal of Business Research, Volume 66, Issue 12, Pages 2642-2649, DOI 10.1016/J.JBUSRES.2012.06.001

CAVIGGIOLI, F., UGHETTO, E., (2014), “The drivers to patent transactions: corporate views on the market for patents”, R&D Management, Volume 43, Issue 4, Pages 318-332, DOI 10.1111/RADM.12016

BUZZACCHI, L., SCELLATO, G., UGHETTO, E., (2013), “The investment strategies of publicly sponsored venture capital funds”, Journal of Banking and Finance, Volume 37, Issue 3, Pages 707-716, DOI 10.1016/J.JBANKFIN.2012.10.018

UGHETTO, E., VEZZULLI, A., (2011), “What role can mutual guarantee consortia play for financing innovation? A firm-level study for Italy”, International Journal of Banking, Accounting and Finance, Volume 3, Issue 4, Pages 294-319, DOI 10.1504/IJBAAF.2011.043704

ODASSO, C., UGHETTO, E., (2011), “Patent backed securities in pharmaceuticals: what determines success or failure?”, R&D Management, Volume 41, Issue 3, Pages 219-239, DOI 10.1111/J.1467-9310.2011.00646.X

UGHETTO, E., (2010), “Assessing the contribution to innovation of private equity investors: a study on European buyouts”, Research Policy, Volume 39, Issue 1, Pages 126-140, DOI 10.1016/J.RESPOL.2009.11.009

SCELLATO, G., UGHETTO, E., (2010), “The Basel II reform and the provision of finance for R&D activities in SMEs: an analysis for a sample of Italian companies”, International Small Business Journal, Volume 28, Issue 1, Pages 65-89, DOI 10.1177/0266242609350825

UGHETTO, E., (2009), “Industrial districts and financial constraints to innovation”, International Review of Applied Economics, Volume 23, Issue 5, Pages 597-624, DOI 10.1080/02692170903007599

UGHETTO, E., (2008), “Does finance matters for R&D investment? New evidence from a panel of Italian firms”, Cambridge Journal of Economics, Volume 32, Issue 6, Pages 907-925, DOI 10.1093/CJE/BEN015

UGHETTO, E., (2007), “Foresight as a triple helix of industry, university and government relations”, Foresight, Volume 9, Issue 25, Pages 14-22, DOI 10.1108/14636680710821061


International books [full list in curriculum vitae]

UGHETTO, E., (2012), “Buyouts in western European countries: the impact on company growth and innovation”, in CUMMING, D. The Oxford Handbook of Private Equity, Oxford University Press, New York, Pages 300-326

SCELLATO, G., UGHETTO, E., (2009), “Basel II and the financing of R&D investments”, in SILIPO, D. The Banks and the Italian Economy, Springer Physical-Verlag, Berlin Heidelberg, Pages 135-160

UGHETTO, E., (2008), “The financing of innovative activities by banking institutions: policy issues and regulatory options”, in LAPERCHE, B. and UZUNIDIS, D. Powerful Finance and Innovations Trends in a High-Risk Economy, Palgrave Macmillan, London, Pages 224-247


National journals [full list in curriculum vitae]

CANNONE, G., UGHETTO, E., (2010), “Il finanziamento pubblico regionale a supporto dell’innovazione”, Economia e Politica Industriale, Volume 370, Issue 3, Pages 117-143, DOI 10.3280/POLI2010-003006

ODASSO, C., UGHETTO, E., (2010), “La cartolarizzazione di brevetti nel settore farmaceutico: un’analisi fuzzy”, Bancaria, Volume 2, Pages 28-41

CALDERINI, M., UGHETTO, E., (2009), “Vincoli finanziari e distretti industriali: quanto contano le fonti interne di finanziamento?”, L’Industria, Volume 2, Pages 457-477, DOI 10.1430/30004

UGHETTO, E., (2007), “Innovare nel distretto. Il ruolo del mercato del credito”, Sviluppo Locale, Volume 12, Issue 28, Pages 33-65

UGHETTO, E., (2007), “Le banche ed il finanziamento dell’innovazione. Problematiche, opportunità e nuovi sviluppi dopo Basilea”, Bancaria, Volume 1, Pages 56-65


National books [full list in curriculum vitae]

CARDI, M., UGHETTO, E., (2013), “Il capitale di rischio per lo sviluppo delle PMI”, Rubettino Editore

CANNONE, G., UGHETTO, E., (2012), “Finanza pubblica a sostegno del capitale di rischio: quali iniziative regionali?”, in NICOLAI, M. Finanza Pubblica e Federalistmo Strumenti Finanziari Innovativi: Autonomia e Sostenivilità, Primo Rapporto sulla Finanza Pubblica di Fondazione Rosselli, Maggioli Editore, Pages 675-704

CALDERINI, M., UGHETTO, E., (2009), “Finanziare l’innovazione”, Giappichelli Editore, Torino

UGHETTO, E., VEZZULLI, A., (2008), “Guarantee-backed loans, default prediction and value at risk”, in BRACCHI, G. and MASCIANDARO, D. le Banche ed il Governo dei Ricchi: Mercati, Consumatori, Regole, Edibank

UGHETTO, E., (2008), “The financing of innovative activities by banking institutions: policy issues and regulatory options”, in BRACCHI, G. and MASCIANDARO, D. Banche Italiane: un’Industria al Bivio, Edibank, Pages 347-368

UGHETTO, E., (2006), “Territorial proximity and credit constraints to innovation: evidence from a sample of italian firms”, in BRACCHI, G. and MASCIANDARO, D. Banche e Geografia: Nuove Mappe Produttive e Metamorfosi del Credito, Edibank, Pages 435-456