Post on 21-Apr-2018
2011 Reports and Accounts
Every day, life presents new challenges and opportunities. Every day, we each have a new story to tell that involves real needs and demands clear answers.
This year’s annual report captures the stories of those European students and researchers with whom our foundation has worked to help them reach their goals. It also illustrates our commitment to building a solid network of relationships in the academic world, which is essential to fostering the most talented minds.
These stories were built on success, courageous innovation, respectfor tradition, and our strong bonds with local communities.
To support meaningful study and research, we strive to make a difference, day in and day out, for those who have chosen to collaborate with us. This means we must work together to overcome challenges and to create a new world of opportunities.
Within this report are true stories - snapshots of ordinary lives that shape the mosaic of our daily work. At UniCredit & Universities, we are creating global relationships that empower young, talented students and researchers to meet the changing needs of our time.
3UniCredit & Universities · 2011 Reports and Accounts
Governing Bodies
Board of Directors Dieter Rampl Chairman
Anna Simioni Vice-Chairman
Franco Bruni Members Willibald Cernko Antonella Massari Gianni Franco Papa Theodor Weimer
Secretary General
Giannantonio De Roni
Board of Auditors Giorgio Loli Chairman
Claudia Cattani Standing Members Elisabetta Magistretti
Michele Paolillo Substitute Members Valerio Villoresi
UniCredit & Universities Knight of Labor Ugo Foscolo FoundationCharitable Entity Italian Presidential Decree no. 255 of 28.3.1967 (Official Gazette, no. 118 of 12 May 1967)Registered Office: Via Alessandro Specchi, 16 - 00187 RomeBusiness Office: Via Santa Margherita, 12 - 20121 MilanTax Code: 80024350581
5UniCredit & Universities · 2011 Reports and Accounts
Scientific Committee
Scientific Committee Franco Bruni Chairman
Silvia Giannini Members Tullio Jappelli Levent Kockesen Christian Laux Catherine Lubochinsky Giovanna Nicodano Reinhard H. Schmidt Branko Urosevic
Delegate Member
Annalisa Aleati Scientific Director
Scientific Advisors
Matthias Doepke Barbara Petrongolo Michele Polo Paola Profeta Josef Zechner
6 2011 Reports and Accounts · UniCredit & Universities
UniCredit & Universities 2011 Annual Report Chairman’s letter
Although 2011 was a challenging year for the European economy and financial markets, I am pleased to report that it was one of significant growth and success for the UniCredit & Universities Foundation.
The objective for 2011 was to strengthen our foundation’s position as a major European supporter of the best and brightest students and researchers in the fields of economics
and finance. We met our goal in all of our undertakings.
Our foundation was active last year in launching new initiatives for undergraduate students and business school researchers. Importantly, the number and quality of applications to our foundation increased by a substantial number.
“We regard our role in supporting talented
students and researchers and in promoting the
study of economics as being more meaningful than ever.”
7UniCredit & Universities · 2011 Reports and Accounts
The current economic crisis in Europe has led to a shortage of funding for universities. As a result, we regard our role in supporting talented students and researchers and in promoting the study of economics as being more meaningful than ever.
I would like to take the opportunity to thank each member of our Board of Directors and of our Board of Auditors, as well as the professors of our foundation’s Scientific Committee and its advisors. Their evaluation activities, ideas, and tireless work on our foundation initiatives have been invaluable to our success. We also extend our thanks to the many professors and fellows who, from every corner of the world, help us to achieve our vision with their appreciation and superb scholarly work.
Dieter RamplChairman
Similarly, we saw significant growth in the number of high-ranking universities and research centers interested in actively partnering in our foundation’s initiatives, which expanded the geographical scope of our network.
In short, our growth last year solidified our foundation’s reputation as a serious and reliable force in identifying and supporting talented students and researchers. This has enabled us to launch a number of prestigious new initiatives with some of the top European and American universities. Outstanding students and researchers are benefiting from these positive developments.
We are very proud of these accomplishments and we are ready to do more.
Encouraged by the appreciation for our efforts, we are working harder than ever to fulfill our mandate and to meet the needs of a rapidly evolving academic environment.
9UniCredit & Universities · 2011 Reports and Accounts
Annual Report 11
The Foundation’s Purposes 12
Highlights 13
Management Analysis 14
Activities 22
Main Goals 42
Financial Statements 47
Balance Sheet 48
Report on Operations 49
Notes on the Accounts 50
Annexes 60
Report of the Board of Auditors 65
Yearbook 69
Contents
11UniCredit & Universities · 2011 Reports and Accounts
The Foundation’s Purposes 12
Highlights 13
Management Analysis 14
Activities 22
Support for Studies 22
Support for Research 27
Other Initiatives 36
Main Goals 42
Annual Report
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
The Foundation’s Purposes
TO PROMOTE studies and initiatives designed to deepen knowledge in the academic fields of finance, economics, law, politics and the social sciences.
TO ESTABLISH awards for dissertations or for special academic work in the academic fields of finance, economics, law, politics and the social sciences.
On the basis of Article 2 of the foundation’s statute, the UniCredit & Universities Foundation does not pursue profit and operates with the following purposes:
1
32
4
TO AWARD, annually, one or more scholarships.
TO PROPOSE and SUPPORT academic initiatives.
13UniCredit & Universities · 2011 Reports and Accounts
Highlights
During 2011, the foundation launched 16 initiatives
(12 in 2010), which yielded 42 awards (36 in 2010).
Expenditures related to the launch of all 2011 initiatives
amounted to €1.35 million (€1.03 million in 2010).
Investments can be broken down as follows:
• initiatives in support of studies: 60%
• initiatives in support of research: 33%
• other initiatives: 7%
Expenses for ordinary operations amounted to a total of €1.48
million (€1.65 million in 2010).
The foundation’s network of scholarship recipients included
32 students and researchers (25 in 2010).
In 2011, the foundation received 812 applications. Since the
start of its operations in January 2009, the foundation has
received 1,600 applications.
2009 20112010
Number of applications received
278
812
522
2009 2010 2011
Investment in new initiatives(€ million)
0.66
1.35
1.03
2009 2010 2011
Contributions received (€ million)
0.65
1.50*
1.75
* net of past commitments
2009 2010 2011
Number of initiatives
7
12
16
2009 2010 2011
Number of award recipients
8
42
36
Breakdown of expenditures
for new initiatives in 2011 (%)
60
33
7Initiatives in support of studies
Initiatives in support of research
Other initiatives
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
2011: A YEAR OF STRONG RESULTS
For undergraduate students, the foundation launched the first
edition of the Study Abroad Exchange Programme in 2011.
Awarding eight grants to students from those UniCredit countries
that do not participate in the European Commission’s Erasmus
Programme, this competition enables them to spend six months
studying abroad at a university in any country where UniCredit is
present.
In the first edition of this program, the foundation focused on
Russia and Serbia for both incoming and outgoing exchanges.
Naturally, the foundation intends to provide this valuable opportunity
to all applicable countries within UniCredit’s perimeter* – including
Azerbaijan, Bosnia, Croatia, Kazakhstan, Kyrgyzstan and Ukraine.
The primary objective of UniCredit & Universities is to provide
students from countries in which UniCredit operates with equal
access to study and research opportunities.
Despite the enormous complexities involved in the development
of such an ambitious exchange program and the limited scope of
its initial offerings, the foundation received an unexpectedly high
Management Analysis
The deep financial crisis that characterized 2011 greatly
impacted the education sector through a widespread decline
in funding for study and research. The number of applications
to master’s and PhD programs, however, have not decreased,
though their direct and indirect costs have proven to be
unaffordable to a broader cross-section of potential students.
In this increasingly adverse environment, UniCredit &
Universities has not only confirmed but also enlarged its
commitment to support the best students and researchers in
the academic fields of economics and finance, by significantly
increasing the number of initiatives it offers and by continuing to
widen the scope of its operations.
In particular, the foundation has opted to extend its support
to include academic scholarships for undergraduate students
and research contributions to business schools, in addition to
programs in economics.
A group photo of award winners at the awards ceremony on June 9, 2011.
* see map on page 20
15UniCredit & Universities · 2011 Reports and Accounts
number of applications. To date, a tremendous effort has been
made to guarantee access to this program for all eligible students.
The grant was designed to cover room and board costs for six
months abroad, in addition to the cost of a round-trip airline ticket.
Based upon the enthusiastic response of several universities to
this initiative, the foundation regards it to be a major success.
These universities have not only worked to raise awareness of this
program among their student bodies but have also partnered with
UniCredit & Universities to resolve the many issues surrounding
such a complex undertaking. In this way, they have demonstrated
their commitment to promoting this exchange program over other
pre-existing international programs that may be less effective.
For business schools, UniCredit & Universities has developed a
competition to identify and fund one-year research projects on
behavioral economics and other timely topics focused mainly
on corporate decision-making processes. Launched with the
involvement of three of Europe’s most prestigious business schools
– the IE Business School, INSEAD and the London Business
School – the foundation’s goal is to extend this competition to more
European and American institutions for this year’s second edition.
This past year has generated significant results related to sharing
the expertise of the researchers funded by the foundation and
the scientific contributions they have made. Before 2011, the
foundation’s effort to share the value of their expertise was limited
to the dissemination of their research through the UniCredit &
Universities Working Paper Series and through university lectures
delivered by the foundation’s fellows to students in the “Economics
and Management of Innovation” and “Economics of Financial and
Insurance Markets” programs at the University of Trieste. This
year, however, the Board of Directors decided to augment the
foundation’s outreach to the academic community by organizing
two academic workshops.
The first of these workshops, which focused on “Gender Equality
in Europe,” took place on November 18, 2011, at Bocconi
University in collaboration with its Dondena and Econpubblica
Centers. At the workshop, the winners of the UWIN Best Paper
Award presented research projects addressing the topic “Economic
Consequences of Gender Equality in Europe.” Both Dieter Rampl,
chairman of UniCredit & Universities, and Francesco Billari, vice-
rector for development at Bocconi University, delivered opening
addresses at this event. The following two speakers – Professor
Barbara Petrongolo and Professor Paola Profeta – were both
At the workshop on Gender Equality in Europe. From left to right: Dieter Rampl (Chairman of the Board of Directors of the UniCredit & Universities Foundation), Michelle Rendall, Chiara Pronzato and Pamela Campa (winners of the UWIN Best Paper Award, first edition), and Professor Francesco Billari (vice-rector of Bocconi University).
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
scientific advisors to the foundation for the competition. Mirco Tonin,
the winner of the second edition of the Foscolo Europe Fellowship,
moderated the keynote research presentations delivered by the
three winners.
The latter half of the workshop featured a roundtable moderated
by Barbara Stefanelli, the vice editor-in-chief of Corriere della Sera.
Participating were Professor Maurizio Ferrera, from the University
of Milan, Elisabetta Magistretti, non-executive director of Pirelli, and
Professor Francesca Zajczyk, deputy for equal opportunities at the
City Council of Milan.
The second workshop, which will focus on “The Social Dimension
of Organizations,” will take place in Budapest on April 27-28,
2012. It was organized in collaboration with Central European
University in Budapest and Mirco Tonin, the winner of the second
edition of the Foscolo Europe Fellowship and a current researcher
at the university. Additional support was provided by UniCredit Bank
and the Royal Economic Society.
The foundation created a Best Paper Award
competition for this event to award the top
two papers among those selected for the
workshop.
More than one hundred researchers
submitted their work for this competition.
The prize will be awarded by Franco Gianni Papa, member of
the foundation’s Board of Directors, as part of the workshop’s
opening ceremonies.
This workshop was made possible due to the strength of
UniCredit & Universities’ international academic network.
Since the foundation was established, it has worked to cultivate
and expand this network, which is vital to its success as an
institution.
In 2011, UniCredit & Universities intensified its efforts to include
within its network preeminent universities from across the world.
Management Analysis (CONTINUED)
1,02
100Participants
17UniCredit & Universities · 2011 Reports and Accounts
In this regard, a series of meetings were conducted in 2011, with
a particular focus on the most prestigious universities and research
centers in Russia (e.g., the New Economic School and the Higher
School of Economics) and in Serbia (e.g., the University of Belgrade
and the Center for Liberal-Democratic Studies, Belgrade). Moreover,
the foundation’s networking activities have been expanded to the
United States, most notably among top five universities
(in alphabetical order):
1. Chicago Booth
2. Harvard University
3. MIT
4. Princeton University
5. Stanford University
Thanks to these networking efforts, the foundation has been able to
expand its scholarships and grants portfolio.
The foundation is building this network not only to engage a broad
cross-section of universities and research centers in its initiatives but
also to create an extraordinary opportunity for the cultural enrichment
of its programs.
By virtue of this privileged window into the inner workings of diverse
academic systems and its access to the latest developments in the
research community, the foundation is able to continually upgrade its
programs and initiatives.
These networking efforts have enabled the foundation to reach out
in new ways to students and researchers worldwide.
This is evidenced by the significant rise in the number of
applications the foundation has fielded from countries across
Europe and around the world.
Also in 2011, UniCredit & Universities worked to bolster its
relationships with its scholars, who are the foundation’s most
valuable asset.
Through these mutually beneficial relationships, the foundation
stays current with the dynamics of the academic world and
is particularly responsive to the needs of its students and
researchers.
Whenever possible, the foundation’s officers have traveled to
meet with its scholars at their host universities to gain a better
understanding of their experiences.
The Study Abroad Exchange Programme is an excellent example
of the positive relationships the foundation is building with its
scholars, by staying in close contact with them. Participants in this
program are 23 to 24 years old and have committed to exchange
programs that take them to distant countries with often unfamiliar
approaches to academia and research. Despite the demanding
nature of such close contact and support, the foundation finds this
work to be proof positive of the high level of attention it pays to all
aspects of its initiatives.
The UniCredit & Universities Board of Directors has been
remarkably active in all of the foundation’s initiatives. Their
engagement, sensibility and openness to supporting new European
talents have been instrumental to the achievement of the
foundation’s objectives.
Federico Rossi (winner of the Masterscholarship, first edition) between the Scientific Director and the Secretary General of the foundation at the 2012 LSE Donors and Scholars Reception.
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
Over the course of 2011, the composition of the foundation’s
Board of Directors has undergone two significant changes.
Federico Ghizzoni, following his appointment to the position
of Chief Executive Officer of UniCredit, resigned from the
foundation’s Board of Directors. Furthermore, Marco Annunziata
resigned from the board after accepting a job offer in the United
States.
These gaps have been filled by Gianni Franco Papa, head of
UniCredit’s CEE Division, and Franco Bruni, who is also the
current chairman of the foundation’s Scientific Committee.
The foundation’s selection of Mr. Papa serves to underline the
importance of Central and Eastern Europe to its operations, while
the selection of Mr. Bruni highlights the attentiveness of the Board
of Directors to topics of scientific interest and to the close ties
between the Scientific Committee and the Board of Directors.
Much like the foundation’s Board of Directors, the Scientific
Committee continues to be vital to its operations. Without their
scientific support, the foundation would not have achieved these
results.
The high profile of the Scientific Committee members and the
constant dialogue they maintain with the Board of Directors are
instrumental to the effective operation of the foundation.
In 2011, two new members joined
the Scientific Committee. Professor
Levent Kockesen, an associate
professor at Koç University in Istanbul,
specializes in game theory, contract
theory, intermediate microeconomics,
managerial economics and
mathematics for economists.
Professor Branko Uroševic, an associate professor of financial
economics and operations research at the department of
economics of the University of Belgrade, also serves as a special
research advisor to the governor of the National Bank of Serbia.
These important additions to the Scientific Committee will provide
the foundation with key expertise in two important countries in CEE.
Their support will be crucial to better disseminate information about
the foundation’s competitions and initiatives to Serbian and Turkish
students and researchers.
As in years past, in 2011 the foundation’s activities were enriched
by the collaboration of external experts with the Scientific
Committee on specific initiatives, such as the first edition of the
UWIN Best Paper Award and the Masterscholarships competitions.
These high-profile academics not only evaluated applications but
also helped shape the initiatives themselves.
Management Analysis (CONTINUED)
9 membersScientific Committee
The entrance to the Ralph Landau Center for Economics and Policy Research at Stanford University, where Michela Giorcelli (winner of the Crivelli Europe Scholarship, 8th edition) is studying.
19UniCredit & Universities · 2011 Reports and Accounts
As of December 31, 2011, the foundation relies on
five scientific advisors. Thanks to their contributions
this past year, the foundation has strengthened
its impact in a range of specialized academic and
research fields. Two of these scentific advisors
are professors from Italian universities, while the
remaining three are professors from American,
British and Austrian institutions. They are: Professor Michele Polo
and Professor Paola Profeta from Bocconi University; Professor
Matthias Doepke from Northwestern University; Professor Barbara
Petrongolo from Queen Mary University of London and Professor
Josef Zechner from Vienna University of Economics and Business
(former member of the Scientific Committee).
At its last meeting on December 20, 2011, the Board of Directors
renewed the current Scientific Committee for another two-year
term; the only departure was that of Josef Zechner. Christian
Laux, an associate professor of finance at the Vienna University of
Economics and Business, took his place on the committee.
Main Achievements
In 2011, UniCredit & Universities achieved significant quantitative and
qualitative results.
With 16 initiatives over the past year, the foundation has
expanded the scope of its operations since its establishment in
2009, when it managed just seven initiatives.
UniCredit & Universities has proved to be a dynamic institution,
backing up its commitment to support the best students by more
than doubling the number of its initiatives over the past two
years.
Forty-two students and researchers received awards from the
foundation in 2011, up from 36 recipients in 2010.
More significantly, in 2011 the foundation
received 812 applications for all of its
initiatives: the Crivelli Europe and Foscolo
Europe scholarships, the Study Abroad
Exchange Programme, the Post-Doc Research
Grant, the Best PhD Thesis Award and the
Best Paper Awards.
This represents a 56% increase over the 522 applications the
foundation received in 2010 and speaks to its increased impact
and to its initiatives.
In 2011, the Board of Directors allocated €1.35 million for new
initiatives, an increase of €0.32 million over the previous year.
5ScientificAdvisors
Camilla Bua (winner of the Study Abroad Exchange Programme, first edition) together with two students from the Engineering and Economics University of St. Petersburg.
Professor Barbara Petrongolo, guest speaker at the Workshop on Gender Economics.
812Applications
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
This figure is particularly important not only because of its
absolute value but also because the foundation received roughly
8% fewer contributions in 2011 than in 2010.
Despite rigorously focusing on the foundation’s efficiency, the ratio of
administrative costs on total expenses increased to 14.1% in 2011,
five points higher than in 2010 but still below the efficiency limit.
As will be shown in detail in the Notes on the Accounts for the
year 2011, the non-staff related increases in management costs
are primarily connected to the increased cost of compensation
paid to external professionals as well as to the increased regional
tax levied on productive activities (IRAP). This tax increase is due
to the larger number of foundation initiatives and prizes in 2011.
Management Analysis (CONTINUED)
Austria
Azerbaijan
Bosnia and
Herzegovina
Bulgaria
Croatia
Czech Republic
Estonia
Germany
Hungary
Italy
Kazakhstan
Kyrgyzstan
Latvia
Lithuania
Poland
Romania
Russia
Serbia
Slovakia
Slovenia
Turkey
Ukraine
COUNTRIES WITHIN UNICREDIT’S PERIMETER
21UniCredit & Universities · 2011 Reports and Accounts
www.unicreditanduniversities.eu Disclosure and Engagement Tools
Since the UniCredit & Universities Foundation was established in 2009, it has worked to create a paperless operational structure by organizing,
managing and carrying out its activities online.
This effort has maximized the efficiency and speed with which the foundation launches its initiatives and collects applications and evaluations.
Moreover, the foundation’s online structure has enabled it to contain costs and eliminate administrative fees for students and researchers who
apply to the various initiatives.
This advanced website has enabled the foundation to communicate consistently and effectively with every country it engages.
Specifically, through this website the foundation:
1. launches all initiatives
2. manages the implementation phase, as students and researchers electronically submit their applications for the foundation’s initiatives
3. allows the Scientific Committee members to review all applications and to submit their assessments electronically
4. regularly provides information on all initiatives and events taking place during the year
5. provides full disclosure of its operations, including the members of the Scientific Committee and corporate bodies, as well as financial
statements and other detailed information
A thorough website navigation analysis yielded interesting and useful information. A summary of the most
compelling highlights include the following.
In 2011, the number of visitors to the foundation’s website increased by 58%, exceeding a threshold of
50,000 visits. The number of visits has more than quadrupled as compared to 2009.
The average number of daily visits increased to 139 in 2011, up from 88 in 2010. This included peaks of over 1,200 visits per day as
compared to 455 in 2010.
Users viewed more than 190,000 pages and spent an average of 3 minutes on the website. This is slightly less than in 2010 due to
the redesign of the website’s architecture in early 2011, which made it faster and easier for users to find their pages of interest.
Regarding the website’s emerging trends and usage patterns, the total number of users from abroad (25,900) exceeded that of Italian
users (24,669) for the first time.
In particular, it is worth highlighting the increased usage from countries such as Ukraine (+391%), Bulgaria (+202%), Turkey (+186%),
Austria (+145%) and Germany (+122%).
This demonstrates that efforts to promote the foundation and to disseminate information about its initiatives outside of Italy, especially in
Central and Eastern Europe, are leading to positive results.
Overall, however, in 2011 users of the foundation’s website were still
predominantly from Italy, followed by Germany with 2,694, Turkey with 2,380, the
United Kingdom with 1,751, Austria with 1,710, and Bulgaria with 1,695 among
others.
Of particular interest is the total number of countries of users’ origin. This figure increased to 152 in 2011,
up from 125 in 2010. Although the visitors were predominantly European (91.5%), this is added confirmation
that the UniCredit & Universities Foundation is becoming increasingly well known outside of the 22 countries in
which UniCredit operates.
www.unicreditanduniversities.eu
50.000visits in 2011
152 Countries
Facebook:/UniCredit&Universitiestwitter.com/UniCredit_Univ
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
Activities
1. INITIATIVES
TO SUPPORT STUDIES
The Crivelli Europe Scholarships - 10th edition
The Crivelli Europe Scholarships are offered to students from the
22 countries in which UniCredit operates, who hold degrees in
economics, banking and/or finance and who wish to pursue a
doctorate abroad.
This initiative is managed in keeping with the tradition of the
Crivelli Europe Scholarships, created in 2002 by UniCredito. It
builds on the foundation’s lessons learned since its establishment
to expand its initiatives to all European countries. The Crivelli
Europe Scholarships reaffirm the foundation’s commitment to
gender diversity by ensuring that every year, at least one prize is
awarded to a female applicant.
In 2011, for the 10th year, the foundation
awarded three Crivelli Europe Scholarships.
The scholarships include a full year of
university fees and an annual stipend of
€25,000, covering all living and travel-related
costs. The scholarships are renewable for a second year, subject
to performance requirements.
In 2011, 270 students from 38 different countries (31 in 2010)
applied. These figures should also be considered in light of the
THE FOUNDATION’S ACTIVITIES FIT INTO THREE
MAJOR CATEGORIES:
Support for
STUDIES
Support for RESEARCH
Additional INITIATIVES1 2 3
3Scholarships
From left to right: Alessandro Vecchiato, Enrico Cantoni and Ludovica Gazzè (winners of the Crivelli Europe Scholarship, 9th edition).
23UniCredit & Universities · 2011 Reports and Accounts
4. Enrico Cantoni and Ludovica Gazzè, winners of the ninth
edition of the Crivelli Europe Scholarship, are both first-year
PhDs at MIT
5. Alessandro Vecchiato, winner of the ninth edition of the Crivelli
Europe Scholarship, is now in the first year of his PhD at UCLA
The US PhD Scholarship - 1st edition
In order to meet the needs of the best students
and to make the same opportunities available
to scholars from all of the countries in which
UniCredit operates, the foundation’s Board of
Directors decided in 2011 to launch a new
scholarship reserved for graduates from the 19 countries in Central
and Eastern Europe where UniCredit is present.
To be eligible, students must have been accepted by one of the five
highest-ranked PhD programs in economics or finance at an American
university. These are (in alphabetical order) Chicago Booth, Harvard
University, MIT, Princeton University and Stanford University.
Similar to the Crivelli Europe Scholarship, the US PhD Scholarship
is renewable for a second year and provides an annual stipend of
€25,000 and all university fees.
The winner of the first edition of the US PhD Scholarship was Kirill
Borusyak, a citizen of Russia, who will begin the first year of his PhD
at Harvard University.
2
1
1
3
3
10
4 5
11 12
14
15
8
7
13
9
6
16
17
2
148
13
1. Crivelli Fellowsheellowship, 2l nd milio Calvano, from Harvard University to Bocconi Universitym ed. – Emilio Calvano rom H2. Foscolo Europe Feope Fellowship, 1st ed. – Emiliano Santoro, from Copenhagen University to Catholicrfntt oed – Emiliano Santot
University3. Foscolo Europe Fellowowship, 2 dnd ed. – Mirco Tonin, from Southampton University (UK) o ed. – Mirco uthamom So to Central European Universiniversity4. Foscolo Europe Fellowship 3rdd ed. – Edoardo Grillo, from Princeton University to University of Turinrsr ed. – Edoaoardo GG5. US PhD Scholarship, 1st rom New Economic School of Moscow to Harvardicced. – Kirill Borusyaksyak from New Economic6. Crivelli Scholarship, 7th nomicsoed. – Giorgia Piacentino, London School of Entino, London School of Economio7. Crivelli Scholarship, 7th ed. – Roberto Robatto, Universniversity of Chicago8. Crivelli Scholarship, 8th ed. – Michela Giorcelli, Stanfordord Universityy
9. Crivelli Scholarship, 8h 8p thth ed. – Stefano Mosso, University of Chicago10. Foscolo Europe Schcholarship, 1st ivers ed. – Audinga Baltrunaite, Stockholm Universityt
11. BdS Crivelli Europope Scholarship, 9th Gaed. - Ludovica Gazzè, MIT12. BdS Crivelli Europope Scholarship, 9th ed. - Enrico Cantoni, MIT13. BdS Crivelli Europr pe Scholarship, 9th ed. - Alessandro Vecchiato, UCLA14. BdS Masterschoa ts olarship, 1st oed. - Andreas Kalker - Barcelona Graduate Schoolt
15. BdS Masterscholarolarship, 1st ed. - Birgit Altmann - Stockholm Universityt
16. BdS Masterscholarshrship, 1st ed. - Federico Rossi - London School of Economicst
17. BdS Masterscholarshhip, 1st ed. - Lorenzo Prosperi - Toulouse School of Economicst
MAP OF OUR SCHOLARS
1Scholarship
exceptionally high quality of the applications. Whereas in 2010,
25 applications passed the Scientific Committee screening
process, in 2011, 44 passed the
process, an increase of 76%.
In 2011, for the first time, one of the
three scholarships was awarded to a
Russian student, Petr Lukianchenko,
a graduate of the Higher School
of Economics in Moscow. The remaining two scholarships were
awarded to Italian women: Barbara Biasi, from Bocconi University in
Milan, and Maddalena Galardo, from LUISS University in Rome.
The winners have shown a preference for the most prestigious
American universities, where many of the UniCredit & Universities
scholars are presently studying, including:
1. Roberto Robatto, winner of the seventh edition of the Crivelli
Europe Scholarship, who is about to complete his PhD in
economics at the University of Chicago
2. Michela Giorcelli, winner of the eighth edition of the Crivelli
Europe Scholarship, is a second-year PhD student at Stanford
University
3. Stefano Mosso, winner of the eighth edition of the Crivelli
Europe Scholarship, is a third-year PhD student in economics
at the University of Chicago
+76% Applications
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
The Leopold Gratz Scholarship - 3rd edition
In 2011, the foundation launched the third edition of the Leopold
Gratz Scholarship. This contest is aimed at top students who have
either earned a degree in economics or finance at any Austrian
university or are seeking to enroll in a master’s or doctoral program
at an Austrian university.
The scholarship is directly and fully funded
by Bank Austria’s Leopold Gratz Foundation.
In 2011, the winner was Daniel Rettl, a
PhD student at the Vienna Graduate School of Finance. Mr. Rettl
was awarded the prize on June 22, 2011, at the Bank Austria
headquarters. The ceremony was attended by Manuel Mayer, the
winner of the first edition; Professor Josef Zechner, UniCredit &
Universities Scientific Advisor; Alvin Kraus, Secretary General of the
Leopold Gratz Foundation; and Doris Tomanek and Vera Laggner-
Kausel, from Bank Austria. The winner received €25,000 for the
2012-2013 academic year.
The support of UniCredit & Universities for this initiative demonstrates
its commitment to local initiatives developed within UniCredit’s
geographical scope.
Activities (CONTINUED)
LUISS School of Government
1 Soos Gabor (Hungary)2 Svitlana Galko (Ukraine)3 Oksana Kohut (Ukraine)4 Dmytro Volodin (Ukraine)
Study Abroad Exchange Programme 5 Camilla Bua (Trieste)6 Vincenzo Cecere (Naples)7 Bojan Jokovic (Belgrade)8 Sandro Lucci (Rome)9 Anna Panchenko (Rostov)10 Davide Pescarolo (Milan)11 Oleksandr Pitdblunyy (Trieste)12 Ekaterina Vernezi (Rostov)
Post-Doc Research Grant 13 Andrea Colciago (Milan)14 Salvatore Piccolo (Milan)15 Francesco Drago (Naples)16 Tiziana Assenza (Milan)17 Giorgio Fabbri (Naples)18 Stefano Gagliarducci (Rome)19 Alessio Moro (Cagliari)20 Maria Petrova (Moscow)
From left to right: Manuel Mayer (winner of the Leopold Gratz Scholarship, first edition); Alvin Krauss, Secretary General of the Leopold GratzFoundation; Vera Laggner from Institutional & International Affairs at Bank Austria; Daniel Rettl (winner of the Leopold Gratz Scholarship, second edition), Doris Tomanek, Head of HR at Bank Austria; and Josef Zechner, Scientific Advisor of the UniCredit & Universities Foundation.
The foundation believes in the value of the traditions represented by
these initiatives, which highlight the close ties that bind UniCredit’s
operations to its local communities.
1Scholarship
7
8
9
1011
6
111111115
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11
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1
2 32 32 333
4
0011111001111100
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00000111110000001110101000
13121212122
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32 132222
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3333333313131313
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15155151
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88888866666666666666
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25UniCredit & Universities · 2011 Reports and Accounts
Masterscholarships - 2nd edition
In 2011, the foundation continued to fund an initiative launched in
2010 to provide scholarships for master’s programs in economics
and finance at top European universities.
Open to graduates from the 22 countries in which UniCredit is
present, this initiative aims to widen the activities of the foundation
to encompass all levels of university studies. Previously, master’s
programs were not covered by the foundation.
A master’s degree represents an interim
specialization program of one or two years
that may either be a preparatory step for a
research PhD or the final step in a student’s
academic career.
The Masterscholarships grants are intended for students planning to
attend the best European universities. This criterion exists because a
European master’s degree represents one of the three fundamental
steps taken by the most talented students in economics and finance.
Among the CVs of applicants, it is common to see that they have
earned a bachelor’s degree in their home countries, a master’s in
economics at a major European university, and a research PhD, often
at an American university.
The universities involved in the second edition of the
Masterscholarships initiative are:
1. Barcelona Graduate School of Economics - University Pompeu
Fabra
2. Bocconi University
3. Stockholm School of Economics
4. Toulouse School of Economics
Since the first edition, Bocconi University has been added to this
initiative while the London School of Economics and Political Science
had to temporarily suspend their involvement.
The foundation, however, is still presently funding a two-year
master’s program at the school for Federico Rossi and a PhD
program for Giorgia Piacentino, a Crivelli winner.
In its second edition, the Masterscholarships competition provides
six scholarships to top students who wish to enroll in a master’s
program in economics or finance for the 2012-2013 academic
year at one of the above four schools. The contest is open to all
students from within UniCredit’s European perimeter.
The scholarship covers all university fees in addition to a monthly
stipend for living costs for the full duration of the program.
The foundation has established agreements for this scholarship
directly with the four schools, with provisions for a two-stage
candidate screening process. First, each school provides
the foundation with a short list of candidates who meet the
qualifications of both the school and the scholarship. Then
the foundation assesses the candidates and consults with the
appointed scientific advisor, Michele Polo, pro-rector at Bocconi
University, before choosing the recipient.
Unlike the Crivelli Europe Scholarships, the Masterscholarships ask
applicants to apply at the websites of the respective universities.
To receive the scholarship, the candidates must already have
been accepted into the master’s program. The recipients of the six
scholarships will be announced by the end of April 2012 and will
begin their master’s programs in fall 2012.
Federico Rossi and Birgit Altmann (two winners of the Masterscholarship, first edition) during the 2011 Awards Ceremony.
6 Scholarships
26
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Study Abroad Exchange Programme Grants - 1st edition
To fulfill its commitment to support the
best young European talent, the UniCredit
& Universities Foundation decided in 2011
to provide eight study grants to allow
undergraduates to spend six months abroad at a university located
within UniCredit’s geographical perimeter.
The goal of this program is to provide comparable
opportunities to students from UniCredit countries who are
not eligible for the Erasmus Programme, which is offered by the
European Commission. In this first edition, the foundation focused
on students from Russia and Serbia.
Specifically, the competition was open to:
1. students registered at a university within UniCredit’s perimeter
who intend to spend six months abroad at a Russian or Serbian
university
2. students registered at a Russian or Serbian university who wish
to spend six months abroad at a university in any of the other
countries within UniCredit’s perimeter
Each winner will receive a €4,200 grant to cover living costs
during the study period (€700 a month).
The initiative also provides reimbursement
for a return ticket to the selected
destination.
This scholarship is larger than other similar
initiatives so that winners may pursue their studies without
receiving any additional funding.
The initiative was more successful than expected. The foundation
received a total of 247 applications from across Europe.
The eight winners came from Italy, Russia, Serbia and Ukraine:
1. Camilla Bua, enrolled at the University of Trieste, will spend
six months at the Engineering and Economics University of St.
Petersburg
2. Vincenzo Cecere, enrolled at the University of Naples Federico II, will
spend six months at the Moscow State University of Economics,
Statistics and Informatics
3. Bojan Jokovic, enrolled at the University of Belgrade, will spend
a semester at the University of Ljubljana
4. Sandro Lucci, enrolled at the University of Rome Tor Vergata,
will spend six months at the Higher School of Economics in
Moscow
5. Anna Panchenko, enrolled at Rostov University, will spend
six months at the Polytechnic of Milan to take management
engineering classes
Activities (CONTINUED)
8Grants
Several winners awaiting the beginning of the 2011 Awards Ceremony.
To provide comparable
opportunities to
all students from
UniCredit countries 247Applications
27UniCredit & Universities · 2011 Reports and Accounts
Since 2009, the Foscolo Europe Fellowship has been available
to researchers from the European countries in which UniCredit
operates. In 2011, the third edition of the fellowship was awarded
to Edoardo Grillo, an Italian researcher currently at Princeton
University. Thanks to UniCredit & Universities, he will be working at
Turin’s prestigious Collegio Carlo Alberto beginning fall 2012.
The Post-Doc Research Grant - 2nd edition
In addition to the Foscolo Research Fellowship, the foundation
engaged in numerous additional initiatives in 2011 to support
research by young European economists.
These initiatives, although relatively more modest in scale,
provide grants, research support and prizes for the best PhD
theses and the best papers on current topics of interest to a
bank.
The second edition of the Post-Doc Research Grant was launched
in July 2011 to support the best research projects in economics
and finance presented by young researchers working at
universities located within UniCredit’s perimeter.
The winners will each receive an annual grant
of €10,000 to complete their projects over a
two-year period. They will present their results
to UniCredit’s top management.
6. Sebastiano Pescarolo, enrolled at Bocconi University, will spend
six months at the Plekhanov Russian Economics University in
Moscow
7. Oleksandr Pitdblunyy, enrolled at the University of Trieste, will
spend six months at the Engineering and Economics University
of St. Petersburg
8. Ekaterina Vernezi, enrolled at Rostov University, will spend
six months at the Polytechnic of Milan to take management
engineering classes
2. INITIATIVES TO SUPPORT
RESEARCH
The Foscolo Europe Fellowship - 3rd edition
These fellowships are offered to the best young European
researchers who have earned doctorates in economics at universities
abroad and wish to continue their research at a European university.
Through the Foscolo Europe Fellowship, UniCredit
& Universities provides funding for two years of
post-doctoral research, renewable for a further two
years. It consists of an annual stipend of €60,000
paid directly to the fellowship recipient.
Mirco Tonin (winner of the Foscolo Europe Fellowship, second edition) during the Workshop on Gender Equality in Europe.
Andrea Colciago (a winner of the Post-Doc Research Grant, first edition) during the awards ceremony.
1Fellowship 5 Grants
28
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Activities (CONTINUED)
The five winners, selected at the end of 2011 by the Scientific
Committee of UniCredit & Universities, are (in alphabetical order):
1. Tiziana Assenza, from Catholic University of Milan, for her
research project, “Animal Spirits and Financial Crises”
2. Giorgio Fabbri, from Parthenope University of Naples, for
his research project, “International Borrowing Without
Commitment: Volatility of Capital Inflow and Welfare”
3. Stefano Gagliarducci, from the University of Rome Tor Vergata,
for his research project, “Political Connections and Labor
Market Outcomes”
4. Alessio Moro, from the University of Cagliari, for his research
project, “Structural Change and Slow-Motion Recoveries”
5. Maria Petrova, from the New Economic School in Moscow, for
her research project, “Media Effects in the Weimar Republic
and Nazi Germany”
The Best PhD Thesis Award - 2nd edition
In conjunction with the Post-Doc Research Grant, the second
edition of the Best PhD Thesis Award was launched in 2011 to
reward the best papers written by economists and researchers
from any of the 22 European countries in which UniCredit
operates.
This program is designed to offer all young
economists from within UniCredit’s perimeter
the same opportunity to receive private support for both study and
research.
For this contest, UniCredit & Universities selected the six best
theses in economics, finance, political science and social science,
with preference given to those written on the following subjects:
1. Financial crises, regulatory changes and profitability in Europe
2. Aging populations and their impact on banking and financial
systems
3. Economic policy for the European integration of the countries of
Central and Eastern Europe
4. Decision-making and behavioral economics
The six best theses will each receive €5,000 and will be published in
the Working Papers Series of the foundation.
The competition’s deadline for submissions is April 30, 2012.
The UWIN Best Paper Award - 2nd edition
In 2011, the UniCredit & Universities Foundation, in cooperation with
the UniCredit Women’s International Network (UWIN), launched
the second edition of the UWIN Best Paper Award to honor the three
best papers on the subject of gender economics.
The contest is open to all young economists and researchers
from the 22 countries in which UniCredit operates. The three
best submissions will each receive a prize of €5,000 and will be
published in the Working Papers Series of the foundation. Although
the contest was approved and included in the
foundation’s 2011 activity plan, it will close in
April 2012. The names of the winners will be
released by May 31, 2012.
The selection process will be handled by the same commission
of international experts appointed by the Board of Directors
based on the recommendations of the foundation’s Scientific
Committee in 2010. The members of the commission are
Matthias Doepke from Northwestern University, Paola Profeta
from Bocconi University and Barbara Petrongolo from the Queen
Mary University of London.
Last year’s winners of the UWIN Best Paper Award were:
1. Pamela Campa, researcher at the University of Stockholm,
for her paper, “Gender Quotas, Female Politicians and Public
Expenditures: Quasi-Experimental Evidence”
2. Chiara Pronzato, researcher at the University of Turin, for her
paper, “An Examination of Paternal and Maternal Intergenerational
Transmission of Schooling”
3. Michelle Rendall, researcher at the University of Zurich, for her
paper, “Rise of the Service Sector and Female Market Work:
Europe vs. the US”
Four winners of the CEE Best PhD Thesis Award. From left to right: Branislav Saxa, Zvezda Dermendzhieva, Daniel Horn and Ekaterina Rashkova.
6 Grants
2 Grants
29UniCredit & Universities · 2011 Reports and Accounts
The three winners received their awards from the Chairman
of the UniCredit & Universities Foundation during a workshop
organized by Bocconi University on the topic of “Gender Equality
in Europe,” at which they presented their projects.
The foundation’s fellow, Mirco Tonin, a researcher at Central
European University in Budapest, was the moderator. The winning
papers have been published in the foundation’s Working Papers
Series.
Best Paper Award – The Social Dimension of Organizations
In 2011, the foundation expanded its program
to support academic research with a new award
focused on labor economics. The competition is
open to all young economists and researchers
from the 22 countries in which UniCredit operates.
The Best Paper Award – The Social Dimension of Organizations was
linked to the workshop on the same topic, held in collaboration with
Central European University, where Mirco Tonin, winner of the second
edition of the Foscolo Europe Fellowship, is conducting his research.
The winners are:
1. Alessandro Bucciol, Assistant Professor of Econometrics in the
economics department of the University of Verona, for his paper,
“Pay Dispersion and Work Performance.” He co-authored the
paper with Marco Piovesan, a researcher at Harvard Business
School.
2. Christiane Bradler, a researcher at the Centre for European
Economic Research in Mannheim, Germany, for her paper,
“Employee Recognition and Performance - A Field Experiment.”
She co-authored her paper with Susanne Neckermann, a
researcher at the Centre for European Economic Research in
Mannheim, Robert Dur, a professor at Erasmus University of
Rotterdam, and Arjan Non a researcher at Maastricht University.
The three winners of the UWIN Best Paper Award, first edition. From left to right: Michelle Rendall, Chiara Pronzato and Pamela Campa.
The winners of the UniCredit Best Paper Award, second edition. From right: Grzegorz Halaj, Alexander Schätz, Jan Maruhn and Max Mair. From left, the students awarded a special mention by the Scientific Committee: Piotr Kazmierkiewicz, Daniele Ruspantini, Alessandra Sordi and Tekçe Bülent.
2 Grants
30
Annual Report
2011 Reports and Accounts · UniCredit & Universities
Each honoree will be awarded €5,000 during a ceremony to be held
on April 27, 2012 in Budapest, at the opening of the workshop on
“The Social Dimension of Organizations.” The prize will be awarded
by Gianni Franco Papa, member of the foundation’s Board of
Directors.
The success of this initiative exceeded expectations. The foundation
received more than one hundred submissions for the competition.
Levent Kockesen, a member of the Scientific Committee of the
UniCredit & Universities Foundation and the scientific advisor for this
initiative, emphasized the very high average quality of the submissions.
The UniCredit Best Paper Award - 3rd edition
Unlike the other initiatives described thus far, the UniCredit
Best Paper Award – now in its third edition – is only offered to
researchers employed by UniCredit, at any bank or legal entity of the
Group.
The UniCredit Best Paper Award recognizes
the two best papers in the fields of economics,
finance, law or social sciences with prizes of
€5,000 each. Criteria for selection include the
interest of the paper’s contents to the Group.
The large number of submissions (26 in 2011) was drawn from
across UniCredit’s perimeter. The two winners this year will be
announced by the end of May 2012.
Business School Research Project Funding - 1st edition
In 2011, to extend the scope of its support for research, the
foundation reached out to business schools. UniCredit & Universities
has launched a competition for research being conducted at
business schools on economic and financial topics, particularly on
the topic of decision-making and behavioral economics.
In its first edition, the competition included three of Europe’s most
prestigious business schools, IE Business School, INSEAD and the
London Business School. The competition was
open to researchers from the 22 countries in
which UniCredit operates who work at one of
these three institutions.
The research project chosen to receive the award this year comes
from INSEAD and is entitled “Behavioral Biases in the Short-Selling
Market.” The research will be conducted by:
1. Oleg Chuprinin, PhD in Finance
2. Bastian von Beschwitz, PhD in Finance
3. Massimo Massa, Professor of Finance
UniCredit & Universities will provide €40,000 for the development of
this research.
Activities (CONTINUED)
INSEAD’s Fontainebleau campus.
2 Grants
1 Grant
31UniCredit & Universities · 2011 Reports and Accounts
FELLOWS OF THE UNICREDIT & UNIVERSITIES FOUNDATION
COMPETITION FELLOW ACADEMIC INSTITUTION
CRIVELLI FELLOWSHIP Emilio Calvano Bocconi University
FOSCOLO EUROPE FELLOWSHIP
Emiliano Santoro Catholic University
Mirco Tonin Central European University
Edoardo Grillo Collegio Carlo Alberto
POST-DOC RESEARCH GRANT
Andrea Colciago Bicocca University
Francesco Drago Parthenope University of Naples
Salvatore Piccolo Catholic University
Tiziana Assenza Catholic University
Giorgio Fabbri Parthenope University of Naples
Stefano Gagliarducci University of Rome Tor Vergata
Alessio Moro University of Cagliari
Maria Petrova New Economic School
RESEARCH: The Foundation’s Fellows
and Research Projects Underway
The foundation is presently supporting a significant number of researchers who are actively conducting
valuable research at prominent institutions of higher learning.
The 12 fellows now receiving funding include the four winners of the Crivelli and Foscolo Fellowship
competitions and the eight winners of the first and second editions of the Post-Doc Research Grant.
These young researchers are building promising academic careers by carrying out high-profile research
on cutting-edge topics with potentially important implications for the economic system as a whole and the
banking system in particular.
The following is a brief profile of the foundation’s fellows and the topics they are exploring.
g
12Researchers
32
Annual Report
2011 Reports and Accounts · UniCredit & Universities
Activities (CONTINUED)
EMILIO CALVANO
Winner of the Second Edition of the Crivelli Fellowship
Emilio Calvano, a young researcher in the field of economics, graduated with a degree in political economics
from Bocconi University with full marks and distinction in 2003.
He holds a PhD from the University of Toulouse in France. In 2007, he moved to the United States, where he
conducted research and taught at Harvard University as Professor Susan Athey’s research assistant. He also
taught in Sweden as Professor Mike Burkart’s research assistant at the Stockholm School of Economics.
Calvano is an applied theoretical economist whose research mainly focuses on the theory of industrial
organization. His research interests also include the economics of organization, regulatory policy and
competition, and market design.
His current research principally focuses on online advertising markets and, in particular, on the relationship
between the newer, online information channels and the profitability of older, “off-line” business models.
The intent is to identify the determinants of reduced total revenues in the information industry, which occurred
in tandem with the shift in consumption towards electronic formats.
MIRCO TONIN
Winner of the Second Edition of the Foscolo Europe Fellowship
Mirco Tonin graduated from Bocconi University in Milan and completed a PhD in economics at the Institute
for International Economic Studies of Stockholm University. He is a lecturer in economics at the University of
Southampton in the United Kingdom.
His work has thus far focused on the labor market. He has published several papers in international journals
on topics relating to labor economics, often incorporating experimental and behavioral analyses.
Thanks to the Foscolo Europe Fellowship, Tonin decided to continue his research at another prestigious
institution, Central European University in Budapest, where he began in fall 2011. At CEU, Tonin will be able to
pursue his project on relationships between social behavior and employment. He will take an in-depth look at
problems linked to discrimination and will collaborate with international experts on these subjects.
EMILIANO SANTORO Winner of the First Edition of the Foscolo Europe Fellowship
Emiliano Santoro holds a PhD in economics from Cambridge University. Since September 2008, he has been
an assistant professor of economics at the University of Copenhagen and has also engaged in research as a
visiting researcher at Pompeu Fabra University in Barcelona.
Since the fall of 2010, thanks to the Foscolo Europe Fellowship, Santoro has returned to Italy to conduct his
research at the Catholic University in Milan.
He specializes in monetary economics and macroeconomics. Within these fields, he is currently
developing a research project that focuses on dynamic stochastic general equilibrium (DSGE) models for the
theoretical and empirical analysis of the interconnections between the banking sector and the macroeconomy.
Additionally, he intends to develop a general equilibrium framework for the assessment of the asymmetric
effects of monetary policy on output and inflation.
Analysis of
relationships between
social behavior and
employment
Dynamic models of
general economic
equilibrium for
theoretical and empirical
analysis of links between
the banking sector and
the macroeconomy
The relationship
between new, online
information channels
and the profitability of
old, off-line business
models
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33UniCredit & Universities · 2011 Reports and Accounts
EDOARDO GRILLO
Winner of the Third Edition of the Foscolo Europe Fellowship
Edoardo Grillo is a researcher who is close to completing his PhD in economics at Princeton University,
begun in 2009. He graduated in economics from Bocconi University with full marks and distinction in 2006.
Thanks to the research fellowship he received from the foundation, Grillo will return to Italy next fall
to conduct his research at the prestigious Collegio Carlo Alberto in Turin. His research focuses on
microeconomics and game theory, but he is actively exploring topics in behavioral economics, political
economy and mechanism design.
In Turin, Grillo will continue his research on information transmission, with an emphasis on two different
perspectives. He will examine the interaction between reference dependence and information transmission,
while also investigating the role played by ideological and cultural proximity in forming and diffusing
opinions on the consequences of policy interventions.
FRANCESCO DRAGO
Winner of the First Edition of the Post-Doc Research Grant
Since graduating with a doctorate in economics from the University of Siena in 2006, Drago has been a
lecturer at Parthenope University of Naples. He has been a visiting researcher abroad, both in Europe – at
University College London and the University of Munich – and in the United States – at Columbia University,
the University of California, Berkeley, and the Santa Fe Institute. His research interests primarily focus on
applied microeconomics and behavioral economics, economics and crime and social interactions.
The research grant awarded by UniCredit & Universities enables Drago to pursue in greater depth his
studies on interrelationships between belief formation, crime and economic shocks. During this period, he is
spending time at Harvard University to collaborate with experts in this field.
ANDREA COLCIAGO
Winner of the First Edition of the Post-Doc Research Grant
Andrea Colciago is an assistant professor in the department of political economics at the University
of Milano Bicocca, where in 2007 he received his PhD in economics. After completing his studies,
Colciago worked as an economist in the research department of the Bank of Italy and as a visiting
researcher at the central banks of Finland and Hungary. His research interests primarily focus on
macroeconomics and dynamic stochastic general equilibrium (DSGE) models. His post-doctoral
research will be dedicated to this academic area.
Colciago has been developing a DSGE model to simulate the market entry of endogenous firms in
order to study the interaction between goods market structure and labor markets. This enables him
to address recent empirical evidence concerning the dynamic relationship between the number of
producers and changes in employment. Moreover, he uses the model to evaluate the effects of fiscal
and monetary policy interventions on both unemployment and business creation.
Using rigorous game
theory analytical tools
and possible insights
from other disciplines
to analyze contractual
environments,
political settings and
communication games
Interrelationships
between belief
formation, crime and
economic shocks
How labor market dynamics
are affected by the
creation and destruction of
enterprises
”
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Activities (CONTINUED)
TIZIANA ASSENZA
Winner of the Second Edition of the Post-Doc Research Grant
Tiziana Assenza is an assistant professor at the Catholic University in Milan, where she earned a PhD
in economics in 2007. She has been a post-doctoral researcher at the Center for Non-Linear Dynamics
in Economics and Finance (CeNDEF) at the University of Amsterdam. During and following her PhD, she
has taught in both undergraduate and graduate programs at Catholic University, and until 2009 at the
Polytechnic of Milan.
Her research interests focus on the role of heterogeneity in macroeconomic models. Recently, Assenza has
also been interested in experimental macroeconomics. She was awarded the Post-Doc Research Grant for
her project, “Animal Sprits and Financial Crises.”
The main objective of her research project consists in evaluating the importance of animal spirits,
particularly “confidence” in the origin and propagation of financial crises. To this end, her research will
also analyze experimental data from controlled experiments, which will be conducted in the laboratory with
human subjects.
SALVATORE PICCOLO
Winner of the First Edition of the Post-Doc Research Grant
Salvatore Piccolo earned his master’s degree at the Toulouse School of Economics and, in 2006,
his doctorate from Northwestern University. Since 2007, he has been a lecturer in the economics
department of the University of Naples Federico II and, since 2011, an associate professor of
economics at Catholic University in Milan.
His research relates to industrial organization and contract theory, with a particular emphasis on
regulatory regimes, banking systems and corporate finance.
Piccolo’s research focuses on these core interests, with support from the foundation. His topic is
extremely current, as he is analyzing how banks’ relationships with their customers are affected by
compensation systems for top bank managers and information exchange agreements between banks,
with a special focus on exclusive loans and multi-bank systems, within the context of the challenges
associated with moral hazards.
GIORGIO FABBRI Winner of the Second Edition of the Post-Doc Research Grant
Giorgio Fabbri has been a researcher at the Parthenope University of Naples since 2008.
He received his PhD in mathematics in 2006 from Sapienza University in Rome. He has conducted
research, both during and after his doctoral studies, as a research fellow at LUISS Guido Carli in
Rome and as a research associate at the University of New South Wales in Sydney, Australia. He is
currently an external fellow at the Institut de Recherches Economiques et Sociales of the Catholic
University of Louvain-la-Neuve, Belgium.
With the proposed research project, “International Borrowing Without Commitment: Volatility of
Capital Inflow and Welfare,” he intends to develop new theoretical models on the subject. Part of the
award will be used by Fabbri to finance short research visits to several European universities.
In particular, he will visit the University of Aix-Marseille to work with international experts in this field,
including Professors Boucekkine and Pintus.
The importance
of animal spirits
in the origin and
propagation of
financial crises
How banks’ relationships with
customers are affected by
compensation systems of top
bank managers and information
exchange agreements between
banks within a context of moral
hazards
To develop new theoretical
models on the topic of
international borrowing without
commitment: volatility of capital
inflow and welfare
”
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”
”
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35UniCredit & Universities · 2011 Reports and Accounts
STEFANO GAGLIARDUCCI Winner of the Second Edition of the Post-Doc Research Grant
Stefano Gagliarducci has been an assistant professor of economics at the University of Rome Tor
Vergata since 2008. In 1999, he earned his bachelor’s degree at Sapienza University in Rome. After
obtaining an MSc at Collegio Carlo Alberto in Turin, he earned a PhD in economics in 2006 at the
European University Institute in Fiesole. In 2006, he was a visiting lecturer at Boston University. From
2007 to 2009, he was a post-doctoral research fellow at CEMFI (Madrid). And in 2011 he was a
visiting scholar at the London School of Economics. He is also a research fellow at the Institute for the
Study of Labor (IZA) in Bonn.
His main research interests are political economics, labor economics and applied microeconometrics.
The purpose of his research project, “Political Connections and Labor Market Outcomes,” is to study
the careers of politicians’ relatives and to assess how the connections between politics and the labor
market vary through the course of the electoral cycle.
MARIA PETROVA
Winner of the Second Edition of the Post-Doc Research Grant
Maria Petrova is a researcher from Russia who is currently working at the New Economic School in
Moscow, where she earned a master’s degree in economics. In 2008, she completed her PhD in political
economy and government at Harvard University. She will use part of her grant to continue her research at
Princeton University.
The objective of her project is to deepen our understanding of the influence of mass media on people’s
behavior by estimating the causal effects of German public radio on voting and expressions of anti-
Semitism in Germany from 1930 to 1939. Her ultimate goal is to compare the magnitude of this effect with
the results found in comparable studies on the effects of mass media on a range of more recent outcomes
in the United States, Russia, Croatia and other countries.
ALESSIO MORO
Winner of the Second Edition of the Post-Doc Research Grant
Alessio Moro is a researcher at the University of Cagliari. He holds an MSc in economics from
University College London and a PhD in economics from Universidad Carlos III in Madrid. He
has carried out research at the Bank of Spain and at Bocconi University in Milan.
The research project that Moro will undertake with the support of this grant is entitled
“Structural Change and Slow-Motion Recoveries.” Its object is to investigate the effects of
structural changes in manufacturing and services on recovery patterns in GDP following
a recession. His ultimate goal is to develop a quantitative theory to explain the speed and
mechanisms that characterize a post-recession economic recovery. The project will be carried
out in collaboration with Vasco Carvalho, a researcher at CREi and University Pompeu Fabra in
Barcelona.
To study the careers
of politicians’ relatives
and to assess how the
connections between
politics and the labor
market vary through the
course of the electoral
cycle
To deepen the influence
of mass media on
people’s behavior by
estimating the effect
of German public radio
on expressions of anti-
Semitism in Germany in
the 1930s
To investigate the effects
of structural changes in
manufacturing and services
on recovery patterns in GDP
following a recession
”
”
“
“
”
“
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2011 Reports and Accounts · UniCredit & Universities
Activities (CONTINUED)
3. ADDITIONAL INITIATIVES
Workshops
In 2011, the foundation continued an ambitious program, launched
in 2010, to collaborate with major universities on a series of scientific
seminars and workshops. The aim is to generate value by sharing the
expertise of the foundation’s scholars.
1. Workshop on Gender Economics
On November 18, 2011, the foundation sponsored a workshop at
Bocconi University on the topic of “Gender Equality in Europe,”
in collaboration with the Dondena and Econpubblica Centers based
at the university. At the workshop, the papers of the three UWIN
Best Paper Award winners were presented. The initiative’s scientific
advisors, Paola Profeta and Barbara Petrongolo, introduced the three
winners (Chiara Pronzato, Pamela Campa and Michelle Rendall),
while Mirco Tonin, the winner of the second edition of the Foscolo
Europe Fellowship, served as the moderator.
For the second part of the workshop, a roundtable was held,
moderated by Barbara Stefanelli, vice editor-in-chief of the Corriere della Sera. The participants included Professor Maurizio Ferrera
from the University of Milan, Elisabetta Magistretti, non-executive
director of Pirelli, and Professor Francesca Zajczyk, deputy for equal
opportunities at the City Council of Milan.
2. Workshop on the Social Dimension of Organizations
The second workshop, on the topic of “The Social Dimension of
Organizations”, will be held in Budapest on April 27-28, 2012.
It was organized in collaboration with Central European University in
Budapest, and received additional support from UniCredit Bank and
the Royal Economic Society. Mirco Tonin, now a researcher at Central
European University, was instrumental in the planning for this event.
In tandem with the workshop, the foundation launched a Best Paper
Award competition to honor the two best papers presented for this
occasion.
Collaboration with Universities
1. Funding of Two Bachelor’s Degrees in Economics at the
University of Trieste
In 2011, UniCredit & Universities confirmed its collaboration with
the faculty of economics at the University of Trieste, co-funding
two three-year degree programs, taught entirely in English.
The programs are entitled “The Economics and Management
of Innovation” and “The Economics of Financial and Insurance
Markets.”
Both degree programs are open to Italian and non-Italian
students, with an emphasis on students from Central and
Eastern Europe. The collaboration includes a financial contribution
by the foundation to the university to run the two programs. It
also entails the active participation of UniCredit & Universities
scholars in seminars that make up part of the programs. With this
initiative, the foundation underscores its commitment to making
high-quality instruction available to students from every country
in which UniCredit operates. The foundation support initiatives
that will make cross-border academic choices real and accessible
by bridging the divide between old and new Europe.
2. Funding of a Master’s Degree at the LUISS School of
Government
In 2011, UniCredit & Universities confirmed its collaboration with
the LUISS School of Government in Rome to offer four scholarships
for students in the university’s master’s program in international
and public affairs for the 2011-2012 academic year. The goal of
this program is to train future leaders for legal, administrative and
governmental institutions, for non-governmental organizations and
related research foundations, at both a national and international
level.
As in 2010, the competition was open to all graduates from the 22
countries where UniCredit is present. Courses began in September
2011 and will end in June 2012. They are held in Rome at the LUISS
School of Government and are taught in English.
The winners of the four scholarships come from Hungary and
Ukraine:
- Soos Gabor - Hungary
- Svitlana Galko - Ukraine
- Oksana Kohut - Ukraine
- Dmytro Volodin - Ukraine
Through this initiative, the foundation supports young people who
represent the future of their communities.
37UniCredit & Universities · 2011 Reports and Accounts
As of December 31, 2011, the following works were published on the Working Paper Series section of the website:
Working Paper Series - 2011
No. 25 - Gender Quotas, Female Politicians and Public Expenditures: Quasi-Experimental Evidence - Pamela Campa
No. 24 - An Examination of Paternal and Maternal Intergenerational Transmission of Schooling - Chiara Pronzato
No. 23 - Rise of the Service Sector and Female Market Work: Europe vs. the US - Michelle Rendall
No. 22 - Essays on Dynamic Macroeconomics - Ceyhun Elgin
No. 21 - Political Learning and the Number of Parties: Why Age Matters - Ekaterina Rashkova
No. 20 - Carbon Market Implications for New EU Member States: Empirical Analysis for Hungary - Dora Fazekas
No. 19 - Essays on Exporting Behavior of Firms and on Inflation Persistence - Branislav Saxa
No. 18 - Essays on International Migration - Zvezda Dermendzhieva
No. 17 - Essays on Educational Institutions and Inequality of Opportunity - Daniel Horn
No. 16 - Investment and Debt Maturity: An Empirical Analysis from Turkey - Bülent Tekçe
No. 15 - The Reputational Risk Impact of Internal Frauds on Bank Customers: A Case Study on UniCredit Group -
Daniele Ruspantini and Alessandra Sordi
No. 14 - The Influence of CSR on the Company’s Market Value: A Random Effect or the Source of Outperformance?
A Case Study of American Companies from the Global 100 List - Piotr Kazmierkiewicz
No. 13 - Real Estate Equities: Real Estate or Equities? - Alexander Schätz
No. 12 - On Primal-Dual Algorithm for Callable Bermudan Options - Jan Maruhn and Max Mair
Working Paper Series - 2010
No. 11 - Systemic Valuation of Banks: Interbank Equilibrium and Contagion - Grzegorz Halaj
No. 10 - Forward Bias Trading in Emerging Markets - Manuel Mayer
No. 9 - Combining VAR Forecast Densities Using Fast Fourier Transform - Jakub Rysanek
No. 8 - Modeling of Extremes: Application on Electricity Day-Ahead Spot Prices Time Series - Igor Paholok
No. 7 - From Minority Game to Black and Scholes Pricing - Matteo Ortisi
No. 6 - Evidence on the Liquidity Effect in Euro Area Government Bond Markets: A Bayesian VAR Analysis -
Stephan Maier
No. 5 - Measuring Prepayment Risk: An Application to UniCredit Family Financing - Matteo Consalvi and
Giovanni Scotto di Freca
No. 4 - A Practitioner Approach to Forecasting Cross-Section and Aggregated Outcomes - Andrea Brasili
No. 3 - The Italian Financial Development and the Regional Impact on Growth - Elena D’Alfonso
No. 2 - Corporate Growth: The Role of Financial Structure - Silvia Giannangeli
No. 1 - Pricing Distressed CDOs with Base Correlation and Stochastic Recovery - Martin Krekel
THE WORKING PAPER SERIESThe Working Paper Series was launched in 2010 to compile the findings of all the researchers who have received the foundation’s
support. This series promotes the broad circulation of their work, both within and beyond the bank, with a view to encouraging
comment and discussion.
The research may focus on subjects relating to the foundation’s fields of interest, namely economics, finance, law, and political and
social science. The articles are published on the foundation’s website after being reviewed and selected by the Scientific Committee
based on technical criteria and the level of contributions made to the scientific debate.
The working papers currently available online were selected in the first and second editions of the UniCredit Best Paper Award
contest. Additionally, a contribution from Manuel Mayer, winner of the first edition of the Leopold Gratz Scholarship, has been included.
The series also includes the winners of the first edition of both the Best PhD Thesis Award and the UWIN Best Paper Award.
These contributions will soon be joined by the works selected for the third edition of the UniCredit Best Paper Award and the second
editions of the Best PhD Thesis and Best Paper Awards.
e?
38
Annual Report
2011 Reports and Accounts · UniCredit & Universities
The Awards Ceremony
The 2011 Awards Ceremony, like those of years past, represented
an important event for the UniCredit & Universities Foundation. It
allows the Chairman and Board of Directors to meet this year’s
competition winners while providing a unique opportunity to bring all
of the foundation’s stakeholders together. The awards ceremony is
the very best time to assess the strengths and weaknesses of the
foundation’s past activities and to unveil its plans for the future.
The ceremony was held on June 9, 2011, in Milan, in UniCredit’s
Aula Magna auditorium. Alessandro Plateroti, vice manager of Sole 24 ore, was the moderator. Attendees included UniCredit Chairman
Dieter Rampl and Salvatore Rossi, central director for economic
research and international relations at the Bank of Italy, who delivered
speech on “Higher Education for Higher Growth: The Power of
Cross-Border Knowledge.”
After presenting them with their certificates, Mr. Rampl called
attention to the two previous winners of the Crivelli Scholarship,
Marcello Miccoli, winner of the third edition, and Marco Di
Maggio, winner of the sixth edition, who is currently in the final
year of his PhD at MIT.
Activities (CONTINUED)
Chairman Dieter Rampl opens the 2011 Awards Ceremony.
Afterwards, the awards ceremony officially began by honoring
Ludovica Gazzè, Enrico Cantoni and Alessandro Vecchiato,
winners of the 10th edition of the Crivelli Europe Scholarship.
Salvatore Rossi, central director for economic research and international relations of Bank of Italy, speaks on “Higher Education for Higher Growth: The Power of Cross-Border Knowledge.”
Both Mr. Miccoli and Mr. Di Maggio passed a figurative baton
to the three new winners and encouraged them to face
new challenges with confidence. In keeping with tradition,
Mr. Di Maggio presented an MIT sweater to Mr. Rampl on
behalf of all the past recipients of the scholarship as a symbol
of gratitude.
Then, the winners of the first edition of the Masterscholarships
– Birgit Altmann, Federico Rossi, Andreas Kalker and Lorenzo
Prosperi – received their certificates, followed by the winners
of the scholarships for the two master’s programs at the LUISS
School of Government: Ekaterina Burdina (Russia), Eleonora Mura
(Italy), Dorina Damsa (Romania), Petra Tisocki (Hungary), and
Sahizer Samuk (Turkey).
39UniCredit & Universities · 2011 Reports and Accounts
The ceremony then shifted its focus to the winners of the first
edition of the Best PhD Thesis Award: Zvezda Dermendzhieva
(Bulgaria), Daniel Horn (Hungary), Branislav Saxa (Slovakia), and
Ekaterina Rashkova (Bulgaria). The final set of awards went to the
winners of the second edition of the UniCredit Best Paper Award,
the only contest reserved for UniCredit employees. These included
Grzegorz Halaj (Poland), co-authors Jan Maruhn and Max Mair
(Germany), Alexander Schätz (Germany), and Piotr Kazmierkiewicz
(Poland). Tekçe Bülent (Turkey) and Daniele Ruspantini and
Alessandra Sordi (Italy) were singled out by the Scientific
Committee as worthy of special mention.
The UniCredit Best Paper Award signals the foundation’s
determination to seek out the brightest European minds not
only outside the Group, but also within UniCredit. In 2011,
this initiative became increasingly international. Colleagues
from Turkey submitted the most applications, followed by Italy,
Romania, Poland, Germany, Russia and Bulgaria.
In the chairman’s closing remarks, he expressed his best wishes
to the nearly two hundred people in attendance.
Marco Di Maggio presents an MIT sweater to Chairman Dieter Rampl.
The ceremony continued with the awarding of the fellowships.
Winners of the first edition of the Post-Doc Research Grant
included Andrea Colciago from Bicocca University, Francesco
Drago from Parthenope University of Naples, and Salvatore
Piccolo from the University of Naples Federico II.
Mirco Tonin, from the University of Southampton, won the second
edition of the Foscolo Europe Fellowship. Thanks to UniCredit &
Universities, Mr. Tonin is doing his research at Central European
University. His decision underscores the true intent of the Foscolo
Europe Fellowship, which was created to bring the best minds
back to the countries in which UniCredit is active, regardless of
their country of origin.
This initiative contributes to the concept of a Europe without
boundaries. The object is to define Europe, not as an entity
divided by language and borders, but as a unified intellectual
community, conducive to the best academic talents.
Before handing out more certificates, Mr. Rampl welcomed Emilio
Calvano and Emiliano Santoro, respective winners of the second
Crivelli Fellowship and the first Foscolo Europe Fellowship.Eleonora Mura, winner of the LUISS School of Government master’s program scholarship, at the awards ceremony.
40
Annual Report
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An important part of the foundation’s activities in 2011 focused on developing a strong and extensive international network.
This network is fundamental to reaching the most talented students and researchers worldwide, and to collaborating with academic
institutions in implementing successful new initiatives.
The foundation’s network consists of two main components:
1. the university network - our relationships with research departments, academic programs and institutions of higher learning with
which we collaborate
2. the scholars’ network - our relationships with students and researchers who have received support from the foundation and
maintain close ties with it
The university network was expanded this year. The programs with which the foundation collaborates are primarily those which the
applicants indicate as their preferred places for study.
THE UNIVERSITY NETWORK
Activities (CONTINUED)
THE FOUNDATION’S NETWORK
12
1318
1
2
3
45
30
6 7
8
9
10
31
11 29
14
1516
17 19
20
21
22 23
32
33
27
28
25
26
24
34
3536
3738
41UniCredit & Universities · 2011 Reports and Accounts
Thus, the foundation collaborates with the universities that are currently attracting the most talented students, as well as with those that
best complement the objectives and projects it seeks to support.
The university network is complemented by a network of scholars, which is as large as the number of the foundation’s award
recipients. It includes scholars from major European and American universities.
The foundation maintains close ties with its award winners. It provides them with support in addressing any logistical challenges they
may encounter during their academic undertakings, and it involves them in seminars and other activities organized by UniCredit or the
universities within the foundation’s network.
In 2011, this network has been further extended to undergraduates, as a result of the new Study-Abroad Exchange Programme
initiative.
MASTERSCHOLARSHIPS
1 Barcelona Graduate School of Economics - University Pompeu Fabra
2 London School of Economics and Political Science
3 Stockholm School of Economics
4 Toulouse School of Economics
5 Bocconi University
SCIENTIFIC COMMITTEE
6 Université Panthéon - Assas (Paris 2)7 Goethe University Frankfurt
8 Vienna University
9 University of Turin
10 University of Bologna
11 University of Naples Federico II
12 Koç University
13 Belgrade University
5 Bocconi University
UNIVERSITY INITIATIVES
14 LUISS School of Government
15 University of Trieste
FELLOWSHIPS
16 Catholic University
17 Central European University
18 Collegio Carlo Alberto
5 Bocconi University
OTHER RELATIONSHIPS
19 Corvinus University of Budapest
20 Warsaw School of Economics
21 GSM St. Petersburg State University
22 Lomonosov Moscow State University
23 Higher School of Economics
24 University of Rostov
25 Center for Liberal Democratic Studies
BUSINESS SCHOOL RESEARCH PROJECT
26 INSEAD
27 IE Business School
28 London Business School
POST-DOC RESEARCH GRANT
11 University of Naples Federico II
29 Parthenope University of Naples
30 Bicocca University
31 University of Rome Tor Vergata
32 University of Cagliari
33 New Economic School
US PHD SCHOLARSHIP
34 Chicago Booth
35 Harvard University
36 MIT
37 Princeton University
38 Stanford University
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Annual Report
2011 Reports and Accounts · UniCredit & Universities
The economic crisis currently confronted by Europe will likely impact the foundation’s activities in 2012. As a result, and in addition to a likely
shortage of funding, the foundation’s primary objective is to maintain a strong core program, consisting of several high-profile initiatives.
This program will not only include current initiatives but also propose new ones that support Europe’s top talent.
The UniCredit & Universities Foundation will maintain its European profile while prioritizing innovation. This means the foundation will focus on
improving existing initiatives while accounting for swift change in the academic world.
In 2012, the foundation will seek to create strong, lasting synergies with partners who are similarly interested in supporting students and
researchers in the fields of economics and finance. In this effort, UniCredit & Universities will draw on its experience and expertise to increase
the quality and quantity of its offerings.
UniCredit & Universities aims to provide concrete support to local initiatives that reflect the specific interests of different territories and regions.
One such example is its collaboration with the Leopold Gratz Foundation in Vienna on the Leopold Gratz Scholarship for the past three years.
In 2012, UniCredit & Universities will work to create an alumni association to connect all of its award recipients. This community will be
updated on achievements related to the foundation and will be solicited for feedback on proposals, new goals and strategies for achieving the
foundation’s aims. In a sense, this international community already exists; however, the foundation aims to strenghten and leverage it to benefit
tomorrow’s students and researchers.
Through this alumni association, students and researchers from all over the world can empower one another based on their personal
experiences at their own universities and research centers. Moreover, based on the feedback collected, this alumni association may evolve into
an effective think tank. This development would lend additional credence to the foundation’s is standing and its relationship to the international
academic world.
Main Goals
45UniCredit & Universities · 2011 Reports and Accounts
To Mr. Chairman and Members of the Board,
I ask you to approve the 2011 Accounts presented herein that show an operating surplus of €216,025, which will be appropriated to increase the operating reserve.
Giannantonio De Roni Secretary General
47UniCredit & Universities · 2011 Reports and Accounts
Balance Sheet 48Report on Operations 49Notes on the Accounts 50
Accounting Principles and Valuation Criteria 51Note on the Balance Sheet and the Report on Operations 53
Annexes 60A) Breakdown of Securities Portfolio, included in the Assets
under Management as of December 31, 2011 60B) Breakdown of Securities of Directly Puchased Securities
Portfolio, as of December 31, 2011 61C) Reclassification of 2010 initiatives 62
Financial Statements
48 2011 Reports and Accounts · UniCredit & Universities
Financial Statements
Assets
DEC. 31, 2011 DEC. 31, 2010
C) Floating assets 3,570,664 2,705,364 II - Receivables 501 639
5) Due from others 501 639 III - Short-term financial assets not
classified as fixed assets2,837,063 990,032
2) Other securities 2,837,063 990,032 IV - Liquid assets 733,100 1,714,693
1) Bank deposits 728,641 1,693,556 2) Cash held by asset
management companies4,259 20,937
3) Cash and cash equivalents on hand
200 200
E) Accruals and deferrals 14,220 - 1) Accrued liabilities 14,220 -
TOTAL ASSETS 3,584,884 2,705,364
Liabilities
DEC. 31, 2011 DEC. 31, 2010
A) Net equity 1,055,804 839,779 I - Operating reserve 539,347 323,322
1) Surplus/Deficit for period of operation
216,025 120,327
2) Available reserve 323,322 202,995 II - Endowment fund 516,457 516,457
D) Payables, with itemized details for amounts due after the subsequent period
2,529,069 1,865,585
2) Payables for contributions to be disbursed
2,427,173 1,791,098
2.1) Support for studies 1,319,034 904,242
due within the following period 620,913 402,183 due after the following period 698,121 502,059 2.2) Support for research 1,008,139 827,906
due within the following period 412,745 243,148 due after the following period 595,394 584,758 2.3) Other initiatives 100,000 58,950
due within the following period 100,000 58,950 due after the following period - - 6) Accounts payable 91,682 71,407
7) Taxes payable 9,235 3,080
8) Payables to social security and welfare agencies
340 -
12) Other payables 639 -
E) Accruals and deferrals 11 - 1) Accrued liabilities 11 -
TOTAL LIABILITIES 3,584,884 2,705,364
Balance Sheet (Amounts in €)
49UniCredit & Universities · 2011 Reports and Accounts
Expenses
2011 2010
1) Expenses from ordinary operations 1,477,745 1,652,047 1.1) Support for studies 815,075 775,000
1.2) Support for research 464,500 658,984
1.3) Other activities 100,000 132,600
1.4) Compensation and expenses for the Scientific Committee members 69,987 68,758
1.5) Communications expenses 28,183 16,705
4) Financial expenses and losses - 4,371 4.4) From other assets - 4,371
6) General administrative costs 242,635 161,480 6.1) Employees 111,608 93,031
6.2) Other operating expenses 131,027 68,449
TOTAL EXPENSES 1,720,380 1,817,898OPERATING SURPLUS 216,025 120,327TOTAL 1,936,405 1,938,225
Revenues
2011 2010
1) Revenues from ordinary operations 1,745,500 1,900,000 1.1) Contributions received 1,745,500 1,900,000
4) Financial income and gains 45,359 10,944 4.1) From bank deposits 21,621 7,503
4.4) From other assets 23,738 3,441
7) Other Income 145,546 27,281 Amounts recovered from scholarships
and initiatives concluded or not implemented
120,046 27,281
Amounts recovered for reorganization of grants 25,500 -
TOTAL REVENUES 1,936,405 1,938,225OPERATING DEFICIT - -TOTAL 1,936,405 1,938,225
Report on Operations (Amounts in €)
50 2011 Reports and Accounts · UniCredit & Universities
IntroductionThe UniCredit & Universities Knight of Labor Ugo Foscolo Foundation was constituted in Rome on July 13, 1966, as Fondazione Cavaliere del Lavoro Ugo Foscolo, già Presidente del Banco di Roma, with a restricted equity of 50,000,000 ITL (currently €516,456.90), thanks to the subsequent extraordinary contributions made at the end of 1991 by what was formerly Banco di Roma.The Foundation’s current name came into effect on November 16, 2009, the date on which it received approval of its new articles of association from the Prefecture of Rome.It is categorized as a private, non-profit Foundation and has been recognized under Italian Presidential Decree no. 255 of March 28, 1967 (Official Gazette no. 118 of May 12, 1967).
The Foundation aims to:• promote studies and initiatives that increase awareness of economic, financial, legal, political and social matters• annually award one or more scholarships• institute prizes for degree theses or specific studies in financial, economic, legal, political and social matters• propose and support initiatives in the academic worldThe Foundation consists of: the Board of Directors, the Chairperson, the Secretary General and the Statutory Board of Auditors.
Contents and Form of the Financial StatementsThe financial statements were drawn up in accordance with the recommendations issued by the Non-Profit Enterprises Commission of the National Board of Chartered and Expert Accountants. The accounting principles and valuation criteria are applied consistently over time. If they are not underlined, they have not been modified. The financial statements consist of the Balance Sheet, the Report on Operations and the Notes on the Accounts, and are accompanied by the Chairman’s Report.The 2011 financial year ended with an operating surplus of €216,025. This surplus represented income for the year not yet committed to scholarships and initiatives as of December 31, 2011, and will be appropriated to increase the operating fund.The accounts are audited by the Board of Auditors.Since the Foundation does not conduct commercial business, its income is not subject to VAT or income tax; however, it is subject to IRAP (regional business tax).Please note that data for 2010 related to “Payables for contributions to be disbursed” and “Expenses from ordinary operations” have been reclassified; the criteria used to identify the type of grants and initiatives have changed. See Annex C for the reclassifications of the relevant data.
Notes on the Accounts
Financial Statements
51UniCredit & Universities · 2011 Reports and Accounts
Accounting Principles and Valuation CriteriaIncome and expenses are reported on an accrual basis with the exception of contributions received, which are recorded on a cash basis. Accrual of the costs of ordinary activities is determined on the basis of the expenses incurred by the spending decisions made by the Board of Directors.
AssetsFloating assetsReceivables are posted at their face value, which coincides with their estimated realizable value.
The Short-term financial assets - Other securities item includes securities in which the foundation’s funds are invested for asset management purposes until used by the foundation. These securities are all priced and assigned values according to two criteria:- securities in assets under management are estimated according to the market value, understood as the price reported on the last working day of the
period, and include quota accruals;- securities in assets under custody are subject to acquisition value, and quota accruals are categorized under “Accrued income and prepaid expenses.”
Liquid assets are reported at face value.
Accrued income and prepaid expensesAccrued income and prepaid expenses are calculated in accordance with both the accruals concept and the general principle of correlation between costs and income for the period.
LiabilitiesNet equityThe Operating Reserve consists of operating results for the current and previous periods.
The Endowment Fund is recognized at face value and represents the value of contributions made at the time the foundation was founded or at the time of subsequent deposits.
Payables, with itemized details of amounts due after the following periodPayables are reported at their face value.
Payables for contributions to be disbursed represent the foundation’s commitment for disbursements not yet made to fund approved scholarships and initiatives. They are divided according to the type of scholarship or initiative supported.
Accounts payable include amounts owed with respect to invoices or bills received as well as the amount of any invoices or bills to be received for services rendered but not invoiced by year-end.
Taxes payable include the advance withholding tax on the income of self-employed workers, taxes withheld from scholarship students and the IRAP amount due.
Payables to social security and welfare agencies include the value of accrued - not liquidated - welfare contributions related to the foundation’s collaborative relationships.
Other payables represent all remaining payables, which, by their nature, are not included in the previous items, including the substitute tax on asset management earnings that has accrued and is owed to the asset management company, which acts as withholding agent. In addition, earmarking a substitute of the “ritenuta mantello” calculated by the bank when purchasing securities. Besides revenues related to securities in assets under custody such as interest and the difference between the purchasing/reimbursement price per the financial year. Revenues are indicated as net of expenses and taxes.
Other Income includes all remaining revenue that cannot be included in the previous categories. This includes surpluses recovered from scholarships and initiatives completed or not implemented.
Accrued liabilities and deferred income Accrued liabilities and deferred income are calculated in accordance with the accruals concept and the general principle of correlation between costs and income in the period.
52 2011 Reports and Accounts · UniCredit & Universities
Financial Statements I Notes on the Accounts
Notes on the Accounts (Continued)
Expenses Expenses from ordinary operations include all contributions and expenses for scholarships and initiatives approved during the period by the Board of Directors.
Financial expenses and losses represent losses deriving from investments in asset management accounts.
Administrative costs reflect the costs incurred by the foundation during the reference period to conduct its operations.
RevenuesRevenues from ordinary operations represent the donations received during the period.
Financial income and gains represent bank interest and income from investments in asset management accounts and repurchase agreements entered into and settled during the period. In addition to the incomes related to securities in assets under custody, such as interests and differences between purchasing price/refund related to this year. Incomes are intended after-tax and expenses.
The item Other Income brings together the remaining revenues, which by nature cannot be included in the previous categories, and includes surpluses recovered on scholarships and initiatives completed or not implemented.
53UniCredit & Universities · 2011 Reports and Accounts
Notes on the Balance Sheet and the report on Operations
Assets(in €)
DEC. 31, 2011 DEC. 31, 2010
C) Floating assets 3,570,664 2,705,364 II - Receivables 501 639
5) Due from others 501 639
Receivables due from others represent the substitute tax credit relating to the negative results of asset management obtained during the second half of the year, in addition to items currently being prepared.
DEC. 31, 2011 DEC. 31, 2010
III - Short-term financial assets not classified as fixed assets 2,837,063 990,032
2) Other securities 2,837,063 990,032
The increase in Other securities, which in 2010 represented only the value of assets under management, is the result of management’s decision to purchase securities in the short term. As a result, Other securities now include the value of both types of securities.The assets under management (€1,020,525) include Italian and European securities estimated at market value on the last business day of December 2011, with an accrued interest of €8,828. A breakdown of the securities portfolio as of December 31, 2011 is provided in Annex A.The securities purchased directly (€1,816,538) include short term Italian securities (Bot and Btp as of December 31, 2012) and are evaluated at purchasing price. A breakdown of the securities portfolio is provided in Annex B.
DEC. 31, 2011 DEC. 31, 2010
IV - Liquid assets 733,100 1,714,693
1) Bank deposits 728,641 1,693,556 2) Cash held at asset management companies 4,259 20,937 3) Cash and cash equivalents on hand 200 200
Bank deposits represent the total of current account balances held at UniCredit S.p.A. These amounts consist of non-binding positions.
Cash held at asset management companies is the cash generated from the asset management relationship indicated under Other securities.
Cash and cash equivalents on hand is the balance of petty cash used for current expenses.
DEC. 31, 2011 DEC. 31, 2010
D) Accruals and deferrals 14,220 - 1) Accrued income 14,220 -
Accrued income represents - relative to securities in assets under custody - accrued and unused income, as well as the difference between purchasing price and the value of the end of 2011.
54 2011 Reports and Accounts · UniCredit & Universities
Financial Statements I Notes on the Accounts
Liabilities (in €)
DEC. 31, 2011 DEC. 31, 2010
A) Net equity 1,055,804 839,779
I - Operating reserveThis amounts to €539,347, which consists of the €216,025 operating surplus for the year and €323,322 in available reserves.
II - Endowment fundThis was funded at the time of constitution and increased through subsequent payments made by what was previously the Banco di Roma, thereby reaching the current balance of €516,457.
Changes in Net Equity are indicated in the table below.
Changes in net equity in 2011
MANAGEMENT FUND ENDOWMENT FUNDTOTAL SHAREHOLDER
EQUITY
Start of year 323,322 516,457 839,779
Operating result for the period 216,025 216,025
Balance as of Dec. 31, 2011 539,347 516,457 1,055,804
DEC. 31, 2011 DEC. 31, 2010
D) Payables, with itemized details of amounts due after the subsequent period 2,529,069 1,865,585
Payables for contributions to be disbursed totaled €2,427,173 and represent the Foundation’s commitment to scholarships, research grants and initiatives, which have been approved, with disbursements to occur in future periods.
The following table provides a breakdown of expenses by type and by disbursement period.
Notes on the Accounts (Continued)
55UniCredit & Universities · 2011 Reports and Accounts
Payables Due (in €)
AS OF DEC. 31, 2011
WITHIN THE FOLLOWING PERIOD
BEYOND THE FOLLOWING PERIOD TOTALS
Support for studies 620,913 698,121 1,319,034Crivelli Scholarships 390,757 413,847 804,60410th edition 76,500 313,500 390,0009th edition 195,000 100,347 295,3478th edition 119,257 - 119,257Foscolo Europe Scholarships 12,500 - 12,5001st edition 12,500 - 12,500US PhD Scholarship 25,500 104,500 130,0001st edition 25,500 104,500 130,000Masterscholarships 157,156 179,774 336,9302nd edition 96,727 155,810 252,5371st edition 60,429 23,964 84,393Study Abroad Exchange Programme Grants 35,000 - 35,0001st edition 35,000 - 35,000Support for research 412,745 595,394 1,008,139Crivelli Fellowship 60,216 45,690 105,9062nd edition 60,216 45,690 105,906Foscolo Europe Fellowship 135,648 499,704 635,3523rd edition 15,216 226,784 242,0002nd edition 60,216 166,568 226,7841st edition 60,216 106,352 166,568Business School Research Project Funding 40,000 - 40,0001st edition 40,000 - 40,000Post-Doc Research Grant 110,000 50,000 160,0002nd edition 50,000 50,000 100,0001st edition 60,000 - 60,000Best PhD Thesis Award 30,000 - 30,0002nd edition 30,000 - 30,000UniCredit Best Paper Award 15,000 - 15,0003rd edition 15,000 - 15,000Best Paper Award 21,881 - 21,881Best Paper Award on The Social Dimension of Organization 10,000 - 10,000UWIN Best Paper Award, 2nd edition 10,000 - 10,000UWIN Best Paper Award, 1st edition 1,881 - 1,881Other initiatives 100,000 - 100,000LUISS School of Government Master's Programs 65,000 - 65,000LUISS SoG Master's Programs, 2011/2012 65,000 - 65,000Bachelor's degree courses, University of Trieste 25,000 - 25,0004th edition 25,000 - 25,000Contributions to other initiatives 5,000 - 5,000Contribution to the Central European University Budapest Workshop 2012 5,000 - 5,000Academic initiatives 5,000 - 5,000Serbian translation of classical economics text 5,000 - 5,000
56 2011 Reports and Accounts · UniCredit & Universities
Financial Statements I Notes on the Accounts
Accounts payable totaled €91,682 and includes amounts owed on invoices received and amounts due to UniCredit S.p.A., in relation to the cost of personnel seconded by the foundation.
Taxes payable totaled €9,235 and include the advance withholding taxes and deductions related to scholarship students, which were paid to tax authorities in January 2012, and the IRAP balance due for 2011.
Payables to social security and welfare agencies amounted to €340 and represent costs incurred in January 2012 related to the foundation’s collaborations with other entities.
Other liabilities amounted to €639 and entail the so called “ritenuta mantello sostitutiva”, which was calculated by the bank when purchasing securities in assets under custody.
DEC. 31, 2011 DEC. 31, 20 10
D) Accruals and deferrals 11 -
DEC. 31, 2011 DEC. 31, 2010
1) Accrued liabilities 11 -
Accrued liabilities amount to €11 and represent the accrued costs for the year. They will be withheld next year in connection with deposit securities.
Notes on the Accounts (Continued)
57UniCredit & Universities · 2011 Reports and Accounts
Expenses
2011 2010
1) Expenses for ordinary operations 1,477,745 1,652,047These can be broken down as follows:
1.1) Support for Studies 815,075 775,000
1.2) Support for Research 464,500 658,984
1.3) Other activities 100,000 132,600
1.4) Compensation and expenses for the Scientific Committee members 69,987 68,758
1.5) Communication Costs 28,183 16,705
The decreased amounts when compared to 2010 were due to a smaller number of expenses for Support for research and Other activities. Costs were higher for Support for studies and Communication costs, while the fees and expenses for the Scientific Committee members remained stable.
The Support for studies item amounts to €815,075 and includes the expenses (scholarships and university fees) incurred for several university initiatives. This year’s initiatives, which are described in the Balance Sheet Report, are summarized below: 3 Crivelli Scholarships 10th edition; 7 Masterscholarships 2nd edition; 1 US PhD Scholarship 1st edition; 8 Study Abroad Exchange Programme Grants 1st edition.
Support for Studies 815,075• Crivelli Scholarships - 10th edition 390,000• Masterscholarships - 2nd edition 252,537• Masterscholarship - integration to 1st edition 7,538• US PhD Scholarship - 1st edition 130,000• Study Abroad Exchange Programme Grants - 1st edition 35,000
In 2011, UniCredit & Universities Foundation promoted several initiatives to support research among young European economists, by launching a number of competitions to award grants and to award the best papers and PhD thesis. The above initiatives are grouped under the Support for Research item, and total €464,500 for 2011. A brief description of the initiatives and a detailed list of costs are as follows:• 1 Foscolo Europe Fellowship, 3rd edition. A two-year fellowship, renewable for an additional two years, which includes insurance. • 5 Post-Doc Research Grants, 2nd edition. A grant to develop a two-year research project.• 1 Business School Research Project Funding. Financial support to develop a one-year research project at a business school.• 6 Best PhD Thesis Awards, 2nd edition. Awards for outstanding PhD theses.• 2 UniCredit Best Paper Awards, 3rd edition. Awards for the finest papers prepared by UniCredit employees. • 2 UWIN Best Paper Awards, 2nd edition. Awards for top papers on “Gender Economics.”• 2 Best Paper Awards on the Social Dimension of Organizations. Awards for top papers on “Labor Economics.”
Support for Research 464,500• Foscolo Europe Scholarship - 3rd edition 242,000• Post-Doc Research Grant - 2nd edition 100,000• Business School Research Project Funding 40,000• Best PhD Thesis Award - 2nd edition 30,000• UniCredit Best Paper Award - 3rd edition 15,000• UniCredit Best Paper Award - integration 2nd edition 5,000• UWIN Best Paper Award - integration 1st edition 12,500• UWIN Best Paper Award - 2nd edition 10,000• Best Paper Award on The Social Dimension of Organizations 10,000
Additional initiatives were launched in the 2011 financial year in collaboration with top European universities, at a total cost of €100,000. A detailed list of expenses appears below, while full descriptions of the initiatives are included in the Balance Sheet Report. Other Initiatives 100,000• LUISS School of Government Master’s Programs 2011/2012 65,000• Bachelor’s degree courses, University of Trieste - 4th edition 25,000• Contribution to CEU Budapest Workshop 2012 5,000• 2011 academic initiative - Serbian translation of a classic book on Economics 5,000
58 2011 Reports and Accounts · UniCredit & Universities
Financial Statements I Notes on the Accounts
The Fees and expenses for Scientific Committee members item in the amount of €69,987 includes charges incurred by members of the Scientific Committee when assessing candidates to award scholarships and prizes, and when determining grant renewals for current scholarship recipients.
Communications costs in the amount of €28,183 cover the cost of digital PR and social networking services related to online communications for scholarship and prize contests. They also cover costs incurred related to advertising and award ceremonies for scholarships awarded in 2011.
2011 2010
4) Financial expenses and losses - 4,371 4.4) From other assets - 4,371
The From other assets item represents the net loss generated by asset management for the 2010 financial year. For the current financial year, it is not significant, as asset management produced a positive result.
2011 2010
6) General administrative costs 242,635 161,480
Below are expenses incurred through activities that support the foundation’s objectives.
2011 2010
6.1) Payroll (seconded staff) 111,608 93,031
6.2) Other operating expenses 131,027 68,449
Payroll (seconded staff) The foundation does not have its own employees and uses staff seconded from UniCredit at a cost of €111,608.
A comparison with last year is for informational purposes only, as 2011 shows an increase due to the inclusion of a seconded staff member at the foundation who began and ended the assignment within the year.
Other operating expenses (€131,027) consist of the following:
2011 2010
Fees paid to professionals and for professional services 68,329 21,649Exhibitions and events - 4,894Taxes and withholding: 24,304 10,745 IRAP (regional business tax) 17,964 10,570 Revenue stamps and miscellaneous indirect taxes 6,340 175Other: 38,394 31,161 Entertainment expenses 594 621 Stationery supplies, printed matter and miscellaneous office supplies 6,945 154 Travel expenses 836 886 Rent paid 28,052 27,759 Miscellaneous (subscriptions, publications, association dues, etc.) 1,967 1,741Total 131,027 68,449
When compared to the previous financial year, the sizeable increase in expenses is due to:
• The higher cost of compensating professionals and paying for professional services, which are the result of new administrative management, the translation and publication of the Foundation Annual Report and the international registration of the Foundation trademark.
• The higher IRAP taxable base due to the higher number of grants and fellowships awarded.• Stationery costs, printed materials and office supplies in connection with the publication of this report.
It is important to note the lack of expenses the Foundation incurred for events.
Notes on the Accounts (Continued)
59UniCredit & Universities · 2011 Reports and Accounts
Revenues
2011 2010
1) Revenues from ordinary operations 1,745,500 1,900,000
Total contributions received in the amount of €1,745,500 consist of donations from UniCredit S.p.A. (€1,333,000) and FinecoBank S.p.A. (€400,000), in addition to the €12,500 contribution from UniCredit S.p.A. for the first edition of the UWIN Best Paper Award. For this award, funds had already been earmarked by the foundation in the 2010 financial year.
2011 2010
4) Financial income and gains 45,359 10,944 4.1) From bank deposits 21,621 7,503
4.4) From other assets 23,738 3,441
The From bank deposits item, totaling €21,621, consists entirely of net interest accrued during the year on the current account. An increase from the previous year is due to improved agreed-upon conditions and greater average liquidity in the current account, which contains funds awaiting allocation by the foundation. Revenues are indicated as net of expenses.
The From other assets item, totaling €23,738, represents revenues derived from asset management with a special risk profile - a management strategy with a short-medium residual term bond component. Moreover, revenues are also derived from securities in assets under custody, including interest and differences between the purchasing and reimbursement prices. The Endowment Fund and a portion of the liquid funds awaiting allocation are invested in these instruments. Revenues are indicated as net of commissions, taxes and expenses.
In comparison to last year, when asset management generated losses, there is a net increase, due to changing market conditions and strategic investment decisions.
2011 2010
7) Other income 145,546 27,281 Recoveries from scholarships and initiatives concluded or not implemented 120,046 27,281
Recoveries on the restructuring of grants 25,500 -
The Other income item totaling €145,546 represents, for the year, the recovery of surpluses on scholarships and initiatives completed. In the case of scholarships, the recovery includes university fees. It also represents the results of scholarship restructuring, which led to a decrease in awards, in connection with earmarked insurance costs for award recipients. This expense was initially overestimated. Recoveries are detailed below.
Recoveries of scholarships and initiatives concluded 120,046• Foscolo Europe Scholarship - 1st edition 60,000• Crivelli Scholarship - 7th edition 56,962• UniCredit Best Paper Award - 2nd edition 3,084
Recoveries on the restructuring of grants 25,500• Foscolo Europe Fellowship - 1st edition 10,000• Foscolo Europe Fellowship - 2nd edition 8,000• Crivelli Fellowship - 2nd edition 7,500
Other InformationAs of December 31, 2011, the foundation did not have any employees; however, it used the services of two individuals seconded from UniCredit.
The foundation does not hold, nor did it acquire or sell during the year, any shares of UniCredit or its companies. In 2011, the members of the Board of Directors received no compensation.
Milan, March 19, 2012 Secretary General Giannantonio De Roni
60 2011 Reports and Accounts · UniCredit & Universities
Financial Statements
A) Breakdown of Securities Portfolio, included in the Assets under Management as of December 31, 2011
TYPE OF SECURITIES
BALANCE ACCRUED INTEREST
CLOSING BALANCEFACE VALUE MARKET VALUE COUNTERVALUE
BOT 30/03/2012 41,000 99,5032 40,796 - 40,796
BOT zero coupon 31/01/2012 59,000 99,9596 58,976 - 58,976
BOT zero coupon 16/01/2012 59,000 99,9964 58,998 - 58,998
BOT zero coupon 15/02/2012 83,000 99,8743 82,896 - 82,896
BTP 01 Aug 1/8/2015 3.75% 22,000 94,0949 20,701 341 21,042
BTP 3.5% 14 20,000 96,4186 19,284 57 19,341
BTP 4.25% 15/4/2013 13,000 100,0104 13,002 116 13,118
CCT July 2013 40,000 96,9412 38,776 454 39,230
CCT EU float 15/12/2015 68,000 84,5000 57,460 75 57,535
CCT 01 Mar 2012 TV 63,000 99,9324 62,957 503 63,460
CCT Nov 2012 TV 99,000 99,5802 98,584 627 99,211
CTZ 29/02/2012 99,000 99,5846 98,589 - 98,589
CTZ 30/04/2012 45,000 99,2362 44,656 - 44,656
Austria 3.4% 20/10/2014 12,000 106,0800 12,730 80 12,810
Austria 4.0% 15/9/2016 8,000 109,5400 8,763 94 8,857
Bei 2.5% 15/04/2012 23,000 100,4850 23,112 408 23,520
Bei 3.125% 15/04/2014 12,000 103,5350 12,424 266 12,690
BTAN 2.5% 01/2015 12,000 103,2100 12,385 288 12,673
BTAN 3.0% 12/07/2014 15,000 104,4950 15,674 212 15,886
Bundes 2.75% 08/04/2016 13,000 108,9100 14,158 261 14,419
Bundesobl 2.25 10/04/2015 12,000 105,9000 12,708 195 12,903
Bundes Deut 3.5% 4/1/2016 13,000 111,6950 14,520 450 14,970
Bundesobl -155 2.5% 10/10/2014 13,000 106,1100 13,794 73 13,867
Netherland 4.0% 15/07/2016 15,000 112,3350 16,850 277 17,127
OAT 3.25% 25/04/2016 11,000 105,8250 11,641 244 11,885
OAT 4.0% 25/10/2013 9,000 105,6120 9,505 66 9,571
OAT 5.0% 25/04/2012 76,000 101,5350 77,167 2,595 79,762
Spain 2.75% 30/04/2012 47,000 99,8150 46,913 865 47,778
Spanish Gov 3.0% 30/04/2015 14,000 97,6960 13,678 281 13,959
Total 1,016,000 1,011,697 8,828 1,020,525
Annexes
61UniCredit & Universities · 2011 Reports and Accounts
B) Breakdown of Securities of Directly Puchased Securities Portfolio, as of December 31, 2011
TYPE OF SECURITY
INITIAL BALANCE ACQUISITIONS SALES CLOSING BALANCE
QUANTITY VALUE (€) QUANTITY VALUE (€) QUANTITY VALUE (€) QUANTITY VALUE (€)
BOT 27 Dec 11 FL - - 500,000 497,975 500,000 497,975 - -
BOT 30 Mar 12 S - - 500,000 491,845 - - 500,000 491,845
BOT 15 Jul 12 A - - 500,000 485,497 - - 500,000 485,497
BTP 15 Oct 2012 4.25% - - 850,000 839,196 - - 850,000 839,196
Total - - 2,350,000 2,314,513 500,000 497,975 1,850,000 1,816,538
62 2011 Reports and Accounts · UniCredit & Universities
C) Reclassification of 2010 initiatives
LIABILITIES/PAYABLES FOR CONTRIBUTIONS TO BE DISBURSED BALANCE 2010 (€) LIABILITIES/PAYABLES FOR CONTRIBUTIONS TO BE DISBURSEDRECLASSIFIED
BALANCE 2010 (€)
2.1) Crivelli Scholarships 671,742 2.1) Support for Studies - - reclassified as "Support for Studies" -671,742 + reclassification from "Crivelli Scholarships" 671.742 Total after reclassifications - + reclassification from "Foscolo Europe Scholarships" 97.5002.2) Crivelli Fellowship 173,622 + reclassification from "Masterscholarships" 135.000 - reclassified as "Support for Research" -173,622 Total after reclassifications 904.242 Total after reclassifications - 2.2) Support for Research - 2.3) Foscolo Europe Scholarships 97,500 + reclassification from "Crivelli Fellowship" 173.622 - reclassified as "Support for Studies" -97,500 + reclassification from "Foscolo Europe Fellowship" 486.784 Total after reclassifications - + reclassification from "Awards" 147.5002.4) Foscolo Europe
Fellowship 486,784 + reclassification from "Support for initiatives implemented
at universities" 20.000 - reclassified as "Support for Research" -486,784 Total after reclassification 827.906 Total after reclassifications - 2.3) Other initiatives -
2.5) Awards 147,500 + reclassification from "Support for initiatives
implemented at universities" 58.950 - reclassified as "Support for Research" -147,500 Total after reclassifications 58.950 Total after reclassifications -
2.6) Support for university initiatives 78,950
- reclassified as "Support for Research" -20,000
- reclassified as "Other initiatives" -58,950
Total after reclassifications -
2.9) Masterscholarships 135,000
- reclassified as "Support for Studies" -135,000
Total after reclassifications -
Total adjustments to Financial Statement due to reclassifications -1,791,098Total adjustments to Financial Statement due to reclassifications
Total adjustments to Financial Statement due to reclassifications 1.791.098
Financial Statements
Annexes (Continued)
63UniCredit & Universities · 2011 Reports and Accounts
Management report
EXPENSES/EXPENSES FOR REGULAR OPERATIONS BALANCE 2010 (€) EXPENSES/EXPENSES FOR REGULAR OPERATIONSRECLASSIFIED
BALANCE 2010 (€)
1.1) Crivelli Scholarships 640,000 1.1) Support for Studies - - reclassified as "Support for Studies" -640,000 + reclassification from "Crivelli Scholarships" 640,000 Total after reclassifications - + reclassification from "Masterscholarships" 135,0001.2) Crivelli Fellowship 234,000 Total after reclassification 775,000 - reclassified as "Support for Research" -234,000 1.2) Support for Research - Total after reclassifications - + reclassification from "Crivelli Fellowship" 234,0001.3) Foscolo Europe Scholarships - + reclassification from "Foscolo Europe Fellowship" 250,000 Total after reclassifications - + reclassification from "Awards" 154,984
1.4) Foscolo Europe Fellowship 250,000 + reclassification from "Support for initiatives implemented
at universities" 20,000 - reclassified as "Support for Research" -250,000 Total after reclassification 658,984 Total after reclassifications - 1.3) Other initiatives -
1.5) Awards 154,984 - reclassified from "Support for initiatives implemented
at universities" 132,600 - reclassified as "Support for Research" -154,984 Total after reclassification 132,600
Total after reclassifications - 1.4) Compensation and expenses for Scientific
Committee members - 1.6) Support for university initiatives 152,600 - reclassified from "Compensation and expenses for
Members of the Scientific Committee"68,758
- reclassified as "Support for Research" -20,000 Total after reclassification 68,758 - reclassified as "Other initiatives" -132,600 1.5) Communication costs - Total after reclassifications - + reclassification from "Communication costs" 16,7051.7) Communication costs 16,705 Total after reclassification 16,705 - reclassified as "Communication costs" -16,705
Total after reclassifications -
1.8) Compensation and expenses for Scientific Committee members 68,758
- reclassified as "Compensation and expenses for Members of the Scientific Committee" -68,758
Total after reclassifications -
1.9) Masterscholarships 135,000
- reclassified as "Support for Studies" -135,000
Total after reclassifications -
Total adjustments to Financial Statement due to reclassifications -1,652,047
Total adjustments to Financial Statement due to reclassifications 1,652,047
69UniCredit & Universities · 2011 Reports and Accounts
YearbookSupport for Studies 70Support for Research 74
70 2011 Reports and Accounts · UniCredit & Universities
Yearbook
Support for Studies
PIETRO CORETTO
Crivelli Scholarship
1^ edition
CLAUDIA NERI
Crivelli Scholarship
1^ edition
DANILA SERRA
Crivelli Scholarship
2^ edition
PAOLO RICCARDO MORGANTI
Crivelli Scholarship
2^ edition
MARCELLO MICCOLI
Crivelli Scholarship
3^ edition
LAURA MORETTI
Crivelli Scholarship
3^ edition
LUIGI IOVINO
Crivelli Scholarship
4^ edition
ALESSANDRA VOENA
Crivelli Scholarship
4^ edition
GIUSEPPE BERLINGIERI Crivelli Scholarship
5^ edition
SILVIA CAMUSSI
Crivelli Scholarship
5^ edition
MARCO DI MAGGIO
Crivelli Scholarship
6^ edition
GIULIA LA MATTINA
Crivelli Scholarship
6^ edition
71UniCredit & Universities · 2011 Reports and Accounts
GIORGIA PIACENTINO
Crivelli Scholarship
7^ edition
ROBERTO ROBATTO
Crivelli Scholarship
7^ edition
MICHELA GIORCELLI Crivelli Europe Scholarship
8^ edition
STEFANO MOSSO Crivelli Europe Scholarship
8^ edition
LUDOVICA GAZZÈ
Crivelli Europe Scholarship
9^ edition
ENRICO CANTONI Crivelli Europe Scholarship
9^ edition
ALESSANDRO VECCHIATO Crivelli Europe Scholarship
9^ edition
MADDALENA GALARDO
Crivelli Europe Scholarship
10^ edition
BARBARA BIASI Crivelli Europe Scholarship
10^ edition
PETR LUKIANCHENKO Crivelli Europe Scholarship
10^ edition
AUDINGA BALTRUINATE Foscolo Europe Scholarship
1^ edition
KIRILL BORUSYAK US PhD Scholarship
1^ edition
72 2011 Reports and Accounts · UniCredit & Universities
Yearbook
Support for Studies (Continued)
BIRGIT ALTMANN
Master-scholarships
1^ edition
FEDERICO ROSSI Master-scholarships
1^ edition
ANDREAS KALKER Master-scholarships
1^ edition
LORENZO PROSPERI
Master-scholarships
1^ edition
MANUEL MAYER
Leopold Gratz Scholarship
1^ edition
DANIEL RETTL
Leopold Gratz Scholarship
2^ edition
CAMILLA BUA
Study Abroad Exchange Programme
1^ edition
VINCENZO CECERE
Study Abroad Exchange Programme
1^ edition
BOJAN JOKOVIC
Study Abroad Exchange Programme
1^ edition
SANDRO LUCCI
Study Abroad Exchange Programme
1^ edition
ANNA PANCHENKO
Study Abroad Exchange Programme
1^ edition
SEBASTIANO PESCAROLO
Study Abroad Exchange Programme
1^ edition
73UniCredit & Universities · 2011 Reports and Accounts
SAHIZER SAMUK
Luiss School of Government Scholarship
1^ edition
PETRA TISOCZKI
Luiss School of Government Scholarship
1^ edition
OKSANA KOHUT
Luiss School of Government Scholarship
2^ edition
DMYTRO VOLODIN
Luiss School of Government Scholarship
2^ edition
OLEKSANDR PIDLUBNYY
Study Abroad Exchange Programme
1^ edition
EKATERINA VERNEZI
Study Abroad Exchange Programme
1^ edition
EKATERINA BURDINA
Luiss School of Government Scholarship
1^ edition
DORINA DAMSA
Luiss School of Government Scholarship
1^ edition
ELEONORA MURA
Luiss School of Government Scholarship
1^ edition
AYNURA ISMAYLOVA
Luiss School of Government Scholarship
1^ edition
GABOR SOOS
Luiss School of Government Scholarship
2^ edition
SVITLANA GALKO
Luiss School of Government Scholarship
2^ edition
74 2011 Reports and Accounts · UniCredit & Universities
Yearbook
Support for Research
ESTER FAIA
Crivelli Fellowship
1^ edition
EMILIOCALVANO
Crivelli Fellowship
2^ edition
EMILIANO SANTORO
Foscolo Fellowship
1^ edition
MIRCOTONIN
Foscolo Fellowship
2^ edition
EDOARDO GRILLO
Foscolo Fellowship
3^ edition
ANDREA COLCIAGO
Post-Doc Research Grant
1^ edition
FRANCESCO DRAGO
Post-Doc Research Grant
1^ edition
SALVATORE PICCOLO
Post-Doc Research Grant
1^ edition
TIZIANA ASSENZA
Post-Doc Research Grant
2^ edition
GIORGIO FABBRI
Post-Doc Research Grant
2^ edition
STEFANO GAGLIARDUCCI
Post-Doc Research Grant
2^ edition
ALESSIO MORO
Post-Doc Research Grant
2^ edition
75UniCredit & Universities · 2011 Reports and Accounts
MARIA PETROVA
Post-Doc Research Grant
2^ edition
ZVEZDA DERMENDZHIEVA
Best PhD Thesis Award
1^ edition
DANIEL HORN
Best PhD Thesis Award
1^ edition
ALESSANDRO BUCCIOL
Best Paper Award The Social Dimension of Organizations
1^ edition
MARCO PIOVESAN
Best Paper Award The Social Dimension of Organizations
1^ edition
PAMELA CAMPA
UWIN Best Paper Award
1^ edition
CHIARA PRONZATO
UWIN Best Paper Award
1^ edition
DORA FAZEKAS
Best PhD Thesis Award
1^ edition
BRANISLAV SAXA
Best PhD Thesis Award
1^ edition
EKATERINA RASHKOVA
Best PhD Thesis Award
1^ edition
MICHELLE RENDALL
UWIN Best Paper Award
1^ edition
CEYHUN ELGIN
Best PhD Thesis Award
1^ edition
76 2011 Reports and Accounts · UniCredit & Universities
Yearbook
Support for Research (Continued)
ALEXANDER SCHÄTZ
UniCredit Best Paper Award
2^ edition
SUSANNE NECKERMANN
Best Paper Award The Social Dimension of Organizations
1^ edition
ROBERT DUR
Best Paper Award The Social Dimension of Organizations
1^ edition
ARJAN NON
Best Paper Award The Social Dimension of Organizations
1^ edition
SILVIA GIANNANGELI
UniCredit Best Paper Award
1^ edition
GRZEGORZ HALAJ
UniCredit Best Paper Award
2^ edition
JAN MARUHN
UniCredit Best Paper Award
2^ edition
MAX MAIR
UniCredit Best Paper Award
2^ edition
CHRISTIANE BRADLER
Best Paper Award The Social Dimension of Organizations
1^ edition
ELENA D’ALFONSO
UniCredit Best Paper Award
1^ edition
MARTIN KREKEL
UniCredit Best Paper Award
1^ edition
Sorter pages: UniCreditCreative concept: Marco Ferri
Design, Graphic development and Composition:
MERCURIO GP - Milan
Printed: Tipografia Litografia A. Scotti Srl (Cornate d’Adda)May 2012