Bocconi University (Italian: Università Commerciale Luigi Bocconi, Italian pronunciation: [universiˈta luˈiːdʒi bokˈkoːni]) is a private university in Milan, Italy. Bocconi provides undergraduate, graduate and post-graduate education, in addition to a range of double degree programs, in the fields of economics, management, finance, law and public administration. According to many university rankings institutions, the university is among the top global universities.^[1][2][3][4] Degrees are offered both in English and Italian. SDA Bocconi, the University's business school offers MBA and Executive MBA programs. Its MBA program was ranked 28th in the world by the Financial Times' Global MBA Rankings 2011.^[5] SDA Bocconi was also ranked 18th by Businessweek's Top Global Schools for its MBA and 5th among European Business Schools.^[6][7] Bocconi complements its research through several dedicated research centers.^[8]

History[link]

Bocconi University was founded in 1902 by Ferdinando Bocconi and was named after his son, who died in the Battle of Adwa during the First Italo-Ethiopian War.^[9] The university was initially affiliated to the engineering school Politecnico di Milano and the teaching model based on that at the École Supérieure of Antwerp.^{[citation needed]}

Bocconi is an internationally oriented institution in business, economics, and law. It is also a research university, receiving funds for its research projects from national and supranational institutions.^{[citation needed]}

Bocconi University is structured around five schools: Undergraduate School, Graduate School, Law School, PhD School, and SDA Bocconi School of Management, its graduate business school. Bocconi presently offers Bachelor Degrees, Masters of Science, MBAs and PhDs in Finance, Economics, Management, Statistics, Law and other disciplines. It also has a number of post-experience programs, and administers many customized executive education courses.

The university also provides activities for high school students in Italy, such as mathematics competitions,^[10] Model United Nations simulations^[11] and other major events aimed at orienting them during their secondary education.

Campus[link]

The campus was originally located in Via Statuto near the Pinacoteca di Brera, where its first building was inaugurated in 1902. The current campus is now located beside Parco Ravizza, between Via Sarfatti and Viale Bligny and consists of several buildings, all within walking distance to Porta Ticinese, the Basilica of Sant'Eustorgio:

• The first building in Via Sarfatti was designed in 1936 by the Italian architect Giuseppe Pagano. It hosts classrooms, an aula magna, a restaurant, and most of the administrative offices. Its entrance features two lion statues which are the subject of several university myths.

• The pensionato building, which faces Via Ferdinando Bocconi, was inaugurated in 1956 by architect Giovanni Muzio and hosts some grand halls, some of the canteen and dormitory facilities (350 bedrooms on 5 floors), and some faculty offices. The different floors have an irregular form and bear the shape of a symmetric "L" letter.^{[clarification needed]}

• The SDA Bocconi building, which is also in Via Ferdinando Bocconi, was opened in 1985 and features two blocks with a distinct set of dark metal panels. The building was extended in 2001, especially to host EGEA, the university bookstore. The campus football pitch is placed between the pensionato and the SDA Bocconi building.

• The modern Velodromo building was projected by Ignazio Gardella and opened in 2001. It is called so due to its form resembling an ellipsoid velodrome. Each of its four floors has about ten classrooms with a capacity of 150. The Velodromo uses a geothermal exchange heat pump as its air conditioning system, which provides energy conservation.^[12] A marble statue of Ferdinando Bocconi overlooks the foyer of the ground floor.

• Close by, in Piazza Sraffa, are the Library building (also built by Giovanni Muzio in 1962), the campus chapel "San Ferdinando", and some smaller buildings such as those with the offices of the "Language Center" and other extracurricular activities.

• In 2007, a new building was inaugurated in Via Roentgen known as Grafton Building from the name of the Irish practice Grafton Architects which designed the innovative building. The Grafton Building won the "World building of the year" at the World Architecture Festival 2008 held in Barcelona.^[13] The new building houses the offices of the entire Faculty, with its Departments and Research Centers. Its underground levels include, in addition to the new Aula Magna, seminar rooms, a spacious foyer, an exhibition area and parking. It is situated right next to the Velodromo.^[14]

Several other administrative and research offices of Bocconi's individual institutes are scattered across the area, especially around Parco Ravizza and Viale Isonzo.

Dormitories[link]

Bocconi University provides off-campus students with about 1500 places in dorms.

Residences for students are Bocconi Residence, Javotte Residence, Kramer Residence, the more modern Arcobaleno Residence, Spadolini Residence and the latest Dubini Residence (inaugurated in 2010^[15]). The type of accommodation varies between the residences and the choice is among single rooms in apartments for either one, two or four people. The residences offer also services to students such as cleaning services, laundry rooms, study rooms, parking spaces. Many students, however, choose to rent private apartments which are easy to find around the university area.

Academics[link]

Undergraduate programs[link]

The University offers four three-year undergraduate courses in Economics which share a common basis in the first three semesters and then distinguish themselves from one another by focusing on either Finance (CLEF),^[16] Social sciences (CLES)^[17] or Business administration (CLEAM);^[18] the fourth course is entirely taught in English (BIEMF) and is targeted at both international students and students pursuing an international career. Students in this course have the choice to major in Economics, Management or Finance during their course of studies.^[19]

A fifth separate three-year undergraduate course in Economics focuses on the economics and management of Arts, Culture and Communication (CLEACC).^[20]

The University also offers a five-year course in Law, which incorporates the Italian equivalents of the Bachelor of Laws and the Master of Laws.

Both the Bachelors in Finance, in Italian (CLEF) and in English (BIEMF), have been recognized by the Chartered Financial Analyst Institute (CFA Institute).^[21] The partnership is granted to programs which cover at least 70% of the content necessary to take the CFA Program Exam level III, the highest level.^[22]

In a joint venture with the Central European University of Budapest, Bocconi also offers a four-year Dual Degree in International Business, the first two years of which are spent in Budapest and the latter in Milan.^[23]

Graduate programs[link]

The universities' graduate school offers different Master of Science programs in Economics, Management and Law, each with a special emphasis on the fields of Public administration, Environmental economics, Health economics, Social sciences, Computational finance and Risk management, Accountancy and Audit, Public utility management, Hospitality management, Logistics and Transport economics, Innovation management, Event management and Experiential marketing, Communication, Organization and Information systems.

The following graduate programs are entirely taught in the English language: International Management; Marketing Management; Finance; Economics and Management in Arts, Culture, Media and Entertainment; Economics and Social Sciences; Economics and Management of Innovation and Technology; Quantitative Finance and Risk management; Public Management; International Health Care Management, Economics and Policy.

Bocconi has concluded a number of partnerships with regard to its Master of Science: the Master of Sciences in Finance was among the first six programs in the world to conclude a partnership with the CFA institute and the first in continental Europe,^[24] while the Master of Sciences in Management and International Management enable a selected number of students to take part in the CEMS Master of International Management, of which Bocconi is a founding member, along with HEC, ESADE and London School of Economics. Recently Bocconi has been adding top institutions in Economics and Social Sciences to its network of international partner schools, enabling DES/ESS students to spend the entire 2nd year at Yale University or University of Minnesota, attending their Ph.D. program in Economics. In addition to these, the University runs several double degree programs with other institutions throughout the world:

The SDA Bocconi building.

School of Law[link]

Bocconi University School of Law was established in 2006, consolidating the tradition of legal studies at Bocconi under the aegis of the "A.Sraffa" Institute for Comparative Law. The School of Law currently offers a combined B.Sc. and M.Sc. in Law, runs the Specialization School for Legal professions in cooperation with the University of Pavia, and hosts a Summer Academy in cooperation with the University of Trento, as well as with the Sant'Anna School of Advanced Studies.

PhD School[link]

The Bocconi PhD School offers the following PhD programs:

• PhD in Economics and Finance (4 years);
• PhD in Business and Management (4 years);
• PhD in Statistics and Applied Mathematics (4 years);
• PhD in International Law and Economics (3 years);
• PhD in Law of Business and Commerce (3 years).

SDA Bocconi[link]

SDA Bocconi (SDA standing for "Scuola di Direzione Aziendale" = School of Management) is the graduate business school of the University and offers internationally recognized MBA Programs highly ranked by Financial Times and Forbes Magazine.

The SDA also offers professional education to executives and managers and publishes E&M (Economia & Management), a popular Italian business and management review.

Apart from the MBA, the SDA offers further Master of Science programs in Corporate finance and Banking, Real estate management, Fine food and beverage management, Fashion Management, Design management, Sports law and Sport management, and a Master in Stage and show management in a joint venture with the Academy for the Performing Arts of the opera house La Scala.

SDA Bocconi also has a combined MBA and Master of Arts in International Affairs (MAIA) with the Paul H. Nitze School of Advanced International Studies (SAIS) in Johns Hopkins University's Bologna Center.

Research and endowment[link]

In 2006, research was mainly funded by Bocconi itself (€1,510,571), the European Union (€1,400,000) and the Italian Ministry of Education, Universities and Research (€295,636), in addition to other external sources (€10,573,000).^{[clarification needed][25]} In 2011, €4,965,000 were assigned by the European Research Council to 5 projects in the area "social science and humanities" of 5 Bocconi professors.^[26]

As of 2007, the University has 20 permanent research centers and four research project centers. Yearly, approximately 200 international publications and 300-400 national publications are done in the university. Bocconi is a member of the Offshoring Research Network, an international network researching the offshoring of business processes and services.

Departments[link]

• Accounting
• Economics
• Finance
• Management and Technology
• Marketing
• Decision Sciences
• Legal Studies
• Policy Analysis and Public Management

Permanent Research Centers[link]

• ASK - Centre for Research on Management and Economics of Arts and Culture Institutions (Study centre on the economics and management of the arts and culture)

• PAOLO BAFFI CENTRE - Paolo Baffi Centre on Central Banking and Financial Regulation

• CAFRA - Center for Research on Corporate Administration, Finance and Regulation (Accounting and budgets, administrative control systems, corporate finance, corporate regulation)

• CAREFIN - Centre for Applied Research in Finance

• CERGAS - Centre for Research on Health and Social Care Management (Institutional structures; management of public and private companies providing healthcare and social services)

• CERMES - Centre for Research on Marketing & Services (Marketing and competitive analysis; commercial consumption and distribution; trade fairs)

• CERTeT - Center for Research on Regional Economics, Transport and Tourism (Urban, regional and transport structures of territorial economics; evaluation of EU policies on territorial development)

• CREDI - "Ariberto Mignoli" Centre for European Research on Business Law and History

• CReSV - Center for Research on Sustainability and Value

• CROMA - Center for Research in Organization and Management (Organization of economic activity and human resources)

• DONDENA CENTRE - Carlo F. Dondena Centre for Research on Social Dynamics (Interdisciplinary research on social cohesion, demography, life course dynamics and public policy)

• ELEUSI - Centre for Research on Analysis and Systematic Use of Information (Application of logical and quantitative methodologies to economic, financial, social and historical issues)

• ENTER - Center for Research on Entrepreneurship and Entrepreneurs (Entrepreneurship, corporations and family companies; small-to-medium enterprises; local district and network systems; business history)

• IEFE - Centre for Research on Energy and Environmental Economics and Policy (Energy economics and policies; environmental policies and management; economics and management of public utility companies - energy and envronmental)

• IGIER - Innocenzo Gasparini Institute for Economic Research. Part of the Institute of Economics, it operates jointly with two international bodies, the US-based NBER, National Bureau of Economic Research, and the UK-based CEPR, Centre for Economic Policy Research (Economics and economic policy)

• KITES - Knowledge, Internationalization and Technology Studies

Services to students[link]

Student scholarships[link]

ISU Bocconi coordinates and provides students with grants and services.

They have a Graduate Merit Award and also need-based Graduate Bocconi Scholarship. The Merit Award provides a tuition waiver and either a €3500 stipend or free housing.^[27] The need-based scholarship provides a tuition waiver.^[28]

Bocconi sport teams[link]

Bocconi's students actively participate at and host different official national and international tournaments in athletics, men's and women's soccer, men's and women's basketball, men's and women's volleyball, water polo, sailing and other individual sports such as golf, swimming, skiing, snowboarding and skeet shooting.

The pelican is Bocconi's official sport mascot.

Library[link]

The Bocconi Library supports the educational and research mission of the University. The completeness of its collections make the Library an important institution for the economic academic community in Italy.

Bocconi alumni[link]

The Bocconi Alumni Association (BAA) was created to allow alumni to keep in contact with each other and with their alma mater, this office offers a series of activities organized and promoted by former students. It is dedicated to the University's more than 80,000 graduates and holders of MBA, Master and PhD degrees.

Language Center[link]

Multimedia classroom are used for interactive multimedia teaching as well as assessment tests, exams and international certificates. Students can communicate with each other and with the instructor one-to-one, and one-to-many to encourage collaborative learning. They can also use digital audio files (video and text) to record their voice and compare it with the original.

In the Self-study laboratories each student place has a computer with a University intranet and Internet connection, a CD and DVD reader, and headset for listening and recording. The software on each computer is especially designed for language learning.

IT services[link]

Bocconi uses a platform for e-learning on which teaching materials are posted by professors, moreover most of the administrative functions such as payments, enrollment to exams, study plan choices are made trough the students' online agenda. A computer lab with computers, printers and internet-intranet connection is available for students in the main building. `The Bocconi campus is entirely covered by free wireless connection.

Student life[link]

Student associations[link]

The University is home to a number of societies, some of which are directly involved in facilitating students' integration into the campus life environment and in organizing special events ranging from business games to excursions.

• International Students at Bocconi (IS@B) mainly deals with promoting and implementing programs and initiatives for and with international students. The society often organizes conferences, cultural visits, and trips to facilitate the integration of foreign and local students.

• Bocconi Chinese Students Association is one of the first and biggest Chinese students association of Italy, an initiative started jointly by Chinese and Italian students of Bocconi that aims to promote an awareness of the Chinese culture and link all students interested in China or a future career related to it.

• JEME Bocconi (Junior Enterprise Milano Economia) is a non profit "junior enterprise", the first to be founded in Italy in 1988, and it provides consulting services to enterprises in the region. Furthermore, JEME also organizes business games and business case competitions that are held in the university.

• Bocconi Equal Students(BESt)is the students association promoting respect for the many identities in our university and in the places we live. It supports the respect for any form of gender diversity and sexual orientation by organizing events, conferences and debates on the arguments.

• Bocconi Russian Students Association would like to create a link between all the Russian students at the university and their Italian or International mates. It offers to everyone interested the possibility to broaden his horizons, from a personal, working and a cultural point of view.

• Students for Humanity has for partners the likes of 'Teach a Man to Fish' and 'the Italian Red Cross'. This association has two major activities: coordinating community projects around Milan, and organizing conferences with executives from international NGOs.

In addition to these there are many local branches of external associations, for example AIESEC and Erasmus Student Network.

Student publications[link]

The University hosts several student run publications:

• Tra i Leoni: a campus magazine run by the eponymous society. The title, which means "between the lions", is a reference to the atrium of the main building, which is also a favorite meeting point for students, guarded by two lion statues.

• Bocconi School of Law Student-Edited Papers: the Law School's official student publication.^[29] The journal's Editorial Board are selected by way of an annual write-on competition, and go on to select and provide feedback on submitted papers, as well as organising the annual call for papers.

• IS@B News: a campus magazine run by the International Student Association (IS@B).

• Be OBjective Magazine: a bimonthly pdf magazine founded by students from the ACME course. The magazine focus on art, culture and media and entertainment.

Recreational activities[link]

Bocconi lies in the very center of Milan and therefore its students have easy access to all the main landmarks and activities of the city.

Traditions[link]

In the atrium of the oldest building of the university there are three sets of doors. The central doors, which are larger than the others, have two lions to either side of them. There is a superstition within the university that students who pass in-between the two lions via the central doors risk not being able to graduate. This derives from the old adage "Chi passa tra i Leoni non si laurea alla Bocconi.".

The three main buildings of Bocconi, if seen from the top, seem to spell "30L" (30 cum Laude), the maximum achievable grade in any exam. The building in via Roentgen is the "3", the velodromo is the "0" and the main building is a cross of two "L"s. It is not clear whether it was planned to have such a shape or was just by chance, anyway it is considered a good omen to the students.

Notable students and professors[link]

For a full list, see Category:Alumni of Bocconi University and Category:Bocconi University faculty

Business[link]

• Renato Soru, founder of Tiscali SpA and former President of the Region of Sardinia;
• Vittorio Colao, CEO, Vodafone Group Plc
• Mario Resca, Chairman of the Board, McDonald's Italia
• Paolo Scaroni, CEO, Eni
• Marco Tronchetti Provera - President of Pirelli & C. SpA
• Alessandro Lamanna, CEO Nokia Italia;
• Andrea Formica, CEO, Fiat Automobiles, ex CEO Toyota Europe
• Milan Perovic, CEO Telecom Montenegro
• Paolo de Cesare, CEO Printemps
• Marco Saltalamacchia, Vice President, BMW Europe
• Gianemilio Osculati, Office Manager, McKinsey Italia
• Davide Grasso, Vice President Nike for Asia Pacific marketing
• Emma Marcegaglia, Chairman of Confindustria
• Piergaetano Marchetti, Chairman of RCS MediaGroup (holding company of Corriere della Sera)
• Giovanni Ciserani, Group President P&G Western-Europe and Global Discounters and Pharmaceutical Channels
• Maurizio Borletti, Chairman of La Rinascente
• Diego Piacentini, Vice president Amazon
• Marco Patuano, CEO Telecom Italia
• Giuseppe Sala, CEO Expo 2015

Finance[link]

Academic:

• Federico Bandi, Professor, University of Chicago Booth School of Business
• Francesca Cornelli, Professor, London Business School
• Mariassunta Giannetti, Professor of Finance, Stockholm School of Economics
• Pietro Veronesi, Professor, University of Chicago Booth School of Business
• Paolo Volpin, Associate Professor, London Business School
• Luigi Zingales, Robert C. McCormack professor of Entrepreneurship and Finance, University of Chicago Booth School of Business
• Paola Sapienza, Merrill Lynch Capital Market Research Professor of Finance, Kellogg School of Management, Northwestern University
• Carlo Favero, Deutsche Bank Chair in Quantitative Finance and Asset Pricing, Bocconi University

Corporate:

• Agostino Galvagni, CEO Corporate Solutions Swiss Re
• Corrado Passera, Minister of Economic Development, Infrastructure and Transport in the Mario Monti government, previously CEO, Banca Intesa
• Alessandro Profumo, CEO of UniCredit until September 2010
• Fabrizio Viola, CEO Banca Popolare dell'Emilia Romagna
• Roberto Mazzotta, CEO Cassa di Risparmio delle Provincie Lombarde
• Claudio Costamagna, Member of Partnership Committee, Goldman Sachs
• Ruggero Magnoni, Vice Chairman, Lehman Brothers Europe
• Emanuele Minotti, Salomon Brothers
• Alessandro Magnoli Bocchi, Chief Economist, Kuwait China Investment Company
• Enrico Tomaso Chucchiani, CEO of Banca Intesa

Economics[link]

• Alberto Alesina - Ex-chairman of the Department of Economics, Harvard University
• Luigi Pistaferri - Professor of Economics, Stanford University, Co-Editor, American Economic Review
• Franco Amatori - Professor of Economics History, past president of the European Business History Association
• Alessandra Casella - Professor of Economics at Columbia University
• Francesco Giavazzi - Professor of Economics at Bocconi University, columnist for Corriere della Sera, visiting professor at MIT
• Roberto Perotti - Professor of Economics at Bocconi University and columnist for Il Sole 24 Ore
• Tito Boeri - Professor of Labour Economics at Bocconi University and columnist for La Repubblica
• Massimo Motta - ICREA Research Professor at Universitat Pompeu Fabra and Dean of the Barcelona Graduate School of Economics
• Antonio Merlo - Lawrence R. Klein Professor of Economics and Director of the Penn Institute for Economic Research, University of Pennsylvania
• Marco Ottaviani - Former professor of Management and Strategy at the Kellogg School of Management, Northwestern University now at Bocconi
• Eliana La Ferrara - Fondazione Romeo ed Enrica Invernizzi Chair in Development Economics, Bocconi University
• Guido Tabellini- Rector of Bocconi University
• Jörg Asmussen - Member of the Executive Board of the ECB

Politics and government[link]

Mario Monti, Prime Minister of Italy

• Mario Monti - Prime Minister of Italy and former European Competition Commissioner (1999–2004) and chairman of Bruegel
• Luigi Einaudi - President of the Italian Republic (1948–1955) and Governor of Bank of Italy
• Emma Bonino - Minister for International Trade in the Prodi II Cabinet (2006)
• Tommaso Padoa-Schioppa - banker and economist, former Italian Minister of Economy and Finance in the Prodi II Cabinet (2006)
• Benedetto Della Vedova - Member of the Italian Parliament, former member of the European Parliament
• Giorgio Sacerdoti - former Member of the Appellate Body of the WTO (2001–2009)
• Barbara Pollastrini - former Italian Minister of for Equal Opportunity in the Prodi II Cabinet (2006)
• Fabrizio Saccomanni - General Director of Bank of Italy
• Patrizia Toia - Member of the European Parliament for North-West with the Daisy Party
• Marco Cappato - Member of the European Parliament within the Alliance of Liberals and Democrats for Europe
• Eduardo Missoni - Secretary general of the World Organization of the Scout Movement
• Davide Stefanini, UNDP official
• Stelios Kotiadis, minister for Mercantile Marine in the Greek Government (1956–1958 and 1961–1963)
• Vittorio Grilli, General Director of Treasury and previously professor at Yale University

Journalism and media[link]

• Mario Biondi - novelist, travel writer, poet and winner of the Premio Campiello
• Paolo Brera - journalist, author, former Assistant Professor of political economy at Bocconi University
• Teresa de Lauretis - writer and professor at University of California, Santa Cruz
• Valerio Massimo Manfredi - scholar of archaeology, journalist, television host, known as historical novelist and for the film The Last Legion
• Sergio Noja Noseda - Arabist. Professor of Islamic law, Arabic Language and Literature. Author of multiple books on Islamic Culture
• Federico Rampini, journalist, European Editor of Repubblica
• Nouriel Roubini - former senior economist at the United States Department of the Treasury, Chairman, Roubini Global Economics
• Leopoldo Sabbatini - first dean of Bocconi University, vice president of the Milan Chamber of Commerce
• Beppe Severgnini - journalist, writer and columnist

Other[link]

• Giovanni Giudici, Bishop of the Diocese of Pavia
• Pierre Casiraghi, third in line to throne of Monaco, son of Caroline, Princess of Hanover
• Prince Aimone of Savoy, Duke of Apulia
• Giovanni Cobolli Gigli, former chairman of the Juventus football club
• Katie Louise Saunders, English actress, known for her roles in Virgin Territory and 'Tre metri sopra il cielo'
• Nanni Svampa, guitarist of the Italian band I Gufi
• Carlo Turati, comedian
• Harold Davies, Actor
• Steven Goldstein, Race car driver
• Nina Senicar,model
• Carolina Gillespie, professional ice skater for Italy
• Beatrice Borromeo, model and journalist

Alumnus of the Year[link]

The title of Alumnus of the Year was given for the first time in 2011 to Fabrizio Saccomanni, general director of Bank of Italy, and replaced the prizes for Bocconian of the Year (given since 1988) and Master of Masters (given since 2007). The prize is given to an alumnus of any of the five schools (Undergraduate School, School of Law, Graduate School, PhD School and SDA Bocconi School of Management) who has distinguished himself following the Bocconian values of professionality, entrepreneurship, integrity, responsibility and openess. The prize is given by the Bocconi Alumni Association (BAA). Recipients of the previous editions of the prize are: Diego Piacentini e Laura Cioli, Nouriel Roubini e Giovanni Castellucci, Alberto Cribiore e Gaetano Micciché, Enrico Cucchiani e Paolo Cuccia, Vittorio Grilli, Claudio Costamagna, Vittorio Colao, Paolo Scaroni, Marco Drago, Corrado Passera, Renato Soru, Emma Bonino, Alessandro Profumo, Emma Marcegaglia, Isabella Ventura, Carlo Scognamiglio, Marco Tronchetti Provera, Giovanni Giudici, Lucio Stanca, Jody Vender, Tommaso Padoa-Schioppa, Giordano Zucchi, Roberto Mazzotta.^[30]

See also[link]

• SDA Bocconi
• CEMS
• Offshoring Research Network

External links[link]

• Bocconi University Website (English homepage)
• SDA Bocconi School of Management (English homepage)
• Campus Bocconi - Official Site (English homepage)
• International Students at Bocconi Website Practical information for incoming students (in English)
• Bocconi Chinese Students Association Website (English)

References[link]

Coordinates: 45°27′1″N 9°11′23″E / 45.45028°N 9.18972°E / 45.45028; 9.18972

Michael Spence

Born	(1943-11-07) November 7, 1943 (age 68) Montclair, New Jersey, USA
Nationality	United States
Institution	Harvard University Stanford University SDA Bocconi School of Management New York University
Field	Microeconomics
Alma mater	Harvard University (Ph.D.) University of Oxford (B.A.) Princeton University (B.A.)
Influences	Kenneth Arrow Thomas Schelling Richard Zeckhauser
Contributions	Signaling theory
Awards	John Bates Clark Medal (1981) Nobel Memorial Prize in Economics (2001)
Information at IDEAS/RePEc

Andrew Michael Spence (born November 7, 1943) is an American economist and recipient of the 2001 Nobel Memorial Prize in Economic Sciences, along with George A. Akerlof and Joseph E. Stiglitz, for their work on the dynamics of information flows and market development. He conducted this research while at Harvard University. In the current technological environment—with ever more abundant information flows about market development, prices, profit margins, investment instruments and rates of return—their work is more relevant than ever.

Michael Spence is probably most famous for his job-market signaling model, which essentially triggered the enormous volume of literature in this branch of contract theory. In this model, employees signal their respective skills to employers by acquiring a certain degree of education, which is costly to them. Employers will pay higher wages to more educated employees, because they know that the proportion of employees with high abilities is higher among the educated ones, as it is less costly for them to acquire education than it is for employees with low abilities. For the model to work, it is not even necessary for education to have any intrinsic value if it can convey information about the sender (employee) to the recipient (employer) and if the signal is costly.

Spence did his middle and high school education at the University of Toronto Schools of the University of Toronto. In 1966, he was awarded a Rhodes Scholarship at Oxford University upon graduation from Princeton University with a degree in Philosophy. He studied Mathematics at Oxford. Spence is a former Dean of the Stanford Graduate School of Business and is presently the Chairman of the Commission on Growth and Development.

Spence joined the faculty of New York University Stern School of Business on September 1, 2010.^[1]

He is currently a senior fellow at Stanford University's Hoover Institution.

Selected works[link]

• Spence, A. M. (1973). "Job Market Signaling". Quarterly Journal of Economics (The MIT Press) 87 (3): 355–374. DOI:10.2307/1882010. JSTOR 1882010. 
• Spence, A. M. (1974). Market Signaling: Informational Transfer in Hiring and Related Screening Processes. Cambridge: Harvard University Press. 
• Spence, A. M. (May 2011). The Next Convergence: The Future of Economic Growth in a Multispeed World. New York: Farrar, Straus and Giroux. 

See also[link]

• List of economists

References[link]

External links[link]

• Michael Spence Senior Fellow at Hoover Institution, Stanford University
• Signaling in Retrospect and the Informational Structure of Markets 2001 lecture at NobelPrize.org
• Profile and Papers at Research Papers in Economics/RePEc
• Appearances on C-SPAN
• Michael Spence on Charlie Rose
• Works by or about Michael Spence in libraries (WorldCat catalog)
• Spence on Growth at EconTalk
• Website for [1]"The Next Convergence: The Future of Economic Growth in a Multispeed World" by Michael Spence

Mario Monti
Prime Minister of Italy
Incumbent
Assumed office 16 November 2011
President	Giorgio Napolitano
Preceded by	Silvio Berlusconi
Minister of Economy and Finance
Incumbent
Assumed office 16 November 2011
Preceded by	Giulio Tremonti
Senator for Life of the Italian Senate
Incumbent
Assumed office 9 November 2011
President	Giorgio Napolitano
European Commissioner for Competition
In office 15 September 1999 – 30 October 2004
President	Romano Prodi
Preceded by	Karel Van Miert
Succeeded by	Neelie Kroes
European Commissioner for Internal Market, Services, Customs and Taxation
In office 18 January 1995 – 15 September 1999
President	Jacques Santer Manuel Marín (Acting)
Preceded by	Raniero Vanni d'Archirafi
Succeeded by	Frits Bolkestein
Personal details
Born	(1943-03-19) 19 March 1943 (age 69) Varese, Italy
Political party	Independent
Spouse(s)	Elsa Antonioli
Children	Federica Monti Giovanni Monti
Residence	Palazzo Chigi
Alma mater	Bocconi University Yale University
Religion	Roman Catholic[1]
Signature

Mario Monti (Italian pronunciation: [ˈmaːrjo ˈmonti]; born 19 March 1943) is an Italian economist and academic who has been the 54th Prime Minister of Italy, as well as Minister of Economy and Finance, since November 2011.

Monti served as a European Commissioner from 1995 to 2004, with responsibility for the Internal Market, Services, Customs and Taxation from 1995 to 1999 and for Competition from 1999 to 2004. Monti has also been Rector and President of Bocconi University in Milan.

On 12 November 2011, in the midst of the European sovereign debt crisis, Monti was invited by President Giorgio Napolitano to form a new technocratic government (in Italian, governo tecnico) following the resignation of Silvio Berlusconi. Monti was sworn in as Prime Minister on 16 November 2011, just a week after having been appointed a Senator for Life.

Early life[link]

Monti was born in Varese on 19 March 1943.^[2] His mother was from Piacenza. Although his father grew up in Varese, he was born in Luján in the Buenos Aires Province, Argentina, where the Monti family had emigrated in the 19th century and built up a soft-drink and beer-production business.^[3][4] Monti's father went back to Argentina during World War II, but later returned to his family home in Varese.^[5]

Monti studied at the Leo XIII private catholic high school, and attended Bocconi University of Milan, where he obtained a degree in economics in 1965. Later he won a scholarship to Yale University,^[6] where he studied under James Tobin, a recipient of the Nobel Prize in Economics.^[7]

Academic career[link]

Monti began his academic career at the University of Trento; he then taught economics at the University of Turin from 1970 to 1985, before moving to Bocconi University, where he was appointed rector from 1989 to 1994, and of which he is president since 1994. He also served as president of the SUERF (The European Money and Finance Forum) from 1982 to 1985.^[8] His research helped to create the Klein-Monti model, aimed at describing the behaviour of banks operating under monopoly circumstances.^[9]

European Commissioner[link]

Mario Monti served as a European Commissioner from 1994 to 2004.

Santer Commission[link]

In 1994, Monti was appointed to the Santer Commission, along with Emma Bonino, by the first Silvio Berlusconi cabinet. In his office as a European Commissioner from 1994 to 1999, he was responsible for Internal Market, Financial Services and Financial Integration, Customs, and Taxation. His work with the commission has earned him the nickname "Super Mario" from his colleagues and from the press.^[10]

Prodi Commission[link]

In 1999, Prime Minister Massimo D'Alema confirmed his appointment to the new Prodi Commission and he was given one of the most powerful positions at the Commission, Competition Commissioner.^[11]

As Competition Commissioner Monti led the investigation into a number of high profile and controversial mergers, including: Scania AB & Volvo (1999),^[12] WorldCom & Sprint (2000),^[13] General Electric & Honeywell (2001), Schneider Electric & Legrand (2001)^[14] and Carnival Corporation & P&O Ferries (2002).^[15] His term in office also saw the European Court of Justice, for the first time, overrule the Commission's decision to block a merger in three separate cases, although two were decided by his predecessor.^[16] Monti was also responsible for levying the EU's largest ever fine at the time (€497 million) against Microsoft for abusing its dominant market position in 2004.^[17]

Monti was criticised in the media and by competition lawyers for the perceived inflexibility of the merger oversight process and the high number of cases that were being blocked.^[12][18][19] On 1 November 2002, Monti responding to the European Court of Justice's ruling which reversed his decision to block the merger between Airtours & First Choice Holidays said, "Last week was a tough week for the Commission's merger control policy - and of course for me."^[16][19] This ruling in combination with his decision to block the General Electric & Honeywell merger led to criticism in the United States against both the Commission's procedures and accusations that Monti's decisions were politically motivated.^[20] Monti, however, was defended by supporters who saw his actions as an important step in the development of competition law in the EU. Dan Rubinfeld, economics professor at the University of California who worked on the US Justice Department's antitrust case against Microsoft, said of Monti, "There has been a lot of talk of politics in this and other cases, but I believe he has been driven entirely by the desire to do the right thing."^[16]

On 11 December 2002, Monti proposed a series of reforms to the EU's merger rules and made structural changes within the Commission's Competition department which aimed to improve transparency for companies throughout the merger review process.^[21] The reforms were adopted by the EU as Regulation 139/2004 (known as ECMR).

In 2004, Prime Minister Silvio Berlusconi returned to power in Italy and did not re-appoint Monti to the Barroso Commission.^[22]

Barroso Commission[link]

In 2010, Monti, then no longer a European Commissioner, was asked by Commission President Manuel Barroso to draft a "Report on the Future of the Single Market" proposing further measures towards the completion of the EU's Single Market.^[23][24] The published report, adopted by the EU on 13 April 2011, proposed 12 reforms to the Single Market and was intended to "give new momentum" to the European economy.^[25]

Prime Minister[link]

Appointment[link]

Monti's cabinet swearing ceremony at the presence of President Giorgio Napolitano.

On 9 November 2011, Monti was appointed a Lifetime Senator by Italian President Giorgio Napolitano.^[26] He was seen as a favourite to replace Silvio Berlusconi to lead a new unity government in Italy in order to implement reforms and austerity measures.^[27] On 12 November 2011, following Berlusconi's resignation, Napolitano invited Monti to form a new government.^[28] Monti accepted the offer, and held talks with the leaders of the main Italian political parties, declaring that he wanted to form a government that would remain in office until the next scheduled general elections in 2013.^[29] On 16 November 2011, Monti was officially sworn in as Prime Minister of Italy, after unveiling a technocratic cabinet composed entirely of unelected professionals.^[30] He also chose to hold the post of Minister of Economy and Finance.^[31][32] On 17 and 18 November 2011, the Italian Senate and Italian Chamber of Deputies both passed motions of confidence supporting Monti's government, with only Lega Nord voting against.^[33][34]

Austerity measures[link]

Monti during his swearing.

On 4 December 2011, Monti's government introduced emergency austerity measures intended to stem the worsening economic conditions in Italy and restore market confidence, especially after rising Italian government bond yields began to threaten Italy's financial stability.^[35] The austerity package called for increased taxes, pension reform and measures to fight tax evasion. Monti also announced that he would be giving up his own salary as part of the reforms.^[36] On 16 December 2011, the Lower House of the Italian Parliament adopted the measures by a vote of 495 to 88.^[37] Six days later the Upper House gave final approval to the package by a vote of 257 to 41.^[38]

Labour market reforms[link]

On 20 January 2012, Monti's government formally adopted a package of reforms targeting Italy's labour market. The reforms are intended to open certain professions (such as taxi drivers, pharmacists, doctors, lawyers and notaries) to more competition by reforming their licensing systems and abolishing minimum tariffs for their services.^[39][40] Article 18 of Italy's labour code, which requires companies that employ 15 or more workers to re-hire (rather than compensate) any employee found to have been fired without just cause,^[41][42] would also be reformed. The reforms to Article 18 are intended to make it easier for companies to dismiss or lay-off employees, which would hopefully encourage companies to hire more employees on permanent rather than short-term renewable contracts.^[42] The proposals have been met by strong opposition from labour unions and public protests.^[43] In early January 2012, consultations between the government and labour unions commenced^[44] and on 13 February it was reported in the Italian media that a compromise on the proposals was very close and the government was hopeful that reforms could be approved by the Italian parliament in March.^{[45][dated info]}

Think tanks[link]

Monti actively participates in several major think tanks. He is a member of the Praesidium of Friends of Europe. He was the founding chairman of Bruegel, another European think tank, which was formed in 2005. He is also the European Chairman of the Trilateral Commission, a think tank founded in 1973 by David Rockefeller.^[46]

Monti is a leading member of the exclusive Bilderberg Group.^[47] He has also been an international advisor to Goldman Sachs^[48] and The Coca-Cola Company.^[49] He has also been a member of the "Senior European Advisory Council" of Moody's^[50] and he is one of the members of the "Business and Economics Advisors Group" of the Atlantic Council.^[51]

In 2007, Mario Monti was one of the first supporters of the first European civic forum, États Généraux de l'Europe, initiated by European think tank EuropaNova and European Movement. He was also a member of the French government's Attali Commission from 2007 to 2008,^[6][52] appointed by Nicolas Sarkozy to provide recommendations to enhance economic growth in France.

Monti is a founding member of the Spinelli Group,^[53] an organization launched in September 2010 to facilitate integration within the European Union (other members of the steering group include Jacques Delors, Daniel Cohn-Bendit, Guy Verhofstadt, Andrew Duff and Elmar Brok).

Personal life[link]

Monti is married to his wife Elsa^[54] and has two children.^[55]

Known for his reserved character, Monti acknowledges not being especially sociable.^[56] He has said that his youth was given over to hard study; spare-time activities included cycling and keeping up with world affairs by tuning in to foreign short-wave radio stations.^[56]

Awards and decorations[link]

	Knight Grand Cross of the Order of Merit of the Italian Republic – awarded on 29 November 2004[57]
	Commander of the Order of Merit of the Italian Republic – awarded on 27 December 1992[58]

See also[link]

	Biography portal
	Italy portal
	Politics portal

• List of Prime Ministers of Italy
• Monti Cabinet

References[link]