Dante Roscini

Professor of Management Practice, L. E. Simmons Faculty Fellow

Dante Roscini teaches the elective course Managing International Trade and Investment in the Business, Government and the International Economy Unit. He joined the Harvard Business School faculty in 2008 and has published a number of cases and notes related to sovereign debt, monetary policy, central banking and international investment. He holds an M.B.A. from Harvard and a summa cum laude Laurea degree in Nuclear Engineering from the University of Rome, Italy. Before coming back to HBS Prof. Roscini spent twenty years in investment banking with senior positions at three of the top US bulge bracket firms in New York and London.

He was Head of European Capital Markets for Goldman Sachs, Head of Global Equity Capital Markets and Head of the European Capital Markets and Financing Group for Merrill Lynch where he was also a member of the Capital Commitments Committee and of the Managing Directors Promotions Committee. Finally, he was Country Head of Italy and Chairman of European Capital Markets for Morgan Stanley as well as a board member of Morgan Stanley International Bank. He is currently a member of the board or the advisory board of several companies in the industrial and the financial sectors. He is an honorary member of the Foreign Policy Association in New York. He consults and lectures globally and collaborates with several newspapers.

Prof. Roscini has broad transaction and management experience in the areas of corporate finance, M&A, and private equity as well as in private wealth and asset management. His particular professional expertise is in the global capital markets where he has worked with governments, public and private companies in many countries to assess capital structures and help them hedge risk or raise equity and debt financing. He has personally led over 100 capital raising transactions that included privatizations, Initial Public Offerings, hybrid equity offerings and private placements. Several of these were “first of a kind” in terms of their size or of the type of security issued. Prior to his career in investment banking Prof. Roscini worked as a researcher in nuclear archaeometry at the University of Rome, as a design engineer and project manager with Westinghouse Electric Corp. in the US and as a management consultant with the Boston Consulting Group in Paris.

    Publications

    Journal Articles

    1. Solving the Debt Crisis May Be Europe's Biggest Step Forward

      Keywords: Borrowing and Debt; Europe;

      Citation:

      Roscini, Dante. "Solving the Debt Crisis May Be Europe's Biggest Step Forward." Harvard Business Review Blogs (December 9, 2011).
    2. Equity Capital Markets - The Last Two Decades

      Keywords: Capital; Markets; Business History;

      Citation:

      Roscini, Dante. "Equity Capital Markets - The Last Two Decades." Special Issue on The Future of Global Equity Capital Markets. IFR Market Intelligence (2009).
    3. Evolution of European Equity Market Issuance

      Keywords: Equity; Markets; Europe;

      Citation:

      Roscini, Dante. "Evolution of European Equity Market Issuance." Privatisation International (December 1998).

    Cases and Teaching Materials

    1. Asia Optical: The Myanmar Decision

      Citation:

      Roscini, Dante, Michael Shih-ta Chen, and Keith Chi-ho Wong. "Asia Optical: The Myanmar Decision." Harvard Business School Case 714-026, October 2013.
    2. Viva Macau (B)

      Citation:

      Roscini, Dante, and G. A. Donovan. "Viva Macau (B)." Harvard Business School Supplement 714-025, December 2013.
    3. Viva Macau (A)

      A fast-growing Macau-based airline backed by private US investors faces a dramatic expropriation in the wake of the first change of head of government since the former Portuguese colony became a Special Administrative Region of China. The case allows students to explore what Foreign Direct Investors can do to foresee a possible expropriation event and what options they might consider to protect themselves ex-ante or fight the outcome ex-post.

      Keywords: Risk Management; Air Transportation; Ownership; Foreign Direct Investment; Government and Politics; Emerging Markets; Venture Capital; China; Macau;

      Citation:

      Roscini, Dante, and G. A. Donovan. "Viva Macau (A)." Harvard Business School Case 714-024, December 2013. (Revised February 2014.)
    4. Persephone's Pomegranate: Crédit Agricole and Emporiki

      In 2006 the French bank Crédit Agricole bought the Greek Emporiki bank, for €2.8 billion, at the peak of a bull market for bank takeovers. Six years, a major financial crisis, and €5.2 billion of losses later, in a context of great uncertainty in the European banking sector, what decision should Crédit Agricole take regarding Emporiki? Through the example of this European cross-border acquisition the case looks at the Greek banking system before and during the unprecedented Greek sovereign debt crisis; the efforts of Greece and the main actors of the European financial system to prevent the embattled country from having to exit the Euro zone; and the potential scenarios for Greek banks in mid-2012.

      Keywords: Business and Government Relations; Currency; Development Economics; International Finance; International Relations; Banking Industry; Greece;

      Citation:

      Roscini, Dante, Daniela Beyersdorfer, and Jerome Lenhardt. "Persephone's Pomegranate: Crédit Agricole and Emporiki." Harvard Business School Case 713-055, November 2012. (Revised November 2013.)
    5. Can the Eurozone Survive?

      The sovereign debt crisis that took Greece by storm in 2010 began to spread to other European markets. Within a few months Ireland and Portugal had also lost access to the sovereign debt markets and had to rely on supranational loans for their financing. The risk of further contagion was clear and present. Political leaders continued to seek measures to stem the crisis and to avoid the larger economies of Spain and Italy becoming involved. The European financial system became strained. Banks were found to be undercapitalized and began to ration credit to the economy. The European Central Bank intervened to provide liquidity to the system in order to avoid a credit crunch. Could the eurozone survive the storm?

      Keywords: sovereign debt crisis; Currency areas; Financial Crisis; Borrowing and Debt; Currency Exchange Rate; International Relations; Banking Industry; European Union; Germany; France; Italy; Spain; Greece; Portugal;

      Citation:

      Roscini, Dante, and Jonathan Schlefer. "Can the Eurozone Survive?" Harvard Business School Case 713-034, September 2012. (Revised July 2013.)
    6. The Greek Crisis: Tragedy or Opportunity? (TN)

      Keywords: Financial Crisis; Opportunities; Greece;

      Citation:

      Roscini, Dante. "The Greek Crisis: Tragedy or Opportunity? (TN)." Harvard Business School Teaching Note 712-036, December 2011.
    7. The Greek Crisis: Tragedy or Opportunity?

      After its 2009-2010 fiscal crisis shook the euro, could the Greek government stabilize debt, avoid default, and stay on the euro? This case looks at the Greek social and political road to fiscal crisis; the economics of that crisis and efforts to recover from it; the danger the crisis posed to the euro; cooperation and conflict among European states, the European Central Bank, and the International Monetary Fund to try to help Greece emerge from crisis; and the role financial markets played in these events.

      Keywords: Financial Crisis; Borrowing and Debt; Currency; Financial Condition; Central Banking; Financial Markets; International Finance; Policy; Conflict Management; Cooperation; Public Administration Industry; Greece;

      Citation:

      Roscini, Dante, Jonathan Schlefer, and Konstantinos Dimitriou. "The Greek Crisis: Tragedy or Opportunity?" Harvard Business School Case 711-088, April 2011. (Revised September 2011.)
    8. How Government Debt Accumulates

      This note discusses the economics of government-debt accumulation. Fiscal deficits are only part of the picture; other factors include the level of debt as a percent of nominal GDP; the interest rate; the inflation rate; the growth rate; and changes in the exchange rate if some debt is owed in a foreign currency. The note discusses how these factors interact to affect government debt levels.

      Keywords: Government and Politics; Borrowing and Debt;

      Citation:

      Roscini, Dante, and Jonathan Schlefer. "How Government Debt Accumulates." Harvard Business School Background Note 711-087, April 2011. (Revised February 2013.)
    9. The Euro in Crisis: Decision Time at the European Central Bank (TN)

      Teaching Note for 711049.

      Keywords: Currency; Central Banking; Borrowing and Debt; Decisions; Banking Industry;

      Citation:

      Trumbull, J. Gunnar, Dante Roscini, and Diane Choi. "The Euro in Crisis: Decision Time at the European Central Bank (TN)." Harvard Business School Teaching Note 711-094, April 2011.
    10. The Euro in Crisis: Decision Time at the European Central Bank

      This case traces the origins and evolution of the European Central Bank, with attention to its 2010 decision concerning the purchase of Greek sovereign debt.

      Keywords: Financial Crisis; Borrowing and Debt; Currency; Central Banking; Financial Management; Sovereign Finance; Policy; Crisis Management; Europe; Greece;

      Citation:

      Trumbull, J. Gunnar, Dante Roscini, and Diane Choi. "The Euro in Crisis: Decision Time at the European Central Bank." Harvard Business School Case 711-049, December 2010. (Revised March 2011.)
    11. Chile's Copper Surplus: The Road Not Taken (B)

      In 2009, Chile's Finance Minister Andres Velasco's fortunes had been reversed. His fiscal policy that had come under attack just a year ago had been used to finance a $4 billion fiscal stimulus package amid the global economic downturn. Velasco was now Chile's most popular minister. However, the future of Chile's fiscal policy was questionable with the election of a new president, Sebastian Pinera, the first conservative leader to lead Chile in two decades.

      Keywords: Developing Countries and Economies; Financial Crisis; Financial Strategy; Financing and Loans; Policy; Government and Politics; Chile;

      Citation:

      Alfaro, Laura, Dante Roscini, and Renee Kim. "Chile's Copper Surplus: The Road Not Taken (B)." Harvard Business School Supplement 710-020, March 2010. (Revised May 2013.)
    12. The Kaesong Industrial Complex (B): Global Manufactures GmBH's Dilemma

      Keywords: North Korea; South Korea;

      Citation:

      Roscini, Dante, Eric Werker, and Han-koo Yeo. "The Kaesong Industrial Complex (B): Global Manufactures GmBH's Dilemma." Harvard Business School Supplement 710-023, April 2010. (Revised February 2014.)
    13. Central Europe after the Crash: Between Europe and the Euro

      This note briefly reviews the financial crisis in central Europe in late 2008, and summarizes how four central European countries—Poland, the Czech Republic, Hungary, and Slovakia—have coped with the economic downturn.

      Keywords: Economic Slowdown and Stagnation; Financial Crisis; Financial Strategy; Czech Republic; Hungary; Poland; Slovakia;

      Citation:

      Comin, Diego A., Dante Roscini, and Elisa Farri. "Central Europe after the Crash: Between Europe and the Euro." Harvard Business School Background Note 710-047, April 2010.
    14. Necessity and Invention: Monetary Policy Innovation and the Subprime Crisis

      This case describes the efforts of Ben Bernanke, Chairman of the Federal Reserve, to improve liquidity in money markets during the subprime crisis. The case explains the four main new tools for monetary policy (or quantitative easing) the Federal Reserve has used between 2007 and 2009: the Term Auction Facility (TAF), the Primary Dealer Credit Facility (PDCF), the Term Securities Lending Facility (TSLF), and the Asset Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

      Keywords: Financial Crisis; Money; Financial Liquidity; Central Banking; Policy; Business and Government Relations;

      Citation:

      Musacchio, Aldo, and Dante Roscini. "Necessity and Invention: Monetary Policy Innovation and the Subprime Crisis." Harvard Business School Case 709-041, January 2009. (Revised February 2010.)

        Teaching

      1. Overview

        I have taught for the past five years the course Business, Government and the International Economy, part of the required curriculum in the MBA program. For the last three years I have also taught the course Managing International Trade and Investment, part of the elective curriculum for second-year MBAs.

        Keywords: trade; investment; foreign direct investment; Portfolio Investment; Risk assessment; political economy; Globalized Firms and Management;

      2. Managing International Trade and Investment

        Managing International Trade and Investment (MITI) is designed for students who expect to engage directly or indirectly in commerce and in strategic or financial investments across national borders. It covers concepts that are relevant to a number of operating and financial functions both in industry and in finance. In a globalizing world, managers and investors are increasingly faced with decisions that critically involve understanding the opportunities and the constraints that are being shaped by political and economic developments abroad. Despite the ease with which it is often conducted, doing business across borders is not the same as doing it at home. Rather, it entails a whole new set of managerial challenges: reassessing competitive advantage; evaluating diverse political environments and legal structures; considering the impact of currency fluctuations and trading regimes; and understanding widely disparate cultures and business norms. The purpose of MITI is to build a framework of analysis that enables managers to understand the challenges of international trade and investment and to master the opportunities and the risks that they represent.

        Keywords: Trade; Investment; Foreign Direct Investment;

      3. Business, Government and the International Economy

        Business, Government, and the International Economy (BGIE) is a course about the broad economic and political context in which business operates. Throughout their careers business leaders are asked to formulate and lead their firm's responses to the external environment. They may also have the chance to shape that environment by influencing government policies. In BGIE we explore the key economic, political, and social factors that affect the business environment.

        Keywords: international economy; macroeconomics; political economy;