Dante Roscini

Professor of Management Practice

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. He is a fellow of the Foreign Policy Association in New York, a Senior Fellow of the Atlantic Council in Washington and a member of Chatham House in London. 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.

Journal Articles

  1. Corporate Governance and the Financial Crisis in Italy

    Dante Roscini

    The financial crisis hit Italy harder than many other Eurozone countries. In part this was due to the fact that the crisis came upon a system that was weakened by years of sub-par economic growth. One of the several endogenous factors that explain the stagnation of the Italian economy is the weak corporate governance in the industrial sector and parts of the financial one. A framework that was designed to maintain stability in the ownership of companies and of certain types of banking institutions ultimately led to an inefficient allocation of capital and to a lack of investment, which contributed to the loss of competitiveness of Italian firms in a fast globalizing marketplace.

    Keywords: Corporate Governance; Financial Crisis; Italy;

    Citation:

    Roscini, Dante. "Corporate Governance and the Financial Crisis in Italy."Journal of Modern Italian Studies 19, no. 4 (2014): 389–395. View Details

Cases and Teaching Materials

  1. Generali: Paving the Way for CEE Expansion

    Dante Roscini and Emer Maloney

    Generali was one of Italy’s largest companies and one of Europe’s largest insurers and had for decades been at the center of the web of cross-shareholding that has characterized the opaque brand of old Italian capitalism. This bred sub-par returns while serving to strengthen a small group of shareholders. Under new CEO Mario Greco and his vision of a “revolution of simplicity, discipline and focus” the company underwent a successful turnaround. One of Greco’s most urgent tasks was to remove uncertainty surrounding the company’s majority stake in a joint venture in Central and Eastern Europe, which it had used as a vehicle for expansion in the region.

    Keywords: insurance industry; joint ventures; Expansion; Joint Ventures; Transformation; Insurance; Emerging Markets; Negotiation Deal; Business and Shareholder Relations; Expansion; Business Strategy; Insurance Industry; Italy; Europe;

    Citation:

    Roscini, Dante, and Emer Maloney. "Generali: Paving the Way for CEE Expansion." Harvard Business School Case 717-016, September 2016. View Details
  2. Diageo and Mey Icki: Turkish Delight or Turkish Hangover?

    Dante Roscini and Gamze Yucaoglu

    In September 2013, two years after its $2.1 billion acquisition of Mey Icki Sanayi ve Ticaret AS (Mey Icki), the principal spirits company in Turkey specializing in the local beverage, raki, Diageo, the world’s leading premium drinks company, was concerned about new legislation approved by the Turkish parliament prohibiting marketing and restricting the places and times at which alcoholic beverages could be sold. Diageo’s Mey Icki investment in 2011 was the company’s biggest acquisition in more than a decade. Having been caught off guard by the 2013 legislative changes, the Diageo management found itself needing to justify its $2.1 billion valuation, given that Diageo had acquired Mey Icki in 2011 from TPG for three times TPG's purchase price in 2006. Investors as well as analysts were questioning the over seven times value increase in Mey Icki since its privatization in 2003. Menezes, new to the CEO post, found himself increasingly overwhelmed by these issues. Had Diageo underestimated the uncertainties in the Turkish market? Would Diageo, with its broad range of brands, geographical spread, and significant financial resources be able to adapt to the changing environment and recoup its vast investment in Turkey? The case describes the forces that affect investment circumstances in emerging markets, raising the issue of how to best manage and prepare for risks. The case provides the context for the students to identify the potential elements that companies could face when investing in emerging markets where rules, legislation, and taxation can change and thus affect investment outcomes. The case challenges the students to ponder what companies should think about when investing in volatile markets and what it takes for them to succeed under uncertain and shifting circumstances.

    Keywords: Foreign Direct Investment; Emerging Markets; Government Legislation; Taxation; Valuation; Business and Government Relations; Government and Politics; Risk Management; Retail Industry; Food and Beverage Industry; Middle East; Turkey;

    Citation:

    Roscini, Dante, and Gamze Yucaoglu. "Diageo and Mey Icki: Turkish Delight or Turkish Hangover?" Harvard Business School Case 717-005, August 2016. (Revised August 2016.) View Details
  3. OMV Petrom: Investment as Partnership—When It Takes Three to Tango

    Dante Roscini, Emer Maloney and Daniela Beyersdorfer

    Petrom was privatized by the Romanian state in 2004 and acquired by Austrian oil company OMV, with the state retaining a 20.6% stake in the company. The situation was particularly challenging for the foreign investor since the sector in which the company operated was strategic, was regulated by the Romanian state and the company was a key employer and tax payer in a country that was undergoing major structural change. Under OMV and CEO Mariana Gheorghe's leadership, OMV Petrom saw its net profit and sales almost double since 2005, while headcount was reduced by 50%. Gheorghe had negotiated challenges stemming from Petrom's legacy as a state-owned company, such as lack of investment, aged assets, operational inefficiency, and bureaucracy while successfully managing the triangular partnership between the acquirer OMV, acquiree OMV Petrom and the Romanian government.

    Keywords: privatization; Business and Government Relations; Partners and Partnerships; Energy Industry; Energy Industry; Romania; Austria; Europe;

    Citation:

    Roscini, Dante, Emer Maloney, and Daniela Beyersdorfer. "OMV Petrom: Investment as Partnership—When It Takes Three to Tango." Harvard Business School Case 716-035, October 2015. View Details
  4. The TTIP: Bridging the Transatlantic Economy

    Dante Roscini and Christina Marin

    In 2016, the United States and the European Union struggled to reach an agreement over the Transatlantic Trade and Investment Partnership (TTIP). Started in June 2013, TTIP negotiations had gone on much longer than anyone had expected. With elections coming on both sides of the Atlantic and a rising opposition in the public opinion, what where the odds that such a comprehensive trade agreement would see the light? How would TTIP change the rules of world trade? Who would benefit and who instead lose if an agreement was finally reached?

    Keywords: International trade; European Union; United States; Agreements and Arrangements; Trade; United States; European Union;

    Citation:

    Roscini, Dante, and Christina Marin. "The TTIP: Bridging the Transatlantic Economy." Harvard Business School Case 716-026, September 2015. (Revised August 2016.) View Details
  5. Evolving Trends in Global Trade

    Dante Roscini and Annelena Lobb

    The note, while not intended to be historically comprehensive, explores the regulation of international trade from the period after World War II to developments in 2010, focusing on shifts in trade theory and policy as well as economic benefits and disadvantages associated with trade liberalization. The note also discusses the advantages and disadvantages of multilateral vs. bilateral or plurilateral agreements, as the latter become more common in arrangements between trading partners.

    Keywords: trade; trade negotiations; Development Economics; Developing Countries and Economies; Governance; Negotiation; Globalization; Europe; Latin America; North and Central America; Asia; Africa; China;

    Citation:

    Roscini, Dante, and Annelena Lobb. "Evolving Trends in Global Trade." Harvard Business School Background Note 716-024, August 2015. View Details
  6. Viva Macau (A)

    Dante Roscini and G. A. Donovan

    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 August 2015.) View Details
  7. Persephone's Pomegranate: Crédit Agricole and Emporiki

    Dante Roscini, Daniela Beyersdorfer and Jerome Lenhardt

    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.) View Details
  8. Can the Eurozone Survive?

    Dante Roscini and Jonathan Schlefer

    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.) View Details
  9. The Greek Crisis: Tragedy or Opportunity?

    Dante Roscini, Jonathan Schlefer and Konstantinos Dimitriou

    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.) View Details
  10. How Government Debt Accumulates

    Dante Roscini and Jonathan Schlefer

    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.) View Details
  11. The Euro in Crisis: Decision Time at the European Central Bank (TN)

    J. Gunnar Trumbull, Dante Roscini and Diane Choi

    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. View Details
  12. The Euro in Crisis: Decision Time at the European Central Bank

    J. Gunnar Trumbull, Dante Roscini and Diane Choi

    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.) View Details
  13. Chile's Copper Surplus: The Road Not Taken (B)

    Laura Alfaro, Dante Roscini and Renee Kim

    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.) View Details
  14. Central Europe after the Crash: Between Europe and the Euro

    Diego A. Comin, Dante Roscini and Elisa Farri

    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. View Details
  15. Necessity and Invention: Monetary Policy Innovation and the Subprime Crisis

    Aldo Musacchio and Dante Roscini

    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.) View Details

Presentations