Abstract
This paper presents an optimal business model configuration for public financial intermediaries (PFIs). Using nonparametric techniques on Italian public financial corporations, the most efficient business models combined asset diversification and income specialization. These business models were unaffected by external financial turmoil, due to weak connections between PFIs and the traditional financial circuit; and public–private ownership is more efficient than purely public ownership, regardless of the business model adopted.
Additional information
Notes on contributors
Martina Santandrea
Martina Santandrea is a Private Equity Consultant for Oltreventure, Italy.
Tommaso Agasisti
Tommaso Agasisti is Associate Professor of Public Management at Politecnico di Milano, Italy.
Marco Giorgino
Marco Giorgino is a Full Professor of Risk Management and Corporate Finance at Politecnico di Milano, Italy.
Andrea S. Patrucco
Andrea Stefano Patrucco is Assistant Professor in Project and Supply Chain Management, Penn State University, USA.