Latest publications

Chiara Cremasco

Phd Student

Chiara is a PhD Candidate at the Department of Management, Economics and Industrial Engineering – Politecnico di Milano. Her current research interests are related to impact investing and business model innovation in social purpose organisations. She is also involved in teaching activities and in projects that the TIRESIA research centre carries out with external clients.

Research topics

  • impact investing
  • social enterprises
  • business model innovation



Is the European Union (EU) Sustainable Finance Disclosure Regulation (SFDR) effective in shaping sustainability objectives? An analysis of investment funds’ behaviour. Journal of Sustainable Finance & Investment.​

Chiara Cremasco, Leonardo Boni

This paper investigates how investment funds behave in line with European Union (EU)’s Sustainable Finance Disclosure Regulation (SFDR). The SFDR requires investment funds to take a clear position with respect to sustainability objectives, aiming at addressing the threats of greenwashing. However, we still do not know whether investment funds are managed accordingly. We frame our study within the organizational category theory, using Morningstar Direct data to analyze the category of investment funds declaring sustainability objectives – SFDR Article 9– and a control group with no sustainability objectives – SFDR Article 6. We assess how investment managers are financially incentivized to achieve either sustainability or financial objectives. The analysis evidences unexpected results: investment funds that self-select into opposite categories have incentives to behave similarly from both the financial and sustainability perspectives. Our results show that European investment funds hardly distinguish the attributes of sustainability meanings across opposite categories, reflecting category fuzziness.

DOI: 10.1080/20430795.2022.2124838


EMPOWERING WOMEN, BUILDING SUSTAINABLE ASSETS. Strengthening the depth of gender lens investing across asset classes​Bocconi University, Phenix Capital Group, Politecnico di Milano and UN Women 

La triade dell’impatto: definire un approccio operativo per la finanza ad impatto

Bonaga, G., Ecchia, G., Prandini, R., & Venturi, P. (Ed.) Finanza d’impatto sociale – Istituzioni, capacity building e governance per l’innovazione. Milano: FrancoAngeli Edizioni. 

Borrello, A., Chiodo, V., & Cremasco, C.,-capacity-building-e-governance-per-l%27innovazione?Id=28574


TIRESIA Impact Outlook 2019

Mario Calderini, Veronica Chiodo, Alice Borrello (Role: Supporting the authors)

The Tiresia Impact Outlook 2019 was presented on 22 November 2019 in Milan and offers an updated description of the state of the art of social impact finance in Italy, with some reflections on the possible development trajectories of a market with great transformative power such as impact investing.