Managing the Risk of Specific Projects an Innovative Model from the Italian Experience
Bruna Ecchia

Abstract
Based on the integrated standpoints of studies in managerial behaviour and the contributes of the options in the enterprise value creation this paper highlights how an original Italian technique of productive resources segregation can be a valid internal way to confine the impact of downside risk of specific and very innovative projects without in any way limiting the impact of upside risk. Only under an unrealistic hypothesis of a perfectly efficient market this technique has no effects. In all other cases it would be generally able to achieve both a lower risk threshold for accepting particular innovative projects and an increase in the market value of the company.

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