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Supply chain risk is a strategic issue for managing multinational companies, and Covid-19 has shown the relevance of this type of risk for the firm’s survival probability. The market may perceive the choice of replacing some of the main customers or suppliers as an increase or a decrease of the risk based on the features of the new supply chain members, and markets tend to penalize companies that increase their exposure to unaffordable events. During the pandemic, many supply chains suffered from glitches and companies were obliged to redefine their network by selecting their new strategic customers and/or suppliers. The paper evaluates the supply chain composition strategies of a set of multinational companies based in the US during the last decade. It highlights the differences in supply chain management behavior before and during the pandemic. Data collected allow testing the impact on the stock market performance of modifying the supply chain network by adding new members that may have a different level of risk. Results show that the market reaction to supply chain updates changed after the Covid-19, and nowadays there is greater attention on the credit risk of the new companies entering the supply chain.

La crisi pandemica ha stravolto il modo di vivere dei cittadini modificando l'ordine di priorità degli individui nelle loro scelte di investimento immobiliare e ha messo in evidenza i problemi dello sviluppo immobiliare degli ultimi decenni, che ha privilegiato la location rispetto alla qualità dell'immobile, spesso inseguendo modelli insediativi insostenibili, diffusi se non di-spersi. Il lockdown e lo smart working hanno evidenziato l'esigenza di ripensare l'abitare e di conseguenza il patrimonio immobiliare, privilegiando dimensione e qualità piuttosto che sol-tanto la location. In questo scenario, la rigenerazione urbana rappresenta uno strumento privi-legiato di intervento, anche se quasi sempre demandato all'iniziativa degli operatori privati. Sulla base di un'analisi combinata economico-urbanistica, l'articolo evidenzia le opportunità che la rigenerazione urbana può (e deve) avere sul mercato immobiliare e sulla società e quali devono essere allora i meccanismi di (buon) governo del territorio da parte delle istituzioni pubbliche per raggiungere un ragionevole equilibrio tra interesse collettivo e interesse privato (senza demonizzare la rendita).

In light of multiple motivations for the use of trade credit, firms tend to supply and receive trade credit at the same time, so the choice to engage in one of these activities could influence the other. Many studies proposed in the literature define models of trade credit and provide empirical evidence, looking mainly at only one aspect of trade policy at a time. The few studies comparing gross and net exposure models are based on a limited set of variables or on a limited time horizon. In the context of one of the more relevant world markets (Italy), this paper compares models for gross and net exposure, demonstrating a significant difference in the statistical fitness of the two models and in the characteristics of the explanatory variables. The results demonstrate the existence of a strict relationship between trade credit and debt choices and suggest some unique features of net models compared to gross ones.