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Prof. Roberto Moro Visconti
Università Cattolica del Sacro Cuore, Milano, Italy

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Research Keywords & Expertise

0 Corporate Finance
0 Corporate Governance
0 Healthcare
0 Intangible Assets
0 Microfinance

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Corporate Governance
Healthcare
Public Private Partnerships
Microfinance
Project Finance
Intangible Assets
Corporate Finance

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Short Biography

Roberto Moro Visconti, MA, PhD, is associate professor of Corporate Finance Università Cattolica del Sacro Cuore, Milan, Italy. Main research areas concern digital intangibles, project financing and microfinance. Chartered accountant and financial consultant (www.morovisconti.com/en) specializing in corporate valuations, financial engineering, and project management.

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Journal article
Published: 30 April 2021 in Sustainability
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Framework: Healthcare project finance (PF) involves long-term structural investments in hospitals, typically within a public–private partnership (PPP). Banks represent the third major stakeholder, supporting the private player. Within this well-known framework, digital platforms represent a new virtual stakeholder, operating as a bridging node that incorporates information, and eases transactions. The relationships among the stakeholders are re-engineered around the platform and may be expressed with network theory patterns, even considering its multilayer extensions. Justification: As these investments are highly leveraged, especially during the construction phase, bankability represents a major sustainability concern. Objective: The research question is focused on the savings deriving from the introduction of networked digital platforms, and on their impact on bankability, shaping a new PPP model. Methodology: The study is conducted through (a) an economic–financial sensitivity analysis where digital savings impact on key PF parameters, including bankability; (b) a mathematical interpretation, based on network theory, where the stakeholders of two ecosystems—respectively, without and with a digital platform—are compared. Results: The creation of a value-adding “pie” anticipates its partitioning among the value co-creating stakeholders. This study represents an advance in the field, showing how technological innovation may improve the overall bankability and the value creation of leveraged infrastructural investments, even beyond the healthcare industry.

ACS Style

Roberto Moro-Visconti. Networking Digital Platforms and Healthcare Project Finance Bankability. Sustainability 2021, 13, 5061 .

AMA Style

Roberto Moro-Visconti. Networking Digital Platforms and Healthcare Project Finance Bankability. Sustainability. 2021; 13 (9):5061.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Networking Digital Platforms and Healthcare Project Finance Bankability." Sustainability 13, no. 9: 5061.

Chapter
Published: 18 April 2021 in Startup Valuation
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This chapter illustrates the valuation guidelines for normal businesses that represent a benchmark even for startups. The valuation of a startup is a key element to attract investors and to monitor value growth across time. Several appraisal approaches are used to estimate the potential fair market value, ranging from Discounted Cash Flows to market multipliers or income/asset-based methodologies. The valuation is complicated by the difficulty to estimate future earnings and cash flows, especially for startups with no track record and uncertain perspectives.

ACS Style

Roberto Moro-Visconti. A Comprehensive Valuation Metrics. Startup Valuation 2021, 183 -211.

AMA Style

Roberto Moro-Visconti. A Comprehensive Valuation Metrics. Startup Valuation. 2021; ():183-211.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "A Comprehensive Valuation Metrics." Startup Valuation , no. : 183-211.

Chapter
Published: 18 April 2021 in Startup Valuation
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Startups are typically debt-free since they are unable to produce positive cash flows or to provide adequate asset-backed guarantees in the first years of their life. Raised capital is so mainly represented by equity, and its monetary component is the cash reservoir that keeps the firm alive until it reaches a liquidity surplus. Cash flow forecasting is crucial to estimate the financial breakeven (runway cash flow), combining the EBITDA generated (or absorbed) by the startup with its change in net working capital and CAPEX. The unlevered features of the startup imply that its opportunity cost of capital is represented just by the cost of collecting equity. In accounting terms, the EBIT tends to coincide with the net result of the income statement (in the absence of debt service and taxes, due to a negative tax base), and the operating cash flow with the net cash flow. When the startup reaches maturity and financial breakeven, it can start raising debt, so increasing its financial leverage. This represents a mighty milestone that can be reached only by the firms that survive Darwinian selection, bypassing the “Death Valley” (that indicates cash- and equity- burnout), and overcoming the “winter of capital.”

ACS Style

Roberto Moro-Visconti. Early-Stage and Debt-Free Startups. Startup Valuation 2021, 143 -159.

AMA Style

Roberto Moro-Visconti. Early-Stage and Debt-Free Startups. Startup Valuation. 2021; ():143-159.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Early-Stage and Debt-Free Startups." Startup Valuation , no. : 143-159.

Chapter
Published: 18 April 2021 in Startup Valuation
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ACS Style

Roberto Moro-Visconti. E-Health and Telemedicine Startup Valuation. Startup Valuation 2021, 341 -361.

AMA Style

Roberto Moro-Visconti. E-Health and Telemedicine Startup Valuation. Startup Valuation. 2021; ():341-361.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "E-Health and Telemedicine Startup Valuation." Startup Valuation , no. : 341-361.

Chapter
Published: 18 April 2021 in Startup Valuation
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Innovative intangibles typically embedded since inception in startups, foster growth, especially if they are bundled in synergistic portfolios. Digital platforms act as a growth catalyzer that ignites real options, introducing resilience and scalability in the business model. Sustainable growth needs to be ESG compliant, following the patterns of the circular or sharing economy.

ACS Style

Roberto Moro-Visconti. Boosting Sustainable Growth with Innovative Intangibles. Startup Valuation 2021, 81 -112.

AMA Style

Roberto Moro-Visconti. Boosting Sustainable Growth with Innovative Intangibles. Startup Valuation. 2021; ():81-112.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Boosting Sustainable Growth with Innovative Intangibles." Startup Valuation , no. : 81-112.

Chapter
Published: 18 April 2021 in Startup Valuation
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Innovative startups are newly formed companies with high growth potential, which usually absorb a lot of liquidity in the early years of life, to finance development, against minimal collateralizable assets. This is unattractive for traditional banking intermediaries, usually replaced by other specialized intermediaries as venture capital or private equity funds, which diversify their portfolio basing their strategies on a multi-year exit with substantial expected increases in value from investments that survive a Darwinian selection. The role of professional intermediaries is often decisive along the selective road from startup to scale-up.

ACS Style

Roberto Moro-Visconti. Cherry-Picking Intermediaries: From Venture Capital to Private Equity Funds. Startup Valuation 2021, 113 -142.

AMA Style

Roberto Moro-Visconti. Cherry-Picking Intermediaries: From Venture Capital to Private Equity Funds. Startup Valuation. 2021; ():113-142.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Cherry-Picking Intermediaries: From Venture Capital to Private Equity Funds." Startup Valuation , no. : 113-142.

Chapter
Published: 18 April 2021 in Startup Valuation
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Innovative startups are newly formed companies with no operating profits and history, and with high growth potential, which usually absorb a lot of liquidity in the early years of life, to finance development, against minimal collateralizable assets. This is unattractive for traditional banking intermediaries, usually replaced by other specialized intermediaries as venture capital or private equity funds, which diversify their portfolio basing their strategies on a multi-year exit with substantial expected increases in value from investments that survive a Darwinian selection. The evaluation of the target companies follows traditional methodologies, accompanied by specific features deriving from varied probabilistic scenarios and multiple exit methods. The technological footprint implies evaluation analogies with patents, know-how, and intangibles linked to specific sectors (biomedical, Internet, etc.).

ACS Style

Roberto Moro-Visconti. Startup Valuation. Startup Valuation 2021, 213 -241.

AMA Style

Roberto Moro-Visconti. Startup Valuation. Startup Valuation. 2021; ():213-241.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Startup Valuation." Startup Valuation , no. : 213-241.

Chapter
Published: 18 April 2021 in Startup Valuation
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A startup is a newly established business begun by an entrepreneur to seek, develop, and validate a scalable economic model, transforming a project into a hopefully viable commercial activity. Bringing ideas to fruition is the ultimate target of successful startuppers. The valuation paradigms represent a central issue for any startupper seeking external finance, either from “family and friends” or through a wider and professional placement, from equity crowdfunding to venture capital or private equity underwriting. This book represents an updated guide to both practitioners, students, and academics about the trendy valuation patterns of the startups. Empirical cases, with industry applications, show how the theoretical background can be applied to real situations.

ACS Style

Roberto Moro-Visconti. Introduction. Startup Valuation 2021, 1 -5.

AMA Style

Roberto Moro-Visconti. Introduction. Startup Valuation. 2021; ():1-5.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Introduction." Startup Valuation , no. : 1-5.

Chapter
Published: 18 April 2021 in Startup Valuation
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A business plan is a formal accounting statement that numerically describes a set of business goals, the reasons why they are believed attainable, and the strategic plan and managerial steps for reaching those goals. Hypotheses and visionary ideas of game-changers must be transformed into numbers and need to be backed by reasonable and verifiable assumptions about future events and milestones. Planning is essential for startups that need to formalize their strategies and economic goals.

ACS Style

Roberto Moro-Visconti. From Business Models to Business Planning. Startup Valuation 2021, 9 -45.

AMA Style

Roberto Moro-Visconti. From Business Models to Business Planning. Startup Valuation. 2021; ():9-45.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "From Business Models to Business Planning." Startup Valuation , no. : 9-45.

Chapter
Published: 18 April 2021 in Startup Valuation
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This chapter goes beyond the traditional model of for-profit startups, showing how Microfinance Institutions—a good template for NGOs—can follow the typical startup patterns, with some adaptations. Microfinance is a renowned albeit controversial solution for giving financial access to the unbanked, even if micro-transactions increase costs, limiting outreach potential. The economic and financial sustainability of Microfinance Institutions (MFIs) is a prerequisite for widening a potentially unlimited client base. Automation decreases costs, expanding the outreach potential, and improving transparency and efficiency. Technological solutions range from branchless mobile banking to geolocalization of customers, digital/social networking for group lending, blockchain validation, big data, and artificial intelligence, up to “MicroFinTech”–FinTech applications adapted to microfinance.

ACS Style

Roberto Moro-Visconti. From Informal Financial Intermediaries to MicroFinTech Valuation. Startup Valuation 2021, 281 -295.

AMA Style

Roberto Moro-Visconti. From Informal Financial Intermediaries to MicroFinTech Valuation. Startup Valuation. 2021; ():281-295.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "From Informal Financial Intermediaries to MicroFinTech Valuation." Startup Valuation , no. : 281-295.

Chapter
Published: 18 April 2021 in Startup Valuation
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Financial technology (FinTech) is an industry composed of diversified companies that use technology to make financial services more efficient. FinTech is recognized as one of the most critical innovations in the financial industry and is evolving at a rapid speed, driven in part by the sharing economy, favorable regulation, and information technology. FinTech promises to disrupt and reshape the financial industry by cutting costs, improving the quality of financial services, and creating a more diverse and stable financial landscape. With the advances in e-finance and mobile technologies for financial firms, FinTech innovation emerged after the worldwide financial crisis in 2008 by combining e-finance, Internet technologies, social networking services, social media, artificial intelligence, and big data analytics. The valuation of FinTech companies concerns promising startups and some seasoned firms. FinTechs have a hybrid business model, as they operate in the financial (banking) sector deploying their technological attitudes. Evaluators may so wonder if FinTechs follow the typical evaluation patterns of bank/financial intermediaries or those of technological firms. Preliminary empirical evidence shows that the latter interpretation is the one consistent with the stock-market mood, and the business model of FinTechs. The appraisal methodology may conveniently start from a strategic interpretation of the business model to extract the key evaluation parameters to insert in the model. Evaluation patterns typically follow Discounted Cash Flows (DCF) or other metrics based on market comparables.

ACS Style

Roberto Moro-Visconti. FinTech Valuation. Startup Valuation 2021, 245 -279.

AMA Style

Roberto Moro-Visconti. FinTech Valuation. Startup Valuation. 2021; ():245-279.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "FinTech Valuation." Startup Valuation , no. : 245-279.

Chapter
Published: 18 April 2021 in Startup Valuation
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Seasoning startups can afford to collect debt whenever they start creating positive cash, build up worthy collateral assets, and soften information asymmetries. Leveraging growth with debt may increase it, albeit with a correspondent risk growth. Capital budgeting metrics, represented by Net Present Value or Internal Rates of Return, incorporate debt underwriting. This analysis is preparatory to Modigliani & Miller proposition II: as the proportion of debt in the company’s capital structure increases, its profitability, proxied by ROE increases in a linear fashion. An empirical case is provided, starting from a real balance sheet.

ACS Style

Roberto Moro-Visconti. Leveraging Startup’s Development with Debt. Startup Valuation 2021, 161 -182.

AMA Style

Roberto Moro-Visconti. Leveraging Startup’s Development with Debt. Startup Valuation. 2021; ():161-182.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Leveraging Startup’s Development with Debt." Startup Valuation , no. : 161-182.

Chapter
Published: 18 April 2021 in Startup Valuation
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Digital platforms broadly represent the environment in which a piece of software is executed, typically online, through a browser. Platforms can also be interpreted as bridging nodes that connect other virtual or physical nodes (e.g., an e-Commerce platform intermediating between a seller and a buyer in a B2C transaction). They can reshape physical supply and value chain, reengineering their processes, and improving the overall resilience. Networks are a powerful catalyzer of interactive activities (exchanges of information; transactions, etc.) that can be boosted and scaled up when they are digitized. Platform nodes may be evaluated considering the Internet traffic that they generate, and the scalability impact of their application, following Metcalfe’s exponential patterns. Platforms do not represent a specific industry or business segment, and they rather refer to a cross-sectional business process that encompasses different industries and products. Startups interact with platforms in a digital ecosystem populated by connected stakeholders that pursue value co-creating strategies. Platforms represented by a legal entity are born as startups and, if successful, quickly scale up and consolidate.

ACS Style

Roberto Moro-Visconti. Digital Platforms and Network Catalyzers. Startup Valuation 2021, 297 -308.

AMA Style

Roberto Moro-Visconti. Digital Platforms and Network Catalyzers. Startup Valuation. 2021; ():297-308.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Digital Platforms and Network Catalyzers." Startup Valuation , no. : 297-308.

Chapter
Published: 18 April 2021 in Startup Valuation
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Food technology (FoodTech) is a branch of food science that deals with the production processes that make foods. AgriTech (AgTech) is the use of technology in agriculture, horticulture, and aquaculture to improve yield, efficiency, and profitability. Agritech can be products, services, or applications derived from agriculture that improve various input/output processes. Investments in FoodTech and AgriTech will continue to increase to help deliver on the promise of healthier, more sustainable food systems and more efficient supply/value chains. Startups challenge incumbent food producers and offer digital solutions or other innovative results. The analysis of the innovative business model of a FoodTech or AgriTech startup is a prerequisite for its appraisal. The evaluation depends on the prioritizing identification of the crucial value drivers.

ACS Style

Roberto Moro-Visconti. FoodTech and AgriTech Startup Valuation. Startup Valuation 2021, 363 -390.

AMA Style

Roberto Moro-Visconti. FoodTech and AgriTech Startup Valuation. Startup Valuation. 2021; ():363-390.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "FoodTech and AgriTech Startup Valuation." Startup Valuation , no. : 363-390.

Chapter
Published: 18 April 2021 in Startup Valuation
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Startup profitability is a core issue of financial statement analysis and corporate finance. Economic profitability, deriving from positive marginality where revenues exceed costs, is considered in complementary ways. Return on equity (ROE), Return on Invested Capital (ROIC), Return on sales (ROS), and other ratios are systematically illustrated, together with their interactions. Economic Value Added (EVA) represents the value created over the required return of the company’s shareholders, i.e., the net profit less the equity cost of the firm’s capital. Cumulated EVA builds up the Market Value Added (MVA).

ACS Style

Roberto Moro-Visconti. Profitability, Intangible Value Creation, and Scalability Patterns. Startup Valuation 2021, 47 -79.

AMA Style

Roberto Moro-Visconti. Profitability, Intangible Value Creation, and Scalability Patterns. Startup Valuation. 2021; ():47-79.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "Profitability, Intangible Value Creation, and Scalability Patterns." Startup Valuation , no. : 47-79.

Chapter
Published: 18 April 2021 in Startup Valuation
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An over-the-top (OTT) media service is a streaming function offered directly to viewers via the Internet. OTT bypasses cable, broadcast, and satellite television platforms, the companies that traditionally act as a controller or distributor of such content. Video on Demand (VoD) allows to play-back digital content whenever and wherever the consumer wants. This industry is relatively young and rapidly evolving. It is so unsurprising that many innovative firms are still in their infancy, belonging to a startup phase. Cutting-edge applications offer entertaining solutions for Internet streaming, disintermediating the supply chain. Smartphone access to the web is eased by tailor-made M-Apps. Social media contribute to the virality of popular media content. The analysis of the innovative business models is a prerequisite for the appraisal of video on demand platforms that embed scalability options. The evaluation depends on the prioritizing identification of the crucial value drivers. The evaluation metrics are mainly based on expected cash flow and market comparisons.

ACS Style

Roberto Moro-Visconti. From Netflix to Youtube: Over-the-Top and Video-on-Demand Platform Valuation. Startup Valuation 2021, 309 -339.

AMA Style

Roberto Moro-Visconti. From Netflix to Youtube: Over-the-Top and Video-on-Demand Platform Valuation. Startup Valuation. 2021; ():309-339.

Chicago/Turabian Style

Roberto Moro-Visconti. 2021. "From Netflix to Youtube: Over-the-Top and Video-on-Demand Platform Valuation." Startup Valuation , no. : 309-339.

Journal article
Published: 16 February 2021 in Corporate Ownership and Control
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The efficient and effective organization and coordination of corporate governance activities is still one of the major challenges of modern corporate management. For many years, it was precisely the so-called three lines of defense model that was used to structure governance functions. However, as more and more open points of discussion regarding practical implementation have emerged over the past years, the three lines model was published in 2020 as a fundamental update by the Institute of Internal Auditors (IIA). This article presents the new model and critically discusses the similarities and differences to the existing model. Thus, this article contributes to the current discussion of best practices regarding corporate governance structure and the fundamental issues of efficient and effective oversight. Both practitioners and researchers should benefit from the critical analysis of this paper.

ACS Style

Marc Eulerich. The new three lines model for structuring corporate governance – A critical discussion of similarities and differences. Corporate Ownership and Control 2021, 18, 180 -187.

AMA Style

Marc Eulerich. The new three lines model for structuring corporate governance – A critical discussion of similarities and differences. Corporate Ownership and Control. 2021; 18 (2):180-187.

Chicago/Turabian Style

Marc Eulerich. 2021. "The new three lines model for structuring corporate governance – A critical discussion of similarities and differences." Corporate Ownership and Control 18, no. 2: 180-187.

Journal article
Published: 16 December 2020 in Corporate Law and Governance Review
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This new issue contains four contributions that geographically extend from Tunisia to Germany, China, and post-colonial countries like Kenya and Uganda. This witnesses the international scope of corporate law and governance and its scalable worldwide applicability, eased by local fine tuning. In spite of this geographical common denominator, the papers evidence spicy differences in their research targets.

ACS Style

Roberto Moro Visconti. Editorial: A geo-context of corporate governance and law scholarly research. Corporate Law and Governance Review 2020, 2, 4 -6.

AMA Style

Roberto Moro Visconti. Editorial: A geo-context of corporate governance and law scholarly research. Corporate Law and Governance Review. 2020; 2 (2):4-6.

Chicago/Turabian Style

Roberto Moro Visconti. 2020. "Editorial: A geo-context of corporate governance and law scholarly research." Corporate Law and Governance Review 2, no. 2: 4-6.

Journal article
Published: 10 December 2020 in Sustainability
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Framework: Financial Technology (FinTech) is an industry composed of diversified firms that combine financial services with innovative technologies. The research question and main goal are attempting to answer whether they are more similar to traditional banks or trendy technological firms deploying their innovativeness to favor financial inclusion and sustainability. Justification: Evaluators may wonder if FinTechs follow the typical evaluation patterns of bank/financial intermediaries or those of technological firms. Preliminary empirical evidence shows that the latter interpretation is the one consistent with the stock-market mood. Objective: This study goes beyond the extant literature, analyzing the differences between FinTechs and traditional banks in market valuation, and showing the potential for digital interaction and cross-pollination of complementary business models. Methodology: The differences will be empirically analyzed with the stock market valuation and the multipliers associated with these firms. Results: The main contribution of this paper is that the appraisal approaches of FinTechs follow those of technological startups, having a revenue model much more scalable than that of a typical bank. FinTechs may so provide a solution for sustainable finance with microfinance and crowdfunding among others. FinTechs and traditional banks may eventually converge towards a common market exploiting co-opetition strategies.

ACS Style

Roberto Moro-Visconti; Salvador Cruz Rambaud; Joaquín López Pascual. Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation. Sustainability 2020, 12, 10316 .

AMA Style

Roberto Moro-Visconti, Salvador Cruz Rambaud, Joaquín López Pascual. Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation. Sustainability. 2020; 12 (24):10316.

Chicago/Turabian Style

Roberto Moro-Visconti; Salvador Cruz Rambaud; Joaquín López Pascual. 2020. "Sustainability in FinTechs: An Explanation through Business Model Scalability and Market Valuation." Sustainability 12, no. 24: 10316.

Journal article
Published: 05 October 2020 in Social Science & Medicine
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This study estimates the geographical disconnection in rural Low-Middle-Income Countries (LMIC) between First-Mile suppliers of healthcare services and end-users. This detachment is due to geographical barriers and to a shortage of technical, financial, and human resources that enable peripheral health facilities to perform effective and prompt diagnosis. End-users typically have easier access to cell-phones than hospitals, so mHealth can help to overcome such barriers, transforming inpatients/outpatients into home-patients, decongesting hospitals, especially during epidemics. This generates savings for patients and the healthcare system. The advantages of mHealth are well known, but there is a literature gap in the description of its economic returns. This study applies a geographical model to a typical LMIC, Uganda, quantifying the time-cost to reach an equipped medical center. Time-cost measures the disconnection between First-Mile hubs and end-users, the potential demand of mHealth by remote end-users, and the consequent savings. The results highlight an average time-cost of 75 minutes, well above the recommended thresholds, and estimate that mHealth leads to significant savings (1.5 monthly salaries and 21% of public health budget). Community health workers and private actors may re-engineer healthcare resources through Public-Private Partnerships (PPP), remunerated with results-based financing (RBF). These findings can contribute to improving healthcare resource allocation in LMIC.

ACS Style

Roberto Moro Visconti; Alberto Larocca; Michele Marconi. Accessibility to First-Mile health services: A time-cost model for rural Uganda. Social Science & Medicine 2020, 265, 113410 .

AMA Style

Roberto Moro Visconti, Alberto Larocca, Michele Marconi. Accessibility to First-Mile health services: A time-cost model for rural Uganda. Social Science & Medicine. 2020; 265 ():113410.

Chicago/Turabian Style

Roberto Moro Visconti; Alberto Larocca; Michele Marconi. 2020. "Accessibility to First-Mile health services: A time-cost model for rural Uganda." Social Science & Medicine 265, no. : 113410.