Economie locali, mondi globali. Per un'etnografia del microcredito in Italia

Local worlds, global economies. For an ethnography of microcredit in Italy. The research main purpose is to provide an anthropological analysis of a microcredit project targeting migrant women in Venice, Italy. Microcredit is a globally widespread financial strategy. Muhammad Yunus’ Grameen Bank success in Bangladesh was pivotal in promoting microfinance as one of the most important poverty alleviation strategies in the Development Countries. Post Industrial Countries adopted microcredit to foster “non bankable” categories – notably immigrants, women and young people - financial inclusion. The history of the Venice project is reconstructed starting from the perspectives of its main characters (promoters, social workers, beneficiaries and local stakeholders). Their positioned representations are analyzed in order to understand how different actors reproduced or renegotiated some of the main rhetorics underpinning the hegemonic “microcredit discourse”. Specifically, keywords such as “sustainability”, “empowerment” and “trust” are critically deconstructed to see how they are meant and translated into practice by different actors. Fieldwork data allows some considerations on the Italian way to microfinance.

Chirurgia dermatologica pediatrica

Le caratteristiche istologiche, immunologiche e fisiologiche della cute in età pediatrica sono responsabili di quadri dermatologici differenti nel bambino rispetto all’adulto, per cui la dermatologia pediatrica sta acquisendo sempre maggiore importanza come branca specifica nell’ambito sia della dermatologia generale che della pediatria. Il problema cruciale che si incontra nel management delle dermatosi pediatriche è legato alle difficoltà diagnostiche incontrate, che comportano spesso la necessità di eseguire una biopsia cutanea. Mentre gli studi epidemiologici relativi alla frequenza delle patologie dermatologiche pediatriche siano ampiamente riportati in letteratura, i dati e le revisioni relative alla chirurgia pediatrica dermatologica, nell’ambito dei servizi di Dermatologia Pediatrica, sono ridotti. Nell’arco dei tre anni di dottorato, la mia attività è stata finalizzata a valutare la possibilità di organizzare un servizio ambulatoriale per i prelievi bioptici in età pediatrica, con il solo ausilio di anestetici topici e locali. Durante i tre anni di Dottorato di Ricerca sono stati eseguiti 296 prelievi. Le biopsie eseguite sono state suddivise in 3 gruppi: biopsie diagnostiche su patologie dermatologiche (108 pz, 36%), biopsie su neoformazioni cutanee (174 pz, 59 %) e biopsie su lesioni follicolari ( 14 pz, 5%). Di ciascun gruppo sono state valutate le patologie riscontrate, l’età, il sesso, l’impiego di anestetico topico associato ad anestetico locale. In 180 (61%) pazienti dopo la biopsia si è proceduto all’applicazione di punti di sutura. Si sono valutati inoltre i vantaggi e gli svantaggi di tale attività ambulatoriale rispetto ai prelievi eseguiti avvalendosi di una sedazione profonda.

Ownership, Multiple Blockholders and Performance: A study of the Indonesian Banking Industry

The objective of this study is to provide empirical evidence on how ownership structure and owner’s identity affect performance, in the banking industry by using a panel of Indonesia banks over the period 2000–2009. Firstly, we analysed the impact of the presence of multiple blockholders on bank ownership structure and performance. Building on multiple agency and principal-principal theories, we investigated whether the presence and shares dispersion across blockholders with different identities (i.e. central and regional government; families; foreign banks and financial institutions) affected bank performance, in terms of profitability and efficiency. We found that the number of blockholders has a negative effect on banks’ performance, while blockholders’ concentration has a positive effect. Moreover, we observed that the dispersion of ownership across different types of blockholders has a negative effect on banks’ performance. We interpret such results as evidence that, when heterogeneous blockholders are present, the disadvantage from conflicts of interests between blockholders seems to outweigh the advantage of the increase in additional monitoring by additional blockholder. Secondly, we conducted a joint analysis of the static, selection, and dynamic effects of different types of ownership on banks’ performance. We found that regional banks and foreign banks have a higher profitability and efficiency as compared to domestic private banks. In the short-run, foreign acquisitions and domestic M&As reduce the level of overhead costs, while in the long-run they increase the Net Interest Margin (NIM). Further, we analysed NIM determinants, to asses the impact of ownership on bank business orientation. Our findings lend support to our prediction that the NIM determinants differs accordingly to the type of bank ownership. We also observed that banks that experienced changes in ownership, such as foreign-acquired banks, manifest different interest margin determinants with respect to domestic or foreign banks that did not experience ownership rearrangements.

Bank Governance and the Bail-in in the EU. A Law & Finance analysis on the role of bail-inable creditors

This dissertation assesses the impact of the EU Directive on Bank Recovery and Resolution (BRRD) on bank corporate governance and investigates a fundamental question. Can the resolution framework for distressed banks enhance the quality of banks’ decision making? According to the Directive, the Resolution Authority can impose losses on bank’s creditors in case of distress through a bail-in. Bail-inable creditors become residual claimants of the bank, contingent on its distress. The first part of the dissertation establishes an analytical framework for bank governance, starting from the problem of what can be defined as “good governance” in banking. The dissertation hypothesizes that governance regulation represents a necessary link between the incentives of corporate constituencies and the goals of substantive regulation. The second part builds upon this analytical framework and carries out a positive analysis encompassing three channels of debt governance; namely, price internalisation of risk; contractual arrangements and the discrete impact of different type of creditors. The existence of a resolution framework should incentivise bail-inable creditors to better discipline the borrowing bank; yet, the design of both the capital and resolution regulation largely foreclose such possibility to creditors. Against this backdrop, the third part of the dissertation moves to normative considerations. The approach to this normative part combines and complements the study of cash flow rights of the management with the study of the voting rights to bail-inable creditors. On the cash flow side, the dissertation proposes to include bail-inable debt as part of the variable remuneration for bank risk-takers. On the voting right, the proposal is to grant a limited basket of ex-ante governance rights to bail-inable creditors. Such a unified approach is rather uncommon in the literature, where cash flow rights and voting rights are often approached separately whereas those complement each other in the dissertation.