Corporate Governance and Dividend Policy in European Banking

This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.

Safety, Security And safeguards In GEN IV sodium fast reactors

This work presents first a study of the national and international laws in the fields of safety, security and safeguards. The international treaties and the recommendations issued by the IAEA as well as the national regulations in force in France, the United States and Italy are analyzed. As a result of this, a comparison among them is presented. Given the interest of the Japan Atomic Energy Agency for the aspects of criminal penalties and monetary, also the Japanese case is analyzed. The main part of this work was held at the JAEA in the field of proliferation resistance (PR) and physical protection (PP) of a GEN IV sodium fast reactor. For this purpose the design of the system is completed and the PR & PP methodology is applied to obtain data usable by designers for the improvement of the system itself. Due to the presence of sensitive data, not all the details can be disclosed. The reactor site of a hypothetical and commercial sodium-cooled fast neutron nuclear reactor system (SFR) is used as the target NES for the application of the methodology. The methodology is applied to all the PR and PP scenarios: diversion, misuse and breakout; theft and sabotage. The methodology is applied to the SFR to check if this system meets the target of PR and PP as described in the GIF goal; secondly, a comparison between the SFR and a LWR is performed to evaluate if and how it would be possible to improve the PR&PP of the SFR. The comparison is implemented according to the example development target: achieving PR&PP similar or superior to domestic and international ALWR. Three main actions were performed: implement the evaluation methodology; characterize the PR&PP for the nuclear energy system; identify recommendations for system designers through the comparison.

Technological trajectories and environmental policy: the transformation of the automobile

This thesis aims to fill the gap in the literature by examining the relationship between technological trajectories and environmental policy in the automotive industry, focusing on the role of environmental policies in unlocking the industry from fossil fuel path-dependence. It first explores the inducement mechanism that underpins the interaction between environmental policy and green technological advances, investigating under what conditions the European environmental transport policy portfolio and the intrinsic characteristics of assignees' knowledge boost worldwide green patent production. Subsequently, the thesis empirically analyses the dynamics of technological knowledge involved in technological trajectories assessing evolution patterns such as variation, selection and retention, in order to study the impact of policy implementation on technological knowledge related to electric and hybrid vehicle technologies. Finally, the thesis sheds light on the drivers that encourage a shift from incumbent internal combustion engine technologies towards low-emission vehicle technologies. This analysis tests whether tax-inclusive fuel prices and technological proximity between technological fields induce a shift from non-environmental inventions to environmentally friendly inventive activities and if they impact the competition between alternative vehicle technologies. The findings provide insights into the effectiveness of environmental policy in triggering inventive activities related to the development of alternative vehicle technologies. In addition, there is evidence that environmental policy redirects technological efforts towards a sustainable path and impacts the competition between low-emission vehicles.