RICORDACI: Research on the Conservation, Restoration and Diagnosis of Cinematographic Films

This thesis is the result of the RICORDACI project, a three-year European-funded initiative involving the collaboration between the University of Bologna and the restoration laboratory of the Cineteca di Bologna, L'immagine Ritrovata, which aimed to develop innovative solutions and technologies for the preservation of cinematographic film heritage. In particular, this thesis presents new analytical methodologies to exploit two types of portable miniaturized Near Infrared spectrometers working in Diffuse Reflectance over the Short Wave Infrared (SWIR) range, to study the near infrared (NIR) spectral behavior of film base materials for an accurate, non-invasive and fast characterization of the polymer type; and for films with cellulose acetate supports, they can be employed as a diagnostic tool for monitoring the Degree of substitution (DS) affected by the loss of acetyl groups. The proposed methods offer non-invasive, fast, inexpensive and simple alternatives for the characterization and diagnosis of film bases to help the strategic planning and decision-making regarding storage, digitalization and intervention of film collections. Secondly, the thesis includes the evaluation of new green cleaning systems and solvents for the effective, fast and innocuous removal of undesired substances from degraded cinematographic films bases; these tests compared the efficiency of traditional systems and solvents against the new proposals. Firstly, the use of Deep Eutectic Solvent formulations for removing softened gelatin residues from cellulose nitrate bases; and secondly, the employment of green volatile solvents with different application methods, including the use of new electrospun nylon mats, for avoiding the dangerous use of friction for the removal of Triphenyl Phosphate blooms from the surface of cellulose acetate bases. The results obtained will help improving the efficiency of the interventions needed before the digitalization of historical cinematographic films and will pave the way for further investigation on the use of green solvents for cleaning polymeric heritage objects.

Flexibility and firm value: the role of inventories

In the present thesis I study the contribution to firm value of inventories management from a risk management perspective. I find a significant contribution of inventories to the value of risk management especially through the operating flexibility channel. In contrast, I do not find evidence supporting the view of inventories a reserve of liquidity. Inventories substitute, albeit not perfectly, derivatives or cash holdings. The substitution between hedging with derivatives and inventory is moderated by the correlation between cash flow and the underlying asset in the derivative contract. Hedge ratios increase with the effectiveness of derivatives. The decision to hedge with cash holdings or inventories is strongly influenced by the degree of complementarity between production factors and by cash flow volatility. In addition, I provide a risk management based explanation of the secular substitution between inventories and cash holdings documented, among others, in Bates et al. (2009), Journal of Finance. In a sample of U.S. firms between 1980 and 2006, I empirically confirm the negative relation between inventories and cash and provide evidence on the poor performance of investment cash flow sensitivities as a measure of financial constraints also in the case of inventories investment. This result can be explained by firms' scarce reliance on inventories as a reserve of liquidity. Finally, as an extension of my study, I contrast with empirical data the theoretical predictions of a model on the integrated management of inventories, trade credit and cash holdings.