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.

Arbitrary Waveform Multilevel Generator for High Voltage High Frequency Plasma Actuators

This dissertation presents the theory and the conducted activity that lead to the construction of a high voltage high frequency arbitrary waveform voltage generator. The generator has been specifically designed to supply power to a wide range of plasma actuators. The system has been completely designed, manufactured and tested at the Department of Electrical, Electronic and Information Engineering of the University of Bologna. The generator structure is based on the single phase cascaded H-bridge multilevel topology and is comprised of 24 elementary units that are series connected in order to form the typical staircase output voltage waveform of a multilevel converter. The total number of voltage levels that can be produced by the generator is 49. Each level is 600 V making the output peak-to-peak voltage equal to 28.8 kV. The large number of levels provides high resolution with respect to the output voltage having thus the possibility to generate arbitrary waveforms. Maximum frequency of operation is 20 kHz. A study of the relevant literature shows that this is the first time that a cascaded multilevel converter of such dimensions has been constructed. Isolation and control challenges had to be solved for the realization of the system. The biggest problem of the current technology in power supplies for plasma actuators is load matching. Resonant converters are the most used power supplies and are seriously affected by this problem. The manufactured generator completely solves this issue providing consistent voltage output independently of the connected load. This fact is very important when executing tests and during the comparison of the results because all measures should be comparable and not dependent from matching issues. The use of the multilevel converter for power supplying a plasma actuator is a real technological breakthrough that has provided and will continue to provide very significant experimental results.

Non-thermal emission in High Frequency Peaked blazars towards the Square Kilometer Array era

In this thesis work we will explore and discuss the properties of the gamma-ray sources included in the first Fermi-LAT catalog of sources above 10 GeV (1FHL), by considering both blazars and the non negligible fraction of still unassociated gamma-ray sources (UGS, 13%). We perform a statistical analysis of a complete sample of hard gamma-ray sources, included in the 1FHL catalog, mostly composed of HSP blazars, and we present new VLBI observations of the faintest members of the sample. The new VLBI data, complemented by an extensive search of the archives for brighter sources, are essential to gather a sample as large as possible for the assessment of the significance of the correlation between radio and very high energy (E>100 GeV) emission bands. After the characterization of the statistical properties of HSP blazars and UGS, we use a complementary approach, by focusing on an intensive multi-frequency observing VLBI and gamma-ray campaign carried out for one of the most remarkable and closest HSP blazar Markarian 421.

X-ray properties and evolution of high-redshift AGN, and the gas content of host galaxies

In this thesis, I have investigated the evolution of the high-redshift (z > 3) AGN population by collecting data from some of the major Chandra and XMM-Newton surveys. The final sample (141 sources) is one of the largest selected at z> 3 in the X- rays and it is characterised by a very high redshift completeness (98%). I derived the spectral slopes and obscurations through a spectral anaysis and I assessed the high-z evolution by deriving the luminosity function and the number counts of the sample. The best representation of the AGN evolution is a pure density evolution (PDE) model: the AGN space density is found to decrease by a factor of 10 from z=3 to z=5. I also found that about 50% of AGN are obscured by large column densities (logNH > 23). By comparing these data with those in the Local Universe, I found a positive evolution of the obscured AGN fraction with redshift, especially for luminous (logLx > 44) AGN. I also studied the gas content of z < 1 AGN-hosting galaxies and compared it with that of inactive galaxies. For the first time, I applied to AGN a method to derive the gas mass previously used for inactive galaxies only. AGN are found to live preferentially in gas-rich galaxies. This result on the one hand can help us in understanding the AGN triggering mechanisms, on the other hand explains why AGN are preferentially hosted by star-forming galaxies.

Essays in Applied and Labor Economics

This thesis consists of three self-contained papers. In the first paper I analyze the labor supply behavior of Bologna Pizza Delivery Vendors. Recent influential papers analyze labor supply behavior of taxi drivers (Camerer et al., 1997; and Crawford and Meng, 2011) and suggest that reference-dependence preferences have an important influence on drivers’ labor-supply decisions. Unlike previous papers, I am able to identify an exogenous and transitory change in labor demand. Using high frequency data on orders and rainfall as an exogenous demand shifter, I invariably find that reference-dependent preferences play no role in their labor’ supply decisions and the behavior of pizza vendors is perfectly consistent with the predictions of the standard model of labor’ supply. In the second paper, I investigate how the voting behavior of Members of Parliament is influenced by the Members seating nearby. By exploiting the random seating arrangements in the Icelandic Parliament, I show that being seated next to Members of a different party increases the probability of not being aligned with one’s own party. Using the exact spatial orientation of the peers, I provide evidence that supports the hypothesis that interaction is the main channel that explain these results. In the third paper, I provide an estimate of the trade flows that there would have been between the UK and Europe if the UK had joined the Euro. As an alternative approach to the standard log-linear gravity equation I employ the synthetic control method. I show that the aggregate trade flows between Britain and Europe would have been 13% higher if the UK had adopted the Euro.