3D probability tomography: theoretical developments and applications to high-resolution geophysical prospecting

The theory of the 3D multipole probability tomography method (3D GPT) to image source poles, dipoles, quadrupoles and octopoles, of a geophysical vector or scalar field dataset is developed. A geophysical dataset is assumed to be the response of an aggregation of poles, dipoles, quadrupoles and octopoles. These physical sources are used to reconstruct without a priori assumptions the most probable position and shape of the true geophysical buried sources, by determining the location of their centres and critical points of their boundaries, as corners, wedges and vertices. This theory, then, is adapted to the geoelectrical, gravity and self potential methods. A few synthetic examples using simple geometries and three field examples are discussed in order to demonstrate the notably enhanced resolution power of the new approach. At first, the application to a field example related to a dipole–dipole geoelectrical survey carried out in the archaeological park of Pompei is presented. The survey was finalised to recognize remains of the ancient Roman urban network including roads, squares and buildings, which were buried under the thick pyroclastic cover fallen during the 79 AD Vesuvius eruption. The revealed anomaly structures are ascribed to wellpreserved remnants of some aligned walls of Roman edifices, buried and partially destroyed by the 79 AD Vesuvius pyroclastic fall. Then, a field example related to a gravity survey carried out in the volcanic area of Mount Etna (Sicily, Italy) is presented, aimed at imaging as accurately as possible the differential mass density structure within the first few km of depth inside the volcanic apparatus. An assemblage of vertical prismatic blocks appears to be the most probable gravity model of the Etna apparatus within the first 5 km of depth below sea level. Finally, an experimental SP dataset collected in the Mt. Somma-Vesuvius volcanic district (Naples, Italy) is elaborated in order to define location and shape of the sources of two SP anomalies of opposite sign detected in the northwestern sector of the surveyed area. The modelled sources are interpreted as the polarization state induced by an intense hydrothermal convective flow mechanism within the volcanic apparatus, from the free surface down to about 3 km of depth b.s.l..

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.

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.

Finanza Imprenditoriale: Teoria del Portafoglio e Costo del Capitale

This thesis focuses on the limits that may prevent an entrepreneur from maximizing her value, and the benefits of diversification in reducing her cost of capital. After reviewing all relevant literature dealing with the differences between traditional corporate finance and entrepreneurial finance, we focus on the biases occurring when traditional finance techniques are applied to the entrepreneurial context. In particular, using the portfolio theory framework, we determine the degree of under-diversification of entrepreneurs. Borrowing the methodology developed by Kerins et al. (2004), we test a model for the cost of capital according to the firms' industry and the entrepreneur's wealth commitment to the firm. This model takes three market inputs (standard deviation of market returns, expected return of the market, and risk-free rate), and two firm-specific inputs (standard deviation of the firm returns and correlation between firm and market returns) as parameters, and returns an appropriate cost of capital as an output. We determine the expected market return and the risk-free rate according to the huge literature on the market risk premium. As for the market return volatility, it is estimated considering a GARCH specification for the market index returns. Furthermore, we assume that the firm-specific inputs can be obtained considering new-listed firms similar in risk to the firm we are evaluating. After we form a database including all the data needed for our analysis, we perform an empirical investigation to understand how much of the firm's total risk depends on market risk, and which explanatory variables can explain it. Our results show that cost of capital declines as the level of entrepreneur's commitment decreases. Therefore, maximizing the value for the entrepreneur depends on the fraction of entrepreneur's wealth invested in the firm and the fraction she sells to outside investors. These results are interesting both for entrepreneurs and policy makers: the former can benefit from an unbiased model for their valuation; the latter can obtain some guidelines to overcome the recent financial market crisis.

Effetti degli accordi Euro-Mediterrani sul comparto dell'ortofrutta fresca

In 1995, the European Union (EU) Member States and 12 Mediterranean countries launched in Barcelona a liberalization process that aims at establishing a free trade area (to be realized by 2010) and at promoting a sustainable and balanced economic development by the adoption of a new generation of Agreements: the Euro-Mediterranean Agreements (EMA). For the Mediterranean partner countries, the main concern is a better access for their fruit and vegetable exports to the European market. These products represent the main exports of these countries, and the EU is their first trading partner. On the other side, for the EU the main issue is not only the promotion of its products, but also the protection of its fruit and vegetables producers. Moreover, the trade with third countries is the key element of the Common Market Organization of the sector. Fruit and vegetables represent a very sensitive sector since their high seasonality, high perishability, and especially since the production of the Mediterranean countries is often similar to the European Mediterranean’s countries one. In fact, the agreements define preferences at the entrance of the EU market providing limited concessions for each partner, for specific products, limited quantities and calendars. This research tries to analyze the bilateral trade volume for fresh fruit and vegetables in the European and Italian markets in order to assess the effects of Mediterranean liberalization on this sector. Free trade of agricultural products represents a very actual topic in international trade and the Mediterranean countries, recognised as big producers of fruit and vegetables, as big exporters of their crops and actually significantly present on the European market, could be high competitors with the inward production because the outlet could be the same. The goal of this study is to provide some considerations about the competitiveness of mediterranean fruit and vegetables productions after Barcelona Process, in a first step for the European market and then also for the Italian one. The aim is to discuss the influence of the euro-mediterranean agreements on the fruit and vegetables trade between 10 foreign Mediterranean countries (Algeria, Egypt, Israel, Jordan, Libya, Lebanon, Morocco, Tunisia, Syria, and Turkey) and 15 EU countries in the period 1995-2007, by means of a gravity model, which is a widespread methodology in international trade analysis. The basic idea of gravity models is that bilateral trade from one country to another (as the dependent variable) can be explained by a set of factors: - factors that capture the potential of a country to export goods and services; - factors that capture the propensity of a country to imports goods and services; - any other forces that either attract or inhibit bilateral trade. This analysis compares only imports’ flows by Europe and by Italy (in volumes) from Mediterranean countries, since the exports’ flows toward those foreign countries are not significant, especially for Italy. The market of fruit and vegetables appears as a high heterogeneous group so it is very difficult to show a synthesis of the analysis performed and the related results. In fact, this sector includes the so called “poor products” (such as potatoes and legumes), and the “rich product”, such as nuts or exotic fruit, and there are a lot of different goods that arouse a dissimilar consumer demand which directly influence the import requirements. Fruit and vegetables sector includes products with extremely different biological cycles, leading to a very unlike seasonality. Moreover, the Mediterranean area appears as a highly heterogeneous bloc, including countries which differ from the others for economic size, production potential, capability to export and for the relationships with the EU. The econometric estimation includes 68 analyses, 34 of which considering the European import and 34 the Italian import and the products are examined in their aggregated form and in their disaggregated level. The analysis obtains a very high R2 coefficient, which means that the methodology is able to assess the import effects on fruit and vegetables associated to the Association Agreements, preferential tariffs, regional integration, and others information involved in the equation. The empirical analysis suggests that fruits and vegetables trade flows are well explained by some parameters: size of the involved countries (especially GDP and population of the Mediterranean countries); distances; prices of imported products; local production for the aggregated products; preferential expressed tariffs like duty free; sub-regional agreements that enforce the export capability. The euro-mediterranean agreements are significant in some of the performed analysis, confirming the slow and gradual evolution of euro- Mediterranean liberalization. The euro-mediterranean liberalization provides opportunities from one side, and imposes a new important challenge from the other side. For the EU the chance is that fruit and vegetables imported from the mediterranean area represent a support for local supply and a possibility to increase the range of products existing on the market. The challenge regards the competition of foreign products with the local ones since the types of productions are similar and markets coincide, especially in the Italian issue. We need to apply a strategy based not on a trade antagonism, but on the realization of a common plane market with the Mediterranean countries. This goal could be achieved enhancing the industrial cooperation in addition to commercial relationships, and increasing investments’ flows in the Mediterranean countries aiming at transforming those countries from potential competitors to trade partners and creating new commercial policies to export towards extra European countries.

Climate impact studies of sediment transport on the Adriatic coastal zone

The study of the impact of climate change on the environment has been based, until very recently, on an global approach, whose interest from a local point of view is very limited. This thesis, on the contrary, has treated the study of the impact of climate change in the Adriatic Sea basin following a twofold strategy of regionalization and integration of numerical models in order to reproduce the present and future scenarios of the system through a more and more realistic and solid approach. In particular the focus of the study was on the impact on the physical environment and on the sediment transport in the basin. This latter is a very new and original issue, to our knowledge still uninvestigated. The study case of the coastal area of Montenegro was particularly studied, since it is characterized by an important supply of sediment through the Buna/Bojana river, second most important in the Adriatic basin in terms of flow. To do this, a methodology to introduce the tidal processes in a baroclinic primitive equations Ocean General Circulation Model was applied and tidal processes were successfully reproduced in the Adriatic Sea, analyzing also the impacts they have on the mean general circulation, on salt and heat transport and on mixing and stratification of the water column in the different seasons of the year. The new hydrodynamical model has been further coupled with a wave model and with a river and sea sediment transport model, showing good results in the reproduction of sediment transport processes. Finally this complex coupled platform was integrated in the period 2001-2030 under the A1B scenario of IPCC, and the impact of climate change on the physical system and on sediment transport was preliminarily evaluated.

La traduzione letteraria in Unione Sovietica (1930-1955)

In Unione Sovietica il partito mette in atto un sistema di istituzioni per controllare il mondo culturale e la produzione scritta: il Glavlit, il massimo istituto censorio, l’Unione degli scrittori, un’editoria centralizzata e statalizzata e un unico metodo creativo possibile, il realismo socialista. Il settore della traduzione letteraria e della ricezione della letteratura straniera vengono ugualmente posti sotto controllo. All’interno dell’Unione degli scrittori operano la Sezione dei Traduttori, a cui spetta la formazione dei nuovi traduttori sovietici, e la Commissione Straniera, che stabilisce quali autori e quali libri occidentali debbano essere tradotti. Il Reparto straniero del Glavlit controlla il materiale a stampa proveniente dall’estero, la sua distribuzione e le modalità di consultazione e si occupa di effettuare una censura sia sul testo in lingua straniera che su quello tradotto in lingua russa. Parallelamente, il codice estetico e normativo del realismo socialista comincia a influenzare lo sviluppo della teoria della traduzione. La traduttologia si allinea alla critica letteraria ufficiale e promuove un approccio libero al testo che permetta l’introduzione di modifiche testuali arbitrarie da parte del traduttore o del redattore.

Pathogenic role of IL-33-mediated eosinophil infiltration and function in experimental inflammatory bowel disease

IL-33/ST2 axis is known to promote Th2 immune responses and has been linked to several autoimmune and inflammatory disorders, including inflammatory bowel disease (IBD), and recent evidences show that it can regulate eosinophils (EOS) infiltration and function. Based also on the well documented relationship between EOS and IBD, we assessed the role of IL-33-mediated eosinophilia and ileal inflammation in SAMP1/YitFc (SAMP) murine model of Th1/Th2 chronic enteritis, and we found that IL-33 is related to inflammation progression and EOS infiltration as well as IL-5 and eotaxins increase. Administering IL-33 to SAMP and AKR mice augmented eosinophilia, eotaxins mRNA expression and Th2 molecules production, whereas blockade of ST2 and/or typical EOS molecules, such as IL-5 and CCR3, resulted in a marked decrease of inflammation, EOS infiltration, IL-5 and eotaxins mRNA expression and Th2 cytokines production. Human data supported mice’s showing an increased colocalization of IL-33 and EOS in the colon mucosa of UC patients, as well as an augmented IL-5 and eotaxins mRNA expression, when compared to non-UC. Lastly we analyzed SAMP raised in germ free (GF) condition to see the microbiota effect on IL-33 expression and Th2 responses leading to chronic intestinal inflammation. We found a remarkable decrease in ileal IL-33 and Th2 cytokines mRNA expression as well as EOS infiltration in GF versus normal SAMP with comparable inflammatory scores. Moreover, EOS depletion in normal SAMP didn’t affect IL-33 mRNA expression. These data demonstrate a pathogenic role of IL-33-mediated eosinophilia in chronic intestinal inflammation, and that blockade of IL-33 and/or downstream EOS activation may represent a novel therapeutic modality to treat patients with IBD. Also they highlight the gut microbiota role in IL-33 production, and the following EOS infiltration in the intestinal mucosa, confirming that the microbiota is essential in mounting potent Th2 response leading to chronic ileitis in SAMP.

Pedagogia e immaginario: Fiction e giovani dell'eta' post-moderna

La ricerca prende in esame le produzioni narrative, in particolare quelle dedicate agli adolescenti e ai giovani adulti, nei cui linguaggi e nelle cui trame si insinuano modelli di vita, comportamenti, valori, stereotipie, ecc. Attraverso le fiction dell'ultimo decennio, sono offerte interpretazioni alle costanti e alle variabili che percorrono i diversi prodotti culturali e che sono metafore di caratteristiche e di dinamiche della società post-moderna. Nella ricerca si studiano le trame e i personaggi delle narrazioni e, in parallelo, si individuano le correlazioni con studi pedagogici interessati alle ultime generazioni giovanili. La comparazione ha portato ad un sistema di decifrazione per individuare il giovane dell'era post-moderna tra gli elementi di finzione. Si sono prese in esame le più importanti icone dell'immaginario che, pur attraverso innumerevoli riscritture, continuano ad imporsi come metafore per identificazione, abnegazione, catarsi. Rispetto al passato, molte icone presenti nelle ultime produzioni di fiction subiscono alterazioni leggibili come spie (i.e. Ginzburg). È in queste trasformazioni, spinte fino alla metamorfosi dell'icona, che è possibile rintracciare alcune caratteristiche proprie del mondo giovanile in rapporto con la società contemporanea. L'immaginario può dunque essere lo specchio in cui l'uomo e la società possono riconoscersi, e studiarlo apre possibilità per sviluppare prospettive di interpretazione verso nuovi orizzonti.

Meccanizzazione dei vigneti allevati a doppia cortina e a cordone libero

La ricerca svolta ha voluto approfondire le possibilità offerte dai sistemi di allevamento dei vigneti a Doppia Cortina (GDC) e a Cordone Libero nei riguardi della meccanizzazione. La ricerca ha considerato gli interventi di potatura invernale, di gestione della chioma (spollonatura, cimatura, defogliazione e pettinatura della doppia cortina) e di vendemmia. Un’operazione particolarmente seguita è stata la potatura invernale realizzando differenti livelli di meccanizzazione. Tutti gli interventi sono stati eseguiti sia manualmente che meccanicamente, confrontando i tempi d’impiego, la qualità del lavoro svolto e gli impegni di manodopera. I risultati sono stati sintetizzati in una valutazione economica, ipotizzando differenti livelli di costo della manodopera impiegata, per ottenere giudizi di convenienza per i singoli interventi e per costruire una valutazione completa e più organica della linea di lavoro proposta. Nelle due forme d’allevamento la meccanizzazione della potatura invernale e della gestione della chioma hanno rispettato pienamente gli obbiettivi tecnici prefissati, dimostrando di essere un valido mezzo per ridurre tempi e costi di gestione. Per questi interventi l’acquisto delle macchine risulta conveniente anche per vigneti di piccola dimensione. Ancor più evidenti in queste due forme d’allevamento sono i vantaggi economici offerti dalla vendemmia meccanica, realizzata con pochi maltrattamenti e perdite di prodotto. La tendenza a meccanizzare integralmente gli interventi di gestione del ciclo colturale della vite, può essere nei prossimi anni un motivo di interesse e di scelta nella realizzazione di nuovi impianti con queste due forme di allevamento, che hanno dimostrato di essere un’espressione completa di sinergia tra macchina e pianta.