Mortgage securitization and its credit risk control

This dissertation concentrate on the mortgage securitization and its credit risk, which are criticized as the main causes of the financial crisis. From the point of the veiw of mortgage's evolution, the nature, structure and function of mortgage has been radically changed, yet the mortgage law did not give appropriate response to this market change. Meanwhile, the U.S legilslations facilitating the mortgage securitization also have rotten the legal foundations for mortgage market self-regulation and sustained development. In contrast, the EU covered bond system has kept financial stability for 200 years' time, and their statutory approach has been proved to be able to control the credit risk and incentive problems very well, in combination of market self-regulation and public regulation. So the future reform should be directed to strengthen the market's capacity of self-regulation and improve the public regulation. For the development of mortgage securitization in China, it is suggested to introduce the EU covered bond system for the reason of the equilibrium between funding efficiency and financial stability.

Econometric models of financial risks

The goal of this dissertation is to use statistical tools to analyze specific financial risks that have played dominant roles in the US financial crisis of 2008-2009. The first risk relates to the level of aggregate stress in the financial markets. I estimate the impact of financial stress on economic activity and monetary policy using structural VAR analysis. The second set of risks concerns the US housing market. There are in fact two prominent risks associated with a US mortgage, as borrowers can both prepay or default on a mortgage. I test the existence of unobservable heterogeneity in the borrower's decision to default or prepay on his mortgage by estimating a multinomial logit model with borrower-specific random coefficients.

Modificazioni soggettive del rapporto obbligatorio e garanzie reali

Lo studio del lato soggettivo del rapporto è centrale nella teoria dell’obbligazione. Ci si chiede se la modificazione di una o anche di entrambe le parti del rapporto determini sempre la sua estinzione o se, invece, si conservi la sua unitarietà oggettiva. La risposta a questo interrogativo è stata diversa a seconda delle diverse epoche storiche. Nel diritto romano si riteneva che la variazione di qualunque soggetto determinasse l’estinzione del rapporto e la costituzione di una nuova obbligazione (novazione soggettiva). Tale soluzione è stata osteggiata dai codificatori moderni per i quali, in caso di modifica delle personae non si ha estinzione del rapporto, ma solo il mutamento di uno dei suoi elementi. Quanto ai diritti di garanzia, in particolare l’ipoteca, i principi generali essenzali sono la specialità e l’accessorietà. Quest’ultima caratteristica è dirimente in caso di modificazione soggettiva del rapporto e ciò emerge in sede di trattazione delle singole fattispecie del Codice Civile che la determinano, sia quanto al creditore sia quanto al debitore. Per velocizzare il subentro nel credito, nel 2007 è stato approvato il decreto Bersani (sulla portabilità del mutuo) che ha consentito di rimuovere vincoli a tale circolazione, nell’ambito dei rapporti bancari. Le caratteristiche della modificazione del rapporto obbligatorio, tuttavia, possono minare l’efficacia della riforma Bersani. Questo è il motivo per il quale taluni studiosi ritengono necessario procedere a un’ampia rivisitazione dell’intero diritto ipotecario, eliminando, sulla scia di quanto accaduto in altri ordinamenti europei, il requisito dell’accessorietà del vincolo. Nonostante ciò, a causa dei rischi connessi a questa riforma, si ritiene preferibile affinare il meccanismo di perfezionamento della portabilità, eliminandone le criticità, senza però pregiudicare le sicurezze dell’attuale sistema giuridico, di cui l’accessorietà dell’ipoteca rispetto al credito costituisce un importante caposaldo.

Comparative Analysis of Alternative Hybrid Systems for Automotive Applications

The main objective of this work was to investigate the impact of different hybridization concepts and levels of hybridization on fuel economy of a standard road vehicle where both conventional and non-conventional hybrid architectures are treated exactly in the same way from the point of view of overall energy flow optimization. Hybrid component models were developed and presented in detail as well as the simulations results mainly for NEDC cycle. The analysis was performed on four different parallel hybrid powertrain concepts: Hybrid Electric Vehicle (HEV), High Speed Flywheel Hybrid Vehicle (HSF-HV), Hydraulic Hybrid Vehicle (HHV) and Pneumatic Hybrid Vehicle (PHV). In order to perform equitable analysis of different hybrid systems, comparison was performed also on the basis of the same usable system energy storage capacity (i.e. 625kJ for HEV, HSF and the HHV) but in the case of pneumatic hybrid systems maximal storage capacity was limited by the size of the systems in order to comply with the packaging requirements of the vehicle. The simulations were performed within the IAV Gmbh - VeLoDyn software simulator based on Matlab / Simulink software package. Advanced cycle independent control strategy (ECMS) was implemented into the hybrid supervisory control unit in order to solve power management problem for all hybrid powertrain solutions. In order to maintain State of Charge within desired boundaries during different cycles and to facilitate easy implementation and recalibration of the control strategy for very different hybrid systems, Charge Sustaining Algorithm was added into the ECMS framework. Also, a Variable Shift Pattern VSP-ECMS algorithm was proposed as an extension of ECMS capabilities so as to include gear selection into the determination of minimal (energy) cost function of the hybrid system. Further, cycle-based energetic analysis was performed in all the simulated cases, and the results have been reported in the corresponding chapters.

Trasmissibilità del mutuo, circolazione del credito e surrogazione

La presente ricerca mira ad individuare e risolvere alcuni problemi di inquadramento e di disciplina applicabile in ordine all’istituto regolato dall’art. 8 della legge n. 40/2007, con successive modificazioni ed integrazioni, definito a livello normativo come «portabilità del mutuo». In particolare, ci si è chiesti come la nuova normativa in tema di trasferibilità del mutuo possa inserirsi all’interno della disciplina della surrogazione se quest’ultima non venga considerata come possibile strumento di circolazione del credito e se ci si possa spingere fino a considerare l’art. 8 come una riscrittura moderna dell’istituto codicistico. Sebbene l’art. 8 non sia stato limitato ai finanziamenti ipotecari, tali istituti costituiscono il principale ambito di applicazione della normativa. Per questa ragione si è sostenuto che la disposizione, più che la «portabilità del mutuo», avrebbe lo scopo di incentivare la «portabilità dell’ipoteca», intendendosi quest’ultima come la surrogazione del nuovo finanziatore nel credito ipotecario, ovvero più specificamente nell’ipoteca, ai sensi dell’art. 1202 c.c. Lo studio dei riflessi della surrogazione, così come prevista dalla legge del 2007, sulle garanzie in generale e sull’ipoteca in particolare, ha mostrato come il legislatore, tramite l’introduzione di una disciplina semplificata, abbia inteso adeguare gli istituti giuridici tradizionali alle esigenze pratiche di flessibilità del mercato del credito; ciò tuttavia con scarso successo e lasciando aperti taluni dubbi interpretativi. Al fine di approfondire la ricerca, si è affrontata la materia oggetto di studio in un’ottica comparata, rilevando quali siano a livello europeo le principali differenze in tema di circolazione del credito, portabilità del mutuo e trasferibilità delle garanzie.

Sanctions and public enforcement of insider trading laws in Europe

The recent financial crisis triggered an increasing demand for financial regulation to counteract the potential negative economic effects of the evermore complex operations and instruments available on financial markets. As a result, insider trading regulation counts amongst the relatively recent but particularly active regulation battles in Europe and overseas. Claims for more transparency and equitable securities markets proliferate, ranging from concerns about investor protection to global market stability. The internationalization of the world’s securities market has challenged traditional notions of regulation and enforcement. Considering that insider trading is currently forbidden all over Europe, this study follows a law and economics approach in identifying how this prohibition should be enforced. More precisely, the study investigates first whether criminal law is necessary under all circumstances to enforce insider trading; second, if it should be introduced at EU level. This study provides evidence of law and economics theoretical logic underlying the legal mechanisms that guide sanctioning and public enforcement of the insider trading prohibition by identifying optimal forms, natures and types of sanctions that effectively induce insider trading deterrence. The analysis further aims to reveal the economic rationality that drives the potential need for harmonization of criminal enforcement of insider trading laws within the European environment by proceeding to a comparative analysis of the current legislations of height selected Member States. This work also assesses the European Union’s most recent initiative through a critical analysis of the proposal for a Directive on criminal sanctions for Market Abuse. Based on the conclusions drawn from its close analysis, the study takes on the challenge of analyzing whether or not the actual European public enforcement of the laws prohibiting insider trading is coherent with the theoretical law and economics recommendations, and how these enforcement practices could be improved.