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.

Development of quantitative methods for sustainability assessment in process industry

The increasing aversion to technological risks of the society requires the development of inherently safer and environmentally friendlier processes, besides assuring the economic competitiveness of the industrial activities. The different forms of impact (e.g. environmental, economic and societal) are frequently characterized by conflicting reduction strategies and must be holistically taken into account in order to identify the optimal solutions in process design. Though the literature reports an extensive discussion of strategies and specific principles, quantitative assessment tools are required to identify the marginal improvements in alternative design options, to allow the trade-off among contradictory aspects and to prevent the “risk shift”. In the present work a set of integrated quantitative tools for design assessment (i.e. design support system) was developed. The tools were specifically dedicated to the implementation of sustainability and inherent safety in process and plant design activities, with respect to chemical and industrial processes in which substances dangerous for humans and environment are used or stored. The tools were mainly devoted to the application in the stages of “conceptual” and “basic design”, when the project is still open to changes (due to the large number of degrees of freedom) which may comprise of strategies to improve sustainability and inherent safety. The set of developed tools includes different phases of the design activities, all through the lifecycle of a project (inventories, process flow diagrams, preliminary plant lay-out plans). The development of such tools gives a substantial contribution to fill the present gap in the availability of sound supports for implementing safety and sustainability in early phases of process design. The proposed decision support system was based on the development of a set of leading key performance indicators (KPIs), which ensure the assessment of economic, societal and environmental impacts of a process (i.e. sustainability profile). The KPIs were based on impact models (also complex), but are easy and swift in the practical application. Their full evaluation is possible also starting from the limited data available during early process design. Innovative reference criteria were developed to compare and aggregate the KPIs on the basis of the actual sitespecific impact burden and the sustainability policy. Particular attention was devoted to the development of reliable criteria and tools for the assessment of inherent safety in different stages of the project lifecycle. The assessment follows an innovative approach in the analysis of inherent safety, based on both the calculation of the expected consequences of potential accidents and the evaluation of the hazards related to equipment. The methodology overrides several problems present in the previous methods proposed for quantitative inherent safety assessment (use of arbitrary indexes, subjective judgement, build-in assumptions, etc.). A specific procedure was defined for the assessment of the hazards related to the formations of undesired substances in chemical systems undergoing “out of control” conditions. In the assessment of layout plans, “ad hoc” tools were developed to account for the hazard of domino escalations and the safety economics. The effectiveness and value of the tools were demonstrated by the application to a large number of case studies concerning different kinds of design activities (choice of materials, design of the process, of the plant, of the layout) and different types of processes/plants (chemical industry, storage facilities, waste disposal). An experimental survey (analysis of the thermal stability of isomers of nitrobenzaldehyde) provided the input data necessary to demonstrate the method for inherent safety assessment of materials.

La ricerca del valore nell'impresa cooperativa di lavorazione e trasformazione: cooperative e imprese capitalistiche a confronto

La ricerca si propone un duplice obbiettivo: 1. provare, attraverso l’applicazione di un metodo teorico tradizionale di analisi economico-finanziaria, il livello ottimale di equilibrio finanziario fra accesso al credito esterno e capitale proprio; 2. mostrare l’utilità di alcuni strumenti finanziari partecipativi per la ricapitalizzazione dell’impresa cooperativa. Oggetto di studio è l’impresa cooperativa che si occupa di una o più fasi del processo di lavorazione, trasformazione e prima commercializzazione del prodotto agricolo conferito dai soci, confrontata con le imprese di capitali che svolgono la medesima attività. La società cooperativa e quella capitalistica saranno, pertanto analizzate in termini di liquidità generata, redditività prodotta e grado di indebitamento, attraverso il calcolo e l’analisi di una serie di indici, tratti dai rispettivi bilanci d’esercizio. È opportuno sottolineare che nella seguente trattazione sarà riservato uno spazio al tema della ricerca del valore nell’impresa cooperativa inteso come espressione della ricchezza creata dai processi aziendali in un determinato periodo di tempo tentando di definire, se esiste, una struttura finanziaria ottimale , ossia uno specifico rapporto tra indebitamento finanziario e mezzi propri, che massimizzi il valore dell’impresa. L’attenzione verso la struttura finanziaria, pertanto, non sarà solo rivolta al costo esplicito del debito o dell’equity, ma si estenderà anche alle implicazioni delle scelte di finanziamento sulle modalità di governo dell’impresa. Infatti molti studi di economia aziendale, e in particolar modo di gestione d’impresa e finanza aziendale, hanno trattato il tema dell’attività di governo dell’impresa, quale elemento in grado di contribuire alla creazione di valore non solo attraverso la selezione dei progetti d’investimento ma anche attraverso la composizione della struttura finanziaria.

Sviluppo di tecniche per la progettazione delle reti di monitoraggio della qualita' dell'aria

L’obiettivo del lavoro consiste nell’implementare una metodologia operativa volta alla progettazione di reti di monitoraggio e di campagne di misura della qualità dell’aria con l’utilizzo del laboratorio mobile, ottimizzando le posizioni dei dispositivi di campionamento rispetto a differenti obiettivi e criteri di scelta. La revisione e l’analisi degli approcci e delle indicazioni fornite dalla normativa di riferimento e dai diversi autori di lavori scientifici ha permesso di proporre un approccio metodologico costituito da due fasi operative principali, che è stato applicato ad un caso studio rappresentato dal territorio della provincia di Ravenna. La metodologia implementata prevede l’integrazione di numerosi strumenti di supporto alla valutazione dello stato di qualità dell’aria e degli effetti che gli inquinanti atmosferici possono generare su specifici recettori sensibili (popolazione residente, vegetazione, beni materiali). In particolare, la metodologia integra approcci di disaggregazione degli inventari delle emissioni attraverso l’utilizzo di variabili proxy, strumenti modellistici per la simulazione della dispersione degli inquinanti in atmosfera ed algoritmi di allocazione degli strumenti di monitoraggio attraverso la massimizzazione (o minimizzazione) di specifiche funzioni obiettivo. La procedura di allocazione sviluppata è stata automatizzata attraverso lo sviluppo di un software che, mediante un’interfaccia grafica di interrogazione, consente di identificare delle aree ottimali per realizzare le diverse campagne di monitoraggio

Assessment and optimization of chemical industrial processes from a life cycle perspective

During the PhD program in chemistry, curriculum in environmental chemistry, at the University of Bologna the sustainability of industry was investigated through the application of the LCA methodology. The efforts were focused on the chemical sector in order to investigate reactions dealing with the Green Chemistry and Green Engineering principles, evaluating their sustainability in comparison with traditional pathways by a life cycle perspective. The environmental benefits associated with a reduction in the synthesis steps and the use of renewable feedstock were assessed through a holistic approach selecting two case studies with high relevance from an industrial point of view: the synthesis of acrylonitrile and the production of acrolein. The current approach wants to represent a standardized application of LCA methodology to the chemical sector, which could be extended to several case studies, and also an improvement of the current databases, since the lack of data to fill the inventories of the chemical productions represent a huge limitation, difficult to overcome and that can affects negatively the results of the studies. Results emerged from the analyses confirms that the sustainability in the chemical sector should be evaluated from a cradle-to-gate approach, considering all the stages and flows involved in each pathways in order to avoid shifting the environmental burdens from a steps to another. Moreover, if possible, LCA should be supported by other tools able to investigate the other two dimensions of sustainability represented by the social and economic issues.

Landslide activity in contrasting land-cover settings constrained by multi-temporal inventorying

This doctoral thesis focuses on the study of historical shallow landslide activity over time in response to anthropogenic forcing on land use, through the compilation of multi-temporal landslide inventories. The study areas, located in contrasting settings and characterized by different history of land-cover changes, include the Sillaro River basin (Italy) and the Tsitika and Eve River basins (coastal British Columbia). The Sillaro River basin belongs to clay-dominated settings, characterized by extensive badland development, and dominated by earth slides and earthflows. Here, forest removal began in the Roman period and has been followed by agricultural land abandonment and natural revegetation in recent time. By contrast, the Tsitika-Eve River basins are characterized by granitic and basaltic lithologies, and dominated by debris slides, debris flows and debris avalanches. In this setting, anthropogenic impacts started in 1960’s and have involved logging operation. The thesis begins with an introductory chapter, followed by a methodological section, where a multi-temporal mapping approach is proposed and tested at four landslide sites of the Sillaro River basin. Results, in terms of inventory completeness in time and space, are compared against the existing region-wide Emilia-Romagna inventory. This approach is then applied at the Sillaro River basin scale, where the multi-temporal inventory obtained is used to investigate the landslide activity in relation to historical land cover changes across geologic domains and in relation to hydro-meteorological forcing. Then, the impact of timber harvesting and road construction on landslide activity and sediment transfer in the Tsitika-Eve River basins is investigated, with a focus on the controls that interactions between landscape morphometry and cutblock location may have on landslide size-frequency relations. The thesis ends with a summary of the main findings and discusses advantages and limitations associated with the compilation of multi-temporal inventories in the two settings during different periods of human-driven, land-cover dynamics.