Il conflitto fra trasparenza sui mercati finanziari ed esigenza di riservatezza della società

The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.

La clausola della nazione più favorita dalle convenzioni internazionali all'ordinamento europeo

Il principale obiettivo della tesi è dimostrare come la connessione tra i differenti livelli giuridici che riguardano le relazioni tra Stati membri dell'UE richieda un'interpretazione sistematica delle convenzioni contro le doppie imposizioni intracomunitarie, ed in particolare richieda l'applicazione della clausola della nazione più favorita.

Responsabilita' sociale d'impresa e abitudini alimentari: contributo di Coop nella creazione di valore per i cittadini, per il territorio e i prodotti tipici di qualità

I cambiamenti e le innovazioni sociali, che hanno caratterizzato il secolo scorso, hanno generato mutamenti significativi nella struttura dei consumi, legati in particolare a una maggiore consapevolezza dei consumatori e allo scoppio della crisi economica. Assume sempre maggiore importanza, all’interno delle politiche di brand management, il ruolo della Responsabilità Sociale d’Impresa, che spinge la Grande Distribuzione Organizzata a proporre prodotti con più alti standard qualitativi e di sicurezza. Il caso analizzato è quello della linea biologica ViviVerde Coop, la cui offerta di prodotti biologici a private label ha avuto un impatto molto positivo sul mercato. L’analisi dell’elasticità della curva di domanda di alcuni di questi prodotti nel periodo gennaio 2010-maggio 2012 rivela diversi valori positivi e maggiori di 1, indice del fatto che il prezzo non abbia avuto effetti negativi sulle vendite dei prodotti considerati. Tale evidenza risulta rilevante proprio in un periodo di profonda crisi economica che ha interessato, in modo significativo, anche i consumi alimentari.

Climate change and the tourism sector: the clean development mechanism, a market instrument under the Kyoto Protocol to achieve multiple objectives

The main objective of this research is to demonstrate that the Clean Development Mechanism (CDM), an instrument created under a global international treaty, can achieve multiple objectives beyond those for which it has been established. As such, while being already a powerful tool to contribute to the global fight against climate change, the CDM can also be successful if applied to different sectors not contemplated before. In particular, this research aimed at demonstrating that a wider utilization of the CDM in the tourism sector can represent an innovative way to foster sustainable tourism and generate additional benefits. The CDM was created by Article 12 of the Kyoto Protocol of the United Nations Framework Convention on Climate Change (UNFCCC) and represents an innovative tool to reduce greenhouse gases emissions through the implementation of mitigation activities in developing countries which generate certified emission reductions (CERs), each of them equivalent to one ton of CO2 not emitted in the atmosphere. These credits can be used for compliance reasons by industrialized countries in achieving their reduction targets. The logic path of this research begins with an analysis of the scientific evidences of climate change and its impacts on different economic sectors including tourism and it continues with a focus on the linkages between climate and the tourism sector. Then, it analyses the international responses to the issue of climate change and the peculiar activities in the international arena addressing climate change and the tourism sector. The concluding part of the work presents the objectives and achievements of the CDM and its links to the tourism sector by considering case studies of existing projects which demonstrate that the underlying question can be positively answered. New opportunities for the tourism sector are available.

International Agricultural Trade under Regulatory Asymmetry: An Economic Analysis of SME Export Behavior

Over the last three decades, international agricultural trade has grown significantly. Technological advances in transportation logistics and storage have created opportunities to ship anything almost anywhere. Bilateral and multilateral trade agreements have also opened new pathways to an increasingly global market place. Yet, international agricultural trade is often constrained by differences in regulatory regimes. The impact of “regulatory asymmetry” is particularly acute for small and medium sized enterprises (SMEs) that lack resources and expertise to successfully operate in markets that have substantially different regulatory structures. As governments seek to encourage the development of SMEs, policy makers often confront the critical question of what ultimately motivates SME export behavior. Specifically, there is considerable interest in understanding how SMEs confront the challenges of regulatory asymmetry. Neoclassical models of the firm generally emphasize expected profit maximization under uncertainty, however these approaches do not adequately explain the entrepreneurial decision under regulatory asymmetry. Behavioral theories of the firm offer a far richer understanding of decision making by taking into account aspirations and adaptive performance in risky environments. This paper develops an analytical framework for decision making of a single agent. Considering risk, uncertainty and opportunity cost, the analysis focuses on the export behavior response of an SME in a situation of regulatory asymmetry. Drawing on the experience of fruit processor in Muzaffarpur, India, who must consider different regulatory environments when shipping fruit treated with sulfur dioxide, the study dissects the firm-level decision using @Risk, a Monte Carlo computational tool.

Banking Regulation in Turkey and Russia: An Economic Analysis

The importance of the banks and financial markets relies on the fact that they promote economic efficiency by allocating savings efficiently to profitable investment opportunities.An efficient banking system is a key determinant for the financial stability.The theory of market failure forms the basis for understanding financial regulation.Following the detrimental economic and financial consequences in theaftermath of the crisis, academics and policymakers started to focus their attention on the construction of an appropriate regulatory and supervisory framework of the banking sector. This dissertation aims at understanding the impact of regulations and supervision on banks’ performance focusing on two emerging market economies, Turkey and Russia. It aims at examining the way in which regulations matter for financial stability and banking performance from a law & economics perspective. A review of the theory of banking regulation, particularly as applied to emerging economies, shows that the efficiency of certain solutions regarding banking regulation is open to debate. Therefore, in the context of emerging countries, whether a certain approach is efficient or not will be presented as an empirical question to which this dissertation will try to find an answer.

Flow Field–Flow Fractionation for size analysis and characterization of nanoparticles for applications in Life Sciences

Nanotechnologies are rapidly expanding because of the opportunities that the new materials offer in many areas such as the manufacturing industry, food production, processing and preservation, and in the pharmaceutical and cosmetic industry. Size distribution of the nanoparticles determines their properties and is a fundamental parameter that needs to be monitored from the small-scale synthesis up to the bulk production and quality control of nanotech products on the market. A consequence of the increasing number of applications of nanomaterial is that the EU regulatory authorities are introducing the obligation for companies that make use of nanomaterials to acquire analytical platforms for the assessment of the size parameters of the nanomaterials. In this work, Asymmetrical Flow Field-Flow Fractionation (AF4) and Hollow Fiber F4 (HF5), hyphenated with Multiangle Light Scattering (MALS) are presented as tools for a deep functional characterization of nanoparticles. In particular, it is demonstrated the applicability of AF4-MALS for the characterization of liposomes in a wide series of mediums. Afterwards the technique is used to explore the functional features of a liposomal drug vector in terms of its biological and physical interaction with blood serum components: a comprehensive approach to understand the behavior of lipid vesicles in terms of drug release and fusion/interaction with other biological species is described, together with weaknesses and strength of the method. Afterwards the size characterization, size stability, and conjugation of azidothymidine drug molecules with a new generation of metastable drug vectors, the Metal Organic Frameworks, is discussed. Lastly, it is shown the applicability of HF5-ICP-MS for the rapid screening of samples of relevant nanorisk: rather than a deep and comprehensive characterization it this time shown a quick and smart methodology that within few steps provides qualitative information on the content of metallic nanoparticles in tattoo ink samples.