5 resultados para mid-cap equities

em AMS Tesi di Dottorato - Alm@DL - Università di Bologna


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The Italian radio telescopes currently undergo a major upgrade period in response to the growing demand for deep radio observations, such as surveys on large sky areas or observations of vast samples of compact radio sources. The optimised employment of the Italian antennas, at first constructed mainly for VLBI activities and provided with a control system (FS – Field System) not tailored to single-dish observations, required important modifications in particular of the guiding software and data acquisition system. The production of a completely new control system called ESCS (Enhanced Single-dish Control System) for the Medicina dish started in 2007, in synergy with the software development for the forthcoming Sardinia Radio Telescope (SRT). The aim is to produce a system optimised for single-dish observations in continuum, spectrometry and polarimetry. ESCS is also planned to be installed at the Noto site. A substantial part of this thesis work consisted in designing and developing subsystems within ESCS, in order to provide this software with tools to carry out large maps, spanning from the implementation of On-The-Fly fast scans (following both conventional and innovative observing strategies) to the production of single-dish standard output files and the realisation of tools for the quick-look of the acquired data. The test period coincided with the commissioning phase for two devices temporarily installed – while waiting for the SRT to be completed – on the Medicina antenna: a 18-26 GHz 7-feed receiver and the 14-channel analogue backend developed for its use. It is worth stressing that it is the only K-band multi-feed receiver at present available worldwide. The commissioning of the overall hardware/software system constituted a considerable section of the thesis work. Tests were led in order to verify the system stability and its capabilities, down to sensitivity levels which had never been reached in Medicina using the previous observing techniques and hardware devices. The aim was also to assess the scientific potential of the multi-feed receiver for the production of wide maps, exploiting its temporary availability on a mid-sized antenna. Dishes like the 32-m antennas at Medicina and Noto, in fact, offer the best conditions for large-area surveys, especially at high frequencies, as they provide a suited compromise between sufficiently large beam sizes to cover quickly large areas of the sky (typical of small-sized telescopes) and sensitivity (typical of large-sized telescopes). The KNoWS (K-band Northern Wide Survey) project is aimed at the realisation of a full-northern-sky survey at 21 GHz; its pilot observations, performed using the new ESCS tools and a peculiar observing strategy, constituted an ideal test-bed for ESCS itself and for the multi-feed/backend system. The KNoWS group, which I am part of, supported the commissioning activities also providing map-making and source-extraction tools, in order to complete the necessary data reduction pipeline and assess the general system scientific capabilities. The K-band observations, which were carried out in several sessions along the December 2008-March 2010 period, were accompanied by the realisation of a 5 GHz test survey during the summertime, which is not suitable for high-frequency observations. This activity was conceived in order to check the new analogue backend separately from the multi-feed receiver, and to simultaneously produce original scientific data (the 6-cm Medicina Survey, 6MS, a polar cap survey to complete PMN-GB6 and provide an all-sky coverage at 5 GHz).

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Il lavoro di tesi ha l’obiettivo di dare seguito e profondità alle verifiche già condotte negli anni scorsi da Monticini e Baglioni, da Angelini e da Vento e La Ganga. Nel dettaglio nella serie storica dei tassi scambiati, sul comparto ON, del mercato e-Mid, riscontrano empiricamente che i tassi scambiati nelle prime ore del mattino sono in media superiori rispetto a quelli del pomeriggio. In pratica emerge un costo orario positivo. Il campione è costituito da 196.571 contratti eseguiti tra il 1 gennaio 2007 ed il 31 marzo 2009, sul comparto ON. Le analisi si sono concentrate sull’intensità del reversal patttern, oltre che su base giornaliera anche su base settimanale (day of the week) e su base mensile (month of the year effect). Le medesime analisi sono state condotte sull’ultimo giorno del periodo di mantenimento, e su particolari giorni che hanno scandito la crisi finanziaria. Per osservare la dinamica del reversal pattern prima e durante la crisi, le medesime verifiche sono condotte su tre sub campioni. Il primo considera tutti i contratti dall’inizio e fino all’8 agosto compreso; il secondo da quest’ultimo e fino al 12 settembre 2008 compreso; l’ultimo dal fallimento della Lehman e fino al 31 marzo 2009. I risultati confermano la presenza del reversal, per tutti i giorni e per tutti i mesi. Tuttavia quando il campione è suddiviso, le stime del primo campione, perdono di significatività, in particolare il giovedì ed il mese di febbraio. Sel medesimo periodo di campionamento al fine di verificare se il reversal pattern sia attribuire in parte anche alla liquidità del mercato, si è indagato su tutte le proposte in bid ed in offer, e dei relativi volumi, ovvero sul bid ask spread, il relativo prezzo medio ed i volumi. Anche in questo caso le analisi si sono concentrate oltre che sul campione originario, anche sui tre sub campioni in cui è stato successivamente suddiviso. . Quando infine si analizzano volumi e proposte, si nota innanzitutto che, al mattino, quando i prezzi scambiati sono maggiori il bid ask spread è minimo. Viceversa il pomeriggio quando il BAS è minore. La stessa dinamica si osserva per lo spread effettivo (SE), il quale è pari alla differenza tra prezzo medio delle contrattazioni e prezzo medio delle proposte. Infine i volumi sia delle proposte che delle contrattazioni, sono maggiori al mattino rispetto al pomeriggio e tendono a decrescere con l’intensificarsi della crisi. Inoltre i volumi in bid sono sempre maggiori rispetto a quelli in offer al mattino piuttosto che al pomeriggio.

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The interaction between atmosphere–land–ocean–biosphere systems plays a prominent role on the atmospheric dynamics and on the convective rainfall distribution over the West Africa monsoon area during the boreal summer. In particular, the initialization of convective systems in the Sub – Sahelian region has been directly linked to soil moisture heterogeneities identified as the major triggering, development and propagation of convective systems. The present study aims at investigating African monsoon large scale convective dynamics and rainfall diurnal cycle through an exploration of the hypothesis behind the mechanisms of a monsoon phenomenon as an emergence of a collective dynamics of many propagating convective systems. Such hypothesis is based on the existence of an internal self – regulation mechanism among the various components. To achieve these results a multiple analysis was performed based on remote sensed rainfall dataset, and global and regional modelling data for a period of 5 seasons: 2004 - 2008. Satellite rainfall data and convective occurrence variability were studied for assessing typical spatio – temporal signatures and characteristics with an emphasis to the diurnal cycle footprint. A global model and regional model simulation datasets, specifically developed for this analysis and based on Regional Atmospheric Modelling System – RAMS, have been analysed. Results from numerical model datasets highlight the evidence of a synchronization between the destabilization of the convective boundary layer and rainfall occurrence due to the solar radiation forcing through the latent heat release. This supports the conclusion that the studied interacting systems are associated with a process of mutual adjustment of rhythms. Furthermore, this rainfall internal coherence was studied in relation to the West African Heat Low pressure system, which has a prominent role in the large scale summer variability over the Mediterranean area since it is acting as one of dynamic link between sub tropical and midlatitudes variability.

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The CAP reform process has been a central issue for agricultural economics research in recent years, and is gaining further attention in view of the post-2013 perspectives (Viaggi et al., 2010; Bartolini et al., 2011). Today the CAP is in the middle of a new reform process. Through the debate generated by the official proposals, published in October 2011 (COM(2011)625/3), the European Union (EU) engaged in a revision of the CAP ended on 26 June 2013 when a political agreement has been reached (IP/13/613, MEMO-13-621 and IP/13/864). In particular, in Italy the switch of the payment regime from historical to regional bases will take place. The underlying assumption is that the shift to regionalized payments changes the remuneration of inputs and has an impact on farmers’ allocation of fixed resources. In this context, farmers are expected to adjust their plans to the new policy environment as the regionalization of support is meant to create a change in incentives faced by farmers. The objective of this thesis is to provide an ex-ante analysis of the potential impact of the introduction of regionalized payments, within the post-2013 CAP reform, on the land market. Regionalized payments seem to produce differentiated effects and contribute to a general (slight) increase of land exchanges. The individual reaction to the new payments introduction would be different depending on location and specialization. These effects seem to be also strongly influenced by the difference in historical payments endowment and value, i.e. by the previous historical system of distribution of payments.