Incentives, Sustainability, and Law: The relationship between executive pay regulation and corporate social responsibility

What is the relationship between executive pay regulation and corporate social responsibility (CSR)? Currently, CSR is neither sufficiently included in economic research on executive pay, nor is pay regulation considered as a potential instrument in the growing body of CSR legislation. The successful proliferation of CSR in business practice and the attention policymakers and legislators now pay to it, however, have raised the importance of answering these questions. Thus, this blind spot in corporate governance—the relationship between compensation, CSR, and law—is the topic of this thesis. The dissertation approaches these issues in two subsequent research question: first, the role of executive pay regulation as an institutional determinant of CSR engagement is identified. From the results of this, the second research question arises: should legislators promote CSR engagement and—if so—how? Lastly, a case study is conducted to map how the influence of index funds as an important driver of CSR in corporate governance should be accommodated in the design of CSR legislation. The research project shows that pay regulation is part of the institutional determinants of CSR and, depending on its design, can incentivise or discourage different forms of CSR engagement. As a form of private self-regulation, CSR is closely interconnected with legal rules and the result of complex underlying drivers inside and outside the firm. The study develops a differentiation of CSR activities to accommodate this complexity, which is applied in an analysis of pay regulation. Together, these inquiries form a comprehensive picture of the ways in which pay regulation sets incentives for CSR engagement. Finally, the thesis shows how CSR-oriented pay regulation is consistent with the conventional goals of corporate governance and eventually provides a prospect for the integration of CSR and corporate law in general.

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.

The role of the West African Monsoon in the tropical to mid-latitudes climate

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.

Web advertising. Le comunicazioni commerciali on-line.

La tesi ha ad oggetto lo studio e l’approfondimento delle forme di promozione commerciale presenti in Rete caratterizzate, più che da una normale evoluzione, da continue metamorfosi che ridefiniscono ogni giorno il concetto di pubblicità. L’intento è quello di analizzare il quadro giuridico applicabile alla pubblicità via Web, a fronte della varità di forme e di modalità che essa può assumere. Nel lavoro vengono passate in rassegna le caratteristiche che differenziano la pubblicità commerciale on-line rispetto a quella tradizionale; tra le quali, particolare rilievo assume la capacità d’istaurare una relazione – diretta e non mediata – tra impresa e consumatore. Nel prosieguo viene affrontato il problema dell’individuazione, stante il carattere a-territoriale della Rete, della legge applicabile al web advertising, per poi passare ad una ricognizione delle norme europee ed italiane in materia, senza trascurare quelle emanate in sede di autodisciplina. Ampio spazio è dedicato, infine, all’esame delle diverse e più recenti tecniche di promozione pubblicitaria, di cui sono messi in evidenza gli aspetti tecnico-informatici, imprescindibili ai fini di una corretta valutazione del tema giuridico. In particolare, vengono approfonditi il servizio di posizionamento a pagamento offerto dai principali motori di ricerca (keywords advertising) e gli strumenti di tracciamento dei “comportamenti” on-line degli utenti, che consentono la realizzazione di campagne pubblicitarie mirate (on-line behavioural advertising). Il Web, infatti, non offre più soltanto la possibilità di superare barriere spaziali, linguistiche o temporali e di ampliare la propria sfera di notorietà, ma anche di raggiungere l’utente “interessato” e, pertanto, potenziale acquirente. Di queste nuove realtà pubblicitarie vengono vagliati gli aspetti più critici ed esaminata la disciplina giuridica eventualmente applicabile anche alla luce delle principali decisioni giurisprudenziali nazionali ed europee in materia, nonché delle esperienze giuridiche nord-americane e di tipo autoregolamentare.

Si sanctitas inter eos sit digna foedere coniugali. Gli apporti patrimoniali alla moglie superstite in età tardoantica e giustinianea

Queste ricerche si propongono di indagare gli apporti patrimoniali alla morte del marito in favore della moglie superstite, concentrandosi sulla normazione di età tardoantica e giustinianea. Vengono presi in considerazione i principali istituti giuridici che realizzavano, al momento della scomparsa dell’uomo, una cessione patrimoniale a favore della sua vedova: la successione intestata e testata della moglie superstite, la restituzione della dote e il suo lucro sulla donazione nuziale, nonché la c.d. quarta della vedova povera. Di essi si indagano i profili dei relativi regimi giuridici interessanti per il tema di indagine, soffermandosi sulla portata e le ragioni delle riforme che li hanno riguardati, le loro specifiche funzioni nel sistema di sostentamento patrimoniale della coniuge superstite, la loro interazione e integrazione reciproca, il loro ricorso nella prassi. Si giunge alla conclusione che il sistema di tutela della coniuge superstite ebbe poco a che vedere con la successione intestata. Profondamente differente il discorso per quanto attiene alla successione testata e la dote. Più circoscritti di quanto comunemente si pensi, invece, sono i termini in cui è possibile parlare di una funzione di appannaggio vedovile della donazione nuziale. Ecco dunque che, se le garanzie patrimoniali della moglie superstite si sostanziano nel testamento del marito, nella dote, nella donazione nuziale e – nel diritto ultimo e nei soli casi di estremo bisogno – nella quarta uxoria, è chiaro come la questione sia stata demandata, in gran parte, all’autoregolamentazione dei privati. Il legislatore ha saputo predisporre gli strumenti giuridici necessari, assestare gli squilibri dovuti a mutamenti economici e sociali, intervenire laddove ce ne fosse stato bisogno, ma senza invadere un campo così privato e intimo come quello delle relazioni patrimoniali tra coniugi. D’altro canto, il suo intervento non è richiesto «si sanctitas inter eos sit digna foedere coniugali».

Disturbi dell'informazione, nuovi media e libertà di manifestazione del pensiero

L’elaborato affronta il tema della massiccia diffusione di disinformazione tramite internet sotto il profilo del diritto costituzionale, nell’ottica di indagare se le dimensioni del fenomeno richiedano l’elaborazione di principi e soluzioni nuove ovvero se i paradigmi costituzionali enucleati dalla tradizione costituzionalistica con riferimento alla libertà d’espressione forniscano gli strumenti sufficienti per un intervento efficace. In tale ottica, il lavoro premette una ricostruzione del fenomeno della disinformazione nel tentativo di individuare il perimetro socio-cognitivo e tecnologico entro cui la medesima prolifera, descrivendo gli elementi che distinguono l’informazione diffusa dai nuovi media rispetto a quella veicolata dai media mainstream. Ciò premesso, lo studio passa a delineare lo “statuto costituzionale” del falso, indagando la rilevanza che la menzogna assume sotto il profilo costituzionale nel suo rapporto con la libertà di manifestazione del pensiero negli ordinamenti interno, europeo e statunitense. L’analisi prosegue poi con l’esame delle politiche di contrasto alla disinformazione introdotte da singoli Stati (prevalentemente Germania, Francia e Italia), Unione europea, e piattaforme, con l’obiettivo di mettere in luce vantaggi e limiti dei modelli di eteroregolamentazione, coregolamentazione e autoregolamentazione. Da ultimo, l’elaborato scompone alcune delle azioni e misure passate in rassegna e le analizza con la lente d’ingrandimento della libertà di manifestazione del pensiero, ordinandone i contenuti secondo la specifica propensione a comprimere la libertà d’espressione. L’indagine si conclude con alcuni brevi spunti conclusivi che evidenziano l’esigenza, in base ai principi costituzionali analizzati, che eventuali interventi normativi siano se del caso volti alla regolazione delle piattaforme, ovvero dei “contenitori”, lasciano i contenuti al libero scambio delle idee.

Determining the effect of regulation on Microfinance Institutions Financial Self-Sustainability. A Cross-Country Comparison

Microfinance is an initiative which seeks to address financial inclusion, micro-entrepreneurship, and poverty reduction without over burdening governments. However, the current sector of microfinance is still heavily dependent on the good will of donors. The over-reliance on donations is a feature which threatens the long term sustainability of microfinance. Much has been written about this reliance, but research to date hasn’t empirically examined the effect of regulation as a mediator. This is a critical area of study because regulation directly affects Microfinance Institutions’ (MFI) innovation, and innovation is what shapes the future of microfinance. This thesis considers the role that regulation plays in affecting MFI’s and their ability to innovate in products, services and long-term sustainability via access to capital. Interviews were undertaken with stakeholders in MFI’s, NGO’s, Self-Regulating Bodies, and Regulators in India, Pakistan, and Bangladesh. This thesis discusses findings from interviews in relation to regulatory measures regarding financial self-sustainability of MFI’s. The conclusions of this thesis have implications for policy and inform the microfinance literature.

The search for Multiple Myeloma Stem cells: molecular characterization and self-renewal mechanisms involved in the disease persistence

The existence of Multiple Myeloma Stem cells (MMSCs)is supposed to be one of the major causes of MM drug-resistance. However, very little is known about the molecular characteristics of MMSCs, even if some studies suggested that these cells resembles the memory B cells. In order to molecularly characterize MMSCs, we isolated the 138+138- population. For each cell fraction we performed a VDJ rearrangement analysis. The complete set of aberrations were performed by SNP Array 6.0 and HG-U133 Plus 2.0 microarray analyses (Affymetrix). The VDJ rearrangement analyses confirmed the clonal relationship between the 138+ clone and the immature clone. Both BM and PBL 138+ clones showed exactly the same genomic macroalterations. In the BM and PBL 138-19+27+ cell fractions several micro-alterations (range: 1-350 Kb) unique of the memory B cells clone were highlighted. Any micro-alterations detected were located out of any genomic variants region and are presumably associated to the MM pathogenesis, as confirmed by the presence of KRAS, WWOX and XIAP genes among the amplified regions. To get insight into the biology of the clonotypic B cell population, we compared the gene expression profile of 8 MM B cells samples 5 donor B cells vs, thus showing a differential expression of 11480 probes (p-value: <0,05). Among the self-renewal mechanisms, we observed the down-regulation of Hedgehog pathway and the iperactivation of Notch and Wnt signaling. Moreover, these immature cells showed a particular phenotype correlated to resistance to proteasome inhibitors (IRE1α-XBP1: -18.0; -19.96. P<0,05). Data suggested that the MM 138+ clone might resume the end of the complex process of myelomagenesis, whereas the memory B cells have some intriguing micro-alterations and a specific transcriptional program, supporting the idea that these post germinal center cells might be involved in the transforming event that originate and sustain the neoplastic clone.

Development, degeneration and neural network of the bodily self

The question addressed by this dissertation is how the human brain builds a coherent representation of the body, and how this representation is used to recognize its own body. Recent approaches by neuroimaging and TMS revealed hints for a distinct brain representation of human body, as compared with other stimulus categories. Neuropsychological studies demonstrated that body-parts and self body-parts recognition are separate processes sub-served by two different, even if possibly overlapping, networks within the brain. Bodily self-recognition is one aspect of our ability to distinguish between self and others and the self/other distinction is a crucial aspect of social behaviour. This is the reason why I have conducted a series of experiment on subjects with everyday difficulties in social and emotional behaviour, such as patients with autism spectrum disorders (ASD) and patients with Parkinson’s disease (PD). More specifically, I studied the implicit self body/face recognition (Chapter 6) and the influence of emotional body postures on bodily self-processing in TD children as well as in ASD children (Chapter 7). I found that the bodily self-recognition is present in TD and in ASD children and that emotional body postures modulate self and others’ body processing. Subsequently, I compared implicit and explicit bodily self-recognition in a neuro-degenerative pathology, such as in PD patients, and I found a selective deficit in implicit but not in explicit self-recognition (Chapter 8). This finding suggests that implicit and explicit bodily self-recognition are separate processes subtended by different mechanisms that can be selectively impaired. If the bodily self is crucial for self/other distinction, the space around the body (personal space) represents the space of interaction and communication with others. When, I studied this space in autism, I found that personal space regulation is impaired in ASD children (Chapter 9).