The cutting stock problem in the wood industry

This thesis proposes a solution for board cutting in the wood industry with the aim of usage minimization and machine productivity. The problem is dealt with as a Two-Dimensional Cutting Stock Problem and specific Combinatorial Optimization methods are used to solve it considering the features of the real problem.

Gold and the Stock Market: 3 Essays on Gold Investments

This thesis gives an overview of the history of gold per se, of gold as an investment good and offers some institutional details about gold and other precious metal markets. The goal of this study is to investigate the role of gold as a store of value and hedge against negative market movements in turbulent times. I investigate gold’s ability to act as a safe haven during periods of financial stress by employing instrumental variable techniques that allow for time varying conditional covariance. I find broad evidence supporting the view that gold acts as an anchor of stability during market downturns. During periods of high uncertainty and low stock market returns, gold tends to have higher than average excess returns. The effectiveness of gold as a safe haven is enhanced during periods of extreme crises: the largest peaks are observed during the global financial crises of 2007-2009 and, in particular, during the Lehman default (October 2008). A further goal of this thesis is to investigate whether gold provides protection from tail risk. I address the issue of asymmetric precious metal behavior conditioned to stock market performance and provide empirical evidence about the contribution of gold to a portfolio’s systematic skewness and kurtosis. I find that gold has positive coskewness with the market portfolio when the market is skewed to the left. Moreover, gold shows low cokurtosis with the market returns during volatile periods. I therefore show that gold is a desirable investment good to risk averse investors, since it tends to decrease the probability of experiencing extreme bad outcomes, and the magnitude of losses in case such events occur. Gold thus bears very important and under-researched characteristics as an asset class per se, which this thesis contributed to address and unveil.

Shareholder protection and stock market development

The dissertation contains five parts: An introduction, three major chapters, and a short conclusion. The First Chapter starts from a survey and discussion of the studies on corporate law and financial development literature. The commonly used methods in these cross-sectional analyses are biased as legal origins are no longer valid instruments. Hence, the model uncertainty becomes a salient problem. The Bayesian Model Averaging algorithm is applied to test the robustness of empirical results in Djankov et al. (2008). The analysis finds that their constructed legal index is not robustly correlated with most of the various stock market outcome variables. The second Chapter looks into the effects of minority shareholders protection in corporate governance regime on entrepreneurs' ex ante incentives to undertake IPO. Most of the current literature focuses on the beneficial part of minority shareholder protection on valuation, while overlooks its private costs on entrepreneur's control. As a result, the entrepreneur trade-offs the costs of monitoring with the benefits of cheap sources of finance when minority shareholder protection improves. The theoretical predictions are empirically tested using panel data and GMM-sys estimator. The third Chapter investigates the corporate law and corporate governance reform in China. The corporate law in China regards shareholder control as the means to the ends of pursuing the interests of stakeholders, which is inefficient. The Chapter combines the recent development of theories of the firm, i.e., the team production theory and the property rights theory, to solve such problem. The enlightened shareholder value, which emphasizes on the long term valuation of the firm, should be adopted as objectives of listed firms. In addition, a move from the mandatory division of power between shareholder meeting and board meeting to the default regime, is proposed.

Identificazione di possibili unita' di stock di Anguilla anguilla mediante analisi microchimica e morfometrica degli otoliti

L’anguilla europea, è una specie eurialina catadroma con un complesso ciclo biologico: l’area di riproduzione, unica, si trova molto distante da quella di distribuzione. La specie necessita di una gestione dello stock a fini conservazionistici. Il problema è europeo: lo stock è unico, distribuito in Europa e nell’Africa settentrionale, si riproduce in Atlantico ed è panmittico. C’è preoccupazione per il declino del reclutamento e delle catture di adulti. Lo scopo del progetto è di individuare possibili unità di stock nella penisola italiana. La ricerca è basata sullo studio degli otoliti mediante analisi morfometrica e microchimica. I contorni degli otoliti sono sottoposti ad analisi ellittica di Fourier per individuare eventuali gruppi. Gli otoliti sono stati levigati per effettuare: letture d’età, indagini microstrutturali al SEM delle fasi larvali, analisi microchimiche LA-ICP-MS del nucleo, studiarne l’origine e valutare l’ambiente di sviluppo. Le indagini morfometriche mostrano evidenti pattern ontogenetici, ma non legati ocorrelati alla località, sesso o anno di nascita. Le indagini microstrutturali hanno evidenziano l’alto contenuto organico nucleare, un pattern comune di crescita ed eventi chiave delle fasi larvali, con una media di 212 anelli giornalieri. La microchimica rivela che le larve si sviluppano in acque salate fino alla metamorfosi, poi migrano verso acque meno salate. Le analisi su campioni nati nello stesso anno, evidenziano due gruppi: individui di rimonta naturale e individui di ripopolamento. I profili nucleo bordo evidenziano la permanenza a salinità intermedie degli adulti. L’attività di ricerca si è dimostrata proficua dal punto di vista tecnico con la messa a punto di protocolli innovativi e con forti ricadute sulla riduzione dei tempi e costi d’analisi. Il debole segnale di possibili unità di stock andrà verificato in futuro mediante analisi più dettagliate discriminando meglio la storia di ogni singolo individuo.