Poverty and Mental Health. Tangible and Intangible Aspects of Microcredit

Microcredit, a small lending system, invests on an individual's creativity by stimulating the development of their own potential. This process leads to the attainment of various objectives which in turn allow individuals to develop their skill awareness. Consequently, this process also increases an individual’s self-esteem and self-confidence. These factors play an important role in the aetiology of a number of mental disorders. Namely, those characterized by a series of psychological conditions which impede the full development of a person’s personal, relational and social sphere. Furthermore, since Microcredit is thought to produce tangible goods, such as income, and intangible goods, such as self-esteem and mutual trust, it could also represent an innovative socio-economic tool. We therefore also hypothesize that, Microcredit would be valuable in maximizing abilities/skills in those subjects who are financially excluded and rarely perceived as a ‘resource’ for the Community The longitudinal study set the impact of the Grameen Bank microcredit program on new borrowers women from Noakhali District at the south Bangladesh. The impact evaluation assessment has been structured to detect individual, family and social changes. Manova Analysis allowed distinguishing from women with positive or negative outcomes related to the loan performance. Data revealed consistent differences in terms of economical outcomes and psychological well being amongst the groups of subject analyzed. The data gathered in relation to the changes arisen in the individuals should be looked into through future, continuous and systematic, monitoring.

Scenari finanziari e portafogli ottimi: modelli di previsione e strategie per l'asset allocation tattica

Le scelte di asset allocation costituiscono un problema ricorrente per ogni investitore. Quest’ultimo è continuamente impegnato a combinare diverse asset class per giungere ad un investimento coerente con le proprie preferenze. L’esigenza di supportare gli asset manager nello svolgimento delle proprie mansioni ha alimentato nel tempo una vasta letteratura che ha proposto numerose strategie e modelli di portfolio construction. Questa tesi tenta di fornire una rassegna di alcuni modelli innovativi di previsione e di alcune strategie nell’ambito dell’asset allocation tattica, per poi valutarne i risvolti pratici. In primis verificheremo la sussistenza di eventuali relazioni tra la dinamica di alcune variabili macroeconomiche ed i mercati finanziari. Lo scopo è quello di individuare un modello econometrico capace di orientare le strategie dei gestori nella costruzione dei propri portafogli di investimento. L’analisi prende in considerazione il mercato americano, durante un periodo caratterizzato da rapide trasformazioni economiche e da un’elevata volatilità dei prezzi azionari. In secondo luogo verrà esaminata la validità delle strategie di trading momentum e contrarian nei mercati futures, in particolare quelli dell’Eurozona, che ben si prestano all’implementazione delle stesse, grazie all’assenza di vincoli sulle operazioni di shorting ed ai ridotti costi di transazione. Dall’indagine emerge che entrambe le anomalie si presentano con carattere di stabilità. I rendimenti anomali permangono anche qualora vengano utilizzati i tradizionali modelli di asset pricing, quali il CAPM, il modello di Fama e French e quello di Carhart. Infine, utilizzando l’approccio EGARCH-M, verranno formulate previsioni sulla volatilità dei rendimenti dei titoli appartenenti al Dow Jones. Quest’ultime saranno poi utilizzate come input per determinare le views da inserire nel modello di Black e Litterman. I risultati ottenuti, evidenziano, per diversi valori dello scalare tau, extra rendimenti medi del new combined vector superiori al vettore degli extra rendimenti di equilibrio di mercato, seppur con livelli più elevati di rischio.

On the Efficiency of the Benchmarks Used in the Asset Management

In this work we studied the efficiency of the benchmarks used in the asset management industry. In chapter 2 we analyzed the efficiency of the benchmark used for the government bond markets. We found that for the Emerging Market Bonds an equally weighted index for the country weights is probably the more suited because guarantees maximum diversification of country risk but for the Eurozone government bond market we found a GDP weighted index is better because the most important matter is to avoid a higher weight for highly indebted countries. In chapter 3 we analyzed the efficiency of a Derivatives Index to invest in the European corporate bond market instead of a Cash Index. We can state that the two indexes are similar in terms of returns, but that the Derivatives Index is less risky because it has a lower volatility, has values of skewness and kurtosis closer to those of a normal distribution and is a more liquid instrument, as the autocorrelation is not significant. In chapter 4 it is analyzed the impact of fallen angels on the corporate bond portfolios. Our analysis investigated the impact of the month-end rebalancing of the ML Emu Non Financial Corporate Index for the exit of downgraded bond (the event). We can conclude a flexible approach to the month-end rebalancing is better in order to avoid a loss of valued due to the benchmark construction rules. In chapter 5 we did a comparison between the equally weighted and capitalization weighted method for the European equity market. The benefit which results from reweighting the portfolio into equal weights can be attributed to the fact that EW portfolios implicitly follow a contrarian investment strategy, because they mechanically rebalance away from stocks that increase in price.

Progetto di integrazione di strumenti per l'asset management in funzione di privacy e sicurezza

Progetto per l'integrazione degli strumenti attualmente utilizzati per l'amministrazione degli asset in funzione anche della normativa in vigore.

Essays on Asset Trade

The overreaching methodology of my Ph.D. thesis is to substitute noise traders with rational traders. I do so by considering liquidity asymmetry between informed trader and uninformed traders. Liquidity asymmetry creates a motive for trade. Under this new setup, I study the impact of asset trade on the real economy, represented by a firm with an investment opportunity, in chapter 1 ("Efficient Asset Trade - A Model with Asymmetric Information and Asymmetric Liquidity Needs"). I find conditions for which asset trade leads to inefficient investment. Chapter 2 ("(In)Efficient Asset Trade and a Rationale for a Tobin Tax") characterizes a tax which can restore efficient investment. In chapter 3, I show that finitely repeated trade, as in Kyle (1985) and Ostrovsky (2012), does not necessarily lead to information revelation if traders are fully rational.

Intangible and tangible heritage

‘Intangible and tangible heritage – a topology of culture in contexts of faith’ presents a conceptual framework which could enable heritage professionals to approach cul-tural heritage in a more holistic understanding. My work emphasizes opportunities for a re-combination – in conceptual and practical terms – of two recently divided heritage typologies: the so-called ‘intangible’ and ‘tangible’ heritage. In arguing that the above division cannot be maintained when observing the dynamic construction and re-affirmation processes of heritage and identity, and further, that this division is a risk to the preservation of the heritage of humankind, I will emphasize that it is important to halt and redirect the progressing divergence of the two fields. This is particularly necessary in the context of UNESCO, which is the driving force behind this conceptual separation. rnTo achieve a conceptual recombination I propose to approach heritage by means of topologies instead of typologies. In topological analysis the researcher’s focus shifts from heritage expressions towards ideas or concepts of heritage, which are defined as logos localised in place, topos, and are proposed to be analysed by means of semiotic phenomenology. Finally, I describe the findings of a topological analysis conducted for a particular heritage concept: the Umayyad Mosque in Damascus.

Un modello di asset allocation strategica

La tesi affronta il problema di Finanza Matematica dell'asset allocation strategica che consiste nel processo di ripartizione ottimale delle risorse tra diverse attività finanziarie presenti su un mercato. Sulla base della teoria di Harry Markowitz, attraverso passaggi matematici rigorosi si costruisce un portafoglio che risponde a dei requisiti di efficienza in termini di rapporto rischio-rendimento. Vengono inoltre forniti esempi di applicazione elaborati attraverso il software Mathematica.

The Pursuit of Tangible Happiness: Religion and Politics in a Japanese New, New Religion

The decline of traditional religions in Japan in the past century, and especially since the end of World War Two, has led to an explosion of so-called “new religions” (shin shūkyō 新宗教), many of which have made forays into the political realm. The best known—and most controversial—example of a “political” new religion is Sōka Gakkai 創価学会, a lay Buddhist movement originally associated with the Nichiren sect that in the 1960s gave birth to a new political party, Komeitō 公明党 (lit., Clean Government Party), which in the past several decades has emerged as the third most popular party in Japan (as New Komeitō). Since the 1980s, Japan has also seen the emergence of so-called “new, new religions” (shin shin shūkyō 新新宗教), which tend to be more technologically savvy and less socially concerned (and, in the eyes of critics, more akin to “cults” than the earlier new religions). One new, new religion known as Kōfuku-no-Kagaku 幸福の科学 (lit., Institute for Research in Human Happiness or simply Happy Science), founded in 1986 by Ōkawa Ryūho 大川隆法, has very recently developed its own political party, Kōfuku Jitsugentō 幸福実現党 (The Realization of Happiness Party). This article will analyse the political ideals of Kōfuku Jitsugentō in relation to its religious teachings, in an attempt to situate the movement within the broader tradition of religio-political syncretism in Japan. In particular, it will examine the recent “manifesto” of Kōfuku Jitsugentō in relation to those of New Komeitō and “secular” political parties such as the Liberal Democratic Party (Jimintō 自民党) and the Democratic Party (Minshutō 民主党).

Socialism and intrafirm asset allocation

We rely on a survey of Swiss firms to document deviation from first-best for reasons of internal 'fairness' when allicating resources. This 'socialist' practice is more widespread in smaller than in larger firms. It ignores the reputation and past performance of the managers who apply for dunding, but takes into account their hierarchical position and their past use of resources. Socialism is only partially explained by concerns about empire building and managerial optimism, and it is not meant to benefit shareholders.