Relations between soil surface roughness, tortuosity, tillage treatments, rainfall intensity and soil and water losses from a red yellow latosol

The soil surface roughness increases water retention and infiltration, reduces the runoff volume and speed and influences soil losses by water erosion. Similarly to other parameters, soil roughness is affected by the tillage system and rainfall volume. Based on these assumptions, the main purpose of this study was to evaluate the effect of tillage treatments on soil surface roughness (RR) and tortuosity (T) and to investigate the relationship with soil and water losses in a series of simulated rainfall events. The field study was carried out at the experimental station of EMBRAPA Southeastern Cattle Research Center in São Carlos (Fazenda Canchim), in São Paulo State, Brazil. Experimental plots of 33 m² were treated with two tillage practices in three replications, consisting of: untilled (no-tillage) soil (NTS) and conventionally tilled (plowing plus double disking) soil (CTS). Three successive simulated rain tests were applied in 24 h intervals. The three tests consisted of a first rain of 30 mm/h, a second of 30 mm/h and a third rain of 70 mm/h. Immediately after tilling and each rain simulation test, the surface roughness was measured, using a laser profile meter. The tillage treatments induced significant changes in soil surface roughness and tortuosity, demonstrating the importance of the tillage system for the physical surface conditions, favoring water retention and infiltration in the soil. The increase in surface roughness by the tillage treatments was considerably greater than its reduction by rain action. The surface roughness and tortuosity had more influence on the soil volume lost by surface runoff than in the conventional treatment. Possibly, other variables influenced soil and water losses from the no-tillage treatments, e.g., soil type, declivity, slope length, among others not analyzed in this study.

Gestão do empréstimo unificado nas bibliotecas da Universidade de São Paulo

Apresenta a implantação do empréstimo unificado nas Bibliotecas do Sistema Integrado de Bibliotecas da Universidade de São Paulo (SIBiUSP), coordenado pelo Grupo de Gestão do Empréstimo Unificado. Introduz o cenário inicial das bibliotecas da Universidade, destacando a autonomia para definir políticas locais. Descreve as iniciativas isoladas que culminaram com unificação da política do empréstimo utilizada por todas as bibliotecas. Estabelece comparação entre os procedimentos adotados antes e depois da implantação e conclui relatando os benefícios obtidos pelos 138 mil usuários das bibliotecas USP e na padronização de procedimentos e rotinas adotadas pelas bibliotecas em seus 1,7 milhões de empréstimos domiciliares.

Le determinanti del ricorso al debito delle piccole e medie imprese italiane: un'analisi empirica

L’analisi condotta nella tesi mira ad indagare le determinanti del debito delle piccole e medie imprese italiane: la domanda di ricerca è indirizzata a capire se la struttura finanziaria di queste ultime segue i modelli teorici sviluppati nell’ambito della letteratura di Corporate Finance o se, d’altro canto, non sia possibile prescindere dalle peculiarità delle piccole e medie imprese per spiegare il ricorso alle diverse fonti di finanziamento. La ricerca empirica effettuata nella dissertazione vuole essere un tentativo di coniugare le teorie di riferimento e le evidenze empiriche relative alle piccole e medie imprese italiane, analizzandone il comportamento attraverso lo studio del campione di dati fornito da Capitalia, relativo alla Nona Indagine per il periodo 2001-2003. Il campione in oggetto fa riferimento a circa 4000 imprese con più di 10 addetti, prevalentemente del settore manifatturiero. Per indagare le determinanti del debito nelle sue componenti più tradizionali, si sono prese in considerazione il debito commerciale e il debito bancario a breve termine come forme di finanziamento correnti mentre, tra le forme di finanziamento di medio-lungo periodo, le variabili usate sono state il ricorso al debito bancario a lungo termine e a strumenti obbligazionari. Inoltre, si è ricorso anche a misure più tradizionali di leva finanziaria, quali il rapporto di indebitamento, la proporzione tra debiti bancari, sia di breve che di lungo periodo, e l’ammontare dei finanziamenti esterni rispetto al valore dell’impresa, distinguendo anche qui, tra finanziamenti a breve e a lungo termine. L’analisi descrittiva ha mostrato il massiccio ricorso al debito bancario e, in generale, alle forme di indebitamento a breve. Le imprese di dimensioni minori, più giovani e opache tendono a ricorrere alle fonti interne e a forme di indebitamento a breve, mentre le imprese maggiormente dimensionate mostrano una struttura del debito più articolata. Questo ha suggerito la definizione di una diversa misura di debito, che tiene conto della complessità della sua struttura all’interno delle imprese, in base ad un ricorso di tipo gerarchico alle fonti di finanziamento: il grado di complessità dipende dalle tipologie e dalla quantità dei contratti di debito conclusi dall’impresa . E’ plausibile pensare che le imprese ricorrano prima alle fonti interne di finanziamento, perché prive di costi, e poi all’indebitamento nei confronti di diversi stakeholders: rispetto alla prossimità e alla facilità dell’ottenimento del finanziamento, è sembrato naturale pensare che un’impresa ricorra dapprima al debito commerciale, poi al debito bancario e solo infine all’emissione di obbligazioni, in un ordine gerarchico. Ne consegue che se un’impresa (non) ha contratto debiti con fornitori, banche e mercato, la complessità della struttura del suo debito è massima (nulla). L’analisi econometrica successiva è stata indirizzata in tre direzioni. In primis, l’analisi longitudinale dei dati è stata volta ad evidenziare se la struttura finanziaria delle PMI risponde ad un particolare modello teorico, in accordo con le teoria tradizionali di riferimento. In secondo luogo, l’analisi delle determinanti si è allargata allo studio degli aspetti peculiari delle imprese medio-piccole. Infine, si è indagato se, nell’ambito delle imprese di dimensioni minori, si osservano comportamenti omogenei oppure se determinate scelte nelle fonti di finanziamento sono da ricondurre all’esistenza di alcuni vincoli. Quindi, partendo dalla rassegna dei principali riferimenti nella letteratura, costituiti dalla Trade-off theory (Modigliani e Miller, 1963, De Angelo e Masulis, 1980, Miller, 1977), dalla Pecking order theory (Myers 1984, Myers e Majluf, 1984) e dalla Financial growth cycle theory (Berger e Udell, 1998), una prima serie di analisi econometriche è stata rivolta alla verifica empirica delle teorie suddette. Una seconda analisi mira, invece, a capire se il comportamento delle imprese possa essere spiegato anche da altri fattori: il modello del ciclo di vita dell’impresa, mutuato dalle discipline manageriali, così come il contesto italiano e la particolarità del rapporto bancaimpresa, hanno suggerito l’analisi di altre determinanti al ricorso delle diverse fonti di debito. Di conseguenza, si sono usate delle opportune analisi econometriche per evidenziare se la struttura proprietaria e di controllo dell’impresa, il suo livello di complessità organizzativa possano incidere sulla struttura del debito delle imprese. Poi, si è indagato se il massiccio ricorso al debito bancario è spiegato dalle peculiarità del rapporto banca-impresa nel nostro Paese, rintracciabili nei fenomeni tipici del relationship lending e del multiaffidamento. Ancora, si sono verificati i possibili effetti di tale rapporto sulla complessità della struttura del debito delle imprese. Infine, l’analisi della letteratura recente sulla capital structure delle imprese, l’approccio sviluppato da Fazzari Hubbard e Petersen (1988) e Almeida e Campello (2006 , 2007) ha suggerito un ultimo livello di analisi. La presenza di vincoli nelle decisioni di finanziamento, legati essenzialmente alla profittabilità, alla dimensione delle imprese, alle sue opportunità di crescita, e alla reputazione verso l’esterno, secondo la letteratura recente, è cruciale nell’analisi delle differenze sistematiche di comportamento delle imprese. Per di più, all’interno del lavoro di tesi, così come in Almeida e Campello (2007), si è ipotizzato che la propensione agli investimenti possa essere considerata un fattore endogeno rispetto alla struttura del debito delle imprese, non esogeno come la letteratura tradizionale vuole. Per questo motivo, si è proceduto ad un ultimo tipo di analisi econometrica, volta a rilevare possibili differenze significative nel comportamento delle imprese rispetto al ricorso alle fonti di finanziamento a titolo di debito: nel caso in cui esse presentino una dimensione contenuta, una bassa redditività e una scarsa reputazione all’esterno infatti, vi dovrebbe essere un effetto di complementarietà tra fonti interne ed esterne. L’effetto sarebbe tale per cui non sussisterebbe, o per lo meno non sarebbe significativa, una relazione negativa tra fonti interne ed esterne. Complessivamente, i risultati delle analisi empiriche condotte, supportano sia le teorie classiche di riferimento nell’ambito della disciplina della Corporate finance, sia la teoria proposta da Berger e Udell (1998): le variabili che risultano significative nella spiegazione della struttura del debito sono principalmente quelle relative alla dimensione, all’età, al livello e alla qualità delle informazioni disponibili. Inoltre, il ricorso a fonti interne risulta essere la primaria fonte di finanziamento, seguita dal debito. Il ricorso a fonti esterne, in particolare al debito bancario, aumenta quanto più l’impresa cresce, ha una struttura solida e la capacità di fornire delle garanzie, e ha una reputazione forte. La struttura del debito, peraltro, diventa più complessa all’aumentare della dimensione, dell’età e del livello di informazioni disponibili. L’analisi della struttura proprietaria e della componente organizzativa all’interno delle imprese ha evidenziato principalmente che la struttura del debito aumenta di complessità con maggiore probabilità se la proprietà è diffusa, se vi è un management indipendente e se la piramide organizzativa è ben definita. Relativamente al rapporto banca-impresa, i principali risultati mostrano che l’indebitamento bancario sembra essere favorito dai fenomeni di relationship lending e dal multiaffidamento. Tali peculiarità assumono tratti diversi a seconda della fase del ciclo di vita delle imprese della Nona Indagine. Infine, per quanto attiene all’ultima tipologia di analisi condotta, le evidenze empiriche suggeriscono che le piccole e medie imprese possano essere soggette a delle restrizioni che si riflettono nell’ambito delle loro politiche di investimento. Tali vincoli, relativi alla dimensione, ai profitti conseguiti e alla reputazione all’esterno, aiutano a spiegare le scelte di finanziamento delle PMI del campione.

Applications of High Speed Configurable Logic Devices in Modern Particle Physics Experiments

Several activities were conducted during my PhD activity. For the NEMO experiment a collaboration between the INFN/University groups of Catania and Bologna led to the development and production of a mixed signal acquisition board for the Nemo Km3 telescope. The research concerned the feasibility study for a different acquisition technique quite far from that adopted in the NEMO Phase 1 telescope. The DAQ board that we realized exploits the LIRA06 front-end chip for the analog acquisition of anodic an dynodic sources of a PMT (Photo-Multiplier Tube). The low-power analog acquisition allows to sample contemporaneously multiple channels of the PMT at different gain factors in order to increase the signal response linearity over a wider dynamic range. Also the auto triggering and self-event-classification features help to improve the acquisition performance and the knowledge on the neutrino event. A fully functional interface towards the first level data concentrator, the Floor Control Module, has been integrated as well on the board, and a specific firmware has been realized to comply with the present communication protocols. This stage of the project foresees the use of an FPGA, a high speed configurable device, to provide the board with a flexible digital logic control core. After the validation of the whole front-end architecture this feature would be probably integrated in a common mixed-signal ASIC (Application Specific Integrated Circuit). The volatile nature of the configuration memory of the FPGA implied the integration of a flash ISP (In System Programming) memory and a smart architecture for a safe remote reconfiguration of it. All the integrated features of the board have been tested. At the Catania laboratory the behavior of the LIRA chip has been investigated in the digital environment of the DAQ board and we succeeded in driving the acquisition with the FPGA. The PMT pulses generated with an arbitrary waveform generator were correctly triggered and acquired by the analog chip, and successively they were digitized by the on board ADC under the supervision of the FPGA. For the communication towards the data concentrator a test bench has been realized in Bologna where, thanks to a lending of the Roma University and INFN, a full readout chain equivalent to that present in the NEMO phase-1 was installed. These tests showed a good behavior of the digital electronic that was able to receive and to execute command imparted by the PC console and to answer back with a reply. The remotely configurable logic behaved well too and demonstrated, at least in principle, the validity of this technique. A new prototype board is now under development at the Catania laboratory as an evolution of the one described above. This board is going to be deployed within the NEMO Phase-2 tower in one of its floors dedicated to new front-end proposals. This board will integrate a new analog acquisition chip called SAS (Smart Auto-triggering Sampler) introducing thus a new analog front-end but inheriting most of the digital logic present in the current DAQ board discussed in this thesis. For what concern the activity on high-resolution vertex detectors, I worked within the SLIM5 collaboration for the characterization of a MAPS (Monolithic Active Pixel Sensor) device called APSEL-4D. The mentioned chip is a matrix of 4096 active pixel sensors with deep N-well implantations meant for charge collection and to shield the analog electronics from digital noise. The chip integrates the full-custom sensors matrix and the sparsifification/readout logic realized with standard-cells in STM CMOS technology 130 nm. For the chip characterization a test-beam has been set up on the 12 GeV PS (Proton Synchrotron) line facility at CERN of Geneva (CH). The collaboration prepared a silicon strip telescope and a DAQ system (hardware and software) for data acquisition and control of the telescope that allowed to store about 90 million events in 7 equivalent days of live-time of the beam. My activities concerned basically the realization of a firmware interface towards and from the MAPS chip in order to integrate it on the general DAQ system. Thereafter I worked on the DAQ software to implement on it a proper Slow Control interface of the APSEL4D. Several APSEL4D chips with different thinning have been tested during the test beam. Those with 100 and 300 um presented an overall efficiency of about 90% imparting a threshold of 450 electrons. The test-beam allowed to estimate also the resolution of the pixel sensor providing good results consistent with the pitch/sqrt(12) formula. The MAPS intrinsic resolution has been extracted from the width of the residual plot taking into account the multiple scattering effect.

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.

Corporate Governance and Dividend Policy in European Banking

This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.

Curve spline generalizzate di interpolazione locale

Questa tesi presenta un metodo generale per la costruzione di curve spline generalizzate di interpolazione locale. Costruiremo quest'ultime miscelando polinomi interpolanti generalizzati a blending function generalizzate. Verrano inoltre verificate sperimentalmente alcune delle proprietà di queste curve.

Of marsupials and men: "Backdoor" dihydrotestosterone synthesis in male sexual differentiation

Following development of the fetal bipotential gonad into a testis, male genital differentiation requires testicular androgens. Fetal Leydig cells produce testosterone that is converted to dihydrotestosterone in genital skin, resulting in labio-scrotal fusion. An alternative 'backdoor' pathway of dihydrotestosterone synthesis that bypasses testosterone has been described in marsupials, but its relevance to human biology has been uncertain. The classic and backdoor pathways share many enzymes, but a 3α-reductase, AKR1C2, is unique to the backdoor pathway. Human AKR1C2 mutations cause disordered sexual differentiation, lending weight to the idea that both pathways are required for normal human male genital development. These observations indicate that fetal dihydrotestosterone acts both as a hormone and as a paracrine factor, substantially revising the classic paradigm for fetal male sexual development.

The Charity and the Poverty

At the end of the middle Ages, financial savings institutions developed, largely in response to the increasingly usurious money-lending practices of the Jews and to the adaptation of church authorities to the by then well developed commercial and financial operations. It was the Franciscan Order that took the initiative to develop such institutions, first in Italy and later in other western European Mediterranean towns. These were the so-called Monte di Pieta, which lent money at low rates of interest taking objects in pawn as security. However, as they had to operate with circulating capital and on the principles of savings banks, they may be considered to be the predecessors of modern banks. Although charity was declared in the very names of these institutions, this was no longer in the sense of the medieval mercy towards the virtuous poor, but more a support for impoverished members of higher social strata, as loan applicants had to place valuable movable property in pawn, meaning that they first had to possess such property. In spite of this, the institutions had the character of the primeval accumulation of capital, although not so much for individuals as for a community or, in the latter's name, for a commune, i.e. the local authority, which at least in the cases of Koper and Piran was also the founder. However, the stagnation of trade with the hinterland and the decline in the economic power of the Venetian Republic, particularly in the late 17th and early 18th centuries, pushed pawnshops into a more miserable existence, with ups and downs linked with the irregularities of profit-making on behalf of the institution, particularly by its clerks.

Determinants of Experience of Discrimination in Minorities in Germany

This study examines perceived ethnic discrimination (as opposed to “objective” discrimination). It includes a discussion of definitions of discrimination and attempts to measure it, and a review of findings on the distribution of discrimination experiences among minorities. The aim of the study is to determine the influence of factors that increase the risk of exposure to situations in which discrimination can take place (exposure hypothesis), and those that sensitize perceptions and give rise to different frequencies of subjective feelings of discrimination (sensitization hypothesis). A standardized questionnaire was administered to a random sample of German-born persons of Turkish and Greek origin and Aussiedler (ethnic Germans born in the former Soviet Union) (total N = 301). Minorities of non-German, especially of Turkish origin reported significantly more discrimination than Aussiedler in a set of nineteen everyday situations. A bivariate correlation was found between number of incidents reported and employment status with homemakers reporting the fewest incidents. However, multiple regression analysis yielded no significant effect, thus lending no clear support to the exposure hypothesis. Frequency of contacts with German friends has no effect and seems not to entail an increase in exposure opportunities, but may lead to a desensitization to discrimination due to the erosion of the relevance of ethnic categories. On the other hand, an influence through intra-ethnic contacts clearly occurs, as frequency of contact with co-ethnic friends exerts a strong positive effect on experienced discrimination. A similar effect was found for ethnic self-awareness. The latter finding confirms the sensitization hypothesis.

Credibility for sale

We develop a model where a sovereign’s incentive to repay its debt depends on the identity of its creditors. Higher exposure to official lenders improves incentives and thus credibility, for instance, because default would jeopardize the benefits from membership in a club (such as EU or EMU). But higher exposure also carries costs, because of reduced flexibility ex post and because official lenders may collude to extract rents. We characterize the equilibrium composition of debt across creditor groups as well as equilibrium debt prices. Our model can account for an important— and still unexplained—feature of sovereign debt crises: Official lending to sovereigns takes place only in times of debt distress and carries a favorable rate. It also offers a novel perspective on the interaction between deficits, debt overhang and the availability of official funds in determining default risk.

God, the WTO – and hunger

Considering that endemic hunger is a consequence of poverty, and that food is arguably the most basic of all human needs, this book chapter shows one of the more prominent examples of rules and policy fragmentation but also one of the most blatant global governance problems. The three monotheistic religions Judaism, Christians and Islam are surprisingly unanimous about God’s prescriptions on hunger or, put theologically, on what can be said, or should be said, about the interpretations and traditions which, taken together, form the respective and differentiated traditions, identities and views of these beliefs on how to deal with poverty and hunger. A clear social ethos, in the form of global needs satisfaction, runs through both Jewish and Christian texts, and the Qur’an (Zakat). It confirms the value inversion between the world of the mighty and that of the hungry. The message is clear: because salvation is available only through the grace of God, those who have must give to those who have not. This is not charity: it is an inversion of values which can not be addressed by spending 0.7% of your GDP on ODA, and the implication of this sense of redistributive justice is that social offenders will be subject to the Last Judgement. Interestingly, these religious scriptures found their way directly into the human rights treaties adopted by the United Nations and ratified by the parliaments, as a legal base for the duty to protect, to respect and to remedy. On the other side the contradiction with international trade law is all the more flagrant, and it has a direct bearing on poverty: systematic surplus food dumping is still allowed under WTO rules, despite the declared objective ‘to establish a fair and market-oriented agricultural trading system’. A way forward would be a kind of ‘bottom up’ approach by focusing on extreme cases of food insecurity caused by food dumping, or by export restrictions where a direct effect of food insecurity in other countries can be established. Also, international financing institutions need to review their policies and lending priorities. The same goes for the bilateral investment treaties and a possible ‘public interest’ clause, at least in respect of agricultural land acquisitions in vulnerable countries. The bottom line is this: WTO rules cannot entail a right to violate other, equally binding treaty obligations when its membership as a whole claims to contribute to the Millennium Development Goals and pledges to eradicate extreme poverty and hunger.

The formalization fix? Land titling and land concessions in Cambodia

Issuing land titles to smallholder farmers has long been embraced as a way to promote lending and land markets, but is increasingly being reframed as a way to protect smallholders from irresponsible agricultural investment. This brief examines the case of Cambodia, where over the last decade extensive land titling efforts have occurred alongside a wave of large-scale land concessions. The problem, however, is that titling has failed to live up to the rhetoric of systematic coverage, and has often focused on areas where tenure was already relatively secure. Areas outside the titling zone, in contrast, have become formalized de facto through the process of granting land concessions to investors. This undermines pro-poor development significantly.

Capital Accumulation in the Presence of Informal Credit Contracts: Does the Incentive Mechanism Work Better than Credit Rationing Under Asymmetric Information?

Credit markets with asymmetric information often prefer credit rationing as a profit maximizing device. This paper asks whether the presence of informal credit markets reduces the cost of credit rationing, that is, whether it can alleviate the impact of asymmetric information based on the available information. We used a dynamic general equilibrium model with heterogenous agents to assess this. Using Indian credit market data our study shows that the presence of informal credit market can reduce the cost of credit rationing by separating high risk firms from the low risk firms in the informal market. But even after this improvement, the steady state capital accumulation is still much lower as compared to incentive based market clearing rates. Through self revelation of each firm's type, based on the incentive mechanism, banks can diversify their risk by achieving a separating equilibrium in the loan market. The incentive mechanism helps banks to increase capital accumulation in the long run by charging lower rates and lending relatively higher amount to the less risky firms. Another important finding of this study is that self-revelation leads to very significant welfare improvement, as measured by consumptiuon equivalence.