Regulating FinTech: The perspectives of law, economics, and technology

FinTech (financial technology, ‘‘FinTech’’) is a double-edged sword as it brings both benefits and risks. This study appraised FinTech’s technological nature that brings changes in complexity in modern financial markets to identify the information deficits and its undesirable outcomes. Besides, as FinTech is still developing, the information regarding, for instance, whether and how to apply regulation may be insufficient for both regulators and those regulated. More one-size-fits-all regulation might accordingly be adopted, thereby resulting in the adverse selection. Through the lens of both law and economics and law and technology, this study suggested AFR (adaptive financial regulation, ‘‘AFR’’) of FinTech to solve the underlying pacing issue. AFR is dynamic, enabling regulatory adjustments and learning. Exploring and collecting information through experiments and learning from experiments are the core of AFR. FinTech regulatory sandboxes epitomize AFR. This study chose Taiwan as a case study. This study found several barriers to adaptive and effective FinTech regulation. Unduly emphasizing consumer protection and the innovation entry criterion by improperly imposing limits on the entry into sandboxes, ignoring post-sandbox mechanisms, and relying on detailed, specific and prescriptive rules to formulate sandboxes are examples. To solve these barriers, this study proposed several solutions by looking into the experiences in other jurisdictions and analyzing. First, striking a balance between encouraging innovation and ensuring financial stability and consumer protection is indispensable. Second, entry to sandboxes should be facilitated by improving the selection criteria. Third, adhering to realizing regulatory adjustment and learning to adapt regulation to technology, this study argued that systematic post-sandbox mechanisms should be established. Fourth, this study recommended “more principles-based sandboxes”. Principles rather than rules should be the base on which sandboxes or FinTech regulation are established. Having principles could provide more flexibility, being easier to adjust and adapt, and better at avoiding.

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.

Reconciling the Irreconcilable? Sovereign Debt Restructuring and the Principles of International Law. A Law and Economics Perspective

This Thesis focuses on the principles of international law relevant to the resolution of legal disputes arising from sovereign insolvency conflicts. It attempts to contribute to the “incremental” approach literature by identifying principles, justifying their application in litigation and assessing whether they may help to reconcile the trade-offs prevalent in that context. For that purpose, this Thesis distinguishes between two different types of principles. First, it investigates the “Principles of Public International Law” (henceforth, “PIL principles”). Said category refers to norms of the law of nations which can be considered functionally and structurally similar to domestic constitutional principles (i.e., that can be regarded as “optimization” or “prima facie” requirements). This Thesis underscores the PIL principles protecting the interests of the creditors and citizens as well as the “public interest”, arguing that decision makers face a trade-off between these principles in the context of restructurings. Secondly, this Thesis inquires into the “general principles of domestic law” (henceforth, “GPDs”) which can be applied in sovereign debt restructuring. Two GPDs are identified: a “stay” on litigation and a “cram down” on dissenting creditors’ claims. Although both principles have been identified by the prior literature, this work advances a small but significant “twist” in the methodology used for that purpose: it relies exclusively on functional and comparative analysis. Moreover, this work justifies the application of said GPDs for two jurisdictions: New York and Germany. Finally, it posits that those GPDs can help to mitigate the trade-offs between PIL principles, thus reconciling the interests at stake.

Analytical methods for modeling elastic metasurfaces

This dissertation aims at developing advanced analytical tools able to model surface waves propagating in elastic metasurfaces. In particular, four different objectives are defined and pursued throughout this work to enrich the description of the metasurface dynamics. First, a theoretical framework is developed to describe the dispersion properties of a seismic metasurface composed of discrete resonators placed on a porous medium considering part of it fully saturated. Such a model combines classical elasticity theory, Biot’s poroelasticity and an effective medium approach to describe the metasurface dynamics and its coupling with the poroelastic substrate. Second, an exact formulation based on the multiple scattering theory is developed to extend the two-dimensional classical Lamb’s problem to the case of an elastic half-space coupled to an arbitrary number of discrete surface resonators. To this purpose, the incident wavefield generated by a harmonic source and the scattered field generated by each resonator are calculated. The substrate wavefield is then obtained as solutions of the coupled problem due to the interference of the incident field and the multiple scattered fields of the oscillators. Third, the above discussed formulation is extended to three-dimensional contexts. The purpose here is to investigate the dynamic behavior and the topological properties of quasiperiodic elastic metasurfaces. Finally, the multiple scattering formulation is extended to model flexural metasurfaces, i.e., an array of thin plates. To this end, the resonant plates are modeled by means of their equivalent impedance, derived by exploiting the Kirchhoff plate theory. The proposed formulation permits the treatment of a general flexural metasurface, with no limitation on the number of plates and the configuration taken into account. Overall, the proposed analytical tools could pave the way for a better understanding of metasurface dynamics and their implementation in engineered devices.

Diritto tradizionale nobiliare e "diritto internazionale" nel pensiero di Giovanni Giacomo Leonardi. Con l'edizione dei manoscritti de' "Il Principe Cavalliero in duello", "Il Cavalliero Ambasciatore" e dei "Pareri in materia di honore di Cavalleria pertinenti al duello"

La presente ricerca prende avvio dalla ricostruzione della biografia di Giovanni Giacomo Leonardi (1498-1562), pesarese, architetto militare, ambasciatore e cavaliere al servizio dei duchi d’Urbino Francesco Maria I (1490-1538) e Guidobaldo II (1514-1574) della Rovere. Attraverso lo spoglio delle fonti tra Pesaro, Firenze e Venezia, se ne è fornita una collocazione nel panorama politico-culturale dell’Italia cinquecentesca, al fine di evidenziare l’importanza del suo trattato in trentadue libri, intitolato "Il Principe Cavalliero", dedicato ai precetti dell’arte militare, diplomatica e cavalleresca necessari a formare il perfetto principe del tardo Rinascimento. Dell’opera, rimasta inedita, sono state trascritte e studiate le parti dedicate alla scienza dell’onore e all’arte dell’ambasceria, al fine di dimostrare come i dettami della ‘religione di cavalleria’ influenzassero ogni ambito delle relazioni tra gentiluomini, comprese quelle interstatuali.

Sustainability and environmental impact of the Italian ceramic tile industry

The increasing consumption rates among citizens and the uncontrolled exploitation of natural resources have made environmental pollution and management of waste the main problems facing humanity in its upcoming future. Together with generation of energy and transport, industrial production certainly plays a key role in the genesis of these problems. It is for this reason that the concepts of environmental, social and economic sustainability have emerged over the years as the cornerstones for future development. In light of this, the most forward-looking industries have begun to study their impact on environment and society in order to improve their performances and, at the same time, to anticipate the increasingly rigorous environmental regulations. In this work, various performance indicators related to the Italian ceramic tile sector will be presented and discussed. In particular, the emission factor of characteristic pollutants will be reported on a period of up to fifteen years while data regarding waste management, concentration of pollutants and emission legal limits for the last decade will be here disclosed as a result of a vast analysis on recorded data. The collected information describes the present level of performance of the ceramic tile manufacturing industries in Italy and shows how recycling is now a consolidated reality and how some pollutants, such as particulate matter, fluorine and lead are actually disappearing from production processes and how others, such as volatile organic compounds, are increasing instead. Moreover, the adoption of alternative raw materials for the production of ceramic tiles is discussed and the implementation of the recycling of various waste is addressed at experimental or industrial scale. Finally, the development of a new ceramic engobe with high content of waste glass (20%) is presented as an experimental example of reutilization of resources in the ceramic tile industry.

Nanomechanical characterization of soft bioelectronic interfaces via modeling-informed atomic force microscopy

The field of bioelectronics involves the use of electrodes to exchange electrical signals with biological systems for diagnostic and therapeutic purposes in biomedical devices and healthcare applications. However, the mechanical compatibility of implantable devices with the human body has been a challenge, particularly with long-term implantation into target organs. Current rigid bioelectronics can trigger inflammatory responses and cause unstable device functions due to the mechanical mismatch with the surrounding soft tissue. Recent advances in flexible and stretchable electronics have shown promise in making bioelectronic interfaces more biocompatible. To fully achieve this goal, material science and engineering of soft electronic devices must be combined with quantitative characterization and modeling tools to understand the mechanical issues at the interface between electronic technology and biological tissue. Local mechanical characterization is crucial to understand the activation of failure mechanisms and optimizing the devices. Experimental techniques for testing mechanical properties at the nanoscale are emerging, and the Atomic Force Microscope (AFM) is a good candidate for in situ local mechanical characterization of soft bioelectronic interfaces. In this work, in situ experimental techniques with solely AFM supported by interpretive models for the characterization of planar and three-dimensional devices suitable for in vivo and in vitro biomedical experimentations are reported. The combination of the proposed models and experimental techniques provides access to the local mechanical properties of soft bioelectronic interfaces. The study investigates the nanomechanics of hard thin gold films on soft polymeric substrates (Poly(dimethylsiloxane) PDMS) and 3D inkjet-printed micropillars under different deformation states. The proposed characterization methods provide a rapid and precise determination of mechanical properties, thus giving the possibility to parametrize the microfabrication steps and investigate their impact on the final device.

Novel asymmetric geopolymer membranes for oil/water emulsions separation

In this study, it was investigated the possibility of using a geopolymeric membrane as an alternative to the expensive ceramic ones. The goal was to synthesise a low-cost membrane made entirely of geopolymer that can perform equally to commercial membranes. This study initially investigated the feasibility of preparing a microporous support suitable for microfiltration through casting and pressing techniques. Subsequently, a selective geopolymeric layer was developed and deposited on the support, with the capability to operate within the microfiltration range and to effectively separate oil from oil-water emulsions. In order to evaluate the performance, the properties of the geopolymeric supports obtained through pressing were carefully evaluated during the experimentation phase investigating the effect of varying parameters such as sodium silicate content, water content, and applied pressure. The results obtained from these evaluations showed that it is possible to produce supports with excellent porosity and highly controlled narrow pore size distributions. The most promising geopolymeric pressed support was then used for the deposition of a selective layer on its surface. Following physical characterization, it was confirmed that the resulting geopolymer membrane was suitable for use in the microfiltration range. Subsequently, the membrane was tested for its ability to separate oil from water using various emulsions prepared with different surfactants at different concentrations and pH. The results revealed that the fluxes were highly dependent on the electrostatic interaction between the membrane and the emulsion, with best results being obtained with emulsions prepared using anionic surfactants. The rejection rate of the membrane was also found to be extremely high, with values over 95%, comparable to a commercial ceramic membrane. This suggests that geopolymer membranes are suitable alternatives to ceramic membranes, offering the added benefits of lower cost and reduced environmental impact during production.

Hetero-bifunctional molecules as possible therapeutics for the treatment of Alzheimer’s disease.

Alzheimer’s disease (AD) is the most common form of dementia, currently affecting more than 50 million people worldwide. In recent years attention towards this disease has risen in search for discovery and development of a drug that can stop it. Indeed, therapies for AD provide only temporary symptomatic relief. The cause for the high attrition rate for AD drug discovery has been attributed to several factors, including the fact that the AD pathogenesis is not yet fully understood. Nevertheless, what is increasingly recognized is that AD is a multifactorial syndrome, characterized by many conditions which may lead to neuronal death. Given this, it is widely accepted that a molecule able to modulate more than one target would bring benefit to the therapy of AD. In the first chapter of this thesis, there are reported two projects regarding the design and synthesis of new series of GSK-3/HDAC dual inhibitors, two of the main enzymes involved in AD. Two different series of compounds were synthesized and evaluated for their inhibitory activity towards the target enzymes. The best compounds of the series were selected for further biologic investigation to evaluate their properties. The second project focused on the design of non ATP-competitive GSK-3 inhibitors combined with HDAC inhibition properties. Also in this case, the best compounds of the series were selected for biologic investigation to further evaluate their properties. In chapter 2, the design and synthesis of a GSK-3-directed Proteolysis Targeting Chimeras (PROTAC), a new technology in drug discovery that act through degradation rather than inhibition, is reported. The design and synthesis of a small series of GSK-3-directed PROTACs was achieved. In vitro assays were performed to evaluate the GSK-3-degradation ability, the effective involvement of E3 ubiquitine ligase in the process and their neuroprotective abilities.

Italian GenZ Celebrity. Le celebrita teen nella produzione audiovisiva italiana contemporanea: riconfigurazioni, modelli comunicativi, classificazioni.

La ricerca si pone l’obiettivo di comprendere in che modo sia strutturato lo stardom italiano della Generazione Z e quale ruolo svolgano i media nei processi di celebrification delle figure attoriali in esame, nonché l'impatto che queste hanno sulla società stessa. Si intende fornire una maggiore comprensione dei meccanismi alla base del funzionamento dello star system in un contesto storico, culturale e generazionale specifico. Inoltre, il confronto tra il panorama italiano e il landscape internazionale contribuisce a una maggiore comprensione dell’evoluzione e della trasformazione del concetto di celebrità nel contesto globale, oltre che delle modalità attraverso le quali la dimensione italiana si inserisce in questa evoluzione.

L'opera alchemica del Filosofo Cristiano. Edizione, traduzione e note di commento

Questa tesi è l’edizione critica, con traduzione italiana e note di commento, dell’opera alchemica di un autore bizantino, detto il Filosofo Cristiano. Nella parte introduttiva si esaminano le testimonianze dirette e indirette dell’opera, senza tralasciare l’analisi di alcuni problemi storici concernenti il nome e la datazione del nostro autore. L’edizione critica, con traduzione a fronte in italiano, è il nucleo della tesi. Seguono alcuni capitoli sulle varianti recenziori e le note di commento più estese, concernenti specifici punti dell’opera. Concludono il presente lavoro le appendici e le tabelle riguardanti l’ordinamento dei capitoli del Cristiano e la posizione dell’opera all’interno del corpus alchemico greco, secondo i principali manoscritti.

Anticancer drug discovery using artificial intelligence: an application in pharmacological activity prediction

Hematological cancers are a heterogeneous family of diseases that can be divided into leukemias, lymphomas, and myelomas, often called “liquid tumors”. Since they cannot be surgically removable, chemotherapy represents the mainstay of their treatment. However, it still faces several challenges like drug resistance and low response rate, and the need for new anticancer agents is compelling. The drug discovery process is long-term, costly, and prone to high failure rates. With the rapid expansion of biological and chemical "big data", some computational techniques such as machine learning tools have been increasingly employed to speed up and economize the whole process. Machine learning algorithms can create complex models with the aim to determine the biological activity of compounds against several targets, based on their chemical properties. These models are defined as multi-target Quantitative Structure-Activity Relationship (mt-QSAR) and can be used to virtually screen small and large chemical libraries for the identification of new molecules with anticancer activity. The aim of my Ph.D. project was to employ machine learning techniques to build an mt-QSAR classification model for the prediction of cytotoxic drugs simultaneously active against 43 hematological cancer cell lines. For this purpose, first, I constructed a large and diversified dataset of molecules extracted from the ChEMBL database. Then, I compared the performance of different ML classification algorithms, until Random Forest was identified as the one returning the best predictions. Finally, I used different approaches to maximize the performance of the model, which achieved an accuracy of 88% by correctly classifying 93% of inactive molecules and 72% of active molecules in a validation set. This model was further applied to the virtual screening of a small dataset of molecules tested in our laboratory, where it showed 100% accuracy in correctly classifying all molecules. This result is confirmed by our previous in vitro experiments.

La natura di carta: l'epistolario di Ulisse Aldrovandi (1522-1605)

Questo lavoro intende offrire una prima panoramica generale del carteggio di Ulisse Aldrovandi (1522-1605), contenuto prevalentemente presso il Fondo Aldrovandi della Biblioteca Universitaria di Bologna. Lo studioso di storia naturale bolognese aveva infatti scambiato oltre 2.100 lettere con corrispondenti provenienti da zone anche geograficamente remote. Del totale complessivo di queste lettere, solo poche sono state pubblicate, mentre una percentuale significativa di lettere rimane ancora oggi inedita. La presente ricerca non ha tuttavia come obiettivo l’edizione delle lettere, ma uno studio analitico delle funzioni e delle caratteristiche preminenti di questa corrispondenza esaminata nella sua totalità.

Wind loading predictions using computational fluid dynamics

Using Computational Wind Engineering, CWE, for solving wind-related problems is still a challenging task today, mainly due to the high computational cost required to obtain trustworthy simulations. In particular, the Large Eddy Simulation, LES, has been widely used for evaluating wind loads on buildings. The present thesis assesses the capability of LES as a design tool for wind loading predictions through three cases. The first case is using LES for simulating the wind field around a ground-mounted rectangular prism in Atmospheric Boundary Layer (ABL) flow. The numerical results are validated with experimental results for seven wind attack angles, giving a global understanding of the model performance. The case with the worst model behaviour is investigated, including the spatial distribution of the pressure coefficients and their discrepancies with respect to experimental results. The effects of some numerical parameters are investigated for this case to understand their effectiveness in modifying the obtained numerical results. The second case is using LES for investigating the wind effects on a real high-rise building, aiming at validating the performance of LES as a design tool in practical applications. The numerical results are validated with the experimental results in terms of the distribution of the pressure statistics and the global forces. The mesh sensitivity and the computational cost are discussed. The third case is using LES for studying the wind effects on the new large-span roof over the Bologna stadium. The dynamic responses are analyzed and design envelopes for the structure are obtained. Although it is a numerical simulation before the traditional wind tunnel tests, i.e. the validation of the numerical results are not performed, the preliminary evaluations can effectively inform later investigations and provide the final design processes with deeper confidence regarding the absence of potentially unexpected behaviours.

Geopolymers for tile industry

This project aims to develop energy-saving methods for manufacturing tiles by using geopolymerization as an innovative processing technique. In fact, classical ceramic tiles are usually produced by sintering at temperatures ranging between 1100-1250 °C depending on natural raw materials selected for the mixture. Geopolymers, instead, are amorphous aluminosilicate inorganic polymers obtained by mixing alkali-silicate solutions with reactive aluminosilicate precursors, and geopolymerization may occur at room temperature or at temperature lower than 150 °C, and several types of waste may be used as geopolymer precursors. The possibility to obtain geopolymer tiles with properties comparable with those of ceramic tiles is extremely challenging, but geopolymerization would represent a huge energy-saving in the consolidation process as well as in natural raw materials exploitation.