Il conflitto fra trasparenza sui mercati finanziari ed esigenza di riservatezza della società

The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.

Modificazioni soggettive del rapporto obbligatorio e garanzie reali

Lo studio del lato soggettivo del rapporto è centrale nella teoria dell’obbligazione. Ci si chiede se la modificazione di una o anche di entrambe le parti del rapporto determini sempre la sua estinzione o se, invece, si conservi la sua unitarietà oggettiva. La risposta a questo interrogativo è stata diversa a seconda delle diverse epoche storiche. Nel diritto romano si riteneva che la variazione di qualunque soggetto determinasse l’estinzione del rapporto e la costituzione di una nuova obbligazione (novazione soggettiva). Tale soluzione è stata osteggiata dai codificatori moderni per i quali, in caso di modifica delle personae non si ha estinzione del rapporto, ma solo il mutamento di uno dei suoi elementi. Quanto ai diritti di garanzia, in particolare l’ipoteca, i principi generali essenzali sono la specialità e l’accessorietà. Quest’ultima caratteristica è dirimente in caso di modificazione soggettiva del rapporto e ciò emerge in sede di trattazione delle singole fattispecie del Codice Civile che la determinano, sia quanto al creditore sia quanto al debitore. Per velocizzare il subentro nel credito, nel 2007 è stato approvato il decreto Bersani (sulla portabilità del mutuo) che ha consentito di rimuovere vincoli a tale circolazione, nell’ambito dei rapporti bancari. Le caratteristiche della modificazione del rapporto obbligatorio, tuttavia, possono minare l’efficacia della riforma Bersani. Questo è il motivo per il quale taluni studiosi ritengono necessario procedere a un’ampia rivisitazione dell’intero diritto ipotecario, eliminando, sulla scia di quanto accaduto in altri ordinamenti europei, il requisito dell’accessorietà del vincolo. Nonostante ciò, a causa dei rischi connessi a questa riforma, si ritiene preferibile affinare il meccanismo di perfezionamento della portabilità, eliminandone le criticità, senza però pregiudicare le sicurezze dell’attuale sistema giuridico, di cui l’accessorietà dell’ipoteca rispetto al credito costituisce un importante caposaldo.

The special rights other than shares in cross-border mergers of limited liability companies within the European Union. A perspective from the Spanish Law

The present research aims to study the special rights other than shares in Spanish Law and the protection of their holders in cross-border mergers of limited liability companies within the European Union frame. Special rights other than shares are recognised as an independent legal category within legal systems of some EU Member States, such as Germany or Spain, through the implementation of the Third Directive 78/855/CEE concerning mergers of public limited liability companies. The above-cited Directive contains a special regime of protection for the holders of securities, other than shares, to which special rights are attached, consisting of being given rights in the acquiring company, at least equivalent to those they possessed in the company being acquired. This safeguard is to highlight the intimate connection between this type of rights and the company whose extinction determines the existence of those. Pursuant to the Directive 2005/56/CE on cross-border mergers of limited liability companies, each company taking part in these operations shall comply with the safeguards of members and third parties provided in their respective national law to which is subject. In this regard, the protection for holders of special rights other than shares shall be ruled by the domestic M&A regime. As far as Spanish Law are concerned, holders of these special rights are recognized a right of merger information, in the same terms as shareholders, as well as equal rights in the company resulting from the cross-border merger. However, these measures are not enough guarantee for a suitable protection, thus considering those holders of special rights as special creditors, sometimes it will be necessary to go to the general protection regime for creditors. In Spanish Law, it would involve the recognition of right to the merger opposition, whose exercise would prevent the operation was completed until ensuring equal rights.

Strumenti finanziari partecipativi e "nuovi" canali di finanziamento delle societa' per azioni

Il lavoro affronta il tema degli strumenti finanziari partecipativi e non partecipativi che possono essere emessi dalle società per azioni, alla luce della disciplina introdotta dalla riforma del diritto societario. Lo studio è diretto a fornire un inquadramento sistematico di queste modalità di finanziamento rispetto alla dicotomia azioni-obbligazioni, anche sotto il profilo contabile, per poi individuare le conseguenti implicazioni in termini di disciplina applicabile. Affrontando il dibattito dottrinale sulla collocazione complessiva degli strumenti ibridi rispetto alle forme di finanziamento tradizionali, si sposa l’opinione secondo cui tutti gli strumenti finanziari non possono essere ricompresi in una categoria unitaria, ma occorre mantenere distinti gli strumenti finanziari partecipativi indicati dall’art. 2346, comma 6, c.c., dagli altri strumenti finanziari ex art. 2411, comma 3, c.c., riconoscendo nei primi delle modalità di raccolta assimilabili al capitale di rischio e nei secondi delle forme di provvista di capitale di debito. Il connotato distintivo tra strumenti finanziari partecipativi e non partecipativi viene individuato non nell’attribuzione di diritti amministrativi – che possono anche non essere assegnati ai titolari di strumenti di cui all’art. 2346, comma 6 – bensì nell’assenza o nella presenza di un obbligo di rimborso dell’apporto fornito all’impresa. Il lavoro esamina inoltre vari profili di disciplina di entrambe le categorie di strumenti, concentrandosi prevalentemente sui diritti patrimoniali ad essi attribuibili, tra cui la partecipazione agli utili e alle perdite e i diritti in sede di liquidazione. Infine si esaminano le previsioni recentemente introdotte dal d.l. n. 83/2012 in tema di titoli obbligazionari, al fine di valutarne l’impatto sull’impianto complessivo della disciplina vigente. In particolare, viene data attenzione alle nuove disposizioni relative alle obbligazioni subordinate e/o partecipative che possono essere emesse dalle società non quotate, mettendo in evidenza le criticità dal punto di vista sistematico in tema di possibile partecipazione agli utili degli obbligazionisti.

Sanctions and public enforcement of insider trading laws in Europe

The recent financial crisis triggered an increasing demand for financial regulation to counteract the potential negative economic effects of the evermore complex operations and instruments available on financial markets. As a result, insider trading regulation counts amongst the relatively recent but particularly active regulation battles in Europe and overseas. Claims for more transparency and equitable securities markets proliferate, ranging from concerns about investor protection to global market stability. The internationalization of the world’s securities market has challenged traditional notions of regulation and enforcement. Considering that insider trading is currently forbidden all over Europe, this study follows a law and economics approach in identifying how this prohibition should be enforced. More precisely, the study investigates first whether criminal law is necessary under all circumstances to enforce insider trading; second, if it should be introduced at EU level. This study provides evidence of law and economics theoretical logic underlying the legal mechanisms that guide sanctioning and public enforcement of the insider trading prohibition by identifying optimal forms, natures and types of sanctions that effectively induce insider trading deterrence. The analysis further aims to reveal the economic rationality that drives the potential need for harmonization of criminal enforcement of insider trading laws within the European environment by proceeding to a comparative analysis of the current legislations of height selected Member States. This work also assesses the European Union’s most recent initiative through a critical analysis of the proposal for a Directive on criminal sanctions for Market Abuse. Based on the conclusions drawn from its close analysis, the study takes on the challenge of analyzing whether or not the actual European public enforcement of the laws prohibiting insider trading is coherent with the theoretical law and economics recommendations, and how these enforcement practices could be improved.

Partner notification of chlamydia infection in primary care: randomised controlled trial and analysis of resource use

OBJECTIVE: To evaluate the effectiveness of a practice nurse led strategy to improve the notification and treatment of partners of people with chlamydia infection. DESIGN: Randomised controlled trial. SETTING: 27 general practices in the Bristol and Birmingham areas. PARTICIPANTS: 140 men and women with chlamydia (index cases) diagnosed by screening of a home collected urine sample or vulval swab specimen. INTERVENTIONS: Partner notification at the general practice immediately after diagnosis by trained practice nurses, with telephone follow up by a health adviser; or referral to a specialist health adviser at a genitourinary medicine clinic. MAIN OUTCOME MEASURES: Primary outcome was the proportion of index cases with at least one treated sexual partner. Specified secondary outcomes included the number of sexual contacts elicited during a sexual history, positive test result for chlamydia six weeks after treatment, and the cost of each strategy in 2003 sterling prices. RESULTS: 65.3% (47/72) of participants receiving practice nurse led partner notification had at least one partner treated compared with 52.9% (39/68) of those referred to a genitourinary medicine clinic (risk difference 12.4%, 95% confidence interval -1.8% to 26.5%). Of 68 participants referred to the clinic, 21 (31%) did not attend. The costs per index case were 32.55 pounds sterling for the practice nurse led strategy and 32.62 pounds sterling for the specialist referral strategy. CONCLUSION: Practice based partner notification by trained nurses with telephone follow up by health advisers is at least as effective as referral to a specialist health adviser at a genitourinary medicine clinic, and costs the same. Trial registration Clinical trials: NCT00112255.

The Pricing Discount for Limited Liquidity: Evidence from SWX Swiss Exchange and the Nasdaq

We investigate the pricing discount for limited liquidity. Unlike previous studies that have examined the relation between histroical returns and liquidity, ours looks directly at current stock prices. This approach requires less data and yields up-to-date information about limited liquidity discounts. We analyze data from the Swiss exchange and the Nasdaq during 1995-2001, and find a statistically and economically significant price-liquidity relation in both markets. We test the robustness of that relation with a procedure that does not rely on specific distributional assumptions. Our findings are unaffected. Accordingly, the discount suffered by the least liquid securities is about 30%.

Do Words Matter? The Impact of Communication on the PIIGS' CDS and Bond Yield Spreads during Europe's Sovereign Debt Crisis

The paper aims to shed light on the role of communication in the European debt crisis. It examines the effects of public statements by ECB Governing Council members, EU officials and national representatives on the PIIGS' CDS and bond yield spreads. The focus lies on dovish statements that signal strong determination in the rescue of indebted countries, and hawkish statements that indicate limited commitment to support the PIIGS and protect its creditors. The analysis of daily data for the period between January 1, 2009 and August 12, 2011 in an EGARCH framework suggests that communication by representatives of Germany, France, and the EU as well as ECB Governing Council members had an immediate impact on both types of securities. No effects.

Monetary Policy, Exchange Rate Overshooting, and Endogenous Physical Capital

We develop an open economy macroeconomic model with real capital accumulation and microeconomic foundations. We show that expansionary monetary policy causes exchange rate overshooting, not once, but potentially twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through international portfolio diversification in corporate securities.

Monetary Policy in a Portfolio Balance Model with Endogenous Physical Capital

We develop a portfolio balance model with real capital accumulation. The introduction of real capital as an asset as well as a good produced and demanded by firms enriches extant portfolio balance models of exchange rate determination. We show that expansionary monetary policy causes exchange rate overshooting, not once, but twice; the secondary repercussion comes through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. The model sheds further light on the volatility of real and nominal exchange rates, and it suggests that changes in corporate sector profitability may affect exchange rates through portfolio diversification in corporate securities.

Memoria colectiva en las identificaciones laborales del presente : Reflexiones en torno al caso de jóvenes trabajadores precarizados

Este artículo analiza la incidencia de la memoria colectiva en las identificaciones laborales del presente, a través del estudio de jóvenes trabajadores precarizados. Desarrolla un abordaje teórico sobre las identificaciones juveniles, la precarización y la memoria colectiva, cuya vinculación temática resulta poco frecuente en la Sociología del Trabajo. Buscando cubrir dicha área de vacancia, realizamos un estudio de caso centrado en jóvenes trabajadores precarizados que realizaron pasantías en el call center de un organismo público en el periodo 2008-2012. Desde un abordaje cualitativo analizamos los discursos de los pasantes como espacio de cristalización de sus formas identitarias. Como resultado encontramos que las condiciones de precarización laboral en que estos jóvenes se construían en trabajadores no condujeron a su naturalización, sino que por el contrario sus identificaciones estaban atravesadas por el imaginario de una sociedad salarial pasada, con estabilidades y seguridades laborales, que fue insumo de sus movilizaciones frente a la precarización

Memoria colectiva en las identificaciones laborales del presente : Reflexiones en torno al caso de jóvenes trabajadores precarizados

Este artículo analiza la incidencia de la memoria colectiva en las identificaciones laborales del presente, a través del estudio de jóvenes trabajadores precarizados. Desarrolla un abordaje teórico sobre las identificaciones juveniles, la precarización y la memoria colectiva, cuya vinculación temática resulta poco frecuente en la Sociología del Trabajo. Buscando cubrir dicha área de vacancia, realizamos un estudio de caso centrado en jóvenes trabajadores precarizados que realizaron pasantías en el call center de un organismo público en el periodo 2008-2012. Desde un abordaje cualitativo analizamos los discursos de los pasantes como espacio de cristalización de sus formas identitarias. Como resultado encontramos que las condiciones de precarización laboral en que estos jóvenes se construían en trabajadores no condujeron a su naturalización, sino que por el contrario sus identificaciones estaban atravesadas por el imaginario de una sociedad salarial pasada, con estabilidades y seguridades laborales, que fue insumo de sus movilizaciones frente a la precarización.

Memoria colectiva en las identificaciones laborales del presente : Reflexiones en torno al caso de jóvenes trabajadores precarizados

Este artículo analiza la incidencia de la memoria colectiva en las identificaciones laborales del presente, a través del estudio de jóvenes trabajadores precarizados. Desarrolla un abordaje teórico sobre las identificaciones juveniles, la precarización y la memoria colectiva, cuya vinculación temática resulta poco frecuente en la Sociología del Trabajo. Buscando cubrir dicha área de vacancia, realizamos un estudio de caso centrado en jóvenes trabajadores precarizados que realizaron pasantías en el call center de un organismo público en el periodo 2008-2012. Desde un abordaje cualitativo analizamos los discursos de los pasantes como espacio de cristalización de sus formas identitarias. Como resultado encontramos que las condiciones de precarización laboral en que estos jóvenes se construían en trabajadores no condujeron a su naturalización, sino que por el contrario sus identificaciones estaban atravesadas por el imaginario de una sociedad salarial pasada, con estabilidades y seguridades laborales, que fue insumo de sus movilizaciones frente a la precarización

The shift of paradigm in the organizations like foundation of the style of ethical leadership

La presente investigación tiene por objeto analizar el cambio de paradigma en las organizaciones como fundamento del liderazgo ético desde una realidad postmoderna a fin de detectar la necesidad de un liderazgo ético en las organizaciones donde los líderes sean formadores de valores a través del modelaje directivo; es un estilo de liderazgo en el que la visión ética, sistémica e integradora son unas de las principales aptitudes que el líder ético ha de poner en la práctica. Se han desarrollado teorías de liderazgo centradas no tanto en los rasgos o comportamientos de los líderes, sino en la relación entre líder y sus seguidores