Studio dei meccanismi molecolari coinvolti nel determinismo sintomatologico di piante infette da virus e virus-satelliti

The aim of our work was to study the molecular mechanisms involved in symptoms appearance of plants inoculated either with a virus or with a virus-satellite complex. In the first case, we tried to set up a reliable method for an early identification of PVYNTN strains present in Italy and causing potato tuber necrosis. This, to prevent their spread in the field and to avoid severe yield losses, especially in seed potato production. We tried to localize the particular genomic region responsible for tuber necrosis. To this purpose, we carried out RT-PCR experiments using various primer combinations, covering PVY genomic regions larger than those previously used by other authors. As the previous researchers, though, we were not able to differentiate all NTN from others PVY strains. This probably because of the frequent virus variability, due to both genomic mutations and possible recombination events among different strains. In the second case, we studied the influence of Y-sat (CaRNA5 satellite) on symptoms of CMV (Cucumber mosaic virus) in Nicotiana benthamiana plants: strong yellowing appearance instead of simple mosaic. Wang et al (2004), inoculating the same infectious complex on tobacco plants transformed with a viral suppressor of plant silencing (HC-PRO), did not experience the occurrence of yellowing anymore and, therefore, hypotesized that changes in symptoms were due to plant post transcriptional gene silencing (PTGS) mechanism. In our case, inoculation of N. benthamiana plants transformed with another PTGS viral suppressor (p19), and other plants defective for RNA polymerase 6 (involved in systemic silencing), still resulted in yellowing appearance. This, to our opinion, suggests that in our system another possible mechanism is involved.

Studio di biomateriali usati come scaffold per Tissue Engineering e loro caratterizzazione con tecniche spettroscopiche vibrazionali e di analisi termica

This research investigated someone of the main problems connected to the application of Tissue Engineering in the prosthetic field, in particular about the characterization of the scaffolding materials and biomimetic strategies adopted in order to promote the implant integration. The spectroscopic and thermal analysis techniques were usefully applied to characterize the chemico-physical properties of the materials such as – crystallinity; – relative composition in case of composite materials; – Structure and conformation of polymeric and peptidic chains; – mechanism and degradation rate; – Intramolecular and intermolecular interactions (hydrogen bonds, aliphatic interactions). This kind of information are of great importance in the comprehension of the interactions that scaffold undergoes when it is in contact with biological tissues; this information are fundamental to predict biodegradation mechanisms and to understand how chemico-physical properties change during the degradation process. In order to fully characterize biomaterials, this findings must be integrated by information relative to mechanical aspects and in vitro and in vivo behavior thanks to collaborations with biomedical engineers and biologists. This study was focussed on three different systems that correspond to three different strategies adopted in Tissue Engineering: biomimetic replica of fibrous 3-D structure of extracellular matrix (PCL-PLLA), incorporation of an apatitic phase similar to bone inorganic phase to promote biomineralization (PCL-HA), surface modification with synthetic oligopeptides that elicit the interaction with osteoblasts. The characterization of the PCL-PLLA composite underlined that the degradation started along PLLA fibres, which are more hydrophylic, and they serve as a guide for tissue regeneration. Moreover it was found that some cellular lines are more active in the colonization of the scaffold. In the PCL-HA composite, the weight ratio between the polymeric and the inorganic phase plays an essential role both in the degradation process and in the biomineralization of the material. The study of self-assembling peptides allowed to clarify the influence of primary structure on intermolecular and intermolecular interactions, that lead to the formation of the secondary structure and it was possible to find a new class of oligopeptides useful to functionalize materials surface. Among the analytical techniques used in this study, Raman vibrational spectroscopy played a major role, being non-destructive and non-invasive, two properties that make it suitable to degradation studies and to morphological characterization. Also micro-IR spectroscopy was useful in the comprehension of peptide structure on oxidized titanium: up to date this study was one of the first to employ this relatively new technique in the biomedical field.

Costruzione di uno scaffold vascolarizzato per la chirurgia ortopedica

Specific aims The aim is to improve the treatment of the bone losses at the metacarpal bones level (both diaphysis and epiphysis) combining microsurgery, tissue engineering and biomaterials, so to minimize the donor side morbidity and optimize healing and outcomes. Methods Pre-operative controlateral X-ray or 3-D CT to allow custom-made HA scaffolds. Cement as temporary spacer in acute lesion and monitoring of infective risks. Treatment of the bone loss recurring to pre-fabricated or custom-made HA scaffolds, adding platelet gel or growth factor OP1. Stable synthesis. Control group with auto/omografts. Outcome indices: % of bone-union; finger TAM, Kapandji, DASH score; NMR and Scintigraphy at 180 days for revascularisation and bio-substitution of the scaffold. Preliminary results The authors just treated 6 patients, 4 males and 2 females, with an average age of 38.5 yrs, affected by segmental bone losses at the hand and wrist, recurring to pre-fabricated not vascularised scaffolds. In all cases the synthesis was performed with angular stability plates and a stable synthesis achieved. All patients have been controlled at a mean follow-up of 10.5 months (from 2 to 16 ). In all case but one the bone-scaffold osteo-integration was achieved at an average of 38 days at the hand, and 46 days at the wrist. The outcome studies, according to the DASH score, finger TAM, and Kapandji, were good and excellent in 5 cases, poor in one.

Il contributo dell’Unione europea all’affermazione dello stato di diritto nella comunità internazionale

This thesis is aimed at analysing EU external relations from the perspective of the promotion of the rule of law in order to evaluate the effectiveness and consistency of its action within the international community. The research starts with an examination of the notion of the rule of law from a theoretical point of view. The first chapter initially describes the historical-political evolution of the establishment of the notion of the rule of law. Some of the most significant national experiences (France, the UK, Germany and Austria) are discussed. Then, the focus is put on the need to propose interpretations which explain the grounds of the rule of law, by highlighting the different formal and substantive interpretations. This philosophical-historical analysis is complemented by a reconstruction of how the notion of the rule of law was developed by the international community, with a view to searching a common notion at the international level by comparing theory and practice within the main international organisations such as the UN, OECD and the Council of Europe. Specific mention is made of the EU experience, whose configuration as a Community based on the rule of law is often debated, starting from the case law of the European Court of Justice. The second chapter deals with the conditionality policy and focuses on the development and scope of democratic conditionality according to the dominant approach of the doctrine. First, the birth of conditionality is analysed from an economic point of view, especially within international financial organisations and the different types of conditionality recreated in the scientific sector. Then an analysis is provided about the birth of democratic conditionality in the EC – in relation to its external relations – firstly as a mere political exercise to be then turned into a standardised system of clauses. Specific reference is made to the main scope of conditionality, that is to say enlargement policy and the development of the Copenhagen criteria. The third chapter provides further details about the legal questions connected to the use of democratic clauses: on the one hand, the power of the EC to include human rights clauses in international agreements, on the other, the variety and overlapping in the use of the legal basis. The chapter ends with an analysis of the measures of suspension of agreements with third countries in those rare but significant cases in which the suspension clause, included in the Lomè Convention first and in the Cotonou Agreement then, is applied. The last chapter is devoted to the analysis of democratic clauses in unilateral acts adopted by the European Union which affect third countries. The examination of this practice and the comparison with the approach analysed in the previous chapter entails a major theoretical question. It is the clear-cut distinction between conditionality and international sanction. This distinction is to be taken into account when considering the premises and consequences, in terms of legal relations, which are generated when democratic clauses are not complied with. The chapter ends with a brief analysis of what, according to the reconstruction suggested, can be rightly labelled as real democratic conditionality, that is to say the system of incentives, positive measures developed within the community GSP. The dissertation ends with a few general considerations about the difficulties experienced by the EU in promoting the rule of law. The contradictory aspects of the EU external actions are manifold, as well as its difficulties in choosing the most appropriate measures to be taken which, however, reflect all the repercussions and tension resulting from the balance of power within the international community. The thesis argues that it is difficult to grant full credibility to an entity like the EU which, although it proclaims itself as the guardian and promoter of the rule of law, in practice, is too often biased in managing its relations with third countries. However, she adds, we must acknowledge that the EU is committed and constantly strives towards identifying new spaces and strategies of action.

Analisi del comportamento a caldo dell'acciaio AISI - H11 per la stima della vita utile di matrici per estrusione

The effect of process parameters on the creep-fatigue behavior of a hot-work tool steel for aluminum extrusion die was investigated through a technological test in which the specimen geometry resembled the mandrel of a hollow extrusion die. Tests were performed on a Gleeble thermomechanical simulator by heating the specimen using joule’s effect and by applying cyclic loading up to 6.30 h or till specimen failure. Displacements during the tests at 380, 490, 540 and 580°C and under the average stresses of 400, 600 and 800 MPa were determined. In the first set of test a dwell time of 3 min was introduced during each of the tests to understand the creep behavior. The results showed that the test could indeed physically simulate the cyclic loading on the hollow die during extrusion and reveal all the mechanisms of creep-fatigue interaction. In the second set a pure fatigue laod were induced and in the third set a static creep load were induced in the specimens. Furher type of tests, finite element and microstructural analysis were presented.

Aumento della risoluzione spaziale per il sondaggio di temperatura e umidità da satellite geostazionario mediante radiometria ad onde millimetriche e submillimetriche

The purpose of this study is to develop and evaluate techniques that improve the spatial resolution of the channels already selected in the preliminary studies for Geostationary Observatory for Microwave Atmospheric Soundings (GOMAS). Reference high resolution multifrequency brightness temperatures scenarios have been derived by applying radiative transfer calculation to the spatially and microphysically detailed output of meteorological events simulated by the University of Wisconsin - Non-hydrostatic Model System (UW-NMS). Three approaches, Wiener filter, Super-Resolution and Image Fusion have been applied to some representative GOMAS frequency channels to enhance the resolution of antenna temperatures. The Wiener filter improved resolution of the largely oversampled images by a factor 1.5- 2.0 without introducing any penalty in the radiometric accuracy. Super-resolution, suitable for not largely oversampled images, improved resolution by a factor ~1.5 but introducing an increased radiometric noise by a factor 1.4-2.5. The image fusion allows finally to further increase the spatial frequency of the images obtained by the Wiener filter increasing the total resolution up to a factor 5.0 with an increased radiometric noise closely linked to the radiometric frequency and to the examined case study.

Sviluppo di metodologie di localizzazione nel contesto del Comprehensive Nuclear Test-Ban Treaty

Since the first underground nuclear explosion, carried out in 1958, the analysis of seismic signals generated by these sources has allowed seismologists to refine the travel times of seismic waves through the Earth and to verify the accuracy of the location algorithms (the ground truth for these sources was often known). Long international negotiates have been devoted to limit the proliferation and testing of nuclear weapons. In particular the Treaty for the comprehensive nuclear test ban (CTBT), was opened to signatures in 1996, though, even if it has been signed by 178 States, has not yet entered into force, The Treaty underlines the fundamental role of the seismological observations to verify its compliance, by detecting and locating seismic events, and identifying the nature of their sources. A precise definition of the hypocentral parameters represents the first step to discriminate whether a given seismic event is natural or not. In case that a specific event is retained suspicious by the majority of the State Parties, the Treaty contains provisions for conducting an on-site inspection (OSI) in the area surrounding the epicenter of the event, located through the International Monitoring System (IMS) of the CTBT Organization. An OSI is supposed to include the use of passive seismic techniques in the area of the suspected clandestine underground nuclear test. In fact, high quality seismological systems are thought to be capable to detect and locate very weak aftershocks triggered by underground nuclear explosions in the first days or weeks following the test. This PhD thesis deals with the development of two different seismic location techniques: the first one, known as the double difference joint hypocenter determination (DDJHD) technique, is aimed at locating closely spaced events at a global scale. The locations obtained by this method are characterized by a high relative accuracy, although the absolute location of the whole cluster remains uncertain. We eliminate this problem introducing a priori information: the known location of a selected event. The second technique concerns the reliable estimates of back azimuth and apparent velocity of seismic waves from local events of very low magnitude recorded by a trypartite array at a very local scale. For the two above-mentioned techniques, we have used the crosscorrelation technique among digital waveforms in order to minimize the errors linked with incorrect phase picking. The cross-correlation method relies on the similarity between waveforms of a pair of events at the same station, at the global scale, and on the similarity between waveforms of the same event at two different sensors of the try-partite array, at the local scale. After preliminary tests on the reliability of our location techniques based on simulations, we have applied both methodologies to real seismic events. The DDJHD technique has been applied to a seismic sequence occurred in the Turkey-Iran border region, using the data recorded by the IMS. At the beginning, the algorithm was applied to the differences among the original arrival times of the P phases, so the cross-correlation was not used. We have obtained that the relevant geometrical spreading, noticeable in the standard locations (namely the locations produced by the analysts of the International Data Center (IDC) of the CTBT Organization, assumed as our reference), has been considerably reduced by the application of our technique. This is what we expected, since the methodology has been applied to a sequence of events for which we can suppose a real closeness among the hypocenters, belonging to the same seismic structure. Our results point out the main advantage of this methodology: the systematic errors affecting the arrival times have been removed or at least reduced. The introduction of the cross-correlation has not brought evident improvements to our results: the two sets of locations (without and with the application of the cross-correlation technique) are very similar to each other. This can be commented saying that the use of the crosscorrelation has not substantially improved the precision of the manual pickings. Probably the pickings reported by the IDC are good enough to make the random picking error less important than the systematic error on travel times. As a further justification for the scarce quality of the results given by the cross-correlation, it should be remarked that the events included in our data set don’t have generally a good signal to noise ratio (SNR): the selected sequence is composed of weak events ( magnitude 4 or smaller) and the signals are strongly attenuated because of the large distance between the stations and the hypocentral area. In the local scale, in addition to the cross-correlation, we have performed a signal interpolation in order to improve the time resolution. The algorithm so developed has been applied to the data collected during an experiment carried out in Israel between 1998 and 1999. The results pointed out the following relevant conclusions: a) it is necessary to correlate waveform segments corresponding to the same seismic phases; b) it is not essential to select the exact first arrivals; and c) relevant information can be also obtained from the maximum amplitude wavelet of the waveforms (particularly in bad SNR conditions). Another remarkable point of our procedure is that its application doesn’t demand a long time to process the data, and therefore the user can immediately check the results. During a field survey, such feature will make possible a quasi real-time check allowing the immediate optimization of the array geometry, if so suggested by the results at an early stage.

Ingegneria di sistemi auto‐organizzanti con il paradigma multiagente

Self-organisation is increasingly being regarded as an effective approach to tackle modern systems complexity. The self-organisation approach allows the development of systems exhibiting complex dynamics and adapting to environmental perturbations without requiring a complete knowledge of the future surrounding conditions. However, the development of self-organising systems (SOS) is driven by different principles with respect to traditional software engineering. For instance, engineers typically design systems combining smaller elements where the composition rules depend on the reference paradigm, but typically produce predictable results. Conversely, SOS display non-linear dynamics, which can hardly be captured by deterministic models, and, although robust with respect to external perturbations, are quite sensitive to changes on inner working parameters. In this thesis, we describe methodological aspects concerning the early-design stage of SOS built relying on the Multiagent paradigm: in particular, we refer to the A&A metamodel, where MAS are composed by agents and artefacts, i.e. environmental resources. Then, we describe an architectural pattern that has been extracted from a recurrent solution in designing self-organising systems: this pattern is based on a MAS environment formed by artefacts, modelling non-proactive resources, and environmental agents acting on artefacts so as to enable self-organising mechanisms. In this context, we propose a scientific approach for the early design stage of the engineering of self-organising systems: the process is an iterative one and each cycle is articulated in four stages, modelling, simulation, formal verification, and tuning. During the modelling phase we mainly rely on the existence of a self-organising strategy observed in Nature and, hopefully encoded as a design pattern. Simulations of an abstract system model are used to drive design choices until the required quality properties are obtained, thus providing guarantees that the subsequent design steps would lead to a correct implementation. However, system analysis exclusively based on simulation results does not provide sound guarantees for the engineering of complex systems: to this purpose, we envision the application of formal verification techniques, specifically model checking, in order to exactly characterise the system behaviours. During the tuning stage parameters are tweaked in order to meet the target global dynamics and feasibility constraints. In order to evaluate the methodology, we analysed several systems: in this thesis, we only describe three of them, i.e. the most representative ones for each of the three years of PhD course. We analyse each case study using the presented method, and describe the exploited formal tools and techniques.

Studio del comportamento meccanico di smalti porcellanati per substrati metallici

Composite porcelain enamels are inorganic coatings for metallic components based on a special ceramic-vitreous matrix in which specific additives are randomly dispersed. The ceramic-vitreous matrix is made by a mixture of various raw materials and elements and in particular it is based on boron-silicate glass added with metal oxides(1) of titanium, zinc, tin, zirconia, alumina, ecc. These additions are often used to improve and enhance some important performances such as corrosion(2) and wear resistance, mechanical strength, fracture toughness and also aesthetic functions. The coating process, called enamelling, depends on the nature of the surface, but also on the kind of the used porcelain enamel. For metal sheets coatings two industrial processes are actually used: one based on a wet porcelain enamel and another based on a dry-silicone porcelain enamel. During the firing process, that is performed at about 870°C in the case of a steel substrate, the enamel raw material melts and interacts with the metal substrate so enabling the formation of a continuous varying structure. The interface domain between the substrate and the external layer is made of a complex material system where the ceramic vitreous and the metal constituents are mixed. In particular four main regions can be identified, (i) the pure metal region, (ii) the region where the metal constituents are dominant compared with the ceramic vitreous components, (iii) the region where the ceramic vitreous constituents are dominant compared with the metal ones, and the fourth region (iv) composed by the pure ceramic vitreous material. It has also to be noticed the presence of metallic dendrites that hinder the substrate and the external layer passing through the interphase region. Each region of the final composite structure plays a specific role: the metal substrate has mainly the structural function, the interphase region and the embedded dendrites guarantee the adhesion of the external vitreous layer to the substrate and the external vitreous layer is characterized by an high tribological, corrosion and thermal shock resistance. Such material, due to its internal composition, functionalization and architecture can be considered as a functionally graded composite material. The knowledge of the mechanical, tribological and chemical behavior of such composites is not well established and the research is still in progress. In particular the mechanical performances data about the composite coating are not jet established. In the present work the Residual Stresses, the Young modulus and the First Crack Failure of the composite porcelain enamel coating are studied. Due to the differences of the porcelain composite enamel and steel thermal properties the enamelled steel sheets have residual stresses: compressive residual stress acts on the coating and tensile residual stress acts on the steel sheet. The residual stresses estimation has been performed by measuring the curvature of rectangular one-side coated specimens. The Young modulus and the First Crack Failure (FCF) of the coating have been estimated by four point bending tests (3-7) monitored by means of the Acoustic Emission (AE) technique(5,6). In particular the AE information has been used to identify, during the bending tests, the displacement domain over which no coating failure occurs (Free Failure Zone, FFZ). In the FFZ domain, the Young modulus has been estimated according to ASTM D6272-02. The FCF has been calculated as the ratio between the displacement at the first crack of the coating and the coating thickness on the cracked side. The mechanical performances of the tested coated specimens have also been related and discussed to respective microstructure and surface characteristics by double entry charts.

Sulla progettazione in zona sismica di strutture dotate di dissipatori fluido-viscosi: proposta di una metodologia

CHAPTER 1:FLUID-VISCOUS DAMPERS In this chapter the fluid-viscous dampers are introduced. The first section is focused on the technical characteristics of these devices, their mechanical behavior and the latest evolution of the technology whose they are equipped. In the second section we report the definitions and the guide lines about the design of these devices included in some international codes. In the third section the results of some experimental tests carried out by some authors on the response of these devices to external forces are discussed. On this purpose we report some technical schedules that are usually enclosed to the devices now available on the international market. In the third section we show also some analytic models proposed by various authors, which are able to describe efficiently the physical behavior of the fluid-viscous dampers. In the last section we propose some cases of application of these devices on existing structures and on new-construction structures. We show also some cases in which these devices have been revealed good for aims that lies outside the reduction of seismic actions on the structures. CHAPTER 2:DESIGN METHODS PROPOSED IN LITERATURE In this chapter the more widespread design methods proposed in literature for structures equipped by fluid-viscous dampers are introduced. In the first part the response of sdf systems in the case of harmonic external force is studied, in the last part the response in the case of random external force is discussed. In the first section the equations of motion in the case of an elastic-linear sdf system equipped with a non-linear fluid-viscous damper undergoing a harmonic force are introduced. This differential problem is analytically quite complex and it’s not possible to be solved in a closed form. Therefore some authors have proposed approximate solution methods. The more widespread methods are based on equivalence principles between a non-linear device and an equivalent linear one. Operating in this way it is possible to define an equivalent damping ratio and the problem becomes linear; the solution of the equivalent problem is well-known. In the following section two techniques of linearization, proposed by some authors in literature, are described: the first technique is based on the equivalence of the energy dissipated by the two devices and the second one is based on the equivalence of power consumption. After that we compare these two techniques by studying the response of a sdf system undergoing a harmonic force. By introducing the equivalent damping ratio we can write the equation of motion of the non-linear differential problem in an implicit form, by dividing, as usual, for the mass of the system. In this way, we get a reduction of the number of variables, by introducing the natural frequency of the system. The equation of motion written in this form has two important properties: the response is linear dependent on the amplitude of the external force and the response is dependent on the ratio of the frequency of the external harmonic force and the natural frequency of the system only, and not on their single values. All these considerations, in the last section, are extended to the case of a random external force. CHAPTER 3: DESIGN METHOD PROPOSED In this chapter the theoretical basis of the design method proposed are introduced. The need to propose a new design method for structures equipped with fluid-viscous dampers arises from the observation that the methods reported in literature are always iterative, because the response affects some parameters included in the equation of motion (such as the equivalent damping ratio). In the first section the dimensionless parameterε is introduced. This parameter has been obtained from the definition of equivalent damping ratio. The implicit form of the equation of motion is written by introducing the parameter ε, instead of the equivalent damping ratio. This new implicit equation of motions has not any terms affected by the response, so that once ε is known the response can be evaluated directly. In the second section it is discussed how the parameter ε affects some characteristics of the response: drift, velocity and base shear. All the results described till this point have been obtained by keeping the non-linearity of the behavior of the dampers. In order to get a linear formulation of the problem, that is possible to solve by using the well-known methods of the dynamics of structures, as we did before for the iterative methods by introducing the equivalent damping ratio, it is shown how the equivalent damping ratio can be evaluated from knowing the value of ε. Operating in this way, once the parameter ε is known, it is quite easy to estimate the equivalent damping ratio and to proceed with a classic linear analysis. In the last section it is shown how the parameter ε could be taken as reference for the evaluation of the convenience of using non-linear dampers instead of linear ones on the basis of the type of external force and the characteristics of the system. CHAPTER 4: MULTI-DEGREE OF FREEDOM SYSTEMS In this chapter the design methods of a elastic-linear mdf system equipped with non-linear fluidviscous dampers are introduced. It has already been shown that, in the sdf systems, the response of the structure can be evaluated through the estimation of the equivalent damping ratio (ξsd) assuming the behavior of the structure elastic-linear. We would to mention that some adjusting coefficients, to be applied to the equivalent damping ratio in order to consider the actual behavior of the structure (that is non-linear), have already been proposed in literature; such coefficients are usually expressed in terms of ductility, but their treatment is over the aims of this thesis and we does not go into further. The method usually proposed in literature is based on energy equivalence: even though this procedure has solid theoretical basis, it must necessary include some iterative process, because the expression of the equivalent damping ratio contains a term of the response. This procedure has been introduced primarily by Ramirez, Constantinou et al. in 2000. This procedure is reported in the first section and it is defined “Iterative Method”. Following the guide lines about sdf systems reported in the previous chapters, it is introduced a procedure for the assessment of the parameter ε in the case of mdf systems. Operating in this way the evaluation of the equivalent damping ratio (ξsd) can be done directly without implementing iterative processes. This procedure is defined “Direct Method” and it is reported in the second section. In the third section the two methods are analyzed by studying 4 cases of two moment-resisting steel frames undergoing real accelerogramms: the response of the system calculated by using the two methods is compared with the numerical response obtained from the software called SAP2000-NL, CSI product. In the last section a procedure to create spectra of the equivalent damping ratio, affected by the parameter ε and the natural period of the system for a fixed value of exponent α, starting from the elasticresponse spectra provided by any international code, is introduced.

Le scelte di investimento dei fondi pensioni italiani: un’analisi degli asset immobiliari

Il lavoro persegue l’obiettivo generale di indagare sulle scelte di investimento dei fondi pensione italiani. Per giungere al suddetto obiettivo il lavoro si articola in quattro capitoli principali corredati da premessa e conclusioni. Il primo capitolo si preoccupa di analizzare in quale modo le scelte operate dal legislatore italiano abbiano influenzato e influenzino le politiche di investimento dei fondi pensione. E’ indubbio, infatti, che l’intervento del legislatore abbia un forte ascendente sull’operatività dei fondi e possa limitarne o, viceversa, agevolarne l’attività. Alla luce di queste considerazioni, il secondo capitolo mira ad analizzare nel concreto l’influenza delle scelte operate dal legislatore sullo sviluppo del mercato dei fondi pensione italiani. In sostanza, l’obiettivo è quello di fornire informazioni circa il mercato italiano dei fondi pensione sviluppatosi in conseguenza alla normativa testé presentata. Il successivo capitolo, il terzo, propone un’analisi della letteratura che, nel contesto nazionale ed internazionale, ha analizzato la tematica dei fondi pensione. Più nel dettaglio, si propone una disamina dei riferimenti letterari che, affrontando il problema della gestione finanziaria dei fondi pensione, trattano delle politiche e delle scelte di investimento operate da questi. Il quarto capitolo riguarda un’analisi empirica mirata ad analizzare le politiche di investimento dei fondi pensione, in particolare quelle relative agli investimenti alternativi e soprattutto, tra questi, quelli immobiliari. L’obiettivo generale perseguito è quello di analizzare la composizione del patrimonio dei fondi appartenenti al campione considerato e ricavarne indicazioni circa le scelte manageriali operate dai fondi, nonché trarre indicazioni circa lo spazio riservato e/o riservabile alle asset class alternative, soprattutto a quelle di tipo immobiliare. Si evidenzia, infatti, che la verifica presentata riguarda prevalentemente gli investimenti immobiliari che rappresentano nella realtà italiana l’alternative class maggiormente diffusa. L’analisi si concentra, anche se in modo inferiore e con un approccio quasi esclusivamente qualitativo, su altre asset class alternative (hedge fund e private equity). Si precisa, inoltre, che la volontà di focalizzare la verifica sugli alternative investment limita l’analisi ai soli fondi pensione preesistenti che, ad oggi, rappresentano l’unica categoria alla quale è consentito effettuare investimenti di tipo alternativo. A differenza dei fondi di nuova generazione, tali fondi, infatti, non sono sottoposti a limitazioni nell’attività di investimento e, almeno in linea teorica, essi possono optare senza alcuna restrizione per l’asset allocation ritenuta più appropriata Tre sono le domande di ricerca a cui l’analisi proposta mira a dare risposta: Quale è la dimensione e la composizione del portafoglio dei fondi pensione preesistenti? Quale è la dimensione e la tipologia di investimento immobiliare all’interno del portafoglio dei fondi pensione preesistenti? Esiste uno “spazio” ulteriore per gli investimenti immobiliari e/o per altri alternative investment nel portafoglio dei fondi pensione preesistenti? L’analisi è condotta su un campione di dieci fondi preesistenti, che rappresenta il 60% dell’universo di riferimento (dei 29 fondi pensione preesistenti che investono in immobiliare) e la metodologia utilizzata è quella della case study. Le dieci case study, una per ogni fondo preesistente analizzato, sono condotte e presentate secondo uno schema quanto più standard e si basano su varie tipologie di informazioni reperite da tre differenti fonti. 2 La prima fonte informativa utilizzata è rappresentata dai bilanci o rendiconti annuali dei fondi analizzati. A questi si aggiungono i risultati di un’intervista svolta nei mesi di gennaio e febbraio 2008, ai direttori generali o ai direttori dell’area investimento dei fondi. Le interviste aggiungono informazioni prevalentemente di tipo qualitativo, in grado di descrivere le scelte manageriali operate dai fondi in tema di politica di investimento. Infine, laddove presente, sono state reperite informazioni anche dai siti internet che in taluni casi i fondi possiedono. Dalle case study condotte è possibile estrapolare una serie di risultati, che consentono di dare risposta alle tre domande di ricerca poste in precedenza. Relativamente alla prima domanda, è stato possibile stabilire che il portafoglio dei fondi pensione preesistenti analizzati cresce nel tempo. Esso si compone per almeno un terzo di titoli di debito, prevalentemente titoli di stato, e per un altro terzo di investimenti immobiliari di vario tipo. Il restante terzo è composto da altre asset class, prevalentemente investimenti in quote di OICR. Per quanto riguarda la politica d’investimento, si rileva che mediamente essa è caratterizzata da un’alta avversione al rischio e pochissimi sono i casi in cui i fondi prevedono linee di investimento aggressive. Relativamente alla seconda domanda, si osserva che la dimensione dell’asset class immobiliare all’interno del portafoglio raggiunge una quota decrescente nell’arco di tempo considerato, seppur rilevante. Al suo interno prevalgono nettamente gli investimenti diretti in immobili. Seguono le partecipazioni in società immobiliari. L’analisi ha permesso, poi, di approfondire il tema degli investimenti immobiliari consentendo di trarre indicazioni circa le loro caratteristiche. Infine, relativamente all’ultima domanda di ricerca, i dati ottenuti, soprattutto per mezzo delle interviste, permettono di stabilire che, almeno con riferimento al campione analizzato, l’investimento immobiliare perde quota e in parte interesse. Questo risulta vero soprattutto relativamente agli investimenti immobiliari di tipo diretto. I fondi con patrimoni immobiliari rilevanti, infatti, sono per la totalità nel mezzo di processi di dismissione degli asset, mirati, non tanto all’eliminazione dell’asset class, ma piuttosto ad una riduzione della stessa, conformemente anche a quanto richiesto dalle recenti normative. Le interviste hanno messo in luce, tuttavia, che a fronte di un’esigenza generale di contentere la quota investita, l’asset immobiliare è considerato positivamente soprattutto in termini di opportunità di diversificazione di portafoglio e buoni rendimenti nel lungo periodo. I fondi appaiono interessati in modo particolare a diversificare il portafoglio immobiliare, dismettendo parte degli asset detenuti direttamente e aumentando al contrario le altre tipologie di investimento immobiliare, soprattutto quote di OICR immobiliari. Altrettanto positivi i giudizi relativi alle altre asset class alternative. Pur restando ancora limitato il totale delle risorse destinate, tali investimenti sono percepiti come una buona opportunità di diversificazione del portafoglio. In generale, si è rilevato che, anche laddove l’investimento non è presente o è molto ridotto, nel breve periodo è intenzione del management aumentare la quota impiegata.