Morphology and surface sedimentation on the upper and middle continental slope off Uruguay

This paper presents for the first time a morphological and surface sediment characterization of the Uruguayan outer continental shelf and slope. The study is based on a high-resolution coverage using hydrographical, geomorphological and sedimentological sampling and several textural and productivity proxies. Along slope terraces and an important canyon system characterizes continental slope morphology, indicating that across- and down-slope sedimentary processes control large-scale sedimentation. Terraces represent the prolongation of the Argentinean Contouritic Depositional System that vanishes in the study area, presumably as a result of the dynamic of the Brazil-Malvinas confluence. Canyons incised in the upper slope are likely related to low-stand sea level conditions. At the outer shelf and shallow upper slope (170-250 m depth), off-shelf sand transport is inferred from the distribution of relict sand and reworked biogenic gravel. In the upper continental slope, the northern region is characterized by an erosive environment controlled by a steep slope and the southward flowing Brazil current. In the south, a depositional environment is enhanced by the presence of a gentler slope and seaward incised canyons and is mainly controlled by hemipelagic processes associated with nutrient-rich Sub-Antarctic Waters (SAW), by its confluence with South Atlantic Central Waters (SACW) and by the Rio de la Plata’s (RdlP) influence. Additionally, within the upper slope, the occurrence of igneous-metamorphic cobbles and pebbles in canyon and mound lag deposits suggests the influence of glacial fluvial discharge and/or iceberg transport processes. In the middle slope, sedimentation is controlled by thermohaline-induced deep-water bottom currents. The decreasing influence of the erosive Antarctic Intermediate Water (AAIW) is evident in a northward diminution in grain size. The variety of transport and sedimentary processes identified reflect the control of the Brazil-Malvinas confluence zone and the Rio de la Plata’s discharge.

El clima en el Atlántico norafricano durante los interglaciales MIS 5.5 y MIS 11.3 a partir de los paleoindicadores Harpa rosea Lamarck [1816] y Saccaostrea cucullata (Born, 1780) en el archipiélago canario

Universidad de Las Palmas de Gran Canaria. Departamento de Biología. Programa de doctorado de Gestión de recursos vivos marinos y medioambiente ; bienio 2006-2008

Simulations of glacial/interglacial cycles with simple box-models. The ocean CO2 source during deglaciations

Máster en Oceanografía

Active mesopelagic prokaryotes support high respiration in the subtropical northeast Atlantic Ocean

[EN]Here we provide evidence, based on prokaryote metabolic proxies and direct estimates of oxygen consumption, that the mesopelagic prokaryote assemblage in the subtropical Northeast Atlantic is an active one. It supports a high respiration (0.22 ± 0.05 μmol O2 l−1 d−1, corresponding to 68 ± 8 mmol CO2 m−2 d−1), comparable to that of the epipelagic zone during the same period (64–97 mmol C m−2 d−1). Our findings suggest that mesopelagic prokaryotes in the NE subtropical Ocean, as well as in other eastern boundary regions, are important carbon sinks for organic matter advected from the highly productive coastal systems, and would play a key role in the global carbon cycle of the oceans.

High-resolution stratigraphy of Central and Southern Adriatic Quaternary deposits of sub-Milankovian climate change on Mediterranean circulation

This volume is a collection of the work done in a three years-lasting PhD, focused in the analysis of Central and Southern Adriatic marine sediments, deriving from the collection of a borehole and many cores, achieved thanks to the good seismic-stratigraphic knowledge of the study area. The work was made out within European projects EC-EURODELTA (coordinated by Fabio Trincardi, ISMAR-CNR), EC-EUROSTRATAFORM (coordinated by Phil P. E. Weaver, NOC, UK), and PROMESS1 (coordinated by Serge Bernè, IFREMER, France). The analysed sedimentary successions presented highly expanded stratigraphic intervals, particularly for the last 400 kyr, 60 kyr and 6 kyr BP. These three different time-intervals resulted in a tri-partition of the PhD thesis. The study consisted of the analysis of planktic and benthic foraminifers’ assemblages (more than 560 samples analysed), as well as in preparing the material for oxygen and carbon stable isotope analyses, and interpreting and discussing the obtained dataset. The chronologic framework of the last 400 kyr was achieved for borehole PRAD1-2 (within the work-package WP6 of PROMESS1 project), collected in 186.5 m water depth. The proposed chronology derives from a multi-disciplinary approach, consisting of the integration of numerous and independent proxies, some of which analysed by other specialists within the project. The final framework based on: micropaleontology (calcareous nannofossils and foraminifers’ bioevents), climatic cyclicity (foraminifers’ assemblages), geochemistry (oxygen stable isotope, made out on planktic and benthic records), paleomagnetism, radiometric ages (14C AMS), teprhochronology, identification of sapropel-equivalent levels (Se). It’s worth to note the good consistency between the oxygen stable isotope curve obtained for borehole PRAD1-2 and other deeper Mediterranean records. The studied proxies allowed the recognition of all the isotopic intervals from MIS10 to MIS1 in PRAD1-2 record, and the base of the borehole has been ascribed to the early MIS11. Glacial and interglacial intervals identified in the Central Adriatic record have been analysed in detail for the paleo-environmental reconstruction, as well. For instance, glacial stages MIS6, MIS8 and MIS10 present peculiar foraminifers’ assemblages, composed by benthic species typical of polar regions and no longer living in the Central Adriatic nowadays. Moreover, a deepening trend in the paleo-bathymetry during glacial intervals was observed, from MIS10 (inner-shelf environment) to MIS4 (mid-shelf environment).Ten sapropel-equivalent levels have been recognised in PRAD1-2 Central Adriatic record. They showed different planktic foraminifers’ assemblages, which allowed the first distinction of events occurred during warm-climate (Se5, Se7), cold-climate (Se4, Se6 and Se8) and temperate-intermediate-climate (Se1, Se3, Se9, Se’, Se10) conditions, consistently with literature. Cold-climate sapropel equivalents are characterised by the absence of an oligotrophic phase, whereas warm-temeprate-climate sapropel equivalents present both the oligotrophic and the eutrophic phases (except for Se1). Sea floor conditions vary, according to benthic foraminifers’ assemblages, from relatively well oxygenated (Se1, Se3), to dysoxic (Se9, Se’, Se10), to highly dysoxic (Se4, Se6, Se8) to events during which benthic foraminifers are absent (Se5, Se7). These two latter levels are also characterised by the lamination of the sediment, feature never observed in literature in such shallow records. The enhanced stratification of the water column during the events Se8, Se7, Se6, Se5, Se4, and the concurring strong dilution of shallow water, pointed out by the isotope record, lead to the hypothesis of a period of intense precipitation in the Central Adriatic region, possibly due to a northward shift of the African Monsoon. Finally, the expression of Central Adriatic PRAD1-2 Se5 equivalent was compared with the same event, as registered in other Eastern Mediterranean areas. The sequence of substantially the same planktic foraminifers’ bioevents has been consistently recognised, indicating a similar evolution of the water column all over the Eastern Mediterranean; yet, the synchronism of these events cannot be demonstrated. A high resolution analysis of late Holocene (last 6000 years BP) climate change was carried out for the Adriatic area, through the recognition of planktic and benthic foraminifers’ bioevents. In particular, peaks of planktic Globigerinoides sacculifer (four during the last 5500 years BP in the most expanded core) have been interpreted, based on the ecological requirements of this species, as warm-climate, arid intervals, correspondent to periods of relative climatic optimum, such as, for instance, the Medieval Warm Period, the Roman Age, the Late Bronze Age and the Copper Age. Consequently, the minima in the abundance of this biomarker could correspond to relatively cooler and more rainy periods. These conclusions are in good agreement with the isotopic and the pollen data. The Last Occurrence (LO) of G. sacculifer has been dated in this work at an average age of 550 years BP, and it is the best bioevent approximating the base of the Little Ice Age in the Adriatic. Recent literature reports the same bioevent in the Levantine Basin, showing a rather consistent age. Therefore, the LO of G. sacculifer has the potential to be extended to all the Eastern Mediterranean. Within the Little Ice Age, benthic foraminifer V. complanata shows two distinct peaks in the shallower Adriatic cores analysed, collected hundred kilometres apart, inside the mud belt environment. Based on the ecological requirements of this species, these two peaks have been interpreted as the more intense (cold and rainy) oscillations inside the LIA. The chronologic framework of the analysed cores is robust, being based on several range-finding 14C AMS ages, on estimates of the secular variation of the magnetic field, on geochemical estimates of the activity depth of 210Pb short-lived radionuclide (for the core-top ages), and is in good agreement with tephrochronologic, pollen and foraminiferal data. The intra-holocenic climate oscillations find out in the Adriatic have been compared with those pointed out in literature from other records of the Northern Hemisphere, and the chronologic constraint seems quite good. Finally, the sedimentary successions analysed allowed the review and the update of the foraminifers’ ecobiostratigraphy available from literature for the Adriatic region, thanks to the achievement of 16 ecobiozones for the last 60 kyr BP. Some bioevents are restricted to the Central Adriatic (for instance the LO of benthic Hyalinea balthica , approximating the MIS3/MIS2 boundary), others occur all over the Adriatic basin (for instance the LO of planktic Globorotalia inflata during MIS3, individuating Dansgaard-Oeschger cycle 8 (Denekamp)).

Essays on firm efficiency with imperfectly competitive input markets: an empirical analysis

In the thesis I exploit an empirical analysis on firm'’s productivity. I relate the efficiency at plant level with the input market features and I suggest an estimation technique for production function that takes into account firm'’s liquidity constraints. The main results are three. When I consider services as inputs for manufacturing firm’'s production process, I find that more competition in service sector affects positively plant’s productivity and export decision. Secondly liquidity constraints are important for the calculation of firm'’s productivity because they are a second source of firm's heterogeneity. Third liquidity constraints are important for firm'’s internationalization

Dati geochimici ed ecologici di foraminiferi planctonici. Implicazioni paleoceanografiche in due aree chiave: Oceano Meridionale e Mare Mediterraneo.

La studio della distribuzione spaziale e temporale della associazioni a foraminiferi planctonici, campionati in zone con differente regime idrografico, ha permesso di comprendere che molte specie possono essere diagnostiche della presenza di diverse masse d’acqua superficiali e sottosuperficiali e di diversi regimi di nutrienti nelle acque oceaniche. Parte di questo lavoro di tesi si basa sullo studio delle associazioni a foraminiferi planctonici attualmente viventi nel Settore Pacifico dell’Oceano Meridionale (Mare di Ross e Zona del Fronte Polare) e nel Mare Mediterraneo (Mar Tirreno Meridionale). L’obiettivo di questo studio è quello di comprendere i fattori (temperatura, salinità, nutrienti etc.) che determinano la distribuzione attuale delle diverse specie al fine di valutarne il valore di “indicatori” (proxies) utili alla ricostruzione degli scenari paleoclimatici e paleoceanografici succedutisi in queste aree. I risultati documentano che la distribuzione delle diverse specie, il numero di individui e le variazioni nella morfologia di alcuni taxa sono correlate alle caratteristiche chimico-fisiche della colonna e alla disponibilità di nutrienti e di clorofilla. La seconda parte del lavoro di tesi ha previsto l’analisi degli isotopi stabili dell’ossigeno e del rapporto Mg/Ca in gusci di N. pachyderma (sin) prelevati da pescate di micro zooplancton (per tarare l’equazione di paleo temperatura) da un box core e da una carota provenienti dalla zona del Fronte Polare (Oceano Pacifico meridionale), al fine di ricostruire le variazioni di temperatura negli ultimi 13 ka e durante la Mid-Pleistocene Revolution. Le temperature, dedotte tramite i valori degli isotopi stabili dell’ossigeno, sono coerenti con le temperature attuali documentate in questa zona e il trend di temperatura è paragonabile a quelli riportati in letteratura anche per eventi climatici come lo Younger Dryas e il mid-Holocene Optimum. I valori del rapporto Mg/Ca misurato tramite due diverse tecniche di analisi (laser ablation e analisi in soluzione) sono risultati sempre molto più alti dei valori riportati in letteratura per la stessa specie. La laser ablation sembra carente dal punto di vista del cleaning del campione e da questo studio emerge che le due tecniche non sono comparabili e che non possono essere usate indifferentemente sullo stesso campione. Per quanto riguarda l’analisi dei campioni in soluzione è stato migliorato il protocollo di cleaning per il trattamento di campioni antartici, che ha permesso di ottenere valori veritieri e utili ai fini delle ricostruzioni di paleotemperatura. Tuttavia, rimane verosimile l’ipotesi che in ambienti particolari come questo, con salinità e temperature molto basse, l’incorporazione del Mg all’interno del guscio risenta delle condizioni particolari e che non segua quindi la relazione esponenziale con la temperatura ampiamente dimostrata ad altre latitudini.

Diseño de una plataforma de agentes para control de servicios de vídeo streaming móvil

Programa de doctorado: Tecnología de la Información y sus aplicaciones. La fecha de publicación es la fecha de lectura

Hydrodynamical simulations of galaxy clusters in dark energy cosmologies

In this work we investigate the influence of dark energy on structure formation, within five different cosmological models, namely a concordance $\Lambda$CDM model, two models with dynamical dark energy, viewed as a quintessence scalar field (using a RP and a SUGRA potential form) and two extended quintessence models (EQp and EQn) where the quintessence scalar field interacts non-minimally with gravity (scalar-tensor theories). We adopted for all models the normalization of the matter power spectrum $\sigma_{8}$ to match the CMB data. For each model, we perform hydrodynamical simulations in a cosmological box of $(300 \ {\rm{Mpc}} \ h^{-1})^{3}$ including baryons and allowing for cooling and star formation. We find that, in models with dynamical dark energy, the evolving cosmological background leads to different star formation rates and different formation histories of galaxy clusters, but the baryon physics is not affected in a relevant way. We investigate several proxies for the cluster mass function based on X-ray observables like temperature, luminosity, $M_{gas}$, and $Y_{X}$. We confirm that the overall baryon fraction is almost independent of the dark energy models within few percentage points. The same is true for the gas fraction. This evidence reinforces the use of galaxy clusters as cosmological probe of the matter and energy content of the Universe. We also study the $c-M$ relation in the different cosmological scenarios, using both dark matter only and hydrodynamical simulations. We find that the normalization of the $c-M$ relation is directly linked to $\sigma_{8}$ and the evolution of the density perturbations for $\Lambda$CDM, RP and SUGRA, while for EQp and EQn it depends also on the evolution of the linear density contrast. These differences in the $c-M$ relation provide another way to use galaxy clusters to constrain the underlying cosmology.

Topics in financial econometrics

In the first chapter, we consider the joint estimation of objective and risk-neutral parameters for SV option pricing models. We propose a strategy which exploits the information contained in large heterogeneous panels of options, and we apply it to S&P 500 index and index call options data. Our approach breaks the stochastic singularity between contemporaneous option prices by assuming that every observation is affected by measurement error. We evaluate the likelihood function by using a MC-IS strategy combined with a Particle Filter algorithm. The second chapter examines the impact of different categories of traders on market transactions. We estimate a model which takes into account traders’ identities at the transaction level, and we find that the stock prices follow the direction of institutional trading. These results are carried out with data from an anonymous market. To explain our estimates, we examine the informativeness of a wide set of market variables and we find that most of them are unambiguously significant to infer the identity of traders. The third chapter investigates the relationship between the categories of market traders and three definitions of financial durations. We consider trade, price and volume durations, and we adopt a Log-ACD model where we include information on traders at the transaction level. As to trade durations, we observe an increase of the trading frequency when informed traders and the liquidity provider intensify their presence in the market. For price and volume durations, we find the same effect to depend on the state of the market activity. The fourth chapter proposes a strategy to express order aggressiveness in quantitative terms. We consider a simultaneous equation model to examine price and volume aggressiveness at Euronext Paris, and we analyse the impact of a wide set of order book variables on the price-quantity decision.

Aeolian geomorphodynamics in endorheic basins of the Mongolian Gobi Desert

Die vorliegende Arbeit ist im Zuge des DFG Projektes Spätpleistozäne, holozäne und aktuelle Geomorphodynamik in abflusslosen Becken der Mongolischen Gobi´´ entstanden. Das Arbeitsgebiet befindet sich in der südlichen Mongolei im nördlichen Teil der Wüste Gobi. Neben einigen Teilen der Sahara (Heintzenberg, 2009), beispielsweise das Bodélé Becken des nördlichen Tschads (z.B. Washington et al., 2006a; Todd et al., 2006; Warren et al., 2007) wird Zentralasien als ein Hauptliefergebiet für Partikel in die globale Zirkulation der Atmosphäre gesehen (Goudie, 2009). Hauptaugenmerk liegt hierbei besonders auf den abflusslosen Becken und deren Sedimentablagerungen. Die, der Deflation ausgesetzten Flächen der Seebecken, sind hauptsächliche Quelle für Partikel die sich in Form von Staub respektive Sand ausbreiten. Im Hinblick auf geomorphologische Landschaftsentwicklung wurde der Zusammenhang von Beckensedimenten zu Hangdepositionen numerisch simuliert. Ein von Grunert and Lehmkuhl (2004) publiziertes Model, angelehnt an Ideen von Pye (1995) wird damit in Betracht gezogen. Die vorliegenden Untersuchungen modellieren Verbreitungsmechanismen auf regionaler Ebene ausgehend von einer größeren Anzahl an einzelnen punktuellen Standorten. Diese sind repräsentativ für die einzelnen geomorphologischen Systemglieder mit möglicherweise einer Beteiligung am Budget aeolischer Geomorphodynamik. Die Bodenbedeckung durch das charakteristische Steinpflaster der Gobi - Region, sowie unter anderem Korngrößenverteilungen der Oberflächensedimente wurden untersucht. Des Weiteren diente eine zehnjährige Zeitreihe (Jan 1998 bis Dez 2007) meteorologischer Daten als Grundlage zur Analyse der Bedingungen für äolische Geomorphodynamik. Die Daten stammen von 32 staatlichen mongolischen Wetterstationen aus der Region und Teile davon wurden für die Simulationen verwendet. Zusätzlich wurden atmosphärische Messungen zur Untersuchung der atmosphärischen Stabilität und ihrer tageszeitlichen Variabilität mit Mess-Drachenaufstiegen vorgenommen. Die Feldbefunde und auch die Ergebnisse der Laboruntersuchungen sowie der Datensatz meteorologischer Parameter dienten als Eingangsparameter für die Modellierungen. Emissionsraten der einzelnen Standorte und die Partikelverteilung im 3D Windfeld wurden modelliert um die Konvektivität der Beckensedimente und Hangdepositionen zu simulieren. Im Falle hoher mechanischer Turbulenz der bodennahen Luftschicht (mit einhergehender hoher Wind Reibungsgeschwindigkeit), wurde generell eine neutrale Stabilität festgestellt und die Simulationen von Partikelemission sowie deren Ausbreitung und Deposition unter neutraler Stabilitätsbedingung berechnet. Die Berechnung der Partikelemission wurde auf der Grundlage eines sehr vereinfachten missionsmodells in Anlehnung an bestehende Untersuchungen (Laurent et al., 2006; Darmenova et al., 2009; Shao and Dong, 2006; Alfaro, 2008) durchgeführt. Sowohl 3D Windfeldkalkulationen als auch unterschiedliche Ausbreitungsszenarien äolischer Sedimente wurden mit dem kommerziellen Programm LASAT® (Lagrange-Simulation von Aerosol-Transport) realisiert. Diesem liegt ein Langargischer Algorithmus zugrunde, mittels dessen die Verbreitung einzelner Partikel im Windfeld mit statistischer Wahrscheinlichkeit berechnet wird. Über Sedimentationsparameter kann damit ein Ausbreitungsmodell der Beckensedimente in Hinblick auf die Gebirgsfußflächen und -hänge generiert werden. Ein weiterer Teil der Untersuchungen beschäftigt sich mit der geochemischen Zusammensetzung der Oberflächensedimente. Diese Proxy sollte dazu dienen die simulierten Ausbreitungsrichtungen der Partikel aus unterschiedlichen Quellregionen nach zu verfolgen. Im Falle der Mongolischen Gobi zeigte sich eine weitestgehende Homogenität der Minerale und chemischen Elemente in den Sedimenten. Laser Bebohrungen einzelner Sandkörner zeigten nur sehr leichte Unterschiede in Abhängigkeit der Quellregionen. Die Spektren der Minerale und untersuchten Elemente deuten auf graitische Zusammensetzungen hin. Die, im Untersuchungsgebiet weit verbreiteten Alkali-Granite (Jahn et al., 2009) zeigten sich als hauptverantwortlich für die Sedimentproduktion im Untersuchungsgebiet. Neben diesen Mineral- und Elementbestimmungen wurde die Leichtmineralfraktion auf die Charakteristik des Quarzes hin untersucht. Dazu wurden Quarzgehalt, Kristallisation und das Elektronen-Spin-Resonanz Signal des E’1 - Centers in Sauerstoff Fehlstellungen des SiO2 Gitters bestimmt. Die Untersuchungen sind mit dem Methodenvorschlag von Sun et al. (2007) durchgeführt worden und sind prinzipiell gut geeignet um Herkunftsanalysenrndurchzuführen. Eine signifikante Zuordnung der einzelnen Quellgebiete ist jedoch auch in dieser Proxy nicht zu finden gewesen.

A journey through the capital structure of the banking sector: Empirical evidence for Europe from 2008 to 2012

Systemic risk is the protagonist of the recent financial crisis. This thesis proposes a definition and a propagation mechanism for systemic risk. Risk management has a direct linkage with capital management, when addressing the question that the risk handled by a financial institution is compatible with the amount of equity available. This thesis proposes a risk management of liquid market variables, which compose the assets of a bank, based on the statistical tool of PCA. The principal component analysis will define the PCR, or Principal Components of Risk. Such definition of Risk will be adopted to test if the risk represented by PCR is explanatory of the movements of equity and/or debt for the banks included in the in the index Itraxx financial senior: the results of these regressions will be compared with a formal Capital Adequacy test in order to assess the financial soundness of the main financial European institutions.

Palaeo wind system reconstruction of the last glacial period over Europe, using high resolution proxy data and model-data-comparison

The atmosphere is a global influence on the movement of heat and humidity between the continents, and thus significantly affects climate variability. Information about atmospheric circulation are of major importance for the understanding of different climatic conditions. Dust deposits from maar lakes and dry maars from the Eifel Volcanic Field (Germany) are therefore used as proxy data for the reconstruction of past aeolian dynamics.rnrnIn this thesis past two sediment cores from the Eifel region are examined: the core SM3 from Lake Schalkenmehren and the core DE3 from the Dehner dry maar. Both cores contain the tephra of the Laacher See eruption, which is dated to 12,900 before present. Taken together the cores cover the last 60,000 years: SM3 the Holocene and DE3 the marine isotope stages MIS-3 and MIS-2, respectively. The frequencies of glacial dust storm events and their paleo wind direction are detected by high resolution grain size and provenance analysis of the lake sediments. Therefore two different methods are applied: geochemical measurements of the sediment using µXRF-scanning and the particle analysis method RADIUS (rapid particle analysis of digital images by ultra-high-resolution scanning of thin sections).rnIt is shown that single dust layers in the lake sediment are characterized by an increased content of aeolian transported carbonate particles. The limestone-bearing Eifel-North-South zone is the most likely source for the carbonate rich aeolian dust in the lake sediments of the Dehner dry maar. The dry maar is located on the western side of the Eifel-North-South zone. Thus, carbonate rich aeolian sediment is most likely to be transported towards the Dehner dry maar within easterly winds. A methodology is developed which limits the detection to the aeolian transported carbonate particles in the sediment, the RADIUS-carbonate module.rnrnIn summary, during the marine isotope stage MIS-3 the storm frequency and the east wind frequency are both increased in comparison to MIS-2. These results leads to the suggestion that atmospheric circulation was affected by more turbulent conditions during MIS-3 in comparison to the more stable atmospheric circulation during the full glacial conditions of MIS-2.rnThe results of the investigations of the dust records are finally evaluated in relation a study of atmospheric general circulation models for a comprehensive interpretation. Here, AGCM experiments (ECHAM3 and ECHAM4) with different prescribed SST patterns are used to develop a synoptic interpretation of long-persisting east wind conditions and of east wind storm events, which are suggested to lead to an enhanced accumulation of sediment being transported by easterly winds to the proxy site of the Dehner dry maar.rnrnThe basic observations made on the proxy record are also illustrated in the 10 m-wind vectors in the different model experiments under glacial conditions with different prescribed sea surface temperature patterns. Furthermore, the analysis of long-persisting east wind conditions in the AGCM data shows a stronger seasonality under glacial conditions: all the different experiments are characterized by an increase of the relative importance of the LEWIC during spring and summer. The different glacial experiments consistently show a shift from a long-lasting high over the Baltic Sea towards the NW, directly above the Scandinavian Ice Sheet, together with contemporary enhanced westerly circulation over the North Atlantic.rnrnThis thesis is a comprehensive analysis of atmospheric circulation patterns during the last glacial period. It has been possible to reconstruct important elements of the glacial paleo climate in Central Europe. While the proxy data from sediment cores lead to a binary signal of the wind direction changes (east versus west wind), a synoptic interpretation using atmospheric circulation models is successful. This shows a possible distribution of high and low pressure areas and thus the direction and strength of wind fields which have the capacity to transport dust. In conclusion, the combination of numerical models, to enhance understanding of processes in the climate system, with proxy data from the environmental record is the key to a comprehensive approach to paleo climatic reconstruction.rn

The interrelationship between monetary policy and the interbank money market during the financial crisis

Die vorliegende Dissertation besteht aus sechs Kapiteln und trägt zur Forschung in den Bereichen der Finanzmarktpolitik und der Geldpolitik bei. Das zweite Kapitel zeigt die Wechselbeziehung zwischen Geldmarktanspannungen und der Stabilität des Finanzsystems auf. Mittels der theoretischen Literatur werden verschiedene Einflussfaktoren einer aggregierten Liquiditätsnachfragefunktion präsentiert. Das dritte Kapitel untersucht den Informationsgehalt der Ergebnisse der Hauptrefinanzierungsgeschäfte für den europäischen Geldmarkt. Unsere Ergebnisse zeigen, dass sich seit der Finanzkrise der Informationsgehalt der Hauptrefinanzierungsgeschäfte in zweierlei Hinsicht verändert hat. Im vierten Kapitel untersuchen wir die Wirksamkeit der Geldpolitik während der Finanzkrise europäische Geldmarktzinssätze zu steuern. Die Ergebnisse deuten auf eine erhebliche Divergenz zwischen den Zinssätzen und den Erwartungen über die zukünftige Geldpolitik hin. Weiterhin finden wir heraus, dass die unkonventionellen Maßnahmen der EZB für einen Rückgang der Euriborsätze von bis zu 60 Basispunkten verantwortlich sind. Das fünfte Kapitel beschäftigt sich mit der Funktionsweise des besonderen geldpolitischen Instrumentariums der Schweizerischen Nationalbank.

Deleghe di voto e acquisto del controllo nelle societa' quotate

A fronte dal recepimento del direttiva SHR nel nostro ordinamento, realizzato dal d.lgs. 27/2010, il presente lavoro si propone anzitutto di analizzare l'attuale ruolo della delega di voto - sollecitata e non - per poi verificare quale sia l'interesse concretamente sotteso a un voto così esercitato, con particolare attenzione alla sollecitazione di deleghe di voto, oggi destinata espressamente (per la prevalente dottrina) a consentire al promotore il perseguimento di interessi propri. Le considerazioni riguardo all'interesse concretamente sotteso al voto esercitato per delega portano a vagliarne la rilevanza ai fini della nozione di controllo, ex art. 2359 c.c., la quale esclude espressamente dai voti rilevanti esclusivamente quelli esercitati "per conto terzi", e non, dunque, anche quelli esercitati nell'interesse proprio da un soggetto non titolare della partecipazione. Viene quindi affrontata la principale critica ad un controllo raggiunto per tale via e, più in generale, attraverso una delle varie forme di dissociazione tra titolarità della partecipazione e legittimazione all'esercizio del voto ad essa relativo, ovvero la apparente mancanza di stabilità. Considerando tuttavia che ogni ipotesi di controllo c.d. di fatto per definizione non gode di stabilità se non si scelga di ammettere una valutazione di tale requisito necessariamente prognostica ed ex ante, si giunge alla conclusione che la fattispecie di un controllo acquisito tramite sollecitazione di deleghe si distingue da altre ipotesi di controllo di fatto esclusivamente per la maggiore difficoltà dell'accertamento in fatto del requisito della stabilità. Si affronta infine la possibilità di garantire il diritto di exit (ovvero una tutela risarcitoria) del socio di minoranza che veda modificate le condizioni di rischio del proprio investimento a causa di una modifica del soggetto controllante derivante da sollecitazione di deleghe, tramite applicazione diretta della disciplina OPA ovvero riconducendo la fattispecie all'art. 2497quater, lett. d, ove ne ricorrano i presupposti.