I mercati di crescita per le PMI

La tesi studia ed approfondisce la disciplina dei mercati di crescita per le PMI, indagando il regime normativo delle società ivi quotate. Considerata la struttura composita dell’architettura regolamentare (direttive e regolamenti europei, fonti primarie nazionali e regolamento del mercato) l’indagine adotta una prospettiva olistica sulla regolamentazione, al fine di individuare principii comuni e risolevere dubbi interpretativi. Inoltre, l’approfondimento in chiave storica e di economia politica, volto a ricostruire le ragioni per l’introduzione dei mercati di crescita e gli obiettivi perseguiti dal legislatore europeo, permette di identificare le rationes sottostanti alle disposizioni e di facilitarne l’interpretazione. Il primo capitolo approfondisce l’evoluzione storica e istituzionale dei mercati di crescita per le PMI e gli obiettivi che il legislatore europeo si prefigge di raggiungere. Il secondo capitolo affronta invece il processo di registrazione dei sistemi multilaterali di negoziazione come mercati di crescita. Il capitolo indaga quali siano i requisiti affinché un sistema multilaterale possa essere registrato come mercato di crescita, come si svolga il processo di registrazione e quale sia il ruolo dell’autorità di vigilanza. Il terzo capitolo approfondisce quali siano le disposizioni di diritto societario applicabili agli emittenti quotati sui mercati di crescita. Infatti, mentre la disciplina per gli emittenti quotati sui mercati regolamentati non è direttamente applicabile a queste società, non si può neppure escludere in via preliminare che determinate disposizioni non siano applicabili in via analogica, a causa delle specifiche caratteristiche conferite a questi emittenti ed ai titoli ammessi alla negoziazione dalla quotazione. Il quarto capitolo analizza diverse disposizioni relative all’informazione, intesa in senso ampio. Infine, il quinto capitolo affronta la disciplina dell’o.p.a. obbligatoria prevista dal regolamento del mercato di crescita AIM Italia.

Percutaneous Cement Discoplasty: Biomechanical and clinical assessment of a minimally invasive treatment of lumbar intervertebral disc disease

With population ageing, spine diseases have an increasing prevalence and induce high economic and social costs. The development of minimally invasive surgeries allows reducing the surgery-associated risks in elderly and polymorbid patients, and save costs by treating more patients in shorter time and reducing the complications. Percutaneous Cement Discoplasty (PCD) is a minimally invasive technique developed to treat highly degenerated intervertebral discs exhibiting a vacuum phenomenon. Filling the disc with bone cement creates a stand-alone spacer which partially restores the disc height and re-opens the foraminal space. PCD has recently been introduced to clinical use. However, the spine biomechanics following this treatment remained unravelled. The aim of this PhD thesis is to bridge the clinical experience with in vitro methodologies, to provide a multilateral evaluation of PCD outcome and a better understanding of its impact on the spine biomechanics, and of its possible contraindications. Firstly, a suitable in vitro porcine model to test the biomechanics of discoplasty by comparing specimens in the preoperative and postoperative conditions was developed. The methodology was then applied to investigate the biomechanics of discoplasty in cadaveric human segments. The in vitro specimens were mechanically investigated in flexion and extension, while a DIC system quantified the range of motion, disc height, and strains on the disc surface. Then, a versatile tool to measure the impact of discoplasty on the foramen space was developed and applied both to clinical and experimental work. The vertebrae reconstructed from CT scans were registered to match the loading configuration, using ex vivo DIC measurements under loading. The foramen volumetric changes caused by PCD was measured using a 3D geometrical method clinically developed by the research group. In conclusion, this project significantly extended the understanding of PCD biomechanics, highlighting its benefits in the treatment of advanced cases of intervertebral disc degeneration.

Rising China and Internet governance: Multistakeholderism, fragmentation and the Liberal Order in the age of digital sovereignty

In its open and private-based dimension, the Internet is the epitome of the Liberal International Order in its global spatial dimension. Therefore, normative questions arise from the emergence of powerful non-liberal actors such as China in Internet governance. In particular, China has supported a UN-based multilateral Internet governance model based on state sovereignty aimed at replacing the existing ICANN-based multistakeholder model. While persistent, this debate has become less dualistic through time. However, fear of Internet fragmentation has increased as the US-China technological competition grew harsher. This thesis inquires “(To what extent) are Chinese stakeholders reshaping the rules of Global Internet Governance?”. This is further unpacked in three smaller questions: (i) (To what extent) are Chinese stakeholders contributing to increased state influence in multistakeholder fora?; (ii) (how) is China contributing to Internet fragmentation?; and (iii) what are the main drivers of Chinese stakeholders’ stances? To answer these questions, Chinese stakeholders’ actions are observed in the making and management of critical Internet resources at the IETF and ICANN respectively, and in mobile connectivity standard-making at 3GPP. Through the lens of norm entrepreneurship in regime complexes, this thesis interprets changes and persistence in the Internet governance normative order and Chinese attitudes towards it. Three research methods are employed: network analysis, semi-structured expert interviews, and thematic document analysis. While China has enhanced state intervention in several technological fields, fostering debates on digital sovereignty, this research finds that the Chinese government does not exert full control on its domestic private actors and concludes that Chinese stakeholders have increasingly adapted to multistakeholder Internet governance as they grew influential within it. To enhance control over Internet-based activities, the Chinese government resorted to regulatory and technical control domestically rather than establishing a splinternet. This is due to Chinese stakeholders’ interest in retaining the network benefits of global interconnectivity.