Corporate Governance and Dividend Policy in European Banking

This dissertation investigates corporate governance and dividend policy in banking. This topic has recently attracted the attention of numerous scholars all over the world and currently remains one of the most discussed topics in Banking. The core of the dissertation is constituted by three papers. The first paper generalizes the main achievements in the field of relevant study using the approach of meta-analysis. The second paper provides an empirical analysis of the effect of banking corporate governance on dividend payout. Finally, the third paper investigates empirically the effect of government bailout during 2007-2010 on corporate governance and dividend policy of banks. The dissertation uses a new hand-collected data set with information on corporate governance, ownership structure and compensation structure for a sample of listed banks from 15 European countries for the period 2005-2010. The empirical papers employ such econometric approaches as Within-Group model, difference-in-difference technique, and propensity score matching method based on the Nearest Neighbor Matching estimator. The main empirical results may be summarized as follows. First, we provide evidence that CEO power and connection to government are associated with lower dividend payout ratios. This result supports the view that banking regulators are prevalently concerned about the safety of the bank, and powerful bank CEOs can afford to distribute low payout ratios, at the expense of minority shareholders. Next, we find that government bailout during 2007-2010 changes the banks’ ownership structure and helps to keep lending by bailed bank at the pre-crisis level. Finally, we provide robust evidence for increased control over the banks that receive government money. These findings show the important role of government when overcoming the consequences of the banking crisis, and high quality of governance of public bailouts in European countries.

Gold and the Stock Market: 3 Essays on Gold Investments

This thesis gives an overview of the history of gold per se, of gold as an investment good and offers some institutional details about gold and other precious metal markets. The goal of this study is to investigate the role of gold as a store of value and hedge against negative market movements in turbulent times. I investigate gold’s ability to act as a safe haven during periods of financial stress by employing instrumental variable techniques that allow for time varying conditional covariance. I find broad evidence supporting the view that gold acts as an anchor of stability during market downturns. During periods of high uncertainty and low stock market returns, gold tends to have higher than average excess returns. The effectiveness of gold as a safe haven is enhanced during periods of extreme crises: the largest peaks are observed during the global financial crises of 2007-2009 and, in particular, during the Lehman default (October 2008). A further goal of this thesis is to investigate whether gold provides protection from tail risk. I address the issue of asymmetric precious metal behavior conditioned to stock market performance and provide empirical evidence about the contribution of gold to a portfolio’s systematic skewness and kurtosis. I find that gold has positive coskewness with the market portfolio when the market is skewed to the left. Moreover, gold shows low cokurtosis with the market returns during volatile periods. I therefore show that gold is a desirable investment good to risk averse investors, since it tends to decrease the probability of experiencing extreme bad outcomes, and the magnitude of losses in case such events occur. Gold thus bears very important and under-researched characteristics as an asset class per se, which this thesis contributed to address and unveil.

Apparato sperimentale per diffusione compton da solidi

In questo lavoro si descrive la realizzazione di un apparato per misure di diffusione Compton da solidi, mostrando in seguito i risultati ottenuti. Nel primo capitolo si introducono alcuni fondamenti sui processi di diffusione di radiazione, affrontati attraverso un approccio di tipo classico. Nel secondo capitolo si descrive la diffusione anelastica di tipo Compton, partendo dal caso dell'elettrone stazionario e spostandosi successivamente sull'elettrone bersaglio in moto; sempre in questo capitolo si introducono cenni su sezione d'urto differenziale non relativistica, regime Compton e profili Compton. Nel terzo capitolo sono riportate le proprietà fondamentali dei rivelatori a semiconduttore, che verranno utilizzati nel corso della prova. Nel quarto capitolo si ha la descrizione dell'apparato sperimentale: partendo da una sorgente di bario, viene riportata la progettazione di un apparato atto a realizzare misure di diffusione Compton a diversi angoli; in particolare, sono descritti i progetti per la produzione dei collimatori per la sorgente e il rivelatore e il procedimento di calibrazione dello stesso. Nel quinto capitolo vengono esposti i risultati sperimentali, realizzando misure di diffusione a diversi angoli e sfruttando campioni differenti; vengono qui verificate alcune proprietà della diffusione Compton, come la dipendenza dall'angolo e dal materiale bersaglio. Nel sesto ed ultimo capitolo, infine, si riportano alcune conclusioni sul lavoro svolto.

Pervasive Sensing in Future Networks

Pervasive Sensing is a recent research trend that aims at providing widespread computing and sensing capabilities to enable the creation of smart environments that can sense, process, and act by considering input coming from both people and devices. The capabilities necessary for Pervasive Sensing are nowadays available on a plethora of devices, from embedded devices to PCs and smartphones. The wide availability of new devices and the large amount of data they can access enable a wide range of novel services in different areas, spanning from simple data collection systems to socially-aware collaborative filtering. However, the strong heterogeneity and unreliability of devices and sensors poses significant challenges. So far, existing works on Pervasive Sensing have focused only on limited portions of the whole stack of available devices and data that they can use, to propose and develop mainly vertical solutions. The push from academia and industry for this kind of services shows that time is mature for a more general support framework for Pervasive Sensing solutions able to enhance frail architectures, promote a well balanced usage of resources on different devices, and enable the widest possible access to sensed data, while ensuring a minimal energy consumption on battery-operated devices. This thesis focuses on pervasive sensing systems to extract design guidelines as foundation of a comprehensive reference model for multi-tier Pervasive Sensing applications. The validity of the proposed model is tested in five different scenarios that present peculiar and different requirements, and different hardware and sensors. The ease of mapping from the proposed logical model to the real implementations and the positive performance result campaigns prove the quality of the proposed approach and offer a reliable reference model, together with a direction for the design and deployment of future Pervasive Sensing applications.

Functional and neural mechanisms of intertemporal choice

People are daily faced with intertemporal choice, i.e., choices differing in the timing of their consequences, frequently preferring smaller-sooner rewards over larger-delayed ones, reflecting temporal discounting of the value of future outcomes. This dissertation addresses two main goals. New evidence about the neural bases of intertemporal choice is provided. Following the disruption of either the medial orbitofrontal cortex or the insula, the willingness to wait for larger-delayed outcomes is affected in odd directions, suggesting the causal involvement of these areas in regulating the value computation of rewards available with different timings. These findings were also supported by a reported imaging study. Moreover, this dissertation provides new evidence about how temporal discounting can be modulated at a behavioral level through different manipulations, e.g., allowing individuals to think about the distant time, pairing rewards with aversive events, or changing their perceived spatial position. A relationship between intertemporal choice, moral judgements and aging is also discussed. All these findings link together to support a unitary neural model of temporal discounting according to which signals coming from several cortical (i.e., medial orbitofrontal cortex, insula) and subcortical regions (i.e., amygdala, ventral striatum) are integrated to represent the subjective value of both earlier and later rewards, under the top-down regulation of dorsolateral prefrontal cortex. The present findings also support the idea that the process of outcome evaluation is strictly related to the ability to pre-experience and envision future events through self-projection, the anticipation of visceral feelings associated with receiving rewards, and the psychological distance from rewards. Furthermore, taking into account the emotions and the state of arousal at the time of decision seems necessary to understand impulsivity associated with preferring smaller-sooner goods in place of larger-later goods.

Customizzazione di android

La tesi tratta in primo piano la personalizzazione di un sistema Android utilizzata come piattaforma per la seconda parte del lavoro. Quest'ultima consiste nell'installazione sul sistema operativo Android, personalizzato, un modulo e un'applicazione, il primo denominato Transmission Error Detector (TED), che estende il funzionamento della tecnologia WiFi e la seconda denominata Wvdial che estende invece il funzionamento della tecnologia 3G(o UMTS). Entrambi fanno parte di una architettura per il supporto alla mobilità in contesti eterogenei.

Politiche attive del lavoro e ammortizzatori sociali in deroga: misure difensive o di promozione delle capacità?

Il tema generale del dottorato di ricerca è l'analisi delle politiche di attivazione in Italia durante la crisi economica. La combinazione di politiche attive e passive del lavoro viene interpretata ricorrendo al quadro teorico proposto da Amartya Sen e basato sul concetto di capability. Abbiamo considerato le misure nazionali e regionali nel quadro delle linee guida europee e analizzato le tendenze verso l'empowerment dei beneficiari di politiche del lavoro attraverso il concetto di capability proposto da Sen. La ricerca empirica ha utilizzato diversi strumenti per la raccolta dei dati: focus group, un questionario inviato ad un campione di 1.200 lavoratori, e interviste.

Ottimizzazione aerodinamica del rotore principale dell'elicottero RC Goblin Speed

L'elimodellismo è una passione che lega un numero sempre maggiore di persone: nuove manifestazioni vengono organizzate in tutto il mondo e nuove discipline vengono continuamente proposte. Questo è il caso della disciplina speed in cui i piloti si sfidano a far volare i propri elimodelli alle massime velocità. L'azienda SAB Heli Division s.r.l., come produttore di pale per elimodelli e della serie di elicotteri Goblin, ha interesse a sostenere i propri piloti con le proprie macchine, facendo sì che siano veloci e competitive. Per questo ha voluto sviluppare una pala che, montata sul proprio elicottero specifico per questa disciplina, possa vincere la concorrenza con l'ambizione di stabilire un primato di velocità a livello internazionale. Il problema è quindi quello di sviluppare una pala che ottimizzasse al meglio le caratteristiche dell'elimodello Goblin Speed, in modo da sfruttare al meglio la potenza installata a bordo. Per via dei limiti sui mezzi a disposizione l'ottimizzazione è stata portata avanti mediante la teoria dell'elemento di pala. Si è impostato il calcolo determinando la potenza media su una rotazione del rotore in volo avanzato a 270 km/h e quindi attraverso gli algoritmi di ottimizzazione globale presenti nel codice di calcolo MATLAB si è cercato il rotore che permettesse il volo a tale velocità al variare del raggio del disco del rotore, dello svergolamento della pala e della distribuzione di corda lungo la pala. Per far sì che si abbiano risultati più precisi si sono sfruttati alcuni modelli per stimare il campo di velocità indotta o gli effetti dello stallo dinamico. Inoltre sono state stimate altre grandezze di cui non sono noti i dati reali o di cui è troppo complesso, per le conoscenze a disposizione, avere un dato preciso. Si è tuttavia cercato di avere stime verosimili. Alcune di queste grandezze sono le caratteristiche aerodinamiche del profilo NACA 0012 utilizzato, ottenute mediante analisi CFD bidimensionale, i comandi di passo collettivo e ciclico che equilibrano il velivolo e la resistenza aerodinamica dell'intero elimodello. I risultati del calcolo sono stati confrontati innanzitutto con le soluzioni già adottate dall'azienda. Quindi si è proceduto alla realizzazione della pala e mediante test di volo si è cercato di valutare le prestazioni della macchina che monta la pala ottenuta. Nonostante le approssimazioni adottate si è osservato che la pala progettata a partire dai risultati dell'ottimizzazione rispecchia la filosofia adottata: per velocità paragonabili a quelle ottenute con le pale prodotte da SAB Heli Division, le potenze richieste sono effettivamente inferiori. Tuttavia non è stato possibile ottenere un vero e proprio miglioramento della velocità di volo, presumibilmente a causa delle stime delle caratteristiche aerodinamiche delle diverse parti del Goblin Speed.

Piattaforme di supporto per applicazioni mobili iOS in servizi e-Commerce basati su PrestaShop

Questa tesi è strutturata in due parti per un totale di quattro capitoli. La prima parte, formata dai primi due, analizza il sistema operativo iOS e il linguaggio di programmazione Objective-C. La seconda parte, formata dai restanti, è incentrata sullo sviluppo di un framework per iOS che permetta ad un'app di interagire con la piattaforma di commercio elettronico Prestashop. In particolare, verranno studiate l’architettura del framework ed i suoi elementi, ed infine analizzate le sue performance a tempo di esecuzione.

Econometrics of default risk

This thesis is the result of a project aimed at the study of a crucial topic in finance: default risk, whose measurement and modelling have achieved increasing relevance in recent years. We investigate the main issues related to the default phenomenon, under both a methodological and empirical perspective. The topics of default predictability and correlation are treated with a constant attention to the modelling solutions and reviewing critically the literature. From the methodological point of view, our analysis results in the proposal of a new class of models, called Poisson Autoregression with Exogenous Covariates (PARX). The PARX models, including both autoregressive end exogenous components, are able to capture the dynamics of default count time series, characterized by persistence of shocks and slowly decaying autocorrelation. Application of different PARX models to the monthly default counts of US industrial firms in the period 1982-2011 allows an empirical insight of the defaults dynamics and supports the identification of the main default predictors at an aggregate level.

Development of an X-ray spectrometric system and feasibility tests of Silicon Drift Detector for medical and space applications

The thesis work concerns X-ray spectrometry for both medical and space applications and is divided into two sections. The first section addresses an X-ray spectrometric system designed to study radiological beams and is devoted to the optimization of diagnostic procedures in medicine. A parametric semi-empirical model capable of efficiently reconstructing diagnostic X-ray spectra in 'middle power' computers was developed and tested. In addition, different silicon diode detectors were tested as real-time detectors in order to provide a real-time evaluation of the spectrum during diagnostic procedures. This project contributes to the field by presenting an improved simulation of a realistic X-ray beam emerging from a common X-ray tube with a complete and detailed spectrum that lends itself to further studies of added filtration, thus providing an optimized beam for different diagnostic applications in medicine. The second section describes the preliminary tests that have been carried out on the first version of an Application Specific Integrated Circuit (ASIC), integrated with large area position-sensitive Silicon Drift Detector (SDD) to be used on board future space missions. This technology has been developed for the ESA project: LOFT (Large Observatory for X-ray Timing), a new medium-class space mission that the European Space Agency has been assessing since February of 2011. The LOFT project was proposed as part of the Cosmic Vision Program (2015-2025).

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.

Treatment of knee articular cartilage defects: surgical strategies, results and analysis of factors determining the clinical outcome

Articular cartilage lesions, with their inherent limited healing potential, are hard to treat and remain a challenging problem for orthopedic surgeons. Despite the development of several treatment strategies, the real potential of each procedure in terms of clinical benefit and effects on the joint degeneration processes is not clear. Aim of this PhD project was to evaluate the results, both in terms of clinical and imaging improvement, of new promising procedures developed to address the challenging cartilage pathology. Several studies have been followed in parallel and completed over the 3-year PhD, and are reported in detail in the following pages. In particular, the studies have been focused on the evaluation of the treatment indications of a scaffold based autologous chondrocyte implantation procedure, documenting its results for the classic indication of focal traumatic lesions, as well as its use for the treatment of more challenging patients, older, with degenerative lesions, or even as salvage procedure for more advanced stages of articular degeneration. The second field of study involved the analysis of the results obtained treating lesions of the articular surface with a new biomimetic osteochondral scaffold, which showed promise for the treatment of defects where the entire osteochondral unit is involved. Finally, a new minimally invasive procedure based on the use of growth factors derived from autologous platelets has been explored, showing results and underlining indicatios for the treatment of cartilage lesions and different stages of joint degeneration. These studies shed some light on the potential of the evaluated procedures, underlining good results as well as limits, they give some indications on the most appropriate candidates for their application, and document the current knowledge on cartilage treatment procedures suggesting the limitations that need to be addressed by future studies to improve the management of cartilage lesions.

Financial Development and Economic Growth: Time Series Evidence from Albania

The main objective of this thesis is to explore the short and long run causality patterns in the finance – growth nexus and finance-growth-trade nexus before and after the global financial crisis, in the case of Albania. To this end we use quarterly data on real GDP, 13 proxy measures for financial development and the trade openness indicator for the period 1998Q1 – 2013Q2 and 1998Q1-2008Q3. Causality patterns will be explored in a VAR-VECM framework. For this purpose we will proceed as follows: (i) testing for the integration order of the variables; (ii) cointegration analysis and (iii) performing Granger causality tests in a VAR-VECM framework. In the finance-growth nexus, empirical evidence suggests for a positive long run relationship between finance and economic growth, with causality running from financial development to economic growth. The global financial crisis seems to have not affected the causality direction in the finance and growth nexus, thus supporting the finance led growth hypothesis in the long run in the case of Albania. In the finance-growth-trade openness nexus, we found evidence for a positive long run relationship the variables, with causality direction depending on the proxy used for financial development. When the pre-crisis sample is considered, we find evidence for causality running from financial development and trade openness to economic growth. The global financial crisis seems to have affected somewhat the causality direction in the finance-growth-trade nexus, which has become sensible to the proxy used for financial development. On the short run, empirical evidence suggests for a clear unidirectional relationship between finance and growth, with causality mostly running from economic growth to financial development. When we consider the per-crisis sub sample results are mixed, depending on the proxy used for financial development. The same results are confirmed when trade openness is taken into account.

Elettrosintesi di catalizzatori contenenti Rh e Pt su supporti metallici

La sintesi di catalizzatori Rh-Al2O3 e Pt-Al2O3 è stata condotta per via elettrochimica su dei supporti con diverse geometrie (lastrine, schiume) e diversa composizione (Pt e FeCrAlY). Per l’elettrosintesi dei precursori dei catalizzatori sono state utilizzate due diversi tipi di celle elettrochimiche (a singolo comparto, nella quale il moto degli elettroliti segue un regime di tipo diffusivo, e cella in flusso a comparti separati). Per il catalizzatore Rh-Al2O3 sono stati sintetizzati i precursori composti da idrossidi di Al3+ e Rh3+. Per il catalizzatore Pt-Al2O3 sono state condotte sia delle sintesi mono-stadio di nanoparticelle di Pt sul supporto ricoperto di Al2O3 che delle sintesi cercando di inglobare le nanoparticelle di Pt in un film di idrossido di alluminio. La caratterizzazione morfologica e composizionale della superficie del supporto metallico, ha permesso di studiare l’influenza delle varie condizioni di sintesi sulla qualità del ricoprimento ottenuto tramite elettrosintesi. I migliori risultati in termini di ricoprimento del supporto e omogeneità dello strato catalitico depositato, sono stati ottenuti tramite l’utilizzo della cella in flusso e confrontando i campioni ottenuti con delle schiume ricoperte di allumina tramite washcoating, sono state osservate le principali differenze tra i due metodi. L’elettrosintesi dei precursori del catalizzatore Rh-Al2O3 ha portato ad uno scarso ricoprimento ma la fattibilità del processo è stata dimostrata tramite l’utilizzo di un elettrodo di Pt. Per il catalizzatore Pt-Al2O3, lo scarso controllo nella grandezza e distribuzione delle nanoparticelle di Pt elettrosintetizzate sulle schiume ricoperte di Al2O3 ha dimostrato l’esigenza di un metodo alternativo di sintesi. Questo prevede l’incorporazione delle nanoparticelle di Pt durante l’elettrosintesi del film di idrossido di alluminio. Utilizzando un elettrodo di Pt la fattibilità del processo è stata dimostrata, tuttavia il metodo richiede dei miglioramenti, in termini di ricoprimento e distribuzione delle particelle se condotto su schiume.