Archivio della ricerca- LUISS Libera Università Internazionale degli Studi Sociali Guido Carli di Roma
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Intervista a Enrico Letta: “Speed, security and solidarity. Così l’Unione europea potrà affrontare le sfide future”
No full textPatrizia De Pasquale, Direttrice della Rivista, e Daniele Gallo, componente del Comitato Direttivo, hanno intervistato Enrico Letta, già Presidente del Consiglio dal 2013 al 2014, attualmente Presidente dell’Institut Jacques Delors di Parigi e Dean della School of Politics, Economics, and Global Affairs dell’Instituto De Empresa di Madrid. L’intervista ha per oggetto il Rapporto (aprile 2024) sul ‘Future of the Single Market’, intitolato Much more than a market – Speed, Security, Solidarity. Empowering the Single Market to deliver a sustainable future and prosperity for all EU Citizens, di cui Enrico Letta è stato EU Rapporteur per il periodo 2023-2024
There's more to marriage than love: the effect of legal status and cultural distance on intermarriages and separations
No full textWe analyse the contribution of legal status incentives on the marriage choices of natives and migrants. Access to legal status reduces by 40 percent the probability of immigrants intermarrying with natives, and increases by 20 percent the hazard rate of separation for intermarriages. We develop and estimate a multidimensional equilibrium model of marriage, fertility, and separation, where individuals match on observed and unobserved characteristics. Allowing for trade-offs between cultural distance, legal status, and other socio-economic spousal characteristics, we quantify the role of legal status and the strength of cultural preferences and evaluate the welfare consequences of granting legal status to immigrants
Platform governance for an open research and innovation ecosystem in a local knowledge polity
Full text linkLa tesi propone un’analisi teorica ed empirica sulla governance di piattaforme digitali e istituzionali per la creazione di ecosistemi di ricerca e innovazione fondati sul paradigma dell’apertura e della condivisione di prerogative, conoscenze, dati e migliori pratiche, sociali e tecnologiche, tra i diversi attori dei sistemi sociali e normativi che costituiscono le odierne società complesse. L’obiettivo specifico è di tratteggiare un modello di governance di piattaforma digitale e istituzionale (segnatamente inter-istituzionale e inter-sociale), che dispieghi e abiliti pratiche di co-produzione, co-valutazione e divulgazione dei saperi scientifici con le comunità locali e gli individui che la compongono, al fine di formare comunità politiche attive, propositive, informate e inclusive, su scala locale e con visione globale. A tale scopo sono stati adottati tre metodi ricerca: il metodo desk-based o documentale, il metodo action-base o dell’azione, il metodo empirico declinato in un’analisi descrittiva e una qualitativa. Il metodo classico desk-based prevede una rassegna della letteratura tematica multidisciplinare sui temi della governance, delle piattaforme, dell’autogoverno e della co-regolazione delle piattaforme, della scienza aperta, dei sistemi complessi, del pluralismo giuridico, dell'istituzionalismo giuridico, della teoria dei beni comuni, del filone di studi science, technology and society, diritto dei media, della blockchain e dell’intelligenza artificiale. Questo approccio teorico è arricchito da intuizioni provenienti da varie discipline, tra cui la filosofia e l’antropologia della scienza, la gestione aziendale, l’economia delle piattaforme e l’informatica. La revisione della letteratura passa in rassegna il dibattito accademico e le fonti c.d. “grigie”, vale a dire i documenti di natura politica, atti legislativi e alcune pronunce giurisprudenziali. I risultati dell’applicazione del metodo desk-based si sono concretizzati nello sviluppo di un’analisi concettuale innovativa nella letteratura sulla governance delle piattaforme a valle di un processo di definizione dei termini della domanda di ricerca. Il metodo action-based, applicato di fatto durante il corso del trienno di dottorato, è servito a fornire una comprensione empirica dell’ecosistema di ricerca e innovazione, delle aperture e chiusure alla società dei diritti, delle dinamiche di potere e della catena del valore scientifico. La ‘ricerca azione’ si è svolta in collaborazione con Innovaetica, una piccola impresa con sede a Roma che ha progettato ResearchProof for Academy, una piattaforma blockchain che consente all’utenza, di provenienza accademica, di attribuire la titolarità di diritti d’autore su prodotti scientifici con registrazione crittografica avente valore legale e data certa (mediante marcatura temporale), di pre-pubblicare dati e risultati di ricerca, anche parziali e negativi, e di pubblicare i risultati definitivi su un archivio ad accesso aperto. Il metodo empirico è stato applicato all’analisi di tre casi di studio e si è declinata in un approccio descrittivo-analitico e un approccio qualitativo. Il primo ha avuto ad oggetto i quadri di governance dell’European Open Science Cloud e dell’African Open Science Platform, due piattaforme spiccatamente istituzionali e istituzionalizzate, per origine, struttura e funzionamento, aventi l’obiettivo comune di creare un’infrastruttura di dati della ricerca trans-disciplinare, trans-settoriale e partecipata da tutti gli attori sociali, inclusi i singoli cittadini (in consonanza con le politiche internazionali di Scienza Aperta e quelle europee di Citizens Science). Il metodo qualitativo invece è stato applicato a un caso strutturalmente e funzionalmente diverso, ma simile nell’intento di democratizzazione della scienza. Si tratta del caso della Global Surgical AI Collaborative, una comunità globale di chirurghi di medicina robotica organizzata in una società senza scopo di lucro e, al contempo, una piattaforma digitale per la condivisione e l’analisi collaborativa dei dati chirurgici mediante sviluppo e impiego di tecniche di machine learning. Il metodo qualitativo è stato attuato mediante somministrazione di un’intervista semi-strutturata composta di domande aperte rivolte a uno dei membri fondatori della Collaborative. La tesi è strutturata in quattro capitoli che costruiscono progressivamente l’argomentazione per un nuovo modello di governance per le piattaforme digitali. Il Capitolo I definisce il perimetro concettuale della governance, delle piattaforme, dei paradigmi di ricerca e innovazione aperti, dell’amministrazione condivisa dei beni comuni e del significato di comunità politica. Il Capitolo II fornisce una panoramica dei formanti della governance di piattaforma (formanti giuridico, tecnologico ed etico), degli attuali modelli di governance (centralizzato, decentralizzato e ibrido) e traccia linee orientative di una proposta per un modello di governance di pattaforma per un ecosistema di ricerca e innovazione in una comunità locale. Il Capitolo III è dedicato all’analisi empirica dei casi di studio e dei risultati. Infine, il Capitolo IV presenta osservazioni conclusive e indicazioni di massima per proseguire la ricerca nell’ambito. Attraverso l’integrazione di approcci teorici ed empirici, questa tesi mira a contribuire alla comprensione di come le piattaforme digitali possano governare ed essere governate da una comunità locale plurale, aperta e basata sulla conoscenza, per promuovere ricerca, innovazione e democrazie aperte.The thesis proposes a theoretical and empirical analysis of the governance of digital and institutional platforms designed to create research and innovation ecosystems founded on the paradigm of openness and knowledge sharing, including data and best socio-technical practices. This process involves the various and diverse actors of societal and normative systems that constitute and co-govern contemporary complex societies. The objective is to delineate a governance model for digital and institutional (i.e. inter-institutional and inter-societal) platforms enabling practices of co-production, co-evaluation, and dissemination of scientific knowledge with local communities and the individuals (whether citizens or not), in order to form active, proactive, informed and inclusive political communities at a local scale while maintaining a global dimension. To this end, three research methods were adopted: desk-based, action-based, and empirical research methods articulated in both descriptive and qualitative analyses. The classical desk-based method encompasses a review of multidisciplinary thematic literature addressing governance theory, platform and digital self- and co-regulation, open science, complex systems, legal pluralism, legal institutionalism, the theory of the commons, science technology and society studies, media law, blockchain, and AI law. This theoretical foundation is enriched by insights from various disciplines, including the philosophy and anthropology of science, business management, platform economics, and computer science. The literature review examines both academic discourse and so-called “gray” sources, such as policy documents, legislative acts, and seminal judicial rulings. The application of this method culminated in the development of an innovative conceptual analysis within the platform governance literature. The action-based method, applied throughout the doctoral triennium, provided an empirical understanding of the research and innovation ecosystem, its openness and enclosure dimensions, power dynamics, and value chain. The action research was conducted in collaboration with Innovaetica, a Rome-based small enterprise that developed ResearchProof for Academy - a blockchain platform enabling academic users to establish legally valid cryptographic registration and timestamping of scientific work authorship, pre-publish research data and results (including partial and negative outcomes), and publish final results in an open-access repository. The empirical method was applied to the analysis of three case studies following descriptive-analytical and qualitative approaches. The former focused on the governance frameworks of the European Open Science Cloud and the African Open Science Platform, two highly institutionalized platforms by origin, structure, and operation - sharing the common goal of creating a trans-disciplinary, trans-sectoral open research data infrastructure involving all societal actors, including individual citizens (in line with the global Open Science policy and the European Citizen Science policy). The qualitative method, on the other hand, applied to a structurally and functionally distinct case that nevertheless shares the intent of democratizing science: the Global Surgical AI Collaborative, a global community of robotic surgeons organized as a non-profit corporation developing a digital platform for collaborative surgical data video assessment by training and using machine learning techniques. The qualitative method consisted of conducting a semi-structured interview with open-ended questions directed to one of the Collaborative’s founding members. The thesis is structured into four chapters that progressively build the argument for a new governance model for a digital platform creating an open research and innovation ecosystem in a local knowledge polity. Chapter I explores and defines the conceptual components of the research question, namely governance, platforms, open research and innovation paradigms, the common good(s) and shared administration and the meaning of the notion of polity. Chapter II provides an overview of what may constitute the formants of platform governance (legal, technological, and ethical formants). It further identifies the current three dominant governance models (centralized, decentralized, and hybrid), and outlines an ad interim proposal for the platform governance model. Chapter III offers the empirical case study analysis hinted at above. Finally, Chapter IV presents concluding remarks and directions for future research. Through the integration of theoretical and empirical approaches, this thesis aims to contribute to understanding how digital platforms can govern and be governed by a plural, open, and knowledge-based local community to promote research, innovation, and open democracies
Essay on Market Liquidity and Financial Stability
No full textEssay 1: Self-affine, long-memory and market stability -
The purpose of this paper is to evaluate the liquidity conditions of financial markets.
Drawing inspiration from fractal analysis, I show that the bid-ask spread follows dynamic
patterns consistent with those generated by fractional Brownian motion, a mixed process
that reflects both the randomness typical of Brownian motion and the correlated behaviour
typical of long-memory processes. The determinants of this correlated behaviour are
studied using the empirical wavelet transform (EWT), which identifies three components,
while theoretical models identify only two (volatility and risk aversion). Finally, the
Lyapunov exponent is used to evaluate whether the fractal nature of the bid-ask spread
contributes to market stability. The results lead to the conclusion that the bid-ask spread
tends toward stability in the medium term, contributing to market stability.Essay 2: Mutual funds and market makers: the changing
properties of market liquidity -
The paper investigates the impact of the relationships between market makers and
non-banks on the liquidity of financial markets. Stylized facts suggest that the growing
complexity that characterizes the financial system requires further attention and possibly
a rethinking of some hypotheses of market microstructure studies on the determinants of
market liquidity. Changes in the behaviour of market makers brought about by their increased
risk aversion combined with the search for yield, have the potential to affect market
liquidity through channels other than the traditional ones. The hypothesis is that market
makers’ support for market liquidity is influenced by portfolio risk management strategies
and customer relationships. After analysing the theoretical implications, I test this
hypothesis using a unique data set on trades between primary dealers and mutual funds
in both electronic markets and OTC. According to my findings, overall market makers’
contribution to market liquidity on electronic markets is strategy dependent since when
trading OTC with mutual funds they reduce their support while the opposite happens
when they act as ‘pure’ market makers.Essay 3: Market liquidity in macroeconomic models:
a review of recent literature -
The paper proposes a review of the most recent literature in order to analyze the role
attributed to market liquidity in macroeconomic models. The review focuses on three
strands of literature that have emerged since the financial crisis. On the one hand there
are the models proposed by New-Keynesian and New-Monetarist researchers, which try to
overcome the inability of existing ones to predict both financial crises and their potential
real effects. On the other hand, there are models that fall under what has been defined
as Macro-Finance, which seek to include macroeconomic models in financial models to
explain the disruptive effects of financial crises on the real economy. The review highlights
how, although important progress has been made, these models appear incomplete because
first and foremost they ignore the importance of the behavioural models of strategic actors
such as market makers. Second, they do not consider the interrelationships between
market makers and non-banks, an important class of investors
The “Philanthropic” Duties of the Board of Directors in the New Paradigm of Responsible Capitalism
No full textThe prevalence of the shareholder primacy doctrine from the eighties onwards led to the misinterpretation of directors’ duties as only owed to shareholders. It became the theoretical foundation of an era of short-termism, excessive risk-taking, and unsustainable corporate practices affecting the environment and society for the sole purpose of maximizing corporate profits and the value for shareholders. The central role assumed by sustainability issues and the urgency of moving toward a regenerative economy to address the social and environmental challenges confront us with the need to investigate to what extent directors are nowadays expected to fulfill their duties with a “philanthropic approach,” i.e., seeking to promote the well-being of mankind, defying – if necessary – the traditional and deified ideology of shareholder primacy. Indeed, looking at the recent development of the legislative and regulatory framework (such as laws providing for sustainability related disclosure obligations, supply chain due diligence liability, dual-purpose companies, and broader directors’ duties), as well as the law in action (with ESG-led shareholders’ activism or litigation), it is possible to identify a growing tendency toward the expansion of directors’ duties boundaries, which nowadays increasingly entail, or as a minimum legitimize, a philanthropic approach in the decision-making and in setting the company's strategy and policies
From Public to Internal Capital Markets: The Effects of Affiliated IPOs on Group Firms
Full text linkUsing detailed corporate ownership data, we document the effects of group‐affiliated initial public offerings (IPOs) on other (unlisted) firms in the group. We find evidence of a persistent decrease in leverage (−6%) and increase in employment (+18%). These effects are more pronounced for the more levered, younger and smaller firms within the group. We show that, as compared with stand‐alone IPOs, affiliated IPOs are less likely to be driven by the investment needs of the issuer. Altogether, this evidence is consistent with the hypothesis that affiliated IPOs feed the group's internal capital market, relaxing financial constraints and expanding the workforce in group firms
Prevenzione e “riabilitazione”: i modelli organizzativi tra d.lgs. n. 231/2001 e legislazione antimafia
Full text linkIl presente lavoro si propone di indagare luci e ombre di due peculiari settori
disciplina per comprendere se – ed eventualmente quanto – l’uno possa apprendere
e replicare dell’altro.
Ci si riferisce, da un lato, al tradizionale – quanto complesso – sistema delle
misure di prevenzione, e, dall’altro, al più recente – e forse ancora non pienamente
valorizzato nella prassi applicativa – sistema della responsabilità amministrativa
“da reato” degli enti, di cui al d.lgs. n. 231/2001.
La prassi giudiziaria ha dimostrato – per le ragioni che vedremo – che nel
sistema 231 i benefici sanzionatori derivanti da condotte ex post, hanno messo
parzialmente in ombra la primaria funzione di prevenzione generale e deterrenza.
I tempi sembrano essere ormai maturi per iniziare a riflettere sull’opportunità di
ammettere che anche certe condotte ex post possano permettere di ottenere – a
determinate condizioni – qualcosa che molto si avvicina al “premio massimo” della
radicale esenzione da responsabilità, passando però da un percorso terapeutico che
conservi una certa componente afflittiva: quello che potrebbe definirsi come
“premio intermedio”.
Scopo della ricerca è comprendere se l’inedita funzione riabilitativa che il
modello 231 ha assunto nell’ambito del sistema delle misure di prevenzione – si
farà riferimento alla legislazione antimafia di cui al d.lgs. 159/2011 – possa essere
replicata anche nel settore di partenza, ammettendo, nonostante il già accertato
deficit organizzativo rimproverabile, una “via d’uscita” per l’ente; e ciò senza – allo
stesso tempo – tradire la ratio originaria e principale di autentica prevenzione ex
ante insita nella “filosofia 231”
Media Review: Extrapolations-A View from OS4F
Full text linkAs we draw inexorably closer to a two – and, more likely to a three – degree Celsius rise in global temperatures above pre-industrial levels, we, as members of OS4Future[i] feel increasingly compelled to raise awareness of the reality of the climate crisis. This topic has only recently gained more widespread attention by management researchers, drawing attention to questions of climate justice, problematizing short-term market incentives and the pressures for business as usual, or proposing prefigurative and more sustainable forms of organizing. Nonetheless, organization scholars, with few exceptions (e.g., Dentoni, 2024), still do not seriously entertain the possibility of severe disruption. This is a collective failure of imagination that requires different modalities besides scientific reports in order to convey the urgency of the situation
Network and attribute‐based clustering of tennis players and tournaments
Full text linkThis paper aims at targeting some relevant issues for clustering tennis players and
tournaments: (i) it considers players, tournaments and the relation between them;
(ii) the relation is taken into account in the fuzzy clustering model based on the
Partitioning Around Medoids (PAM) algorithm through spatial constraints; (iii) the
attributes of the players and of the tournaments are of different nature, qualitative
and quantitative. The proposal is novel for the methodology used, a spatial Fuzzy
clustering model for players and for tournaments (based on related attributes), where
the spatial penalty term in each clustering model depends on the relation between
players and tournaments described in the adjacency matrix. The proposed model is
compared with a bipartite players-tournament complex network model (the Degree-
Corrected Stochastic Blockmodel) that considers only the relation between players
and tournaments, described in the adjacency matrix, to obtain communities on each
side of the bipartite network. An application on data taken from the ATP official
website with regards to the draws of the tournaments, and from the sport statistics
website Wheelo ratings for the performance data of players and tournaments, shows
the performances of the proposed clustering model
Tra innovazione e sostenibilità: le comunità energetiche
No full textQuesta tesi di dottorato esplora il ruolo emergente delle comunità energetiche rinnovabili (CER) come strumenti chiave per lo sviluppo urbano sostenibile, in linea con l'obiettivo di creare città innovative, resilienti e rispettose dell'ambiente. La ricerca si focalizza sull'analisi delle CER come modelli di produzione e gestione energetica a livello locale, capaci di promuovere l'autosufficienza energetica e di combattere il cambiamento climatico e la povertà energetica