Archivio istituzionale della Ricerca - Bocconi
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Patrimoni sproporzionati e automatismi presuntivi: la Corte EDU richiama i giudici italiani al rispetto delle garanzie in materia di confisca di prevenzione
No full textCon la sentenza Isaia e altri c. Italia, depositata il 25 settembre 2025, la Corte europea dei diritti dell’uomo torna a pronunciarsi sulla confisca di prevenzione italiana. In linea con quanto già affermato nella recente sentenza Garofalo c. Italia [1], la Corte ribadisce la compatibilità, in astratto, di questo strumento con la Convenzione, ritenendo che la confisca prevista dal d.lgs. n. 159/2011 non abbia natura punitiva, ma persegua una finalità essenzialmente ripristinatoria, volta a neutralizzare gli effetti economici dell’illecito e a prevenire forme di arricchimento ingiustificato.
Tuttavia, la pronuncia in esame segna un punto di svolta: per la prima volta, in materia di misure di prevenzione patrimoniali, la Corte accerta la violazione dell’art. 1 Prot. n. 1 CEDU, ritenendo che, nel caso concreto, la confisca di prevenzione sia stata applicata in modo «arbitrario e manifestamente irragionevole», traducendosi in un’ingerenza non proporzionata nel diritto di proprietà dei ricorrenti
Tariffs, Global Fragmentation, and the Liberal Order under Trump’s Second Term
No full textThis article analyses the tariff strategy of Donald Trump’s second administration, situating it within the broader transformation of U.S. economic governance and its international spillovers. The paper advances three claims. First, tariffs have become the most visible expression of a deliberate turn to unilateralism, both domestically - through an expansive and arguably ultra vires reliance on emergency powers - and internationally - through measures that openly disregard World Trade Organization (WTO) disciplines. Second, Trump’s tariffs embody the “anti-Tinbergen principle”: instead of treating economic instruments as functionally specific, the administration deploys tariffs simultaneously to pursue fiscal, industrial, social, and geopolitical objectives. This multi-purpose use of trade policy blurs boundaries across domains, extending to issues as diverse as migration control, fentanyl flows, and energy deals. Third, and most importantly, tariffs are not merely economic tools. They have become instruments of political reordering that accelerate the fragmentation of the global marketplace and erode the very liberal-democratic principles on which the postwar economic order was built. By weaponizing trade in this way, the United States risks weakening both its own constitutional balance and its long-standing role as architect of the multilateral trading system. Far from delivering the promised revival of American industry and fiscal sustainability, tariffs may produce the opposite outcome: higher costs, weaker alliances, and diminished U.S. leadership in a multipolar trade world
Patrimonio netto
No full textIl contributo analizza il patrimonio netto quale categoria contabile e giuridica centrale nell’ordinamento delle società di capitali, ricostruendone la funzione alla luce della disciplina del bilancio, della tutela dei creditori e dell’organizzazione finanziaria dell’impresa. Muovendo dalla nozione contabile di differenza tra attività e passività, l’Autore evidenzia come, sul piano giuridico, il patrimonio netto assuma rilievo non tanto come grandezza unitaria, quanto per la composizione delle singole poste (capitale sociale e riserve) e per il diverso regime di vincoli che su di esse insiste. Particolare attenzione è dedicata alla distinzione tra distribuibilità e disponibilità delle riserve, nonché ai criteri di utilizzo delle stesse per la copertura delle perdite e per l’aumento gratuito del capitale sociale, anche alla luce della giurisprudenza e dei principi contabili nazionali e internazionali. Il saggio affronta inoltre il tema delle riserve formate con utili non realizzati, mettendone in luce le implicazioni sistematiche e i riflessi sulla conservazione del capitale. Nella parte conclusiva, il patrimonio netto è esaminato in rapporto alla situazione finanziaria e alla disciplina della crisi d’impresa, sostenendo una lettura dinamica dell’adeguatezza patrimoniale, intesa come funzionale alla sostenibilità dell’indebitamento e agli assetti organizzativi richiesti agli amministratori
La Corte di giustizia come giurisdizione costituzionale? Una rilettura attraverso l’equilibrio istituzionale dell’Ue
No full textThis article investigates whether, and to what extent, the Court of Justice of the European Union can be regarded as a constitutional court, based on an analysis of its case law on institutional power conflicts. Starting from the principle of institutional balance, the study focuses on annulment proceedings, examining how the Court has resolved such conflicts through constitutional-legal reasoning, either resisting or occasionally yielding to political considerations. It also assesses the
consistency of this approach with the Court’s jurisprudence on the protection of judicial independence within Member States. The aim is to determine whether the Court has effectively safeguarded legal limits on power, following a logic typical of constitutional adjudication. The analysis contributes to the broader debate on the constitutional nature of the EU legal order and the dynamic role played by the Court in shaping inter-institutional relations
Systems Biology and Functional Assessments of Human iPSC-Cardiomyocyte Models of Insulin Resistance Capture Key Hallmarks of Diabetic Cardiomyopathy
No full textHuman-centric models of diabetic cardiomyopathy (DbCM) are needed to provide mechanistic insights and translationally relevant therapeutic targets for patients with diabetes. A systems biology approach using insulin resistant (IR) two-dimensional (2D) human induced pluripotent stem cell–derived cardiomyocytes (hiPSC-CMs) and threedimensional (3D) engineered heart tissue (EHT) provides a comprehensive evaluation of dysregulated pathways and determines suitability as a translationally relevant model of DbCM. Culturing hiPSC-CMs in 2D or 3D EHT in IR media induced insulin resistance and activated multiple pathways implicated in DbCM, including metabolic remodeling, mitochondrial dysfunction, extracellular matrix remodeling, endoplasmic reticulum stress, and blunted response to hypoxia, as assessed using transcriptomics and proteomics. Metabolic flux measurements in both IR 2D and 3D platforms demonstrated increased fatty acid oxidation and lipid storage, whereas glucose metabolism was downregulated. Modeling DbCM in 3D EHTs conferred additional metabolic and functional advantages over the 2D hiPSC-CM, demonstrating impaired contractility and muscle architecture. Metformin treatment improved both contractility and metabolic function, demonstrating the utility of IR EHT for drug assessment. In conclusion, IR 2D and 3D hiPSC-CM models effectively capture key DbCM features. However, 3D EHT provides additional insights into physiological and structural modifications. This highlights the potential of IR EHT for both mechanistic studies and drug screening in DbCM
Green process innovation through Industry 4.0 technologies and supply chain coordination
No full textThis paper investigates a dynamic supply chain model in which a supplier decides both the wholesale price and the green process innovation investments while a manufacturer sets the retail price. We refer to Industry 4.0 technologies like Robotics, Automated Guided Vehicles and 3D printing, which allow firms to reduce the amount of resources wasted and the emissions, generating an overall environmental benefit as well as a reduction of the marginal production cost. The environmental performance positively influences the demand, which leads to larger production volume and in turn damages the environmental performance via negative externalities (e.g., emissions). We resolve this operational trade-off and compare an uncoordinated setting to a revenue sharing contract complemented by a collaborative program. We show that the overall benefit of environmental cooperation in green process innovation entails the existence of a profit-Pareto-improving region. Nevertheless, the maximum environmental performance fails to occur in the profit-Pareto-improving region, which shows the mismatch between economic and environmental performance. Moreover, a wholesale price contract might help to enhance environmental performance while supply chains might prefer a revenue sharing contract or vertical integrated chain to maximize profits
Il bilancio di esercizio
No full textImpresa e management evolvono insieme con l’obiettivo di generare valore e benessere diffuso in una società sempre più complessa. Le nuove dinamiche competitive richiedono strumenti capaci di garantire continuità operativa e sostenibilità nel lungo periodo. La disciplina del Management studia i modelli e i processi che regolano l’impresa, fornendo chiavi di lettura e strumenti di governo indispensabili. La quinta edizione contiene l’aggiornamento dei capitoli sugli strumenti per le decisioni manageriali, sul bilancio di sostenibilità e sulle determinanti del risultato economico, offrendo una trattazione sempre più attuale e aderente al contesto odierno. Centrale rimane il tema della sostenibilità, intesa come modello manageriale fondato sulla valorizzazione delle relazioni e sull’integrazione delle sfide sociali e ambientali, oggi fattore strategico per resilienza e competitività. Rivolto a studentesse e studenti, imprenditrici e imprenditori, manager e policy maker, il manuale propone una visione completa e aggiornata: dai fondamenti teorici alle pratiche più concrete di gestione strategica e operativa, fino ai modelli di business che solo pochi anni fa erano impensabili
Financial distress during the pandemic: the role of government support
No full textWe investigate how (the timing of) COVID-19 economic support measures affected household financial distress across 50+ Europeans. Using SHARE data, we track changes in financial well-being before, during, and after the pandemic. Using policy data from the Oxford COVID-19 Government Response Tracker, we distinguish between countries that implemented support at an early versus a later stage. Exploiting a triple-difference identification strategy, we show that timely government interventions significantly reduced financial distress for working-age households experiencing job interruption, while delayed responses led to increased financial strain. The effect is robust to different specificities of the identification strategy. Our findings highlight the importance of not only the generosity, but also timing of fiscal support in times of crisis
Inter- and intrahemispheric sources of vestibular signals to V1
No full textHead movements are sensed by the vestibular organs. Unlike classical senses, signals from vestibular organs are not selectively conveyed to a dedicated cortical area but are broadcast throughout the cortex. This distributed processing pattern reflects the fundamental role of vestibular information in contextual modulation across diverse cortical computations. Surprisingly, the routes taken by vestibular signals to reach the cortex are still largely uncharted. Here, we show that the primary visual cortex (V1) receives real-time head movement signals—direction, velocity, and acceleration—from the ipsilateral pulvinar and contralateral visual cortex (VC). The ipsilateral pulvinar provides the main head movement signal, with a bias toward contraversive movements (e.g., clockwise movements in left V1). Conversely, the contralateral VC provides head movement signals during ipsiversive movements. Crucially, head movement variables encoded in V1 are already encoded in the pulvinar, suggesting that those variables are computed subcortically. Thus, the convergence of inter- and intrahemispheric signals endows V1 with a rich representation of the animal’s head movements