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Modeling immigrant language acquisition and integration toward an integrated micro-macro modeling
No full textThis thesis aims to address the following key question: “What affects immigrants to acquire capital and how is it generated?” This can be addressed by the following: (1) identifying micro-level determinants of immigrant language acquisition and integration; (2) assessing macro-level effects and micro-macro joint effects on immigrant language acquisition; and (3) reassessing the overall empirical findings based on theoretically derived micro-macro interactive mechanisms in the integration process.
The research literature concerned with the determinants of immigrant/second language acquisition is reviewed to bring classic theories and models from economics and psychology together and initiate the construction of an economic-psychological modeling frame for immigrant language acquisition. Based on the modeling frame, an empirically testable model of immigrant language acquisition is formulated to identify the determinants of destination language proficiency. Furthermore, conceptually locating language as an antecedent of immigrant integration outcomes in a theoretical modeling framework, a model of immigrant integration is devised with three sub-models: (1) a model of immigrant economic integration; (2) a model of immigrant citizenship acquisition; and (3) a model of immigrant political integration. The models are tested using OLS regression and data from the Multicultural Democracy and Immigrants’ Social Capital in Europe: Participation, Organisational Networks, and Public Policies at the Local Level (LOCALMULTIDEM).
Analysis results suggest that the economic model is robust in predicting immigrant language acquisition and integration outcomes. Educational attainment is found to be the most critical and consistent predictor of outcomes across cities and empirical models. Although the psychological model has relatively weak power in explaining the variation in language proficiency, the presumed mediating effect via attitudinal factors is detected in some cases. However, such mediation effect is barely identified in the sub-models of immigrant integration with an exception of political integration. Destination language proficiency is found to be the most consistent mediator that positively influences all of the integration outcomes. In the concluding chapters, further analyses and (re)interpretations are conducted as an overarching summary of the multivariate regression analyses to examine the role of institutions and propose a micro-macro integrative model that could suggest options for institutional design and directions for future research.This thesis aims to address the following key question: “What affects immigrants to acquire capital and how is it generated?” This can be addressed by the following: (1) identifying micro-level determinants of immigrant language acquisition and integration; (2) assessing macro-level effects and micro-macro joint effects on immigrant language acquisition; and (3) reassessing the overall empirical findings based on theoretically derived micro-macro interactive mechanisms in the integration process.
The research literature concerned with the determinants of immigrant/second language acquisition is reviewed to bring classic theories and models from economics and psychology together and initiate the construction of an economic-psychological modeling frame for immigrant language acquisition. Based on the modeling frame, an empirically testable model of immigrant language acquisition is formulated to identify the determinants of destination language proficiency. Furthermore, conceptually locating language as an antecedent of immigrant integration outcomes in a theoretical modeling framework, a model of immigrant integration is devised with three sub-models: (1) a model of immigrant economic integration; (2) a model of immigrant citizenship acquisition; and (3) a model of immigrant political integration. The models are tested using OLS regression and data from the Multicultural Democracy and Immigrants’ Social Capital in Europe: Participation, Organisational Networks, and Public Policies at the Local Level (LOCALMULTIDEM).
Analysis results suggest that the economic model is robust in predicting immigrant language acquisition and integration outcomes. Educational attainment is found to be the most critical and consistent predictor of outcomes across cities and empirical models. Although the psychological model has relatively weak power in explaining the variation in language proficiency, the presumed mediating effect via attitudinal factors is detected in some cases. However, such mediation effect is barely identified in the sub-models of immigrant integration with an exception of political integration. Destination language proficiency is found to be the most consistent mediator that positively influences all of the integration outcomes. In the concluding chapters, further analyses and (re)interpretations are conducted as an overarching summary of the multivariate regression analyses to examine the role of institutions and propose a micro-macro integrative model that could suggest options for institutional design and directions for future research.LUISS PhD Thesi
Regolazione del mercato energetico e tutela dell’ambiente: il caso dell’efficienza energetica.
No full textL’integrazione degli interessi ambientali ed energetici nel settore dell’efficienza energetica. L’assetto istituzionale ed amministrativo dell’efficienza energetica. Il ruolo dell’AEEGSI dinanzi alla sfida della sostenibilità del mercato energetico. Le linee evolutive della regolazione indipendente. L’impatto della nuova regolazione environment oriented.L’integrazione degli interessi ambientali ed energetici nel settore dell’efficienza energetica. L’assetto istituzionale ed amministrativo dell’efficienza energetica. Il ruolo dell’AEEGSI dinanzi alla sfida della sostenibilità del mercato energetico. Le linee evolutive della regolazione indipendente. L’impatto della nuova regolazione environment oriented.LUISS PhD Thesi
Disproportional ownership nelle società quotate il voto multiplo
No full textIl Decreto Competitività nel 2014 ha introdotto
nell’ordinamento italiano le azioni a voto maggiorato e le azioni a voto
plurimo. Hanno quindi trovato ingresso anche nel diritto societario
italiano istituti – già noti ad altri Paesi (es. Usa e Francia) – che
consentono il potenziamento del diritto di voto e si discostano dal
principio one share – one vote.
Si tratta di meccanismi che consentono al socio di esercitare in
assemblea un potere rafforzato rispetto alle risorse investite e di
realizzare una dissociazione tra rischio e gestione.
La facoltà del potenziamento del voto è stata estesa anche alle
società quotate, in un contesto da sempre caratterizzato da un maggior
grado di imperatività.
Si è deciso quindi di offrire alle quotate italiane uno strumento
capace di incidere sulla contendibilità della società, in modo da non
subire passivamente la concorrenza di altri ordinamenti, anche europei,
assicurando una struttura finanziaria maggiormente versatile. Si è
tentato di vincere la ritrosia alla quotazione, fenomeno piuttosto diffuso
nel nostro Paese. Non ultimo – si è detto da più parti – lo Stato
regolatore ha dotato lo Stato azionista di un efficace strumento per
favorire la dismissione delle partecipazioni senza dover subire una
diluizione del controllo.
Al di là degli intenti dichiarati e di quelli inespressi, la reale
portata innovativa dei meccanismi di potenziamento del voto vanno
valutate al vaglio dei fatti.
In un’ottica di effettività, la ricerca comprende, oltre all’esame
della nuova disciplina, anche un’appendice di analisi dei 26 statuti delle società quotate italiane che hanno introdotto la maggiorazione del voto,
corredata da tavole sinottiche.Il Decreto Competitività nel 2014 ha introdotto
nell’ordinamento italiano le azioni a voto maggiorato e le azioni a voto
plurimo. Hanno quindi trovato ingresso anche nel diritto societario
italiano istituti – già noti ad altri Paesi (es. Usa e Francia) – che
consentono il potenziamento del diritto di voto e si discostano dal
principio one share – one vote.
Si tratta di meccanismi che consentono al socio di esercitare in
assemblea un potere rafforzato rispetto alle risorse investite e di
realizzare una dissociazione tra rischio e gestione.
La facoltà del potenziamento del voto è stata estesa anche alle
società quotate, in un contesto da sempre caratterizzato da un maggior
grado di imperatività.
Si è deciso quindi di offrire alle quotate italiane uno strumento
capace di incidere sulla contendibilità della società, in modo da non
subire passivamente la concorrenza di altri ordinamenti, anche europei,
assicurando una struttura finanziaria maggiormente versatile. Si è
tentato di vincere la ritrosia alla quotazione, fenomeno piuttosto diffuso
nel nostro Paese. Non ultimo – si è detto da più parti – lo Stato
regolatore ha dotato lo Stato azionista di un efficace strumento per
favorire la dismissione delle partecipazioni senza dover subire una
diluizione del controllo.
Al di là degli intenti dichiarati e di quelli inespressi, la reale
portata innovativa dei meccanismi di potenziamento del voto vanno
valutate al vaglio dei fatti.
In un’ottica di effettività, la ricerca comprende, oltre all’esame
della nuova disciplina, anche un’appendice di analisi dei 26 statuti delle società quotate italiane che hanno introdotto la maggiorazione del voto,
corredata da tavole sinottiche.LUISS PhD Thesi
La gestione delle controversie in ambito bancario e finanziario, tra tutela del consumatore e finalità di vigilanza: meccanismi “facilitativi” e prospettive di riforma
No full textIl contenuto della tesi si focalizza sulle caratteristiche dei principali sistemi di Alternative Dispute Resolution (ADR) presenti in Europa in ambito bancario e finanziario, sui risultati raggiunti dagli stessi e sull’evoluzione della normativa in tema di risoluzione stragiudiziale delle controversie, orientata verso un fine precipuo: il conseguimento di una elevata tutela del consumatore.
Si è cercato di “rileggere” tali risultati in ottica sistemica, ragionando su possibili miglioramenti, razionalizzazioni e prospettive di riforma, “accorciando” le distanze attualmente presenti tra i vari Stati e accrescendo ulteriormente i benefici per tutti gli operatori del settore.
L’analisi è stata condotta con un approccio evidence-based nell’ottica di una valutazione delle esperienze esistenti in ambito nazionale ed internazionale sul tema dell’ADR (attraverso l’analisi dei principali organismi di ADR attivi in ambito bancario e finanziario), analizzando altresì le recenti modifiche normative introdotte a livello europeo (i.e. Direttiva sull’ADR per i consumatori: Direttiva 2013/11/UE; Regolamento sulla risoluzione delle controversie online dei consumatori: Regolamento (UE) n. 524/2013) e di conseguenza anche nel nostro Paese, nel quale le esigenze alla base delle risoluzioni stragiudiziali delle controversie – soprattutto nel campo bancario e finanziario – sono sempre più attuali e catalizzatrici di numerosi studi ed interessi.
Nel ventunesimo secolo la percezione di tali strumenti a disposizione dei consumatori è passata da “statica” a “dinamica”; tale dinamicità ha spazzato via la vecchia “rivalità” con i meccanismi giudiziali statali, i quali hanno da tempo iniziato ad essere favorevoli ad una evoluzione del sistema.
Non vi è più un’idiosincrasia dei sistemi giudiziali statali nei confronti dei sistemi di ADR: l’incremento (quantitativo e qualitativo) di questi ultimi ha dimostrato come la collettività si senta maggiormente disposta ad accettare le decisioni di organismi che gli stessi ricorrenti possono “controllare” attraverso la qualità dell’interazione con lo staff, valutandone il servizio fairness, meccanismi di accountability).
I dati e le esperienze di ADR in ambito europeo (specialmente per quanto concerne le realtà più evolute del settore banking & finance: i.e. Regno Unito, oggetto di un focus specifico) portano a conclusioni con riflessi ottimistici per il futuro in ottica sistemica.
Le policy e i trend che emergono dall’attività quotidiana degli intermediari sono state concretamente influenzate dall’approccio seguito dagli organismi di ADR cui sono sottoposte le vertenze tra detti intermediari e i propri clienti.
Si è cercato dunque di dimostrare che la finalità prognostico-deflattiva assegnata storicamente ai meccanismi di ADR ha in realtà una valenza meramente secondaria.
L’effetto finale, infatti, non è di mera incrementazione delle controversie, bensì di “tenuta” del sistema attraverso il matching tra funzione giustiziale degli organismi di ADR e l’approccio degli uffici compliance degli intermediari.
La creazione di un clima di fiducia sarà fondamentale per l'espansione del mercato unico nel settore bancario e finanziario: è necessario che le imprese sappiano di poter fruttuosamente svolgere le proprie attività a livello transfrontaliero e che i consumatori abbiano la certezza di vedere tutelati i propri interessi per le transazioni effettuate in tale ambito.
Efficaci meccanismi di ADR appaiono pertanto indispensabili per assicurare lo sviluppo delle cross-border transactions, potendo fare affidamento su un “solido” punto di riferimento per tutti i consumatori eventualmente “danneggiati” da inadempimenti o condotte illegittime da parte del fornitore del/i servizio/i finanziario/i prestato/i.
Studi e analisi di law and economics hanno confermato quanto sopra, anche con l’aiuto delle scienze cognitive, sottolineando come la fiducia che si crea in tali sistemi si alimenti attraverso la cooperazione, la compliance e la accettazione delle decisioni anche sul versante delle imprese.
Si è dunque cercato di dimostrare concretamente come l’avvento degli strumenti di alternative dispute resolution abbia “avvicinato” e “consolidato” i rapporti tra clienti e intermediari finanziari, migliorando gli approcci di vigilanza delle Autorità di settore, rafforzando le policy degli intermediari e accrescendo la trasparenza e la fiducia nel sistema.
L’agilità, la duttilità e l’autorevolezza degli organismi di ADR permettono infatti agli intermediari (e di riflesso anche alle Autorità di vigilanza) di adattarsi in maniera più veloce ed efficace ai mutamenti della società e degli strumenti a disposizione della comunità finanziaria.
In conclusione, si vuole dimostrare come la Direttiva ADR non debba essere interpretata come un punto di arrivo, bensì come una “partenza” necessaria per addivenire ad una svolta, nell’ottica giustizialista, che abbia un approccio pratico e dinamico, volta a superare i differenti orientamenti seguiti nel passato di fronte ai problemi “concreti” dei rapporti negoziali tra i soggetti operanti nel mercato finanziario, che ne hanno - quanto meno - rallentato l’evoluzione e hanno minato la comprensibilità, la chiarezza, l’accessibilità e la fiducia nel sistema bancario e finanziario.Il contenuto della tesi si focalizza sulle caratteristiche dei principali sistemi di Alternative Dispute Resolution (ADR) presenti in Europa in ambito bancario e finanziario, sui risultati raggiunti dagli stessi e sull’evoluzione della normativa in tema di risoluzione stragiudiziale delle controversie, orientata verso un fine precipuo: il conseguimento di una elevata tutela del consumatore.
Si è cercato di “rileggere” tali risultati in ottica sistemica, ragionando su possibili miglioramenti, razionalizzazioni e prospettive di riforma, “accorciando” le distanze attualmente presenti tra i vari Stati e accrescendo ulteriormente i benefici per tutti gli operatori del settore.
L’analisi è stata condotta con un approccio evidence-based nell’ottica di una valutazione delle esperienze esistenti in ambito nazionale ed internazionale sul tema dell’ADR (attraverso l’analisi dei principali organismi di ADR attivi in ambito bancario e finanziario), analizzando altresì le recenti modifiche normative introdotte a livello europeo (i.e. Direttiva sull’ADR per i consumatori: Direttiva 2013/11/UE; Regolamento sulla risoluzione delle controversie online dei consumatori: Regolamento (UE) n. 524/2013) e di conseguenza anche nel nostro Paese, nel quale le esigenze alla base delle risoluzioni stragiudiziali delle controversie – soprattutto nel campo bancario e finanziario – sono sempre più attuali e catalizzatrici di numerosi studi ed interessi.
Nel ventunesimo secolo la percezione di tali strumenti a disposizione dei consumatori è passata da “statica” a “dinamica”; tale dinamicità ha spazzato via la vecchia “rivalità” con i meccanismi giudiziali statali, i quali hanno da tempo iniziato ad essere favorevoli ad una evoluzione del sistema.
Non vi è più un’idiosincrasia dei sistemi giudiziali statali nei confronti dei sistemi di ADR: l’incremento (quantitativo e qualitativo) di questi ultimi ha dimostrato come la collettività si senta maggiormente disposta ad accettare le decisioni di organismi che gli stessi ricorrenti possono “controllare” attraverso la qualità dell’interazione con lo staff, valutandone il servizio fairness, meccanismi di accountability).
I dati e le esperienze di ADR in ambito europeo (specialmente per quanto concerne le realtà più evolute del settore banking & finance: i.e. Regno Unito, oggetto di un focus specifico) portano a conclusioni con riflessi ottimistici per il futuro in ottica sistemica.
Le policy e i trend che emergono dall’attività quotidiana degli intermediari sono state concretamente influenzate dall’approccio seguito dagli organismi di ADR cui sono sottoposte le vertenze tra detti intermediari e i propri clienti.
Si è cercato dunque di dimostrare che la finalità prognostico-deflattiva assegnata storicamente ai meccanismi di ADR ha in realtà una valenza meramente secondaria.
L’effetto finale, infatti, non è di mera incrementazione delle controversie, bensì di “tenuta” del sistema attraverso il matching tra funzione giustiziale degli organismi di ADR e l’approccio degli uffici compliance degli intermediari.
La creazione di un clima di fiducia sarà fondamentale per l'espansione del mercato unico nel settore bancario e finanziario: è necessario che le imprese sappiano di poter fruttuosamente svolgere le proprie attività a livello transfrontaliero e che i consumatori abbiano la certezza di vedere tutelati i propri interessi per le transazioni effettuate in tale ambito.
Efficaci meccanismi di ADR appaiono pertanto indispensabili per assicurare lo sviluppo delle cross-border transactions, potendo fare affidamento su un “solido” punto di riferimento per tutti i consumatori eventualmente “danneggiati” da inadempimenti o condotte illegittime da parte del fornitore del/i servizio/i finanziario/i prestato/i.
Studi e analisi di law and economics hanno confermato quanto sopra, anche con l’aiuto delle scienze cognitive, sottolineando come la fiducia che si crea in tali sistemi si alimenti attraverso la cooperazione, la compliance e la accettazione delle decisioni anche sul versante delle imprese.
Si è dunque cercato di dimostrare concretamente come l’avvento degli strumenti di alternative dispute resolution abbia “avvicinato” e “consolidato” i rapporti tra clienti e intermediari finanziari, migliorando gli approcci di vigilanza delle Autorità di settore, rafforzando le policy degli intermediari e accrescendo la trasparenza e la fiducia nel sistema.
L’agilità, la duttilità e l’autorevolezza degli organismi di ADR permettono infatti agli intermediari (e di riflesso anche alle Autorità di vigilanza) di adattarsi in maniera più veloce ed efficace ai mutamenti della società e degli strumenti a disposizione della comunità finanziaria.
In conclusione, si vuole dimostrare come la Direttiva ADR non debba essere interpretata come un punto di arrivo, bensì come una “partenza” necessaria per addivenire ad una svolta, nell’ottica giustizialista, che abbia un approccio pratico e dinamico, volta a superare i differenti orientamenti seguiti nel passato di fronte ai problemi “concreti” dei rapporti negoziali tra i soggetti operanti nel mercato finanziario, che ne hanno - quanto meno - rallentato l’evoluzione e hanno minato la comprensibilità, la chiarezza, l’accessibilità e la fiducia nel sistema bancario e finanziario.LUISS PhD Thesi
Constitutional patriotism as a form of citizenship for the European union: recognizing minorities
No full textContemporary political theory is focused on the question of common life of groups and
individuals with divergent axiological worldviews. The need for common life, social cohesion
and solidarity is sometimes in contradiction to the space of freedom that these groups and
individuals require by their very nature. Recognition stands in the nexus of this contradiction: we
need rules that will accept us as equal citizens of a polity but at the same time allow for the
expression of our difference. Political liberalism informs us with idea that constitutional rules
have to be legitimate for those to whom these are directed. What do these two streams of
normative reasoning tell us about existing and desirable constitutional orders of polities,
specifically postnational like the European Union, and what form of citizenship would account
for minorities?
I argue that liberal multiculturalism is to some extent just another reinterpretation of the
national state which legitimizes the intrusion of the concepts of the good in the sphere not only in
politics but in the constitutional outset of modern national states. National majority has always
come with various other forms of exclusion: patriarchal, white, heteronormative etc. Thus, with
the main discourse of national states that stays at the pedestal of modern European intellectual
history we have different kinds and types of minorities, phenomenologically distinctive, but all
united by the constitutional and political exclusion they experience within a setting of a national
state. Degrees and forms change both historically and geographically but the matrix of exclusion
in its essence remains the same: citizenship is used a strategy for social closure that gives
majority more of something, be it resources or status. If this is the nucleus of the normative
problem that lies in the heart of constitutionalism, democracy and citizenship what is the
theoretical solution of this conundrum?
In this thesis argue that constitutional patriotism is an optimal form of citizenship for an
emerging European polity. This notion is thoroughly analyzed and developed through a new
theoretical paradigm. The main idea is that European belonging is based on the allegiance to a
certain set of constitutional rights that stem from quasi-constitutional acts and practices of the
EU and allow for better recognition of those who I named identity minorities. To be legally equal
and recognized, in my understanding, means is to have the same point of reference, the basic set
of rules that govern us and give equal standing for our different conceptions of good life. In other
words, my thesis, in its philosophical core, is a story about the good and right and their mutual
interdependence. Though liberals are often criticized for their insistence on rights, forgetting
that rights themselves can be a form of particular good, I try to show that it is still the only
normatively acceptable form of establishing an order in which minimal common rights will
enable us to have the liberty to establish and achieve our conceptions of the good life. In other
words, primacy of rights over good is the only logical solution for the axiological clash that
might emerge between these two analytical categories. This conclusion stems from both lines of
reasoning applied in my dissertation: theories of recognition and political liberalism.
In final chapters I show that EU citizenship is being created in a deterritorialized and
postnational polity. These two features give a distinct identity to the EU polity making it more
open and inclusive for minorities and I explicate this through three normative arguments why
constitutional patriotism is normatively the most acceptable form of EU citizenship.Contemporary political theory is focused on the question of common life of groups and
individuals with divergent axiological worldviews. The need for common life, social cohesion
and solidarity is sometimes in contradiction to the space of freedom that these groups and
individuals require by their very nature. Recognition stands in the nexus of this contradiction: we
need rules that will accept us as equal citizens of a polity but at the same time allow for the
expression of our difference. Political liberalism informs us with idea that constitutional rules
have to be legitimate for those to whom these are directed. What do these two streams of
normative reasoning tell us about existing and desirable constitutional orders of polities,
specifically postnational like the European Union, and what form of citizenship would account
for minorities?
I argue that liberal multiculturalism is to some extent just another reinterpretation of the
national state which legitimizes the intrusion of the concepts of the good in the sphere not only in
politics but in the constitutional outset of modern national states. National majority has always
come with various other forms of exclusion: patriarchal, white, heteronormative etc. Thus, with
the main discourse of national states that stays at the pedestal of modern European intellectual
history we have different kinds and types of minorities, phenomenologically distinctive, but all
united by the constitutional and political exclusion they experience within a setting of a national
state. Degrees and forms change both historically and geographically but the matrix of exclusion
in its essence remains the same: citizenship is used a strategy for social closure that gives
majority more of something, be it resources or status. If this is the nucleus of the normative
problem that lies in the heart of constitutionalism, democracy and citizenship what is the
theoretical solution of this conundrum?
In this thesis argue that constitutional patriotism is an optimal form of citizenship for an
emerging European polity. This notion is thoroughly analyzed and developed through a new
theoretical paradigm. The main idea is that European belonging is based on the allegiance to a
certain set of constitutional rights that stem from quasi-constitutional acts and practices of the
EU and allow for better recognition of those who I named identity minorities. To be legally equal
and recognized, in my understanding, means is to have the same point of reference, the basic set
of rules that govern us and give equal standing for our different conceptions of good life. In other
words, my thesis, in its philosophical core, is a story about the good and right and their mutual
interdependence. Though liberals are often criticized for their insistence on rights, forgetting
that rights themselves can be a form of particular good, I try to show that it is still the only
normatively acceptable form of establishing an order in which minimal common rights will
enable us to have the liberty to establish and achieve our conceptions of the good life. In other
words, primacy of rights over good is the only logical solution for the axiological clash that
might emerge between these two analytical categories. This conclusion stems from both lines of
reasoning applied in my dissertation: theories of recognition and political liberalism.
In final chapters I show that EU citizenship is being created in a deterritorialized and
postnational polity. These two features give a distinct identity to the EU polity making it more
open and inclusive for minorities and I explicate this through three normative arguments why
constitutional patriotism is normatively the most acceptable form of EU citizenship.LUISS PhD Thesi
I reati tributari nella prospettiva della responsabilità individuale e degli enti collettivi
No full textQuale diritto penal-tributario? L'eterno conflitto tra "ragion fiscale" e garantismo nei reati tributari. Le confische quali misure patrimoniali di contrasto ai reati
tributari realizzati da persone fisiche e giuridiche. La responsabilità penale degli enti per reati tributari: in attesa di una soluzione legislativa.Quale diritto penal-tributario? L'eterno conflitto tra "ragion fiscale" e garantismo nei reati tributari. Le confische quali misure patrimoniali di contrasto ai reati
tributari realizzati da persone fisiche e giuridiche. La responsabilità penale degli enti per reati tributari: in attesa di una soluzione legislativa.LUISS PhD Thesi
Behaviour of firms: virtues and vices: from CSR to financial statements frauds
No full textAre family firms and non family firms different in approaching CSR? An integrated framework about why and how family firms engage in CSR. CSR reporting and ownership structure: evidence from italian listed companies. Financial statements fraud: does their intensity have a connection with earnings management? Business planning in biobanking: how to implement a tool for sustainability.Are family firms and non family firms different in approaching CSR? An integrated framework about why and how family firms engage in CSR. CSR reporting and ownership structure: evidence from italian listed companies. Financial statements fraud: does their intensity have a connection with earnings management? Business planning in biobanking: how to implement a tool for sustainability.LUISS PhD Thesi
Personal vote in Southern Italy: particularism or universalism?
No full textIn the South of Italy, the personal vote has represented a synonym for
clientelism, understood as a political exchange between votes and particular
benefits. The available literature traced the roots of clientelism,
from the 1950s onward, to either cultural or structural social determinants,
such as cynicism, disenchantment, fatalism or, on the other side,
lagging or lacking economic development. Only recently, Political
Science has tried new approaches to this phenomenon, by adopting rationalist
frameworks to define the strategies underpinning the clientelist
bargain. Such a perspective proposed new concepts, a “virtuous clientelism”
resembling the Anglo-American constituency service: in this type
of clientelism, both voters and candidates are inspired by the desire to
provide universal benefits to their community, rather than being limited
to egoistic gains. This research wants thus to uncover this type of clientelism
through a qualitative research involving in-depth semi-structured
interviews, performed with a sample of electors in four of the most
important regions of the Italian Mezzogiorno: Calabria, Campania,
Apulia and Sicily. This research also provides a map of the desires,
expectations, hopes and disillusions of the southern Italian voters. Hence,
this study does not limit itself to the research question and goes on
to provide more insight on the private and public reasons underpinning
political choices and to open further avenues for qualitative research on
the topic.In the South of Italy, the personal vote has represented a synonym for
clientelism, understood as a political exchange between votes and particular
benefits. The available literature traced the roots of clientelism,
from the 1950s onward, to either cultural or structural social determinants,
such as cynicism, disenchantment, fatalism or, on the other side,
lagging or lacking economic development. Only recently, Political
Science has tried new approaches to this phenomenon, by adopting rationalist
frameworks to define the strategies underpinning the clientelist
bargain. Such a perspective proposed new concepts, a “virtuous clientelism”
resembling the Anglo-American constituency service: in this type
of clientelism, both voters and candidates are inspired by the desire to
provide universal benefits to their community, rather than being limited
to egoistic gains. This research wants thus to uncover this type of clientelism
through a qualitative research involving in-depth semi-structured
interviews, performed with a sample of electors in four of the most
important regions of the Italian Mezzogiorno: Calabria, Campania,
Apulia and Sicily. This research also provides a map of the desires,
expectations, hopes and disillusions of the southern Italian voters. Hence,
this study does not limit itself to the research question and goes on
to provide more insight on the private and public reasons underpinning
political choices and to open further avenues for qualitative research on
the topic.LUISS PhD Thesi
Chasing stock market returns: mutual funds extrapolative flow, performance and asset pricing implications
No full textSurvey evidence shows that investor expectations on future market realizations are highly
correlated with in
ows into mutual funds and tend to extrapolate information from past
returns. This work investigates cyclical determinants of net aggregate fund
ows in Emerging
Markets, it measures the profitability of market-timing strategies of Italian investors in equity
mutual funds and provides first insights about the effects of these strategies on asset prices.
Chapter 2 investigates how cyclical variables drive net aggregate fund
ows towards
Emerging Markets (EMs). Through the aggregation of net
ows of all open-end dedicated
funds, the analysis finds that
ows in equity and fixed income are driven by recent past
performance in both developed and emerging economies. Further analysis confirms that
much of the evidence comes from US and EU larger mutual funds. A structural VAR
shows that
ows become more responsive through time to market uncertainty and rates.
In particular, after the Great Recession
ows exhibit a lower reaction to the S&P index,
becoming more responsive to market volatility and to US interest rates. Furthermore the
US consumer sentiment index has a key role in the explanation of fund
ows and it increased
through time with an effect that is more sluggish and persistent with respect to other cyclical
determinants.
Chapter 3 shows that simple buy-and-hold strategies beat the market-timing strategies
effectively used by Italian investors in equity mutual funds. Therefore, investors should re-
consider their investment behavior and choose cheaper, in terms of fees, and simpler, passive
strategies. The analysis estimates returns from market-timing strategies using aggregate
data on a large sample of equity mutual funds' net
ows and considers funds investing either
in Europe and the Euro Area, or the US, or Emerging Markets. In all cases, buy-and-hold
wins with extra returns that go from 0.24% per quarter (Europe and Euro Area) to 0.87% per
quarter (US market). Differences in the performance of the two strategies are not explained
by differences in risk and risk exposure.
Chapter 4 presents future research developing a discrete asset pricing model with het-erogeneous agents. Some of them, called chasers, develop their demand of the risky asset
relying on extrapolative subjective beliefs, in equilibrium this has effects on the asset price.Survey evidence shows that investor expectations on future market realizations are highly
correlated with in
ows into mutual funds and tend to extrapolate information from past
returns. This work investigates cyclical determinants of net aggregate fund
ows in Emerging
Markets, it measures the profitability of market-timing strategies of Italian investors in equity
mutual funds and provides first insights about the effects of these strategies on asset prices.
Chapter 2 investigates how cyclical variables drive net aggregate fund
ows towards
Emerging Markets (EMs). Through the aggregation of net
ows of all open-end dedicated
funds, the analysis finds that
ows in equity and fixed income are driven by recent past
performance in both developed and emerging economies. Further analysis confirms that
much of the evidence comes from US and EU larger mutual funds. A structural VAR
shows that
ows become more responsive through time to market uncertainty and rates.
In particular, after the Great Recession
ows exhibit a lower reaction to the S&P index,
becoming more responsive to market volatility and to US interest rates. Furthermore the
US consumer sentiment index has a key role in the explanation of fund
ows and it increased
through time with an effect that is more sluggish and persistent with respect to other cyclical
determinants.
Chapter 3 shows that simple buy-and-hold strategies beat the market-timing strategies
effectively used by Italian investors in equity mutual funds. Therefore, investors should re-
consider their investment behavior and choose cheaper, in terms of fees, and simpler, passive
strategies. The analysis estimates returns from market-timing strategies using aggregate
data on a large sample of equity mutual funds' net
ows and considers funds investing either
in Europe and the Euro Area, or the US, or Emerging Markets. In all cases, buy-and-hold
wins with extra returns that go from 0.24% per quarter (Europe and Euro Area) to 0.87% per
quarter (US market). Differences in the performance of the two strategies are not explained
by differences in risk and risk exposure.
Chapter 4 presents future research developing a discrete asset pricing model with het-erogeneous agents. Some of them, called chasers, develop their demand of the risky asset
relying on extrapolative subjective beliefs, in equilibrium this has effects on the asset price.LUISS PhD Thesi
Essays on machine learning for economics and finance
No full textEconometrics and machine learning are quite close and related concepts. Nowadays, it is always more
important to extract value from raw data, and distilling actionable insights from quantitative values as
well as qualitative features. In order to deal with these topics, the first chapters (Chapter 1 - 4) are going
to introduce the new wave called machine learning or big data and they will explain the most common
techniques used in the field, respectively regression, clustering, model selection, and tree-based models
(Chapter 2); time series analysis (Chapter 3); and eventually forecasting model with shrinkage methods
(Chapter 4). Then, three applications are going to be provided.
In Chapter 5, it is going to be shown an example of big dataset for the insurance vertical. Rothschild
and Stiglitz ([30]) argued that people signal their risk profile through their insurance demand, i.e. individuals
with a high risk profile would buy insurance as much as they can, while people who are not
going to buy any insurance are the ones with a lower risk profile. This issue is commonly known as
adverse selection. Even if their prediction seems to work quite well in a lot of different markets, Cutler et
al. ([13]) proved that there exist some insurance markets in United States in which the expected result
is completely different. In the wake of this study, we provide empirical evidences that there are some
European insurance markets in which the low risk profile agents are the ones who buy more insurance.
In Chapter 6, a second application is going to be provided. It has been studies the effect of behavioural
biases on entrepreneurial choices to insure their firms against kinds of corporate risks. It has been used a
large sample of Italian Small and Medium sized - finding that they under-insure themselves. The dataset
allows to link corporate insurance choices with the personal traits of the entrepreneur and his household’s
financial choices.
In Chapter 7, finally, an application to financial markets is going to be shown. Bollen et al. ([10])
reintroduced the idea of formulating prediction based on the general sentiment of the investors, even if
they originally exploited microblogging data. The purpose of this study is to verify whether social data
may have a predictive power for the stock prices, returns, and volumes. The analysis has been implemented
for different large technology companies, and the robustness has been tested through a ten-days
rolling window. The evidence shows that there is some intrinsic value in these new features, and that
both the sentiment and the amount of tweets posted online can improve the forecast given by a baseline
autoregressive model. Some additional variations have been tested eventually with the same dataset.Econometrics and machine learning are quite close and related concepts. Nowadays, it is always more
important to extract value from raw data, and distilling actionable insights from quantitative values as
well as qualitative features. In order to deal with these topics, the first chapters (Chapter 1 - 4) are going
to introduce the new wave called machine learning or big data and they will explain the most common
techniques used in the field, respectively regression, clustering, model selection, and tree-based models
(Chapter 2); time series analysis (Chapter 3); and eventually forecasting model with shrinkage methods
(Chapter 4). Then, three applications are going to be provided.
In Chapter 5, it is going to be shown an example of big dataset for the insurance vertical. Rothschild
and Stiglitz ([30]) argued that people signal their risk profile through their insurance demand, i.e. individuals
with a high risk profile would buy insurance as much as they can, while people who are not
going to buy any insurance are the ones with a lower risk profile. This issue is commonly known as
adverse selection. Even if their prediction seems to work quite well in a lot of different markets, Cutler et
al. ([13]) proved that there exist some insurance markets in United States in which the expected result
is completely different. In the wake of this study, we provide empirical evidences that there are some
European insurance markets in which the low risk profile agents are the ones who buy more insurance.
In Chapter 6, a second application is going to be provided. It has been studies the effect of behavioural
biases on entrepreneurial choices to insure their firms against kinds of corporate risks. It has been used a
large sample of Italian Small and Medium sized - finding that they under-insure themselves. The dataset
allows to link corporate insurance choices with the personal traits of the entrepreneur and his household’s
financial choices.
In Chapter 7, finally, an application to financial markets is going to be shown. Bollen et al. ([10])
reintroduced the idea of formulating prediction based on the general sentiment of the investors, even if
they originally exploited microblogging data. The purpose of this study is to verify whether social data
may have a predictive power for the stock prices, returns, and volumes. The analysis has been implemented
for different large technology companies, and the robustness has been tested through a ten-days
rolling window. The evidence shows that there is some intrinsic value in these new features, and that
both the sentiment and the amount of tweets posted online can improve the forecast given by a baseline
autoregressive model. Some additional variations have been tested eventually with the same dataset.LUISS PhD Thesi