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I nuovi strumenti di intermediazione finanziaria: qualificazione della causa e valenza economica dell’operazione di factoring
No full textProfili economici e funzionali del factoring. Natura e qualificazione giuridica dell’operazione economica: una questione ancora aperta. La cessione dei crediti d’impresa: strumento essenziale per il perseguimento degli interessi giuridico – economici del contratto di factoring. L’operazione economica nel contesto internazionale e alcuni strumenti di finanziamento all'esportazione affini.Profili economici e funzionali del factoring. Natura e qualificazione giuridica dell’operazione economica: una questione ancora aperta. La cessione dei crediti d’impresa: strumento essenziale per il perseguimento degli interessi giuridico – economici del contratto di factoring. L’operazione economica nel contesto internazionale e alcuni strumenti di finanziamento all'esportazione affini.LUISS PhD Thesi
Detainee's Right to Vote between CJEU and ECtHR Case-Law
No full textArticles published in or submitted to a Journal without I
L'intervento del terzo e la trasformazione del giudizio arbitrale
No full textL'intervento principale e litisconsortile: le condizioni di ammissibilità. L'intervento adesivo dipendente e quello del litisconsorte necessario: le condizioni di ammissibilità. La chiamata in arbitrato del terzo. La sostituzione dell’arbitro venuto a mancare nel procedimento plurilaterale. L'intervento anteriore alla costituzione del collegio. Le modalità dell'intervento del terzo alla luce dei principî generali in tema di forma e modifica della convenzione arbitrale. Il procedimento arbitrale dopo l’intervento del terzo.L'intervento principale e litisconsortile: le condizioni di ammissibilità. L'intervento adesivo dipendente e quello del litisconsorte necessario: le condizioni di ammissibilità. La chiamata in arbitrato del terzo. La sostituzione dell’arbitro venuto a mancare nel procedimento plurilaterale. L'intervento anteriore alla costituzione del collegio. Le modalità dell'intervento del terzo alla luce dei principî generali in tema di forma e modifica della convenzione arbitrale. Il procedimento arbitrale dopo l’intervento del terzo.LUISS PhD Thesi
The administrative tribunal of the International Labour Organization (ILOAT), the International Court of Justice (ICJ) and the right of access to justice for the staff of international organizations: the eeed for a reform in light of the ICJ Advisory Opinion of 1 February 2012
No full textWith the Advisory Opinion of February 2012 on Judgment No. 2867 of the ILOAT the ICJ choose to acknowledge, once and for all, the limits of its relationship with the ILOAT – limits it had already emphasized in previous advisory opinions on judgments of the UNAT and ILOAT. Moreover, it has brought attention to the new UN internal justice system and, finally, questioned the compatibility of the procedure provided for by Art. XII of the ILOAT Statute with the “present-day principle of equality of access to courts and tribunals”. In this respect, the main argument implied in the paper is that international organizations should take measures to establish an appellate tribunal.
It is the ILOAT that, insofar as the most representative of international administrative tribunals, should take the initiative. Indeed, with regard to the provisions governing employment relationships, the development, as well as the uniform interpretation and application, of the internal law of international organizations must be ensured, rather than by the ICJ, by international administrative tribunals. Due to their nature and mission, the latter are better equipped to settle staff disputes between an international organization and its staff members.With the Advisory Opinion of February 2012 on Judgment No. 2867 of the ILOAT the ICJ choose to acknowledge, once and for all, the limits of its relationship with the ILOAT – limits it had already emphasized in previous advisory opinions on judgments of the UNAT and ILOAT. Moreover, it has brought attention to the new UN internal justice system and, finally, questioned the compatibility of the procedure provided for by Art. XII of the ILOAT Statute with the “present-day principle of equality of access to courts and tribunals”. In this respect, the main argument implied in the paper is that international organizations should take measures to establish an appellate tribunal.
It is the ILOAT that, insofar as the most representative of international administrative tribunals, should take the initiative. Indeed, with regard to the provisions governing employment relationships, the development, as well as the uniform interpretation and application, of the internal law of international organizations must be ensured, rather than by the ICJ, by international administrative tribunals. Due to their nature and mission, the latter are better equipped to settle staff disputes between an international organization and its staff members.Refereed Working Papers / of international relevanc
Le operazioni di venture capital
No full textBrevi cenni introduttivi sul private equity e sulla sua origine: definizione di venture capital. Le fasi del ciclo di business di un’impresa. I diversi tipi d’investimento di private equity e venture capital. Cenni introduttivi sull’attività di venture capital – il venture capital cycle. Raccolta dei fondi (fundraising). I fondi di investimento mobiliare chiusi. I fondi d’investimento chiusi nelle esperienze straniere. I fondi comuni d’investimento mobiliare chiusi di diritto italiano. Il processo di investimento. L’individuazione delle opportunità di investimento. Scelta dell’impresa nella quale investire. La fase di valutazione dell’impresa – due diligence. Determinazione del prezzo – criteri. Aggiustamenti del prezzo e gli accordi di earn-out. Gli aspetti legali. Gli aspetti legali – la lettera di intenti. Gli aspetti legali – l’impegno di confidenzialità e l’esclusiva. Gli aspetti legali: il contratto di compravendita. Gli aspetti legali: le dichiarazioni e garanzie. Note conclusive e rinvio ai capitoli successivi. La convivenza tra venture capitalist e socio “imprenditore”. La gestione dell’investimento. Cosa apporta il venture capitalist? La creazione del valore aggiunto. Il rapporto tra socio imprenditore e venture capitalist. Aspetti generali sulla disciplina dei patti parasociali. Previsioni parasociali relative alla gestione e al controllo dell’attività societaria. Meccanismi di enforcement del patto parasociale. Le classi di azioni e modelli diritti amministrativi. Deadlock. Limiti al trasferimento delle partecipazioni. L’importanza della fase di uscita dall’investimento. Come scegliere la way out. Quotazione. Trade sale. Secondary buy out. Il write off e le altre way out. Opzioni put. Opzioni call. L’obbligo di co-vendita: drag along. Il diritto di co-vendita – tag along. Osservazioni finali. Introduzione alla teoria di Schumpeter. La teoria dello sviluppo economico: la “distruzione creatrice”. L’imprenditore secondo Schumpeter ed il ruolo del “banchiere”. Venture capitalist e socio imprenditore: una relazione complicata? Il rapporto tra investitore e imprenditore: causa del successo o dell’insuccesso di un investimento. Proposte per lo sviluppo del venture capital.Brevi cenni introduttivi sul private equity e sulla sua origine: definizione di venture capital. Le fasi del ciclo di business di un’impresa. I diversi tipi d’investimento di private equity e venture capital. Cenni introduttivi sull’attività di venture capital – il venture capital cycle. Raccolta dei fondi (fundraising). I fondi di investimento mobiliare chiusi. I fondi d’investimento chiusi nelle esperienze straniere. I fondi comuni d’investimento mobiliare chiusi di diritto italiano. Il processo di investimento. L’individuazione delle opportunità di investimento. Scelta dell’impresa nella quale investire. La fase di valutazione dell’impresa – due diligence. Determinazione del prezzo – criteri. Aggiustamenti del prezzo e gli accordi di earn-out. Gli aspetti legali. Gli aspetti legali – la lettera di intenti. Gli aspetti legali – l’impegno di confidenzialità e l’esclusiva. Gli aspetti legali: il contratto di compravendita. Gli aspetti legali: le dichiarazioni e garanzie. Note conclusive e rinvio ai capitoli successivi. La convivenza tra venture capitalist e socio “imprenditore”. La gestione dell’investimento. Cosa apporta il venture capitalist? La creazione del valore aggiunto. Il rapporto tra socio imprenditore e venture capitalist. Aspetti generali sulla disciplina dei patti parasociali. Previsioni parasociali relative alla gestione e al controllo dell’attività societaria. Meccanismi di enforcement del patto parasociale. Le classi di azioni e modelli diritti amministrativi. Deadlock. Limiti al trasferimento delle partecipazioni. L’importanza della fase di uscita dall’investimento. Come scegliere la way out. Quotazione. Trade sale. Secondary buy out. Il write off e le altre way out. Opzioni put. Opzioni call. L’obbligo di co-vendita: drag along. Il diritto di co-vendita – tag along. Osservazioni finali. Introduzione alla teoria di Schumpeter. La teoria dello sviluppo economico: la “distruzione creatrice”. L’imprenditore secondo Schumpeter ed il ruolo del “banchiere”. Venture capitalist e socio imprenditore: una relazione complicata? Il rapporto tra investitore e imprenditore: causa del successo o dell’insuccesso di un investimento. Proposte per lo sviluppo del venture capital.LUISS PhD Thesi
La domanda di arbitrato: contenuto ed effetti
No full textIl contenuto della domanda arbitrale. Gli effetti sostanziali della domanda di arbitrato. Gli effetti processuali della domanda di arbitrato. La forma della domanda arbitrale.Il contenuto della domanda arbitrale. Gli effetti sostanziali della domanda di arbitrato. Gli effetti processuali della domanda di arbitrato. La forma della domanda arbitrale.LUISS PhD Thesi
Form and function in doing business rankings: is investor protection in Italy still so bad?
No full textThe World Bank’s Doing Business Report (DBR) ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII) measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the PII falls short of properly evaluating the applicable rules. First, it underrates Italy because the DBR evaluation falls short of properly evaluating the role performed by independent directors under Italian rules on related party transactions. In particular, the DBR fails to properly account for independent directors’ power to veto unfair transactions before they are submitted to the board, a safeguard that ensures minority investors’ protection at least as well as mandatory abstention by conflicted directors. Second, past DBR overrated the PII, so that subsequent reforms that substantially improved investor protection have not been grasped by more recent assessments, giving the misleading impression that no relevant changes have occurred. Far from representing one of the multiple coding errors reported in the literature, these flaws aptly show that the DBR methodology, while correctly attempting to preserve consistency in the evaluation of different jurisdictions, adopts an excessively formalistic approach and disregards the function of the rules it scrutinizes. In light of the influence that the DBR exerts on national policymakers, this approach is detrimental because it might induce window-dressing reforms. Moreover, it may rule out experimentation, which is key to ensuring that the applicable rules keep pace with the variety of techniques adopted to expropriate minority shareholders.The World Bank’s Doing Business Report (DBR) ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII) measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the PII falls short of properly evaluating the applicable rules. First, it underrates Italy because the DBR evaluation falls short of properly evaluating the role performed by independent directors under Italian rules on related party transactions. In particular, the DBR fails to properly account for independent directors’ power to veto unfair transactions before they are submitted to the board, a safeguard that ensures minority investors’ protection at least as well as mandatory abstention by conflicted directors. Second, past DBR overrated the PII, so that subsequent reforms that substantially improved investor protection have not been grasped by more recent assessments, giving the misleading impression that no relevant changes have occurred. Far from representing one of the multiple coding errors reported in the literature, these flaws aptly show that the DBR methodology, while correctly attempting to preserve consistency in the evaluation of different jurisdictions, adopts an excessively formalistic approach and disregards the function of the rules it scrutinizes. In light of the influence that the DBR exerts on national policymakers, this approach is detrimental because it might induce window-dressing reforms. Moreover, it may rule out experimentation, which is key to ensuring that the applicable rules keep pace with the variety of techniques adopted to expropriate minority shareholders.Refereed Working Papers / of international relevanc
The diffusion of policy norms to international organizations: the protection of civilians and public information in UN peacekeeping operations
No full textBehavior and change in international organizations (IOs) have been recently recognized as important yet understudied
phenomena in international relations. While a number of notable works focusing on IO authority and autonomy have
appeared recently, the debates on whether member states or bureaucrats have the upper hand in determining IO
behavior masks the complex reality in which states, IO officials, independent experts and civil society actors enter into
discussions or negotiations about courses of action which are appropriate for a given IO. In order to provide a more
nuanced account of this reality, the thesis applies the norm diffusion theory to explaining the evolution of UN
peacekeeping operations in the aftermath of the Cold War. The paper looks at policy norms prescribing missions to
afford protection to civilians under imminent threat of physical violence and develop public information campaigns
targeted at the local population. The thesis theorizes four diffusion mechanisms and five categories of scope conditions
which have a bearing on diffusion. It hypothesizes and subsequently demonstrates that each mechanism's functioning
depends on a specific constellation of the conditions from the five categories. Despite a number of difficulties
associated with the application of the norm diffusion theory to IOs, the study cases has produced interesting results
which other theories of IOs behavior and change have struggled to deliver.Behavior and change in international organizations (IOs) have been recently recognized as important yet understudied
phenomena in international relations. While a number of notable works focusing on IO authority and autonomy have
appeared recently, the debates on whether member states or bureaucrats have the upper hand in determining IO
behavior masks the complex reality in which states, IO officials, independent experts and civil society actors enter into
discussions or negotiations about courses of action which are appropriate for a given IO. In order to provide a more
nuanced account of this reality, the thesis applies the norm diffusion theory to explaining the evolution of UN
peacekeeping operations in the aftermath of the Cold War. The paper looks at policy norms prescribing missions to
afford protection to civilians under imminent threat of physical violence and develop public information campaigns
targeted at the local population. The thesis theorizes four diffusion mechanisms and five categories of scope conditions
which have a bearing on diffusion. It hypothesizes and subsequently demonstrates that each mechanism's functioning
depends on a specific constellation of the conditions from the five categories. Despite a number of difficulties
associated with the application of the norm diffusion theory to IOs, the study cases has produced interesting results
which other theories of IOs behavior and change have struggled to deliver.LUISS PhD Thesi
Territory, rights and mobility: theorising the citizenship/migration nexus in the context of Europeanisation
No full textThe overarching objective of this dissertation is to conceptualise the spatiality of citizenship, which is approached here primarily in terms of territory and mobility, and their incorporation in the juridico-political system of distributing rights, through an exposure to its various others – especially to mobile subjectivity. In particular, it examines the changing patterns of territorialising space, distributing rights and regulating mobility in the intertwined politics of citizenship and that of migration in the EU. Building on the approach of critical citizenship studies, it assumes that the practices and discourses of othering have been constituent of the very foundation of modern citizenship, and understands citizenship at the interface between the governing structure and the acts of the governed that rupture, resist or appropriate it. In this framework, the thesis first of all looks at the spatial configurations of national citizenship by analysing the trajectories in which the interrelated concepts of territory, rights and mobility participate, and are reshaped, in the project of making the citizen and her various others.
The main part of the thesis investigates the ways in which the interrelations between these spatial dimensions of citizenship are reconfigured in a multiplied citizenship-migration nexus under the process of Europeanisation. It first looks at two different notions of territory – a statist one and a networked one – that are visible in the official discourses, yet it highlights the fact that the technologies that are supposed to produce each type of territoriality often converge. Thus I read the politics of Eurostar and the Channel Tunnel project as one that involves competing patterns of territoriality and manifests the dynamics between facilitated and obstructed mobilities at a moving border. However, the permeability of this border is partly enabled by the uneven and ambiguous configurations of Schengenland itself, and draws attention to the excessive forms of mobility that challenge and break with the official formulation of free movement rights. Thus we turn to the intricate relationship between mobility and citizenship in Europe following our dialogical approach: focusing on the
rationalities implied in the government of free movement on one hand, and the paths through which to redefine the right to mobility on the other. In the light of Rancière’s reconceptualisation of rights and democracy, I present two examples each employing different strategies to politicise and mobilise mobility: one is through appealing to the universal, the other legitimating the particular. The politics of mobility is also seen as an endeavour of producing alternative spaces against the territorialised state-centric space to which the imagination of citizenship is usually limited. In discussing a possible global ethics, however, I argue that the dynamics between rights and citizenship are not bound to an emancipatory end. While the juridical system of differentiated rights is constantly challenged by those who claim that they have the rights they are denied to, once the ‘achievements’ of rights-claims are re-appropriated in the juridico-political form of citizenship, this form continues to reproduce boundaries and differential inclusions which shall again be contested. A self-critical global ethics therefore should be conscious about the imperfectability of citizenship and the impossibility of community.The overarching objective of this dissertation is to conceptualise the spatiality of citizenship, which is approached here primarily in terms of territory and mobility, and their incorporation in the juridico-political system of distributing rights, through an exposure to its various others – especially to mobile subjectivity. In particular, it examines the changing patterns of territorialising space, distributing rights and regulating mobility in the intertwined politics of citizenship and that of migration in the EU. Building on the approach of critical citizenship studies, it assumes that the practices and discourses of othering have been constituent of the very foundation of modern citizenship, and understands citizenship at the interface between the governing structure and the acts of the governed that rupture, resist or appropriate it. In this framework, the thesis first of all looks at the spatial configurations of national citizenship by analysing the trajectories in which the interrelated concepts of territory, rights and mobility participate, and are reshaped, in the project of making the citizen and her various others.
The main part of the thesis investigates the ways in which the interrelations between these spatial dimensions of citizenship are reconfigured in a multiplied citizenship-migration nexus under the process of Europeanisation. It first looks at two different notions of territory – a statist one and a networked one – that are visible in the official discourses, yet it highlights the fact that the technologies that are supposed to produce each type of territoriality often converge. Thus I read the politics of Eurostar and the Channel Tunnel project as one that involves competing patterns of territoriality and manifests the dynamics between facilitated and obstructed mobilities at a moving border. However, the permeability of this border is partly enabled by the uneven and ambiguous configurations of Schengenland itself, and draws attention to the excessive forms of mobility that challenge and break with the official formulation of free movement rights. Thus we turn to the intricate relationship between mobility and citizenship in Europe following our dialogical approach: focusing on the
rationalities implied in the government of free movement on one hand, and the paths through which to redefine the right to mobility on the other. In the light of Rancière’s reconceptualisation of rights and democracy, I present two examples each employing different strategies to politicise and mobilise mobility: one is through appealing to the universal, the other legitimating the particular. The politics of mobility is also seen as an endeavour of producing alternative spaces against the territorialised state-centric space to which the imagination of citizenship is usually limited. In discussing a possible global ethics, however, I argue that the dynamics between rights and citizenship are not bound to an emancipatory end. While the juridical system of differentiated rights is constantly challenged by those who claim that they have the rights they are denied to, once the ‘achievements’ of rights-claims are re-appropriated in the juridico-political form of citizenship, this form continues to reproduce boundaries and differential inclusions which shall again be contested. A self-critical global ethics therefore should be conscious about the imperfectability of citizenship and the impossibility of community.LUISS PhD Thesi
Cartel detection and collusion screening: an empirical analysis of the London metal exchange
No full textIn order to fight collusive behaviors, the best scenario for competition authorities would be the possibility to analyze detailed information on firms’ costs and prices, being the price-cost margin a robust indicator of market power. However, information on firms’ costs is rarely available. In this context, a fascinating technique to detect data manipulation and rigged prices is offered by an odd phenomenon called Benford’s Law, otherwise known as First-Digit Law, which has been successfully employed to discover the “Libor Scandal” much time before the opening of the cartel settlement procedure. Thus, the main objective of the present paper is to apply a such useful instrument to track the price of the aluminium traded on the London Metal Exchange, following the allegations according to which there would be an aluminium cartel behind. As a result, quick tests such as Benford’s Law can only be helpful to inspect markets where price patterns show signs of collusion. Given the budget constraints to which antitrust watchdogs are commonly subject to, a such price screen could be set up, just exploiting the data available, as warning system to identify cases that require further investigations.In order to fight collusive behaviors, the best scenario for competition authorities would be the possibility to analyze detailed information on firms’ costs and prices, being the price-cost margin a robust indicator of market power. However, information on firms’ costs is rarely available. In this context, a fascinating technique to detect data manipulation and rigged prices is offered by an odd phenomenon called Benford’s Law, otherwise known as First-Digit Law, which has been successfully employed to discover the “Libor Scandal” much time before the opening of the cartel settlement procedure. Thus, the main objective of the present paper is to apply a such useful instrument to track the price of the aluminium traded on the London Metal Exchange, following the allegations according to which there would be an aluminium cartel behind. As a result, quick tests such as Benford’s Law can only be helpful to inspect markets where price patterns show signs of collusion. Given the budget constraints to which antitrust watchdogs are commonly subject to, a such price screen could be set up, just exploiting the data available, as warning system to identify cases that require further investigations.Refereed Working Papers / of international relevanc