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Anatomia della "relazione fiduciaria" tra amministratori e azionisti privi del diritto di voto: ragioni di un insuccesso negli Stati Uniti e in Italia
No full textThis paper purports that the fiduciary relationship between shareholders and directors is the key for (understanding) corporate governance.
In order to demonstrate the fundamental importance of such element, we first develop a comprehensive and innovative theory of fiduciary relationship: in our view, its main characteristic, which distinguishes it from (other) contractual relationships, is that the fiduciary is responsible for the selection and the ensuing management of the beneficiary's interests. Remedies, in turn, are necessary to ensure that the decisions of the fiduciary will be consistent with the interests of the beneficiary. Damages (and disgorgement) for conflict of interests are only one of the two ways by which the effectiveness of fiduciary duties is guaranteed: the right to dismiss the fiduciary, indeed, is the ultimate sanction enabling control of the fiduciary by the principal.
The paper then applies this model to the corporate scenario. In such a peculiar environment (i.e. that of listed companies), the most important tool that the beneficiary (i.e. the shareholders, residual claimants) has to protect himself against the fiduciary (i.e. the management) abusing his power is the right to vote (for appointment and termination). Therefore, given that companies are allowed to issue nonvoting shares, the analysis is finally devoted to understanding why a rational investor should buy such shares, being his fiduciary relationship with the directors altered, The paper, thus, compares the history, the financial implications, and the substantive law of a particular kind of nonvoting shares issued in the US and in Italy: the preferred and the so-called “savings” shares ("azioni di risparmio"). However, we show that empirical data confirm that such instruments are not successful. This suggests that voting rights are, for a variety of reasons, much more appealing to investors when they decide to risk their money in the market. It is our belief, and conclusions, that both preferred and "savings" shares are not popular because they alter the physiological fiduciary relationship between shareholders and directors in the corporate context.This paper purports that the fiduciary relationship between shareholders and directors is the key for (understanding) corporate governance.
In order to demonstrate the fundamental importance of such element, we first develop a comprehensive and innovative theory of fiduciary relationship: in our view, its main characteristic, which distinguishes it from (other) contractual relationships, is that the fiduciary is responsible for the selection and the ensuing management of the beneficiary's interests. Remedies, in turn, are necessary to ensure that the decisions of the fiduciary will be consistent with the interests of the beneficiary. Damages (and disgorgement) for conflict of interests are only one of the two ways by which the effectiveness of fiduciary duties is guaranteed: the right to dismiss the fiduciary, indeed, is the ultimate sanction enabling control of the fiduciary by the principal.
The paper then applies this model to the corporate scenario. In such a peculiar environment (i.e. that of listed companies), the most important tool that the beneficiary (i.e. the shareholders, residual claimants) has to protect himself against the fiduciary (i.e. the management) abusing his power is the right to vote (for appointment and termination). Therefore, given that companies are allowed to issue nonvoting shares, the analysis is finally devoted to understanding why a rational investor should buy such shares, being his fiduciary relationship with the directors altered, The paper, thus, compares the history, the financial implications, and the substantive law of a particular kind of nonvoting shares issued in the US and in Italy: the preferred and the so-called “savings” shares ("azioni di risparmio"). However, we show that empirical data confirm that such instruments are not successful. This suggests that voting rights are, for a variety of reasons, much more appealing to investors when they decide to risk their money in the market. It is our belief, and conclusions, that both preferred and "savings" shares are not popular because they alter the physiological fiduciary relationship between shareholders and directors in the corporate context.LUISS PhD Thesi
La disciplina arbitrale nei contratti pubblici
No full textL’arbitrato nei lavori pubblici: dalla Legge n. 2248/1865 al D. lgs. n. 163/2006. La disciplina arbitrale nel Codice dei contratti pubblici. Il lodo arbitrale e la sua impugnazione. Le spese del procedimento arbitrale nei contratti pubblici.L’arbitrato nei lavori pubblici: dalla Legge n. 2248/1865 al D. lgs. n. 163/2006. La disciplina arbitrale nel Codice dei contratti pubblici. Il lodo arbitrale e la sua impugnazione. Le spese del procedimento arbitrale nei contratti pubblici.LUISS PhD Thesi
La cessione del contratto con clausola compromissoria
No full textLa cessione del contratto. L'arbitrato e la clausola compromissoria. Le vicende circolatorie della clausola compromissoria nella cessione del contratto. Collegamento negoziale e arbitrato. Brevi cenni sulla clausola compromissoria nella transazione e nel negozio di accertamento.La cessione del contratto. L'arbitrato e la clausola compromissoria. Le vicende circolatorie della clausola compromissoria nella cessione del contratto. Collegamento negoziale e arbitrato. Brevi cenni sulla clausola compromissoria nella transazione e nel negozio di accertamento.LUISS PhD Thesi
On the Idea of European Islam: Voices of Perpetual Modernity
No full textBassam Tibi – Political Justifications for Euro-Islam. Islam’s Predicament with Modernity. Cultural Modernity for Religious Reform and Cultural Change: towards Euro –Islam. Tariq Ramadan – Theologico-Political Justifications for European Islam. Renewing the Islamic Sources of Law: from Adaptation to Transformation. European Islam within Radical Reform. Tareq Oubrou and Abdennour Bidar – Theologico-Philosophic Justifications for European Islam. Tareq Oubrou: Geotheology and the Minoriticization of Islam. Abdennour Bidar: from Self Islam to Overcoming Religion. European Islam in Context: Renewal for Perpetual Modernity. European Islam and the Islamic Tradition: Revisionist-Reformist. Conceptualizing the Idea of European Islam: Overcoming Classical.Bassam Tibi – Political Justifications for Euro-Islam. Islam’s Predicament with Modernity. Cultural Modernity for Religious Reform and Cultural Change: towards Euro –Islam. Tariq Ramadan – Theologico-Political Justifications for European Islam. Renewing the Islamic Sources of Law: from Adaptation to Transformation. European Islam within Radical Reform. Tareq Oubrou and Abdennour Bidar – Theologico-Philosophic Justifications for European Islam. Tareq Oubrou: Geotheology and the Minoriticization of Islam. Abdennour Bidar: from Self Islam to Overcoming Religion. European Islam in Context: Renewal for Perpetual Modernity. European Islam and the Islamic Tradition: Revisionist-Reformist. Conceptualizing the Idea of European Islam: Overcoming Classical.LUISS PhD Thesi
A story of professionalization? The case of project management discipline in Italy
No full textThe objective of this work is the study of project management (PM) as one of those new occupations involved in professionalization process. Focusing on Italian field I consider the actors involved in this particular scenario and the strategies they adopt. The analysis of this professional path, considering how the concept of professionalization is changing helps in considering that there is a shift towards a new organization of professions which are not necessarily organized as in the classical way, but become structured through new paradigms. The conclusion of this work even if based on a preliminary analysis (mainly from document analysis and interviews with main actors involved in the process) shows that the multitude of viewpoints makes the understanding of this process very complex. This research is conducted as an explorative study driven by the analysis of institutionalization of this particular field.The objective of this work is the study of project management (PM) as one of those new occupations involved in professionalization process. Focusing on Italian field I consider the actors involved in this particular scenario and the strategies they adopt. The analysis of this professional path, considering how the concept of professionalization is changing helps in considering that there is a shift towards a new organization of professions which are not necessarily organized as in the classical way, but become structured through new paradigms. The conclusion of this work even if based on a preliminary analysis (mainly from document analysis and interviews with main actors involved in the process) shows that the multitude of viewpoints makes the understanding of this process very complex. This research is conducted as an explorative study driven by the analysis of institutionalization of this particular field.Refereed Working Papers / of international relevanc
Tell me your portfolio and I will guess who you are: social incentives for more fitting pension funds
No full textTaking as sample, data obtained directly by the pension fund of an Italian
multinational containing more than 35 thousand members, it is assessed, through
logistic regression models, how demographic characteristics might affect individual
risk aversion. The test is useful to identify groups of workers that by nature are
more risk averse and could be disadvantaged by the 2006 TFR (severance
indemnity) Italian pension reform. For example women controlling for age,
income, region and financial literacy prefer lower risky portfolio and they are more
likely to switch toward safer sub-funds.
This analysis could support the policymaker to calibrate a suitable appendix to the
last TFR reform in order to cover gaps in opportunities among different kind of risk
takers mitigating the so called “social security risk”.
In the meantime, it is taken the occasion of such a rich dataset to exploit this
sizeable shock in order to test forced (or semi-forced) participation, confirming
higher risk aversion for forced participants.Taking as sample, data obtained directly by the pension fund of an Italian
multinational containing more than 35 thousand members, it is assessed, through
logistic regression models, how demographic characteristics might affect individual
risk aversion. The test is useful to identify groups of workers that by nature are
more risk averse and could be disadvantaged by the 2006 TFR (severance
indemnity) Italian pension reform. For example women controlling for age,
income, region and financial literacy prefer lower risky portfolio and they are more
likely to switch toward safer sub-funds.
This analysis could support the policymaker to calibrate a suitable appendix to the
last TFR reform in order to cover gaps in opportunities among different kind of risk
takers mitigating the so called “social security risk”.
In the meantime, it is taken the occasion of such a rich dataset to exploit this
sizeable shock in order to test forced (or semi-forced) participation, confirming
higher risk aversion for forced participants.LUISS PhD Thesi
Il procedimento di repressione della condotta antisindacale
No full textThrough a deep analysis of doctrine and jurisprudence, the work investigates the various issues raised over the years in relation to the process of repression of anti-union conduct, as regulated by art. 28 of the Workers’ Statute. In this sense, it analyzes questions regarding the purpose and object of proceedings, the “teleological” notion of anti-union conduct and the presuppositions for action, active legal capacity and interest in standing, legitimation to be made a defendant, interlocutory phase and opposition phase, in cases of repression of anti-union conduct within public administration.Through a deep analysis of doctrine and jurisprudence, the work investigates the various issues raised over the years in relation to the process of repression of anti-union conduct, as regulated by art. 28 of the Workers’ Statute. In this sense, it analyzes questions regarding the purpose and object of proceedings, the “teleological” notion of anti-union conduct and the presuppositions for action, active legal capacity and interest in standing, legitimation to be made a defendant, interlocutory phase and opposition phase, in cases of repression of anti-union conduct within public administration.Monograph's chapter
Sistemi specializzati di risoluzione stragiudiziale delle controversie bancarie e finanziarie
No full textLa tutela della clientela nella regolamentazione bancaria e finanziaria: le linee guida. I sistemi di ADR del settore bancario e finanziario nel diritto dell'Unione Europea. L'Ombudsman: Giurì bancario. La camera di conciliazione e di arbitrato presso la Consob. L’arbitro bancario e finanziario.La tutela della clientela nella regolamentazione bancaria e finanziaria: le linee guida. I sistemi di ADR del settore bancario e finanziario nel diritto dell'Unione Europea. L'Ombudsman: Giurì bancario. La camera di conciliazione e di arbitrato presso la Consob. L’arbitro bancario e finanziario.LUISS PhD Thesi
Cose da donne? La leadership di gender raccontata ai media
No full textLe donne e la politica. Gender e politica: la scomparsa delle donne. La rappresentanza politica femminile nell'Unione europea. La presenza delle donne in politica in Italia. I confini della ricerca. Casi di studio: Michela Vittoria Brambilla. Casi di studio: Mara Carfagna. Casi di studio: Mariastella Gelmini. Casi di studio: Giorgia Meloni. Casi di studio: Stefania Prestigiacomo.Le donne e la politica. Gender e politica: la scomparsa delle donne. La rappresentanza politica femminile nell'Unione europea. La presenza delle donne in politica in Italia. I confini della ricerca. Casi di studio: Michela Vittoria Brambilla. Casi di studio: Mara Carfagna. Casi di studio: Mariastella Gelmini. Casi di studio: Giorgia Meloni. Casi di studio: Stefania Prestigiacomo.Refereed Working Papers / of international relevanc
La gestione delegata nelle società di capitali: problemi e prospettive
No full textLa delega gestoria nella società per azioni tra passato e presente. Il sistema legale dell'amministrazione delegata ed il rapporto tra organi delegati e consiglio. Il regime delle responsabilità gestorie e la questione delle deleghe non autorizzate. La gestione delegata nei sistemi alternativi di amministrazione e controllo e nella nuova srl. La responsabilità penale degli amministratori senza deleghe nei reati posti in essere dai delegati.La delega gestoria nella società per azioni tra passato e presente. Il sistema legale dell'amministrazione delegata ed il rapporto tra organi delegati e consiglio. Il regime delle responsabilità gestorie e la questione delle deleghe non autorizzate. La gestione delegata nei sistemi alternativi di amministrazione e controllo e nella nuova srl. La responsabilità penale degli amministratori senza deleghe nei reati posti in essere dai delegati.LUISS PhD Thesi