1,721,042 research outputs found
The future of Law and Economics: Interview with Guido Calabresi
No full textThe future of Law and Economics: Interview with Guido Calabres
Innovazione e concorrenza nel sistema finanziario
Full text linkThe dissertation takes as its point of departure the global financial crisis of 2007-
2008. While many factors contributed to the crisis, at its roots lies the circumstance that
improvements in computer and telecommunication technology led to revolutionary
changes in the structure of financial markets and institutions, which became increasingly
globalized and interconnected, while a fragmented nationally-based approach continued
to apply to financial sector regulation and supervision. Moreover, the financial crisis has
brought to light that financial innovation has too strongly increased complexity of financial
products, which have become too complex to understand. Problems of complexity
affected financial practices such as securitization, but more broadly involved new securities
design made possible by recent advances in theory of finance and by absence of regulation.
Now, after the crisis, new rules apply to over the counter derivatives, a new mandatory
disclosure system is in force, and some sort of product regulation is provided for
in Europe by a new discipline governing intermediaries conduct.
This study consists of two parts, besides a short introduction. The first part of the
dissertation considers financial product innovation as means for competition, and in this
view it makes an assessment of the new European regulatory framework on «product
governance» (Mifid II Directive) and «product intervention» rules (Mifir Regulation),
which in large part address investor protection issues. Such measures might serve well
the purpose to tackle complexity in financial products, especially since complexity helped
to maximize and to exploit the comparative informational advantage of intermediaries on
end-users. On the other side, this thesis argues that in the new European regulatory framework
some protection of intellectual property rights would be a balanced mechanism in
order to avoid over-regulation effects on financial innovation. More precisely, a patent
system for financial product innovation would likely increase R&D in “good” financial
product design, thus indirectly improving financial market efficiency.
The second part of the dissertation focuses on the problem of patent eligibility for
financial products. In Europe, business method patentability is subject to limitations under
Art. 52 EPC. The U.S. Patent Act does not provide for such limitations; yet business
method patents are a hot topic also in the United States, where the Supreme Court recently
elaborated a new patent eligibility test in its 2014 decision Alice Corporation v. CLS Bank
International. The study offers an analysis of this issue and concludes with a slightly
positive assessment of financial product patent eligibility both in the Europe and the U.S..The dissertation takes as its point of departure the global financial crisis of 2007-
2008. While many factors contributed to the crisis, at its roots lies the circumstance that
improvements in computer and telecommunication technology led to revolutionary
changes in the structure of financial markets and institutions, which became increasingly
globalized and interconnected, while a fragmented nationally-based approach continued
to apply to financial sector regulation and supervision. Moreover, the financial crisis has
brought to light that financial innovation has too strongly increased complexity of financial
products, which have become too complex to understand. Problems of complexity
affected financial practices such as securitization, but more broadly involved new securities
design made possible by recent advances in theory of finance and by absence of regulation.
Now, after the crisis, new rules apply to over the counter derivatives, a new mandatory
disclosure system is in force, and some sort of product regulation is provided for
in Europe by a new discipline governing intermediaries conduct.
This study consists of two parts, besides a short introduction. The first part of the
dissertation considers financial product innovation as means for competition, and in this
view it makes an assessment of the new European regulatory framework on «product
governance» (Mifid II Directive) and «product intervention» rules (Mifir Regulation),
which in large part address investor protection issues. Such measures might serve well
the purpose to tackle complexity in financial products, especially since complexity helped
to maximize and to exploit the comparative informational advantage of intermediaries on
end-users. On the other side, this thesis argues that in the new European regulatory framework
some protection of intellectual property rights would be a balanced mechanism in
order to avoid over-regulation effects on financial innovation. More precisely, a patent
system for financial product innovation would likely increase R&D in “good” financial
product design, thus indirectly improving financial market efficiency.
The second part of the dissertation focuses on the problem of patent eligibility for
financial products. In Europe, business method patentability is subject to limitations under
Art. 52 EPC. The U.S. Patent Act does not provide for such limitations; yet business
method patents are a hot topic also in the United States, where the Supreme Court recently
elaborated a new patent eligibility test in its 2014 decision Alice Corporation v. CLS Bank
International. The study offers an analysis of this issue and concludes with a slightly
positive assessment of financial product patent eligibility both in the Europe and the U.S..LUISS PhD Thesi
Another PRAM algorithm for finding connected components of sparse graphs
No full textWe present an algorithm which exploits a new approach to the
problem of finding the connected components of an undirected graph,
CCug for short, with v vertices and e edges. The algorithm has depth
O(log**2(e)) (where log is the logarithm whose base is 2) on a CREW
PRAM using e processors, hence its cost is not affected by the number
v of graph vertices. This makes the algorithm the one with best
speedup and best cost for CCug on highly sparse graphs. On dense
graphs conversely, its performance is comparable to the one of the
algorithm defined by Han and Wagner in 1990 and a little worse than
the one defined by Chong and Lam in 1995. A variant of the algorithm
with the same bound but running on the EREW model is also
included. The algorithm can be used to find the transitive closure of
binary, symmetric relations. In this case e is the number of axioms
and v is the range of the relation
Proving Translation and Reduction Semantics Equivalent for Java Simple Closures: Extended Version
No full text\Lname\ is a minimal core calculus that extends Featherweight (generic) Java, \FGJ, with lambda expressions. It has been used to study properties of Simple Closure in Java, including type safety and the abstraction property. Its formalization is based on a reduction semantics and a typing system that extend those of \FGJ. is a source-to-source, translation rule system from Java 1.5 extended with lambda expressions back to ordinary Java 1.5. It has been introduced to study implementation features of closures in Java, including assignment of non local variables and relations with anonymous class objects. In this paper we prove that the two semantics commute. <br /
The Equivalence of Reduction and Translation Semantics of Java Simple Closures (Extended Version)
No full textFGCJ is a minimal core calculus that extends Featherweight Generic Java, FGJ, with lambda expressions for Java Simple Closures. It has been introduced to study, in a reduction semantics framework, properties of Java Simple Closures, including type safety and abstraction property. F is a source-to-source, translation rule system from Java 1.5 extended with lambda expressions, back to ordinary Java 1.5. It has been introduced to study, in a translation semantics framework, the design and the implementation features of lambda expressions, including simple closures, this transparency, non local variables and relations with anonymous class objects. In this paper we prove that the reduction semantics and the translation semantics commute in FGACJ. Where FGACJ is a minimal core calculus that extends FGCJ, by adding Java interfaces and anonymous class objects and that allows a restricted definition of translation semantics F
From Object Calculus to Java with Passing and Extraction of Methods
No full textHigher order programming is considered a good methodology for program
design and specification, furthermore it is fundamental for rapid prototyping. The paper is devoted to higher order programming in Java and, more in general,
in the OO programming paradigm. It extends \cite{high2} and discusses introspection to support higher order programming and compares this technique with other different, interesting approaches, including function emulation and function integration. Finally, it addresses the problem of embedding, in the OO paradigm,
suitable mechanisms for method passing and method extraction: It exemplifies the use in OO programming and discusses language definition techniques
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