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Has the EU-ETS Financed the Energy Transition of the Italian Power System?
Get PDFThis paper focuses on the relationship between the European Union Emission Trading System allowances’ prices and the Italian electricity price, aiming at assessing whether such a mechanism has been a driver for the decarbonization of the power sector. To this aim, we calculate the long-run relationships between energy prices, natural gas prices and allowances’ prices, through a VECM model, distinguishing between peak and off-peak prices. The analysis is carried out for the third phase of the EU-ETS, which started in 2013, and for two-year rolling windows that account for changes over time of the pass-through rates. It is shown that the natural gas price has a high pass-through rate of roughly 70%, which is increasing over time. On the contrary, the pass-through rate of the allowances’ price is as low as 7% for the wholesale electricity price, being slightly more and less for the peak and off-peak prices, respectively. However, this rate has been substantially changing over time, starting from a high level and falling significantly, becoming negative in the recent years. This could signal that the EU-ETS has been increasingly more effective in endogenizing emission costs for power producers, inducing them to reduce their production costs associated with emissions by means of a change in technologies. However, the analysis of the impulse response functions hardly supports this finding, eventually casting doubts on the effectiveness of the EU-ETS in Italy to drive the transition toward a less carbon-intensive power supply
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Complexity and the default risk of mortgage-backed securities
Get PDFWe study the impact that lower complexity in bank securitisations has on mortgage quality and the securitisation structure. We find that mortgages issued after the announcement of new European regulation that aims to reduce deal complexity are characterised by up to 0.38% lower annual delinquency rates than in the pre-regulation period. Similarly, we show that mortgage securitisations
that meet the new ‘simplicity, transparency and standardisation’ (STS) criteria have 0.77% lower annual delinquency rates and are more resilient to adverse macro-economic shocks. We find that the increased quality of the underlying loans outweighs the potential negative e↵ects of thinner subordinated tranches in securitisations that comply with the new regulation. Overall, our findings suggest that the new European securitisation regulation has contributed to improving credit quality in the securitisation market in Europe
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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Get PDFDevelopment of Surface Integral Equation Methods for Electromagnetic Problems
Get PDFopenIn the field of computational electromagnetism, Integral Equation Methods (IEM) represent a valid alternative to Finite Element Methods (FEM), implemented in most commercial software. The peculiarity of IEM lies in the fact that discretization of electromagnetically inactive domains, such as the volume of air in which the studied device can be immersed, is not required, thus reducing the number of degrees of freedom of the problem (DOFs). This characteristic becomes particularly interesting for analyzing open boundary problems, for example involving antennas, where mesh generation would be particularly demanding.
IEM are subdivided into Volume Integral Methods (VIE) and Surface Integral Methods (SIE). In particular, the second type results advantageous in physical cases where currents are located in surficial regions, thus requiring the discretization only of the surfaces of the device. This situation applies, for example, to the analysis of high-frequency interconnections in which current density naturally distributes on the surfaces of the conductors due to a marked skin effect.
A limitation for integral methods compared to FEM, however, is the generation of dense matrices, coming from Galerkin formulation, rather than sparse ones for solving the problem. In this way, given the quadratic growth of the matrix dimensions with the DOFs, the computational load for memorization and inversion of the matrices could become onerous. Therefore, compression techniques based on the geometry of the problem are necessary, where elements distant from each other in space and experiencing weak mutual interactions are stored within a convenient way. An interesting technique which implements this condition is based on Hierarchical Matrix method (H-matrices).
In this context, the thesis work focuses on the development of integral methods for the analysis of electromagnetic problems with specific attention to SIE. In particular, the state of art of the techniques presented in the literature is analyzed from both a theoretical and experimental point of view through the development of codes in MATLAB. Furthermore, the aforementioned compression techniques (H-matrices) are applied to large-scale problems to demonstrate their validity.In the field of computational electromagnetism, Integral Equation Methods (IEM) represent a valid alternative to Finite Element Methods (FEM), implemented in most commercial software. The peculiarity of IEM lies in the fact that discretization of electromagnetically inactive domains, such as the volume of air in which the studied device can be immersed, is not required, thus reducing the number of degrees of freedom of the problem (DOFs). This characteristic becomes particularly interesting for analyzing open boundary problems, for example involving antennas, where mesh generation would be particularly demanding.
IEM are subdivided into Volume Integral Methods (VIE) and Surface Integral Methods (SIE). In particular, the second type results advantageous in physical cases where currents are located in surficial regions, thus requiring the discretization only of the surfaces of the device. This situation applies, for example, to the analysis of high-frequency interconnections in which current density naturally distributes on the surfaces of the conductors due to a marked skin effect.
A limitation for integral methods compared to FEM, however, is the generation of dense matrices, coming from Galerkin formulation, rather than sparse ones for solving the problem. In this way, given the quadratic growth of the matrix dimensions with the DOFs, the computational load for memorization and inversion of the matrices could become onerous. Therefore, compression techniques based on the geometry of the problem are necessary, where elements distant from each other in space and experiencing weak mutual interactions are stored within a convenient way. An interesting technique which implements this condition is based on Hierarchical Matrix method (H-matrices).
In this context, the thesis work focuses on the development of integral methods for the analysis of electromagnetic problems with specific attention to SIE. In particular, the state of art of the techniques presented in the literature is analyzed from both a theoretical and experimental point of view through the development of codes in MATLAB. Furthermore, the aforementioned compression techniques (H-matrices) are applied to large-scale problems to demonstrate their validity
Finanza comportamentale. come gli individui affrontano le decisioni di investimento e ne valutano il relativo rischio
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