1,393 research outputs found
Inaugurazione dell'Anno Accademico 2019-2020 dei corsi in architettura del paesaggio. "Stefano Boeri. Architettura e forestazione urbana".
No full textConferenza inaugurale dell'A.A. dei corsi in architettura del paesaggio sul tema della forestazione urbana come forma di contrasto ai cambiamenti climatici
Stefano Torelli
No full textLa voce ricostruisce criticamente la biografia e l'attività artistica del pittore bolognese Stefano Torelli (1704-1780), accompagnandone la carriera nelle varie città europee (Bayreuth, Dresda, Lubecca), fino alla lunga permanenza a San Pietroburgo presso la corte dell'imperatrice Caterina II
The evolution of farm size: an exploratory study by configural frequency analysis
No full textInvestment support measures in agriculture can have differentiated
effects on the strategic reorganisation and the
performance of farms. In this paper, we study the patterns
of technical change of a sample of farms in the Lombardy
region, Italy, that invested in structural modernisation benefiting
from the financial incentives provided under the
measure 121. We find evidence relating the modernisation
of farms under the umbrella of the measure 121 to limited
positive changes in farmland and more substantial positive
changes in other inputs. The results are not conclusive regarding
a causal relationship between the measure 121 and
the structural change of farms. Nonetheless, the paper describes
a situation in which patterns of farmland reduction
are relatively less frequent in farms that make use of this
policy instrument
Recensione di G. Carbone, "La questione del mondo nei primi corsi friburghesi di Martin Heidegger"
No full textL'articolo consiste di una recensione del libro di G. Carbone, "La questione del mondo nei primi corsi friburghesi di Martin Heidegger", con analisi del testo, commento critico, enfatizzazione dei motivi di particolare interesse del libro
L’educazione alla cittadinanza fra dentro e fuori la scuola. Una lettura di campo
No full textL'articolo intende evidenziare come una lettura di campo dell’educazione alla cittadinanza e alla democrazia permetta di intendere queste particolari “forme educative” per quello che autenticamente sono, e cioè quali processi dinamici che avvengono fra persone, piuttosto che tra “oggetti” statici, da catturare secondo modelli teorici, con ricadute didattiche più o meno standardizzate.
L’essenza della democrazia risiede, infatti, nei processi di negoziazione che, essendo vivi, possono essere genuinamente intesi in base a un approccio dinamico di campo
Stefano Ghidinelli, L’interazione poetica. Modi di socializzazione e forme della testualità della poesia italiana contemporanea
No full textRecensiamo Ghidinelli, Stefano. L’interazione poetica. Modi e forme della testualità della poesia italiana contemporanea. Napoli: Guida Editori, 2013. Stampa
When Micro Prudence Increases Macro Risk: The Destabilizing Effects of Financial Innovation, Leverage, and Diversification
No full textBy exploiting basic common practice accounting and risk-management rules, we propose a simple analytical dynamical model to investigate the effects of microprudential changes on macroprudential outcomes. Specifically, we study the consequence of the introduction of a financial innovation that allows reducing the cost of portfolio diversification in a financial system populated by financial institutions having capital requirements in the form of Value at Risk (VaR) constraint and following standard mark-to-market and risk-management rules. We provide a full analytical quantification of the multivariate feedback effects between investment prices and bank behavior induced by portfolio rebalancing in presence of asset illiquidity and show how changes in the constraints of the bank portfolio optimization endogenously drive the dynamics of the balance sheet aggregate of financial institutions and, thereby, the availability of bank liquidity to the economic system and systemic risk. The model shows that when financial innovation reduces the cost of diversification below a given threshold, the strength (because of higher leverage) and coordination (because of similarity of bank portfolios) of feedback effects increase, triggering a transition from a stationary dynamics of price returns to a nonstationary one characterized by steep growths (bubbles) and plunges (bursts) of market prices
Risk Allocation: The Double Face of Financial Derivatives
No full textFor the past two decades, derivatives provided the core financial innovation for risk-management and risk-sharing activities. However, in the aftermath of the 2007-2008 crisis, derivatives have started received, partly for good reason, an increasingly bad press. The main purpose of this paper is to lay the foundations for a theoretical frame-work in which systemic risk is centrally involved in the assessment of derivative usage. We begin by introducing a definition of systemic risk based on a Mixed Binomial model for the number of defaults. Then, we define an allocation to be efficient if it maximizes the Aggregate Sharpe ratio of the economy, i.e. if it allows to finance the maximum amount of productive investments while minimizing the overall systemic risk of the economy. We then say that a derivative is socially efficient or cooperative if it leads to an allocation having higher Aggregate Sharpe ratio. We illustrate the applicability of our model by means of a qualitative analysis of three types of derivatives, namely Plain vanilla, Asset backed securities and Credit default-swaps
Does quality pay off? “Superstar” wines and the uncertain price premium across quality grades
No full textWe use data from Wine Spectator on 266,301 bottles from 12 countries sold in the United States to investigate the link between the score awarded by the guide and the price charged. In line with the literature, the link between quality and price is positive. In a deeper inspection, however, hedonic regressions show that the price premium attached to higher quality is significant only for “superstar” wines with more than 90 points (in a 50-100 scale), while prices of wines between 50 and 90 points are not statistically different from each other. Furthermore, an analysis performed through normal heteroskedastic and quantile regression models shows that the dispersion of quality-adjusted prices is described by an asymmetric U-shaped function of the score; that is, products with the lowest and highest quality have the highest residual standard deviation. Pursuing excellence is a risky strategy: the average price is significantly higher only for wines that achieve top scores, and the price premium becomes more volatile
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