Strumenti alternativi di finanziamento alle pmi e disintermediazione bancaria, evidenze empiriche alla luce dei recenti interventi normativi in materia di titoli di debito

Il razionamento del credito bancario conseguente al verificarsi della crisi finanziaria ha colpito in modo particolare le imprese italiane, in quanto, tradizionalmente sottocapitalizzate e fortemente esposte soprattutto verso il circuito bancario. Lo sfruttamento del meccanismo della leva finanziaria, infatti, per quanto esalti il rendimento del capitale in fasi cicliche favorevoli, implica l’aggravarsi delle conseguenze negative che la riduzione dei livelli di produzione e delle vendite hanno sugli indicatori economico-finanziari. Inoltre, con l’incedere della crisi, è venuto meno l’accesso al canale di finanziamento a cui le imprese facevano tradizionalmente prevalentemente ricorso, ossia il sistema bancario. Le imprese di piccole e medie dimensioni sono state quelle che hanno in particolar modo sofferto tale situazione a fronte della totale indisponibilità di canali di finanziamento alternativi. In virtù di tale situazione, il legislatore è intervenuto a creare le condizioni per lo sviluppo di fonti di finanziamento alternative incentivando, inter alia, lo sviluppo del mercato del capitale di debito. Infatti, il mercato obbligazionario è stato da sempre sostanzialmente precluso alle imprese che non appartenessero alla categoria dei cosiddetti grandi emittenti. Il mancato ricorso da parte delle PMI, è conseguito non solo alle peculiarità del nostro sistema finanziario tradizionalmente banco- centrico ma anche a una normativa fortemente disincentivante. Il legislatore interviene appunto a sterilizzare le condizioni di accesso al mercato del capitale di debito, incentivando le società non quotate, di cui la maggior parte appartiene alla categoria delle PMI. In particolare, vengono introdotte misure normative volte a eliminare i stringenti limiti all’indebitamento obbligazionario posti dal diritto comune per le società non quotate, nonché a parificare il trattamento fiscale degli interessi passivi relativi ai titoli di debito da queste emessi, rispetto alle condizioni di favore previste per le società quotate. Inoltre, vengono predisposti una serie di ulteriori incentivi per favorire l’accesso al mercato del capitale di debito ma anche finalizzati a creare le condizioni per creare un maggiore attivismo dal lato della domanda, ovvero da parte di investitori qualificati. Il lavoro mira ad analizzare la portata di tali novità legislative da un punto di vista civilistico e fiscale nonché l’effetto che tali normative hanno avuto sulla composizione delle fonti di finanziamento delle imprese, avendo particolare riguardo alle PMI data la maggiore difficoltà che tale categoria di imprese incontra rispetto all’accesso a canali di finanziamento alternativi al credito bancario.Il razionamento del credito bancario conseguente al verificarsi della crisi finanziaria ha colpito in modo particolare le imprese italiane, in quanto, tradizionalmente sottocapitalizzate e fortemente esposte soprattutto verso il circuito bancario. Lo sfruttamento del meccanismo della leva finanziaria, infatti, per quanto esalti il rendimento del capitale in fasi cicliche favorevoli, implica l’aggravarsi delle conseguenze negative che la riduzione dei livelli di produzione e delle vendite hanno sugli indicatori economico-finanziari. Inoltre, con l’incedere della crisi, è venuto meno l’accesso al canale di finanziamento a cui le imprese facevano tradizionalmente prevalentemente ricorso, ossia il sistema bancario. Le imprese di piccole e medie dimensioni sono state quelle che hanno in particolar modo sofferto tale situazione a fronte della totale indisponibilità di canali di finanziamento alternativi. In virtù di tale situazione, il legislatore è intervenuto a creare le condizioni per lo sviluppo di fonti di finanziamento alternative incentivando, inter alia, lo sviluppo del mercato del capitale di debito. Infatti, il mercato obbligazionario è stato da sempre sostanzialmente precluso alle imprese che non appartenessero alla categoria dei cosiddetti grandi emittenti. Il mancato ricorso da parte delle PMI, è conseguito non solo alle peculiarità del nostro sistema finanziario tradizionalmente banco- centrico ma anche a una normativa fortemente disincentivante. Il legislatore interviene appunto a sterilizzare le condizioni di accesso al mercato del capitale di debito, incentivando le società non quotate, di cui la maggior parte appartiene alla categoria delle PMI. In particolare, vengono introdotte misure normative volte a eliminare i stringenti limiti all’indebitamento obbligazionario posti dal diritto comune per le società non quotate, nonché a parificare il trattamento fiscale degli interessi passivi relativi ai titoli di debito da queste emessi, rispetto alle condizioni di favore previste per le società quotate. Inoltre, vengono predisposti una serie di ulteriori incentivi per favorire l’accesso al mercato del capitale di debito ma anche finalizzati a creare le condizioni per creare un maggiore attivismo dal lato della domanda, ovvero da parte di investitori qualificati. Il lavoro mira ad analizzare la portata di tali novità legislative da un punto di vista civilistico e fiscale nonché l’effetto che tali normative hanno avuto sulla composizione delle fonti di finanziamento delle imprese, avendo particolare riguardo alle PMI data la maggiore difficoltà che tale categoria di imprese incontra rispetto all’accesso a canali di finanziamento alternativi al credito bancario.LUISS PhD Thesi

Crowdsourcing as a support to solving complex problems in entrepreneurial settings

Crowdsourcing is a newly-developed field that has helped a number of organizations to solved complex problems concerning quantities of information and resource accessibility. Many entrepreneurs have utilized crowdsourcing to their benefit, bypassing traditional forms of fundraising in order to increase their probability of success. Paper 1 will look specifically at the ways in which crowdsourcing can perform such a role, supporting the entrepreneur through each phase of the entrepreneurial process. Paper 2 will expand on this idea by exploring the effects that crowdsourcing can have on a company’s performance. Looking specifically at data provided by AngelList, a popular crowdsourcing platform, we’ll attempt to analyze the benefits that the technology has had on businesses by comparing crowdsourcing-based investment paths to those of traditional investors. Specifically, we measured the performance of both traditional and crowdsourcing-base business ventures over a 2-year period, using data extracted from Mattermark. We aim to shed light, here, on the ability of crowdsourcing to produce better performance in the medium-term. Paper 3 will investigate the effects that crowd size and diversity can have on the performance of a crowdsourced venture. AngelList’s data set will be useful in unpacking the relationship between the volume and diversity of a syndicate’s backers to see how these attributes can be beneficial or detrimental to a firm. While a significant amount of research has been undertaken around this topic, we have found that there are many gaps in the available literature. Where researchers have written extensively about the potential for crowdsourcing to support the discovery, exploitation and execution of entrepreneurial opportunities, much of this literature does not take into account the nature of currently-used crowdsourcing platforms. Throughout each of these papers, we’ll attempt to expand into the territory left unexplored by existing research, paying specific attention to the individual attributes phase of the entrepreneurial model.Crowdsourcing is a newly-developed field that has helped a number of organizations to solved complex problems concerning quantities of information and resource accessibility. Many entrepreneurs have utilized crowdsourcing to their benefit, bypassing traditional forms of fundraising in order to increase their probability of success. Paper 1 will look specifically at the ways in which crowdsourcing can perform such a role, supporting the entrepreneur through each phase of the entrepreneurial process. Paper 2 will expand on this idea by exploring the effects that crowdsourcing can have on a company’s performance. Looking specifically at data provided by AngelList, a popular crowdsourcing platform, we’ll attempt to analyze the benefits that the technology has had on businesses by comparing crowdsourcing-based investment paths to those of traditional investors. Specifically, we measured the performance of both traditional and crowdsourcing-base business ventures over a 2-year period, using data extracted from Mattermark. We aim to shed light, here, on the ability of crowdsourcing to produce better performance in the medium-term. Paper 3 will investigate the effects that crowd size and diversity can have on the performance of a crowdsourced venture. AngelList’s data set will be useful in unpacking the relationship between the volume and diversity of a syndicate’s backers to see how these attributes can be beneficial or detrimental to a firm. While a significant amount of research has been undertaken around this topic, we have found that there are many gaps in the available literature. Where researchers have written extensively about the potential for crowdsourcing to support the discovery, exploitation and execution of entrepreneurial opportunities, much of this literature does not take into account the nature of currently-used crowdsourcing platforms. Throughout each of these papers, we’ll attempt to expand into the territory left unexplored by existing research, paying specific attention to the individual attributes phase of the entrepreneurial model.LUISS PhD Thesi

Chasing stock market returns: mutual funds extrapolative flow, performance and asset pricing implications

Survey evidence shows that investor expectations on future market realizations are highly correlated with in ows into mutual funds and tend to extrapolate information from past returns. This work investigates cyclical determinants of net aggregate fund ows in Emerging Markets, it measures the profitability of market-timing strategies of Italian investors in equity mutual funds and provides first insights about the effects of these strategies on asset prices. Chapter 2 investigates how cyclical variables drive net aggregate fund ows towards Emerging Markets (EMs). Through the aggregation of net ows of all open-end dedicated funds, the analysis finds that ows in equity and fixed income are driven by recent past performance in both developed and emerging economies. Further analysis confirms that much of the evidence comes from US and EU larger mutual funds. A structural VAR shows that ows become more responsive through time to market uncertainty and rates. In particular, after the Great Recession ows exhibit a lower reaction to the S&P index, becoming more responsive to market volatility and to US interest rates. Furthermore the US consumer sentiment index has a key role in the explanation of fund ows and it increased through time with an effect that is more sluggish and persistent with respect to other cyclical determinants. Chapter 3 shows that simple buy-and-hold strategies beat the market-timing strategies effectively used by Italian investors in equity mutual funds. Therefore, investors should re- consider their investment behavior and choose cheaper, in terms of fees, and simpler, passive strategies. The analysis estimates returns from market-timing strategies using aggregate data on a large sample of equity mutual funds' net ows and considers funds investing either in Europe and the Euro Area, or the US, or Emerging Markets. In all cases, buy-and-hold wins with extra returns that go from 0.24% per quarter (Europe and Euro Area) to 0.87% per quarter (US market). Differences in the performance of the two strategies are not explained by differences in risk and risk exposure. Chapter 4 presents future research developing a discrete asset pricing model with het-erogeneous agents. Some of them, called chasers, develop their demand of the risky asset relying on extrapolative subjective beliefs, in equilibrium this has effects on the asset price.Survey evidence shows that investor expectations on future market realizations are highly correlated with in ows into mutual funds and tend to extrapolate information from past returns. This work investigates cyclical determinants of net aggregate fund ows in Emerging Markets, it measures the profitability of market-timing strategies of Italian investors in equity mutual funds and provides first insights about the effects of these strategies on asset prices. Chapter 2 investigates how cyclical variables drive net aggregate fund ows towards Emerging Markets (EMs). Through the aggregation of net ows of all open-end dedicated funds, the analysis finds that ows in equity and fixed income are driven by recent past performance in both developed and emerging economies. Further analysis confirms that much of the evidence comes from US and EU larger mutual funds. A structural VAR shows that ows become more responsive through time to market uncertainty and rates. In particular, after the Great Recession ows exhibit a lower reaction to the S&P index, becoming more responsive to market volatility and to US interest rates. Furthermore the US consumer sentiment index has a key role in the explanation of fund ows and it increased through time with an effect that is more sluggish and persistent with respect to other cyclical determinants. Chapter 3 shows that simple buy-and-hold strategies beat the market-timing strategies effectively used by Italian investors in equity mutual funds. Therefore, investors should re- consider their investment behavior and choose cheaper, in terms of fees, and simpler, passive strategies. The analysis estimates returns from market-timing strategies using aggregate data on a large sample of equity mutual funds' net ows and considers funds investing either in Europe and the Euro Area, or the US, or Emerging Markets. In all cases, buy-and-hold wins with extra returns that go from 0.24% per quarter (Europe and Euro Area) to 0.87% per quarter (US market). Differences in the performance of the two strategies are not explained by differences in risk and risk exposure. Chapter 4 presents future research developing a discrete asset pricing model with het-erogeneous agents. Some of them, called chasers, develop their demand of the risky asset relying on extrapolative subjective beliefs, in equilibrium this has effects on the asset price.LUISS PhD Thesi

Social justice as a normative foundation for an integrative developmental strategy

The thesis focuses on investigating what should be regarded as foundations of justice for human development policy making by contextualizing how Rawls’s primary goods and Sen’s capabilities would contribute as informational basis for judging what the promotion of justice would require under a goal oriented approach to social justice which intends to address durable poverty in society. In contextualizing and evaluating how primary goods and capabilities would contribute as informational basis for social justice, the research considers sociopolitical phenomenon of inequality trap to contextualize normative foundations for an inclusive approach to development. The ultimate goal is to evaluate and contextualize the normative foundations for justice in human development policy making under a goal oriented approach to justice aiming to address durable poverty and promote inclusive development. The methodological approach to justice bridges normative evaluation and empirical concerns to contextualize the nature and the content of policies which would advance justice in non-ideal conditions under a goal oriented approach to social justice.The thesis focuses on investigating what should be regarded as foundations of justice for human development policy making by contextualizing how Rawls’s primary goods and Sen’s capabilities would contribute as informational basis for judging what the promotion of justice would require under a goal oriented approach to social justice which intends to address durable poverty in society. In contextualizing and evaluating how primary goods and capabilities would contribute as informational basis for social justice, the research considers sociopolitical phenomenon of inequality trap to contextualize normative foundations for an inclusive approach to development. The ultimate goal is to evaluate and contextualize the normative foundations for justice in human development policy making under a goal oriented approach to justice aiming to address durable poverty and promote inclusive development. The methodological approach to justice bridges normative evaluation and empirical concerns to contextualize the nature and the content of policies which would advance justice in non-ideal conditions under a goal oriented approach to social justice.LUISS PhD Thesi

Behaviour of firms: virtues and vices: from CSR to financial statements frauds

Are family firms and non family firms different in approaching CSR? An integrated framework about why and how family firms engage in CSR. CSR reporting and ownership structure: evidence from italian listed companies. Financial statements fraud: does their intensity have a connection with earnings management? Business planning in biobanking: how to implement a tool for sustainability.Are family firms and non family firms different in approaching CSR? An integrated framework about why and how family firms engage in CSR. CSR reporting and ownership structure: evidence from italian listed companies. Financial statements fraud: does their intensity have a connection with earnings management? Business planning in biobanking: how to implement a tool for sustainability.LUISS PhD Thesi

Regolazione del mercato energetico e tutela dell’ambiente: il caso dell’efficienza energetica.

L’integrazione degli interessi ambientali ed energetici nel settore dell’efficienza energetica. L’assetto istituzionale ed amministrativo dell’efficienza energetica. Il ruolo dell’AEEGSI dinanzi alla sfida della sostenibilità del mercato energetico. Le linee evolutive della regolazione indipendente. L’impatto della nuova regolazione environment oriented.L’integrazione degli interessi ambientali ed energetici nel settore dell’efficienza energetica. L’assetto istituzionale ed amministrativo dell’efficienza energetica. Il ruolo dell’AEEGSI dinanzi alla sfida della sostenibilità del mercato energetico. Le linee evolutive della regolazione indipendente. L’impatto della nuova regolazione environment oriented.LUISS PhD Thesi

Essays on secular stagnation

The dissertation develops, in two chapters, two themes related to Secular Stagnation. In Chapter 1, I focus on Secular Stagnation and Bubbles. My starting point is an estimated vector-autoregression model and I provide empirical evidence on the existence of stock market bubbles and their response to a deleveraging shock. I show that a deleveraging shock triggers a persistent decline in loans and output, while stock prices fall on impact and only partly recover afterwards. By decomposing the stock price index within its fundamental and bubbly component, I show that its behaviour is almost entirely explained by the latter. I propose an OLG model and I show that bubbles exist if agents are financially constrained. The bubbly steady state is unstable and, after a deleveraging shock, the economy eventually reaches the undesirable bubbleless steady state, where Secular Stagnation may arise. I show that, in a sticky prices environment, by adopting an accommodative stance towards bubbles, monetary policy can ensure the stability of the bubbly steady state and the stationarity of the dynamics around it. In Chapter 2, I focus on Secular Stagnation and Market Structure. I address the question on whether the market structure affects the equilibrium level of the real interest rate, defined as the rate consistent with full employment and stable in ation. I provide an empirical and a theoretical analysis on the link between the markup, as a proxy for the market structure, and the equilibrium interest rate. I uncover some evidence that higher markups are associated with lower real rates and that more market friendly economies display higher interest rates. I propose an OLG model with monopolistic competition to interpret these findings. I focus on the effects on the equilibrium of a change in market structure, both in an exogenous and endogenous markup framework. I show that an increase in the markup puts a downward pressure on the equilibrium interest rate and the economy enters Secular Stagnation. The key transmission channel works through the market for capital.The dissertation develops, in two chapters, two themes related to Secular Stagnation. In Chapter 1, I focus on Secular Stagnation and Bubbles. My starting point is an estimated vector-autoregression model and I provide empirical evidence on the existence of stock market bubbles and their response to a deleveraging shock. I show that a deleveraging shock triggers a persistent decline in loans and output, while stock prices fall on impact and only partly recover afterwards. By decomposing the stock price index within its fundamental and bubbly component, I show that its behaviour is almost entirely explained by the latter. I propose an OLG model and I show that bubbles exist if agents are financially constrained. The bubbly steady state is unstable and, after a deleveraging shock, the economy eventually reaches the undesirable bubbleless steady state, where Secular Stagnation may arise. I show that, in a sticky prices environment, by adopting an accommodative stance towards bubbles, monetary policy can ensure the stability of the bubbly steady state and the stationarity of the dynamics around it. In Chapter 2, I focus on Secular Stagnation and Market Structure. I address the question on whether the market structure affects the equilibrium level of the real interest rate, defined as the rate consistent with full employment and stable in ation. I provide an empirical and a theoretical analysis on the link between the markup, as a proxy for the market structure, and the equilibrium interest rate. I uncover some evidence that higher markups are associated with lower real rates and that more market friendly economies display higher interest rates. I propose an OLG model with monopolistic competition to interpret these findings. I focus on the effects on the equilibrium of a change in market structure, both in an exogenous and endogenous markup framework. I show that an increase in the markup puts a downward pressure on the equilibrium interest rate and the economy enters Secular Stagnation. The key transmission channel works through the market for capital.LUISS PhD Thesi

Moral and legal accounts on the use of armed drones against suspected terrorists

Since the terrorist attacks in the US soil of September 11th, 2001, armed drones evolved from being a residual instrument of support for military operations on the ground (in particular, to conduct intelligence, monitoring and surveillance activities) to “the strategic weapon” employed to conduct counter-terrorism operations worldwide. Despite the massive use of these instruments, much of the conceptual landscape is yet to be examined by academic analysis. This dissertation aims at investigating the moral and legal concerns related to the use of armed drones in counterterrorism operations. It will be demonstrated that such use do not meet the principles embedded in the Just War Theory (JWT), which are often mentioned as a justification in the political discourse but are frequently violated in practice. Nonetheless, the JWT remains the most appropriate theoretical framework to address the issues of justice (and injustice) in war. Additional aspects pertaining to the philosophical inquiry are taken into consideration, in particular positive and negative arguments on drones are built, in order to provide a full spectrum of the actual debate concerning their use. The use of drones in asymmetric conflicts will be explored as well as the symmetry between armed drones and terrorist suicide attacks. From this perspective, the suicide bomber and the drone pilot stand on the two opposite sides of the spectrum of the ‘exposure to death’. The use of armed drones in war has sparked a debate with regard to the so called ‘crisis of military ethics’, while further problems materialize in relation to the their uncontrolled proliferation and the development of fully autonomous lethal drones. The legal section of the analysis will prove that, notwithstanding the shortage of a specific drone-related legal regime, rules for regulating drone warfare already exist. They are embodied in the Laws of Armed conflict, International Human Rights Law and International Humanitarian Law. Applying the existing standards of International Law offers the best approach for regulating the use of armed drones. 3 In the legal section the use of armed drones will be evaluated in times of war but also outside an armed conflict. It will be demonstrated that two different legal regimes should be applied, despite too often situations that could have been handled with a law enforcement approach have been labeled as armed conflicts. The use of armed drones (both within and outside an armed conflict) amount to the definition of “use of force” as accepted in the U.N. Charter; accordingly, the acts performed by a state or by its individuals through armed drones should be held accountable under International Law. The main concern with armed drones is not the technology itself but how they are used. Unmanned aerial vehicles offer potential benefits for counter-terrorism, law enforcement, environmental monitoring, human rights protection, and nonproliferation inspection, but their use for targeted killing of suspected terrorists is questionable ethically, legally and strategically. Technology alone cannot be a determinant of legitimacy, but rather what matters is the ethical use of technology by human beings. A counter-terrorism policy based on the use of armed drones might result in immediate tactical gains, certainly not in an overall strategic advantage, in order to make it possible to disrupt and eventually remove for good the terrorist phenomenon as we know it today.Since the terrorist attacks in the US soil of September 11th, 2001, armed drones evolved from being a residual instrument of support for military operations on the ground (in particular, to conduct intelligence, monitoring and surveillance activities) to “the strategic weapon” employed to conduct counter-terrorism operations worldwide. Despite the massive use of these instruments, much of the conceptual landscape is yet to be examined by academic analysis. This dissertation aims at investigating the moral and legal concerns related to the use of armed drones in counterterrorism operations. It will be demonstrated that such use do not meet the principles embedded in the Just War Theory (JWT), which are often mentioned as a justification in the political discourse but are frequently violated in practice. Nonetheless, the JWT remains the most appropriate theoretical framework to address the issues of justice (and injustice) in war. Additional aspects pertaining to the philosophical inquiry are taken into consideration, in particular positive and negative arguments on drones are built, in order to provide a full spectrum of the actual debate concerning their use. The use of drones in asymmetric conflicts will be explored as well as the symmetry between armed drones and terrorist suicide attacks. From this perspective, the suicide bomber and the drone pilot stand on the two opposite sides of the spectrum of the ‘exposure to death’. The use of armed drones in war has sparked a debate with regard to the so called ‘crisis of military ethics’, while further problems materialize in relation to the their uncontrolled proliferation and the development of fully autonomous lethal drones. The legal section of the analysis will prove that, notwithstanding the shortage of a specific drone-related legal regime, rules for regulating drone warfare already exist. They are embodied in the Laws of Armed conflict, International Human Rights Law and International Humanitarian Law. Applying the existing standards of International Law offers the best approach for regulating the use of armed drones. 3 In the legal section the use of armed drones will be evaluated in times of war but also outside an armed conflict. It will be demonstrated that two different legal regimes should be applied, despite too often situations that could have been handled with a law enforcement approach have been labeled as armed conflicts. The use of armed drones (both within and outside an armed conflict) amount to the definition of “use of force” as accepted in the U.N. Charter; accordingly, the acts performed by a state or by its individuals through armed drones should be held accountable under International Law. The main concern with armed drones is not the technology itself but how they are used. Unmanned aerial vehicles offer potential benefits for counter-terrorism, law enforcement, environmental monitoring, human rights protection, and nonproliferation inspection, but their use for targeted killing of suspected terrorists is questionable ethically, legally and strategically. Technology alone cannot be a determinant of legitimacy, but rather what matters is the ethical use of technology by human beings. A counter-terrorism policy based on the use of armed drones might result in immediate tactical gains, certainly not in an overall strategic advantage, in order to make it possible to disrupt and eventually remove for good the terrorist phenomenon as we know it today.LUISS PhD Thesi

La scissione negativa: profili di diritto commerciale e tributario

La scissione negativa: ammissibilità della fattispecie. Ricostruzione della disciplina civilistica e contabile della fattispecie di scissione negativa. Il regime fiscale della scissione negativa.La scissione negativa: ammissibilità della fattispecie. Ricostruzione della disciplina civilistica e contabile della fattispecie di scissione negativa. Il regime fiscale della scissione negativa.LUISS PhD Thesi

Dissociazione del rischio dal voto nella sollecitazione di deleghe ed efficientamento dell’allocazione dei costi

Il lavoro affronta il tema della scissione del rischio economico dall'esercizio del diritto di voto principalmente nell’ambito della sollecitazione di deleghe di voto, analizzando in primis l’evoluzione storica del quadro giuridico sia della rappresentanza assembleare sia, in particolare, della sollecitazione di deleghe di voto. Dopo una premessa di carattere generale, volta ad inquadrare l’istituto in parola nel più ampio contesto legislativo europeo e statunitense, l’attenzione viene rivolta all’approfondimento di due differenti questioni frutto della declinazione della dicotomia rischio-voto nel contesto delle proxy fights. Da una parte, si intraprende il tentativo, che a quanto consta non è stato ancora affrontato in maniera organica perlomeno in Italia, di sistematizzare le forme di sollecitazione. In particolare, si propongono due distinte categorizzazioni: sulla base di chi detiene l’iniziativa (emittente, soci e/o terzi); ovvero con riguardo alle modalità di sollecitazione (per mezzo di intermediari, banche depositarie, gestioni fiduciari e/o consulenti in materia di voto). Dall'altra, si tratta, invero, delle problematiche dogmatiche connesse a certi tipi di sollecitazione, con specifico riferimento a quelle in cui l’emittente si fa promotore, nonché delle possibili soluzioni attraverso l’argomentazione di tecniche allocative dei costi in capo all'emittente, beneficiaria di ultima istanza di ogni legittima sollecitazione. Per meglio valutare i punti di tensione in cui la frattura tra il rischio economico ed il diritto di voto inerenti alle posizioni giuridiche soggettive dei singoli soci diviene patologica, l’indagine si sofferma sui possibili limiti in cui dovrebbero incorrere gli amministratori nella promozione di una sollecitazione per il tramite dell’emittente e, viceversa, i margini in cui sarebbe plausibile un rimborso delle spese sostenute dall’azionista o dal terzo a carico dell’emittente. La ricostruzione sviluppata della vigente disciplina, arricchita dall'analisi della dottrina, nonché da talune pronunzie giudiziali, ha messo in evidenza che l’odierna architettura del sistema assembleare, improntata ad un meccanismo di informativa pre-assembleare tale da incentivarne la partecipazione, si incrina a causa dell’uso distorto di taluni istituti, quali la rappresentanza assembleare, che seppur pienamente legittimi sono facilmente manipolabili con forte rischio di subornazione del socio. In conclusione, il lavoro intende dimostrare come la garanzia di parità di accesso ai fondi societari possa contribuire all'eguaglianza di trattamento tra gli amministratori e gli azionisti, da una parte, e tra azionisti di maggioranza e quelli di minoranza, dall'altra. E dunque possa anche riuscire ad appianare la dissociazione del rischio economico dall'esercizio del diritto di voto perlomeno nel contesto della sollecitazione di deleghe, ripercorrendo alcune proposte di regolazione della disciplina dell’allocazione dei costi nell'ambito dell’intenso dibattito formatosi sul tema perlopiù nei paesi anglosassoni.Il lavoro affronta il tema della scissione del rischio economico dall'esercizio del diritto di voto principalmente nell’ambito della sollecitazione di deleghe di voto, analizzando in primis l’evoluzione storica del quadro giuridico sia della rappresentanza assembleare sia, in particolare, della sollecitazione di deleghe di voto. Dopo una premessa di carattere generale, volta ad inquadrare l’istituto in parola nel più ampio contesto legislativo europeo e statunitense, l’attenzione viene rivolta all’approfondimento di due differenti questioni frutto della declinazione della dicotomia rischio-voto nel contesto delle proxy fights. Da una parte, si intraprende il tentativo, che a quanto consta non è stato ancora affrontato in maniera organica perlomeno in Italia, di sistematizzare le forme di sollecitazione. In particolare, si propongono due distinte categorizzazioni: sulla base di chi detiene l’iniziativa (emittente, soci e/o terzi); ovvero con riguardo alle modalità di sollecitazione (per mezzo di intermediari, banche depositarie, gestioni fiduciari e/o consulenti in materia di voto). Dall'altra, si tratta, invero, delle problematiche dogmatiche connesse a certi tipi di sollecitazione, con specifico riferimento a quelle in cui l’emittente si fa promotore, nonché delle possibili soluzioni attraverso l’argomentazione di tecniche allocative dei costi in capo all'emittente, beneficiaria di ultima istanza di ogni legittima sollecitazione. Per meglio valutare i punti di tensione in cui la frattura tra il rischio economico ed il diritto di voto inerenti alle posizioni giuridiche soggettive dei singoli soci diviene patologica, l’indagine si sofferma sui possibili limiti in cui dovrebbero incorrere gli amministratori nella promozione di una sollecitazione per il tramite dell’emittente e, viceversa, i margini in cui sarebbe plausibile un rimborso delle spese sostenute dall’azionista o dal terzo a carico dell’emittente. La ricostruzione sviluppata della vigente disciplina, arricchita dall'analisi della dottrina, nonché da talune pronunzie giudiziali, ha messo in evidenza che l’odierna architettura del sistema assembleare, improntata ad un meccanismo di informativa pre-assembleare tale da incentivarne la partecipazione, si incrina a causa dell’uso distorto di taluni istituti, quali la rappresentanza assembleare, che seppur pienamente legittimi sono facilmente manipolabili con forte rischio di subornazione del socio. In conclusione, il lavoro intende dimostrare come la garanzia di parità di accesso ai fondi societari possa contribuire all'eguaglianza di trattamento tra gli amministratori e gli azionisti, da una parte, e tra azionisti di maggioranza e quelli di minoranza, dall'altra. E dunque possa anche riuscire ad appianare la dissociazione del rischio economico dall'esercizio del diritto di voto perlomeno nel contesto della sollecitazione di deleghe, ripercorrendo alcune proposte di regolazione della disciplina dell’allocazione dei costi nell'ambito dell’intenso dibattito formatosi sul tema perlopiù nei paesi anglosassoni.LUISS PhD Thesi