Applying set optimization to weak efficiency

Set-valued extensions of vector-valued functions are used to investigate the relations between weak efficiency and variational inequalities (both Stampacchia and Minty type) which allows to apply the complete lattice framework from set optimization. Since the seminal work of Giannessi, it has been a challenge to generalize scalar results to the vector case. In this effort, some notions of generalized derivatives for vector-valued functions have been introduced, either in the form of set-valued functions or introducing appropriate notions of infinite elements in vector spaces. Switching the focus to set optimization in conlinear spaces, we propose a Dini-type derivative, that keeps the same set-valued form of the optimization problem

International industrial symbiosis: cross-border management of aggregates and construction and demolition waste between Italy and Switzerland

This article describes an international industrial symbiosis located in Canton Ticino, Switzerland, and Lombardy, Italy, involving virgin aggregates and construction and demolition waste. It discusses the potential of the industrial symbiosis to manage transport strategies and its geographic extension, to reduce substantially its transport related externalities, currently equivalent to 11% of the symbiosis value. With recourse to a key informant monitoring methodology, primary and secondary sources, this article estimates the symbiosis' transport environmental impacts, external costs, and returns to distance under various scenarios. We show that intermodal transport strategies have the potential to reduce transport's carbon dioxide equivalent emissions by up to 61% and external costs by up to 81%, and to widen the industrial symbiosis' geographic extension beyond the current 50 km. We also discuss how, despite changes and disagreements in the objectives of different cross-border regional authorities to manage the international industrial symbiosis, the coordination of different mechanisms and incentives is essential for the sustainable management of this international industrial symbiosis. The aim of the article is twofold. Firstly, to highlight the importance of assessing the contribution of transport to the overall industrial symbiosis' environmental impacts, rather than consider transport and its impacts as externally given variables. And secondly, to show policy and decision makers additional methods, and inter-regional authorities coordination experiences, in order to assess impacts and manage an industrial symbiosis in more sustainable ways

Università Cattaneo working papers

Among the statistical techniques used to describe the behaviour of the financial markets, one of the most promising is based on the network analysis of the stock market. In this framework, the stock market is represented as a graph with nodes (the single stocks), edges (connections between stocks), and attributes (industry classification, volumes ...). The application of network analysis to the stock market is not new, but in previous contributions the market graph has been mainly derived from the correlationmatrix of the stock prices. This is a limitation, and the risks are to express in different words what traditional financial econometrics has already said about the returns' distribution. Moreover, if we want to use network analysis not only as a descriptive tool but also as an inference instrument, we need other data than the correlation matrix itself. For this reason, we integrated the analysis and built the market graph with new type of data taken from the observation of the information gathering activity performed by retail investors through the Google's search engine. We focussed the attention on financial crises, when a shock hits the economy in such a profound way that almost all the parameters entering the pricing equation of stocks must be reassessed. Those periods are relatively rare and short. They are characterised by extremely high levels of volatility and correlation. In these moments, searching for new information becomes of paramount importance. And then it is in these moments that we expect to observe more neatly the working of the underlying network

The effects of environmental, social and governance disclosure on the cost of capital in small and medium enterprises: the role of family business status

Environmental, social, and governance (ESG) disclosure has become a critical component of corporate reporting. However, the effectiveness of this type of disclosure remains poorly explored among small and medium enterprises (SMEs), despite the fact that these businesses represent the majority of firms around the world. By leveraging on a dataset of Italian listed SMEs, we fill this gap to shed new light on the effects of nonfinancial disclosure on the cost of capital. The study reveals that, in stark contrast with the evidence on large companies, environmental disclosure for SMEs is bound to provoke an increase in the cost of capital. Yet this pattern is capsized when the company is a family SME, as it benefits from environmental disclosure, as large companies do

Il calcolo delle imposte. Dottori commercialisti ed esperti contabili: guida all'esame di stato

Le società di capitali sono soggette all'IRES, l'imposta proporzionale sul reddito delle società prodotto nell'esercizio, e all'IRAP, l'imposta regionale sulle attività produttive. Il reddito d'impresa, detto anche reddito fiscale o imponibile risultato civilistico ante imposte dell'esercizio, non coincide di norma con il risultato ante imposte esposto nel Conto Economico redatto secondo le norme del Codice civile. Infatti, per giungere al reddito imponibile ai fini IRES si devono apportare al risultato civilistico le variazioni stabilite dal Testo Unico delle Imposte sui Redditi (T.U.I.R.); analogamente, il redditto imponibile ai fini IRAP non coincide con la sommatoria algebrica delle imposte del Conto Economico da assumere mediante "presa diretta", indicate dal D.Lgs 15 dicembre 1997, n. 446. Il seguente elaborato affronta un caso pratico di redazione del bilancio focalizzando l'attenzione su alcune variazioni fiscali con effetto ai fini IRES e ai fini IRAP

Le dichiarazioni fiscali. Dottori commercialisti ed esperti contabili: guida all'esame di stato

Nella contabilità aziendale occorre distinguere due concetti differenti, ma tra loro legati, riconducibili all'utile civilistico, e al c.d. utile fiscale. Il primo, ovvero l'utile civilistico, deriva dall'applicazione delle norme civilistiche in materia contabile, le quali a loro volta sono integrate dai principi contabili emanati dall'OIC (Organismo Italiano di Contabilità). Diversamente, l'utile fiscale è determinato applicando alle risultanze di bilancio le norme tributarie. I due ambiti sono legati tra di loro dal così detto principio di derivazione, secondo il quale l'utile fiscale è determinato apportando al risultato di bilancio civilistico le variazioni riconducibili alle norme tributarie; queste variazioni potranno essere in aumento o in diminuzione della base imponibile, e daranno luogo a delle differenze che possono essere permanenti o temporanee

Il ruolo tra paziente e SSN

In un'epoca in cui tecnologie e innovazione offrono prestazioni crescenti e hanno uno sviluppo più veloce, la medicina risponde a bisogni assistenziali spesso complessi in modo più accurato ed efficace.In an era where technologies and innovation offer increasing performance and have a faster development, medicine respond to often complex care needs in a more accurate and effective way

Identifying the determinants of innovation capability with machine learning: how patents can be predictive

Innovation capability (IC) is a fundamental firms' strategic asset to sustain competitive advantage. In this article, relying on patent data, patents forward citations are used as proxy of IC and the main patents numerical and categorical variables are considered as proxy of IC determinants. The main purpose of this article is to understand which patents features are relevant to predict IC, i.e., which are the determinants of IC within patents. Three different algorithms of machine learning, widely applied to model real-world phenomena, regularized least squares, deep neural networks, and random forest are applied for this investigation. Results show that the most important patent features useful to predict IC refer to internal determinants, such as the technological scope of the company (technological domains and International Patent Classification classes), the backward citations, and technical concepts. Some external variables are also relevant, such as the family size, a time-related variable, and the timespan between the youngest and oldest patent of the family. Implications from this article concern two perspectives. From a methodological perspective, the study shows the usefulness of machine learning approaches in simplifying the decision-making process as they reduce the number of variables to be considered to investigate the company's IC and they provide accurate and easily interpretable result. From a managerial standpoint, this article points out the few and relevant patent variables to be considered when dealing with patents and IC