INSIDER TRADING RIGHTS: SHORT-TERMISM AND TRADING CONSTRAINTS

I investigate the effect of trading restrictions on price efficiency in a model with short-term shareholders. I show that insider trading constraints set a floor on prices. More importantly, as trade is the mechanism that transfers information into the price, the market maker’s pricing function has non-constant sensitivity to order flows, with selling orders impacting the price less than positive orders. These two effects decrease price volatility. Prices will be more efficient in good states of the world but lose their informativeness in bad states of the world. Trading constraints will emerge in equilibrium when shareholders have preferences for short-term market prices. In such a case, an increase in cash flow volatility can translate into more severe limitations, while the impact of noise variance depends on the short-term shareholder’s preferences.Doctor of Philosoph

La colpevolezza quale principio costituzionale (e il buon, vecchio libero arbitrio).

Il saggio propone i passaggi essenziali della concezione della colpevolezza come principio di rango costituzionale, in stretta correlazione con il riconoscimento del libero arbitrio, evidenziandone – a fianco del ruolo graduante – il carattere autonomo e fondante l’ordinamento penale.The essay proposes the essential passages of the conception of culpability as a principle of constitutional rank, in close correlation with the recognition of agency (libero arbitrio), highlighting – alongside the role in the determination of the penalty – the autonomous and founding character of the criminal law

LA PUNIBILITÀ QUALE QUARTO ELEMENTO DEL REATO E LA CD. GIUSTIZIA RIPARATIVA: UNA INTRODUZIONE CON RIFERIMENTO ALLE RECENTI RIFORME ITALIANE (A PUNIBILIDADE COMO QUARTO ELEMENTO DO CONCEITO DE CRIME E A JUSTIÇA RESTAURATIVA: UMA INTRODUÇÃO À LUZ DAS RECENTES REFORMAS PENAIS ITALIANAS)

Sommario: 1. Una breve ricognizione del codice penale italiano. - 2. Le cause di non punibilità sopravvenuta. -3. La punibilità come elemento autonomo della teoria del reato. - 4. Il principio di sussidiarietà esterna quale fondamento della autonomia della punibilità. - 5. I pregi del nuovo elemento della teoria del reato correlato alle concezioni general-preventive. - 6. La punibilità come elemento del reato e la certezza della pena. - 7. Le distinzioni tra punibilità come elemento del reato e la c.d. giustizia riparativa. - 8. Critiche ad alcuni istituti della giustizia riparativa

I Vertici g8 nello scenario politico internazionale

The thesis entitled "The G8 leaders in international politics" opens important consideration in scenarios of global governance. The informal summit of leading industrialized countries of the world is, indeed, a subject little discussed in view of International Relations. The idea that this international forum is not one of international institutions and is not attributable either to the politico-legal category of international organizations makes the subject of great interest to those who intend to undertake a study in the theoretical field of institutionalism and rational constructivist. The survey carried out by the candidate has several problematic aspects. The first aspect relates "organization" involves a series of questions, related primarily to the relevance of an organizational reality that goes beyond the series of meetings and who has, by now, a certain amount of structure. A second sort of problems is concerned, however, the rules governing the meetings, especially with regard to the profiles on their nature (whether more or less legal) and effectiveness (if they are met or if there are forms of coercion in the case of Failure). A third set of problems concerns the deliberations of the G8 meeting, in terms of results produced, and therefore their effectiveness. Prior to the analysis, this was questioned about the reasons which led the International Relations of the subject to neglect or to provide a qualification that places the phenomenon among those not likely to produce significant effects in the political world. Among these, particular importance to the following factors: the fact that the G8 has not been established and is not governed by any act having normative value, this would have caused a marginal interest both in the field of legal science in the field of international relations, Secondly, the fact that "decisions" put in place represent the outputs are not easily attributable to the top "g" and thirdly to the observation that it does not have, properly none of the characteristics to qualify as an organization tout court; fourth, the assessment that it can not properly be regarded as an institution and as such does not create obligations for participants in fifth place, the fact that it does not have an apartment that would give effect to the administrative Finally, the actions agreed upon reflection that it is an international forum in a changing international political system is also fast changing. Abandoned this stage of the elaboration of the research question, my student has devoted part of its theoretical and methodological work to strengthen its scientific contribution. An entire chapter of his thesis deals exhaustively both methodological issues, and the various theories of international politics closer to the object of research. During the methodological framework is interesting to note that the student has drawn the lessons of Prof. Alberto Marradi, proceeding strictly within the channel's own methodology in the social sciences and integrating this knowledge with the characterizations typical of the methodological framework specification. With the theoretical part, has complied with the precept to which to write a thesis must be given anything for granted. Examines what "theory" in the field of international relations and provided a comprehensive analysis of the most important schools of thought in the field of Institutional theories and neo-institutional. Focused about institutional analysis of rationale and on the constructivist, following the latter approach as the basis on which to base their empirical research. In the third chapter, the beating heart of the argument, empirical research becomes part of the analysis. Initially credited to the G8 was to take place on the island of La Maddalena, my student was refused (for logistical reasons) the pass for the summit which was then held at Aquila. This inconvenience caused as a direct consequence of the changing line of research. This type of qualitative analysis was repeated with the outline of the questionnaire administered at a distance. The responses of the various central government ministries were swift and precise and it is thanks to this efficiency and of empirical research has not undergone substantial changes. The results of the work partially respond to the initial question, but provide a base from which to further study in this field of research

Introduzione

Introduzion

Destini incrociati per le fabbriche detentive storiche dismesse

The reuse of historical penitentiary architecture is an indispensable measure to guarantee its preservation. This leads to answers that are often difficult to reconcile with the principles of conservation. In fact, although it is possible of referring to the exception, it is essential to confront the reasons invoked by European legislation, which often lead to putting technical-functional reasons before the values of history and memory. In this context there are also reasons of an economic and profit-making nature, the latter often facilitated by actions of spectacularisation of spaces. Moreover, this generates the compromise of their typological, formal, structural, distributive characteristics (specific to single buildings, also in relation to the dialogue they have with the city). They usually manage to resist this condition, thanks to their nature as monuments, especially if reinforced by seriality, regularity and symmetry.Starting from the assumption that, as Oswald Mathias Ungers states, every realisation must never "give up an idea", and in accordance with the thought on "critical modification" expressed by Vittorio Gregotti, the study interprets historical prisons according to a principle of continuity in time and space, and recognises in reuse the unavoidable interrelationships between past, present and future. The methodological path adopted for the definition of project scenarios for disused prisons in the Sardinian context included, as a starting point, the results that emerged from various disciplinary investigations from close or apparently distant fields. The project proposals, read from a comparative approach, highlight the need for three aspects: the relationship between Architecture and the City, the choice of appropriate functions and respect for the original architectural and typological aspects.Il riuso dell’architettura carceraria storica si presenta come azione indispensabile a garantirne la salvaguardia, trovandosi però a dare risposte a questioni che spesso sono difficilmente conciliabili con i principi della conservazione. Infatti, nonostante sia possibile appellarsi alla deroga, diventa imprescindibile il confronto con le ragioni performative, richiamate dalla normativa europea, che spesso conducono ad anteporre le ragioni tecnico-funzionali ai valori di storia e di memoria. In tale contesto sopraggiungono anche ragioni di natura economica e di profitto, quest’ultimo spesso facilitato da azioni di spettacolarizzazione degli spazi. Inoltre, in riferimento a queste strutture, solitamente riconducibili a modelli, ciò genera, la compromissione dei loro caratteri, tipologici, formali, strutturali, distributivi (appartenenti ai singoli manufatti, anche in relazione al dialogo che essi intrattengono con la città), a cui solitamente riescono a resistere, grazie al loro natura monumentale, soprattutto qualora essa sia rafforzata da serialità, regolarità e simmetria.Lo studio, partendo dal presupposto che, come afferma Oswald Mathias Ungers, ogni realizzazione non debba mai “rinunciare a un’idea”, e in accordo con il pensiero sulla “modificazione critica” espresso da Vittorio Gregotti, interpreta questi contesti secondo un principio di continuità nel tempo e nello spazio, e riconoscere nell’azione di riuso le imprescindibili interrelazioni tra passato, presente e futuro.Il percorso metodologico seguito per la definizione di scenari di progetto riferiti alle fabbriche dismesse presenti nel contesto sardo, ha considerato come punto di partenza i risultati emersi da diversi affondi disciplinari, tutti guidati da un’unità di intenti, a cui si è scelto di aggiungere esplorazioni altre, afferenti a mondi apparentemente distanti tra loro. Le proposte di intervento, lette secondo un approccio comparativo, hanno permesso di mettere in luce la necessità di tre aspetti, quali la relazione tra Architettura e Città, la scelta di funzioni appropriate e il rispetto degli architettonici e tipologici fondativi. Ciò, rifuggendo da un approccio che consideri la generalità del concetto di ripetizione, a favore di una differenza che dia ragione alle attenzioni che il riuso deve saper offrire alle singolarità della fabbrica, nel rispetto dei suoi valori di storia, di bellezza e di memoria.

Improved Zn-based coatings for ipersandelin steel products

The protection of iron-based alloy products against corrosion is fundamental to preserve their mechanical properties in aggressive environments. Hot-dip galvanizing process represents one of the most used techniques to make protective coatings for such products. In order to improve both mechanical and chemical properties of coating, metallic elements may be added to the traditional zinc bath. In the present paper, two types of improved zinc-based coating are proposed: (i) A coating obtained employing a tin addition (3% in weight); (ii) A coating obtained employing aluminium (5% in weight), tin (1% in weight) and copper (0.5% in weight) additions. Firstly, the performance of such two types of coatings is experimentally investigated through bending tests on ipersandelin steel plate specimens, treated through different bath dipping times. The intermetallic phase thicknesses of coatings are measured for each dipping time, in order to evaluate the kinetic formation. Then, a Finite Element (FE) model is proposed in order to simulate the bending behaviour of the above specimens, both employing the measured phase thickness and implementing the loading and boundary conditions of the experimental tests. A numerical non-linear static analysis is performed. A quite satisfactory agreement between experimental and numerical results is observed, especially under plastic behaviour regime

Mechanical behaviour and phase transition mechanisms of a shape memory alloy by means of a novel analytical model

The aim of the present paper is to examine both the fatigue behaviour and the phase transition mechanisms of an equiatomic pseudo-elastic NiTi Shape Memory Alloy through cyclic tests (up to 100 loading cycles). More precisely, miniaturised dog-bone specimens are tested by using a customised testing machine and the contents of both austenite and martensite phase are experimentally measured by means of X-Ray diffraction (XRD) analyses. On the basis of such experimental results in terms of martensite content, an analytical model is here formulated to correlate the stress-strain relationship to the phase transition mechanisms. Finally, a validation of the present model by means of experimental data pertaining the stress-strain relationship is performed

Yield and grape quality of three red grapevine cultivars (Vitis vinifera L.) in relation to altimetry

Environment has a great impact on berry composition. In this context we investigated the quality of extremely widespread grape varieties in Sardinia, cvs. Cannonau, Bovale sardo and Monica, cultivated at different altitudes. The work was conducted in a two-year period in two vineyards located respectively at 500 and 700 meters above sea level. Viticultural model and cultivation practices were the same for both vineyards. The following measurements were noted: (i) main phenological phases, (ii) yield and its components, (iii) must quality from veraison to harvest, and (iv) anthocyanin qualitative profiles at harvest. At higher altitude the phenological phases are delayed. Yield was not statistically influenced by altitude. The ripening of the main technological parameters, although similar among the vineyards, suggests that the effects of the different altitude are clear, but they vary according to year and are cultivar dependent. In cv. Cannonau, higher altitude promoted higher total soluble solids. The extractable anthocyanins were not influenced by altitude, although in all tested varieties the higher altitude favored a decrease in the ratio between non-acylated and acylated anthocyanins