The Accounting Network: how financial institutions react to systemic crisis

The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis

Note of the COASTAL AND MARINE GEOMORPHOLOGICAL MAP Island of San Pietro (SW Sardinia) Scale 1:25.000

Nel presente lavoro vengono descritti i caratteri geomorfologici e strutturali dell’area marina ed insulare dell'Isola di San Pietro (Sardegna SW). Nonostante la limitata estensione, di poco più di 50 km2 di superficie, l’Isola è caratterizzata da una elevata geodiversità, legata alla presenza di numerose formazioni e ben riconoscibili tipi di rocce vulcaniche, laviche (rioliti, ignimbriti, ignimbriti riolitiche, comenditi, diaspri, ecc.) e tufacee (tufi, piroclastiti cineriti, cineriti pomicee, ocre rosse e gialle), riferibili al ciclo calcoalcalino oligo-miocenico. I processi geomorfologici legati alle acque, all’alterazione meteorica, al vento ed alla dinamica litorale hanno generato forme interne (tafoni, sculture alveolari, drappeggi, forme a fungo, valli sospese, ecc.) e soprattutto costiere (insenature a rias, scogliere, isolotti, colonne e pinnacoli, grotte costiere), talora dai connotati spettacolari quali duomi (Capo Sandalo, Cala Fico, ecc.), mineralizzazioni manganesifere, strutture di flusso (lave commenditiche di Bricco di Nasca e Montagna di Ravenna), convolute (lave commenditiche di Cala Fico) e fessurazioni colonnari. Dettagliate ricerche sul campo e analisi di laboratorio condotte utilizzando le fotografie aeree, le ortofotocarte e le immagini satellitari, hanno permesso di esaminare e classificare le morfologie riconducibili ai processi geomorfologici associati all'azione degli agenti esogeni e delle forze endogene. L’interpretazione geologico-geomorfologica del settore marino è stata condotta principalmente attraverso lo studio dei dati Side Scan Sonar supportati dalle osservazioni dirette effettuate durante i rilievi in immersione. Per le aree pericostiere (tra 0 e -15 m) sono stati analizzati i fotogrammi e le immagini satellitari di recente acquisizione. Tale procedura, associata alle osservazioni dirette raccolte in immersione, ha consentito di determinare la litologia degli affioramenti rocciosi sommersi, di ricostruire i limiti tra litotipi differenti, di rilevare le evidenze di lineamenti tettonici, di rilevare lo stato evolutivo delle forme del rilievo costiero e sottomarino, di rilevare le principali facies sedimentarie e di riconoscere evidenze di stazionamento del livello marino (paleolinee di riva). I rilievi e le verifiche in immersione sono stati finalizzati alla validazione delle ipotesi interpretative dei dati geofisici Side Scan Sonar. Le attività di interpretazione sono state condotte in ambiente CAD e GIS mentre la restituzione finale è stata ottenuta tramite software di grafica vettoriale.The Island of San Pietro, situated on the SW coast of Sardinia, covers an area of roughly 51 square kilometres. Geologically, the island is composed almost entirely of volcanic rock, with minor outcrops of Tyrrhenian fossil-bearing sandy conglomerates, of eolian sandstones, ancient and recent alluvial deposits, dunal sands and sediments deposited in palustrine and marshy environments. In spite of its small size, the island boasts a wealth of geodiversity, with the occurrence of a variety of effusive magmatic rocks formed during the Oligo-Miocene volcanic cycle that affected the whole of Sardinia. During this cycle numerous units were emplaced as well as various, easily distinguishable types of volcanic rocks, namely lava (rhyolite, rhyolitic ignimbrite, comendite, retinite, diaspore, etc.) and tuff (tuff, pyroclastite, cinerite, pumiceous cinerite, red and yellow ochre), sometimes with spectacular domes (for instance at Capo Sandalo and Cala Fico) manganese bearing mineralizations, emission centres, lava flow surface structures (comendite lava at Bricco di Nasca and Montagna di Ravenna), convolute flow structures (comendite lava at Cala Fico) and spectacular columnar fracturing. Detailed field surveys and laboratory investigations conducted using aerial photographs, orthophotographs and satellite images allowed to examine and classify those landforms attributable to geomorphological processes associated with water, weathering, wind and coastal dynamics. The marine environment was geologically-geomorphologically interpreted chiefly by examining the Side Scan Sonar data, supplemented with direct observations during underwater surveys. For the pericoastal areas (between 0 and -15 m), photograms and recently acquired satellite imagery were analysed. Side scan sonograms together with direct underwater observations were used to determine lithology of submerged rock outcrops, to reconstruct boundaries between different rock types, to detect evidence of tectonic lines, to determine the evolution of coastal and underwater relief forms, to identify the main sedimentary facies and evidence of sea level stand (palaeo shore line). Interpretive hypothesis of the side scan sonar data were validated by means of underwater surveys. Data from land and sea surveys were interpreted in CAD and GIS environments, while final rendering was obtained using vector graphics software

Binge-like administration of alcohol mixed to energy drinks to male adolescent rats severely impacts on mesocortical dopaminergic function in adulthood: A behavioral, neurochemical and electrophysiological study

A growing body of evidence indicates that the practice of consuming alcohol mixed with energy drinks (ED) (AMED) in a binge drinking pattern is significantly diffusing among the adolescent population. This behavior, aimed at increasing the intake of alcohol, raises serious concerns about its long-term effects. Epidemiological studies suggest that AMED consumption might increase vulnerability to alcohol abuse and have a gating effect on the use of illicit drugs. The medial prefrontal cortex (mPFC) is involved in the modulation of the reinforcing effects of alcohol and of impulsive behavior and plays a key role in the development of addiction. In our study, we used a binge-like protocol of administration of alcohol, ED, or AMED in male adolescent rats, to mimic the binge-like intake behavior observed in humans, in order to evaluate whether these treatments could differentially affect the function of mesocortical dopaminergic neurons in adulthood. We did so by measuring: i) physiological sensorimotor gating; ii) voluntary alcohol consumption and dopamine transmission before, during, and after presentation of alcohol; iii) electrophysiological activity of VTA dopaminergic neurons and their sensitivity to a challenge with alcohol. Our results indicate that exposure to alcohol, ED, or AMED during adolescence induces differential adaptive changes in the function of mesocortical dopaminergic neurons and, in particular, that AMED exposure decreases their sensitivity to external stimuli, possibly laying the foundation for the altered behaviors observed in adulthood

Dinamica sedimentaria dei fondali delle Bocche di Bonifacio (Sardegna settentrionale-Corsica meridionale)

This paper shows the results of “Bocche di Bonifacio” continental shelf mapping obtained by analyzing data collected during the oceanographic cruise "Bocche 2003" (Project “Geologia e geomorfologia terrestre e marina dell’insieme Corsica-Sardegna e della Toscana e applicazioni” - PIC- INTERREG III – Italia –Francia- Isole Sardegna – Corsica e Toscana, Asse 3 – Scambi transfrontalieri; Misura 3/1 scambi e cooperazione nel campo della ricerca). During the oceanographic cruise, performed aboard of the N \ O Universitatis, Multibeam, Side Scan Sonar and GeoChirp data were obtained. Moreover surface samples of mobile sediment, within depressions between -50 and -115 m, were collected. The analysis of both Side Scan Sonar sonograms mosaic and ultrasound paths, allowed us to perform a chronological and detailed mapping of various substrates highlighting the presence of complex bedforms associations. These bedforms associations are typical of continental shelf environment affected by high flow rate currents, both mono or bidirectional. Integrated digital data analysis associated to sedimentological study of sampled sediments, performed in a GIS environment, allowed to identify, in relation to the range time of the data acquisition, the directions of sediment movements on the seabed and the propagation sense of bedforms. Locally, it was found that the bedforms of mobile bottoms are still active and they persist for more than a decade. The path of currents circulation, during the acquisition data time, revealed the existence in the Bocche di Bonifacio channel of bottom currents flows westward, opposed to the prevailing flows of sea surface

Monitoraggio e gestione dei litorali

Abstrac