Emotions, moods and hyperreality: social media and the stock market during the first phase of COVID-19 pandemic

Purpose: This paper aims to expand the emerging literature on COVID-19 and the financial markets by searching for a relationship between the uncertainty of the first phase of the COVID-19 pandemic experienced through social media and the extreme volatility of the Italian stock market. Design/methodology/approach: The authors analyze the relationship between social media and stock market trends during the first phase of the COVID-19 pandemic through the lens of social theory and Baudrillard's simulacra and hyperreality theory. The authors conducted the data analysis in two phases: the emotional and Granger correlation analysis by using the KPI6 software to analyze 3,275,588 tweets for the predominant emotion on each day and observe its relationship with the stock market. Findings: The research results show a significant Granger causality relation between tweets on a particular day and the closing price of the FTSE MIB during the first phase of the COVID-19 epidemic. The results highlight a strong relationship between social media hyperreality and the real world. The study confirms the role of social media in predicting stock market volatility. Research limitations/implications: The findings have theoretical and practical implications as they reveal the relevance of social media in our society and its relationship with businesses and economies. In an emergency, social media, as an expression of users' feelings and emotions, can generate a state of hyperreality that is strong correlated with reality. Since social media allows users to publish and share messages without any filter and mediation, the hyperreality generated is affected by highly subjective elements. Originality/value: This research is different from the previous ones on the same topic because unlike previous studies, conducted under normal or simulated scenarios, this study is focused on the first phase of an unpredictable and unforeseen emergency event: the COVID-19 pandemic. This research adopts a multidisciplinary approach and integrates previous studies on the economic and financial effects generated by social media by applying well-known theories to a new and unexplored context. The study reveals the significant impact generated by social media on stock markets during a global pandemic

Introduzione di un nuovo tool informatico nel processo operativo di Project Management di un industria del settore Oil&Gas

La presente tesi descrive l’attività svolta durante uno stage della durata di sei mesi presso il dipartimento di Project Management di Nuovo Pignone, azienda di punta del gruppo GE Oil&Gas, multinazionale leader nella produzione e installazione di turbomacchine per impianti dell’industria petrolifera. Il candidato è stato inserito nel team Transportation&GTL, dove si gestiscono tutti i progetti LNG (Liquefied Natural Gas), GTL (Gas To Liquids) e Pipeline (installazione gasdotti), affinché: • seguisse e supportasse l’introduzione nel gruppo di un nuovo strumento operativo rappresentato da un tool informatico, denominato Sales Plan Tool, per la gestione informatizzata delle commesse e dei relativi piani di vendita. • fornisse un supporto al responsabile del team, il PM Leader, nell’analisi dei dati economico-finanziari ed operativi (margine di contribuzione, vendite, cash flow, fatturazioni) per la gestione ordinaria del business e per il supporto alle decisioni di indirizzo strategico del gruppo, tramite l’elaborazione settimanale di un Book costituito da vari documenti relativi ai principali parametri di gestione. La tesi mette quindi in evidenza il ruolo assunto dal Sales Plan Tool nel processo operativo quotidiano dei PM, valutandone la portata innovativa e mettendone in evidenza pregi, limiti e potenzialità per sviluppi e miglioramenti futuri. Le informazioni inserite dai PM nel data base si sono rivelate di grande importanza per una molteplicità di utenti appartenenti alle funzioni aziendali che collaborano con il gruppo di Project Management ed il tool è diventato così un punto di riferimento per tutti, non solo a livello operativo ma anche a livello strategico per i vertici aziendali

On the possible tools for the prevention of non-performing loans. A case study of an Italian bank

This work analyses the contribution of an Information Systems (IS) to the implementation of credit monitoring as a new integrated process to prevent non-performing loans in a small bank. The study focuses on the process of active monitoring of the entire credit portfolio, aimed at guiding the best migration between risk classes. This is understood as a set of integrated activities, in which the quality of information becomes a major determinant of the outcome. Such tools support risk management in the decision-making process and aiding performance evaluation. The purpose of this work is to highlight the possibility of an IS to support this new integrated process of credit monitoring, providing increasingly reliable data, availability on demand and real-time information

“Integrated” Public Groups: Insights on Boundaries and Divestment Opportunities

This paper analyses recent tendencies of managing public real estate and public stake-holdings in a sample of Italian municipalities. The data, retrieved from the Italian Ministry of Interior (Central Department of Local Finances), has been analysed to understand if the local public group, intended in a wider sense and including both subsidiaries and real estate property, is changed over time, in terms of size and composition. The first results show that there has not been adequate divestment to postulate on a general reduction of the boundaries of the “Integrated” Public Groups

I patti parasociali nel diritto internazionale privato

La legge 31 maggio 1995 n. 218 non stabilisce una disposizione ad hoc in merito ai patti parasociali, motivo per cui l'interprete non può far altro che ricondurre tale fattispecie nell'ambito di una norma di conflitto esistente in grado di ricomprendere il fenomeno in questione, pur non essendo stata per esso pensata. La figura degli accordi parasociali si caratterizza, da un lato, per il principio dell'autonomia privata e, dall'altro, per il collegamento con il rapporto sociale. Questa constatazione porta a prospettare la possibilità di ricorrere a due criteri di collegamento. Dovranno essere disegnati i limiti di operatività ratione materiae della lex societatis così come della lex contractus al fine di individuare quale sia il diritto materiale applicabile ad una fattispecie dai contorni così sfumati. La separazione dalla struttura strettamente societaria e il carattere negoziale pongono l'interrogativo della regolamentazione di tali patti nell'ambito della norma che disciplina le obbligazioni contrattuali. La questione ampiamente discussa relativa alla possibilità di ricondurre la categoria dei patti parasociali nell'ambito della lex contractus non può prescindere da una previa disamina delle disposizioni normative in materia e da un'indagine sulla derogabilità delle stesse. L'art. 57 della legge 31 maggio 1995 n. 218 stabilisce che le obbligazioni contrattuali sono in ogni caso regolate dalla Convenzione di Roma del 19 giugno 1980 resa esecutiva con la legge 18 dicembre 1984 n. 975. Così viene posto un ponte che va dal sistema di diritto internazionale privato italiano alla Convenzione di Roma sulla legge applicabile alle obbligazioni contrattuali. Nonostante la formulazione ampia dell'art 57, la Convenzione cui si rinvia non è applicabile de plano ma necessita di una valutazione ponderata sul caso concreto. L'art. 1 par. 1 della Convenzione delimita il campo di applicazione alle obbligazioni contrattuali nelle situazioni che implicano un conflitto di leggi e il paragrafo 2 contiene un'elencazione lunga ed analitica delle eccezioni. L'esclusione di cui alla lettera e) fa riferimento alle “questioni inerenti al diritto delle società, associazioni e persone giuridiche”. Ai nostri fini si tratta di operare uno sforzo ermeneutico volto ad individuare i margini dell'esclusione della materia societaria al fine di comprendere se la figura dei patti parasociali, almeno a certe condizioni, possa essere regolamentata dalla Convenzione e dal regolamento n. 593/2008. Seguendo un'interpretazione restrittiva dell'elencazione contenuta nell'art. 1, par, 2, lettera e) basata sul carattere di specialità di questa disposizione rispetto alla norma generale del paragrafo 1, possiamo arrivare ad ipotizzare la possibilità di “escludere dall'esclusione” determinate situazioni giuridiche inerenti al diritto delle società ma regolate in base alla lex contractus. In particolare, la categoria dei patti parasociali mal si presta ad un'esclusione aprioristica e richiede una valutazione ponderata sul caso concreto volta a verificare se il negozio dispieghi i propri effetti tra i soci uti singuli o fra socio e società, lasciando intatto l'interesse societario stricto sensu inteso

CybeRisk Management in Banks: An Italian Case Study

The financial sector is exposed to the risk of cyber-attacks like any other industrial sector. Furthermore, the topic of CybeRisk (cyber risk) has become particularly relevant given that Information Technology (IT) attacks have increased drastically in recent years, and cannot be stopped by single organizations requiring a response at international and national level. IT risk is never a matter purely for the IT manager, although he clearly plays a key role. A bank's risk management function requires a thorough understanding of the evolving risks as well as the tools and practical techniques available to address them. Upon the request of European and national legislation regarding CybeRisk in the financial system, banks are therefore called upon to strengthen the operational model for CybeRisk management. This will require an important change with a more intense collaboration with the structures that deal with information security for the development of an ad hoc system for the evaluation and control of this type of risk. The aim of the work is to propose a framework for the management and control of CybeRisk that will bridge the gap in the literature regarding the understanding and consideration of CybeRisk as an integral part of business management. The IT function has a strong relevance in the management of CybeRisk, which is perceived mainly as operational risk, but with a positive tendency on the part of risk management to the identification of CybeRisk assessment methods that are increasingly complete, quantitative and able to better describe the possible impacts on the business. The paper provides answers to the research questions: Is it possible to define a CybeRisk governance structure able to support the comparison between risk and security? How can the relationships between IT assets be integrated into a cyberisk assessment framework to guarantee a system of protection and risks control? From a methodological point of view, this research uses a case study approach. The choice of “Monte dei Paschi di Siena” was determined by the specific features of one of Italy’s biggest lenders. It is chosen to use an intensive research strategy: an in-depth study of reality. The case study methodology is an empirical approach to explore a complex and current phenomenon that develops over time. The use of cases has also the advantage of allowing the deepening of aspects concerning the "how" and "why" of contemporary events, on which the scholar has little control. The research bases on quantitative data and qualitative information obtained through semi-structured interviews of an open-ended nature and questionnaires to directors, members of the audit committee, risk, IT and compliance managers, and those responsible for internal audit function and anti-money laundering. The added value of the paper can be seen in the development of a framework based on a mapping of IT assets from which it is possible to identify their relationships for purposes of a more effective management and control of cyber risk

MICROSCOPIA A CAMPO PROSSIMO DI NANOSTRUTTURE CON DICROISMO CIRCOLARE

Near-field microscopy of circular-dichroic nanostructures Circular dichroism (CD), i.e., the response of an absorbing material to left and right-handed light polarization, is one of the most important optical properties in artificial and natural systems. CD-spectroscopy is customarily carried out in liquid samples such as solutions containing chromophores with a supra-molecular structure. Investigation of CD in solid-state samples is a very challenging task, due to the simultaneous occurrence of linear dichroism (LD) and to the need for highly sensitive and spatially-resolved optical diagnostic tools in order to detect the weak absorption from thin material layers. In this thesis, CD and LD are studied in samples consisting of porphyrin (TPPS3) nanostructures deposited onto glass through a solution casting method. In particular, nanoscopy measurements are carried out on such samples using a Scanning Near-field Optical Microscope working in the emission mode and equipped with Polarization-Modulation (PM-SNOM). Results indicate the formation of ribbon-like nanostructures, with a transverse size on the order of a few hundreds nanometers and a variable length (up to the micrometer range). Such nanostructures exhibit remarkable optical activity, as determined through polarization-modulated excitation at 473 nm and demodulation to the first and second harmonics of the transmitted signal. Results interpretation has been carried out based on a comprehensive model of the optical setup and of the material, developed within the frame of the Mueller matrix formalism. The model allows disentangling LD and CD contributions to the optical activity, which are demonstrated to be related to different harmonic components. Moreover, an evaluation of the relevant dichroic coefficients has been made. The work demonstrates the abilities of PM-SNOM for sensitive and spatially-resolved detection of the optical activity at the nanoscale in solid-state nanostructure

SOCIAL REPORTING PRACTICES IN ITALIAN PUBLIC SECTOR: AN EXPLORATORY STUDY

This paper should be seen in the broad research field that analyses the impact of ICTs on public accountability reports with the objective of understanding whether the institutional websites of public administrations are qualifying and privileged carriers for social reporting and which models they use to draw up their documents. Our analysis refers to the public entities of the Italian regional capital cities that provide the highest number of services for their local communities: municipalities and hospitals. Our research assumption is that, for larger-sized public entities, websites should be the main channel used to meet the accountability expectations of stakeholders, and therefore they are the place where the highest degree of sensitivity to reporting should be observed. The empirical analysis revealed that the approaches to social reporting differ significantly in terms of formal structure, content and communication strength. The analysis seems to suggest that the awareness of the importance of social reporting is still rather scarce, occasional and, in many cases, detached from the criteria set for public accountability processe

Influence of skin-layer microstructure in ultrafast laser surface treatment

In this work, the morphology of AISI 316L stainless steel surfaces, textured with ultrafast laser machining, was studied by scanning probe microscopy. In particular, correlations between the morphology and the polycrystalline microstructure of the material were searched. Topographic maps of the treated surfaces revealed a transition from small-sized to larger size and rather irregular features, driven by increase in laser fluence and depending on process parameters. In addition, a metrological analysis of the material grains demonstrated a shape and size similarity with laser-induced features attained for certain process parameters, suggesting that surface texture turns influenced by the microstructure of the skin-layer

Influence of ns laser texturing of AISI 316L surfaces for reducing bacterial adhesion

Nanosecond pulsed laser texturing has been performed on stainless steel with the objective of developing surface treatments to reduce bacterial adhesion on mechanical components in food handling machinery. The adhesion of Escherichia coli (E. coli) on four distinct textures has been investigated with standardised protocols for measurement of antibacterial performance. Surface morphology has been studied in detail for each texture to ascertain the presence of hierarchical structures and determine the role of topography in reducing bacterial adhesion. Despite the absence of sub-micrometric features comparable with bacterial size, this work highlights the crucial role that nanosecond pulsed laser irradiation plays in promoting a thin layer of iron oxide that reduces E. coli adhesion through local repulsive electrostatic interactions