The liquidity of dual-listed corporate bonds: empirical evidence from Italian markets

We compute some indicators (zero-trade, turnover ratio, Amihud price impact, and Roll bid-ask spread) to examine the liquidity conditions of corporate bonds traded on the main Italian retail bond markets from January 2010 to June 2013. In order to compare market liquidity for identical securities, our analysis focuses on fragmented bonds, i.e. bonds traded concurrently on two different venues: either DomesticMOT and EuroTLX, or ExtraMOT and EuroTLX. As for bonds traded on DomesticMOT and EuroTLX, the Amihud and the Roll statistics suggest EuroTLX being more liquid. Moreover, irrespective of the trading venue, on average bank bonds are less liquid than bonds issued by non-financial companies, especially from 2011 due to the impact of the sovereign debt crisis. With regard to bonds traded across ExtraMOT and EuroTLX, the latter is characterized by better liquidity conditions, with bank bonds being more liquid than non-financial ones. Furthermore, we find evidence of better liquidity figures for Italian bonds (nationality), structured bonds (complexity), and securities with greater minimum trading size (MTS). We also find that bonds’ features (issuers’ nationality and industry; bonds’ residual maturity, complexity, rating, etc…) affect liquidity differently depending upon the trading venue, thus supporting the view that market microstructure may play a relevant role. Finally, we investigate the effect of fragmentation by comparing the liquidity of dual-listed bank bonds fragmented across DomesticMOT and EuroTLX with otherwise similar bank bonds traded exclusively on DomesticMOT. Italian fragmented bank bonds turn out to be slightly more liquid than similar Italian bonds traded exclusively on DomesticMOT; whereas, the opposite holds for foreign bank bonds. However, overall there is not a clear-cut evidence on the effect of fragmentation on bond liquidity, probably because it is intertwined with bonds’ attributes, such as the issue size (in our sample, higher for the Italian bank bonds)

The liquidity of dual-listed corporate bonds: empirical evidence from Italian markets

We compute some indicators (zero-trade, turnover ratio, Amihud price impact, and Roll bid-ask spread) to examine the liquidity conditions of corporate bonds traded on the main Italian retail bond markets from January 2010 to June 2013. In order to compare market liquidity for identical securities, our analysis focuses on fragmented bonds, i.e. bonds traded concurrently on two different venues: either DomesticMOT and EuroTLX, or ExtraMOT and EuroTLX. As for bonds traded on DomesticMOT and EuroTLX, the Amihud and the Roll statistics suggest EuroTLX being more liquid. Moreover, irrespective of the trading venue, on average bank bonds are less liquid than bonds issued by non-financial companies, especially from 2011 due to the impact of the sovereign debt crisis. With regard to bonds traded across ExtraMOT and EuroTLX, the latter is characterized by better liquidity conditions, with bank bonds being more liquid than non-financial ones. Furthermore, we find evidence of better liquidity figures for Italian bonds (nationality), structured bonds (complexity), and securities with greater minimum trading size (MTS). We also find that bonds’ features (issuers’ nationality and industry; bonds’ residual maturity, complexity, rating, etc…) affect liquidity differently depending upon the trading venue, thus supporting the view that market microstructure may play a relevant role. Finally, we investigate the effect of fragmentation by comparing the liquidity of dual-listed bank bonds fragmented across DomesticMOT and EuroTLX with otherwise similar bank bonds traded exclusively on DomesticMOT. Italian fragmented bank bonds turn out to be slightly more liquid than similar Italian bonds traded exclusively on DomesticMOT; whereas, the opposite holds for foreign bank bonds. However, overall there is not a clear-cut evidence on the effect of fragmentation on bond liquidity, probably because it is intertwined with bonds’ attributes, such as the issue size (in our sample, higher for the Italian bank bonds)

Il corso di laurea interateneo Scienze e Tecniche Psicologiche di Sapienza e Unitelma Sapienza: MOODLE a supporto della partecipazione attiva e collaborativa

In questo contributo si descrive il corso di Laurea in Scienze e Tecniche Psicologiche erogato a partire dal 2017 da Sapienza e Unitelma Sapienza. Si tratta di un corso interamente online in cui si è deciso di integrare l’e-Learning classico con un approccio partecipativo e collaborativo, salvaguardando i punti di forza dell’uno e dell’altro modello. A tal fine, il modello poggia su tre pilastri fondamentali: progettazione teoricamente ancorata, team esperto di docenti e tutor, un Learning Management System flessibile e ricco come Moodle. Verrà quindi descritto ciascuno di questi aspetti, con particolare riferimento al modo in cui l’ambiente tecnologico ha reso possibile l’armonizzazione di didattica erogativa e partecipativa. Si riportano poi i principali dati riferiti al primo anno appena concluso, per sottolineare infine punti di forza e direzioni di sviluppo previste per l’anno in corso, a partire da ulteriori utilizzi delle risorse e attività che Moodle mette a disposizione per gestire flessibilmente un modello di e-learning puro ispirato ai principi del socio-costruttivismo

Políticas de niñez y familia en la provincia de Buenos Aires: un análisis del Sistema de Protección de Niños, Niñas y Adolescentes en PBA desde la perspectiva de los trabajadores sociales de los Servicios Locales, Zonales, ONGs y Juzgados del conurbano bonaerense

La ponencia se escribe en el marco de la información producida en el proyecto de investigación UBACyT 2014-2017: “Políticas de niñez y Familia: Transición Normativa e intervención en el campo familiar. Dilemas éticos y metodológicos” dirigido por Mg. Elías, María Felicitas. Los objetivos de la investigación implican análisis mayores, pero para esta presentación nos centramos en uno de los intereses del proyecto vinculado a "Describir las modificaciones, tensiones, avances y retrocesos del sistema de protección integral a la niñez, adolescencia y familia a la luz de las prácticas institucionales de los organismos jurisdiccionales en la Provincia de Buenos Aires y examinar las intervenciones profesionales en relación a las normativas estudiadas así como los atravesamientos ético políticos y metodológicos contemporáneos". Así, focalizando en el objetivo que se propone la descripción citada en el Sistema de Protección Integral a NNyA a la luz de las prácticas institucionales de los organismos jurisdiccionales de las regiones seleccionadas, surge esta ponencia. El trabajo presentará la caracterización del Sistema de Promoción y Protección de la Provincia de Buenos Aires durante el periodo 2014-2015.Eje 4: Balances y perspectivas sobre las políticas públicas en la región. Sus impactos en la desigualdad, la construcción de derechos y constitución de sujetos.Facultad de Trabajo Socia

Políticas de niñez y familia en la provincia de Buenos Aires: un análisis del Sistema de Protección de Niños, Niñas y Adolescentes en PBA desde la perspectiva de los trabajadores sociales de los Servicios Locales, Zonales, ONGs y Juzgados del conurbano bonaerense

La ponencia se escribe en el marco de la información producida en el proyecto de investigación UBACyT 2014-2017: “Políticas de niñez y Familia: Transición Normativa e intervención en el campo familiar. Dilemas éticos y metodológicos” dirigido por Mg. Elías, María Felicitas. Los objetivos de la investigación implican análisis mayores, pero para esta presentación nos centramos en uno de los intereses del proyecto vinculado a "Describir las modificaciones, tensiones, avances y retrocesos del sistema de protección integral a la niñez, adolescencia y familia a la luz de las prácticas institucionales de los organismos jurisdiccionales en la Provincia de Buenos Aires y examinar las intervenciones profesionales en relación a las normativas estudiadas así como los atravesamientos ético políticos y metodológicos contemporáneos". Así, focalizando en el objetivo que se propone la descripción citada en el Sistema de Protección Integral a NNyA a la luz de las prácticas institucionales de los organismos jurisdiccionales de las regiones seleccionadas, surge esta ponencia. El trabajo presentará la caracterización del Sistema de Promoción y Protección de la Provincia de Buenos Aires durante el periodo 2014-2015.Eje 4: Balances y perspectivas sobre las políticas públicas en la región. Sus impactos en la desigualdad, la construcción de derechos y constitución de sujetos.Facultad de Trabajo Socia

Management models applied to the human-wolf conflict in agro-forestry-pastoral territories of two italian protected areas and one spanish game area

Our work shows that, despite the persistence of persecutory actions, conservation activity has proved successful for the return of numerous wild mammals to different habitats, including the wolf. The human-wolf conflict is still described in all countries where the wolf is present. This is evidenced by the high number of damages on livestock, and the corpses of wolves found both in protected areas and in those where hunting is permitted. The diagnosis of road accidents, together with poisoning and poaching, are major causes of mortality. Although hunting records the highest percentage of kills in Spain, the demographic stability reported by the censuses suggests that this activity does not have a consistent influence on the Iberian wolf population’s survival. In Italy, where wolf hunting is prohibited, wolf populations are to be increasing. In some Italian situations, wolf attacks on horses seem to cause unwanted damage to foals, but they represent a very precious source of information about the habits of carnivores. A simple management plan would be sufficient to help the coexistence between the productive parts and the ecosystem services ensured by the presence of the wolf. The presence of hybrids is a negative factor

Políticas de niñez y familia en la provincia de Buenos Aires: un análisis del Sistema de Protección de Niños, Niñas y Adolescentes en PBA desde la perspectiva de los trabajadores sociales de los Servicios Locales, Zonales, ONGs y Juzgados del conurbano bonaerense

La ponencia se escribe en el marco de la información producida en el proyecto de investigación UBACyT 2014-2017: “Políticas de niñez y Familia: Transición Normativa e intervención en el campo familiar. Dilemas éticos y metodológicos” dirigido por Mg. Elías, María Felicitas. Los objetivos de la investigación implican análisis mayores, pero para esta presentación nos centramos en uno de los intereses del proyecto vinculado a "Describir las modificaciones, tensiones, avances y retrocesos del sistema de protección integral a la niñez, adolescencia y familia a la luz de las prácticas institucionales de los organismos jurisdiccionales en la Provincia de Buenos Aires y examinar las intervenciones profesionales en relación a las normativas estudiadas así como los atravesamientos ético políticos y metodológicos contemporáneos". Así, focalizando en el objetivo que se propone la descripción citada en el Sistema de Protección Integral a NNyA a la luz de las prácticas institucionales de los organismos jurisdiccionales de las regiones seleccionadas, surge esta ponencia. El trabajo presentará la caracterización del Sistema de Promoción y Protección de la Provincia de Buenos Aires durante el periodo 2014-2015.Eje 4: Balances y perspectivas sobre las políticas públicas en la región. Sus impactos en la desigualdad, la construcción de derechos y constitución de sujetos.Facultad de Trabajo Socia

Management Models Applied to the Human-Wolf Conflict in Agro-Forestry-Pastoral Territories of Two Italian Protected Areas and One Spanish Game Area

[EN]Our work shows that, despite the persistence of persecutory actions, conservation activity has proved successful for the return of numerous wild mammals to different habitats, including the wolf. The human-wolf conflict is still described in all countries where the wolf is present. This is evidenced by the high number of damages on livestock, and the corpses of wolves found both in protected areas and in those where hunting is permitted. The diagnosis of road accidents, together with poisoning and poaching, are major causes of mortality. Although hunting records the highest percentage of kills in Spain, the demographic stability reported by the censuses suggests that this activity does not have a consistent influence on the Iberian wolf population’s survival. In Italy, where wolf hunting is prohibited, wolf populations are to be increasing. In some Italian situations, wolf attacks on horses seem to cause unwanted damage to foals, but they represent a very precious source of information about the habits of carnivores. A simple management plan would be sufficient to help the coexistence between the productive parts and the ecosystem services ensured by the presence of the wolf. The presence of hybrids is a negative factor.S