This dissertation concentrate on the mortgage securitization and its credit risk, which are criticized as the main causes of the financial crisis. From the point of the veiw of mortgage's evolution, the nature, structure and function of mortgage has been radically changed, yet the mortgage law did not give appropriate response to this market change. Meanwhile, the U.S legilslations facilitating the mortgage securitization also have rotten the legal foundations for mortgage market self-regulation and sustained development. In contrast, the EU covered bond system has kept financial stability for 200 years' time, and their statutory approach has been proved to be able to control the credit risk and incentive problems very well, in combination of market self-regulation and public regulation. So the future reform should be directed to strengthen the market's capacity of self-regulation and improve the public regulation. For the development of mortgage securitization in China, it is suggested to introduce the EU covered bond system for the reason of the equilibrium between funding efficiency and financial stability.

Weak lensing experiments such as the future ESA-accepted mission Euclid aim to measure cosmological parameters with unprecedented accuracy. It is important to assess the precision that can be obtained in these measurements by applying analysis software on mock images that contain many sources of noise present in the real data. In this Thesis, we show a method to perform simulations of observations, that produce realistic images of the sky according to characteristics of the instrument and of the survey. We then use these images to test the performances of the Euclid mission. In particular, we concentrate on the precision of the photometric redshift measurements, which are key data to perform cosmic shear tomography. We calculate the fraction of the total observed sample that must be discarded to reach the required level of precision, that is equal to 0.05(1+z) for a galaxy with measured redshift z, with different ancillary ground-based observations. The results highlight the importance of u-band observations, especially to discriminate between low (z < 0.5) and high (z ~ 3) redshifts, and the need for good observing sites, with seeing FWHM < 1. arcsec. We then construct an optimal filter to detect galaxy clusters through photometric catalogues of galaxies, and we test it on the COSMOS field, obtaining 27 lensing-confirmed detections. Applying this algorithm on mock Euclid data, we verify the possibility to detect clusters with mass above 10^14.2 solar masses with a low rate of false detections.

The goal of this dissertation is to use statistical tools to analyze specific financial risks that have played dominant roles in the US financial crisis of 2008-2009. The first risk relates to the level of aggregate stress in the financial markets. I estimate the impact of financial stress on economic activity and monetary policy using structural VAR analysis. The second set of risks concerns the US housing market. There are in fact two prominent risks associated with a US mortgage, as borrowers can both prepay or default on a mortgage. I test the existence of unobservable heterogeneity in the borrower's decision to default or prepay on his mortgage by estimating a multinomial logit model with borrower-specific random coefficients.

Background: Circulating tumor cells (CTCs) and circulating free plasma DNA (FPDNA) have been proposed as biomarkers predictive of outcome and response to therapy in solid tumors. We investigated the multiple associations of the presence of CTC and the levels of FPDNA with the outcome and/or the response to chemotherapy in patients with localized breast cancer (LBC), metastatic breast cancer (MBC) and advanced ovarian cancer (AOC). Experimental Design: Blood samples were collected before (baseline), during and after therapy in 40 LBC and 50 AOC patients treated with neo-adjuvant chemotherapy. In 20 MBC patients blood was sampled at baseline and every each cycle of adjuvant chemotherapy. Real time PCR was applied to quantify FPDNA using the Quantifiler Human Quantification kit and CTCs through the detection of tumor-cell specific mRNA levels with or without epithelial enrichment. Results: At baseline CTCs were detected in 90% MBC, 42.5% LBC and 33% AOC patients respectively. The presence of baseline CTC was significantly associated with shorter overall survival (OS) in MBC and AOC patients, and shorter progression free survival (PFS) in LBC patients. Presence of CTCs at the end of neo-adjuvant chemotherapy was detected in 42% LBC and 18% AOC patients and was associated with shorter PFS and OS only in LBC. Increased FPDNA levels at baseline were found in 65% MBC, 17.5% LBC and 76% AOC patients but never related to OS. Baseline FPDNA high levels were associated with shorter PFS only in LBC patients. High FPDNA levels after neo-adjuvant chemotherapy were detected in 57% LBC and 48% AOC patients. Increased FPDNA after neo-adjuvant was associated with response to therapy and shorter PFS in AOC patients. Conclusions: Detection of CTCs may represent a prognostic and predictive biomarker in LBC, MBC and AOC. Quantification of FPDNA could be useful for monitoring response to therapy in AOC patients.

L’acquifero freatico costiero ravennate è intensamente salinizzato fino a diversi km nell’entroterra. Il corpo dell’acquifero è formato da sabbie che poggiano su un substrato argilloso ad una profondità media di 25 m, i depositi affioranti sono sabbie e argille. Il lavoro svolto consiste in una caratterizzazione dello stato di salinizzazione con metodologie indirette (geoelettrica) e metodologie dirette (letture dei parametri fisici delle acque in pozzo). I sondaggi elettrici verticali (V.E.S.) mostrano stagionalità dovuta alle differenti quantità di pioggia e quindi di ricarica, le aree con depositi superficiali ad alta conducibilità idraulica (sabbie) hanno una lente d’acqua dolce compresa tra 0,1 e 2,25 m di spessore, al di sotto della quale troviamo una zona di mescolamento con spessori che vanno da 1,00 a 12,00 m, mentre quando in superficie abbiamo depositi a bassa conducibilità idraulica (limi sabbiosi e argille sabbiose) la lente d’acqua dolce scompare e la zona di mescolamento è sottile. Le misure dirette in pozzo mostrano una profondità della tavola d’acqua quasi ovunque sotto il livello del mare in entrambi i mesi monitorati, Giugno e Dicembre 2010, presentando una profondità leggermente maggiore nel mese di Dicembre. Dalla ricostruzione litologica risulta un acquifero composto da 4×109 m3 di sabbia, per cui ipotizzando una porosità media del 30% sono presenti 1,2×109 m3 di acqua. Dalla modellazione numerica (Modflow-SEAWAT 2000) risulta che l’origine dell’acqua salata che si trova in falda trova più facilmente spiegazione ipotizzando la sua presenza fin dalla formazione dell’acquifero, residuo delle acque marine che regredivano. Un’altra problematica analizzata è valutare l’applicazione della metodologia a minifiltri in uno studio sulla salinizzazione delle acque di falda. É stata implementata la costruzione di un transetto sperimentale, che ha permesso la mappatura dell’interfaccia acqua dolce/salmastra/salata con una precisione finora non raggiungibile. / The coastal phreatic aquifer of the Ravenna province is salinized up to several kilometers inland. The aquifer is mostly made up of sand and overlays a clay substrate at an average 25 m depth. A characterization of the salinization has been carried out with indirect methods (Geoelectrical method) and direct methods (Physical parameters measurements of groundwater in wells). The vertical electrical sounding (V.E.S.) method shows a seasonality of the salinization of the water due to a different rainfall rate in time, furthermore, where the top of the aquifer has a high hydraulic conductivity (sand) there are freshwater lenses (between 0.1 and 2.25 m in thickness) floating on saltwater and a thick mixing zone (between 1.00 and 12 m in thickness), whereas if the top of the aquifer has a low hydraulic conductivity (silty sand, clayish sand), the freshwater lens is absent and the mixing zone is thin. In most of the area the water table is below mean sea level in both the monitoring periods, June and December 2010. In December, it is a bit deeper than in June. From the lithological reconstruction, an aquifer composed by 4×109 m3 of sand results, assuming a porosity of 30% there are 1,2×109 m3 of water. The numerical modeling (Modflow-SEAWAT 2000) shows that the origin of the salt water in the aquifer is more easily explained by assuming its presence since the formation of the aquifer, a remnant of the marine waters recede. Finally, another issue addressed in this thesis is the monitoring method to be applied in a study on salinization of groundwater. To do this we have tested the experimental methodology of mini filters.This method allowed mapping of the interfaces fresh/ brackish/salt water with an accuracy previously not attainable.

In una situazione caratterizzata dalla scarsità delle risorse finanziare a disposizione degli enti locali, che rende necessario il contributo dei privati alla realizzazione delle opere pubbliche, e dalla scarsità delle risorse ambientali, che impone di perseguire la sostenibilità degli interventi, la tesi si pone l’obiettivo di rendere le realizzazioni di nuove infrastrutture viarie “attive” rispetto al contesto in cui si collocano, garantendo l’impegno di tutte parti coinvolte. Si tratta di ottenere il contributo dei privati oltre che per le opere di urbanizzazione primaria, funzionali all’insediamento stesso, anche per la realizzazione di infrastrutture viarie non esclusivamente dedicate a questo, ma che sono necessarie per garantirne la sostenibilità. Tale principio, che viene anche denominato “contributo di sostenibilità”, comincia oggi a trovare un’applicazione nelle pratiche urbanistiche, sconta ancora alcune criticità, in quanto i casi sviluppati si basano spesso su considerazioni che si prestano a contenziosi tra operatori privati e pubblica amministrazione. Ponendosi come obiettivo la definizione di una metodologia di supporto alla negoziazione per la determinazione univoca e oggettiva del contributo da chiedere agli attuatori delle trasformazioni per la realizzazione di nuove infrastrutture viarie, ci si è concentrati sullo sviluppo di un metodo operativo basato sull’adozione dei modelli di simulazione del traffico a 4 stadi. La metodologia proposta è stata verificata attraverso l’applicazione ad un caso di studio, che riguarda la realizzazione di un nuovo asse viario al confine tra i comuni di Castel Maggiore ed Argelato. L’asse, indispensabile per garantire l’accessibilità alle nuove aree di trasformazione che interessano quel quadrante, permette anche di risolvere alcune criticità viabilistiche attualmente presenti. Il tema affrontato quindi è quello della determinazione del contributo che ciascuno degli utilizzatori del nuovo asse dovrà versare al fine di consentirne la realizzazione. In conclusione, si formulano alcune considerazioni sull’utilità della metodologia proposta e sulla sua applicabilità a casi analoghi. / In a situation characterized by scarcity of public financial resources, that makes necessary the contribute of private operators to the realization of public works, and by environmental resources scarcity, which imposes the sustainability of the interventions, the thesis aims at making the realization of new road infrastructures “active” with respect to the context, by guaranteeing the commitment of every involved actor. The aim is to obtain the private actors’ contribution not only for the infrastructures that are functional to the development itself, but also for the realization of road infrastructures that are not strictly dedicated to it, but that are necessary for guaranteeing its sustainability. This principle, called also “sustainability contribution”, which is beginning to be applied in the urban planning practice, shows some critical aspects, because the developed cases are often basing on hypothesis that give raise to questions of law between private developers and public bodies. Aiming at defining a methodology to support the negotiation for the univocal and objective definition of the contribution to be asked to the private developers for the realization of the new road infrastructures, the thesis focuses on the definition of an operative model basing on classical four steps traffic simulation models. The proposed methodology has been verified through the application to a case study concerning the realization of a new road infrastructure on the boundary between Castel Maggiore and Argelato, in the Bologna province. The road, which is essential for guaranteeing the accessibility to the new developments, permits also to solve some actual critical situations of the provincial road network. The addressed problem is therefore the definition of the sustainability contribution to be asked to the users of the new road for allowing its realization. In conclusion, some considerations about the methodology utility and its applicability to similar cases are discussed.

In this work we investigate the influence of dark energy on structure formation, within five different cosmological models, namely a concordance $\Lambda$CDM model, two models with dynamical dark energy, viewed as a quintessence scalar field (using a RP and a SUGRA potential form) and two extended quintessence models (EQp and EQn) where the quintessence scalar field interacts non-minimally with gravity (scalar-tensor theories). We adopted for all models the normalization of the matter power spectrum $\sigma_{8}$ to match the CMB data. For each model, we perform hydrodynamical simulations in a cosmological box of $(300 \ {\rm{Mpc}} \ h^{-1})^{3}$ including baryons and allowing for cooling and star formation. We find that, in models with dynamical dark energy, the evolving cosmological background leads to different star formation rates and different formation histories of galaxy clusters, but the baryon physics is not affected in a relevant way. We investigate several proxies for the cluster mass function based on X-ray observables like temperature, luminosity, $M_{gas}$, and $Y_{X}$. We confirm that the overall baryon fraction is almost independent of the dark energy models within few percentage points. The same is true for the gas fraction. This evidence reinforces the use of galaxy clusters as cosmological probe of the matter and energy content of the Universe. We also study the $c-M$ relation in the different cosmological scenarios, using both dark matter only and hydrodynamical simulations. We find that the normalization of the $c-M$ relation is directly linked to $\sigma_{8}$ and the evolution of the density perturbations for $\Lambda$CDM, RP and SUGRA, while for EQp and EQn it depends also on the evolution of the linear density contrast. These differences in the $c-M$ relation provide another way to use galaxy clusters to constrain the underlying cosmology.

Since the development of quantum mechanics it has been natural to analyze the connection between classical and quantum mechanical descriptions of physical systems. In particular one should expect that in some sense when quantum mechanical effects becomes negligible the system will behave like it is dictated by classical mechanics. One famous relation between classical and quantum theory is due to Ehrenfest. This result was later developed and put on firm mathematical foundations by Hepp. He proved that matrix elements of bounded functions of quantum observables between suitable coherents states (that depend on Planck's constant h) converge to classical values evolving according to the expected classical equations when h goes to zero. His results were later generalized by Ginibre and Velo to bosonic systems with infinite degrees of freedom and scattering theory. In this thesis we study the classical limit of Nelson model, that describes non relativistic particles, whose evolution is dictated by Schrödinger equation, interacting with a scalar relativistic field, whose evolution is dictated by Klein-Gordon equation, by means of a Yukawa-type potential. The classical limit is a mean field and weak coupling limit. We proved that the transition amplitude of a creation or annihilation operator, between suitable coherent states, converges in the classical limit to the solution of the system of differential equations that describes the classical evolution of the theory. The quantum evolution operator converges to the evolution operator of fluctuations around the classical solution. Transition amplitudes of normal ordered products of creation and annihilation operators between coherent states converge to suitable products of the classical solutions. Transition amplitudes of normal ordered products of creation and annihilation operators between fixed particle states converge to an average of products of classical solutions, corresponding to different initial conditions.

We have realized a Data Acquisition chain for the use and characterization of APSEL4D, a 32 x 128 Monolithic Active Pixel Sensor, developed as a prototype for frontier experiments in high energy particle physics. In particular a transition board was realized for the conversion between the chip and the FPGA voltage levels and for the signal quality enhancing. A Xilinx Spartan-3 FPGA was used for real time data processing, for the chip control and the communication with a Personal Computer through a 2.0 USB port. For this purpose a firmware code, developed in VHDL language, was written. Finally a Graphical User Interface for the online system monitoring, hit display and chip control, based on windows and widgets, was realized developing a C++ code and using Qt and Qwt dedicated libraries. APSEL4D and the full acquisition chain were characterized for the first time with the electron beam of the transmission electron microscope and with 55Fe and 90Sr radioactive sources. In addition, a beam test was performed at the T9 station of the CERN PS, where hadrons of momentum of 12 GeV/c are available. The very high time resolution of APSEL4D (up to 2.5 Mfps, but used at 6 kfps) was fundamental in realizing a single electron Young experiment using nanometric double slits obtained by a FIB technique. On high statistical samples, it was possible to observe the interference and diffractions of single isolated electrons traveling inside a transmission electron microscope. For the first time, the information on the distribution of the arrival time of the single electrons has been extracted.

La tesi analizza il fenomeno del microcredito in Europa, approfondendo le cause che hanno reso necessaria l’introduzione di questo strumento finanziario anche in economie profondamente diverse da quella in cui ha avuto origine ed esamina le trasformazioni che lo strumento ha subito durante il suo processo di adattamento ai paesi evoluti. Lo studio esamina il microcredito in Francia, Inghilterra, Spagna e Germania, soffermandosi ad analizzare, in ognuno dei suddetti Stati, la disciplina giuridica adottata (qualora esistente), le istituzioni micro finanziarie esistenti, le caratteristiche del settore e le fonti di finanziamento. L’obiettivo dell’analisi è pertanto quello di comprendere come nei Paesi europei convivano contemporaneamente modelli di microcredito profondamente diversi, a seconda del contesto economico, politico e sociale nel quale trovano applicazione. La tesi si concentra ad analizzare il microcredito in Italia, valutando il rapporto esistente tra questo strumento finanziario ed il problema dell’esclusione sociale, dell’immigrazione e dell’usura. Lo studio approfondisce, inoltre, la disciplina giuridica del microcredito adottata in Italia dopo le recenti modifiche introdotte dal D.lgs n. 169/2012. Il lavoro si sofferma ad analizzare, altresì, se e quali interventi, a livello internazionale ed europeo, sono stati programmati per dare al microcredito una cornice legislativa unitaria e per promuoverne lo sviluppo. L’attività di ricerca infine è volta a valutare, sulla base delle esperienze descritte dalla letteratura del settore, gli effetti prodotti dal microcredito, nonché ad approfondire alcune problematiche comuni ai programmi adottati negli Stati europei, quali la sostenibilità delle istituzioni di microcredito, la dipendenza dai sussidi e l’applicazione di tassi di interesse elevati. La tesi si conclude con l’analisi del rapporto esistente tra microcredito e crisi finanziaria, in un periodo storico in cui le politiche per l’occupazione ed il sostegno alla piccola impresa sono fondamentali per stimolare la ripresa economica. / The thesis analyses the phenomenon of microcredit in Europe going deeply into the causes which have made the introduction of this financial instrument necessary even in completely different economies than those in which it originated and examining the transformation that the instrument has undergone during the process of its adaptation to the progressive countries. The study examines microcredit in France, England, Spain and Germany, pausing to analyse, in each state, the juridical discipline adopted, if existing, the present institutions of micro credit, the nature of the sector and the source of funds. The objective of the analysis is to understand how European countries,according to the economic, political and social context,live completely different models of microcredit at the same time. The thesis concerntrates on analyzing the microcredit in Italy, taking into account the existing relations between this financial instrument and the problems of social exclusion, of immigration and of usury. The study also examines the juridical practice of microcredit used in Italy after recent changes introduced by D.lgs n. 169/2012. The work pauses to analyse if and which interventions, at International and European levels, have been programmed to give microcredit a unitary legislative framework and to promote its development. The research is aimed towards the valuation of the effects produced by microcredit on the basis of experiences described in the literature of the subject, as well as examining some common problems in the programs used in the European States; the sustainability of the microcredit institutions, the dependence of subsidies and the application of high interest taxes. The thesis concludes with the analysis of the existing relations between microcredit and the financial crisis, in a historical period in which politics for occupation and the support of small businesses are fundamental to stimulate economic growth.