La tesi analizza in particolare un tema specifico relativo all’operazione di trasformazione transfrontaliera di società comunitarie ed extracomunitarie in società italiane. Il trasferimento della sede sociale di una società straniera in Italia con mutamento della forma giuridica implica il cambiamento della lex societatis applicabile alla società che, a seguito della trasformazione, è assoggettata all’ordinamento giuridico italiano. La questione più rilevante è quella relativa alla conformità alle condizioni richieste per il tipo sociale adottato, in particolare il rispetto del principio di effettività ed integrità del capitale sociale delle società di capitali. Per questa ragione gli artt. 2465 e 2343 c.c. richiedono a tal fine in sede di conferimenti di beni in natura da imputarsi a capitale sociale un’apposita documentazione volta a garantire ed attestare la copertura del capitale sociale. Parimenti ciò avviene nel caso di trasformazione interna in società di capitali ai sensi dell’art. 2500-ter c.c. La questione è quindi se e in quali casi possa essere richiesto il rispetto di predette norme in sede di trasformazione internazionale tra società di capitali e se ciò sia compatibile con i principi enunciati dalla giurisprudenza della Corte di Giustizia. / The thesis focuses on a specific issue related to the cross-border conversion of companies from EU and non-EU countries into companies subject to the Italian law. The transfer of the seat of a foreign company in Italy with a cross border conversion changes the lex societatis of that company which is, after the conversion, subjected to the Italian legal system. The most important issue related to is the compliance with the conditions required for the legal form adopted, in particular compliance with the principles of effectiveness and integrity of the share capital. For this reason the rules written by the artt. 2343 and 2465 of the Civil Code require a specific documentation in order to safeguard and certify the formation of the share capital. Likewise, this happens in the case of conversion in a limited liability company pursuant to art. 2500-ter c.c. The question is therefore that relating to whether and in which cases the compliance with these rules is required in the context of cross-border conversion between limited liability companies and if this measure is compatible with the principles set out in the jurisprudence of the Court of Justice.

Bicycling as a mode of transportation has been increasing in recent years due to its environmental and health benefits. The availability of bicycles through bicycle share programs has made bicycling a more viable option. With this increase, there is a need for complementary improvements of bicycle infrastructure. Many local and regional transportation agencies are recognizing this need and developing a master plan or safety action plan to improve the city’s bicycle and walking facilities. This study examines bicycle travel demands and travel patterns in Lexington, Kentucky as generated by SPIN bicycle share users. It is hypothesized that the SPIN users emulate bicycle users on and around the University of Kentucky campus. Therefore, analyzing their travel patterns will provide a valuable understanding of bicycle demand and infrastructure needs. To identify such demand, travel patterns and routes were compared to the existing bicycle infrastructure in order to determine improvement needs with an ulterior goal to increase bicycling as a mode of transportation. The methods of study include five levels of analysis: length and duration, temporal, climatic, point density, and modeling. Recommendations for improving routes and parking facilities have been developed based on analytical methods and results obtained. The findings support the notion that bicycle infrastructure influences the travel paths cyclists take. The research supports the idea that commuters are using SPIN bicycles to chain their trips with transit and completing the last or first section of the trip with a bicycle. It was found that bicycle travel demand fluctuates with weather patterns. Furthermore, future work could use the existing data and conduct a detailed analysis on the individual trip level to determine what percentage of a completed trip was taken on an existing bicycle facility or on a non-facility. These findings should aid transportation planning and city officials to make decisions for expanding the existing bicycle network in efforts to minimize the percentage of cyclists who take a detour and the length of detours when necessary.

Au cours de ma thèse, j'ai mené des recherches macroéconomiques appliquées sur différents sujets, allant des effets de la polarisation des emplois sur la réallocation des travailleurs aux effets de la politique monétaire sur la structure du capital des entreprises et les décisions financières. Cette thèse recueille trois articles sur ces arguments. L'article principal de la thèse est mon job market paper. Ce travail m'a donné l'opportunité d'explorer en détail les effets du changement technologique sur la structure professionnelle des marchés du travail, mais aussi ses effets sur la réallocation des travailleurs entre les emplois et le processus de tri des compétences en emplois. En d'autres termes, l'article répond à ces questions: comment les travailleurs utilisent-ils l'échelle professionnelle lorsque l'innovation technologique change sa structure? Quelles sont leurs possibilités d'emploi, compte tenu de leurs compétences, lorsque la technologie change? Et quelles compétences les employeurs recherchent-ils? Cet argument m'a toujours intrigué, et sa pertinence attire actuellement l'attention des gouvernements et des décideurs dans de nombreuses économies développées. Ma recherche s'écarte de ces faits pour analyser quels sont les effets du changement technologique sur les travailleurs et les entreprises. En particulier, il montre -comme cela a déjà été documenté dans la littérature sur la polarisation des emplois- que l'innovation technologique remodèle la structure professionnelle de l'économie en détruisant certains types d'emplois. Cependant, je montre que l'innovation technologique modifie la demande de compétences dans chaque profession de manière à avoir des effets hétérogènes sur les travailleurs en termes de mobilité de la main-d'œuvre, d'opportunités d'emploi et de qualité de matching. En particulier, ce papier est le premier à montrer que la technologie - en provoquant la polarisation du marché du travail - déclenche de grands mouvements du haut vers le bas de l'échelle des emplois, de nombreux travailleurs finissant dans des professions moins rémunérées et moins qualifiées. Les effets du changement technologique sur les résultats et la dynamique du marché du travail sont également examinés dans le deuxième chapitre de cette thèse. En particulier, ce travail, en collaboration avec Joanne Tan, montre comment le changement technologique peut expliquer l'augmentation de la pénurie de main-d'œuvre (occupational shortage) et comment les différents segments du marché du travail y réagissent Dans le dernier chapitre de la thèse, je m'intéresse à la relation entre la politique monétaire et la décision de rachat d'actions. Ce sujet n'a aucun lien avec le précédent, mais j'ai toujours été intéressé par la façon dont les macro-variables peuvent influencer les décisions des gestionnaires au niveau micro. Dans ce travail, conjointement avec Assia Elgouacem, nous utilisons des données au niveau de l'entreprise et montrons que les sociétés américaines rachètent davantage leurs propres actions en période de politique monétaire accommodante, c'est-à-dire lorsque le coût de la dette est faible. En fait, nous montrons que si la courbe de rendement d'une entreprise s'ajuste dans la direction prévue par la politique monétaire, c'est-à-dire que le coût de la dette diminue, l'entreprise émettra davantage d'obligations pour lever des fonds à moindre coût. Cependant, ils vont utiliser la majeure partie de ces nouvelles liquidités pour financer un programme de rachat plutôt que d'investir dans de nouveaux capitaux et emplois. Cet effet d'éviction des rachats sur les nouveaux investissements et l'emploi suscite des doutes car il atténue la transmission de la politique monétaire. / During my PhD I conducted applied macroeconomic research on several different topics, spanning from the effects of job polarization on workers reallocation to the effects of monetary policy on firms capital structure and financial decisions. This thesis collects three articles on these arguments. The main article of the thesis is my job market paper. This work gave me the opportunity to explore in detail the effects of technological change on the occupational structure of labor markets, but also its effects on the reallocation of workers across jobs and the process of sorting skills to jobs. Or in other words, the paper answers these questions: how do workers use the job ladder when technological innovation changes its structure? What are their job opportunities, given their skills, when technology changes? And what skills do employers look for? This argument always intrigued me, and its relevance is raising the attention of governments and policy makers in many developed economics. My research departs from these facts to analyze what are the heterogeneous effects of technological change on workers and firms. In particular, it shows -as already documented in the literature on job polarization- that technological innovation reshapes the occupational structure of the economy by destroying some type of jobs. However I show that, at the same time, technological innovation changes the demand for skills in each occupation such that it has heterogeneous effects across workers in terms of labor mobility, job opportunities and match quality. In particular, this paper is the first to show that technology - by causing the polarization of the labor market- triggers large movements from the top to the bottom of the job ladder, with many workers ending up in lower paying and lower qualifying occupations just after the disruptive effects of technological change were consumed. The effects of technological change on labor market outcomes and dynamics is explored also in the second chapter of this thesis. In particular, this work, joint with Joanne Tan, shows how technological change can explain the raise of occupational shortage. More interestingly, it shows how different segments of the labor market react to occupational shortage. In the last chapter of the thesis, I turn my attention to the relationship of monetary policy and corporate decision of share repurchase. This topic is fully unrelated from the previous one, but I have always been interested on how macro-variables can influence managers decisions at micro level. In this work, joint with Assia Egouace, we use firm-level data and show that American corporations buyback more their own shares in period of accommodating monetary policy, i.e. when the cost of debt is low. In fact we show that if the yield curve of a firm adjusts in the direction predicted by monetary policy, i.e. the corporate cost of debt diminishes, the firm is going to issue more bonds to raise money at lower costs. However, they are going to use most of these new liquidity to finance a repurchase program rather than investing into new capital and employment. This crowding out effect of buybacks on new investment and employment casts doubts since it attenuates the transmission of monetary policy.

Magister Legum - LLM / If a company is harmed by the behaviour of a director as a result of financial misstatements, shareholders may suffer the economic consequences in the form of a diminution in the value of their shares. Failure on directorship level in these circumstances has on more than one occasion resulted in aggrieved shareholders seeking to recover damages suffered and losses incurred in terms of section 218(2) of the Companies Act 2008. This was the situation in the recent cases, Hlumisa Investment Holdings (RF) Limited v Kirkinis and in Itzikowitz v Absa Bank Limited. While I am unaware of any reported case arising from the much-publicised Steinhoff scandal, there appear to be moves in the direction of court action to recover pure economic loss. Steinhoff shareholders are seeking to hold the retail group‘s directors to account. Scandals like Steinhoff and African bank are disturbing because it points to a lack of clarity and certainty in South African company laws in respect of director‘s personal liability in these circumstances. It is for this reason that this study investigates whether shareholders can institute personal liability claims against directors for causing shareholders a diminution of the value of the shares in the company as a result of poor decision making on directorship level, since such a loss is merely reflective of the company‘s loss. Although, after Itzikowitz v Absa Bank Limited, the position seems to be settled in our law, we still have incidences where shareholders are seeking to hold directors personally liable for the diminution in share price under section 218(2) of the Companies Act 2008. It is for this reason that the study explores the scope of section 218(2) and investigates many related questions surrounding section 218(2), in light of directors‘ personal liability and shareholder protection.

This paper estimates the effects of capital accumulation on industry labor shares by taking account of capital heterogeneity. Using a cross-country, cross-industry dataset covering 15 European countries over 38 industries, I take advantage of a detailed breakdown of the capital stock distinguishing between physical, ICT and intangible assets. The results suggest that, over the 1995-2015 period, capital accumulation has not been a driving force of declining labor shares - if anything the opposite. Performing a cross-section regression analysis on the relationship between long differences in capital intensities and industry labor shares, I find that accumulation of physical capital in general, and Machinery & Equipment in particular, are the only asset types showing a statistically significant correlation with the labor share, suggesting a positive association. In contrast to previous research, I do not document a negative relationship between ICT capital and labor shares. I do, however, find evidence suggesting that it might be investments in Software & Databases that explain these earlier findings.

Bakgrund: ESG är mer aktuellt än någonsin. Företag världen runt väljer att anpassa sin verksamhet till en mer hållbar inriktning. Inom ämnet råder det ingen konsensus om vilka effekter ESG har på finansiell prestation. Mot bakgrund av detta har författarna valt att studera om det finns ett samband mellan ESG och företags aktievärdering i form av PEtal. Syfte: Syftet med denna studie är att undersöka om det finns ett samband mellan företagens ESG rapportering och aktievärde för bolag noterade på Stockholm Nasdaq (Large cap). Metod: För att uppnå syftet med studien har en kvantitativ metod med deduktiv ansats tillämpats. Innehållsanalyser av företagens årsredovisningar har genomförts under år 2019 för att undersöka ett samband mellan ESG rapportering och PE-tal. Studiens urval består av bolag noterade på OMX Stockholm Large cap. För att undersöka sambandet har multipla regressioner tillämpats. Slutsats: Studiens resultat visar ej några signifikanta samband mellan PE-tal och omfattningen av rapporteringen av ESG. Studien drar slutsatsen att rapporteringen av ESG varken har en positiv eller negativ påverkan på företagens PE-tal. / Background: ESG is more relevant than ever before. Companies around the world choose to adapt their operations to a more sustainable focus. Within the subject, there is no consensus on what effects ESG has on financial performance. Against this background, the authors have chosen to study whether there is a connection between ESG and companies share valuation in the form of PE-ratio.  Purpose: The purpose of this study is to investigate whether there is a connection between companies ESG reporting and share value for companies listed on the Stockholm Nasdaq (Large cap).  Methodology: To achieve the purpose of the study, a quantitative method with a deductive approach has been applied. Content analyzes of the companies annual reports were carried out in 2019 to investigate a connection between ESG reporting and PE-ratio. The study sample consists of companies listed on the Stockholm Nasdaq (Large cap). To investigate the relationship, multiple regressions have been applied.  Conclusion: The results of the study do not show any significant correlations between PE-ratio and the extent of reporting of ESG. The study concludes that the reporting of ESG has neither a positive nor a negative impact on companies PE-ratios.

Many Swedish video game companies have in recent years been very successful in terms of share price development. Why is it like that? With the purpose to gain an increased understanding of the investor's choice, we here examine which business models are used in the Swedish video game industry. More specifically, we try to identify what similarities do the business models in the successful companies share and what similarities do the non-performing companies share. The analytical framework used is based on Business Model Canvas adapted to the video game industry. We use a qualitative approach with case studies of 10 listed Swedish video gaming companies, five successful and five non-performing, in terms of share price development. The data collected is from secondary sources, mainly the companies' annual reports, fitting the investors narrative with the assumption that secondary data is generally what influences the stock price.In general, the results suggest that similarities between business models among the successful companies largely coincide with similarities between the non-performing companies, which makes the information less valuable for understanding investors' choices. Nevertheless, one unique similarity among successful companies applies to that they in general have broad gaming portfolios that target several unrelated customer segments, i.e. a diversified market. The non-performing companies instead mainly target a niche market. Another unique similarity among successful companies’ business models concerns their use of acquisition strategies. In the non-performing companies' business models, acquisition strategies are largely lacking.

My thesis is focused on analyzation of Apple inc. and its competitors, that I am going to choose according to predetermined specificities. On the basic of theoretical knowledge I am going to make a technical analysis of stocks. Based on the results I am going to determine recommendations to investors and I am going to compare them with the real results. In Miscrosoft Visual basic I am going to create a program with technical indicators that I will use.

This master's thesis focuses on the creation of microblogging services for teams. The thesis describes the research and analysis of current microblogging services and finding their strength and weaknesses. Based on the analysis is designed new service which focuses on communication between team members. It is also discussed implementation of the proposed service and on the conclusion are summarized future extensions to improve this service.

The diploma thesis deals with fundamental share analyss in order to propose a variant of investing in shares of selected gold mining companies. The subject is macroeconomic analysis of the environment in which selected gold mining companies operate, gold industry analysis and company analysis comprising evaluation of the development of corporate indicators and their issued shares. On the basis of these analyzes ind inter-company comparison, the most profitable options will be proposed to the management of the hedge fund.