The study aims at providing a framework conceptualizing patenting activities under the condition of intellectual property rights fragmentation. Such a framework has to deal with the interrelated problems of technological complexity in the modern patent landscape. In that respect, ex-post licensing agreements have been incorporated into the analysis. More precisely, by consolidating the right to use patents required for commercialization of a product, private market solutions, such as cross-licensing agreements and patent pools help firms to overcome problems triggered by the intellectual property rights fragmentation. Thereby, private bargaining between parties as such cannot be isolated from the legal framework. A result of this analysis is that policies ignoring market solutions and only focusing on static gains can mitigate the dynamic efficiency gains as induced by the patent system. The evidence found in this thesis supports the opinion that legal reforms that aim to decrease the degree of patent protection or to lift it all together can hamper the functioning of the current system.

This thesis is a collection of essays about the instrumental use of commitment decisions to facilitate the completion of the European internal electricity market. European policy can shape markets in many ways, two most evident being regulation and competition enforcement. The interplay between these two instruments attracts a lot of scholarly attention. One of the major concerns in the competition vs. regulation debate is the instrumental use of competition rules. It has been observed that competition enforcement is triggered not only as a response to an anticompetitive harm occurring in the market, but that it sometimes becomes a powerful tool in the European Commission’s hands to pursue regulatory goals. This thesis looks for examples of such instrumentalisation in the context of electricity markets and finds that the Commission is very pragmatic in using all the possible instruments it has at hand to push forward its project of creating the internal electricity market. This includes regulation, competition enforcement and all sorts of political pressure. To the extent that commitment decisions accelerate sector-specific regulation and overcome political deadlocks, they contribute to the Commission’s energy policy goals. However, instrumentalisation of competition rules comes at a certain cost to competition policy, energy policy and, most importantly, to electricity markets themselves. Markets might be negatively affected either indirectly, by application of sector-specific regulation or competition policy building on previous commitment decisions, or directly, through the implementation of inadequate commitments in individual cases. Concluding, commitment decisions generally contributed to achieving the policy objectives of the internal electricity market, but their use for that purpose does not come without cost. Given that this cost is ultimately borne by the internal electricity market, the Commission should take a more balanced approach to the instrumental use of commitment decisions so that it does not do more harm than good.

The importance of the banks and financial markets relies on the fact that they promote economic efficiency by allocating savings efficiently to profitable investment opportunities.An efficient banking system is a key determinant for the financial stability.The theory of market failure forms the basis for understanding financial regulation.Following the detrimental economic and financial consequences in theaftermath of the crisis, academics and policymakers started to focus their attention on the construction of an appropriate regulatory and supervisory framework of the banking sector. This dissertation aims at understanding the impact of regulations and supervision on banks’ performance focusing on two emerging market economies, Turkey and Russia. It aims at examining the way in which regulations matter for financial stability and banking performance from a law & economics perspective. A review of the theory of banking regulation, particularly as applied to emerging economies, shows that the efficiency of certain solutions regarding banking regulation is open to debate. Therefore, in the context of emerging countries, whether a certain approach is efficient or not will be presented as an empirical question to which this dissertation will try to find an answer.

This dissertation analyzes the effect of market analysts’ expectations of share prices (price targets) on executive compensation. It examines how well the estimated effects of price targets on compensation fit with two competing views on determining executive compensation: the arm’s length bargaining model, which assumes that a board seeks to maximize shareholders’ interests, and the managerial power model, which assumes that a board seeks to maximize managers’ compensation (Bebchuk et al. 2005). The first chapter documents the pattern of CEO pay from fiscal year 1996 to 2010. The second chapter analyzes the Institutional Broker Estimate System Detail History Price Target data file, which that reports analysts’ price targets for firms. I show that the number of price target announcements is positively associated with company share price’s volatility, that price targets are predictive of changes in the value of stocks, and that when analysts announce positive (negative) expectations of future stock price, share prices change in the same direction in the short run. The third chapter analyzes the effect of price targets on executive compensation. I find that analysts' price targets alter the composition of executive pay between cash-based compensation and stock-based compensation. When analysts forecast a rise (fall) in the share price for a firm, the compensation package tilts toward stock-based (cash-based) compensation. The substitution effect is stronger in companies that have weaker corporate governance. The fourth chapter explores the effect of the introduction of the Sarbanes-Oxley Act (SOX) in 2002 and its reinforcement in 2006 on the options granting process. I show that the introduction of SOX and its reinforcement eliminated the practice of backdating options but increased “spring-loading” of option grants around price targets announcements. Overall, the dissertation shows that price targets provide insights into the determinants of executive pay in favor of the managerial power model.

La Tesi analizza le relazioni tra i processi di sviluppo agricolo e l’uso delle risorse naturali, in particolare di quelle energetiche, a livello internazionale (paesi in via di sviluppo e sviluppati), nazionale (Italia), regionale (Emilia Romagna) e aziendale, con lo scopo di valutare l’eco-efficienza dei processi di sviluppo agricolo, la sua evoluzione nel tempo e le principali dinamiche in relazione anche ai problemi di dipendenza dalle risorse fossili, della sicurezza alimentare, della sostituzione tra superfici agricole dedicate all’alimentazione umana ed animale. Per i due casi studio a livello macroeconomico è stata adottata la metodologia denominata “SUMMA” SUstainability Multi-method, multi-scale Assessment (Ulgiati et al., 2006), che integra una serie di categorie d’impatto dell’analisi del ciclo di vita, LCA, valutazioni costi-benefici e la prospettiva di analisi globale della contabilità emergetica. L’analisi su larga scala è stata ulteriormente arricchita da un caso studio sulla scala locale, di una fattoria produttrice di latte e di energia elettrica rinnovabile (fotovoltaico e biogas). Lo studio condotto mediante LCA e valutazione contingente ha valutato gli effetti ambientali, economici e sociali di scenari di riduzione della dipendenza dalle fonti fossili. I casi studio a livello macroeconomico dimostrano che, nonostante le politiche di supporto all’aumento di efficienza e a forme di produzione “verdi”, l’agricoltura a livello globale continua ad evolvere con un aumento della sua dipendenza dalle fonti energetiche fossili. I primi effetti delle politiche agricole comunitarie verso una maggiore sostenibilità sembrano tuttavia intravedersi per i Paesi Europei. Nel complesso la energy footprint si mantiene alta poiché la meccanizzazione continua dei processi agricoli deve necessariamente attingere da fonti energetiche sostitutive al lavoro umano. Le terre agricole diminuiscono nei paesi europei analizzati e in Italia aumentando i rischi d’insicurezza alimentare giacché la popolazione nazionale sta invece aumentando. / The thesis analyses the relationships between agricultural development processes and the use of natural resources, in particular energetic resources, at international (developing and developed countries), national (Italy), regional (Emilia Romagna) and farm scales with the aim of evaluating the Eco-efficiency of agricultural development processes, their evolution over time and the main dynamics also in relation to the problems of fossil fuel dependency, food security, substitution processes between agricultural lands devoted to human and animal food production. For the different case studies at macroeconomic level the methodology “SUMMA”, Sustainability Multi-method Multi-scale Assessment (Ulgiati et al., 2006) has been adopted. The SUMMA methodology integrates a selection of LCA impact categories, cost-benefit evaluation methods and the global footprint view provided by the Emergy Synthesis. The large scale analysis has been enriched by a case study at the local scale of a dairy farm which produces milk and energy services from renewable sources (solar photovoltaic and biogas). The study carried out with the Life Cycle Assessment Methodology, LCA and Contingent Evaluation assessed the environmental, economic and social effects of the reduction of fossil fuel dependency scenarios. The two case studies at macroeconomic level showed that agriculture at global level is highly dependent from fossil fuel sources even if the presence of policies promoting the increase of efficiency in the use of resources and greening production models. The first modest effects of agricultural European policies seems however visible for European countries. In general the energy footprint is high as the continuous mechanization of agricultural processes replaces energy with human labor. The agricultural lands of European countries (including Italy) reduced in the period investigated increasing the risks of food insecurity for the growing residential population.

Food commodity prices fluctuations have important impacts on poverty and food insecurity across the world. Conventional models have not provided a complete picture of recent price spikes in agricultural commodity markets, while there is an urgent need for appropriate policy responses. Perhaps new approaches are needed in order to better understand international spill-overs, the feedback between the real and the financial sectors and also the link between food and energy prices. In this paper, we present results from a new worldwide dynamic model that provides short and long-run impulse responses of wheat international prices to various real shocks.

A model is developed to represent the activity of a farm using the method of linear programming. Two are the main components of the model, the balance of soil fertility and the livestock nutrition. According to the first, the farm is supposed to have a total requirement of nitrogen, which is to be accomplished either through internal sources (manure) or through external sources (fertilisers). The second component describes the animal husbandry as having a nutritional requirement which must be satisfied through the internal production of arable crops or the acquisition of feed from the market. The farmer is supposed to maximise total net income from the agricultural and the zoo-technical activities by choosing one rotation among those available for climate and acclivity. The perspective of the analysis is one of a short period: the structure of the farm is supposed to be fixed without possibility to change the allocation of permanent crops and the amount of animal husbandry. The model is integrated with an environmental module that describes the role of the farm within the carbon-nitrogen cycle. On the one hand the farm allows storing carbon through the photosynthesis of the plants and the accumulation of carbon in the soil; on the other some activities of the farm emit greenhouse gases into the atmosphere. The model is tested for some representative farms of the Emilia-Romagna region, showing to be capable to give different results for conventional and organic farming and providing first results concerning the different atmospheric impact. Relevant data about the representative farms and the feasible rotations are extracted from the FADN database, with an integration of the coefficients from the literature.

Una delle realtà economiche più importanti della Sardegna è la produzione di Pecorino Romano DOP. Il contesto nel quale è nato e si è sviluppato ingloba molte delle precondizioni che favoriscono la nascita di un distretto. Il principale obiettivo di questo studio è verificare se il comparto lattiero caseario della Sardegna, focalizzato nella produzione di Pecorino Romano DOP, può creare un effetto distretto. Ciò potrebbe suggerire l'esistenza dello stesso distretto anche se atipico. Per verificare questa ipotesi, in primo luogo è stata esaminata l'efficienza produttiva delle imprese trasformatrici di Pecorino Romano utilizzando il metodo della Frontiera stocastica di produzione. Successivamente sono state cercate le cause delle differenze. Lo studio mostra che i livelli di efficienza osservati sono quasi interamente attribuibili agli input di produzione utilizzati, in particolare al latte. Risulta chiaro che il sistema delle cooperative funziona e che tali aziende ottengono sistematicamente margini di efficienza migliori rispetto alle non cooperative. Le variabili analizzate non permettono di concludere che esiste un "effetto distretto". / One of the most important economic sardinian realities is the production of Pecorino Romano PDO. The context in which it was born and developed incorporates many of the pre-conditions that may contribute to the existence of a district. The main objective of this study is to determine whether the Sardinian dairy industry, focused on the production of Pecorino Romano PDO, may create a district effect. It might suggest the existence of the same district even if atypical. To test this hypothesis, first it was examined the production efficiency of the processing enterprises of Pecorino Romano using the method of stochastic frontier production. Next, we focused on identifying the causes of any differences. The study shows that the efficiency levels observed are almost entirely attributable to production inputs used, particularly milk. It is abundantly clear that the cooperative system works and that these companies get systematically efficiency margins better than the non-cooperative. The variables analyzed do not allow to conclude that there is a "district effect".

Obiettivo del lavoro è migliorare la lettura della ruralità europea. A fronte delle profonde trasformazioni avvenute, oggi non è più possibile analizzare i territori rurali adottando un mero approccio dicotomico che semplicemente li distingua dalle città. Al contrario, il lavoro integra l’analisi degli aspetti socio-economici con quella degli elementi territoriali, esaltando le principali dimensioni che caratterizzano le tante tipologie di ruralità oggi presenti in Europa. Muovendo dal dibattito sulla classificazione delle aree rurali, si propone dapprima un indicatore sintetico di ruralità che, adottando la logica fuzzy, considera congiuntamente aspetti demografici (densità), settoriali (rilevanza dell’attività agricola), territoriali e geografici (accessibilità e uso del suolo). Tale tecnica permette di ricostruire un continuum di gradi di ruralità, distinguendo così, all’interno dell’Unione Europea (circa 1.300 osservazioni), le aree più centrali da quelle progressivamente più rurali e periferiche. Successivamente, attraverso un’analisi cluster vengono individuate tipologie di aree omogenee in termini di struttura economica, paesaggio, diversificazione dell’attività agricola. Tali cluster risentono anche della distribuzione geografica delle aree stesse: vengono infatti distinti gruppi di regioni centrali da gruppi di regioni più periferiche. Tale analisi evidenzia soprattutto come il binomio ruralità-arretratezza risulti ormai superato: alcune aree rurali, infatti, hanno tratto vantaggio dalle trasformazioni che hanno interessato l’Unione Europea negli ultimi decenni (diffusione dell’ICT o sviluppo della manifattura). L’ultima parte del lavoro offre strumenti di analisi a supporto dell’azione politica comunitaria, analizzando la diversa capacità delle regioni europee di rispondere alle sfide lanciate dalla Strategia Europa 2020. Un’analisi in componenti principali sintetizza le principali dimensioni di tale performance regionale: i risultati sono poi riletti alla luce delle caratteristiche strutturali dei territori europei. Infine, una più diretta analisi spaziale dei dati permette di evidenziare come la geografia influenzi ancora profondamente la capacità dei territori di rispondere alle nuove sfide del decennio. / This work is aimed at providing a better analysis about EU rural areas. Lately, those regions have widely changed: thus, a dichotomous approach, simply distinguishing rural areas from cities, cannot take into account the increasing complexity affecting EU regions. Actually, the research is based on a multidimensional approach, by including within the analysis both socio-economic and geographical characteristics. Moving from the wide debate on the classification of rural areas, a comprehensive rurality index is computed by applying fuzzy logic to the whole set of EU regions (about 1,300 observations). This continuous index highlights the different extents of rurality, according to demographic aspects (e.g., density), economic features (e.g., relevance of the agricultural sector) and geographical characteristics (e.g., accessibility and remoteness). Then, a cluster analysis is applied. According to the regional economic structure, the diversification of the agricultural activities and the land use characteristics, homogeneous clusters are identified. They are also geographically defined. Actually, some groups of more central rural regions have taken advantage from the major transformations having affected the EU (e.g., the improvement in the ICT, the diffusion of manufacturing activities across rural areas,…). Thus, the link between rurality and underdevelopment can be considered almost outdated. Lastly, some tools for the analysis of the EU political actions are provided. The regional performance in achieving Europe 2020 Strategy targets is analysed. First, this performance at the regional level is summed up by adopting a principal component analysis. Then, the main results are linked with the comprehensive rurality index and the main evidences from the cluster analysis. Moreover, this performance is also analysed according to an exploratory spatial data analysis approach. Actually, geography still affects the way each region faces the new challenges for the next decade.

In Sub-Saharan Africa, non-democratic events, like civil wars and coup d'etat, destroy economic development. This study investigates both domestic and spatial effects on the likelihood of civil wars and coup d'etat. To civil wars, an increase of income growth is one of common research conclusions to stop wars. This study adds a concern on ethnic fractionalization. IV-2SLS is applied to overcome causality problem. The findings document that income growth is significant to reduce number and degree of violence in high ethnic fractionalized countries, otherwise they are trade-off. Income growth reduces amount of wars, but increases its violent level, in the countries with few large ethnic groups. Promoting growth should consider ethnic composition. This study also investigates the clustering and contagion of civil wars using spatial panel data models. Onset, incidence and end of civil conflicts spread across the network of neighboring countries while peace, the end of conflicts, diffuse only with the nearest neighbor. There is an evidence of indirect links from neighboring income growth, without too much inequality, to reduce the likelihood of civil wars. To coup d'etat, this study revisits its diffusion for both all types of coups and only successful ones. The results find an existence of both domestic and spatial determinants in different periods. Domestic income growth plays major role to reduce the likelihood of coup before cold war ends, while spatial effects do negative afterward. Results on probability to succeed coup are similar. After cold war ends, international organisations seriously promote democracy with pressure against coup d'etat, and it seems to be effective. In sum, this study indicates the role of domestic ethnic fractionalization and the spread of neighboring effects to the likelihood of non-democratic events in a country. Policy implementation should concern these factors.