Form and function in doing business rankings: is investor protection in Italy still so bad?

The World Bank’s Doing Business Report (DBR) ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII) measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the PII falls short of properly evaluating the applicable rules. First, it underrates Italy because the DBR evaluation falls short of properly evaluating the role performed by independent directors under Italian rules on related party transactions. In particular, the DBR fails to properly account for independent directors’ power to veto unfair transactions before they are submitted to the board, a safeguard that ensures minority investors’ protection at least as well as mandatory abstention by conflicted directors. Second, past DBR overrated the PII, so that subsequent reforms that substantially improved investor protection have not been grasped by more recent assessments, giving the misleading impression that no relevant changes have occurred. Far from representing one of the multiple coding errors reported in the literature, these flaws aptly show that the DBR methodology, while correctly attempting to preserve consistency in the evaluation of different jurisdictions, adopts an excessively formalistic approach and disregards the function of the rules it scrutinizes. In light of the influence that the DBR exerts on national policymakers, this approach is detrimental because it might induce window-dressing reforms. Moreover, it may rule out experimentation, which is key to ensuring that the applicable rules keep pace with the variety of techniques adopted to expropriate minority shareholders.The World Bank’s Doing Business Report (DBR) ranks every year numerous jurisdictions across the globe according to their ability to facilitate business activities. Among the indexes contributing to the definition of the global competitiveness of the legislations, the “Protecting investors index” (PII) measures the protection of minority shareholders in listed companies. In this paper, we analyse the DBR’s assessment of the Italian regulatory framework on investor protection. We find that the PII falls short of properly evaluating the applicable rules. First, it underrates Italy because the DBR evaluation falls short of properly evaluating the role performed by independent directors under Italian rules on related party transactions. In particular, the DBR fails to properly account for independent directors’ power to veto unfair transactions before they are submitted to the board, a safeguard that ensures minority investors’ protection at least as well as mandatory abstention by conflicted directors. Second, past DBR overrated the PII, so that subsequent reforms that substantially improved investor protection have not been grasped by more recent assessments, giving the misleading impression that no relevant changes have occurred. Far from representing one of the multiple coding errors reported in the literature, these flaws aptly show that the DBR methodology, while correctly attempting to preserve consistency in the evaluation of different jurisdictions, adopts an excessively formalistic approach and disregards the function of the rules it scrutinizes. In light of the influence that the DBR exerts on national policymakers, this approach is detrimental because it might induce window-dressing reforms. Moreover, it may rule out experimentation, which is key to ensuring that the applicable rules keep pace with the variety of techniques adopted to expropriate minority shareholders.Refereed Working Papers / of international relevanc

Indicators for the monitoring and evaluation of sociohousing management in non-metropolitan cities

En América Latina los centros no metropolitanos verifican una mayor concentración de situaciones deficitarias a nivel habitacional y urbano que los que no lo son, manifestándose a la vez como los escenarios prioritarios y con mayor flexibilidad para combatirlas. Estos aspectos han incitado a que los gobiernos locales de estas ciudades resignifiquen sus viejas funciones a fin de lograr mayor eficacia y eficiencia en sus acciones. De esta manera, los municipios se han visto obligados a asumir, a pesar de sus limitaciones, actitudes activas orientadas al desarrollo local. Para tal fin, nuevos requerimientos metodológicos e instrumentales a nivel de gestión local del hábitat son demandados, a fin de incrementar el impacto y la capacidad para actuar eficazmente frente a la problemática socio-habitacional. El presente artículo intenta definir las principales dimensiones, variables e indicadores a considerar, a la hora de monitorear la gestión local del hábitat en ciudades no metropolitanas desde una perspectiva integral y asociativa del hábitat social. Se busca con ello brindar elementos objetivos para incrementar la capacidad institucional de los gobiernos locales ante la problemática socio-habitacional a la que deben hacer frente.In Latin America, non-metropolitan centers present great shortfalls at housing and urban levels than other type of cities, thus becoming the primary and more flexible spaces to tackle such difficulties. These aspects have made the local governments of these cities to redefine their old functions in order to achieve efficacy and efficiency. In this way, municipalities have been forced to assume, despite their limitations, active developmentoriented attitudes. To this end, new methodological and instrumental tools at local housing management level are required to increase the impact and capacity to effectively address socio-housing problems. This paper makes an attempt to define the main dimensions, variables and indicators when monitoring local housing management in nonmetropolitan cities from an integral and associative perspective of social housing. The aim of this research is to provide objective elements aimed at increasing the institutional capacity of local governments when facing socio-housing problems.Fil: Gargantini, Daniela Mariana. Consejo Nacional de Investigaciones Cientificas y Tecnicas. Centro Cientifico Tecnológico Cordoba. Centro Experimental de la Vivienda Economica(i); Argentin

Reasoning about goal-directed real-time teleo-reactive programs

The teleo-reactive programming model is a high-level approach to developing real-time systems that supports hierarchical composition and durative actions. The model is different from frameworks such as action systems, timed automata and TLA+, and allows programs to be more compact and descriptive of their intended behaviour. Teleo-reactive programs are particularly useful for implementing controllers for autonomous agents that must react robustly to their dynamically changing environments. In this paper, we develop a real-time logic that is based on Duration Calculus and use this logic to formalise the semantics of teleo-reactive programs. We develop rely/guarantee rules that facilitate reasoning about a program and its environment in a compositional manner. We present several theorems for simplifying proofs of teleo-reactive programs and present a partially mechanised method for proving progress properties of goal-directed agents. © 2013 British Computer Society

Exploiting the ASM method within the Model-driven Engineering paradigm

Model-driven Engineering (MDE) is an emerging approach for software development. It uses metamodels to define language (or formalism) abstract notation, so separating the abstract syntax and semantics of the language from their different concrete notations. However, metamodelling frameworks lack of a way to specify the semantics of languages, which is usually given in natural language. We claim that the MDE paradigm can gain rigor and preciseness from the integration with formal approaches, and we propose the integration with the ASMs to define a unified methodology for metamodel-based language syntax and semantics definitions

Políticas de acesso à terra urbana: repensar o categorias de análise

En los últimos años en América Latina ha venido planteándose la necesidad de avanzar hacia políticas urbanas y habitacionales que prioricen la intervención estatal en las dinámicas especulativas de origen privado. Las políticas de acceso al suelo urbano constituyen un nicho favorable para ello. Desde la revisión de la dimensión contradictoria del Estado y una posición crítica frente a la doctrina neoliberal, el artículo se centra en la identificación y el desarrollo de nuevas categorías de análisis que faciliten la diferenciación de herramientas alternativas de actuación urbana en términos redistributivos de las tradicionalmente vigentes. La identificación de estas categorías permitirá contar con criterios para examinar de modo crítico los instrumentos de intervención en materia de acceso y uso del suelo urbano, para contribuir desde su aplicación a reposicionar al Estado frente a las dinámicas neoliberales, en particular frente al derecho de propiedad privada.In recent years in Latin America it has been considered the need to move towards urban-housing policies that consider state intervention in the private speculative dynamics. The politics of access to urban land are a niche favorable for it. From the analysis of the contradictory dimension of the state and from a critical stance against neoliberal doctrine, this paper focuses on the identification and development of new categories of analysis in order to differentiate urban action alternative tools in terms of the traditional redistributive approach. The identification of these categories will allow to have criteria to critically analyze intervention tools for access and use of urban land, in order to contribute to reposition the state against neoliberal dynamics, specifically in front of the right of private propertyNos últimos anos tem sido considerada na América Latina a necessidade de avançar em políticas urbanas e habitacionais que considerem, prioritariamente, a intervenção do Estado nas dinâmicas especulativas de origem privado. As políticas de acesso à terra urbana é um nicho favorável para isto. A partir da análise da dimensão contraditória do Estado e uma postura crítica frente a doutrina neoliberal, este artigo centra-se na identificação e desenvolvimento de novas categorias de análise a fim de diferenciar instrumentos alternativos de ação urbana em termos de redistribuição dos tradicionalmente em vigor. A identificação dessas categorias terá critérios para analisar criticamente as ferramentas de intervenção para o acesso e uso da terra urbana, para contribuir com a sua aplicação para reposicionar o Estado frente as dinâmicas neoliberais e, especificamente, frente o direito da propriedade privada.Fil: Gargantini, Daniela Mariana. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro Experimental de la Vivienda Económica; ArgentinaFil: Pasquale, Maria Florencia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro Experimental de la Vivienda Económica; ArgentinaFil: Garbellotto, Ludmila Belen. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro Experimental de la Vivienda Económica; Argentin

Combinatorial Interaction Testing for Automated Constraint Repair

Highly-configurable software systems can be easily adapted to address user’s needs. Modelling parameter configurations and their relationships can facilitate software reuse. Combinatorial Interaction Testing (CIT) methods are already often used to drive systematic testing of software system configurations. However, a model of the system’s configurations not conforming with respect to its software implementation, must be repaired in order to restore conformance. In this paper we extend CIT by devising a new search-based technique able to repair a model composed of a set of constraints among the various software system’s parameters. Our technique can be used to detect and fix faults both in the model and in the real software system. Experiments for five real-world systems show that our approach can repair on average 37% of conformance faults. Moreover, we also show it can infer parameter constraints in a large real-world software system, hence it can be used for automated creation of CIT models

Validation of Constraints Among Configuration Parameters Using Search-Based Combinatorial Interaction Testing

The appeal of highly-configurable software systems lies in their adaptability to users’ needs. Search-based Combinatorial Interaction Testing (CIT) techniques have been specifically developed to drive the systematic testing of such highly-configurable systems. In order to apply these, it is paramount to devise a model of parameter configurations which conforms to the software implementation. This is a non-trivial task. Therefore, we extend traditional search-based CIT by devising 4 new testing policies able to check if the model correctly identifies constraints among the various software parameters. Our experiments show that one of our new policies is able to detect faults both in the model and the software implementation that are missed by the standard approaches

El ácido abscísico y metil jasmonato modulan la acumulación de antocianinas y trans-resveratrol en hollejos de bayas de cinco cultivares tintos de Vitis vinifera en dos regiones vitícolas contrastantes de Mendoza, Argentina

Los hollejos de las uvas tintas contienen cantidades significativas de polifenoles que contribuyen a la calidad del vino y proporcionan beneficios para la salud. Estos compuestos pueden ser elicitados por hormonas vegetales. El objetivo de este trabajo fue aumentar el contenido de antocianinos (ANT) y trans-resveratrol (T-RES) mediante la aplicación de ácido abscísico (ABA) y jasmonato de metilo (MeJA) en 5 V. vinifera cvs. (Bonarda, Malbec, Syrah, Cabernet Sauvignon y Pinot Noir), en dos contrastantes regiones vitícolas argentinas (Santa Rosa y Valle de Uco). Los resultados mostraron un efecto positivo y diferencial de ABA y MeJA en el contenido total de ANT para los diversos cultivares, con cambios en las proporciones de ANT azul y rojo. ABA aumentó los ANT totales en ambas regiones vitícolas, mientras que MeJA tuvo un efecto positivo solo en Santa Rosa. Además, ABA y MeJA indujeron una acumulación de T-RES en diferentes cultivares, independientemente de la región; la acumulación de T-RES provocada por ABA ha sido previamente reportada. Este trabajo pone de manifiesto la posibilidad de utilizar estas hormonas como herramientas prácticas para producir vinos tintos de alta calidad en dos regiones vitícolas contrastantes.Berry skins from red grape cultivars contain significant amounts of polyphenols that contribute to wine quality and provide health benefits. These compounds can be elicited by plant hormones. The aim of this work was to increase the content of anthocyanins (ANT) and trans-resveratrol (T-RES) by application of abscisic acid (ABA) and methyl jasmonate (MeJA) in five red V. vinifera cvs. (Bonarda, Malbec, Syrah, Cabernet Sauvignon, and Pinot Noir), in two Argentinean contrasting growing regions (Santa Rosa and Valle de Uco). Results showed positive and differential effects of ABA and MeJA on the total ANT content for the diverse cultivars with changes in the proportions of blue and red ANT. ABA increased total ANT in both viticultural region, while MeJA had a positive effect only in Santa Rosa. Also, ABA and MeJA induced an accumulation of T-RES in different cultivars, regardless of the region; T-RES accumulation elicited by ABA was not previously described. This work brings out the possibility to use these hormones as practical tools to produce high-quality red wines in two contrasting viticultural regions.Fil: Malovini, Emiliano Jesus. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; ArgentinaFil: Arancibia, Celeste. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; ArgentinaFil: Duran, Martin Francisco. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; ArgentinaFil: Fontana, Ariel Ramón. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; ArgentinaFil: de Rosas, María Inés. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; Argentina. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; ArgentinaFil: Deis, Leonor. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; Argentina. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; ArgentinaFil: Gargantini, Raquel. Instituto Nacional de Vitivinicultura. - Ministerio de Producción y Trabajo. Secretaria de Gobierno de Agroindustria. Instituto Nacional de Vitivinicultura; ArgentinaFil: Bottini, Ambrosio Rubén. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; Argentina. Universidad Juan Agustín Maza. Área de Ciencia y Técnica; ArgentinaFil: Cavagnaro, Juan Bruno. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; ArgentinaFil: Martínez, Liliana Estela. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Biología Agrícola de Mendoza. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias. Instituto de Biología Agrícola de Mendoza; Argentin

La Responsabilidad Social Universitaria en la Universidad Católica de Córdoba: una opción de gestión. Acciones emprendidas durante el período 2005 al 2007

Fil: Velasco, Luis Rafael. Universidad Católica de Córdoba; ArgentinaFil: Gargantini, Daniela Mariana. Universidad Católica de Córdoba; ArgentinaFil: Morello, Enzo Gustavo. Universidad Católica de Córdoba; Argentin