Internal dealing regulation and insiders’ trades in the Italian financial market

We analyze insiders’ trades in the Italian financial market. Insiders buy undervalued stocks, but they also act as positive feedback traders. They exploit short term market movements with abnormal returns around trades: they purchase (sell) stocks after a price decline (increase) and trades are followed by a partial reversal. They time the market mainly through purchases immediately communicated to the market and sales (and in part purchases) communicated quarterly to the market. It seems that insiders do not manipulate the market but strategically choose the size of trades, while they are interested to disclose immediately purchases of the assets of the company they prefer not to do it in case of sales. JEL Classification: G14, G15     

The IRI in Italy: Strategic role and political constraints

The ‘IRI‐formula’ (which describes the situation whereby a public body owns private firms) was originally based on a delicate balance of powers between political guidance and managerial autonomy. Towards the end of the 1950s, this balance was upset and replaced by a strong politics‐business connection: public managers and political groups exchanged financial support for political protection. The present IRI management is trying to regain its autonomy, but is constrained by a system framed by the former politics‐business connection. It is in a very delicate political situation, created by the attempts of the PSI to replace the DC in the central role of Italian politics.     

Nanotechnology for forensic sciences: Analysis of PDMS replica of the case head of spent cartridges by optical microscopy, SEM and AFM for the ballistic identification of individual characteristic features of firearms

A novel application of replica molding to a forensic problem, viz. the accurate reproduction of the case head of gun and rifle cartridges, prior and after been shot, is presented. The fabrication of an arbitrary number of identical copies of the region hit by the firing pin and by the breech face is described. The replicas can be (i) handled without damaging the original evidence, (ii) distributed to different law enforcement agencies for comparison against other evidences found on crime scenes or ballistic tests of seized firearms, (iii) maintained on a file by the laboratories. A detailed analysis of the morphological features of the replicas has been carried out by standard microscopy techniques as well as by advanced microscopy such as scanning probe and scanning electron leading to a quantitative morphological characterization of the case heads down to the nanometer scale. The assignment of the cartridge replicas to the shooting weapon is demonstrated to hold below the micron scale, while it is hindered at the nanometer level both by the manufacturing differences and by eventual modifications occurring on the firing pin.     

Juvenile Facial Growth and Mimicry: A Preliminary 3D Study

Studies focused on facial development during childhood have been conducted by means of 3D technology to provide modifications of anthropometric parameters. Facial mobility was also considered. This study proposed a 3D approach to facial growth changes. Facial surface data of 6 subjects were acquired in T1 (age 7–14 years) and after 7 years (T2), in rest position, and during voluntary movements, by a 3D laser scanner. Linear and angular measurements on rest position scans at T1 and T2 were compared. Each mimic scan was superimposed with the corresponding rest scan. Displacement of significant anthropometric points was measured for each facial gesture and at T1 and T2 statistically compared. Vertical measurements were those most influenced by aging. Some measurements of central facial area were consistent over time. The pattern of soft tissues displacement for each expression was consistent in T1 and T2. These results may be helpful for missing children identification.     

Basic Personal Values Underlie and Give Coherence to Political Values: A Cross National Study in 15 Countries

Do the political values of the general public form a coherent system? What might be the source of coherence? We view political values as expressions, in the political domain, of more basic personal values. Basic personal values (e.g., security, achievement, benevolence, hedonism) are organized on a circular continuum that reflects their conflicting and compatible motivations. We theorize that this circular motivational structure also gives coherence to political values. We assess this theorizing with data from 15 countries, using eight core political values (e.g., free enterprise, law and order) and ten basic personal values. We specify the underlying basic values expected to promote or oppose each political value. We offer different hypotheses for the 12 non-communist and three post-communist countries studied, where the political context suggests different meanings of a basic or political value. Correlation and regression analyses support almost all hypotheses. Moreover, basic values account for substantially more variance in political values than age, gender, education, and income. Multidimensional scaling analyses demonstrate graphically how the circular motivational continuum of basic personal values structures relations among core political values. This study strengthens the assumption that individual differences in basic personal values play a critical role in political thought.     

Security Council's Anti-terror Resolutions and their Implementation by Member States: An Overview

In the framework of the fight against international terrorismthe UN Security Council (SC) has adopted targeted sanctionsagainst individuals and corporate entities. Furthermore, ithas imposed on states a number of obligations of a general nature.The implementation of all these measures — some of whichbear on sensitive aspects of criminal law and procedure —is left to the Member States. This article attempts to providean overview of national implementation practices, based on thenational reports submitted by states pursuant to the relevantSC resolutions. Besides the many difficulties encountered bystates in implementing SC resolutions, the encroachment of anti-terrormeasures on human rights is a cause for concern. The currentattitude of the SC, which has integrated human rights considerationsinto the security concerns that inspire its action under ChapterVII of the Charter, should enhance the perception of legitimacyof its anti-terror policy and, arguably, improve the effectivenessof its measures.     

Introduction to the Symposium on Exploring the Complexities of Performance Management

ABSTRACT

The editors of this symposium hope that this collection of articles can help advance the public administration literature stream across the multiple organizational and cultural settings in which these performance management studies were conducted. However, this symposium also focused on articles that can help advance the practice of performance management, where specific recommendations are needed to help public officials collect, analyze, and use meaningful outcome measures specifically for the benefits for making better management and policy decisions.