Effective climate policy requires accurate emissions measurement, carbon prices that reflect underlying economic and environmental conditions, and coordination mechanisms that induce firms to internalize emissions generated across production networks. Existing systems fall short on all three dimensions, weakening the link between abatement, reported emissions, investment decisions, and regulatory outcomes. This dissertation studies these limitations through three complementary lenses: carbon ...
This thesis comprises three papers that bridge macroeconomics, finance, and the physical foundations of production in relation to environment.
The first paper, Supply Chain Uncertainty: Pricing, Growth, and Blockchains, identifies supply chain disruptions as priced macroeconomic risks in the cross-section of US equities. It develops a structural endogenous growth model in which logistic and financial frictions jointly affect innovation, investment, and long-run growth. Counterfactual analysi...
The present dissertation examines whether the author’s moral right of integrity encompasses the right to object to the destruction of artworks. It starts from the normative standpoint that the destruction of certain artworks may affect not only the author, but also a wider community that engages with the work and attributes cultural meaning to it.
The research develops along three main lines of inquiry.
First, the dissertation reassesses the theoretical foundations of moral rights and their c...
In the wake of a global productivity slowdown, rising geopolitical tensions, and protectionist challenges, economic competitiveness has returned to the forefront of academic and policy debates. This dissertation addresses the question of how innovation policy could help restore Europe’s competitiveness and support its catch-up to the technological frontier represented by the US. Across three chapters, it combines evidence on the European Middle-technology Trap with new causal estimates of the...
This thesis studies how financial markets process risk, information, and institutional responses to systemic challenges. It brings together three essays that examine distinct mechanisms through which capital is allocated in the face of uncertainty. These include sudden health crises, persistent climate risks, and the emergence of new public financial institutions that aim to steer private investment. While the first two chapters focus on market responses to informational shocks, the third cha...
In recent decades, family structures and dynamics in high-income countries have undergone significant changes. Traditional models corresponding to the nuclear family have become less the norm, with greater variation in household arrangements stemming from delayed and lower fertility, a preference for cohabitation, unstable unions, and more frequent re-partnerships. These evolutions pose new important questions and methodological challenges for demographic research aiming at a deeper understan...
In the first chapter, I exploit a unique setting related to retail dividend investors to examine whether managers adjust voluntary disclosure choices in response to firms’ inclusion in stock screeners (i.e., digital tools used by retail investors to filter securities). While retail investors are increasingly important in capital markets, managers face significant challenges in engaging their desired retail investor base due to retail investors’ awareness costs. The inclusion in popular stock ...
This thesis consists of three papers on global finance and international asset pricing.
The first paper develops a structural asset-pricing model in which a countrys equity risk
exposure depends on a world-volatility shock, a local-growth shock, and a time-varying
trade-network centrality measure that scales exposure to global risk. The model ratio-
nalizes why USD betas rise with centrality in developed markets but decline or remain
flat in emerging markets, and why local-currency betas in E...
In the context of European private law, particular attention must be given to Council Directive 93/13/EEC of 5 April 1993 (Unfair Contract Terms Directive), relating to the approximation of the laws and administrative provisions of Member States concerning unfair terms in consumer contracts. Its relevance is such that it calls for a dedicated study, that moves beyond a neutral description of its content or a simple survey of how its rules have been implemented within the various national lega...
Advanced democratic systems are operating under mounting strain. Pressures arising from macro-level shocks, together with long-term trends in political participation, polarization, and demographic change put democratic resilience to the test. This dissertation examines how core components of electoral processes in democracies – who turns out, who governs, and who exerts control – operate under such conditions of stress. Across three chapters, it combines causal inference and computational met...