06 - Tesi di dottorato (Doctoral Thesis)

06 - Tesi di dottorato (Doctoral Thesis): [634] Home page macrotipologia

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Uncertainty, Investment and Firm Dynamics

Chapter 1: Unpacking Economic Uncertainty: Measuring the Firm, Sector and Aggregate Components Existing measures of uncertainty are typically estimated in a preliminary step using market data (Bloom, Bond and Van Reenen, 2007), media sources (Baker, Bloom and Davis, 2016), or macroeconomic indicators (Jurado, Ludvigson and Ng, 2015), and then treated as if they were observable data series (Carriero, Clark and Marcellino, 2018). These measures often fail to capture the complexity and het...

Algorithmic trading, financial stability and market competitiveness

The thesis is composed of two chapters and investigates the impact of artificial intelligence (AI) traders in financial markets. In the first paper, coauthored with Francesco Sangiorgi and Emanuele Tarantino we whether AI traders, governed by a deep deterministic policy gradient (DDPG) algorithm learn to trade. We design a demand-based asset pricing model populated by one or more AI traders and a representative investor, whose demand is calibrated exploiting investors-holding data from 1...

Essay on Market Liquidity and Financial Stability

Essay 1: Self-affine, long-memory and market stability - The purpose of this paper is to evaluate the liquidity conditions of financial markets. Drawing inspiration from fractal analysis, I show that the bid-ask spread follows dynamic patterns consistent with those generated by fractional Brownian motion, a mixed process that reflects both the randomness typical of Brownian motion and the correlated behaviour typical of long-memory processes. The determinants of this correlated behaviour...

Essays on Digital Platforms and Ecosystems

The thesis contributes to the growing literature on Digital Platform Ecosystems (DPE) evolution by integrating resource orchestration (RO), dynamic capabilities (DC), and platform classification, offering insights into how DPE develop, adapt, and sustain competitive advantage. Digital Platforms (DP) unlike traditional organisations, leverage digital technologies for continuous evolution and growth (Huang et al., 2017; Rindova & Kotha, 2001). Their architecture fosters generativity (K...

Digital Transformation of Pharmaceutical Industry

Digital transformation (DT) in the Pharmaceutical Industry (PI) is a topic of increasing scholarly importance but remains underexplored within management studies. This thesis, comprising five scientific articles, addresses various aspects of DT in PI, offering significant contributions to existing literature and proposing new research perspectives, in particular: 1. To analyze the key technologies driving DT in PI. 2. To develop practical frameworks for implementing DT. 3. To integrate ...

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