We compute some indicators (zero-trade, turnover ratio, Amihud price impact, and Roll bid-ask spread) to examine the liquidity conditions of corporate bonds traded on the main Italian retail bond markets from January 2010 to June 2013. In order to compare market liquidity for identical securities, our analysis focuses on fragmented bonds, i.e. bonds traded concurrently on two different venues: either DomesticMOT and EuroTLX, or ExtraMOT and EuroTLX. As for bonds traded on DomesticMOT and EuroTLX, the Amihud and the Roll statistics suggest EuroTLX being more liquid. Moreover, irrespective of the trading venue, on average bank bonds are less liquid than bonds issued by non-financial companies, especially from 2011 due to the impact of the sovereign debt crisis. With regard to bonds traded across ExtraMOT and EuroTLX, the latter is characterized by better liquidity conditions, with bank bonds being more liquid than non-financial ones. Furthermore, we find evidence of better liquidity figures for Italian bonds (nationality), structured bonds (complexity), and securities with greater minimum trading size (MTS). We also find that bonds' features (issuers' nationality and industry; bonds' residual maturity, complexity, rating, etc…) affect liquidity differently depending upon the trading venue, thus supporting the view that market microstructure may play a relevant role. Finally, we investigate the effect of fragmentation by comparing the liquidity of dual-listed bank bonds fragmented across DomesticMOT and EuroTLX with otherwise similar bank bonds traded exclusively on DomesticMOT. Italian fragmented bank bonds turn out to be slightly more liquid than similar Italian bonds traded exclusively on DomesticMOT; whereas, the opposite holds for foreign bank bonds. However, overall there is not a clear-cut evidence on the effect of fragmentation on bond liquidity, probably because it is intertwined with bonds' attributes, such as the issue size (in our sample, higher for the Italian bank bonds).JEL Classification: G01, G10, G12, G18

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In the 19th century, Thomas Malthus introduced the concept of human overpopulation into the scientific demographic debate, establishing the myth of population growth causing famine and starvation. The concept has recently resurfaced in international discussions on climate change and world leaders’ speeches. Still, it will likely come into the spotlight in the coming years of the climate crisis, mass displacement, and migration. Our research examines literary and visual texts from the early to the most recent debates, declarations, and uses. Our focus is primarily on the current academic and eco-fascist uses of the concept.

Il presente articolo propone due brevi percorsi didattici, sviluppati nell’ottica della didattica multimediale. Le attività presentate sono state adattate, in seguito alla pandemia, per essere flessibili e poter, quindi, venire proposte sia in presenza che a distanza (facendo sempre uso degli strumenti multimediali). Le due brevi unità si caratterizzano per la possibilità di essere proposte a studenti di diverso livello di conoscenza dell’italiano (dall’A1 al B1/B2). Inoltre, caratteristica centrale dal punto di vista della costruzione degli esercizi è l’utilizzo di piattaforme gratuite e la possibilità per gli studenti di interagire anche semplicemente attraverso uno smartphone, senza bisogno di un computer.   Examples of multimedia teaching This paper offers two brief educational courses designed according to multimedia teaching. Following the global pandemic, the proposed activities have been adapted to be flexible so that they can be proposed both in the presence and at a distance (always using multimedia tools). The two brief activities stand out for their possibility of being proposed to students with different levels of knowledge of the Italian language (A1 to B1/B2 level). Moreover, in terms of structure, a central feature of the activities is the use of free platforms that allow students to interact simply through a smartphone without needing a computer.