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ITALIANO: Santarcangelo di Romagna presenta un elevato numero di ipogei scavati all’interno del colle sul quale sorge l’abitato, tale fenomeno costituisce un vero e proprio ‘sistema’ di cavità sovrapposte ed interconnesse. Oggetto dello studio è stato quello di esaminare la documentazione disponibile e procedere al rilievo di quattro di esse tramite Laser Scanner 3d. La raccolta del dato ha portato ad aumentare la conoscenza delle strutture, al fine di garantirne la tutela anche mediante ricostruzione virtuale degli ambienti ipogei. / ENGLISH: Santarcangelo di Romagna has a high number of hypogea excavated inside the hill on which the town stands, this phenomenon constitutes a real ‘system ’ of overlapping and interconnected cavities. The object of the study was to examine the available documentation and proceed with the survey of four of them through 3d Laser Scanner. The collection of data has led to increase the knowledge of the structures, in order to ensure their protection also through virtual reconstruction of the underground environments.

The instability of commodity prices and the hypothesis that speculative behaviour was one of its causes has brought renewed interest in futures markets. In this paper, the hedging effectiveness of European and US wheat futures markets were studied to test whether they were affected by the high price instability after 2007. In particular, the focus of the paper is to test of whether the increasing presence of financialization of commodity trading in futures markets mentioned in the literature have made them divorced from the physical markets. A multivariate GARCH model was applied to compute optimal hedging ratios. Important evidence was found of an improvement, after 2007, in the effectiveness of hedging with the European futures.

The paper examines a causal link between trading activity and market factors as returns and volatility as well. The ratio of volume to open interest in futures contracts performs better than other parameters extensively adopted in literature. The reason probably depends on the daily frequency of information which gives statistical evidence to phenomena which conclude their effect in weekly intervals. The estimations for the contemporaneous model give statistical evidence of a mutual relationship between trading activity and realized volatility. The behaviour of all the twelve futures markets examined is quite similar and uniform respect to the scale of the coefficients and their temporal profile.

The instability of commodity prices and the hypothesis that speculative behaviour was one of its causes has brought renewed interest in futures markets. In this paper, the hedging effectiveness of European and US wheat futures markets were studied to test whether they were affected by the high price instability after 2007. Implicitly, this is a test of whether the increasing presence of speculation in futures markets have made them divorced from the physical markets. A multivariate GARCH model was applied to compute optimal hedging ratios. No important evidence was found of a change in the effectiveness of hedging after 2007.