"Stakeholder Orientation" and Capital Structure: Social Entrerprises versus For-Profit Firms in the Italian Social Residencial Service Sector

In this paper, we investigate whether capital structure differs between for-profit and nonprofit sectors by focusing on two key aspects of the latter: the non-distribution constraint and the stakeholder oriented governance system. We develop a theoretical model and show that the former negatively affects leverage, defined as the amount borrowed over the total investment, whilst the latter has a positive effect. We then analyze a longitudinal data set of balance sheets of 800 firms operating in the social residential sector in Italy and show that, once controlled for observable characteristics, for-profit companies have a leverage 18% higher than nonprofit enterprises, even if the latter face lower credit costs. We explain this finding by arguing that the effect of the non-distribution constraint prevails over the effect of stakeholder orientation

Financial Risk Aversion, Economic Crises and Past Risk Perception

We use a panel dataset from the Dutch Household Survey, covering annually the period 1993-2011, to analyze whether individual risk aversion changes over time with the background economic conditions. Considering six different measures of self-assessed risk aversion, which cover different aspects of risk, our preliminary results show that risk aversion is not stable over time. Its dynamics, however, depends on the type of investor. Those who made no investment in the previous year showed higher risk aversion at the end of the 90s; those who invested, in contrast, showed a steadily constant or decreasing pattern. The gap between the risk aversion of investors and noninvestors was the largest between the end of the 90s and the beginning of the 00s, when the stock market experienced exceptionally high volatility

Household Portfolios and Risk Taking over Age and Time

We exploit the US Survey of Consumer Finances (SCF) from 1998 to 2007 to provide new insights on the evolution of US households’ willingness to undertake portfolio risk. Specifically, we consider four alternative measures of portfolio risk, based on two definitions of portfolio - a narrow one, including financial assets, and a broad one, also including human capital, real estate, business wealth and related debt. The four measures consistently show that risk taking peaked in 2001, many households are willing to undertake only limited risk, and that risk taking increases with wealth, income and financial sophistication. Each measure, nevertheless, provides a different ranking of household risk taking; in addition, the age profile of risk is sensitive to the definition of portfolio. However, risk taking turns out to be constant for a large part of the life cycle, and in particular during the ages 40-60, keeping all the other variables constant

Interpreting the role of the striatum during multiple phases of motor learning

The synaptic pathways in the striatum are central to basal ganglia functions including motor control, learning and organization, action selection, acquisition of motor skills, cognitive function, and emotion. Here, we review the role of the striatum and its connections in motor learning and performance. The development of new techniques to record neuronal activity and animal models of motor disorders using neurotoxin, pharmacological, and genetic manipulations are revealing pathways that underlie motor performance and motor learning, as well as how they are altered by pathophysiological mechanisms. We discuss approaches that can be used to analyze complex motor skills, particularly in rodents, and identify specific questions central to understanding how striatal circuits mediate motor learning

Deep learning aided topology optimization of phononic crystals

In this work, a novel approach for the topology optimization of phononic crystals based on the replacement of the computationally demanding traditional solvers for the calculation of dispersion diagrams with a surrogate deep learning (DL) model is proposed. We show that our trained DL model is ultrafast in the prediction of the dispersion diagrams, and therefore can be efficiently used in the optimization framework

The predictive role of biomarkers and genetics in childhood asthma exacerbations

Asthma exacerbations are associated with significant childhood morbidity and mortality. Recurrent asthma attacks contribute to progressive loss of lung function and can sometimes be fatal or near‐fatal, even in mild asthma. Exacerbation prevention becomes a primary target in the management of all asthmatic patients. Our work reviews current advances on exacerbation predictive factors, focusing on the role of non‐invasive biomarkers and genetics in order to identify subjects at higher risk of asthma attacks. Easy‐to‐perform tests are necessary in children; therefore, interest has increased on samples like exhaled breath condensate, urine and saliva. The variability of biomarker levels suggests the use of seriate measurements and composite markers. Genetic predisposition to childhood asthma onset has been largely investigated. Recent studies highlighted the influence of single nucleotide polymorphisms even on exacerbation susceptibility, through involvement of both intrinsic mechanisms and gene‐environment interaction. The role of molecular and genetic aspects in exacerbation prediction supports an individual‐shaped approach, in which follow‐up planning and therapy optimization take into account not only the severity degree, but also the risk of recurrent exacerbations. Further efforts should be made to improve and validate the application of biomarkers and genomics in clinical settings

Evans Syndrome in Childhood: Long Term Follow-Up and the Evolution in Primary Immunodeficiency or Rheumatological Disease

Evans syndrome (ES) is a rare but challenging condition, characterized by recurrent and refractory cytopenia episodes. Recent discoveries highlighted that an appropriate diagnostic workup is fundamental to identify an underlying immune dysregulation such as primary immunodeficiencies or a rheumatological disease. We hereby describe clinical features and laboratory results of 12 pediatric patients affected by ES referred to the Pediatric Onco-Hematology Unit of Bologna. Patients experienced a median of four acute episodes of cytopenia with 9 years as median age at the onset of symptoms. In 8/12 (67%) patients an underlying etiology, primary immunodeficiencies, or rheumatological disease was identified. In 4/12 children, other immune manifestations were associated (Thyroiditis, Celiac disease, Psoriasis, Vitiligo, Myositis, Membranoproliferative Glomerulonephritis). ES remained the primary diagnosis in four patients (33%). At a median follow-up time of 4 years, 5/12 (42%) patients revealed a chronic ITP, partially responsive to second line therapy. Immunoglobulin Replacement Therapy (IRT) was effective with a good hematological values control in three patients with a secondary ES (ALPS, CVID, and a patient with Rubinstein Taybi Syndrome and a progressive severe B cell deficiency with hypogammaglobulinemia). Our experience highlights that, in pediatric patients, ES is often only the first manifestation of an immunological or rheumatological disease, especially when cytopenias are persistent or resistant to therapy, with an early-onset or when are associated with lymphadenopathy

Childhood obesity and respiratory diseases: Which link?

Prevalence of childhood obesity is progressively increasing, reaching worldwide levels of 5.6% in girls and of 7.8% in boys. Several evidences showed that obesity is a major preventable risk factor and disease modifier of some respiratory conditions such as asthma and Obstructive Sleep Apnea Syndrome (OSAS). Co-occurrence of asthma and obesity may be due to common pathogenetic factors including exposure to air pollutants and tobacco smoking, Western diet, and low Vitamin D levels. Lung growth and dysanapsis phenomenon in asthmatic obese children play a role in impaired respiratory function which appears to be different than in adults. Genes involved in both asthma and obesity have been identified, though a gene-by-environment interaction has not been properly investigated yet. The identification of modifiable environmental factors influencing gene expression through epigenetic mechanisms may change the natural history of both diseases. Another important pediatric respiratory condition associated with obesity is Sleep-Disordered Breathing (SDB), especially Obstructive Sleep Apnea Syndrome (OSAS). OSAS and obesity are linked by a bidirectional causality, where the effects of one affect the other. The factors most involved in the association between OSAS and obesity are oxidative stress, systemic inflammation, and gut microbiota. In OSAS pathogenesis, obesity’s role appears to be mainly due to mechanical factors leading to an increase of respiratory work at night-time. However, a causal link between obesity-related inflammatory state and OSAS pathogenesis still needs to be properly confirmed. To prevent obesity and its complications, family education and precocious lifestyle changes are critical. A healthy diet may lead to an improved quality of life in obese children suffering from respiratory diseases. The present review aimed to investigate the links between obesity, asthma and OSAS, focusing on the available evidence and looking for future research fields

Proof of concept of a frequency-preserving and time-invariant metamaterial-based nonlinear acoustic diode

Acoustic filters and metamaterials have become essential components for elastic wave control in applications ranging from ultrasonics to noise abatement. Other devices have been designed in this field, emulating their electromagnetic counterparts. One such case is an acoustic diode or rectifier, which enables one-way wave transmission by breaking the wave equation-related reciprocity. Its achievement, however, has proved to be rather problematic, and current realizations display a number of shortcomings in terms of simplicity and versatility. Here, we present the design, fabrication and characterization of a device able to work as an acoustic diode, a switch and a transistor-like apparatus, exploiting symmetry-breaking nonlinear effects like harmonic generation and wave mixing, and the filtering capabilities of metamaterials. This device presents several advantages compared with previous acoustic diode realizations, including versatility, time invariance, frequency preserving characteristics and switchability. We numerically evaluate its efficiency and demonstrate its feasibility in a preliminary experimental realization. This work may provide new opportunities for the practical realization of structural components with one-way wave propagation properties

Bio-inspired non self-similar hierarchical elastic metamaterials

Hierarchy provides unique opportunities for the design of advanced materials with superior properties that arise from architecture, rather than from constitutive material response. Contrary to the quasi-static regime, where the potential of hierarchy has been largely explored, its role in vibration mitigation and wave manipulation remains elusive. So far, the majority of the studies concerning hierarchical elastic metamaterials have proposed a selfsimilar repetition of a specific unit cell at multiple scale levels, leading to the activation of the same bandgap mechanism at different frequencies. On the contrary, here, we show that by designing non self-similar hierarchical geometries allows us to create periodic structures supporting multiple, highly attenuative and broadband bandgaps involving (independently or simultaneously) different scattering mechanisms, namely, Bragg scattering, local resonance and/or inertial amplification, at different frequencies. The type of band gap mechanism is identified and discussed by examining the vibrational mode shapes and the imaginary component of the wavenumber in the dispersion diagram of the unit cell. We also experimentally confirm this by performing measurements in the lowest frequency regime on a 3D printed structure. Hierarchical design strategies may find application in vibration mitigation for civil, aerospace and mechanical engineering