Credit rationing and real assets: evidence from Italian panel data

This paper investigates empirically the role of real assets in credit rationing. The analysis is based on the idea that asset tangibility is inversely related to the probability that a firm will be credit constrained. Indeed, when loans are collateralized, the amount borrowed is determined by the value of collateral. This happens because in a context of asymmetric information banks use real assets as a guarantee in the case of project’s default. Consequently, a reduction in collateral values reduces investments and the borrowing capacity. Although many papers have explained the relationships between the debt level and the value of real assets, empirical evidence is mainly based on large “listed” firms. The question as to the whether these arguments are valid for smaller firms has received limited attention. Many papers also show that specialized assets should fetch a low resale price. This suggests that a high resale price corresponds to a highly redeployable asset and that the reduction in resale value aggravates credit rationing, so that investment declines. My purpose is to show empirically how the value of real assets explains credit rationing of Italian small and medium firms. It is interesting to analyze small and medium firms because of their ownership structure and size they have fewer financial options. Large firms can obtain credit on the public markets while small firms depend on financial intermediaries. This implies that their main source of funds is banks. These firms are more likely to face credit rationing or very high cost of non collateralized debt because banks resolve asymmetric information by charging higher interest rates or collateral requirement on small firms. Moreover, using the Propensity Score Analysis I show that public subsidies reduce credit rationing.credit rationing, panel data, public subsidies

Essays on Credit Rationing

This thesis focuses on the relationship between credit rationing and collateral value. The thesis is divided into three chapters. In Chapter 1, I make an overview on credit rationing. I emphasize that economists have linked credit rationing to problems of imperfect information (Jaffee and Russell 1976, Stiglitz and Weiss 1981). The interest rate is not the only term in debt contracts, and several papers have also investigated the role of collateral in solving credit rationing (Bester 1985). I also investigate the theory of collateral linked to the value of the assets (Williamson 1988, Shleifer and Vishny 1992). Finally, I review some empirical works. In Chapter 2, I construct a model that combines a credit rationing model with the idea that firms debt capacity and investments are linked to the value of assets in cases of distress. The model shows the link between firms debt capacities and asset values in case of distress. The main contribution of the paper is to show how each good firm derives positive externalities from the existence of bad firms. In Chapter 3, I show empirically how the value of real assets is inversely linked to credit rationing of Italian small and medium firms. I consider the relation between credit rationing and firms capital structure, rather than the relation between debt ratio and firms capital structure. In this Chapter, I also focus on the propensity score matching model, introduced by Rosenbaum and Rubin (1983), to investigate a causal link between public incentives and firms rationing

Prevalence of disordered eating behaviors in adolescents with type 1 diabetes: Results of multicenter Italian Nationwide study

Objective: To assess the prevalence of disordered eating behaviors (DEBs) in a large sample of Italian adolescents with type 1 diabetes and to explore potential demographic, clinical, and psychological differences (understood as emotional and behavioral problems) among adolescents with and without DEBs. Method: Adolescents (11–19 years) with type 1 diabetes completed the Diabetes Eating Problems Survey-revised (DEPS-r) and the Youth Self Report (YSR). Demographic and clinical data were also collected. Results: Of 690 adolescents with type 1 diabetes (mean age 14.97 ± 1.81, n = 337 girls) assessed in this study, 28.1% (21% boys, 35% girls) were DEPS-r positive (score ≥ 20). Girls had higher DEPS-r total scores (p <.0001, d =.42) than boys, although no age differences were found in mean DEPS-r total scores (p =.961). In both genders, adolescents with DEBs had significantly higher zBMI (p <.0001, d =.52) and HbA1c values (p <.0001, d =.54) and showed more emotional and behavioral problems (both as internalizing and externalizing problems) than those without DEBs (all p <.0001). These differences were largely confirmed in all age groups. Adolescents reporting insulin misuse had higher HbA1c values (p =.001, d =.26), higher DEPS-r mean scores (p <.0001, d = 1.07), and greater psychological problems (all p <.001) than those who did not. Discussion: DEBs are prevalent among adolescents with type 1 diabetes, and those with eating problems showed adverse clinical and psychological conditions. Routine screening for DEBs and of general psychological condition should be a fundamental part of diabetes care, especially during adolescence. Public significance statement: This nationwide study indicated that DEBs are common in adolescents with T1D, and those suffering from them show poorer clinical conditions and higher emotional and behavioral problems. As such, it offers important contributions for those working with EDs and in the T1D field, as it provides a deeper understanding of the co-occurring DEBs–emotional/behavioral problems in youths with T1D and highlights the importance of continuous monitoring of their psychological condition by a multidisciplinary team

Normal ultrasonographic features of loggerhead (Caretta caretta) eyes

The Loggerhead sea turtle (Caretta caretta) is widely distributed in the Mediterranean Sea but, like other sea turtles, it is considered a threatened species. Improving anatomical knowledge on normal aspects of the species is important for correct diagnosis and proper therapy and, therefore, for improving the chances of a complete recovery and a fast reintroduction into the wild for a greater number of sea turtle bycatch and other mishaps. For this reason, 15 Loggerhead turtles, with clinically healthy eyes, were submitted to ocular ultrasonographic (US) examinations. The US exam was quick, non-invasive, and simple to perform and permitted researchers to assess all the ocular features. © 2020, Croatian Natural History Museum. All rights reserved

Views of Mental Health Professionals on Positive Changes in Service Practices and Staff-User Relationships After One Year of Covid-19 Pandemic in Italy

Abstract This study explored views of mental health services (MHS) professionals regarding positive changes in service practices and organizations, and staff-user relationships after one year of COVID19 in Italy. Professionals from a community-oriented MHS completed online the Questionnaire on MHS Transformations during the COVID-19 pandemic, a 30-item tool developed by a participatory approach and validated. Of the 184 participants, 91.8% felt it was ‘‘true/definitely true’’ that during the pandemic they had informed users on procedures to reduce contagion risks, and 82.1% stated that they had increased telephone contact with users. Sixty-nine percent of professionals reported that staff revised treatment plans according to new needs of care and 78.6% stated that they had been able to mediate between user needs and safe working procedures. Moreover, 79.4% of respondents stated that they had rediscovered the importance of gestures and habits, and 65% that they had gained strength among colleagues to face fear. Fifty-four percent of participants admitted that they had discovered unexpected personal resources in users. Overall, 59.6% of participants stated that they found some positives in the COVID-19 experience. Perceived positive changes was greater among professionals from community facilities vs. those from hospital and residential facilities. In community-oriented MHS, the pandemic offered an opportunity to change practices and rethink the meaning of relationships between people. This data may be useful in generating a more balanced understanding of COVID-19’s impact on MHS and for MHS planning in the pandemic era

ANALISI DELL’INDICE DI INTERAZIONE BAMBINO-PETS IN FATTORIA ZOOANTROPOLOGICA: STUDIO PILOTA

INTRODUZIONE - La didattica applicata alla zooantropologia prevede un’attuazione in campo educativo e pedagogico dei principi zooantropologici; essa si prefigge un duplice obiettivo: di ridurre il gap relazionale tra animali e giovani generazioni e di recuperare i contenuti e le valenze della relazione, al fine dell’utilizzo pedagogico ed educativo. Nasce un nuovo modello educativo che pone al centro delle strutture pedagogiche l’animale, non più come oggetto da sfruttare, ma come soggetto che aiuti il bambino nella sua crescita educativa (1,2). In quest’ottica generale, la Fattoria Zooantropologica sembra essere un buon sistema in grado di permettere la “fruizione” da parte di bambini e\o soggetti con disabilità di questo modello relazionale e di consentire, altresì, attività e terapie assistite con gli animali (3,4). La Fattoria Zooantropologica offre l’opportunità di attivare la relazione reciproca in un ambiente nuovo, attraente e confortevole tra il fruitore e l’animale che giova di un habitat naturale e familiare. L’esperienza diretta permette ai bambini di usare tutti i loro sensi per imparare: più i bambini vedono, toccano, odorano, sentono, gustano, più imparano (5,6). Partendo da questi presupposti, lo studio si è posto l’obiettivo di effettuare una valutazione del gradimento delle differenti specie animali, attraverso l’analisi degli indici di interazione dei bambini rispetto agli animali presenti in fattoria, al fine di fornire delle linee guida nella scelta del pet in relazione ad una amplificazione delle risposte cognitive ed emozionali del bambino

Pathology and molecular analysis of ' Hapalotrema mistroides ' (Digenea: Spirorchiidae) infecting a Mediterranean loggerhead turtle ' Caretta caretta '

Turtle blood flukes belonging to the family Spirorchiidae (Digenea) represent a major threat for sea turtle health and are considered the most important parasitic cause of turtle stranding and mortality worldwide. Despite the large diversity of spirorchiid species found globally, there are only 2 records for free-ranging Mediterranean sea turtles that date back to the late 1800s involving just Hapalotrema mistroides Monticelli, 1896. This study describes the first fatal confirmed case of spirorchiidiasis in a free-ranging Mediterranean loggerhead turtle Caretta caretta (Linnaeus) and, owing to the complexities of taxonomic identification of these parasites, provides the first molecular characterization and phylogenetic analysis of H. mistroides from the Mediterranean Sea. The loggerhead turtle showed cachexia and digestive disorders associated with severe damage to the pancreas and intestinal ganglia, caused by deposition of Hapalotrema eggs forming granulomas. Massive Hapalotrema egg emboli in several tissues and organs and encephalitis were the most probable contributions to the death of the turtle. The congruence between the phylogenetic analysis of both the ITS2 and 28S rDNA resolved the Italian and USA H. mistroides as the same species, confirming the parasite identification. The case here described clearly indicates that the blood flukes should be considered in the differential diagnosis of Mediterranean sea turtle diseases

Spheres Derived from Lung Adenocarcinoma Pleural Effusions: Molecular Characterization and Tumor Engraftment

Malignant pleural effusions (MPEs) could represent an excellent source to culture a wide variety of cancer cells from different donors. In this study, we set up culture conditions for cancer cells deriving from MPEs of several patients affected by the most frequent form of lung cancer, namely the subset of non small cell lung cancers (NSCLC) classified as Lung Adenocarcinomas (AdenoCa) which account for approximately 40% of lung cancer cases. AdenoCa malignant pleural effusions gave rise to in vitro cultures both in adherent and/or in spheroid conditions in almost all cases analyzed. We characterized in greater detail two samples which showed the most efficient propagation in vitro. In these samples we also compared gene profiles of spheroid vs adherent cultures and identified a set of differentially expressed genes. Finally we achieved efficient tumor engraftment in recipient NOD/SCID mice, also upon inoculation of small number of cells, thus suggesting indirectly the presence of tumor initiating cells