Credit risk and Basel II: Are non-profit firms financially different?

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify creditworthiness are different for non-profit andcrucial for non-profit firms. Classification-JEL: G21, G28SME finance; Basel II; Retail banking; Non-profit

A Note on Multiplicative Uncertainty and Partisan Policies

In this paper we consider the effects of «multiplicative» uncertainty about the structure of the economy in the standard partisan model. An increase in the uncertainty decreases of the inflation rate pursued by the liberal policymaker, but increases the inflation rate pursued by the conservative policymaker. For certain configurations of the parameters, an increase in the uncertainty reduces the expected loss of both parties

A credit risk model for Italian SMEs

We use a multiple-factor credit risk model to provide new estimates of default probabilities in a sample of Italian Small and Medium-sized Enterprises. Results show that, on average, SMEs are riskier than large businesses within the retail segment. It is possible to distinguish different segments inside the SMEs’ population based on geographical location, sector of activity and juridical status

Credit risk and Basel II: Are non-profit firms financially different?

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify creditworthiness are different for non-profit and for-profit firms. Traditional balance sheet information seems to be less crucial for non-profit firms

Il Nuovo Accordo sul Capitale e il rapporto banca - impresa nel sistema BCC Emilia-Romagna

Il presente lavoro analizza il grado di conoscenza di Basilea II e i connessi effetti sul comportamento delle imprese attraverso un’indagine realizzata su un campione di imprese clienti delle Banche di Credito Cooperativo in Emilia-Romagna nel 2007. In primo luogo si registra un’elevata quota di imprese che si dichiarano a conoscenza degli effetti di Basilea II, pari ai tre quarti del campione, rispetto al 47,5% rilevato in una indagine del 2005 (Bentivogli et al., 2007). Le imprese non si limitano ad accrescere il livello e la qualità delle informazioni societarie, ma operano azioni a livello strutturale, tra cui anche l’aumento del rapporto tra patrimonio e debiti finanziari. In secondo luogo, la percezione degli effetti di Basilea II è influenzata dall’intensità del rapporto banca impresa, approssimata nel campione dall’essere soci BCC e dalla presenza di mono/multi affidamento. Si registra un maggior grado di conoscenza di Basilea II e l’adozione più frequente di azioni strutturali tra le imprese clienti socie BCC. Infine, nella maggior parte dei casi gli effetti di Basilea II nelle procedure di erogazione del credito sono considerati limitati dalle imprese. Tuttavia, a fronte di una tendenziale neutralità nei flussi di credito un numero crescente di imprese avverte una maggiore onerosità in termini di tassi e costi

Study of depth-dependent charge collection profiles in irradiated pad diodes

In this work, charge collection profiles of non-irradiated and irradiated 150 $\mu$m $p$-type pad diodes were measured using a 5.2 GeV electron beam traversing the diode parallel to the readout electrode. Four diodes were irradiated to 1 MeV neutron equivalent fluences of 2, 4, 8, and 12E15 {cm}^{-2} with 23 MeV protons. The Charge Collection Efficiency profiles as a function of depth are extracted by unfolding the data. The results of the measurements are compared to the simulation using three radiation damage models from literature which were tuned to different irradiation types and fluences

Dissecting histone deacetylase role in pulmonary arterial smooth muscle cell proliferation and migration

Pulmonary Arterial Hypertension (PAH) is a rare and devasting condition characterized by elevated pulmonary vascular resistance and pulmonary artery pressure leading to right-heart failure and premature death. Pathologic alterations in proliferation, migration and survival of all cell types composing the vascular tissue play a key role in the occlusion of the vascular lumen. In the current study, we initially investigated the action of selective class I and class II HDAC inhibitors on the proliferation and migration of pulmonary artery smooth muscle cells (PASMCs) after exposure to Platelet Derived Growth Factor (PDGF). Class I HDAC inhibitors were able to counteract the hyperproliferative response to PDGF, reducing both proliferation and migration in PASMCs, while class II were ineffective. Selective silencing with siRNAs targeted against different HDACs revealed a major role of class I, and within this class, of HDAC1 in mediating PDGF-induced Akt Phosphorylation and Cyclin D1 (CycD1) expression. These results from these combinatorial approaches were further confirmed by the ability of a specific HDAC1 inhibitor to antagonize the PDGF action. The finding that HDAC1 is a major conductor of PDGF-induced patterning in PAH-PASMCs prompts the development of novel selective inhibitors of this member of class I HDACs as a potential tool to control lung vascular homeostasis in PAH

Ultrasound tissue characterization detectspreclinical myocardial structural changes inchildren affected by Duchenne muscular dystrophy

AbstractObjectivesOur goal was to identify early changes in myocardial physical properties in children with Duchenne muscular dystrophy (DMDch).BackgroundDuchenne muscular dystrophy (DMD) is caused by the absence of dystrophin, which triggers complex molecular and biological events in skeletal and cardiac muscle tissues. Although about 30% of patients display overt signs of cardiomyopathy in the late stage of the disease, it is unknown whether changes in myocardial physical properties can be detected in the early (preclinical) stages of the disease.MethodsWe performed an ultrasonic tissue characterization (UTC) analysis of myocardium in DMDch with normal systolic myocardial function and no signs of cardiomyopathy. Both the cyclic variation of integrated backscatter (cvIBS) and the calibrated integrated backscatter (cIBS) were assessed in 8 myocardial regions of 20 DMDch, age 7 ± 2 years (range 4 to 10 years), and in 20 age-matched healthy controls.ResultsWe found large differences in the UTC data between DMDch and controls; the mean value of cvIBS was 4.4 ± 1.5 dB versus 8.8 ± 0.8 dB, whereas the mean value of cIBS was 36.4 ± 7.1 dB versus 26.9 ± 2.0 dB (p < 10−6for both). In DMDch, all eight sampled segments showed cIBS mean values to be significantly higher and cvIBS mean values to be significantly lower than those in the controls. Finally, interindividual differences were greater in DMDch than in controls for both parameters.ConclusionsThe myocardium in DMDch displays UTC features different from those in healthy controls. These results show that lack of dystrophin is commonly associated with changes in myocardial features well before the onset of changes of systolic function and overt cardiomyopathy