Governance attraverso gli assetti proprietari nelle imprese quotate italiane

La presente tesi si è mossa nell’ambito degli studi sulla corporate governance approfondendo un aspetto specifico quale quello degli assetti proprietari. La letteratura definisce assetto proprietario come distribuzione dei diritti di proprietà tra i vari soggetti che partecipano alla vita dell’impresa (Zattoni 2006). L’assetto proprietario, rappresenta un elemento fondamentale nel perseguimento degli obiettivi di Governace. In particolare con esso s’intende la capacità di formarsi di quorum capaci di far coincidere gli interessi dell’agente con quelli del principale o alternativamente introdurre dei meccanismi sanzionatori, quali la rimozione dell’agente. Più in particolare in tale ambito di studio, in letteratura, rientrano le ricerche sulla concentrazione proprietaria, sulle categorie di stakeholder coinvolti e sulla coincidenza tra proprietà e controllo e sulle relazioni tra assetto proprietario e performance aziendale. L’obiettivo della ricerca è stato di verificare sia sotto il profilo teorico e sia sotto il profilo empirico, attraverso una verifica su un campione di imprese quotate al mercato regolamentato italiano, le ipotesi di relazione tra le seguenti variabili relative all’assetto proprietario, quali: concentrazione proprietaria e capitalizzazione; categorie di stakeholder e capitalizzazione; assetto proprietario e performance aziendale. Il presente lavoro di ricerca nasce dall’osservazione che le imprese quotate al mercato regolamentato italiano presentano assetti proprietari differenti (in funzione del contesto ambientale in cui operano), a cui corrispondono performance differenti. Vi sono imprese, il cui assetto proprietario risulta caratterizzato da forte concentrazione proprietaria vi sono altre il cui assetto proprietario risulta caratterizzato da bassa concentrazione con molteplici e imprese il cui assetto proprietario risulta caratterizzato da tipologie di soci eterogenei (Stato, Istituzioni Finanziarie, Privati etc). L’analisi dell’assetto proprietario delle imprese oggetto di analisi, dal punto di vista della letteratura si inserisce negli studi empirci, svolti prevalentemente nei paesi anglossassoni, che hanno cercato di tracciare, a parità di condizioni, la relazione tra concentrazione del capitale e performance dell’impresa. Le conclusioni del lavoro di ricerca, effettuato anche attraverso l’analisi empirica su un campione di imprese quotate al mercato regolamentato italiano, ha evidenziato relativamente agli assetti proprietari che: esistono differenti forme di assetto proprietario. Sono state individuate imprese, il cui assetto proprietario risulta caratterizzato da forte concentrazione proprietaria, sono state individuate altre, il cui assetto proprietario risulta caratterizzato da bassa concentrazione e imprese il cui assetto proprietario risulta caratterizzato da tipologie di soci eterogenei (Stato, Istituzioni Finanziarie, Privati etc; la maggior parte delle imprese hanno come soggetti proprietari le famiglie (in termini di numerosità) o lo Stato (in termini di valore). La presenza di Fondi Istituzionali è ancora minima; risulta complicato evidenziare una relazione univoca performance assetto proprietario in quanto le determinanti del primo sembrano essere diverse.This thesis was projected contemplating the field of Corporate Governance studies with specific focus on Ownership Structure. Ownership Structure is commonly defined as “the distribution of property rights among the various subjects who share the activities of a company”. The Ownership Structure represents an important part in reaching the Governance targets. More precisely, it could be intended as the ability to form quorum capable of reconciling the agent’s interests with the core interests of the company, or likewise to introduce sanctions such as the dismissal of the agent. Furthermore, research on this matter takes into account property concentration, categories of involved stakeholders, concurrence between property and governance, and the relationship between property team and company performance. The main objective of this paper is both theoretical and empirical. The focus was set to examine the hypothesis of a dynamic relationship between the following variable elements concerning Ownership Structure: ownership concentration and capitalization; stakeholder’s class and capitalization; ownership Structure and business performance. The present thesis is based on the observation of Italian public companies with different Ownership Structures (vis à vis the different business environments), and different business performances. Some companies show high ownership concentration and others quite low; while some present a heterogeneous concentration, such as State Institutions, Financial Institutions, private subjects, etc. The analysis of the Ownership Structure in the sample companies of this paper, could be considered as part of the empirical research mostly developed in Anglophone countries, who aimed to identify the dynamic relationship between Ownership Structure and business performance. The results of this research based on the empirical analysis of a sample of public companies, point towards the following conclusions: There are different forms of Ownership Structure. Some companies present a high ownership concentration, and some others low; while others present a heterogeneous concentration such as State Institutions, Financial Institutions, private subjects, etc.; most of the observed public companies are owned by private subjects (in terms of number of subjects) or by State institutions (in terms of capital value); finding an unambiguous relationship between Ownership Structure, and business performance has proven to be complicated because the results of business performance appear to be differen

Quantum effects in glasses at ultra-low temperatures

Glasses at ultra-low temperatures present several puzzling phenomena. A notable example is the anomalous (i.e., non-Debye) behavior of thermodynamic quantities at temperatures lower than 1 K. A comprehensive quantum theory able to explain these phenomena has not been developed so far. In this thesis, we tackle this long-standing problem with different and innovative perspectives, employing various physical models, and several analytical and numerical techniques. We mainly explore two different but complementary approaches. In the first approach, we investigate the thermodynamics of models for ultra-low temperature glasses, with particular attention to mean-field models. Specifically, exploiting hard-sphere systems and constraint satisfaction problems as a minimal model for structural glasses, we explore their jamming transition both in the classical and the quantum regime. In the second approach, we focus on finite-dimensional models. We analyze the quantum dynamics of the two-level system model for glasses and generic many-body localized systems, providing clues for the presence of a deep connection between glasses and quantum many-body localized systems. This thesis aims at estimating both qualitatively and quantitatively the effects of quantum mechanics on glasses at ultra-low temperatures. In the literature, only a few studies have considered glasses deep in their quantum regime, partly due to the analytical and computational challenges this posits. Nevertheless, this perspective promises to have wide-ranging applications. One of our ambitious goals is to take a first, substantial step to unveil the possible origin of long-standing discrepancies observed between theory and experiments in ultra-low temperature glasses. Moreover, we would like to predict the presence of new experimental regimes that might be interesting to investigate

Surgical treatment of acute fingernail injuries

The fingernail has an important role in hand function, facilitating the pinch and increasing the sensitivity of the fingertip. Therefore, immediate and proper strategy in treating fingernail injuries is essential to avoid aesthetic and functional impairment. Nail-bed and fingertip injuries are considered in this review, including subungual hematoma, wounds, simple lacerations of the nail bed and/or matrix, stellate lacerations, avulsion of the nail bed, ungual matrix defect, nail-bed injuries associated with fractures of the distal phalanx, and associated fingertip injuries. All these injuries require careful initial evaluation and adequate treatment, which is often performed under magnification. Delayed and secondary procedures of fingernail sequelae are possible, but final results are often unpredictable

Are suprapectineal quadrilateral surface buttressing plates performances superior to traditional fixation? A finite element analysis

Acetabular fractures have a high impact on patient’s quality of life, and because acetabular fractures are high energy injuries, they often co-occur with other pathologies such as damage to cartilage that could increase related morbidity; thus, it appears of primary importance developing reliable treatments for this disease. This work aims at the evaluation of the biomechanical performances of non-conservative treatments of acetabular fractures through a finite element approach. Two pelvic plates models (the standard suprapectineal plate—SPP, and a suprapectineal quadrilateral surface buttressing plate—SQBP) were analyzed when implanted on transverse or T-shaped fractures. The plates geometries were adapted to the specific hemipelvis, mimicking the bending action that the surgeon performs on the plate intraoperatively. Implemented models were tested in a single leg stance condition. The obtained results show that using the SQBP plate in transverse and T-shaped acetabular fractures generates lower bone stress if compared to the SPP plate. Interfragmentary movement analysis shows that the SQBP plate guarantees greater stability in transverse fractures. In conclusion, the SQBP plate seems worthy of further clinical analysis, having resulted as a promising option in the treatment of transverse and T-shaped acetabular fractures, able to reduce bone stress values and to get performances comparable, and in some cases superior, to traditional fixation

I prodotti "Beauty Care" nel canale farmaceutico

Indice: Il settore del beauty care - Il canale farmaceutico in Italia - Analisi della domanda - Fattori di successo e barriere all'entrata - Ciclo di vita del business - Raggruppamenti strategici e politiche di differenziazione e diversificazione - Strategie di marketing per il beauty care.. in farmacia - Swot analysis - Conclusion

The Ceratitis capitata homologue of the Drosophila sex-determining gene sex-lethal is structurally conserved, but not sex-specifically regulated.

In Drosophila, Sxl functions as a binary switch in sex determination. Under the control of the primary sex-determining signal, it produces functional protein only in XX animals to implement female development. Here we report that, in contrast to Drosophila, the Sxl homologue in the Medfly, Ceratitis capitata, expresses the same mRNAs and protein isoforms in both XX and XY animals irrespective of the primary sex-determining signal. Also, experiments with two inducible transgenes demonstrate that the corresponding Ceratitis SXL product has no significant sex-transforming effects when expressed in Drosophila. Similar results have been obtained for the Sxl homologue of Musca domestica (Meise, M., Hilfiker-Kleiner, D., Brunner, C., DŁbendorfer, A., N¿thiger, R. and Bopp, D. (1998) Development 125, 1487-1494). Our findings suggest that Sxl acquired its master regulatory role in sex determination during evolution of the Acalyptratae group, most probably after phylogenetic divergence of the genus Drosophila from other genera of this group

Antibacterial Bioactive Glass, S53P4, for Chronic Bone Infections - A Multinational Study

Correction: Volume: 971 Pages: 115-116 DOI: 10.1007/5584_2017_13 Published: 2017 WOS:000446017300010Osteomyelitis is an infectious process in bone that occasionally leads to bone destruction. Traditionally, the surgical treatment procedure is performed in combination with systemic and local antibiotics as a two-stage procedure that uses autograft or allograft bone for filling of the cavitary defect. Bioactive glass (BAG-S53P4) is a bone substitute with proven antibacterial and bone bonding properties. One hundred and sixteen patients who had verified chronic osteomyelitis was treated using BAG-S53P4 as part of the treatment. Most of the patients had previously undergone numerous procedures, sometimes for decades. A register of patient data obtained from 11 centers from Finland, Italy, the Netherlands, Germany, Azerbaijan and Poland was set-up and continuously maintained at Helsinki University Central Hospital. The location of the osteomyelitis was mainly in the tibia followed by the femur and then the calcaneus. The median age of the patients was 48 years (15-87). The patients were either treated according to a one-stage procedure without local antibiotics (85 %) or by a two-stage procedure using antibiotic beads in the first procedure (15 %). The minimum follow-up was 1 year (12-95 months, median 31). The cure rate was 104/116, the total success rate 90 % and most of the patients showed a rapid recovery. The study shows that (BAG-S53P4) can be used in a one-stage procedure in treatment of osteomyelitis with excellent results.Peer reviewe