Switching costs in local credit markets

Switching costs are a key determinant of market performance. This paper tests their existence in the corporate loan market in which they are likely to play a central role because of the complexity of contracts and informational problems. Using very detailed data at bank-firm level on four Italian local credit markets we empirically show that firms tend to iterate their choice of the main bank over time. This inertia is not related to unobserved and time invariant preferences of firms across banks and can be attributed to the existence of switching costs. We also offer evidence that banks price discriminate between new and old borrowers by charging lower interest rates to the former in order to cover part of the switching costs. The discount is about 44 basis points, equal to 7 per cent of the average interest rate. These results prove robust to a number of other potential identification drawbacks.switching costs, local credit markets, price discrimination, lending relationships

Gone for Good? Determinants of School Dropout in Southern Italy

The aim of the present paper is to gain some insight into the causes of dropping out of school and, more generally, of the factors that induce parents to review their choices about their child’s schooling careers. To this end we apply to data from a school dropout survey insights from a model of sequential decision making by parents, where the initial decision can be reviewed in the light of new information emerging about the ability and opportunities of the child in benefitting from education relative to her outside (in the unskilled market). Analysis of the data confirms the role of both economic capacity (opportunity costs) and cultural capacity (ability to disentangle signals about future opportunities) of the family of origin shape observed choices about drop-out and return to school by individuals in our sample. Dropping out behaviour also appears to be strongly influenced by mismatches between school and student, however, and many of those who leave are not “gone for good”.human capital, school dropout, young people

Gone for Good? Determinants of School Dropout in Southern Italy

Dropping out of school has recently become an issue of major policy concern in Italy. A series of reforms of secondary school objectives, programmes and organizational design have been proposed to adapt the public school system to evolutions in the labour market and to increase overall educational attainment. The aim of the present paper is to gain some insight into the causes of dropping out of school and, more generally, of the factors that induce parents to review their choices about their childâÃÂÃÂs schooling careers. To this end we make use of data from the âÃÂÃÂschool dropout surveyâÃÂàundertaken in Salerno Province by the Centre for Labour Economics and Economic Policy (CELPE). The survey collected a range of information on adolescent young people and their families over the period 2004-06. The paper proposes a model of sequential decision making by parents where the decision can be reviewed in the light of new information emerging about the ability and opportunities of the child in profiting from education relative to her outside (in the unskilled market). The model allows interpretation of such dropout and return behaviour and emphasises the separate role of economic capacity (opportunity costs) and cultural capacity (ability to disentangle signals about future opportunities) for equilibrium decision making. Analysis of the data confirms the role of both economic and cultural capacity of the family of origin in shaping observed choices about drop-out and return to school by individuals in our sample. Interestingly we find that whilst poor performance at, and low attachment to, school âÃÂàmeasured by repetition of the school year through end of year failure and attendance records - is a key determinant of initial dropping out, the former does not seem to affect subsequent return to education. An important implication of the results presented here are that, in addition to the factors explicitly identified in the theoretical framework, dropping out behaviour is appears to be strongly influenced by mismatches between school and student. The answer to the question in the title of this paper, interpreted in its normative sense, therefore is no: the process of allocation of talents to school tracks is subject to many trial errors and revisions by families and many of those who leave school return to it subsequently.young people; school dropout; human capital;

Biomarkers of Parkinson's disease: recent insights, current challenges, and future prospects

Marina Picillo,1 Marcello Moccia,2 Emanuele Spina,2 Paolo Barone,1 Maria Teresa Pellecchia1 1Department of Medicine and Surgery, Center for Neurodegenerative Diseases (CEMAND), Neuroscience Section, University of Salerno, Salerno, Italy; 2Department of Neuroscience, Reproductive and Odontostomatologic Sciences, Federico II University, Naples, Italy Abstract: A biomarker represents a tool possibly helping physicians in predicting onset, diagnosis, and progression of a disease as well as evaluating the response to disease-modifying treatments. Currently, there is no biomarker fulfilling all such ideal criteria for Parkinson's disease (PD). In this article, we have critically reviewed the literature searching for the most reliable and reproducible clinical, biochemical, and imaging biomarkers for prodromal phase, diagnosis, and progression of PD. Different comprehensive batteries of biomarkers have been proposed as a sensitive approach to predict the onset of PD during the prodromal phase. There is a discussion about the redefinition of the clinical diagnosis of PD, including clinical biomarkers as non-motor symptoms; however, on the other hand, we have also observed that imaging biomarkers support the differential diagnosis from other causes of parkinsonism. Various clinical (eg, freezing of gait or cognitive impairment), biochemical (eg, epidermal growth factor, insulin-like growth factor 1, uric acid, etc), and imaging (eg, functional magnetic resonance imaging, voxel-based morphometry, etc) biomarkers may help envisaging disease progression of PD. To conclude, given the lack of a single biomarker that could track the entire course of the disease, our challenge is to find the best combinations of biomarkers for the different stages of the disease. Keywords: biomarkers, Parkinson's disease, progression, motor, imaging , staging, non moto

fabrication of fluidic reactors by a customized 3d printing process

Abstract Microfluidic systems demonstrated to improve the analysis of biological and chemical processes by providing a more controlled fluid-handling environment. Typically, microfluidic systems are created in monolithic form by means of microfabrication techniques that constrain designers to work in a two-dimensional space. In this regard, Additive Manufacturing (AM) is a powerful set of technologies that can deal with the complexity of 3D structures producing flow paths with sections differing in size and direction. In this work, the use of a commercial laser-based stereolithography 3D printer has been firstly explored to fabricate transparent channels for flow reactors. A custom 3D printer, based on Digital Light Processing Stereolithography (DLP-SLA), has then been developed with the aim at gaining flexibility and overcoming typical limitations raised from standard commercial solutions. The effectiveness of the developed DLP-SLA 3D printer has been experienced by printing transparent fluidic devices with embedded channels with a specifically designed three-step printing process