Three Essays on the Economic Effects of Public Policies

This thesis contributes to the empirical strands of the economic literature that explore and investigate the effects of public policies on individuals and firms. The first chapter provides a novel empirical test of human capital theory by studying whether increases in residual working life induce additional training. By exploiting a sizable pension reform, that affected all Italian workers, in a Difference-in-Differences setting there is evidence that an increase in the residual working life increases human capital investment. Additionally, the response to the reform was very heterogeneous and depending on gender, age profiles, education, martial status, sector of employment and firm size. However, the empirical evidence suggests to rule out that positive variations in human capital investment were directly sponsored by employers. The second chapter studies the impact of the COVID-19 pandemic on female economists' research productivity. The analysis uses data from the SSRN web archive on 4,778 distinct pre-prints involving 8,651 authors from over 90 countries observed from January to November 2020. By estimating a Difference-in-Differences, the estimates show that, since the lockdown began, the number of working papers written by a female economist, alone or jointly with other researchers, uploaded on SSRN declined of about 20 percentage points and this negative effect persists up to about 4 months later. Declines in productivity, however, disappear during the school re-opening period suggesting that indeed childcare demand has been an important channel in causing women production drop. Finally, declines in productivity are not associated with increases in pre-prints' quality. The third chapter provides novel empirical evidence on the effectiveness of public subsidies for SMEs by investigating the effect of a subsidy program taken place in Campania (South Italy) in 2013. By relying on a Difference-in-Differences approach, the empirical analysis demonstrates that the regional program was effective in increasing private firms' spending in innovative investment. However, the firms' response to the program was also largely heterogeneous. In particular, there is evidence that the positive effect on investment comes from micro- and small-sized firms as well as firms operating in high tech sectors and high tech service firms. Nonetheless, it is not possible to reject the hypothesis that firms increased spending by about approximately the amount of the subsidy. Finally, the program had sizeable spillover effects on labour demand but not on firms' productivity

Breaking the Habit: The Peculiar 2016 Eruption of the Unique Recurrent Nova M31N 2008-12a

Since its discovery in 2008, the Andromeda galaxy nova M31N 2008-12a has been observed in eruption every single year. This unprecedented frequency indicates an extreme object, with a massive white dwarf and a high accretion rate, which is the most promising candidate for the single-degenerate progenitor of a Type Ia supernova known to date. The previous three eruptions of M31N 2008-12a have displayed remarkably homogeneous multiwavelength properties: (i) from a faint peak, the optical light curve declined rapidly by two magnitudes in less than two days, (ii) early spectra showed initial high velocities that slowed down significantly within days and displayed clear He/N lines throughout, and (iii) the supersoft X-ray source (SSS) phase of the nova began extremely early, six days after eruption, and only lasted for about two weeks. In contrast, the peculiar 2016 eruption was clearly different. Here we report (i) the considerable delay in the 2016 eruption date, (ii) the significantly shorter SSS phase, and (iii) the brighter optical peak magnitude (with a hitherto unobserved cusp shape). Early theoretical models suggest that these three different effects can be consistently understood as caused by a lower quiescence mass accretion rate. The corresponding higher ignition mass caused a brighter peak in the free–free emission model. The less massive accretion disk experienced greater disruption, consequently delaying the re-establishment of effective accretion. Without the early refueling, the SSS phase was shortened. Observing the next few eruptions will determine whether the properties of the 2016 outburst make it a genuine outlier in the evolution of M31N 2008-12a

Emerging small molecule drugs

Dyslipidaemia is a major risk factor for cardiovascular diseases. Pharmacological lowering of LDL-C levels using statins reduces cardiovascular risk. However, a substantial residual risk persists especially in patients with type 2 diabetes mellitus. Because of the inverse association observed in epidemiological studies of HDL-C with the risk for cardiovascular diseases, novel therapeutic strategies to raise HDL-C levels or improve HDL functionality are developed as complementary therapy for cardiovascular diseases. However, until now most therapies targeting HDL-C levels failed in clinical trials because of side effects or absence of clinical benefits. This chapter will highlight the emerging small molecules currently developed and tested in clinical trials to pharmacologically modulate HDL-C and functionality including new CETP inhibitors (anacetrapib, evacetrapib), novel PPAR agonists (K-877, CER-002, DSP-8658, INT131 and GFT505), LXR agonists (ATI-111, LXR-623, XL-652) and RVX-208

Monocytes and macrophages in abdominal aortic aneurysm.

Abdominal aortic aneurysm (AAA) is a life-threatening disease associated with high morbidity, and high mortality in the event of aortic rupture. Major advances in open surgical and endovascular repair of AAA have been achieved during the past 2 decades. However, drug-based therapies are still lacking, highlighting a real need for better understanding of the molecular and cellular mechanisms involved in AAA formation and progression. The main pathological features of AAA include extracellular matrix remodelling associated with degeneration and loss of vascular smooth muscle cells and accumulation and activation of inflammatory cells. The inflammatory process has a crucial role in AAA and substantially influences many determinants of aortic wall remodelling. In this Review, we focus specifically on the involvement of monocytes and macrophages, summarizing current knowledge on the roles, origin, and functions of these cells in AAA development and its complications. Furthermore, we show and propose that distinct monocyte and macrophage subsets have critical and differential roles in initiation, progression, and healing of the aneurysmal process. On the basis of experimental and clinical studies, we review potential translational applications to detect, assess, and image macrophage subsets in AAA, and discuss the relevance of these applications for clinical practice

Breaking the Habit: The Peculiar 2016 Eruption of the Unique Recurrent Nova M31N 2008-12a

Since its discovery in 2008, the Andromeda galaxy nova M31N 2008-12a has been observed in eruption every single year. This unprecedented frequency indicates an extreme object, with a massive white dwarf and a high accretion rate, which is the most promising candidate for the single-degenerate progenitor of a Type Ia supernova known to date. The previous three eruptions of M31N 2008-12a have displayed remarkably homogeneous multiwavelength properties: (i) from a faint peak, the optical light curve declined rapidly by two magnitudes in less than two days, (ii) early spectra showed initial high velocities that slowed down significantly within days and displayed clear He/N lines throughout, and (iii) the supersoft X-ray source (SSS) phase of the nova began extremely early, six days after eruption, and only lasted for about two weeks. In contrast, the peculiar 2016 eruption was clearly different. Here we report (i) the considerable delay in the 2016 eruption date, (ii) the significantly shorter SSS phase, and (iii) the brighter optical peak magnitude (with a hitherto unobserved cusp shape). Early theoretical models suggest that these three different effects can be consistently understood as caused by a lower quiescence mass accretion rate. The corresponding higher ignition mass caused a brighter peak in the free–free emission model. The less massive accretion disk experienced greater disruption, consequently delaying the re-establishment of effective accretion. Without the early refueling, the SSS phase was shortened. Observing the next few eruptions will determine whether the properties of the 2016 outburst make it a genuine outlier in the evolution of M31N 2008-12a

Peroxisome proliferator-activated receptor (PPAR) agonists decrease lipoprotein lipase secretion and glycated LDL uptake by human macrophages

AbstractLipoprotein lipase (LPL) acts independently of its function as triglyceride hydrolase by stimulating macrophage binding and uptake of native, oxidized and glycated LDL. Peroxisome proliferator-activated receptors (PPARs) are nuclear receptors expressed in monocyte/macrophages, where they control cholesterol homeostasis. Here we study the role of PPARs in the regulation of LPL expression and activity in human monocytes and macrophages. Incubation of human monocytes or macrophages with PPARα or PPARγ ligands increases LPL mRNA and intracellular protein levels. By contrast, PPAR activators decrease secreted LPL mass and enzyme activity in differentiated macrophages. These actions of PPAR activators are associated with a reduced uptake of glycated LDL and could influence atherosclerosis development associated with diabetes

AT 2016dah and AT 2017fyp: the first classical novae discovered within a tidal stream

AT2016dah and AT2017fyp are fairly typical Andromeda Galaxy (M31) classical novae. AT2016dah is an almost text book example of a 'very fast' declining, yet uncommon, Fe II'b' (broad-lined) nova, discovered during the rise to peak optical luminosity, and decaying with a smooth broken power-law light curve. AT2017fyp is classed as a 'fast' nova, unusually for M31, its early decline spectrum simultaneously shows properties of both Fe II and He/N spectral types - a 'hybrid'. Similarly, the light curve of AT2017fyp has a broken power-law decline but exhibits an extended flat-topped maximum. Both novae were followed in the UV and X-ray by the Neil Gehrels Swift Observatory, but no X-ray source was detected for either nova. The pair were followed photometrically and spectroscopically into their nebular phases. The progenitor systems were not visible in archival optical data, implying that the mass donors are main sequence stars. What makes AT2016dah and AT2017fyp particularly interesting is their position with respect to M31. The pair are close on the sky but are located far from the centre of M31, lying almost along the semi-minor axis of their host. Radial velocity measurements and simulations of the M31 nova population leads to the conclusion that both novae are members of the Andromeda Giant Stellar Stream (GSS). We find the probability of at least two M31 novae appearing coincident with the GSS by chance is ~1%. Therefore, we claim that these novae arose from the GSS progenitor, not M31 - the first confirmed novae discovered in a tidal steam

Insights on glicentin, a promising peptide of the proglucagon family

Glicentin is a proglucagon-derived peptide mainly produced in the L-intestinal cells. While the roles of other members of the proglucagon family including glucagon-like peptide 1, glucagon-like peptide 2 and oxyntomodulin has been well studied, the functions and variation of glicentin in human are not fully understood. Experimental and clinical studies have highlighted its role in both intestinal physiology and glucose metabolism, pointing to its potential interest in a wide range of pathological states including gastrointestinal and metabolic disorders. Due to its structure presenting many similarities with the other proglucagon-derived peptides, its measurement is technically challenging. The recent commercialization of specific detection methods has offered new opportunities to go further in the understanding of glicentin physiology. Here we summarize the current knowledge on glicentin biogenesis and physiological roles. In the limelight of clinical studies investigating glicentin variation in human, we discuss future directions for potential applications in clinical practice