The effect of investment tax credit: Evidence from an atypical programme in Italy

This paper examines how business investment responds to investment tax credit, as enacted by ItalyÂ’s Law 388/2000. To assess whether the programme made investments possible that otherwise would not have been made, it exploits some features of the tax credit scheme, such as the fact that some Italian regions are not deemed eligible or that the amount of the bonus differs across eligible regions. Although the programme was fiscally unsustainable, and was therefore downsized well ahead of the expiry date, our findings suggest that it has been effective in stimulating investment.investment incentives, state aid

The effect of investment incentives: an assessment of Law 488/1992

Since the second half of the ’90s, investment incentives channeled through the Law 488 have represented the main policy instrument for reducing territorial disparities in Italy. From 1996 to2003, the total amount of funds distributed to industrial firms has accounted for 16 billions of Euro involving 27,846 financed projects mainly in the southern regions. The Law 488 allows firms willing to invest in lagged areas to receive a public subsidy that covers a fraction of the investment outlays. The incentives are assigned through competitive auctions according to pre-determined specific criteria, such as the proportion of own funds invested in the project; the number of jobs involved and the proportion of assistance sought. This paper aims at evaluating the impact of Law 488 subsidies on firms’ investment. We employ a linked dataset that matches for all the firms that have applied for the grants –both subsidized firms and firms with rejected applications,– the features of the Law 488 intervention with financial account data that covers both pre-intervention and post-intervention periods. The focus is to evaluate whether the Law 488 made it possible investments that otherwise would not have been done. In doing so, we compare the investment performance of subsidized firms with that of the firms that applied for the grants but were not financed. We analyze the extent to which investments have been triggered by intertemporal substitution (firms could have anticipated investment projects originally planned for the post-intervention period to take advantage of the incentives). Moreover, we study the role of cross-sectional substitution (subsidized firms could have taken some of the investment opportunities that non-subsidized firms would have got in absence of the incentives). We find that financed firms have substantially increased their investments when compared with the pool of rejected application firms. We also find evidence of intertemporal substitution: financed firms slow down significantly their investment activity in the years following the program. Finally, the impact of the L488 is more pronounced when the size of the market where the firms compete is small or when the firms are close as for their industrial distance, so to suggest that financed firms displace their non-financed competitors.incentivi; disparità territoriali

Studio di alcune caratteristiche compositive di oli vergini di oliva sardi e corsi in relazione all'origine geografica

Percent trygliceride composition, total carotenoids and chlorophylles and the main quality parameters of 110 and 29 extra-virgin oils most important Sardinian and Corsican production places, respectively, have been inspected. Statistical analysis of data revealed that some of the above cited components can serve as discriminatory factors to exactly define the origin of the oil, while others do not. On the other hand, some similarity has been found with other components of the two islands. In particular, it has been found that an exact identification of place of origin is easily achieved for zones 2 (south Sardinia) and 3 (north-west Sardinia), because they show the significantly highest content of POL trygliceride and palmitoleic acid or SOO trygliceride and stearic acid, respectively. Moreover, zones 2 and 3 have the significant lowest content of OOO and PSO tryglicerides, respectively. A cross comparison of parameters allows the place of origin identification for the remaining zones as well. A geographical discrimination of Corsican oils is possible only for those marked as AB, B and G, due to their significantly higher content of LLL, OLLn and PPO tryglicerides, with respect to the other places of origin. No statistical difference was found for S, Z and C oils. Su 110 oli vergini d'oliva sardi e su 29 corsi provenienti dalle principali zone olivicole delle due isole sono stati determinati: composizione percentuale in trigliceridi e alcuni parametri primari della qualità, e, limitatamente ai campioni sardi, gli acidi grassi e il contenuto di caroteni e clorofille totali. L'elaborazione statistica dei risultati ottenuti ha permesso di individuare la presenza di arcuni componenti, che fungono da discriminanti in funzione della zona di provenienza degli oli. Altri componenti, invece, risultano omogenei tra l'intera produzione sarda e corsa. In particolare, si è visto che è possibile discriminare agevolmente gli oli della Sardegna meridionale (zona 2) e della Sardegna nord-occidentale (zona 3) perché presentano il più alto contenuto dal punto di vista statistico del trigliceride POL e di SOO inoltre, hanno iI pill basso contenuto dei triglicerldi OOO (zona 2) e PSO (zona 3). Per le altre zone, invece, è possibile, tramite il controllo di più parametri, risalire alla provenienza. Per gli oli corsi la caratterizzazione geografica e varietale è possibile per quelli siglati AB, B e G, riconoscibili per un significativo maggior contenuto, rispetto aile altre provenienze, rispettivamente dei trigliceridi LLL, OLLn e PPO. Non è stata invece riscontrata una distinzione statisticamente significativa per gli oli siglati S, Z e C

Low fermentable oligo-di-and mono-saccharides and polyols (Fodmaps) or gluten free diet: What is best for irritable bowel syndrome?

Irritable Bowel Syndrome (IBS) is a very common functional gastrointestinal disease. Its pathogenesis is multifactorial and not yet clearly defined, and hence, its therapy mainly relies on symptomatic treatments. Changes in lifestyle and dietary behavior are usually the first step, but unfortunately, there is little high-quality scientific evidence regarding a dietary approach. This is due to the difficulty in setting up randomized double-blind controlled trials which objectively evaluate efficacy without the risk of a placebo effect. However, a Low Fermentable Oligo-, Di-and Mono-saccharides And Polyols (FODMAP) Diet (LFD) and Gluten Free Diet (GFD) are among the most frequently suggested diets. This paper aims to evaluate their possible role in IBS management. A GFD is less restrictive and easier to implement in everyday life and can be suggested for patients who clearly recognize gluten as a trigger of their symptoms. An LFD, being more restrictive and less easy to learn and to follow, needs the close supervision of a skilled nutritionist and should be reserved for patients who recognize that the trigger of their symptoms is not, or not only, gluten. Even if the evidence is of very low-quality for both diets, the LFD is the most effective among the dietary interventions suggested for treating IBS, and it is included in the most updated guidelines

Deletion of the Human Cytomegalovirus US17 Gene Increases the Ratio of Genomes per Infectious Unit and Alters Regulation of Immune and Endoplasmic Reticulum Stress Response Genes at Early and Late Times after Infection

Human cytomegalovirus (HCMV) employs numerous strategies to combat, subvert, or co-opt host immunity. One evolutionary strategy for this involves capture of a host gene and then its successive duplication and divergence, forming a family of genes, many of which have immunomodulatory activities. The HCMV US12 family consists of 10 tandemly arranged sequence-related genes in the unique short (US) region of the HCMV genome (US12 to US21). Each gene encodes a protein possessing seven predicted transmembrane domains, patches of sequence similarity with cellular G-protein-coupled receptors, and the Bax inhibitor 1 family of antiapoptotic proteins. We show that one member, US17, plays an important role during virion maturation. Microarray analysis of cells infected with a recombinant HCMV isolate with a US17 deletion (the ΔUS17 mutant virus) revealed blunted host innate and interferon responses at early times after infection (12 h postinfection [hpi]), a pattern opposite that previously seen in the absence of the immunomodulatory tegument protein pp65 (pUL83). Although the ΔUS17 mutant virus produced numbers of infectious particles in fibroblasts equal to the numbers produced by the parental virus, it produced \u3e3-fold more genome-containing noninfectious viral particles and delivered increased amounts of pp65 to newly infected cells. These results suggest that US17 has evolved to control virion composition, to elicit an appropriately balanced host immune response. At later time points (96 hpi), ΔUS17 mutant-infected cells displayed aberrant expression of several host endoplasmic reticulum stress response genes and chaperones, some of which are important for the final stages of virion assembly and egress. Our results suggest that US17 modulates host pathways to enable production of virions that elicit an appropriately balanced host immune response

The Intracellular DNA Sensor IFI16 Gene Acts as Restriction Factor for Human Cytomegalovirus Replication

Human interferon (IFN)-inducible IFI16 protein, an innate immune sensor of intracellular DNA, modulates various cell functions, however, its role in regulating virus growth remains unresolved. Here, we adopt two approaches to investigate whether IFI16 exerts pro- and/or anti-viral actions. First, the IFI16 gene was silenced using specific small interfering RNAs (siRNA) in human embryo lung fibroblasts (HELF) and replication of DNA and RNA viruses evaluated. IFI16-knockdown resulted in enhanced replication of Herpesviruses, in particular, Human Cytomegalovirus (HCMV). Consistent with this, HELF transduction with a dominant negative form of IFI16 lacking the PYRIN domain (PYD) enhanced the replication of HCMV. Second, HCMV replication was compared between HELFs overexpressing either the IFI16 gene or the LacZ gene. IFI16 overexpression decreased both virus yield and viral DNA copy number. Early and late, but not immediate-early, mRNAs and proteins were strongly down-regulated, thus IFI16 may exert its antiviral effect by impairing viral DNA synthesis. Constructs with the luciferase reporter gene driven by deleted or site-specific mutated forms of the HCMV DNA polymerase (UL54) promoter demonstrated that the inverted repeat element 1 (IR-1), located between −54 and −43 relative to the transcription start site, is the target of IFI16 suppression. Indeed, electrophoretic mobility shift assays and chromatin immunoprecipitation demonstrated that suppression of the UL54 promoter is mediated by IFI16-induced blocking of Sp1-like factors. Consistent with these results, deletion of the putative Sp1 responsive element from the HCMV UL44 promoter also relieved IFI16 suppression. Together, these data implicate IFI16 as a novel restriction factor against HCMV replication and provide new insight into the physiological functions of the IFN-inducible gene IFI16 as a viral restriction factor

The three great issues confronting Europe - economic, environmental and political

Europe is confronted by an intimidating triple challenge – economic stagnation, climate change, and a governance crisis. This paper demonstrates how the three challenges are closely inter-related, and discusses how they can be dealt with more effectively in order to arrive at a more economically secure, environmentally sustainable and well governed Europe. In particular, a return to classic economic growth cannot come at the expense of greater risk of irreversible climate change. Instead, what is required is a fundamental transformation of the economy to a new ‘green’ trajectory based on rapidly diminishing emission of greenhouse gases. Following this path would mean turning Europe into a veritable laboratory for sustainable growth, environmentally as well as socially