The Causes and Consequences of Venture Capital Financing. An Analysis based on a Sample of Italian Firms

The analysis of the determinants and the effects on firm performance of venture capital finance for a sample of Italian enterprises indicates that small, young and more innovative firms are more likely to be financed by a venture capitalist. Our results confirm that venture capital can help reduce financial constraints for firms that are more difficult for external investors to evaluate. We also show that larger firms resort to venture capitalists when their indebtedness with banks is high and we find evidence that venture capital financing is more frequent after periods of high growth and investment, a result that points to the advisory role of the venture capitalist. A novel result emerges; venture capital also finances firms with multiple banking relationships. In the presence of multiple lending, banks could have greater difficulty monitoring firms with asymmetric information; moreover, if firms default, banks are likely to have a weaker bargaining position. In these cases, the amount of bank credit is probably near its limit and firms need to resort to venture capital, a contract that reduces the amount of guarantees needed to access external finance.Venture capital, Private equity

Effect of pre-oxidation with chlorine dioxide on the formation of trihalomethanes and haloacetic acids in a drinking water system

La reacción entre desinfectantes y materia orgánica acuática generan subproductos de desinfección (DBPs). DBPs son motivo de preocupación en el agua potable debido a que causan daños a la salud. Esta investigación busca determinar el efecto de la pre-oxidación con ClO2 en un proceso convencional a escala de laboratorio, sobre la formación de DBPs: trihalometanos (THMs) y ácidos haloacéticos (HAAs). Se realizaron ensayos con agua de un embalse que surte una planta de tratamiento convencional de agua potable, en diferentes épocas climáticas debido a su influencia sobre la naturaleza de la materia orgánica. La aplicación de 0.3 mg/L ClO2 y la dosis de coagulante óptima para remover materia orgánica, arrojó los mejores resultados, 37 μg/L de THMs y 22 μg/L de HAAs, excepto en la época seca. Se encontró que dosis mayores de ClO2 incrementaron los DPBs. Las dosis óptimas de coagulante y de ClO2 deben ser cuidadosamente definidas.The reaction between disinfectants and aquatic organic matter generate disinfection by-products (DBPs). DBPs are of concern in the drinking water because they cause damage to health. This investigation aims to determine the effect of treatment of pre-oxidation with ClO2, in a conventional process at laboratory scale, on the formation of the DBPs: trihalomethanes (THMs) and haloacetic acids (HAAs). Trials were performed with water from a reservoir that supplies a drinking water conventional treatment plant during different climatic periods due to its influence on the nature of the organic matter. Applying 0.3 mg/L ClO2 and the optimal dose of coagulant to remove organic matter, gave the best results, 37 μg/L of THMs and 22 μg/L of HAAs, except in the dry season. It was found that higher doses of ClO2 increased DPBs. The optimal doses of coagulant and of ClO2 must be carefully defined

Avaliação dos efeitos ecológicos de filtros ultravioleta em ecosistemas lóticos portugueses

Organic UV-filters are chemicals present in several personal care products and on other materials (plastics, paints, etc) to protect against ultraviolet radiation. The use of these compounds has been increasing throughout the years and, consequently, they are now considered global emergent contaminants of the aquatic environment. In fact, UV-filters have been frequently found in river and lake waters but to date, only scarce information exists about their effects and it is mostly based in acute or chronic toxicity data for a limited number of species. Due to their physico-chemical properties, UV- filters accumulate in biota and sediments and are expected to co-occur together with other persistent contaminants. Moreover, and despite uncertainties about their specific mode of action, research has shown endocrine disruption caused by exposure to organic UV-filters in several species. Investigation on the ecological effects of organic UV-filters is urgent for a correct environmental risk assessment. For that, studies should be focused on ecotoxicological data from benthic organisms considering relevant endpoints and exposure scenarios including binary mixtures. This will allow to address potential long-term as well as community and ecosystem level effects of organic UV-filters. Thus, the purpose of this thesis was to evaluate the effects of UV-filters using an integrated approach combining sub-organismal, organismal, population and community level responses, aiming to produce comprehensive and sound ecotoxicological data for freshwaters. With that purpose four specific objectives were proposed: i) assess the effects of selected UV-filters (Benzophenone-3 (BP3); 3-(4-methylbenzylidene)camphor (4-MBC) and Octocrylene (OC)) on two aquatic species, the dipteran Chironomus riparius (a model organism widely used in ecotoxicological assays) and the trichopteran Sericostoma vittatum (an endemic species of Iberian peninsula), both aquatic detritivores with an important role in the streams and rivers; ii) assess the effects of binary mixtures of different UV-filters and UV- filters combined with an insect repellent, DEET (N,N-diethyl-3-methylbenzamide) in C. riparius reproductive traits ; iii) assess the long-term effects of BP3 exposure over two consecutive C. riparius generations and iv) assess the effects of 4-MBC in the structure of macroinvertebrates community and functioning of ecosystem using a mesocosms approach. Obtained results showed that selected UV-filters indeed caused deleterious effects on both insect species at environmental relevant concentrations with reductions in the growth, feeding and development rates. At the sub-organismal level, C. riparius and S. vittatum showed different patterns of response to UV-filters exposure and, despite evidences of metabolic costs related with detoxification, no evidences of oxidative stress or neurotoxicity were found. Additionally, results obtained in mixture exposures showed synergistic interactions for some C. riparius reproduction related traits for binary mixture of BP3 and 4-MBC as well as for mixture containing BP3 and DEET. These suggest that individual chemical testing can underestimate toxicity of organic UV-filters under natural conditions. Concerning C. riparius long-term multigenerational exposure to BP3, our results showed that C. riparius fertility is strongly reduced by BP3 exposure being the filial (F1) generation more sensitive than the parental (P) generation. Moreover, the F1 generation exposed under control conditions but whose parents were exposed to BP3 showed to be affected. All these results indicate carry-over effects, pointing out to possible epigenetic/transgenerational effects. Finally, community ecotoxicological experiments using artificial streams (mesocosms) showed no effects of 4-MBC on the structure of macroinvertebrate community nor on leaf litter decomposition. However, primary production was strongly reduced due to 4-MBC exposure. These results, although not in agreement with the previous laboratory assays performed with detritivore species, suggest potential bottom up indirect effects caused by the presence of organic UV-filters in sediments. In conclusion, the results obtained in this work suggest that UV-filters present risk to freshwater benthic invertebrate communities and reinforce the need of using complex and higher tier ecotoxicity studies to a better environmental risk assessment of these emergent contaminants.Os Filtros ultravioleta (filtros UV) são compostos químicos usados em vários produtos de higiene pessoal e materiais (plásticos, tintas, etc.) de modo a proteger contra danos causados pela radiação ultravioleta. O uso destes compostos tem vindo a aumentar nos últimos anos sendo já considerados contaminantes emergentes dos ecossistemas aquáticos. De facto, estes compostos têm vindo a ser detetados em lagos e rios, mas até à data pouca informação existe sobre os seus efeitos nos ecossistemas aquáticos, sendo que os estudos existentes se centram em ensaios laboratoriais e num reduzido número de espécies. Contudo, devido às suas propriedades físico-químicas é esperado que os filtros UV acumulem nos sedimentos e nos organismos e coocorram com outros contaminantes. No entanto, embora o modo de ação dos filtros UV não seja totalmente conhecido, estudos prévios têm mostrado disrupção endócrina causada pela exposição a estes contaminantes em organismos aquáticos. Posto isto, uma avaliação dos efeitos ecotoxicológicos dos filtros UV é urgente para uma correta avaliação do risco ambiental. Assim, os estudos ecotoxicológicos devem-se focar em organismos bentónicos considerando parâmetros e cenários de exposição relevantes, o que nos permitirá determinar potenciais efeitos a longo prazo assim como efeitos ao nível das comunidades dos ecossistemas. Este trabalho propôs avaliar e perceber quais os efeitos dos filtros UV em organismos e comunidades de água doce usando uma abordagem baseada em diferentes níveis de organização biológica e tendo como intuito gerar dados ecotoxicológicos robustos e mais abrangentes. Para tal, foram estabelecidos vários objetivos específicos: 1) avaliar os efeitos de diferentes filtros UV (Benzofenona-3 (BP3); 3-(4-methylbenzylidene)camphor (4-MBC) e Octocrileno (OC)) usando duas espécies de invertebrados aquáticos detritívoros, o díptero Chironomus riparius (uma espécie modelo amplamente utilizada em ensaios ecotoxicológicos) e o tricóptero Sericostoma vittatum (uma espécie endémica da Península Ibérica), ambos com grande importância nos ecossistemas lóticos portugueses; 2) avaliar os efeitos de misturas de diferentes filtros UV, e de filtros UV juntamente com um repelente de insetos (N,N-diethyl-3-methylbenzamide -DEET) em parâmetros relacionados com a reprodução de C. riparius; 3) avaliar os efeitos multigeracionais decorrentes de exposição a BP3 em C. riparius; 4) usando sistemas de rios artificiais avaliar os efeitos do 4-MBC na estrutura e funcionamento dos ecossistemas. Os resultados obtidos mostraram que, de facto, os filtros UV selecionados causaram efeitos tóxicos em ambas as espécies usadas a concentrações ambientalmente relevantes, observando-se reduções ao nível do crescimento e das taxas alimentares assim como atrasos no desenvolvimento. Ao nível subcelular C. riparius e S. vittatum mostraram diferentes padrões de resposta à exposição aos filtros UV e apesar de se observarem custos metabólicos relacionados com os processos de destoxificação, não se observaram efeitos em termos de stress oxidativo nem neurotoxicidade. Adicionalmente, os resultados obtidos na exposição às misturas entre químicos revelaram interações sinergísticas para alguns parâmetros reprodutivos de C. riparius para as ambas as misturas testadas (BP3 – 4-MBC; BP3 - DEET). Estes resultados sugerem que exposições individuais aos filtros UV podem subestimar a toxicidade destes contaminantes em condições naturais. Nos ensaios multigeracionais observou-se também uma forte redução na fertilidade de C. riparius expostos a BP3. Observou-se ainda que a segunda geração foi mais afetada que a geração parental mesmo se mantida em condições controlo, mas cujos pais tinham sido previamente expostos a BP3. Todos estes resultados indicam que a BP3 provoca efeitos latentes na geração parental que são posteriormente observados nos descendentes, apontando assim para efeitos epigenéticos/transgeracionais. Por último, nos ensaios dos mesocosmos, não foram observados efeitos do 4-MBC na estrutura das comunidades de macroinvertebrados nem na degradação da matéria orgânica, em contraste com o forte efeito observado na produção primária. Estes resultados, embora não concordando com os resultados obtidos em ensaios laboratoriais sugerem potenciais efeitos indiretos da presença dos filtros UV nos sedimentos. Em conclusão, os resultados obtidos nesta tese indicam que os filtros UV apresentam risco para os organismos bentónicos e reforçam a necessidade de utilizar abordagens integradas com maior relevância ecológica para uma melhor avaliação do risco ambiental destes contaminantes emergentes.Programa Doutoral em Biologi

CHALLENGES OF ONLINE TEACHING DURING THE COVID-19 PANDEMIC

The teaching profession has always been complex and dynamic, but now the challenges are posed to a society as a whole by the COVID-19 pandemic. The purpose of the research was to determine teachers' perceptions of the challenges of conducting online teaching during the COVID-19 pandemic. 413 teachers from Croatia participated in the research. Respondents were distributed according to the level of education at which they work in three groups (primary school teachers - grades 1st to 4th, subject teachers – grades 5th to 8th of primary school, subject teachers - secondary school). According to the results of the research, teachers estimated that difficulties in online teaching generally occur occasionally. There were statistically significant differences in some of the items in the perception of the challenges in online teaching among teachers depending on the level of education at which they work. Still, in general, teachers at all three levels of education experienced approximately the same amount of challenges. More challenges in online teaching have been related to a higher level of burnout and correlated positively with higher numbers of students to teach. Age has been unrelated to challenges in online teaching. Since difficulties in conducting online teaching hinder the educational process, this research could serve as an indicator of problems and an initial step to solving them.

Análisis, diseño y documentación de un modelo de cadena de abastecimiento para el producto jeans de línea en la empresa CYR TEXCO Ltda.

Ingeniero (a) IndustrialPregrad

Impact of the Meaningfulness of Life on the Daily Activities of Industrial Workers

Footwear craft is one of the superior products that is distributed in the 3 districts in Bogor Regency. This sector has the potential to absorb labor in order to reduce unemployment and also affect the community's economy. The aim of this study is to determine the effect of a meaningful life on the work ethic of Muslim footwear craftsmen in Bogor Regency. Samples were taken from 316 craftsmen in 3 districts, namely Ciomas, Tamansari, and Dramaga in Bogor Regency. Quantitative research methods and data analysis techniques using Structural Equation Modeling with Lisrel 8.8 software, was used to test the hypothesis. Furthermore, the Goodness of Fit Index (GFI) value of the Structural Equation Model was 0.92. However, when the calculated GFI value is greater than the critical GFI, it can be considered good and the model suitable. The results showed that the meaning of life affects the Work Ethic of Muslim footwear craftsmen in Bogor Regency

Relationships between Trait Emotional Intelligence, mood states, and future orientation among female Italian victims of Intimate Partner Violence

Objective: Trait Emotional Intelligence (EI) has been associated with psychological outcomes in many conditions; however, it has received little attention in the field of Intimate Partner Violence (IPV). We explored the relationship between trait EI, mood states, and future orientation in a sample of Italian women victims of IPV. Method: We recruited 409 help-seeking women who were victims of IPV. They completed the Trait Emotional Intelligence Questionnaire, Positive Affect-Negative Affect Schedule, Long-Term Personal Direction Scale, and Achievability of Future Goals Scale. Results: The results showed that trait EI was associated with the future orientation of IPV victims both directly and indirectly through the mood states. Conclusions: Our findings suggest potential paths for developing future psychoeducation methodologies designed at improving the quality of life of women IPV victims