A Comparison among the director networks in the main listed companies in France, Germany, Italy, and the United Kingdom.

The purpose of this paper is to contribute to the literature on director interlocks by illustrating and analysing the interlocking directorships among the Italian, French, German, UK and US listed Blue Chips. The comparison of the five countries considered shows that two national models stand out. On the one hand a model made of a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (France, Germany, and Italy). On the other hand, in the UK much fewer companies are connected to each other essentially through directors who have no more than two board positions at the time. A case in between is represented by the US, where a high number of companies are connected to each other just like Germany, France, and Italy. However, just like the UK, such connections are made through directors who tend to have just two board positions at the time, a sign that, differently from Italy, Germany, and France, the UK and US networks might not be functional to systemic collusion.corporate governance, interlocking directorships, antitrust, competition, social network analysis (SNA), exploratory data analysis (EDA), empirical corporate finance

Personal Cloud Storage Benchmarks and Comparison

The large amount of space offered by personal cloud storage services (e.g., Dropbox and OneDrive), together with the possibility of synchronizing devices seamlessly, keep attracting customers to the cloud. Despite the high public interest, little information about system design and actual implications on performance is available when selecting a cloud storage service. Systematic benchmarks to assist in comparing services and understanding the effects of design choices are still lacking. This paper proposes a methodology to understand and benchmark personal cloud storage services. Our methodology unveils their architecture and capabilities. Moreover, by means of repeatable and customizable tests, it allows the measurement of performance metrics under different workloads. The effectiveness of the methodology is shown in a case study in which 11 services are compared under the same conditions. Our case study reveals interesting differences in design choices. Their implications are assessed in a series of benchmarks. Results show no clear winner, with all services having potential for improving performance. In some scenarios, the synchronization of the same files can take 20 times longer. In other cases, we observe a wastage of twice as much network capacity, questioning the design of some services. Our methodology and results are thus useful both as benchmarks and as guidelines for system design

Strain-dependent release of cytokines modulated by Lactobacillus salivarius human isolates in an in vitro model

<p>Abstract</p> <p>Background</p> <p>Oral administration of probiotics is known to modulate cytokines profile not only locally, but also systemically. Four strains of <it>Lactobacillus salivarius</it>, LDR0723, BNL1059, RGS1746 and CRL1528, were evaluated for their ability to modulate release of pro- and anti-inflammatory cytokines.</p> <p>Findings</p> <p>Strains were assessed for effects on production of Interleukin-12 (IL-12), Interferon-γ (IFN-γ), Interleukin-4 (IL-4) and Interleukin-5 (IL-5) by incubating bacterial suspensions with THP-1 macrophage like cells. Cytokines were determined by means of specific quantitative enzyme-linked immunosorbent assays.</p> <p>LDR0723 and CRL1528 led to a sustained increment in production of IL-12 and IFN-γ and to a decrease in release of IL-4 and IL-5, while BNL1059 and RGS1746 favoured Th2 response, leading to a decrease in Th1/Th2 ratio with respect to unstimulated cells.</p> <p>Conclusions</p> <p>In conclusion, capability of <it>L. salivarius </it>to modulate immune response was strictly strain dependent and strains of the same species might have opposite effects. Therefore, a careful evaluation of anti-inflammatory properties of lactobacilli should be performed on single strain, before any consideration on potential probiotic use.</p

Teaching Theoretical Physics: the cases of Enrico Fermi and Ettore Majorana

We report on theoretical courses by Fermi and Majorana, giving evidence of the first appearance and further development of Quantum Mechanics teaching in Italy. On the basis of original documents, we make a comparison between Fermi's and Majorana's approaches. A detailed analysis is carried out of Fermi's course on Theoretical Physics attended by Majorana in 1927-28. Three (previously unknown) programs on advanced Physics courses submitted by Majorana to the University of Rome between 1933 and 1936 and the course he held in Naples in 1938 complete our analysis: Fermi's phenomenological approach resounded in Majorana, who however combined it with a deeper theoretical approach, closer to the modern way of presenting Quantum Mechanics.Comment: latex, 21 pages; a contribution in the centenary of the birth of Ettore Majoran

Zein and Spent Coffee Grounds Extract as a Green Combination for Sustainable Food Active Packaging Production: An Investigation on the Effects of the Production Processes

In this work, the effect of different production techniques was evaluated on the physical and antioxidant properties of bio-based packaging intended to prevent the premature oxidation of packaged foods. Spent coffee ground extract, rich in antioxidant molecules, obtained through high pressure and temperature extraction, was loaded on zein polymeric matrices. The techniques adopted in this work are particularly suitable due to their mild conditions to produce active packaging completely based on natural compounds: electrospinning, solvent casting, and spin coating. The novelty of this work lay in the investigation of the dependance of the properties of active packaging on the adopted production techniques; the results clearly indicated a strong dependence of the features of the films obtained by different production processes. Indeed, spin coated samples exhibited the best oxygen barrier properties, while a higher tensile strength was obtained for the casted samples, and the fastest release of active compounds was provided by electrospun mats. The films produced with different methods had different physical properties and the release of extract bioactive compounds can be tunable by varying the production technique, dependent on the variable to be considered. The products developed offer an alternative to traditional packaging solutions, being more eco-sustainable and promoting waste valorization

A Comparative Analysis of the Legal Obstacles to Institutional Investor Activism in Europe and in the US

Starting from the observation that at the multilateral level shareholder activism is considered as an important aspect of good corporate governance, this paper examines several legal and economic obstacles to institutional investor activism in the EU and in the US. We also examine the voting record of 76 institutional investors in the US and of several others in the EU. We find that US investors seem to have easier access to proxy voting than in the EU (although recent EU legislation should remove several of the present legal obstacles); that conflicts of interest seem to limit the activism of several categories of institutional investors both in the US and in the EU; that some national legislations limit the ability of institutional investors to coordinate their voting policies; and that recourse to stock lending and other forms of separation of financial risk from voting rights seems to be practiced more by controlling shareholders at the expense of institutional investors than the opposite. We also find that institutional investors in the US seem to have a more adversarial voting pattern vis-à-vis company managements than in the UK; this might be due to the fewer voting rights given to shareholders by the US regulatory framework. As for Europe, institutional investors' voting pattern is by far the most adversarial in France, where there is a high incidence of control-enhancing mechanisms. Institutional investors seem to have an adversarial voting stance also in Greece, Belgium and Sweden, where control-enhancing mechanisms are also present, while in Italy they tend to have a low voting turnout. More in general, EU investors’ voting pattern seems to be sensitive to the presence of control-enhancing mechanisms, ownership concentration, and to the origin of the national legal system

A Comparison among the director networks in the main listed companies in France, Germany, Italy, and the United Kingdom.

The purpose of this paper is to contribute to the literature on director interlocks by illustrating and analysing the interlocking directorships among the Italian, French, German, UK and US listed Blue Chips. The comparison of the five countries considered shows that two national models stand out. On the one hand a model made of a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (France, Germany, and Italy). On the other hand, in the UK much fewer companies are connected to each other essentially through directors who have no more than two board positions at the time. A case in between is represented by the US, where a high number of companies are connected to each other just like Germany, France, and Italy. However, just like the UK, such connections are made through directors who tend to have just two board positions at the time, a sign that, differently from Italy, Germany, and France, the UK and US networks might not be functional to systemic collusion

A Comparison among the director networks in the main listed companies in France, Germany, Italy, and the United Kingdom.

The purpose of this paper is to contribute to the literature on director interlocks by illustrating and analysing the interlocking directorships among the Italian, French, German, UK and US listed Blue Chips. The comparison of the five countries considered shows that two national models stand out. On the one hand a model made of a high number of companies linked to each other through a small number of shared directors who serve on several company boards at the time (France, Germany, and Italy). On the other hand, in the UK much fewer companies are connected to each other essentially through directors who have no more than two board positions at the time. A case in between is represented by the US, where a high number of companies are connected to each other just like Germany, France, and Italy. However, just like the UK, such connections are made through directors who tend to have just two board positions at the time, a sign that, differently from Italy, Germany, and France, the UK and US networks might not be functional to systemic collusion

A Comparative Analysis of the Legal Obstacles to Institutional Investor Activism in Europe and in the US

Starting from the observation that at the multilateral level shareholder activism is considered as an important aspect of good corporate governance, this paper examines several legal and economic obstacles to institutional investor activism in the EU and in the US. We also examine the voting record of 76 institutional investors in the US and of several others in the EU. We find that US investors seem to have easier access to proxy voting than in the EU (although recent EU legislation should remove several of the present legal obstacles); that conflicts of interest seem to limit the activism of several categories of institutional investors both in the US and in the EU; that some national legislations limit the ability of institutional investors to coordinate their voting policies; and that recourse to stock lending and other forms of separation of financial risk from voting rights seems to be practiced more by controlling shareholders at the expense of institutional investors than the opposite. We also find that institutional investors in the US seem to have a more adversarial voting pattern vis-à-vis company managements than in the UK; this might be due to the fewer voting rights given to shareholders by the US regulatory framework. As for Europe, institutional investors' voting pattern is by far the most adversarial in France, where there is a high incidence of control-enhancing mechanisms. Institutional investors seem to have an adversarial voting stance also in Greece, Belgium and Sweden, where control-enhancing mechanisms are also present, while in Italy they tend to have a low voting turnout. More in general, EU investors’ voting pattern seems to be sensitive to the presence of control-enhancing mechanisms, ownership concentration, and to the origin of the national legal system