Credit risk and Basel II: Are non-profit firms financially different?

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify creditworthiness are different for non-profit andcrucial for non-profit firms. Classification-JEL: G21, G28SME finance; Basel II; Retail banking; Non-profit

The LHC di-photon excess and Gauge Coupling Unification in Extra Z′Z^\prime Heterotic-String Derived Models

The di-photon excess observed at the LHC can be explained as a Standard Model singlet that is produced and decays by heavy vector-like colour triplets and electroweak doublets in one-loop diagrams. The characteristics of the required spectrum are well motivated in heterotic-string constructions that allow for a light $Z^\prime$. Anomaly cancellation of the $U(1)_{Z^\prime}$ symmetry requires the existence of the Standard Model singlet and vector-like states in the vicinity of the $U(1)_{Z^\prime}$ breaking scale. In this paper we show that the agreement with the gauge coupling data at one-loop is identical to the case of the Minimal Supersymmetric Standard Model, owing to cancellations between the additional states. We further show that effects arising from heavy thresholds may push the supersymmetric spectrum beyond the reach of the LHC, while maintaining the agreement with the gauge coupling data. We show that the string inspired model can indeed account for the observed signal and discuss the feasibility of obtaining viable scalar mass spectrum.Comment: 26 pages. 11 figures. Published versio

Service level agreement framework for differentiated survivability in GMPLS-based IP-over-optical networks

In the next generation optical internet, GMPLS based IP-over-optical networks, ISPs will be required to support a wide variety of applications each having their own requirements. These requirements are contracted by means of the SLA. This paper describes a recovery framework that may be included in the SLA contract between ISP and customers in order to provide the required level of survivability. A key concern with such a recovery framework is how to present the different survivability alternatives including recovery techniques, failure scenario and layered integration into a transparent manner for customers. In this paper, two issues are investigated. First, the performance of the recovery framework when applying a proposed mapping procedure as an admission control mechanism in the edge router considering a smart-edge simple-core GMPLS-based IP/WDM network is considered. The second issue pertains to the performance of a pre-allocated restoration and its ability to provide protected connections under different failure scenarios

Definition of a shortcut methodology for assessing flood-related Na-Tech risk

Abstract. In this paper a qualitative methodology for the initial assessment of flood-related Na-Tech risk was developed as a screening tool to identify which situations require a much more expensive quantitative risk analysis (QRA). Through the definition of some suitable key hazard indicators (KHIs), the proposed methodology allows the identification of the Na-Tech risk level associated with a given situation; the analytical hierarchy process (AHP) was used as a multi-criteria decision tool for the evaluation of such qualitative KHIs. The developed methodology was validated through two case studies by comparing the predicted risk levels with the results of much more detailed QRAs previously presented in literature and then applied to the real flood happened at Spolana a.s., Neratovice, Czech Republic in August 2002.</p

Credit risk and Basel II: Are non-profit firms financially different?

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify creditworthiness are different for non-profit and for-profit firms. Traditional balance sheet information seems to be less crucial for non-profit firms

A credit risk model for Italian SMEs

We use a multiple-factor credit risk model to provide new estimates of default probabilities in a sample of Italian Small and Medium-sized Enterprises. Results show that, on average, SMEs are riskier than large businesses within the retail segment. It is possible to distinguish different segments inside the SMEs’ population based on geographical location, sector of activity and juridical status

Sistemas lacustres paleógenos de Mallorca (Mediterráneo Occidental)

Dos importantes sistemas lacustres-palustres se desarrollaron durante el Paleógeno en las Baleares. En el primero de ellos, de edad Bartoniense (Eoceno medio), se formó una importante acumulación de sedimentos carbonatados biogénicos y organógenos (lignitos). La organización megasecuencial de las sucesiones lacustres registra la siguiente evolución del sistema: 1) implantación de los medios lacustres, 2) expansión y relativa profundización, 3) colmatación por progradación de los depósitos de las zonas marginales del sistema sobre las internas y 4) etapa final, dominantemente agradante, con un pronunciado equilibrio entre las tasas de sedimentación y subsidencia. El segundo sistema, de edad oligocena (Estampiense superior- Chatiense), esta constituido por una asociación de depósitos lacustres y palustres relacionados con facies distales de un sistema aluvial. Por ello, el aporte de materiales detriticos finos al sistema lacustre jugó un papel primordial; aunque en las zonas mis protegidas de las cubetas lacustres, la acumulación de carbonatos biogénicos y la de maicriaorginica fue también importante. Su evolución megasecuencial sugiere las siguientes fases: 1) implantación en zonas terminalesdistales del sistema aluvial, 2) expansión e implantación de depocentros carbonatados, y 3) colmatación final relacionada con la progradación de las zonas terminales del sistema aluvial. Ambos  sistemas lacustres indican el desarrollo de etapas de estratificación permanente u ocasional de la columna de agua. Ello permitió  lapreservación de materia orgánica derivada de macrófitos superiores y de organismos algales y bacterias