L'utilizzo delle rivalutazioni da leggi speciali e l'impatto sui bilanci delle imprese italiane

In an institutional framework traditionally based on the historical cost accounting system, the revaluation permitted by special laws allow the recognition of fixed assets at fair value in order to mitigate the distorting effects of inflation. These laws are expected to help companies improve the depiction of a true and fair view of their financial position. This accounting practice generates an increase of both total assets and shareholders’ equity, thus strengthening the perception of a company’s financial solidity. In addition when the amount of the revaluation is fiscally recognised it will generate future tax saving. Under these circumstances it is relevant to understand whether companies’ choices depend on fiscal convenience rather than on accounting reasoning. The objective of this study is twofold. First, it aims to understand the real use that firms make of the opportunity to revaluate their fixed assets and how this impacts the quality of financial reporting. To this end, the analyses adopts a probit model to identify the main characteristics of firms that revaluate assets in order to detect their ultimate motives and goals. Second, based on the assumption that the value of an asset depends on the income flows that it will be able to generate (Zanda, Lacchini, Onesti 2001), this study also examines how firms’ profitability changes after revaluation. If asset revaluations reflect real values a positive relation between revaluations and future performance can be predicted in line with shareholders’ expectations. For this purpose, several linear regression tests have been carried out to model the relationship between asset revaluations and future performance as measured by operating income. Based on a sample of more than 19.000 Italian firms in the period 2002-2012, the empirical results show that smaller firms, with weaker solvency and liquidity conditions and a higher level of financial debts are more likely to revaluate their fixed assets when permitted by special laws. The relation between profitability and the accounting choice of revaluating appears changeable according to the specific fiscal conditions prescribed by each special law. These findings suggest that private Italian firms opportunistically revaluate their assets in order to show an increase in the firm’s wealth and/or exploit the related fiscal advantages. The empirical evidence documented in this study accords with the institutional context in which private Italian firms operate and with the features that characterise this revaluation practice. The more or less emphasised fiscal attractiveness and the strengthening of net assets of this accounting treatment appear particularly suitable to balance the potentially conflicting expectations of lenders and fiscal authorities

Optimization of design and management of a hydroponic greenhouse by using BIM application software

The paper deals with hydroponic greenhouses that can be used both for crops cultivation and as a space for hosting events, thanks to its transformability characteristics. The project combines the concepts of circular economy and agricultural activity, creating environmentally sustainable hydroponic greenhouses, from the design to the management phase, thanks to the use of a multidisciplinary BIM approach (Building Information Modelling). The use of application software in BIM logic such as MC4® Energy and Arch Energy (Tool developed by Sapienza University of Rome) for the energetic performance evaluation and Tally® Environmental Impact Tool for LCA Analysis, has improved the design of a modular and flexible architecture, energy-efficient and water-efficient, with advanced climate control. The project offers a possible solution to the main future challenges of food production such as the limited space, the urbanization process, the scarce availability of resources such as water, fossil fuels, minerals and the increasing demands of consumers in terms of functionality and product quality

Assessment of a urban sustainability and life quality index for elderly

The research here presented originates from some of the ongoing challenges of our society: the demographic changes and the high share of population living in urban areas. The aim of the research is the definition of an index of sustainability and quality of life for elderly at suburban scale, not only able to outline aspects related to the local territorial context but also to represent the neighbourhood level. This would provide significant added value to existing indicators that represent the quality of life for much larger areas as cities, regions and nations. Indeed, it is universally recognised that the quality of life varies quite considerably depending on whether you live in different neighbourhoods or urban areas. The index proposed with the research is elaborated on the base of objective and subjective indicators integrated with the judgment of experts, in order to give an accurate and truthful weight to each indicator. Moreover, it has been elaborated for microscale analysis, dividing urban areas into cells, in order to highlight more in detail the real needs of each specific zone. As a result, the elaborated index would be an available tool to be provided to the local public administration to facilitate and optimise the urban planning and management, prioritizing interventions on the base of the sustainability principles and subjective needs of the population, in particular of elderly

Brain Connectivity Changes after Osteopathic Manipulative Treatment: A Randomized Manual Placebo-Controlled Trial

The effects of osteopathic manipulative treatment (OMT) on functional brain connectivity in healthy adults is missing in the literature. To make up for this lack, we applied advanced network analysis methods to analyze resting state functional magnetic resonance imaging (fMRI) data, after OMT and Placebo treatment (P) in 30 healthy asymptomatic young participants randomized into OMT and placebo groups (OMTg; Pg). fMRI brain activity measures, performed before (T0), immediately after (T1) and three days after (T2) OMT or P were used for inferring treatment effects on brain circuit functional organization. Repeated measures ANOVA and post-hoc analysis demonstrated that Right Precentral Gyrus (F (2, 32) = 5.995, p < 0.005) was more influential over the information flow immediately after the OMT, while decreased betweenness centrality in Left Caudate (F (2, 32) = 6.496, p < 0.005) was observable three days after. Clustering coefficient showed a distinct time-point and group effect. At T1, reduced neighborhood connectivity was observed after OMT in the Left Amygdala (L-Amyg) (F (2, 32) = 7.269, p < 0.005) and Left Middle Temporal Gyrus (F (2, 32) = 6.452, p < 0.005), whereas at T2 the L-Amyg and Vermis-III (F (2, 32) = 6.772, p < 0.005) increased functional interactions. Data demonstrated functional connectivity re-arrangement after OMT

Feasibility of municipal waste reuse for building envelopes for near Zero Energy Building

This paper deals with the experimental stage of an Italian research aimed at testing the feasibility of municipal waste reuse for the designing of building envelopes for Zero-Energy Buildings. The first stage dealt with the designing of the single components, whilst the stage described in the present contribution is about the project for a pilot didactic class for the “Mira Porte” Primary school, located in the town of Mira (Venice, Italy). It is the result of a research agreement between the Interdepartmental Centre for Territory, Building, Conservation and Environment of the Sapienza University of Rome (CITERA) and the Municipality of Mira. Energy efficiency of public buildings and the creation of safe and healthy schools are central topics in current national and local Italian politics, topics which include incentives and funds. The paper describes the main architectural, technological and plant characteristics of the classroom project. The building is an NZEB, configured as an additional independent volume, placed in the courtyard of the existing school. It is composed of a room for 25 students and an adjoining winter garden which has both a bioclimatic and a didactic function. The main feature of the project is the use of prefab building components made from solid urban waste, in particular wooden pallets and tyres, instead of traditional building materials, so as to contribute to a decreasing demand for energy and improve eco-friendly waste management. The present experiment aims at demonstrating the authentic behavior of the components once they have been assembled into a built structure and the overall functioning of the building structure and its systems

Influence of APOE and RNF219 on Behavioral and Cognitive Features of Female Patients Affected by Mild Cognitive Impairment or Alzheimer's Disease.

The risk for Alzheimer's disease (AD) is associated with the presence of the ?4 allele of Apolipoprotein E (APOE) gene and, recently, with a novel genetic variant of the RNF219 gene. This study aimed at evaluating interactions between APOE-?4 and RNF219/G variants in the modulation of behavioral and cognitive features of two cohorts of patients suffering from mild cognitive impairment (MCI) or AD. We enrolled a total of 173 female MCI or AD patients (83 MCI; 90 AD). Subjects were screened with a comprehensive set of neuropsychological evaluations and genotyped for the APOE and RNF219 polymorphic variants. Analysis of covariance was performed to assess the main and interaction effects of APOE and RNF219 genotypes on the cognitive and behavioral scores. The analysis revealed that the simultaneous presence of APOE-?4 and RNF219/G variants results in significant effects on specific neuropsychiatric scores in MCI and AD patients. In MCI patients, RNF219 and APOE variants worked together to impact the levels of anxiety negatively. Similarly, in AD patients, the RNF219 variants were found to be associated with increased anxiety levels. Our data indicate a novel synergistic activity APOE and RNF219 in the modulation of behavioral traits of female MCI and AD patients

Elevated plasma ceramide levels in post-menopausal women: a cross-sectional study.

Circulating ceramide levels are abnormally elevated in age-dependent pathologies such as cardiovascular diseases, obesity and Alzheimer's disease. Nevertheless, the potential impact of age on plasma ceramide levels has not yet been systematically examined. In the present study, we quantified a focused panel of plasma ceramides and dihydroceramides in a cohort of 164 subjects (84 women) 19 to 80 years of age. After adjusting for potential confounders, multivariable linear regression analysis revealed a positive association between age and ceramide (d18:1/24:0) (β (SE) = 5.67 (2.38); p = .0198) and ceramide (d18:1/24:1) (β (SE) = 2.88 (.61); p < .0001) in women, and between age and ceramide (d18:1/24:1) in men (β (SE) = 1.86 (.77); p = .0179). In women of all ages, but not men, plasma ceramide (d18:1/24:1) was negatively correlated with plasma estradiol (r = -0.294; p = .007). Finally, in vitro experiments in human cancer cells expressing estrogen receptors showed that incubation with estradiol (10 nM, 24 h) significantly decreased ceramide accumulation. Together, the results suggest that aging is associated with an increase in circulating ceramide levels, which in post-menopausal women is at least partially associated with lower estradiol levels

Organization and hierarchy of the human functional brain network lead to a chain-like core

The brain is a paradigmatic example of a complex system: its functionality emerges as a global property of local mesoscopic and microscopic interactions. Complex network theory allows to elicit the functional architecture of the brain in terms of links (correlations) between nodes (grey matter regions) and to extract information out of the noise. Here we present the analysis of functional magnetic resonance imaging data from forty healthy humans at rest for the investigation of the basal scaffold of the functional brain network organization. We show how brain regions tend to coordinate by forming ahighly hierarchical chain-like structure of homogeneously clustered anatomical areas. A maximum spanning tree approach revealed the centrality of the occipital cortex and the peculiar aggregation of cerebellar regions to form a closed core. We also report the hierarchy of network segregation and the level of clusters integration as a function of the connectivity strength between brain regions