Investors’ aspirations toward social impact: A portfolio-based analysis

In the last ten years, we have witnessed a proliferation of investors claiming blended value strategies, i.e., pursuing both economic and social returns in their investments. Aside from this rush for self-selecting in a blended value finance context, we still do not know to what extent the investors’ claims actually reflect investment decisions. Evidence suggests that, in some cases, such investors tend to maximize the social performance over the financial performance; in some others, the effect is reverted, but literature currently lacks studies aligning the analysis of the investment decisions with the investment portfolios. Yet, it is still unclear whether blended value investment decisions are enacted as a result of investors’ deliberate strategies and what influences this relationship. In this paper we tackle this issue, analyzing the extent to which investors’ finance firms pursuing goals aligned with their strategic aspirations. Specifically, adopting a Fractional Logistic Regression model, we test the effect of investors’ aspirations toward social impact on the extent to which their investees (i.e., the portfolio of firms in which they invest) pursue social returns. Results suggest the existence of a positive and significant investor–portfolio alignment effect (i.e., the higher the investors’ aspirations toward social impact, the higher the number of investees with higher social aspirations). Yet, this effect is influenced by contingencies at both investor and portfolio levels. Investors with strong aspirations toward social impact that: (i) invest in countries with high levels of social inequality, and (ii) are located in countries that support social progress and maximize, in their portfolios, the presence of businesses pursuing social impact. We discuss implications for future researchers, policymakers and practitioners

Ordinary and Extraordinary Hadrons

Resonances and enhancements in meson-meson scattering can be divided into two classes distinguished by their behavior as the number of colors N_c in QCD becomes large: The first are ordinary mesons that become stable as N_c goes to infinity. This class includes textbook q-bar q mesons as well as glueballs and hybrids. The second class, extraordinary mesons, are enhancements that disappear as N_c goes to infinity; they subside into the hadronic continuum. This class includes indistinct and controversial objects that have been classified as q-bar q-bar q q mesons or meson-meson molecules. Pelaez's study of the N_c dependence of unitarized chiral dynamics illustrates both classes: the p-wave pi-pi and K-pi resonances, the rho(770) and K*(892), behave as ordinary mesons; the s-wave pi-pi and K-pi enhancements, the sigma(600) and kappa(800), behave like extraordinary mesons. Ordinary mesons resemble Feshbach resonances while extraordinary mesons look more like effects due to potentials in meson-meson scattering channels. I build and explore toy models along these lines. Finally I discuss some related dynamical issues affecting the interpretation of extraordinary mesons.Comment: 18 pages, 10 figures, talk presented at the 2006 Yukawa International Seminar: New Frontiers in QCD, Kyoto University, November 2006. This talk is dedicated to the memory of R. H. Dalit

The influence of entrepreneurs’ immigrant status and time on the perceived likelihood of exporting

We contribute in this paper to the scant literature on the factors and conditions influencing the development of different perceptions of potential international opportunities for immigrant and native entrepreneurs in the pre-internationalization phase. Specifically, we investigate what factors influence the perceived likelihood entrepreneurs have of exporting. Building on entrepreneurial intentions and opportunity-based entrepreneurial processes, we propose a cognitive account of perceived likelihood of exporting based on entrepreneurs’ perceptions of the desirability and feasibility of export opportunities. We investigate how the immigrant status (i.e., individual characteristics) and time (i.e., contextual factors) influence the relationship between the desirability and feasibility of exporting, and entrepreneurs’ perceived likelihood of exporting. We employ an experimental design on a matched-pair sample of 108 native and immigrant entrepreneurs in domestic technology-based firms. The results are a unique account of the cognitive antecedents of the perceived likelihood of exporting under different temporal conditions, comparing immigrant and native entrepreneurs. We discuss theoretical and practical implications

The n-acetyl phenylalanine glucosamine derivative attenuates the inflammatory/catabolic environment in a chondrocyte-synoviocyte co-culture system

Osteoarthritis (OA), the most prevalent degenerative joint disease, still lacks a true disease-modifying therapy. The involvement of the NF-κB pathway and its upstream activating kinases in OA pathogenesis has been recognized for many years. The ability of the N-acetyl phenylalanine glucosamine derivative (NAPA) to increase anabolism and reduce catabolism via inhibition of IKKα kinase has been previously observed in vitro and in vivo. The present study aims to confirm the chondroprotective effects of NAPA in an in vitro model of joint OA established with primary cells, respecting both the crosstalk between chondrocytes and synoviocytes and their phenotypes. This model satisfactorily reproduces some features of the previously investigated DMM model, such as the prominent induction of ADAMTS-5 upon inflammatory stimulation. Both gene and protein expression analysis indicated the ability of NAPA to counteract key cartilage catabolic enzymes (ADAMTS-5) and effectors (MCP-1). Molecular analysis showed the ability of NAPA to reduce IKKα nuclear translocation and H3Ser10 phosphorylation, thus inhibiting IKKα transactivation of NF-κB signalling, a pivotal step in the NF-κB-dependent gene expression of some of its targets. In conclusion, our data confirm that NAPA could truly act as a disease-modifying drug in OA

Leveraging Open Innovation to improve society

Open Innovation (OI) is an approach which describes a purposive attempt to draw together knowledge from different contributors to develop and exploit innovation. It has become clear that OI directly benefits organisations' economic performance and resilience, but researchers, practitioners, and policy makers became also convinced that OI might be the way forward to tackle the world's most pressing societal challenges, representing unresolved Grand Challenges, which can only be weathered by diverse sets of collaborative partners that join forces. Although anecdotal evidence points at how OI practices can be employed to achieve societal impact not only in private firms but also in public organisations, very little understanding exists-beyond anecdotal-to link OI to societal impact. This special issue has the ambition to start the discussion and establish a framework as the stepping stone to tackle this complex research gap

Direct Measurement of the Reduced Scattering Coefficient by a Calibrated Random Laser Sensor

The research in optical sensors has been largely encouraged by the demand for low-cost and less or non-invasive new detection strategies. The invention of the random laser has opened a new frontier in optics, providing also the opportunity to explore new possibilities in the field of sensing, besides several different and peculiar phenomena. The main advantage in exploiting the physical principle of the random laser in optical sensors is due to the presence of the stimulated emission mechanism, which allows amplification and spectral modification of the signal. Here, we present a step forward in the exploitation of this optical phenomenon by a revisitation of a previous experimental setup, as well as the measurement method, in particular to mitigate the instability of the results due to shot-to-shot pump energy fluctuations. In particular, the main novelties of the setup are the use of optical fibers, a reference sensor, and a peristaltic pump. These improvements are devoted to: eliminating optical beam alignment issues; improving portability; mitigating the variation in pump energy and gain medium performances over time; realizing an easy and rapid change of the sensed medium. The results showed that such a setup can be considered a prototype for a portable device for directly measuring the scattering of liquid samples, without resorting to complicated numerical or analytic inversion procedures of the measured data, once the suitable calibration of the system is performed

ERK-1 MAP kinase prevents TNF-induced apoptosis through bad phosphorylation and inhibition of bax translocation in HeLa cells

Extracellular signal-regulated kinase (ERK) 1/2 signaling is involved in tumor cell survival through the regulation of Bcl-2 family members. To explore this further and to demonstrate the central role of the mitochondria in the ERK1/2 pathway we used the HeLa cellular model where apoptosis was induced by tumor necrosis factor (TNF) and cycloheximide (CHX). We show that HeLa cells overexpressing ERK-1 displayed resistance to TNF and CHX. HeLa cells overexpressing a kinase-deficient form of ERK-1 (K71R) were more sensitive to TNF and CHX. In the ERK-1 cells, Bad was phosphorylated during TNF + CHX treatment. In the HeLa wt cells and in the K71R clones TNF and CHX decreased Bad phosphorylation. ERK-1 cells treated with TNF and CHX did not release cytochrome c from the mitochondria. By contrast, HeLa wt and K71R clones released cytochrome c. Bax did not translocate to the mitochondria in ERK-1 cells treated with TNF + CHX. Conversely, HeLa wt and K71R clones accumulated Bax in the mitochondria. In the HeLa wt cells and in both ERK-1 transfectants Bid was cleaved and accumulated in the mitochondria. The caspase-8 inhibitor IETD-FMK and the mitochondrial membrane permeabilization inhibitor bongkrekic acid (BK), partially prevented cell death by TNF + CHX. Anisomycin, a c-Jun N-terminal kinases activator, increased TNF-killing. The ERK-1 cells were resistant to TNF and anisomycin, whereas K71R clones resulted more sensitive. Our study demonstrates that in HeLa cells the ERK-1 kinase prevents TNF + CHX apoptosis by regulating the intrinsic mitochondrial pathway through different mechanisms. Inhibition of the intrinsic pathway is sufficient to almost completely prevent cell death. © 2009 Wiley-Liss, Inc

An integrated overview of physiological and biochemical responses of Celtis australis to drought stress

Trees in Mediterranean areas frequently face severe drought stress events, due to sudden decreases in soil water availability associated to intense heat waves. The knowledge of strategies adopted by plants to cope with the environmental pressures associated to Mediterranean climate is crucial for reforestation strategies and planning future urban greening. Here we investigated the physiological and biochemical adjustments activated by Celtis australis in response to drought stress during summer. Despite widely used for reforestation in Southern Mediterranean, how C. australis responds to the severe challenges imposed by Mediterranean climate has not investigated yet. In our study, we performed analyses of water relations, gas exchange and PSII performance, the concentration of photosynthetic pigments, the activity and the concentration of primary antioxidants in plants exposed to drought stress of increasing severity. Data of our study reveal that C. australis displays both conservative water use and isohydric behavior in response to drought, and diffusive resistance mostly limits photosynthesis even at severe drought. Our study also reveals an effective down-regulation rather than permanent impairment of PSII photochemistry in response to drought stress of increasing severity, since excess electron transport due to declines in photosynthesis (-61% at severe stress, compared to control) was matched by an increase in nonphotochemical quenching (+71% at severe stress, compared to control). However, our study highlights that under severe drought, zeaxanthin (and neoxanthin) increased by 75% (and 25%), likely served an important function as chloroplast antioxidant, other than sustaining nonphotochemical quenching. Antioxidant enzymes and ascorbate also increased (+132% on average for superoxide dismutase, ascorbate peroxidase, and catalase) and contributed in countering oxidative stress in severely droughted plants. Large adjustments in the suite of physiological and biochemical traits may effectively enable C. australis to gain carbon at appreciable rates while avoiding irreversible damage to the photosynthetic apparatus even when challenged by severe drought stress, thereby making this species an excellent candidate for forest and urban plantings in sites experiencing extended periods of drought stress

Asymmetric Organocatalysis-A Powerful Technology Platform for Academia and Industry: Pregabalin as a Case Study

Enantioselective organocatalysis has quickly established itself as the third pillar of asymmetric catalysis. It is a powerful technology platform, and it has a tremendous impact in both academic and industrial settings. By focusing on pregabalin, as a case study, this Perspective aims to show how a process amenable to industry of a simple chiral molecule can be tackled in several different ways using organocatalysis