Bank-firm relationship changes and earnings quality. An analysis on Italian small-medium sized companies

In the last years banks and firms relationship in Italy has experienced deep changes due to a new revised national and international regulation and to an increasing globalization of economic environment. These evolutions imply a new bank-firm relationship with a deeper disclosure, in a perspective of partnership between them. In this scenario, Basel 1 and 2 accords have been contributing to revise bank-firm relationship, moreover in the specific perspective of small-medium sized firms. In Italy, the evolution of bank-firm relation has been also influenced by an intensive banking system restructuring process, characterized by big mergers and small local banks aggregations. This paper focuses on bank-firm relation impact on small-medium sized firms financial reporting quality. The analysis empirically examines some proxies for earnings quality for a sample of Italian small-medium sized firms over 10 years period. Earnings quality metrics are based on the relation between working capital accruals and cash flows, following Dechow and Dichev (2002) approach. Across these metrics we will perform a cross-sectional analysis on the relation between earnings quality and some variables regarding banks and firms governance, controlling for regulation changes and other variables such as size, sector etc.In the last years banks and firms relationship in Italy has experienced deep changes due to a new revised national and international regulation and to an increasing globalization of economic environment. These evolutions imply a new bank-firm relationship with a deeper disclosure, in a perspective of partnership between them. In this scenario, Basel 1 and 2 accords have been contributing to revise bank-firm relationship, moreover in the specific perspective of small-medium sized firms. In Italy, the evolution of bank-firm relation has been also influenced by an intensive banking system restructuring process, characterized by big mergers and small local banks aggregations. This paper focuses on bank-firm relation impact on small-medium sized firms financial reporting quality. The analysis empirically examines some proxies for earnings quality for a sample of Italian small-medium sized firms over 10 years period. Earnings quality metrics are based on the relation between working capital accruals and cash flows, following Dechow and Dichev (2002) approach. Across these metrics we will perform a cross-sectional analysis on the relation between earnings quality and some variables regarding banks and firms governance, controlling for regulation changes and other variables such as size, sector etc.Uninvited Submission

Corporate Social Responsibility and Firms Performance: an Analysis on Italian Listed Companies

Corporate social responsibility (CSR) is getting an increasingly important issue for economic agents all over the world, due to a new attention to all the aspects of firms activities and their relationships with stakeholders. Also in Italy, the number of firms that prepare voluntary corporate social responsibility (CSR) reports (e.g. sustainability reports, environmental reports, environmental and social reports or corporate social responsibility reports) is increasing. The purpose of this paper is to investigate the impact of the voluntary disclosure about Corporate Social Responsibility on firms stock prices of Italian listed companies in order to analyze if it can somehow contribute to increase the stock market prices. Our empirical analysis will test the relation, during a period of three years, between corporate social responsibility (CSR) reports and firms stock prices, considering a sample of Italian listed companies.Corporate social responsibility (CSR) is getting an increasingly important issue for economic agents all over the world, due to a new attention to all the aspects of firms activities and their relationships with stakeholders. Also in Italy, the number of firms that prepare voluntary corporate social responsibility (CSR) reports (e.g. sustainability reports, environmental reports, environmental and social reports or corporate social responsibility reports) is increasing. The purpose of this paper is to investigate the impact of the voluntary disclosure about Corporate Social Responsibility on firms stock prices of Italian listed companies in order to analyze if it can somehow contribute to increase the stock market prices. Our empirical analysis will test the relation, during a period of three years, between corporate social responsibility (CSR) reports and firms stock prices, considering a sample of Italian listed companies.Uninvited Submission

(Extra)ordinary equivalences with the ascending/descending sequence principle

We analyze the axiomatic strength of the following theorem due to Rival and Sands in the style of reverse mathematics. "Every infinite partial order $P$ of finite width contains an infinite chain $C$ such that every element of $P$ is either comparable with no element of $C$ or with infinitely many elements of $C$." Our main results are the following. The Rival-Sands theorem for infinite partial orders of arbitrary finite width is equivalent to $\mathsf{I}\Sigma^0_2 + \mathsf{ADS}$ over $\mathsf{RCA}_0$. For each fixed $k \geq 3$, the Rival-Sands theorem for infinite partial orders of width $\leq\! k$ is equivalent to $\mathsf{ADS}$ over $\mathsf{RCA}_0$. The Rival-Sands theorem for infinite partial orders that are decomposable into the union of two chains is equivalent to $\mathsf{SADS}$ over $\mathsf{RCA}_0$. Here $\mathsf{RCA}_0$ denotes the recursive comprehension axiomatic system, $\mathsf{I}\Sigma^0_2$ denotes the $\Sigma^0_2$ induction scheme, $\mathsf{ADS}$ denotes the ascending/descending sequence principle, and $\mathsf{SADS}$ denotes the stable ascending/descending sequence principle. To our knowledge, these versions of the Rival-Sands theorem for partial orders are the first examples of theorems from the general mathematics literature whose strength is exactly characterized by $\mathsf{I}\Sigma^0_2 + \mathsf{ADS}$, by $\mathsf{ADS}$, and by $\mathsf{SADS}$. Furthermore, we give a new purely combinatorial result by extending the Rival-Sands theorem to infinite partial orders that do not have infinite antichains, and we show that this extension is equivalent to arithmetical comprehension over $\mathsf{RCA}_0$

Carrier density dependence of 1/f noise in graphene explained as a result of the interplay between band-structure and inhomogeneities

http://www.gianlucafiori.org/articles/jstat_noise.pdf We present a model for 1/f noise in graphene based on an analysis of the effect of charge trapping and detrapping events on the fluctuations of the number of charge carriers. Inclusion of a Gaussian distribution of fluctuations of the electrostatic potential enables us to reproduce all the various experimentally observed behaviors of the flicker noise power spectral density as a function of carrier density, both for monolayer and bilayer graphene. The key feature of a flicker noise minimum at the Dirac point that appears in bilayer graphene and sometimes also in monolayer graphene is explained in terms of the disappearance, when the number of electrons equals that of holes, of the carrier number fluctuations induced by trapping events. Such a disappearance is analyzed with two different approaches, in order to gain a better understanding of the physical origin of the effect, and to make some considerations about possible analogous phenomena in other semiconductors

Mixed Hepatoblastoma in a Young Male Adult: A Case Report and Literature Review

Hepatoblastoma (HB) is a rare malignant tumour of the liver and usually occurs in the first three years of life. Most of these tumours arise in the embryo; hence it seems to be unusual that hepatoblastoma occurs in adults and is an exceptional cause of primary malignant liver tumour in adult patients. The diagnosis is often overlooked, and patients might be diagnosed at late stages of the disease at risk of increased mortality. In this paper we report a case of a 30-year-old man with mixed hepatoblastoma and abdominal pain, hepatomegaly and fever. The patient under went noninvasive diagnostic methods: duplex scanning, Computed Tomography (CT), and Magnetic Resonance imaging (MRI). In our experience, despite the important role of histological sample provided by biopsy in defining the diagnosis, very important was the role of MRI, more than ultrasonography and enhanced CT. The MRI detects tumor features as size, margins, and ratio with neighboring organs in order to get the best surgical approach

Unbalance between Excitation and Inhibition in Phenylketonuria, a Genetic Metabolic Disease Associated with Autism

Phenylketonuria (PKU) is the most common genetic metabolic disease with a well-documented association with autism spectrum disorders. It is characterized by the deficiency of the phenylalanine hydroxylase activity, causing plasmatic hyperphenylalaninemia and variable neurological and cognitive impairments. Among the potential pathophysiological mechanisms implicated in autism spectrum disorders is the excitation/inhibition (E/I) imbalance which might result from alterations in excitatory/inhibitory synapse development, synaptic transmission and plasticity, downstream signalling pathways, and intrinsic neuronal excitability. Here, we investigated functional and molecular alterations in the prefrontal cortex (pFC) of BTBR-Pah(enu2) (ENU2) mice, the animal model of PKU. Our data show higher frequency of inhibitory transmissions and significant reduced frequency of excitatory transmissions in the PKU-affected mice in comparison to wild type. Moreover, in the pFC of ENU2 mice, we reported higher levels of the post-synaptic cell-adhesion proteins neuroligin1 and 2. Altogether, our data point toward an imbalance in the E/I neurotransmission favouring inhibition in the pFC of ENU2 mice, along with alterations of the molecular components involved in the organization of cortical synapse. In addition to being the first evidence of E/I imbalance within cortical areas of a mouse model of PKU, our study provides further evidence of E/I imbalance in animal models of pathology associated with autism spectrum disorders

Performance analysis of correlation techniques for noise measurements

The cross-correlation technique makes it possible to perform noise measurements with a sensitivity that would otherwise be unreachable, well below the noise floor of the amplifiers. Not all noise contributions from the amplifiers can however be eliminated or even just attenuated by cross-correlation: therefore it is important to take into consideration the detailed characteristics of the DUT (Device Under Test) and of the amplifiers when setting up the measurement system. Here we discuss the relative advantages of the different (“series” and “parallel”) configurations coupled with our technique for the accurate evaluation of the transimpedance between the noise source to be measured and the amplifier output. In particular, we show (i) the importance of the comparison between the real and the imaginary part of the cross-spectrum due to the asymmetry of the correlation amplifiers and (ii) how to estimate the maximum number of averages in the cross-spectrum evaluation that leads to an actual advantage from the point of view of the measurement accuracy. Finally we discuss the issue of shielding from external spurious signals, whose relevance is often underestimated

Caspofungin activity against clinical isolates of azole cross-resistant Candida glabrata overexpressing efflux pump genes

Objectives: Several studies have documented the potent in vitro activity of caspofungin against Candida spp. This is of special concern for Candida glabrata infections that are often resistant to many azole antifungal agents and, consequently, difficult to treat. The aim of the present study was to expand the data on the in vitro activity of caspofungin against azole-resistant isolates of C. glabrata. Methods: A total of 50 clinical isolates of C. glabrata were tested for susceptibility to caspofungin. The isolates were cross-resistant to multiple azoles, including fluconazole, itraconazole, ketoconazole and voriconazole. Expression of the resistance-related CgCDR1 and CgCDR2 genes was evaluated by quantitative RT-PCR analysis. The MICs of caspofungin were determined by using the National Committee for Clinical Laboratory Standards M27-A2 reference method. Results: C. glabrata isolates exhibited increased expression of the CDR efflux pump(s), and this was in accordance with their high-level azole resistance. In contrast, all the isolates were highly susceptible to caspofungin (100% of isolates were inhibited at ≤1 mg/L). Conclusions: Our results represent further evidence for the excellent antifungal potency of caspofungin, particularly against C. glabrata isolates expressing cross-resistance to azole

Electronically ordered ultrathin Cr2O3 on Pt(1 1 1) in presence of a multidomain graphene intralayer

In the last decade, reducing the dimensionality of materials to few atomic layers thickness has allowed exploring new physical properties and functionalities otherwise absent out of the two dimensional limit. In this regime, interfaces and interlayers play a crucial role. Here, we investigate their influence on the electronic properties and structural quality of ultrathin Cr2O3 on Pt(111), in presence of a multidomain graphene intralayer. Specifically, by combining Low-Energy Electron Diffraction, X-ray Photoelectron Spectroscopy and X-ray Absorption Spectroscopy, we confirm the growth of high-quality ultrathin Cr2O3 on bare Pt, with sharp surface reconstructions, proper stoichiometry and good electronic quality. Once a multidomain graphene intralayer is included at the metal/oxide interface, the Cr2O3 maintained its correct stoichiometry and a comparable electronic quality, even at the very first monolayers, despite the partially lost of the morphological long-range order. These results show how ultrathin Cr2O3 films are slightly affected by the interfacial epitaxial quality from the electronic point of view, making them potential candidates for graphene-integrated heterostructures