Bank-firm relations and the role of Mutual Guarantee Institutions during the crisis

We examine the role played by Mutual Guarantee Institutions (MGIs) in the lending policies undertaken by banks at the peak of the Great Crisis of 2007-2009. We address this issue by using a large database on Italian firms built from the credit files of UniCredit banking Group and focusing on small business. We provide an empirical analysis of the determinants of the probability that a borrowing firm will suffer financial tension and obtain two main innovative findings. First, we show that small firms supported by MGIs were less likely to experience financial tensions even at that time of utmost financial stress. Second, our empirical evidence shows that MGIs have played a signalling role beyond the simple provision of a collateral. This latter finding suggests that the information provided by MGIs turned out to be key for bank-firm relations as scoring and rating systems - being typically based on pro-cyclical indicators - had become less informative during the crisis.financial crisis, bank-firm relationships, asymmetric information, credit guarantee schemes, small business finance, peer monitoring

Ricerca Sul Valore Economico Del Terzo Settore in Italia

This report summarizes the findings from a 2012 survey on the economic value of the third sector in Italy. Research includes snapshots of Italian non-profit and growth trends from recent years

Novel locally active estrogens accelerate cutaneous wound healing-part 2

Estrogen deprivation is associated with delayed healing, while estrogen replacement therapy (ERT) accelerates acute wound healing and protects against development of chronic wounds. However, current estrogenic molecules have undesired systemic effects, thus the aim of our studies is to generate new molecules for topic administration that are devoid of systemic effects. Following a preliminary study, the new 17β-estradiol derivatives 1 were synthesized. The estrogenic activity of these novel compounds was evaluated in vitro using the cell line ERE-Luc B17 stably transfected with an ERE-Luc reporter. Among the 17β-estradiol derivatives synthesized, compounds 1e and 1f showed the highest transactivation potency and were therefore selected for the study of their systemic estrogenic activity. The study of these compounds in the ERE-Luc mouse model demonstrated that both compounds lack systemic effects when administered in the wound area. Furthermore, wound-healing experiments showed that 1e displays a significant regenerative and anti-inflammatory activity. It is therefore confirmed that this class of compounds are suitable for topical administration and have a clear beneficial effect on wound healing

A Research Publication on the Economic Value of the Third Sector in Italy

The crisis of the welfare state as we have known it in Italy and Europe over the last few decades has forced countries and the societies of those so-called "advanced countries" to review their priorities and the methods by which social services are provided. In this way a process has begun, which reflects on how to support the organization of a renewed sense of civic responsibility, able to satisfy demand and requirements where the Public and the Market, for various reasons, are not able to provide an adequate response. The entire sector, according to the information gathered during the 8th General Census of Industry and Services carried out by Istat (the National Institute for Statistics) in 2001, adjusted in the 2003 annual report, includes: 2 5,232 non-profit institutions, equal to 5.4% of all institutional units; approximately 488,000 employees and independent workers, equal to 2.5% of all assigned workers; approximately 4 million individuals involved as volunteers 38 billion in revenue (over 3.3% of the GDP); 35 billion in costs, with a surplus of 3 billion reinvested in the activities carried out. These figures will obviously need to be updated following the growth in the world of non-profits over the last decade, but they are even more significant when accompanied by a calculation of the social savings deriving from the labour hours provided free of charge by the four million volunteers and, even more so, the material and immaterial well-being provided to those who benefited from their work, their help and their compassion. In 2012, in cooperation with IPSOS and UniCredit's Territorial Research and Strategies, UniCredit Foundation promoted and carried out an investigation into the economic value of the third sector in Italy. The study looks at the situation in the Italian non-profit sector and the growth trends registered by the sector in recent years

A proposal of classification for machine-learning vibration-based damage identification methods

Recent advances in computing power and sensing technology led to a significant evolution of Structural Health Monitoring (SHM) techniques, transforming SHM into a “Big Data” problem. The use of data-driven approaches for damage identification purposes, specifically Machine Learning (ML) methods, has gained popularity. ML can help at various levels of the SHM process: to pre-and post-process input data, extract damage sensitive features, and operate pattern recognition in measured data and output valuable information for damage identification. In this paper, the role of ML in SHM applications is discussed together with a new scheme for classifying ML applications in SHM, especially focusing on vibration-based monitoring, given its consolidated theoretical base. Finally, the implications of the application of these methods to historic structures are discussed, with a brief account of existing case studies. The proposed classification is exemplified using the most recent studies available in the literature on cultural heritage structures.- (undefined

Executive Functions and Deafness: Results in a Group of Cochlear Implanted Children

Objects: This study aimed to evaluate the Executive Function (EF) domains in a group of profoundly deaf children treated with cochlear implant (CI) in comparison to normal hearing (NH) children. The secondary aim was to evaluate the influence exerted by the age at cochlear implant activation on EFs. Materials and Methods: 32 children were enrolled into two groups: group A of 17 CI users with a mean age of 8.78 years and group B of 15 NH subjects with a mean age of 7.99 years (SD + 2.3). All subjects were tested using the following tests: the subtests for working memory of the neuropsychological evaluation battery for the developmental age (Batteria di valutazione neuropsicologica per l’età evolutive), inhibition and control of the impulsive response—CAF, and the tower of London test. Results: No children with CIs scored within the normal range in the tests administered for the evaluation of EF domains. The same scores were significantly lower when compared with scores obtained by NH children. Children with younger age at CI activation showed better executive performances in planning, working memory (backward digit span), and cognitive flexibility (categorical fluency). Conclusion: The results of this study highlight that cochlear implantation plays a role in improving hearing and consequently influences the development of EFs in deaf children

Central Precocious Puberty and Response to GnRHa Therapy in Children with Cerebral Palsy and Moderate to Severe Motor Impairment: Data from a Longitudinal, Case-Control, Multicentre, Italian Study

Children affected by neurodevelopmental disability could experience early pubertal changes at least 20 times more than the general population. Limited data about central precocious puberty (CPP) among children affected by cerebral palsy (CP) are available. Methods. This is a longitudinal, observational, retrospective, case-control study involving 22 children affected by CPP and CP (group A), 22 paired with CP but without CPP (group B), and 22 children with CPP without CP. Auxological, biochemical, and instrumental data were collected at diagnosis of CPP and at 2 follow-up visits. Results. No differences were detected between groups A (at baseline) and B. At diagnosis of CPP, height SDS adjusted for target height (H-TH SDS) was significantly reduced in A than in C ( 120.63 \ub1 1.94 versus 1.56 \ub1 1.38), while basal LH and oestradiol levels were significantly elevated in A than in C. During follow-up, despite an effective treatment, growth impairment deteriorated in A than in C (\u394 H-SDS from diagnosis of CPP to last follow-up: 120.49 \ub1 0.91 versus 0.21 \ub1 0.33, p = 0 023). Conclusions. Diagnosis of CPP could be partially mislead in CP due to growth failure that got worse during follow-up despite therapy. CPP in CP seems to progress rapidly along time supporting the hypothesis of a more intense activation of hypothalamic-pituitarygonadal- axis in these patients