PRIVATE EQUITY BACKED COMPANIES: CRESCITA O INSUCCESSO? ANALISI COMPARATA DELLE PERFORMANCE.

L\u2019elaborato effettua un\u2019analisi comparata della performance delle imprese oggetto di investimenti di private equity. Lo scopo della ricerca consiste nell\u2019esplorare l\u2019impatto degli investimenti di private equity su alcune variabili di redditivit\ue0, finanziarie e di crescita dimensionale nelle imprese oggetto di investimento. Dopo avere analizzato, nell\u2019ordine, le principali caratteristiche degli investimenti, gli operatori di private equity, le fasi di investimento e i tratti fondamentali del mercato italiano ed europeo, si effettua lo studio delle performance delle imprese oggetto di investimenti di private equity tramite l\u2019utilizzo di modelli statistici di tipo Probit e Ordinary Least Squares (OLS). Si \ue8 condotta l\u2019analisi prendendo come riferimento principale le imprese private equity backed situate in Italia, per cui si \ue8 creato un database di imprese italiane oggetto di investimento nel periodo 2006-2011 usato come benchmark con cui effettuare confronti con altre imprese. L'analisi \ue8 stata condotta in tre livelli. Nel primo livello si sono confrontate le imprese italiane oggetto di private equity con un campione di imprese con caratteristiche simili in termini di settore, dimensione e area geografica, ma non oggetto di investimento. Nel secondo livello si sono confrontate le performance delle imprese italiane oggetto di private equity con imprese private equity backed localizzate nei principali Paesi europei per numero di investimenti. Nell\u2019ultimo livello si \ue8 confrontato il campione di riferimento di imprese italiane oggetto di private equity con gli operatori che gestiscono i loro investimenti. I risultati dell\u2019analisi suggeriscono che gli investimenti di private equity hanno, in media, un effetto positivo in termini di crescita dimensionale rispetto alle imprese non oggetto di investimento. Nei primi anni dopo l\u2019investimento gli operatori di private equity agiscono per migliorare le variabili di crescita delle imprese private equity backed, anche a scapito della redditivit\ue0, preferendo risultati di lungo periodo. I risultati osservati nel mercato europeo sono in linea con quanto osservato nel mercato italiano. Per di pi\uf9, i gestori dei fondi di private equity ottengono una performance superiore rispetto alle imprese investite.The work carries out a comparative analysis of the performance of private equity backed companies. The purpose of this research is to explore the impact of private equity investments on variables of profitability, financial and dimensional growth for target companies. After reviewing the main characteristics of private equity - investment, operators, stages and the Italian and European market - we studied the performance of private equity backed companies through the use of statistical Probit and OLS models. We conducted the analysis taking as benchmark the private equity backed companies located in Italy, so we created a database of Italian companies that have being subject to investments in the period 2006-2011 and we compare this sample with other companies. The analysis was ran on three levels. In the first one we compared the sample formed by Italian private equity backed companies with a sample of non private equity backed companies with similar characteristics in terms of industry, size and geographic area. In the second level we compared the performance of Italian private equity backed companies with a sample of private equity backed companies located in the first eight European countries for number of investments. In the last level we compared the sample of Italian private equity backed companies with a sample of operators that manage private equity investments. The results of the analysis suggest that private equity investments have, on average, a positive effect on target companies in terms of dimensional growth in comparison to non invested companies. In the first post investment years, private equity operators act to improve the growth of private equity backed companies, even decreasing profitability, so preferring long-term results. The results observed in the European market are in line with the ones observed in the Italian market. Moreover, the analyses suggests that managers of private equity investments achieved higher performance than invested companies

Effect of antioxidant supplementation on pig and horse gamete storage

According to recent studies, antioxidant supplementation on gamete processing and/or storage solutions improvesgamete quality parameters, after cooling or storage at sub zero temperature. The aim of the present study was to investigate the effects of antioxidant supplementation on pig and horse gamete storage. The first study aimed to determine the effects of resveratrol (RESV) on the apoptotic status of porcine oocytes vitrified by Cryotop method, evaluating phosphatidylserine (PS) exteriorization and caspases activation. RESV(2µM) was added during: IVM (A); 2 h post-warming incubation (B); vitrification/warming and 2 h post-warming incubation (C); all previous phases (D). The obtained data demonstrate that RESV supplementation in the various steps of IVM and vitrification/warming procedure can modulate the apoptotic process, improving the resistance of porcine oocytes to cryopreservation-induced damage. In the second work different concentrations of RESV (10, 20, 40, and 80µM) were added during liquid storage of stallion sperm for 24 hours at either 10°C or 4°C, under anaerobic conditions. Our findings demonstrate that RESV supplementation does not enhance sperm quality of stallion semen after 24 hours of storage. Moreover, the highest RESV concentrations tested (40 and 80µM) could damage sperm functional status, probably acting as pro-oxidant. Finally, in the third work other two antioxidants, ascorbic acid (AA) (100 µM) and glutathione (GSH) (5mM) were added on boar freezing and/or thawing solutions. In our study different sperm parameters were evaluated before freezing and at 30 and 240 minutes after thawing. Our results showed that GSH and AA significantly improved boar sperm cryotolerance, especially when supplemented together to both freezing and thawing media. This improvement was observed in sperm viability and acrosome integrity, sperm motility, and nucleoprotein structure. Although ROS levels were not much increased by freeze-thawing procedures, the addition of GSH and AA to both freezing and thawing extenders significantly decreased intracellular peroxide levels

Rock Thermal Conductivity as Key Parameter for Geothermal Numerical Models

Abstract The geothermal energy applications are undergoing a rapid development. However, there are still several challenges in the successful exploitation of geothermal energy resources. A special effort is required to characterize the thermal properties of the ground and to implement the thermal energy transfer technologies. Aim of this study is to provide original heat conductivity values for rocks and sediments in regions included in the VIGOR Project (southern Italy), to overcome the existing lack of data. Thermal properties tests were performed on several samples, both in dry and wet conditions, using thermal analyzer operating following the Modified Transient Plane Source method

Temperature and humidity index (THI) affects salivary cortisol (HC) and dehydroepiandrosterone (DHEA) concentrations in growing bulls following stress generated by performance test procedures

The hypothalamus-pituitary–adrenal axis response to a challenge was proposed for genetic selection of robust and resilient animals. As ACTH (adrenocorticotropic hormone) test and hormone measurements in blood may result impractical, it may be useful to measure salivary hormones in response to natural stressors, after an accurate biological validation, to control factors that could contribute to the response. We evaluated whether animal handling during performance test affects salivary HC and DHEA secretion and could be used for selection. We tested the effects of habituation to repeated handling and THI as putative bias. Bull calves (N = 273) undergoing performance test were sampled at 8–9 and 11–13 months (N = 101), 8–9 months (N = 131), or 11–13 months (N = 41). On each test day (D0), calves were isolated, conducted to a squeeze chute and immobilized for 6 min. Saliva samples were collected in the morning after feed administration (T0), and after 6 min immobilization in the squeeze chute (T1) for HC and DHEA measurement. Environmental temperature and relative humidity were recorded every hour from 1:00 h to 24:00 h during the 6 days before the performance test and on D0. Salivary HC and DHEA concentrations were higher in T1 (p < 0.01), although a clear individual positive response to handling could be observed in less than 10% of subjects. The mixed model revealed: (i) HC and HC/DHEA were higher in Young bulls (p < 0.05). (ii) The time of T0 sample collection significantly affected DHEA (p < 0.01) and HC/DHEA (p < 0.05). (iii) THI affected both steroids (p < 0.001) but not HC/DHEA. Spearman correlations suggested that THI weakly affected salivary HC at T0 only (ρ = 0.150, p < 0.01), while moderate statistically significant correlations were found between DHEA and THI at T0 (ρ = 0.316, p < 0.001), and T1 (ρ = 0.353, p < 0.001). Salivary HC and DHEA in response to handling procedures might identify subpopulations of subjects with sensitive HPA axis. Habituation to repeated handling played a role, as the hormone response was lower in older animals. Chronic exposure to high THI had a minor effect on salivary HC visible at T0. A more intense THI effect was observed on salivary DHEA concentrations at both T0 and T1, which should be worth of further investigations

Effects of Resveratrol on Vitrified Porcine Oocytes

Vitrified MII porcine oocytes are characterized by reduced developmental competence, associated with the activation of the apoptotic pathway. Resveratrol (R), a polyphenolic compound present in several vegetal sources, has been reported to exert, among all its other biological effects, an antiapoptotic one. The aim of this study was to determine the effects of R (2 µM) on the apoptotic status of porcine oocytes vitrified by Cryotop method, evaluating phosphatidylserine (PS) exteriorization and caspases activation. R was added during IVM (A); 2 h postwarming incubation (B); vitrification/warming and 2 h postwarming incubation (C); all previous phases (D). Data on PS exteriorization showed, in each treated group, a significantly higher (P<0.05) percentage of live nonapoptotic oocytes as compared with CTR; moreover, the percentage of live apoptotic oocytes was significantly (P<0.05) lower in all R-treated groups relative to CTR. The results on caspase activation showed a tendency to an increase of viable oocytes with inactive caspases in B, C, and D, while a significant (P<0.05) increase in A compared to CTR was recorded. These data demonstrate that R supplementation in various phases of IVM and vitrification/warming procedure can modulate the apoptotic process, improving the resistance of porcine oocytes to cryopreservation-induced damage

Sex-sorted canine sperm cryopreservation: Limits and procedural considerations

The aim of this study was to define a protocol to store dog sperm before and after sorting to obtain an insemination dose sufficient to allow the conception by artificial insemination. Experiment 1 and 2 were performed to evaluate the more appropriate extender for preserving at room temperature dog sperm before and after sorting. Four extenders were tested: (1) Tris-fructose-citrate (TFC), (2) Tris-glucose-citrate (TGC), (3) modified Tyrode\u2019s albumin lactate pyruvate medium (mTALP), and (4) third fraction of the ejaculate (after centrifugation at 5000 g for 10 minutes; III FRAC). Experiment 3 and 4 were performed to evaluate the ability of dog semen to withstand sex sorting and freezing/thawing. Modified Tyrode\u2019s albumin lactate pyruvate medium was the best extender for canine sperm storage at room temperature (20 C\u201325 C) before (total motility: TFC, 8.3 1.7; TGC, 50.0 11.5; mTALP, 70.0 0.1; III FRAC, 25.0 1 0.4; P &lt; 0.05) and after sorting (total motility: TFC, 7.3 1.5; TGC, 10.3 1.5; mTALP, 33.3 6.7; III FRAC, 8.7 5.8; P &lt; 0.05), even if at 24- hour sorted sperm quality was impaired in all extenders tested herein. Sperm quality decreased after sorting (total motility: control, 92.5 0.9; sorted, 52.9 6.0; P &lt; 0.05) and, especially, after freezing/thawing (total motility: frozen control, 25.7 4.1; frozen sorted, 2.4 1.2; P &lt; 0.05). In conclusion, mTALP is an appropriate medium for canine sperm storage before and soon after sorting (hours), but a long storage period of sexed sperm at room temperature is not adequate. Cryopreservation greatly impaired sperm quality, and further studies are needed to optimize the freezing protocol for sexed dog sperm

Effect of dietary inclusion of different lipid supplements on performance and carcass quality traits of growing beef heifers

The aim of this study was to evaluate the impact of dietary extruded flaxseed and/or rumen-protected lipids on growth performance and carcass quality of growing beef heifers. Sixty-three crossbreed heifers (Charolais X Limousine) were distributed into seven experimental groups, balanced in terms of age and live weight. Diets fed to the groups were isoproteic and differed in both, the dietary lipid source (extruded linseed and/or rumen-protected conjugated linoleic acid) and the supplementation length (90 or 180 days before slaughtering), having the same total amount of lipids and vitamin E, during their finishing period. The results obtained in the present study confirm that in low-protein diets, the inclusion of rumen-protected CLA, alone or in combination with flaxseed, did not bring any evident effect on feed intake, performance and carcass quality traits of growing beef heifers

A rescue approach in refractory diffuse large B-cell lymphoma with obinutuzumab-redirected cytokine-induced killer cells: a first-in-human case report

Not available