La disclosure volontaria del modello di business nel prospetto informativo di quotazione: un’analisi comparative

How do companies to be listed actually deal with voluntary disclosure of their business model? Is it true that firms with greater knowledge-based resources and technological innovation endowments have a lower propensity to adopt fully open communication behaviors? This paper aims to identify the voluntary disclosure policies adopted by three Italian companies in their Initial Public Offering (IPO) prospectuses in order to investigate whether any differences may depend on the type of innovation underlying each business model. A series of interviews conducted with the top management made it possible to understand more deeply the business model of each company. Further, a content analysis has been developed to compute a measure of disclosure and to point out the strategic concepts and their relevance. We provide evidence that companies with a business model based on technology-push innovation have a lower propensity to the full disclosure of their intangible components, particularly of those mainly based on knowledge as these are also invisible. Our study adds to the literature of business and financial reporting by focusing on a new object of inquiry, that is the business model. The business model plays an important role in allowing external actors to understand a company’s value, thus companies’ strategic communication should be shaped accordingly. The results suggest the need to address the issue of voluntary disclosure of the business model by first distinguishing “visible” intangible resources from those that are “invisible” (both to financial and competitive markets). The study aims to make a contribution to the ongoing debate on business and financial reporting practice

Low arsenic bioaccessibility by fixation in nanostructured iron (Hydr)oxides: quantitative identification of As-bearing phases

A new analytical protocol was developed to provide quantitative, single-particle identification of arsenic in heterogeneous nanoscale mineral phases in soil samples, with a view to establishing its potential risk to human health. Microscopic techniques enabled quantitative, single-particle identification of As-bearing phases in twenty soil samples collected in a gold mining district with arsenic concentrations in range of 8 to 6354 mg kg. Arsenic is primarily observed in association with iron (hydr) oxides in fine intergrowth with phyllosilicates. Only small quantities of arsenopyrite and ferric arsenate (likely scorodite) particles, common in the local gold mineralization, were identified (e.g., 7 and 9 out, respectively, of app. 74,000 particles analyzed). Within the high-arsenic subgroup, the arsenic concentrations in the particle size fraction below 250μm ranges from 211 to 4304 mg kg. The bioaccessible arsenic in the same size fraction is within 0.86–22 mg kg (0.3–5.0%). Arsenic is trapped in oriented aggregates of crystalline iron (hydr)oxides nanoparticles, and this mechanism accounts for the low As bioaccessibility. The calculated As exposure from soil ingestion is less than 10% of the arsenic Benchmark Dose Lower Limit - BMDL. Therefore, the health risk associated with the ingestion of this geogenic material is considered to be low

Human health risk assessment of lead from mining activities at semi-arid locations in the context of total lead exposure

Lead from historical mining and mineral processing activities may pose potential human health risks if materials with high concentrations of bioavailable lead minerals are released to the environment. Since the Joint Expert Committee on Food Additives of Food and Agriculture Organization/World Health Organization withdrew the Provisional Tolerable Weekly Intake of lead in 2011, an alternative method was required for lead exposure assessment. This study evaluated the potential lead hazard to young children (0–7 years) from a historical mining location at a semi-arid area using the U.S. EPA Integrated Exposure Uptake Biokinetic (IEUBK) Model, with selected site-specific input data. This study assessed lead exposure via the inhalation pathway for children living in a location affected by lead mining activities and with specific reference to semi-arid conditions and made comparison with the ingestion pathway by using the physiologically based extraction test for gastro-intestinal simulation. Sensitivity analysis for major IEUBK input parameters was conducted. Three groups of input parameters were classified according to the results of predicted blood concentrations. The modelled lead absorption attributed to the inhalation route was lower than 2 % (mean ± SE, 0.9 % ± 0.1 %) of all lead intake routes and was demonstrated as a less significant exposure pathway to children’s blood, compared with ingestion. Whilst dermal exposure was negligible, diet and ingestion of soil and dust were the dominant parameters in terms of children’s blood lead prediction. The exposure assessment identified the changing role of dietary intake when house lead loadings varied. Recommendations were also made to conduct comprehensive site-specific human health risk assessment in future studies of lead exposure under a semi-arid climate

Immobilization of Eu and Ho from synthetic acid mine drainage by precipitation with Fe and Al (hydr)oxides

Use of lime to mitigate acid mine drainage is, in general, accompanied by precipitation of iron (Fe) and aluminium (Al) (hydr)oxides which may increase the removal of trace elements from water. This work aimed to evaluate the precipitation of Fe/Al (hydr)oxides to remove rare earth elements (REE) from contaminated water and the stability of precipitates. Two sets of 60-day syntheses were carried out using different Fe/Al/REE molar ratios, for europium (Eu) and holmium (Ho). The pH was periodically adjusted to 9.0, and the stability of the resulting precipitates was evaluated by water-soluble and BCR extractable phases, namely (1) acid soluble, extracted by 0.11\ua0mol\ua0L acetic acid; (2) reducible, extracted with 0.5\ua0mol\ua0L hydroxylamine hydrochloride; and (3) oxidisable, extracted with 8.8\ua0mol\ua0L hydrogen peroxide efficiencies of the water treatments for both Eu and Ho that were higher than 99.9% irrespective to the Fe/Al/REE molar ratios. Water-soluble phases of Eu and Ho were lower than 0.01% of the total contents in the precipitates. Recoveries from precipitates by Bureau Communautaire de Référence (BCR) sequential extractions increased with increasing concentrations of Eu and Ho. Acetic acid extracted higher amounts of REE, but Eu recovery was superior to Ho. Lepidocrocite was formed as Eu concentration increased which decreased its stability in the precipitates