Evidence on Funding Decisions by Italian SMEs: A Self-Selection Model?

This paper sets out to analyse the determinants of Italian SMEs’ choices of sources of finance, with specific reference to the role of informed (internal) capital compared to other forms of finance. In this work, we aim to identify the determinants of the mix of sources of finance using data from the Survey of Italian Firms conducted by Capitalia, bearing in mind the structural characteristics of the firms and the banking market, and the problems of the information asymmetry between the bank and the firm. Although the financial hierarchy theory suggests that firms prefer selffinancing, because it is less expensive in economic terms, relationships with local banks may offer advantages which encourage firms to enter into debt contracts even in the absence of binding internal constraints. The empirical study focused in particular on the role of self-financing as an alternative to external sources. In order to measure the decision to use self-financing and the subsequent composition of the financing mix, we used different techniques, first independent models and then a self-selection model. The first results, in line with the pecking order theory, confirm an approach comprising an initial check on the availability of internal resources, followed if by the use of external capital, including bank debt. JEL classification: D21; G21; L1

The Effect of Revenue and Geographic Diversification on Bank Performance

This paper investigates the effect of revenue and geographic diversification on bank performance, also on a risk adjusted basis. Using an unbalanced panel dataset of 3,002 observations relative to Italian banks for the period 2006-2011, the core question is to analyse the effect of geographic and functional diversification across and within both interest and non-interest income and their effect on some principal performance measures. Furthermore in our study we analyse whether certain type of institutions are better able to reap the benefits of diversification analysing performance implications for different categories of banks and if the results have been affected by the financial crisis. The main results suggest that revenue and geographical diversification play a role in determining bank performance. The relative effects appear, however, to be different between mutual and not-mutual banks suggesting different business strategies for different banks. Moreover, in the after crisis period, banks that have been less penalized in terms of riskadjusted profit are those characterised by a gretare focus on non interest income component and the ones more geographically diversified. These findings have strategic implications both for bank managers, regulators and supervisors for the consequences on banks\u2019 performance and stability

How Income Diversification, Size and Capital Ratio affect BHCs Performance?

This paper investigates whether the range of activities conducted by banks influences their performance and risk. Using an unbalanced panel dataset which includes 308 bank-year observations, for the period 2006-2011, corresponding to 52 Italian Bank Holding Companies in the last year, the core question is to analyse the effect of diversification across and within both traditional and non-traditional income and if the results have been affected by the financial crisis. The main results suggest that revenue diversification plays a role in determining bank performance. The relative effects appear, however, to be different in relation to banks’ size and capital ratio. The results have strategic implications both for bank managers, regulators and supervisors for the consequences on banks’ performance and stability

Knife-assisted resection (KAR) for small rectal neuroendocrine neoplasia

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Foreign Policy and the Ideology of Post-ideology: The Case of Matteo Renzi’s Partito Democratico

The post-communist Italian Left has experienced a long phase of ideational misalignment between ideas placed at different levels, as a qualified discursive institutionalist approach demonstrates. Background public philosophies have often clashed with post-communist political ideology, while foreign policy programmes have often contradicted specific policies. Under the leadership of Matteo Renzi, however, the PD is now experiencing a moment of remarkable ideational consistency. Rather than being founded on entirely new premises, this new consensus folds old elements into new ones and shows all the defining traits of post-ideology. Yet, by espousing post-ideology, Renzi is making an ultimately ideological move whose limitations may soon start to show

Diagnostic performance of endoscopic ultrasound-guided tissue acquisition of splenic lesions: systematic review with pooled analysis

Background: Focal splenic lesions are usually incidentally discovered on radiological assessments. Although percutaneous tissue acquisition (TA) under trans-abdominal ultrasound guidance is a well-established technique for obtaining cyto-histological diagnosis of focal splenic lesions, endoscopic ultrasound (EUS)-guided TA has been described in several studies, reporting different safety and outcomes. The aim was to assess the pooled safety, adequacy, and accuracy of EUS-TA of splenic lesions. Methods: A comprehensive review of available evidence was conducted at the end of November 2021. All studies including more than five patients and reporting about the safety, adequacy, and accuracy of EUS-TA of the spleen were included. Results: Six studies (62 patients) were identified; all studies have been conducted using fine-needle aspiration (FNA) needles. Pooled specimen adequacy and accuracy of EUS-TA for spleen characterization were 92.8% [95% confidence interval (CI), 86.3%-99.3%] and 88.2% (95% CI, 79.3%-97.1%), respectively. The pooled incidence of adverse events (six studies, 62 patients) was 4.7% (95% CI, 0.4%-9.7%). Conclusion: EUS-FNA of the spleen is a safe technique with high diagnostic adequacy and accuracy. The EUS-guided approach could be considered a valid alternative to the percutaneous approach for spleen TA

Using the quality circle approach to empower disadvantaged youth in addressing cyberbullying: an exploration across five European countries

Digital communication technologies play an important role in the social development of young people, but can create vulnerabilities to cyberbullying and other negative online experiences. The Blurred Lives project aimed to tackle cyberbullying innovatively using a co-participatory approach, collaborating with 14–16-year olds living in areas of socio-economic disadvantage in five European countries. In phase one, 2,658 teenagers were surveyed on their internet use and any unpleasant online experiences. This data informed the second phase where the participating countries worked together with 237 adolescents across 10 schools with adult facilitators to create original anti-cyberbullying resources for teachers, parents/carers, peers, and social media providers using the Quality Circle approach. This methodology adopts an ethos of working together to solve a problem in small, peer-led groups. Each group was tasked with creating a resource for one of the target audience groups. The final resources comprise a rich variety of different formats including videos, comic strips, a board game, leaflets, posters, and newsletters. The pupil feedback highlights, for most but not all participants, an increased knowledge of cyberbullying and e-safety skills, as well as enhanced problem-solving skills, levels of confidence, and group work skills. Several operational challenges are also discussed, including the importance of school-level support, planning, staffing, and finding an appropriate balance between facilitator support and pupil agency

Internet Use and Perceived Parental Involvement among Adolescents from Lower Socioeconomic Groups in Europe: An Exploration

Internet usage is a salient developmental factor in adolescents' lives. Although relevant correlates of Internet use have been documented earlier, there is a lack of information on lower socioeconomic status groups. This is important, as these adolescents have increased risk of negative online experiences. The current survey aimed to explore Internet use and parental involvement amongst adolescents from areas of socio-economic disadvantage in 30 urban schools across five European countries. A total of 2594 students participated, of whom 90% were 14-16 years. Virtually all adolescents of socioeconomic disadvantage had Internet access, with 88.5% reporting spending more than two hours per day online, often on apps such as Instagram, Snapchat, and YouTube. Almost one-third of adolescents did not talk with their parents about their Internet use and almost two-thirds indicated that their parents were only a little or not interested in their Internet use. A consistent finding across countries was that girls more often talked with their parents about their Internet use and more often reported that their parents were interested in their Internet use than boys. The results suggest that parents have an important task in explicitly showing interest in their adolescents' Internet use, with special attention needed for boys

A review of the MSCA ITN ECOSTORE - Novel complex metal hydrides for efficient and compact storage of renewable energy as hydrogen and electricity

Hydrogen as an energy carrier is very versatile in energy storage applications. Developments in novel, sustainable technologies towards a CO2-free society are needed and the exploration of all-solid-state batteries (ASSBs) as well as solid-state hydrogen storage applications based on metal hydrides can provide solutions for such technologies. However, there are still many technical challenges for both hydrogen storage material and ASSBs related to designing low-cost materials with low-environmental impact. The current materials considered for all-solid-state batteries should have high conductivities for Na+, Mg2+ and Ca2+, while Al3+-based compounds are often marginalised due to the lack of suitable electrode and electrolyte materials. In hydrogen storage materials, the sluggish kinetic behaviour of solid-state hydride materials is one of the key constraints that limit their practical uses. Therefore, it is necessary to overcome the kinetic issues of hydride materials before discussing and considering them on the system level. This review summarizes the achievements of the Marie Skłodowska-Curie Actions (MSCA) innovative training network (ITN) ECOSTORE, the aim of which was the investigation of different aspects of (complex) metal hydride materials. Advances in battery and hydrogen storage materials for the efficient and compact storage of renewable energy production are discussed