Bank relationships and firms’ financial performance: the Italian experience

We examine the connection between the number of bank relationships and firms’ performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases, the effects being stronger for small firms than for large firms. We also find that the ratio of interest expense to assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with finding that suggest that having fewer bank relationships reduces the information asymmetries and agency problems and outweighs the hold-up problems.bank relationships; small business lending; firms’ performance

Mechanical properties of carbynes investigated by ab initio total-energy calculations

As sp carbon chains (carbynes) are relatively rigid molecular objects, can we exploit them as construction elements in nanomechanics? To answer this question, we investigate their remarkable mechanical properties by ab-initio total-energy simulations. In particular, we evaluate their linear response to small longitudinal and bending deformations and their failure limits for longitudinal compression and elongation.Comment: 6 pages, 4 figures, 1 tabl

Reactive Atom Plasma (RAP) figuring machine for meter class optical surfaces

A new surface figuring machine called Helios 1200 is presented in this paper. It is designed for the figuring of meter sized optical surfaces with form accuracy correction capability better than 20 nm rms within a reduced number of iterations. Unlike other large figuring facilities using energy beams, Helios 1200 operates a plasma torch at atmospheric pressure, offers a high material removal rate, and a relatively low running cost. This facility is ideal to process large optical components, lightweight optics, silicon based and difficult to machine materials, aspheric, and free form surfaces. Also, the surfaces processed by the reactive atom plasma (RAP) are easy to fine polish through hand conventional sub-aperture polishing techniques. These unique combined features lead to a new capability for the fabrication of optical components opening up novel design possibilities for optical engineers. The key technical features of this large RAP machine are fast figuring capabilities, non-contact material removal tool, the use of a near Gaussian footprint energy beam, and a proven tool path strategy for the management of the heat transfer. Helios 1200 complies with the European machine safety standard and can be used with different types of reactive gases using either fluorine or chlorine compounds. In this paper, first the need for large optical component is discussed. Then, the RAP facility is described: radio frequency R.F generator, plasma torch, and 3 axis computer numerically controlled motion system. Both the machine design and the performance of the RAP tool is assessed under specific production conditions and in the context of meter class mirror and lens fabrication

Bank relationships and small firms’ financial performance

We examine the relationship between the number of bank relationships and firms’ performance, evaluating possible differential effects related to firms’ size. Our sample of firms from Italy includes many small firms, 99 percent of which are not listed and for which bank debt is a major source of financing. In the sample, 4 percent of the firms have a single bank relationship, and 66 percent of them have five or fewer relationships. We find that return on equity and return on assets decrease as the number of bank relationships increases, with a stronger relationship for small firms than for large firms. We also find that interest expense over assets increases as the number of relationships increases. Particularly for small firms, our results are consistent with analyses indicating that fewer bank relationships reduce information asymmetries and agency problems, which outweigh negative effects connected to holdup problems.

On the properties of the interstellar medium in extremely metal-poor blue compact dwarf galaxies: GMOS-IFU spectroscopy and SDSS photometry of the double-knot galaxy HS 2236+1344

The main goal of this study is to carry out a spatially resolved investigation of the warm interstellar medium (ISM) in the extremely metal-poor Blue Compact Dwarf (BCD) galaxy HS 2236+1344. Special emphasis is laid on the analysis of the spatial distribution of chemical abundances, emission-line ratios and kinematics of the ISM, and to the recent star-forming activity in this galaxy. This study is based on optical integral field unit spectroscopy data from Gemini Multi-Object Spectrograph at the Gemini North telescope and archival Sloan Digital Sky Survey images. The data were obtained in two different positions across the galaxy, obtaining a total 4 arcsec X 8 arcsec field which encompasses most of its ISM. Emission-line maps and broad-band images obtained in this study indicate that HS 2236+1344 hosts three Giant HII regions. Our data also reveal some faint curved features in the BCD periphery that might be due to tidal perturbations or expanding ionized-gas shells. The ISM velocity field shows systematic gradients along the major axis of the BCD, with its south-eastern and north-western half differing by ~80 km/s in their recessional velocity. The Ha and Hb equivalent width distribution in the central part of HS 2236+1344 is consistent with a very young (~3 Myr) burst. Our surface photometry analysis indicates that the ongoing starburst provides ~50% of the total optical emission, similar to other BCDs. It also reveals an underlying lower-surface brightness component with moderately red colors, which suggest that the galaxy has undergone previous star formation. We derive an integrated oxygen abundance of 12+log(O/H)=7.53\pm0.06 and a nitrogen-to-oxygen ratio of log(N/O)=-1.57\pm0.19. Our results are consistent, within the uncertainties, with a homogeneous distribution of oxygen and nitrogen within the ISM of the galaxy. (abridged)Comment: 15 pages, 16 figures, accepted for publication in A&