Moneta Elettronica e Virtual Currency

L\u2019obiettivo del presente volume \ue8 quello di sistematizzare le conoscenze in materia di mezzi di pagamento innovativi cercando di metterne altres\uec in luce potenzialit\ue0 e rischi. La trattazione \ue8 articolata in sette capitoli. Nel primo capitolo si analizza la dinamica tipica dei processi innovativi allo scopo di individuare i presupposti per la diffusione delle innovazione nel sistema dei pagamenti al dettaglio. Il secondo capitolo \ue8 incentrato sul tema della regolamentazione dei mezzi di pagamento innovativi e sulle problematiche di natura macroeconomica connesse con la loro diffusione. Il terzo capitolo si concentra sull\u2019analisi delle caratteristiche tecniche dei principali strumenti di moneta elettronica. Nel quarto capitolo si sviluppa il tema delle virtual currencies. Nel quinto capitolo si analizza il grado di diffusione degli strumenti di moneta elettronica in Europa, cercando di individuare i fattori in grado di favorirne la diffusione e l\u2019utilizzo presso il pubblico. Il sesto capitolo si concentra sull\u2019analisi della diffusione degli strumenti di moneta elettronica in Italia. Il capitolo presenta un\u2019analisi sistematica delle caratteristiche tecniche ed operative di 29 strumenti di moneta elettronica, rilevati sulla base di un\u2019indagine condotta sui siti web degli emittenti. Nel settimo capitolo, vengono sistematizzati i fattori che hanno determinato il fallimento delle iniziative di \u201cprima generazione\u201d e, dall\u2019altro, sono delineate le prospettive degli strumenti di \u201cseconda generazione\u201d alla luce degli insegnamenti maturati con le precedenti esperienze

The performance of angel-backed companies

We provide empirical evidence of the post-investment performance and survivorship profile of angelbacked companies, filling a long-standing gap within the entrepreneurial finance literature. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and 2012 and at least 3 years of post-investment financial data, we develop an innovative performance metric and show that the performance and the probability of survival of investee companies are positively affected by the presence of angel syndicates and the hands-on involvement of business angels, while they are negatively related to the intensity of angel monitoring and the time structure of equity provision. Our results are robust to several endogeneity tests and provide insights on the multifaceted contributions of angel investors to the performance and survival of new ventures

The Role of Angel Syndicates on the Demand and Supply of Informal Venture Capital

The recent explosion of the informal venture capital is stimulating finance scholars to deeply investigate the major determinants, characteristics and possible implications of this phenomenon within the start-up ecosystems. The rising literature on business angels (BAs) still misses to adequately cover many investigation areas, such as the operations and the role played by the different typologies of BA networks (BANs) and the valuation of the contributions provided by BAs to the performance of the angel-backed companies. The contributions of Bonini et al. (2018, 2019) are part of the ongoing debate on these two research areas that have not yet been exhaustively explored. The two papers show that the affiliation to an angel community affects BAs\u2019 investment decisions, though it doesn\u2019t seem to have a significant impact on the survival and profitability of the funded ventures. On the contrary, by co-investing in an angel syndicate, BAs may enjoy risk- and information-sharing benefits that structurally affect both their investment practices and the performance of the funded ventures. Also, the BAs\u2019 willingness to play an active role does have a positive impact on angel-backed companies\u2019 survival and growth. Finally, the intensity of BAs\u2019 soft monitoring seems negatively related to the performance of the funded ventures because of the impact on the trust-based entrepreneur\u2013 angel relationship. However, angel communities might be able to decrease and distribute within the network the need for individual monitoring while increasing members\u2019 confidence in the angel investments

The Performance of Angel-Backed Companies

We provide first-time evidence of the post-investment performance and survivorship profile of angel-backed companies. Using a unique database of 111 angel-backed companies that received angel investments between 2008 and 2012 and at least 3 years of post investment financial data, we show that both the performance and the probability of survival of investee companies, are positively affected by the presence of: 1) angel syndicates and 2) by the hands-on involvement of business angels. Differently, the lack of angel experience and the structure of equity provision negatively affect the development of new ventures. Our results provide insights on the contribution of angel investors to the development of new ventures

Angel network affiliation and business angels' investment practices

This paper provides preliminary evidence on the effects of membership in a business angel network (BAN) on the investment decisions of the members. Using a novel dataset containing qualitative and quantitative information on 810 angel or angel-group backed investments in 619 companies by 330 unique business angels from 2008 to 2014, we show that BAN membership generates valuable information, networking, monitoring, and risk reduction effects, which ultimately affect the share of personal wealth committed by each angel investor and their equity stake in the targeted company. These results extend our knowledge of the investment behavior and characteristics of business angels, a relatively opaque funding source that is rapidly gaining prominence in support of new ventures and the development of the global economy

Le trame invisibili. Nuove modalità di esplorazione online dell’Archivio storico della psicologia italiana

The paper describes an innovative visualization modality to present online contents and relationships of the web portal of the Interdipartimental Research Center Aspi – Historical Archive of Italian Psychology (Milano-Bicocca University). Established in 2005, Aspi is aimed to preserve, inventory, digitize and valorize psychologists and psychiatrists documents of the XIX and XX centuries. The web portal www.aspi.unimib.it offers direct access to documental sources with critical notes and historical and scientific contextualization cards to describe biographies and disciplinary evolution, interdisciplinary and institutional connections and personal relationships among protagonists. The portal is a performing research tool for historians and scholars, which enables a direct access to the archival sources. It also allows contributors to collaborate with the editorial committee by publishing their research results. A custom software directly access the open source DB CollectiveAccess to extract data and visualize them dynamically and interactively, according to three main criteria: people, places and time. In particular, gravitational graphs show relationships between individuals (e.g. scholar, professor, co-worker, relative), between people and locations where they worked. Timelines and maps show on the other hand birth/death places and birth/death dates, where institutions were located and when they were operating

Identification of a high affinity binding site for abscisic acid on human lanthionine synthetase component C-like protein 2

Lanthionine synthetase component C-like protein 2 (LANCL2) has been identified as the mammalian receptor mediating the functional effects of the universal stress hormone abscisic acid (ABA) in mammals. ABA stimulates insulin independent glucose uptake in myocytes and adipocytes via LANCL2 binding in vitro, improves glucose tolerance in vivo and induces brown fat activity in vitro and in vivo. The emerging role of the ABA/LANCL2 system in glucose and lipid metabolism makes it an attractive target for pharmacological interventions in diabetes mellitus and the metabolic syndrome. The aim of this study was to investigate the presence of ABA binding site(s) on LANCL2 and identify the amino acid residues involved in ABA binding. Equilibrium binding assays ([3H]-ABA saturation binding and surface plasmon resonance analysis) suggested multiple ABA-binding sites, prompting us to perform a computational study that indicated one putative high-affinity and two low-affinity binding sites. Site-directed mutagenesis (single mutant R118I, triple mutants R118I/R22I/K362I and R118I/S41A/E46I) and equilibrium binding experiments on the mutated LANCL2 proteins identified a high-affinity ABA-binding site involving R118, with a KD of 2.6 nM ± 1.2 nM, as determined by surface plasmon resonance. Scatchard plot analysis of binding curves from both types of equilibrium binding assays revealed a Hill coefficient >1, suggesting cooperativity of ABA binding to LANCL2. Identification of the high-affinity ABA-binding site is expected to allow the design of ABA agonists/antagonists, which will help to understand the role of the ABA/LANCL2 system in human physiology and disease

A new class of glycomimetic drugs to prevent free fatty acid-induced endothelial dysfunction

Background: Carbohydrates play a major role in cell signaling in many biological processes. We have developed a set of glycomimetic drugs that mimic the structure of carbohydrates and represent a novel source of therapeutics for endothelial dysfunction, a key initiating factor in cardiovascular complications. Purpose: Our objective was to determine the protective effects of small molecule glycomimetics against free fatty acid­induced endothelial dysfunction, focusing on nitric oxide (NO) and oxidative stress pathways. Methods: Four glycomimetics were synthesized by the stepwise transformation of 2,5­dihydroxybenzoic acid to a range of 2,5­substituted benzoic acid derivatives, incorporating the key sulfate groups to mimic the interactions of heparan sulfate. Endothelial function was assessed using acetylcholine­induced, endotheliumdependent relaxation in mouse thoracic aortic rings using wire myography. Human umbilical vein endothelial cell (HUVEC) behavior was evaluated in the presence or absence of the free fatty acid, palmitate, with or without glycomimetics (1µM). DAF­2 and H2DCF­DA assays were used to determine nitric oxide (NO) and reactive oxygen species (ROS) production, respectively. Lipid peroxidation colorimetric and antioxidant enzyme activity assays were also carried out. RT­PCR and western blotting were utilized to measure Akt, eNOS, Nrf­2, NQO­1 and HO­1 expression. Results: Ex vivo endothelium­dependent relaxation was significantly improved by the glycomimetics under palmitate­induced oxidative stress. In vitro studies showed that the glycomimetics protected HUVECs against the palmitate­induced oxidative stress and enhanced NO production. We demonstrate that the protective effects of pre­incubation with glycomimetics occurred via upregulation of Akt/eNOS signaling, activation of the Nrf2/ARE pathway, and suppression of ROS­induced lipid peroxidation. Conclusion: We have developed a novel set of small molecule glycomimetics that protect against free fatty acidinduced endothelial dysfunction and thus, represent a new category of therapeutic drugs to target endothelial damage, the first line of defense against cardiovascular disease

La diffusione della moneta elettronica in Europa

La moneta elettronica presenta un livello di diffusione molto difforme nell\u2019ambito dell\u2019area dell\u2019euro, sebbene in tutti i paesi sia passato almeno un decennio dal lancio dei primi strumenti prepagati. Il presente capitolo si propone di analizzare le determinanti alla base di tali difformit\ue0. A questo proposito, \ue8 stata condotta un\u2019analisi panel riferita al periodo 2008-2012, sulla base di dati disponibili nella base statistica della Banca Centrale Europea. I risultati evidenziano la presenza di esternalit\ue0 positive indirette, derivanti dalla capillarit\ue0 della rete di terminali in grado di accettare pagamenti con carte prepagate. Dall\u2019analisi emerge inoltre la presenza di una relazione negativa tra il livello di utilizzo della moneta elettronica e il ricorso alle carte di pagamento e agli assegni. Infine, l\u2019analisi evidenzia come la dimensione del settore dell\u2019economia informale abbia un ruolo rilevante nello sviluppo di strumenti di moneta elettronica. Ci\uf2 \ue8 verosimilmente dovuto alla loro maggiore economicit\ue0 rispetto ad un conto corrente e dunque alla loro capacit\ue0 di attrarre segmenti di clientela non bancarizzata e a basso reddito

La moneta elettronica in Italia

Gli strumenti prepagati distribuiti in Italia a partire dal 2002 si propongono di rispondere a specifici bisogni di pagamento, rivolgendosi alla clientela non bancarizzata, ai giovani e agli utenti dell’e-commerce. Grazie target mirati, i nuovi strumenti di tipo software-based hanno raccolto riscontri di mercato più che incoraggianti. L’analisi comparativa, sviluppata nel presente capitolo, ha permesso di evidenziare una significativa variabilità dei profili di pricing e delle condizioni economiche applicate dagli emittenti. Ciò evidenzia la necessità di un’attenta valutazione della corrispondenza tra esigenze del titolare e i servizi offerti dallo strumento, una comparazione delle condizioni economiche praticate dai diversi operatori e una valutazione di opportunità in merito all’esigenza di una prossimità geografica con le filiali dell’emittente