Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects

This paper examines distortions in corporate investment decisions when a new project changes firm risk. It presents a dynamic model in which a self-interested, risk-averse manager makes investment decisions at a levered firm. The model, calibrated using data from public firms, is used to estimate the magnitude of distortions in investment decisions. Despite potential wealth transfers from debtholders, managers compensated with equity prefer safe projects to risky ones. Important factors in this decision are the expected changes in the values of future tax shields and bankruptcy costs when firm risk changes. We also evaluate the extent to which this effect varies with firm leverage, managerial risk aversion, managerial non-firm wealth, project size, debt duration, and the structure of management compensation packages.

Sequential biological and photocatalysis based treatments for shipboard slop purification: A pilot plant investigation

This study investigated the treatment of a shipboard slop containing commercial gasoline in a pilot plant scale consisting of a membrane biological reactor (MBR) and photocatalytic reactor (PCR) acting in series. The MBR contributed for approximately 70% to the overall slop purification. More precisely, the biological process was able to remove approximately 40%, on average, of the organic pollution in the slop. Nevertheless, the membrane was capable to retain a large amount of organic molecules within the system, amounting for a further 30% of the influent total organic content removal. However, this affected the membrane fouling, thus resulting in the increase of the pore blocking mechanism that accounted for approximately 20% to the total resistance to filtration (2.85∙10 13 m −1 ), even if a significant restoration of the original membrane permeability was obtained after chemical cleanings. On the other hand, the biological treatment produced a clear solution for the photocatalytic system, thereby optimizing the light penetration and generation of highly oxidizing active oxygen species that enabled the degradation of bio-recalcitrant compounds. Indeed, low total organic carbon (TOC) values (<10 mg L −1 ) were achieved in the output of the photocatalytic reactor by means of only 60 Einstein (E) of cumulative impinging energy after the addition of K 2 S 2 O 8 . Overall, coupling the two processes enabled very high TOC removal (ca. 95%)

Prevention of Immune Cell Apoptosis as Potential Therapeutic Strategy for Severe Infections

Lymphocyte apoptosis prevention may improve survival

Maturation stages of glauconites: A combined electron microprobe, Raman, and thermogravimetric study

Glauconite mineral is one of the most sensitive indicators of low sedimentation rate in the marine environment. The time of residence of glauconites at the sea bottom before burial is reflected by their so-called maturity that is differentiated based on their K2O content. The present work aims to investigate the evolution of glauconites during the transition toward the highly evolved level. Complementary electron microprobe, Raman, and Thermogravimetric analysis were performed on glauconitic grains from the Belluno basin (N Italy) with different K2O content in order to verify whether the level of glauconites evolution affects the results of these surveys

Inhibitors of antibiotic resistance mechanisms: clinical applications and future perspectives

Bacterial strains responsible for antibiotic resistant infections are increasing in an alarming way and the evolution of resistance mechanisms seems to be unstoppable. In the past decade, many efforts have been made in order to counteract this phenomenon but very few compounds have reached clinical trials. The development of new classes of antibiotics able to overcome the main bacterial drug resistance mechanisms is urgently required to counter the imminent danger of a postantibiotic era

Motion to Dismiss Appeals as of Right and Brief in Support of Motion to Dismiss and Opposing Motions for Leave to Appeal

Motion to Dismiss Appeals filed as of righ