Investors' risk attitude and risky behavior: a Bayesian approach with imperfect information

In a choice model of risky assets the role of risk aversion is analyzed. The measure of risk preference comes from a direct subjective survey question and it is considered as an imperfect information about the true risk attitude of investors. Misclassification between the true and the observed risk aversion is explicitly taken into account in the empirical model. A Data Augmentation approach, a Bayesian procedure for incomplete-data problems, is applied on data from the 2006 Survey of Household Income and Wealth by the Bank of Italy. Results indicate that when misclassification of investors is taken into account model estimates show the good performance of the subjective question when used as a control in a portfolio choice models. Moreover risk aversion emerges as a strong predictor of the probability to hold risky assets. The analysis also shows that probability of misclassification decreases as latent risk aversion increases, that means that more risk tolerant investors tend to be classified erroneously more often than less risk tolerant investors.Portfolio choice, risk attitude, misclassification error, Bayesian analysis

Investment forecasting with business survey data

Business investment is a very important variable for short- and medium-term economic analysis, but it is volatile and difficult to predict. Qualitative business survey data are widely used to provide indicators of economic activity ahead of the publication of official data. Traditional indicators exploit only aggregate survey information, namely the proportions of respondents who report “up” and “down”. As a consequence, neither the heterogeneity of individual responses nor the panel dimension of microdata is used. We illustrate the use of a disaggregate panel-based indicator that exploits all information coming from two yearly industrial surveys carried out on the same sample of Italian manufacturing firms. Using the same sample allows us to match exactly investment plans and investment realisations for each firm and so estimate a panel data model linking individual investment realisations to investment intentions. The model generates a one-year-ahead forecast of investment variation that follows the aggregate dynamics with a limited bias.investment plans, dynamic panel data model, forecasting

The geographical polarization of per capita output: an analysis of the Italian case based on provincial data

Economic convergence at the sub-national level could have spatially explicit manifestations reflecting convergence clubs and other forms of geographical clustering that are not captured by an overall inequality measure. By decomposing the Theil index of per capita income inequality into between and within groups of neighbouring locations, the degree of spatial polarization is measured as the share of inequality accounted for by the between group component. The choice of the partition can fundamentally change any inequality measure decomposition, both qualitatively and quantitatively. In order to overcome this issue I propose a kernel approach to the spatial polarization measure based on the Theil index computed on the spatial moving averages. This allows to detect a polarization curve measuring the degree of geographic concentration as a function of a spatial scale parameter, denoting the geographic dimension of the groups. The analysis of per capita income data of Italian provinces in XX century shows the existence of a multiple polarization, that is per capita income is polarized at different spatial scales. The forces sustaining the polarization are stronger at medium and high spatial scales. The analysis also shows the presence of a long-run geographic club convergence with converging clubs and a strengthening of the polarization, mainly referable to regional differences; the reinforcement of North – South dualism is more limited.polarizzazione territoriale, scomposizione della disuguaglianza, convergenza economica, test di permutazione spaziale

The under-reporting of financial wealth in the Survey on Household income and Wealth

The sample estimates are uniformly below those of the Financial Accounts, even after harmonising all the definitions and the evaluation criteria. Such a problem can stem from the intervieweeÂ’s unwillingness to disclose the actual value of the asset (under-reporting). The paper presents a method to correct this potential source of bias in order to improve Survey of Household Income and Wealth financial assets. We use a sample survey of customers of the Unicredit group, coupled with administrative data on the assets actually owned, as external sources of information. The adjustment procedure enables to account for a large share of the gap between the figures derived from the sample and from the Financial accounts, significantly increasing the average value of the financial assets (inflating the unadjusted figure of 22.000 euros to 59.000 euros, amounting to about 85 percent of the Financial account estimates). The adjustment produces a larger correction for private bonds and mutual funds. The intensity of the correction is higher for one-person households, when the head of household is less educated or not employed, and it raises with his/her age.Household Wealth, Survey Method, Discrete Regression and Qualitative Choice Models

Comparative In Vitro Evaluation of the Primary Stability in D3 Synthetic Bone of Two Different Shapes and Pitches of the Implant Threads

Background: Implant primary stability can be affected by several factors related to implant macrogeometry, local anatomy, and surgical techniques. The aim of this research was to study primary stability on polyurethane foam sheets of wide‐threaded implant design compared to narrow‐threaded implants. Materials and methods: Two different implant designs were positioned on D3 density polyurethane blocks in a standardized environment: the wide‐threaded implant and the narrow‐threaded implant, for a total of 160 specimens. Moreover, for each group, two different sizes were considered: 3.8mm × 12mm and 4.8mm × 12 mm. The insertion torque (IT) values, the removal strength (RT), and the Periotest analyses were evaluated. Results: A significantly higher IT and RT was reported for wide‐threaded implants and two‐stage implants (p < 0.01), compared to the narrow‐threaded implants. The diameters seemed to provide a significant effect on the primary stability for both implants’ geometry (p < 0.01). A higher mean of the one‐stage implant was evident in the Periotest measurements (p < 0.01). Conclusions: Both of the implants showed sufficient stability in polyurethane artificial simulation, while the wide‐threaded implant design showed a higher primary stability on alveolar cancellous synthetic bone in vitro. Additionally, the prosthetic joint connection seemed to have a determinant effect on Periotest analysis, and the one‐stage implants seemed to provide a high stability of the fixture when positioned in the osteotomy, which could be important for the immediate loading protocol

A site-specific intraoperative measurement of bone-to-implant contact during implant insertion: A study on bovine ribs using a computerized implant motor

Background/purpose: The aim of the current in vitro study was to determine if there was a correlation between the integrals (I) of the function cutting resistance/depth, obtained using a computerized implant motor, and the bone-to-implant contact (BIC) percentages of dental implants inserted in bovine ribs. Materials and methods: Segments of bovine ribs were used, and a total of 21 perforations were performed. A total of 21 dental implants were inserted in the prepared bone sites. A computerized implant motor ("Torque Measuring Motor") was used to assess, before implant insertion, the values of the bone cutting resistance. The data of bone density obtained by the implant motor were statistically correlated with the BIC percentages. Results: A significant positive linear correlation was found between the integrals measured by the implant motor and the BIC assessed by histomorphometry (r = 0.78, n = 21, P < 0.0001). Indeed, the increase of the integral values recorded by the reader matched with the increase of BIC percentages measured by histomorphometry. Pearson correlation coefficient for linear regression (R2) between values assessed by the surgical motor and histomorphometry was 0.61 (P < 0.0001), indicating that 61% of the data points were aligned with the regression line. Conclusion: The instrument under testing seems to provide a reliable quantitative estimator, the integral, of the final BIC achieved at implant insertion, and therefore of the implant primary stability, and could represent a significant aid for a proper planning of rehabilitations with the use of dental implants

Histomorphometric and Clinical Analysis of Ridge Preservation Procedures in Extraction Sockets with Buccal Bone Defects (>5mm) Using an In Situ Hardening Biphasic Calcium Phosphate (HA/β-TCP) Graft and a Bioresorbable Matrix: A Human Study at 6 Months

Many biomaterials have been proposed for ridge preservation techniques to counteract fresh extraction socket resorption. The primary aim of this prospective single cohort study was to evaluate the histomorphometric outcomes of a synthetic biphasic calcium phosphate (60% HA/40% β-TCP) and a synthetic poly-lactic acid membrane, used to graft fresh extraction socket sites with a full or partial (>5mm) resorption of the buccal bone plate. Patients recruited were treated at one esthetic site with a ridge preservation procedure to receive an implant-supported prosthesis. After 6 months of healing, a bone biopsy was harvested. Outcome evaluations were: biological complications, histomorphometrical analysis, and alveolar horizontal and vertical bone loss (∆AHB, ∆AVB). Thirteen subjects were included in this study. Two cases of biological complication were recorded. All 13 patients received implant insertion. From histomorphometric analysis, a mean of 48.9 ± 11.9%, 29.0 ± 9.3%, and 22.0 ± 9.7% was recorded for soft tissues, new bone, and residual graft particles, respectively. From clinical analysis, a mean of 0.5 ± 1.0 mm (p-value < 0.05) and 0.9 ± 1.3 mm (p-value < 0.05) was recorded for alveolar horizontal and vertical bone loss, respectively. In conclusion, this prospective cohort study showed encouraging results in preserving alveolar ridge dimension. A moderate percentage of new bone and an acceptable alveolar ridge loss were achieved at a 6 month follow-up

EV20-mediated delivery of cytotoxic auristatin MMAF exhibits potent therapeutic efficacy in cutaneous melanoma.

Abstract Cutaneous melanoma is one of the cancers with the fastest rising incidence and in its advanced metastatic form is a highly lethal disease. Despite the recent approval of several new drugs, the 5-year overall survival rate for advanced cutaneous melanoma is still below 20% and therefore, the development of novel treatments remains a primary need. Antibody-Drug Conjugates are an emerging novel class of anticancer agents, whose preclinical and clinical development has recently seen a remarkable increase in different tumors, including melanoma. Here, we have coupled the anti-HER-3 internalizing antibody EV20 to the cytotoxic drug monomethyl auristatin F (MMAF) to form a novel antibody-drug conjugate (EV20/MMAF). In a panel of human melanoma cell lines, this novel ADC shows a powerful, specific and target-dependent cell killing activity, independently of BRAF status. Efficacy studies demonstrated that a single administration of EV20/MMAF leads to a long-lasting tumor growth inhibition. Remarkably, the effect of this novel ADC was superior to the BRAF inhibitor vemurafenib in preventing kidney, liver and lung melanoma metastases. Overall, these results highlight EV20/MMAF as a novel ADC with promising therapeutic efficacy, warranting extensive pre-clinical evaluation in melanoma with high levels of HER-3 expression

Isolation of osteogenic progenitors from human amniotic fluid using a single step culture protocol

<p>Abstract</p> <p>Background</p> <p>Stem cells isolated from amniotic fluid are known to be able to differentiate into different cells types, being thus considered as a potential tool for cellular therapy of different human diseases. In the present study, we report a novel single step protocol for the osteoblastic differentiation of human amniotic fluid cells.</p> <p>Results</p> <p>The described protocol is able to provide osteoblastic cells producing nodules of calcium mineralization within 18 days from withdrawal of amniotic fluid samples. These cells display a complete expression of osteogenic markers (COL1, ONC, OPN, OCN, OPG, BSP, Runx2) within 30 days from withdrawal. In order to test the ability of these cells to proliferate on surfaces commonly used in oral osteointegrated implantology, we carried out cultures onto different test disks, namely smooth copper, machined titanium and Sandblasted and Acid Etching titanium (SLA titanium). Electron microscopy analysis evidenced the best cell growth on this latter surface.</p> <p>Conclusion</p> <p>The described protocol provides an efficient and time-saving tool for the production of osteogenic cells from amniotic fluid that in the future could be used in oral osteointegrated implantology.</p

p130Cas is an essential transducer element in ErbB2 transformation

The ErbB2 oncogene is often overexpressed in breast tumors and associated with poor clinical outcome. p130Cas represents a nodal scaffold protein regulating cell survival, migration, and proliferation in normal and pathological cells. The functional role of p130Cas in ErbB2-dependent breast tumorigenesis was assessed by its silencing in breast cancer cells derived from mouse mammary tumors overexpressing ErbB2 (N202-1A cells), and by its reexpression in ErbB2-transformed p130Cas-null mouse embryonic fibroblasts. We demonstrate that p130Cas is necessary for ErbB2-dependent foci formation, anchorage-independent growth, and in vivo growth of orthotopic N202-1A tumors. Moreover, intranipple injection of p130Cas-stabilized siRNAs in the mammary gland of Balbc-NeuT mice decreases the growth of spontaneous tumors. In ErbB2-transformed cells, p130Cas is a crucial component of a functional molecular complex consisting of ErbB2, c-Src, and Fak. In human mammary cells, MCF10A.B2, the concomitant activation of ErbB2, and p130Cas overexpression sustain and strengthen signaling, leading to Rac1 activation and MMP9 secretion, thus providing invasive properties. Consistently, p130Cas drives N202-1A cell in vivo lung metastases colonization. These results demonstrate that p130Cas is an essential transducer in ErbB2 transformation and highlight its potential use as a novel therapeutic target in ErbB2 positive human breast cancers.-Cabodi, S., Tinnirello, A., Bisaro, B., Tornillo, G., Camacho-Leal, M. P., Forni, G., Cojoca, R., Iezzi, M., Amici, A., Montani, M., Eva, A., Di Stefano, P., Muthuswamy, S. K., Tarone, G., Turco, E., Defilippi, P. p130Cas is an essential transducer element in ErbB2 transformation