BANKRUPTCY SYSTEMS AND ECONOMIC PERFORMANCE ACROSS CONTRIES: SOME EMPIRICAL EVIDENCE

This paper examines the relationship between the insolvency systems and the investment share of GDP across countries. The objective is to find out the relationship between bankruptcy procedures and economic performances around the world. Empirical evidence suggests that: 1) the investment share of GDP is higher in those countries characterized by highly efficient bankruptcy system; the more efficient the insolvency procedures in terms of time, cost and recovery rate, the more readily available debt is and the higher the Investment/GDP ratio is; 2) the investment share of gross domestic product is positively associated with the degree of sophistication of the Bankruptcy Law, at least below a certain level of legal production; 3) data suggest some complementary effect between Bankruptcy Law and Enforcement for rich countries, while the interaction term indicates some substitution effect when poor countries are considered. Some policy implications conclude the workBankruptcy Law, Enforcement, Investments, Economic Performance

Optimal efficiency of the Q-cycle mechanism around physiological temperatures from an open quantum systems approach

The Q-cycle mechanism entering the electron and proton transport chain in oxygenic photosynthesis is an example of how biological processes can be efficiently investigated with elementary microscopic models. Here we address the problem of energy transport across the cellular membrane from an open quantum system theoretical perspective. We model the cytochrome $b_6f$ protein complex under cyclic electron flow conditions starting from a simplified kinetic model, which is hereby revisited in terms of a quantum master equation formulation and spin-boson Hamiltonian treatment. We apply this model to theoretically demonstrate an optimal thermodynamic efficiency of the Q-cycle around ambient and physiologically relevant temperature conditions. Furthermore, we determine the quantum yield of this complex biochemical process after setting the electrochemical potentials to values well established in the literature. The present work suggests that the theory of quantum open systems can successfully push forward our theoretical understanding of complex biological systems working close to the quantum/classical boundary.Comment: 13 pages, 6 figures. Pre-submission manuscript, see Journal Reference for the final versio

Export quality in the machinery sector: Some evidence from main competitors

The paper compares the export quality of Italy, Germany, Japan and China. The empirical analysis is based on export unit value for a sample of machinery products exported to the USA over the decade 1996-2006. The results point to four stylised facts. First, Italy, Germany and Japan are positioned in production with high unit value. Second, some evidence of qualitative upgrading of Italian exports is found in the machinery industry. Third, German exports show the highest quality in all the machinery divisions. Finally, China has dramatically increased its medium-high technology exports in the course of the decade, but these are concentrated in the lowest quality segment of the market. Nevertheless, Chinese unit value of machinery exports are rising over time, suggesting a qualitative catching-up.Export Quality, Machinery Sector, Index Numbers

Association between noninvasive fibrosis markers and cardio-vascular organ damage among adults with hepatic steatosis

Evidence suggests that advanced fibrosis, as determined by the noninvasive NAFLD fibrosis score (NFS), is a predictor of cardiovascular mortality in individuals with ultrasonography-diagnosed NAFLD. Whether the severity of histology (i.e., fibrosis stage) is associated with more pronounced cardiovascular organ damage is unsettled. In this study, we analyzed the clinical utility of NFS in assessing increased carotid intima-media thickness (cIMT), and left ventricular mass index (LVMI). In this cross-sectional study NFS, cIMT and LVMI were assessed in 400 individuals with ultrasonography-diagnosed steatosis. As compared with individuals at low probability of liver fibrosis, individuals both at high and at intermediate probability of fibrosis showed an unfavorable cardio-metabolic risk profile having significantly higher values of waist circumference, insulin resistance, high sensitivity C-reactive protein (hsCRP), fibrinogen, cIMT, and LVMI, and lower insulin-like growth factor-1 (IGF-1) levels. The differences in cIMT and LVMI remained significant after adjustment for smoking and metabolic syndrome. In a logistic regression model adjusted for age, gender, smoking, and diagnosis of metabolic syndrome, individuals at high probability of fibrosis had a 3.9-fold increased risk of vascular atherosclerosis, defined as cIMT.0.9 mm, (OR 3.95, 95% CI 1.12–13.87) as compared with individuals at low probability of fibrosis. Individuals at high probability of fibrosis had a 3.5-fold increased risk of left ventricular hypertrophy (LVH) (OR 3.55, 95% CI 1.22–10.34) as compared with individuals at low probability of fibrosis. In conclusion, advanced fibrosis, determined by noninvasive fibrosis markers, is associated with cardiovascular organ damage independent of other known factors

Caratteristiche ed efficienza degli UPS di ultima generazione

In italian onlyLa grande disponibilit? di energia elettrica di alta qualit? ? ad oggi un indispensabile elemento strategico per la produzione, sia nei settori dell\u27economia che nei settori scientifici; da ci? nasce il fabbisogno di proteggere e dare energia senza interruzioni alle macchine in utilizzo nei vari settori valutando accuratamente i bisogni di soluzioni energetiche, scegliendo soluzioni di protezione e continuit? dei dati e del lavoro svolto mediante un sistema UPS che risponda alle proprie necessit?. Questo report fornisce nozioni di carattere generale sul funzionamento degli UPS partendo dalla descrizione dei principali accumulatori, enumerando i tipi di UPS ad oggi disponibili e mostrando un esempio di possibile implementazione reale di queste tecnologie

The Impact of Search Cost Reduction on Seasonality

This study explores how online booking affects seasonality, measured as the variation in hotel bed-places net occupancy rate between peak and off-peak periods. We first develop a formal model illustrating that, as a result of the reduction in search costs brought about by the internet, competitive pressure strengthens. This effect is stronger in the peak period than off-peak, thus leading to an increase in seasonality associated to online booking. We then test our finding in a sample of 18 countries over the 1997\u20132007 span; the empirical results support the notion that the use of the internet causes an increase in seasonality. A set of policy implications conclude the work

Elevated hemoglobin glycation index identify non-diabetic individuals at increased risk of kidney dysfunction

Hemoglobin glycation index (HGI), calculated as the difference between the observed value of HbA1 and the predicted HbA1c based on plasma glucose concentration, is a measure of the individual tendency toward non-enzymatic hemoglobin glycation which has been found to be positively associated with nephropathy in subjects with diabetes. In this cross-sectional study we aimed to evaluate whether higher HGI levels are associated with impaired kidney function also among nondiabetic individuals. The study group comprised 1505 White nondiabetic individuals stratified in quartiles according to HGI levels. Estimated glomerular filtration rate (eGFR) was calculated by using the MDRD equation. Individuals in the intermediate and high HGI groups exhibited a worse metabolic phenotype with increased levels of visceral obesity, total cholesterol, triglycerides, inflammatory biomarkers such as hsCRP and white blood cells count and lower values of HDL and insulin sensitivity assessed by Matsuda index in comparison to the lowest quartile of HGI. Subjects in the intermediate and high HGI groups displayed a graded decrease of eGFR levels in comparison with the lowest quartile of HGI. In a logistic regression analysis individuals in the highest quartile of HGI exhibited a significantly 3.6-fold increased risk of having chronic kidney disease (95% CI: 1.13-11.24, P = 0.03) and a significantly 1.6-fold increased risk of having a mildly reduced kidney function (95% CI: 1.19-2.28, P = 0.003) in comparison to individuals in the lowest HGI group. In conclusion HGI may be a useful tool to identify nondiabetic individuals with an increased risk of having kidney dysfunction

Configurazione di filtri nei pi? diffusi client di Posta Elettronica

This document describes how to set up filtering rules in the most popular email client (such as Qualcomm Eudora, Netscape Messenger, Microsoft Outlook and Outlook Express, in Windows, Mac, and Linux Operating systems) in order to reduce problems provoked by Internet spam (i.e. Unsolicited Bulk E-mail or Unsolicited Commercial E-mail)

The Impact of Cash-Flow and the Main Components of the Capital Structure on Innovative Performances of European Firms

This study aims at investigating the impact of cash-flow, the main components of the capital structure, and R&D on innovative performances of firms, for seven EU countries. The analysis is carried out on data taken from the EU-Efige Survey, enriched with accounting data retrieved from the Amadeus Database (Bureau Van Dijk). We consider three measures of innovative performance: product innovations, process innovations and patents. The capital structure of the firms is evaluated through the short-term debt ratio, the long-term debt ratio and the equity to total assets ratio. We also include as explanatory variables in the econometric analysis R&D and a set of other control variables commonly employed in the empirical literature as determinants of firms’ innovative performance. The results reveal that internal financial resources (cash-flows) and R&D have the greatest importance for innovative performances; the availability of long-term bank loans, a significant export propensity and a greater firm size facilitate and stimulate firms to introduce new products and production processes. Some policy implications conclude the study