CREDIT RISK MANAGEMENT. LA GESTIONE DEL RISCHIO DI CREDITO NEL RAPPORTO BANCA-IMPRESA:IL CASO "CASSA DI RISPARMIO DI VOLTERRA S.P.A."

In periodi di crisi economica come quello che stiamo attraversando risulta di rilevante importanza l’attività di gestione crediti, dalla loro nascita fino ad un eventuale recupero dell’insoluto. Questo ha un impatto notevole sul rischio d’impresa, sia sul rischio di credito che su quello di liquidità, cui l’imprese sono sottoposte. Il rischio è parte integrante della gestione aziendale ed è fisiologico, ma deve essere costantemente monitorato affinché non diventi una patologia, in modo tale da tenerlo entro determinati livelli ritenuti accettabili. Gli strumenti a disposizione delle aziende per procedere in tal senso le mettono in condizione di porsi a riparo da eventuali perdite essendo una sorta di protezione; tali strumenti si rifanno principalmente al concetto di controllo di gestione in cui si tenta di prevedere che cosa può accadere in un futuro più o meno prossimo, vagliando eventuali scenari da cui non si può prescindere. Questo non significa che eventuali situazioni dannose non possano accadere, ma si persegue l’obiettivo di limitarle, limitando i possibili impatti sulla gestione economica, finanziaria e sull’equilibrio monetario dell’azienda. Oltre al difficile contesto economico, che implica la difficoltà a riscuotere i crediti vantati verso terzi, occorre tenere in considerazione i cambiamenti che stanno avvenendo e che sono avvenuti in campo nazionale e soprattutto internazionale, per ciò che riguarda gli aspetti che regolano il mercato dei capitali, da cui le imprese non possono esimersi. Le possibili conseguenze non si limitano solo ad un aumento del costo del denaro, ma più in generale alla possibilità di non essere considerati idonei ad usufruire di determinate fonti di finanziamento, indispensabili per la sopravvivenza di un’azienda, se non vengono rispettati determinati parametri, o per meglio dire se non riusciamo ad ottenere un buon rating. Una corretta gestione del credito implica la riduzione delle situazioni di rischio di mancato incasso e migliora in maniera concreta i dati di bilancio che, sempre di più, incidono sul rating assegnato dagli istituiti bancari. La valutazione dei crediti commerciali è stata rivisitata non solo per effetto degli accordi sul capitale con Basilea II e Basilea III, ma anche dall’avvento dei principi contabili internazionali. I crediti commerciali rientrano nella definizione della più ampia categoria degli strumenti finanziari, e come tali, sono soggetti alle regole contabili contenute nello IAS 32 e nello IAS39. L’applicazione dei nuovi principi contabili, specie per quanto riguarda il loro presunto valore di realizzo, induce le imprese a modificare le logiche seguite nelle attività di recupero delle poste insolute. Diviene quindi indispensabile sia per l’impresa che vuole redigere il bilancio in conformità ai principi contabili internazionali, sia per l’impresa che si vuol vedere attribuito un buon rating dal sistema bancario dotarsi di adeguati strumenti di valutazione sulle gestione dei propri crediti e sul loro tasso di recuperabilità. Il presente lavoro si prefigge di esaminare tutto ciò che attiene all’area crediti, analizzando innanzitutto i cambiamenti legislativi avvenuti in campo internazionale e nazionale passando poi ad individuare con precisione il significato di rischio di credito, le sue componenti per meglio capire sia su che basi le aziende vengono valutate dai propri finanziatori, sia su che cosa è opportuno soffermarsi a monitorare. Da qui un focus per vedere chi è e quali attività sono poste in essere dal credit manager, le informazioni che può raccogliere per effettuare un’attenta valutazione del portafoglio crediti e per capire quali strategie può adottare affinché il rischio di credito sia tenuto, come dicevamo prima, entro un limite accettabile. Quindi una valutazione sugli strumenti a sua disposizione, sia dal punto di vista gestionale sia economico attraverso un’analisi costi-benefici. A conclusione ho provveduto ad inserire come “caso aziendale” il processo di affidamento e di attribuzione del rating applicato dalla Cassa di Risparmio di Volterra S.p.A., per meglio comprendere le informazioni utilizzate giungendo,quindi, alla definizione del rating, e di come quest’ultimo influisce sul costo delle fonti di approvvigionamento

Implication of Cellular Senescence in Osteoarthritis: A Study on Equine Synovial Fluid Mesenchymal Stromal Cells

: Osteoarthritis (OA) is described as a chronic degenerative disease characterized by the loss of articular cartilage. Senescence is a natural cellular response to stressors. Beneficial in certain conditions, the accumulation of senescent cells has been implicated in the pathophysiology of many diseases associated with aging. Recently, it has been demonstrated that mesenchymal stem/stromal cells isolated from OA patients contain many senescent cells that inhibit cartilage regeneration. However, the link between cellular senescence in MSCs and OA progression is still debated. In this study, we aim to characterize and compare synovial fluid MSCs (sf-MSCs), isolated from OA joints, with healthy sf-MSCs, investigating the senescence hallmarks and how this state could affect cartilage repair. Sf-MSCs were isolated from tibiotarsal joints of healthy and diseased horses with an established diagnosis of OA with an age ranging from 8 to 14 years. Cells were cultured in vitro and characterized for cell proliferation assay, cell cycle analysis, ROS detection assay, ultrastructure analysis, and the expression of senescent markers. To evaluate the influence of senescence on chondrogenic differentiation, OA sf-MSCs were stimulated in vitro for up to 21 days with chondrogenic factors, and the expression of chondrogenic markers was compared with healthy sf-MSCs. Our findings demonstrated the presence of senescent sf-MSCs in OA joints with impaired chondrogenic differentiation abilities, which could have a potential influence on OA progression

Epidemiology of Herpes Simplex Virus Infection in Pregnancy: A Pilot Study:

Herpes simplex virus (HSV) infection is one of the most common sexually transmitted viral diseases worldwide. HSV type 2 causes most genital herpes and HSV type 1 is usually transmitted via non-sexual contacts. We studied 109 pregnant women between January 2007 and December 2008, in relation to their age, condom use, number of sexual partners, age at first intercourse, parity and smoking habits. The aim of this study is to evaluate the prevalence of HSV cervical infection and HSV co-infection with other genital microorganisms associated with poor neonatal outcome. Our results show that of the 109 outpatients enrolled, 30% were HSV1 and/or HSV2 positive, of whom 30% were infected with both HSV1 and HSV2, 18% were infected with HSV1 alone and 52% with HSV2 alone. A significant association between HSV1 and HSV2 infection was found, and the prevalence of HSV2 infection in women infected with HSV1 was 63%. The prevalence of HSV1/2 varied in the presence of other vaginal microorganisms but a statistical significant association was not found. This pilot study is probably too small to obtain statistically significant results. Nevertheless, using these observed results, we calculated that about 530 patients with comparable features should be enrolled to detect an increase of 50% in HSV infection due to the presence of other genital infections and potential risk factors

Electrospun Silk Fibroin Scaffolds for Tissue Regeneration: Chemical, Structural, and Toxicological Implications of the Formic Acid-Silk Fibroin Interaction

The dissolution of Bombyx mori silk !broin (SF) !lms in formic acid (FA) for the preparation of electrospinning dopes is widely exploited to produce electrospun SF scaffolds. The SilkBridge® nerve conduit is an example of medical device having in its wall structure an electrospun component produced from an FA spinning dope. Though highly volatile, residual FA remains trapped into the bulk of the SF nano!bers. The purpose of this work is to investigate the type and strength of the interaction between FA and SF in electrospun mats, to quantify its amount and to evaluate its possible toxicological impact on human health. The presence of residual FA in SF mats was detected by FTIR and Raman spectroscopy (new carbonyl peak at about 1,725 cm!1) and by solid state NMR, which revealed a new carbonyl signal at about 164.3 ppm, attributed to FA by isotopic 13C substitution. Changes occurred also in the spectral ranges of hydroxylated amino acids (Ser and Thr), demonstrating that FA interacted with SF by forming formyl esters. The total amount of FA was determined by HS-GC/MS analysis and accounted for 247 ± 20 !mol/g. The greatest part was present as formyl ester, a small part (about 3%) as free FA. Approximately 17% of the 1,500 !mol/g of hydroxy amino acids (Ser and Thr) theoretically available were involved in the formation of formyl esters. Treatment with alkali (Na2CO3) succeeded to remove the greatest part of FA, but not all. Alkali-treated electrospun SF mats underwent morphological, physical, and mechanical changes. The average diameter of the !bers increased from about 440 nm to about 480 nm, the mat shrunk, became stiffer (the modulus increased from about 5.5 MPa to about 7 MPa), and lost elasticity (the strain decreased from about 1 mm/mm to about 0.8 mm/mm). Biocompatibility studies with human adult dermal !broblasts did not show signi!cant difference in cell proliferation (313 ± 18 and 309 ± 23 cells/ mm2 for untreated and alkali-treated SF mat, respectively) and metabolic activity. An in-depth evaluation of the possible toxicological impact of residual FA was made using the SilkBridge® nerve conduit as case study, following the provisions of the ISO 10993-1 standard. The Potential Patient Daily Intake, calculated from the total amount of FA determined by HS-GC/MS, was 2.4 mg/day and the Tolerable Exposure level was set to 35.4 mg/day

Three-Layered Silk Fibroin Tubular Scaffold for the Repair and Regeneration of Small Caliber Blood Vessels: From Design to in vivo Pilot Tests

Silk fibroin (SF) is an eligible biomaterial for the development of small caliber vascular grafts for substitution, repair, and regeneration of blood vessels. This study presents the properties of a newly designed multi-layered SF tubular scaffold for vascular grafting (SilkGraf). The wall architecture consists of two electrospun layers (inner and outer) and an intermediate textile layer. The latter was designed to confer high mechanical performance and resistance on the device, while electrospun layers allow enhancing its biomimicry properties and host\u2019s tissues integration. In vitro cell interaction studies performed with adult Human Coronary Artery Endothelial Cells (HCAECs), Human Aortic Smooth Muscle Cells (HASMCs), and Human Aortic Adventitial Fibroblasts (HAAFs) demonstrated that the electrospun layers favor cell adhesion, survival, and growth. Once cultured in vitro on the SF scaffold the three cell types showed an active metabolism (consumption of glucose and glutamine, release of lactate), and proliferation for up to 20 days. HAAF cells grown on SF showed a significantly lower synthesis of type I procollagen than on polystyrene, meaning a lower fibrotic effect of the SF substrate. The cytokine and chemokine expression patterns were investigated to evaluate the cells\u2019 proliferative and pro-inflammatory attitude. Interestingly, no significant amounts of truly pro-inflammatory cytokines were secreted by any of the three cell types which exhibited a clearly proliferative profile. Good hemocompatibility was observed by complement activation, hemolysis, and hematology assays. Finally, the results of an in vivo preliminary pilot trial on minipig and sheep to assess the functional behavior of implanted SF-based vascular graft identified the sheep as the more apt animal model for next medium-to-long term preclinical trials

Simultaneous quantification of natural and inducible regulatory T-cell subsets during interferon-\u3b2 therapy of multiple sclerosis patients

The mechanisms underlying the therapeutic activity of interferon-\u3b2 in multiple sclerosis are still not completely understood. In the present study, we evaluated the short and long-term effects of interferon-\u3b2 treatment on different subsets of regulatory T cells in relapsing-remitting multiple sclerosis patients biologically responsive to treatment because of mixovirus resistance protein A inducibility

Molecular Signature of Biological Aggressiveness in Clear Cell Sarcoma of the Kidney (CCSK)

: Clear cell sarcoma of the kidney (CCSK) is a rare pediatric renal tumor with a worse prognosis than Wilms' tumor. Although recently, BCOR internal tandem duplication (ITD) has been found as a driver mutation in more than 80% of cases, a deep molecular characterization of this tumor is still lacking, as well as its correlation with the clinical course. The aim of this study was to investigate the differential molecular signature between metastatic and localized BCOR-ITD-positive CCSK at diagnosis. Whole-exome sequencing (WES) and whole-transcriptome sequencing (WTS) were performed on six localized and three metastatic BCOR-ITD-positive CCSKs, confirming that this tumor carries a low mutational burden. No significant recurrences of somatic or germline mutations other than BCOR-ITD were identified among the evaluated samples. Supervised analysis of gene expression data showed enrichment of hundreds of genes, with a significant overrepresentation of the MAPK signaling pathway in metastatic cases (p < 0.0001). Within the molecular signature of metastatic CCSK, five genes were highly and significantly over-expressed: FGF3, VEGFA, SPP1, ADM, and JUND. The role of FGF3 in the acquisition of a more aggressive phenotype was investigated in a cell model system obtained by introducing the ITD into the last exon of BCOR by Crispr/Cas9 gene editing of the HEK-293 cell line. Treatment with FGF3 of BCOR-ITD HEK-293 cell line induced a significant increase in cell migration versus both untreated and scramble cell clone. The identification of over-expressed genes in metastatic CCSKs, with a particular focus on FGF3, could offer new prognostic and therapeutic targets in more aggressive cases

<i>Aureimonas altamirensis</i>: First Isolation from a Chicken Slaughterhouse in Italy Followed by Genotype and Phenotype Evaluations

The presence of foodborne pathogens in meat is linked to several contamination sources, and the slaughterhouse environment represents a relevant reservoir of contamination. Aureimonas altamirensis is a Gram-negative bacteria associated with different isolation sources, including human clinical cases. This study aims to identify and characterize an A. altamirensis isolate from chicken guts collected in an Italian slaughterhouse. The study approach includes whole-genome analysis jointly with phenotypical tests. Whole-genome sequencing (WGS) confirms the initial MALDI-TOF MS identification, finding putative virulence and biofilm-related genes. Moreover, the gene class evaluation reveals that the numerically largest gene category in the A. altamirensis genome is related to amino acid metabolism and transport. The analyses performed on a human gut mucus-producing cell line (HT29-MTX-E12) demonstrated the ability of A. altamirensis to colonize the host cell layer. Moreover, the antibiotic resistance test showed a high resistance of A. altamirensis to gentamicin (MIC 0.5 mg/L). The detection of a potential pathogenic and antibiotic-resistant A. altamirensis strain isolated from a slaughterhouse underlines the necessity of active surveillance studies focused on this species and the need for further studies about A. altamirensis in foods

In Vivo Dissection of the Helicobacter pylori Fur Regulatory Circuit by Genome-Wide Location Analysis

Iron homeostasis is particularly important in pathogenic bacteria, which need to compete with the host for this essential cofactor. In Helicobacter pylori, a causative agent of several gastric pathologies, iron uptake and storage genes are regulated at the transcriptional level by the ferric uptake regulator Fur. The regulatory circuit of Fur has recently come under focus because of an intimate interlink with a broader regulatory network governing metal homeostasis, acidic response, and virulence. To dissect the Fur regulatory circuit and identify in vivo targets of regulation, we developed a genome-wide location analysis protocol which allowed the identification of 200 genomic loci bound by Fur as well as the investigation of the binding efficiency of the protein to these loci in response to iron. Comparative analysis with transcriptomes of wild-type and fur deletion mutant strains allowed the distinction between targets associated with Fur regulation and genes indirectly influenced by the fur mutation. The Fur regulon includes 59 genes, 25 of which appear to be positively regulated. A case study conducted by primer extension analysis of two oppositely regulated genes, hpn2 and flaB, suggests that negative regulation as well as positive regulation occurs at the transcriptional level. Furthermore, the results revealed the existence of 13 Fur targeted loci within polycistronic operons, which were associated with transcript deregulation in the fur mutant strain. This study provides a systematic insight of Fur regulation at the genome-wide level in H. pylori and points to regulatory functions extending beyond the classical Fur repression paradigm