Skilled unemployment and the creation of academic spin-offs: a recession-push hypothesis

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What drives the valuation of entrepreneurial ventures? A map to navigate the literature and research directions

The drivers of the valuations of entrepreneurial ventures are an important issue in entrepreneurial finance, but related research is fragmented. The theoretical perspectives and the drivers highlighted by previous studies differ based on the financial milestones during a venture's lifecycle in which the valuation is performed (e.g., venture capital investments, initial public offerings, acquisitions). The introduction of new digital financing channels (e.g., crowdfunding, initial coin offerings) that allow retail investors to directly invest in entrepreneurial ventures challenge our understanding of the drivers of valuation. This change has also increased the diversity in the sequence of financial milestones that ventures go through, with important implications for valuation. We conduct a systematic literature review and develop a map highlighting how and why the drivers of venture valuations and their underlying theoretical lenses vary across the different milestones that ventures go through. The map allows us to outline new promising avenues for future research.Plain English Summary In this paper, we conduct a systematic literature review on entrepreneurial ventures' valuation drivers and their underlying theoretical lenses, highlighting how and why they vary along firms' life cycle. The valuation of entrepreneurial ventures is a challenging task for practitioners and a relevant issue that attracts the attention of scholars in entrepreneurship, finance, management, and economics. The literature on the topic is highly fragmented. Indeed, the context in which venture valuations are observed (e.g., in private deals or public offerings) differs across different financial milestones. The introduction of new digital financing channels (e.g., crowdfunding, initial coin offerings) and the increased diversity in the sequence of financial milestones that ventures go through further challenge our understanding of valuation drivers. This study is primarily aimed at scholars, offering them a map to create order in what we know about the drivers of entrepreneurial venture valuations and indicating promising avenues for future research

Action of Ganoderma lucidum mycelial growth filtrates on Erysiphe dffusa and embryotoxicity assessment in a chicken embryo model

This work aimed to evaluate the antimicrobial effect of Ganoderma lucidum mycelial growth filtrates (MGF) on the phytopathogen Erysiphe diffusa and their potential effects on the embryonic development of Gallus gallus. The antimicrobial activity was evaluated on E. diffusa spores by the microdilution broth method. To evaluate embryotoxic and teratogenic effects, fertile eggs of G. gallus received injections of solutions containing the filtrates of G. lucidum through the air chamber. After three days of incubation, we opened the eggs and evaluated egg viability, embryo survival, malformation occurrence, embryonic staging and heart rate. Live embryos were prepared using whole mount technique and the morphological analysis was performed. We used the generalized linear model to fit embryotoxicity and teratogenicity data. We verified that G. lucidum MGF showed inhibitory activity in vitro against E. diffusa and the minimum inhibitory concentrations ranged from 5 to 10 mg/mL. We could also observe that the filtrates did not present embryotoxic or teratogenic effects on the early embryonic development of G. gallus, but induced significant differences in the embryonic mean heart rate and on the stage of embryonic development

Suspended Multifunctional Nanocellulose as Additive for Mortars

Cellulose derivatives have found significant applications in composite materials, mainly because of the increased mechanical performance they ensure. When added to cement-based materials, either in the form of nanocrystals, nanofibrils or micro/nanofibers, cellulose acts on the mixture with fresh and hardened properties, affecting rheology, shrinkage, hydration, and the resulting mechanical properties, microstructure, and durability. Commercial cotton wool was selected as starting material to produce multifunctional nanocelluloses to test as additives for mortars. Cotton wool was oxidized to oxidized nanocellulose (ONC), a charged nanocellulose capable of electrostatic interaction, merging cellulose and nanoparticles properties. Oxidized nanocellulose (ONC) was further functionalized by a radical-based mechanism with glycidyl methacrylate (GMA) and with a mixture of GMA and the crosslinking agent ethylene glycol dimethacrylate (EGDMA) affording ONC-GMA and ONC-GMA-EGDMA, both multifunctional-charged nanocellulose merging cellulose and bound acrylates properties. In this work, only ONC was found to be properly suitable for suspension and addition to a commercial mortar to assess the variation in mechanical properties and water-mortar interactions as a consequence of the modified microstructure obtained. The addition of oxidized nanocellulose caused an alteration of mortar porosity, with a decreased percentage of porosity and pore size distribution shifted towards smaller pores, with a consequent increase in compressive resistance, decrease in water absorption coefficient, and increased percentage of micropores present in the material, indicating a potential improvement in mortar durability

Cognitive Behavioural Therapy with Exposure and Response Prevention in the treatment of Obsessive-Compulsive Disorder: A systematic review and meta-analysis of randomised controlled trials

© 2021 Published by Elsevier Inc. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).Background: Cognitive behavioural therapy (CBT), incorporating exposure and response prevention (ERP) is widely recognised as the psychological treatment of choice for obsessive-compulsive disorder (OCD). Uncertainty remains however about the magnitude of the effect of CBT with ERP and the impact of moderating factors in patients with OCD. Method: This systematic review and meta-analysis assessed randomised-controlled trials of CBT with ERP in patients of all ages with OCD. The study was preregistered in PROSPERO (CRD42019122311). The primary outcome was end-of-trial OCD symptom scores. The moderating effects of patient-related and study-related factors including type of control intervention and risk of bias were examined. Additional exploratory analyses assessed the effects of treatment fidelity and impact of researcher allegiance. Results: Thirty-six studies were included, involving 2020 patients (537 children/adolescents and 1483 adults) with 1005 assigned to CBT with ERP and 1015 to control conditions. When compared against all control conditions, a large pooled effect size (ES) emerged in favour of CBT with ERP (g = 0.74: 95% CI = 0.51 to 0.97 k = 36), which appeared to diminish with increasing age. While CBT with ERP was more effective than psychological placebo (g = 1.13 95% CI 0.71 to 1.55, k = 10), it was no more effective than other active forms of psychological therapy (g = −0.05: 95% CI -0.27 to 0.16, k = 8). Similarly, whereas CBT with ERP was significantly superior when compared to all forms of pharmacological treatment (g = 0.36: 95% CI 0.7 to 0.64, k = 7), the effect became marginal when compared with adequate dosages of pharmacotherapy for OCD (g = 0.32: 95% CI -0.00 to 0.64, k = 6).A minority of studies (k = 8) were deemed to be at low risk of bias. Moreover, three quarters of studies (k = 28) demonstrated suspected researcher allegiance and these studies reported a large ES (g = 0.95: 95% CI 0.69 to 1.2), while those without suspected researcher allegiance (k = 8) indicated that CBT with ERP was not efficacious (g = 0.02: 95% CI -0.29 to 0.33). Conclusions: A large effect size was found for CBT with ERP in reducing the symptoms of OCD, but depends upon the choice of comparator control. This meta-analysis also highlights concerns about the methodological rigor and reporting of published studies of CBT with ERP in OCD. In particular, efficacy was strongly linked to researcher allegiance and this requires further future investigation.Peer reviewe

Atrial natriuretic peptide effects on intracellular pH changes and ROS production in HEPG2 cells: Role of p38 MAPK and phospholipase D

Aims: The present study was performed to evaluate Atrial Natriuretic Peptide ( ANP) effects on intracellular pH, phospholipase D and ROS production and the possible relationship among them in HepG2 cells. Cancer extracellular microenvironment is more acidic than normal tissues and the activation of NHE- 1, the only system able to regulate pHi homeostasis in this condition, can represent an important event in cell proliferation and malignant transformation. Methods: The ANP effects on pHi were evaluated by fluorescence spectrometry. The effects on p38 MAPK and ROS production were evaluated by immunoblots and analysis of DCF- DA fluorescence, respectively. RT- PCR analysis and Western blotting were used to determine the ANP effect on mRNA NHE- 1 expression and protein levels. PLD- catalyzed conversion of phosphatidylcholine to phosphatydilethanol ( PetOH), in the presence of ethanol, was monitored by thin layer chromatography. Results: A significant pHi decrease was observed in ANP- treated HepG2 cells and this effect was paralleled by the enhancement of PLD activity and ROS production. The ANP effect on pHi was coupled to an increased p38 MAPK phosphorylation and a down- regulation of mRNA NHE- 1 expression and protein levels. Moreover, the relationship between PLD and ROS production was demonstrated by calphostin- c, a potent inhibitor of PLD. At the same time, all assessed ANP- effects were mediated by NPR- C receptors. Conclusion: Our results indicate that ANP recruits a signal pathway associated with p38 MAPK, NHE- 1 and PLD responsible for ROS production, suggesting a possible role for ANP as novel modulator of ROS generation in HepG2 cells. Copyright (C) 2005 S. Karger AG, Basel

Entrepreneurial Team Size and Fundraising Success: Evidence from Equity Crowdfunding

This is the author accepted manuscript. The final version is available from IEEE via the DOI in this recordHow does entrepreneurial team size affect fundraising success? Theory and prior evidence are contradictory or inconclusive at least. Indeed, a resource dependency theory perspective suggests that larger teams have access to more resources, which should positively affect fundraising success. In contrast, a team effectiveness perspective suggests that larger teams incur higher coordination costs, which should negatively affect fundraising success. We address this theoretical paradox by arguing for a curvilinear effect between team size and fundraising success. By drawing on the liabilities of newness and smallness perspectives, we further argue that firm age and size will serve as important moderators. For this study, we exploit data from equity crowdfunding (ECF) markets. In Study 1, we examine the population of 2,942 initial ECF offerings from three ECF platforms in the UK. We provide first-time evidence of the inverted U-shaped relationship between entrepreneurial team size and the fundraising success of the ECF offering. Specifically, an entrepreneurial team of four members exhibits the highest probability in terms of ECF offering success. Moreover, we show that the inverted U-shape is stronger for younger and smaller firms relative to older and larger firms, respectively. In Study 2, we examine 256 initial ECF offerings from an Italian ECF platform and find broadly consistent results on the inverted U-shaped relationship between entrepreneurial team size and fundraising success