Reasons and opportunism control in public grants policies for development and innovations of businesses

In this paper we would to analyze the mechanism of public grants on economic growth. In particular this topic has been the subject of scientific interest by economists and, recently, also by business economics scholars. The studies of the economists focused on the motivations of the intervention itself; the business economic studies, on the other hand, have analyzed the impact both on the behavior of entrepreneurs and on the firms themselves by public grants. The studies examined so far highlight two basic conceptual dimensions, different, but also complementary to each other: on the one hand the economic-oriented to investigate the motivations and effectiveness of the public intervention; the second, business-oriented, focused on the firm’s behavior following public grant. Based on these arguments, our research question arises: could the effectiveness of public intervention for funding development and business innovation be influenced by the differences in the various socio-political and institutional contexts in which they are applied? The aim of paper is analyze the motivations of public grants policies and their influence on the behavior of firms. In this way we want to identify asolutions scheme able to recover efficiency and effectiveness of public actions to support development. It is therefore possible to identify some corrective mechanisms on public intervention policies. In particular with reference to the behaviors induced by the grants policies, the idea is to re-design the grants policies in consideration of the different forms of pre and post contractual opportunism. With reference, instead, to the motivations underlying the public grants policies, it is necessary to examine the relationship between the State (Principal) and the beneficiary firms (Agent) in relation to the respective dimensions of the contractual force

Editorial: new challenges In theory and practice of corporate governance

The aim of international conference “New Challenges in Corporate Governance: Theory And Practice” is to move the field closer to a global theory by advancing our understanding of corporate governance, which combines insights from the literature on firm governance bundles with insights from the national governance systems literature, investigating new perspectives and challenges for corporate governance and outlining possible scenarios of its development

Enterprise Risk Management, Corporate Governance And Systemic Risk: Some Research Perspectives

The general goal of Enterprise Risk Management (ERM) processes is to generate economic value through the coverage of firm business risk, on the one hand, and by exploiting the positive side of uncertainty conditions, on the other hand. The increasing attention attributed to ERM in the creation of economic value has led to even greater interactions between risk management mechanisms and the corporate governance system. In other words, in the last two decades, the relationships between corporate governance and ERM increased since the ERM processes have been considered more and more as critical drivers to combine strategic objectives with relative low volatility of company performance. The basic idea is that a good corporate governance system must deal about specific risks along with their interactions and, at the same time, the firm’s business risk as a whole. Moreover, an efficient and effective ERM system provides clear information about linkages between strategic opportunities and risk exposure and offers tools able to manage in an optimal way the negative side of business risk (or downside risk) as wellas its positive side (or upside risk). Accordingly, extant studies concerning the relationships between ERM and corporate governance have been focusing on a micro-level of analyses (i.e., the individual organization) and, specifically, on a firm’s benefits that stem from the adoption of proper ERM processes that are consistent with corporate governance goals and are able to sustain the increase of economic value while maintaining a bearable business risk over time. From our initial analyses, a gap in literature arises. We argue that the interdependence between ERM and corporate governance may be analyzed from a broader point of view as well (i.e., the firm and its task environment composed by its suppliers, customers, and partners). In particular, our research idea is to enlarge traditional studies about interrelations between corporate governance and ERM taking into account whether such interrelations could be a driver of risk transfer from the focal organization to other organizations that belong to its task environment. Moreover, this study aims to deepen the mechanisms by which the transfer of risk from a focal organization to its task environment may foster the emergence of systemic risk, i.e., a macro risk coming from domino and/or network effects. Therefore, our paper aims to find new research areas by combining micro and macro issues tied to corporate governance, ERM and systemic risk. The starting point of our work is the three following assumptions: 1) The compliance of a firm to ERM processes as well as to corporate governance rules implies the reduction as much as possible of firm business risk; 2) The reduction of the firm business risk leads to externalizing the firm business risk through risk-sharing mechanisms; 3) The risk-sharing may arise like a driver of systemic risk especially in those industries featured by strong network interrelations. Starting from the above assumptions, the paper goal is to open a new research area which combines four academic fields (ERM, corporate governance, corporate finance, and macro-finance). So far, our initial findings tell us that the following research questions arise: RQ1: What are the conditions under which the transfer of business risk towards organizations that belong to a firm task environment is likely to become a source of systemic risk in a specific industry? RQ2: How does the capital structure of a focal firm affect its propensity to transfer business risk not only to commercial but also to financial stakeholders included in firm task environment? RQ3: How does the transfer of business risk influence the capital cost of the focal firm as well as of the organizations that absorbed such risk

Wind direction data from a coastal HF radar system in the gulf of naples (central mediterranean sea)

Results on the accuracy of SeaSonde High Frequency (HF) radar wind direction measurements in the Gulf of Naples (Southern Tyrrhenian Sea, Central Mediterranean Sea) are here presented. The investigation was carried out for a winter period (2 February-6 March) and for one summer month (August) of the reference year 2009. HF radar measurements were compared with in situ recordings from a weather station and with model data, with the aim of resolving both small scale and large scale dynamics. The analysis of the overall performance of the HF radar system in the Gulf of Naples shows that the data are reliable when the wind speed exceeds a 5 m/s threshold. Despite such a limitation, this study confirms the potentialities of these systems as monitoring platforms in coastal areas and suggests further efforts towards their improvement

Extracellular DNA secreted in yeast cultures is metabolism-specific and inhibits cell proliferation

Extracellular DNA (exDNA) can be actively released by living cells and different putative functions have been attributed to it. Further, homolo-gous exDNA has been reported to exert species-specific inhibitory effects on several organisms. Here, we demonstrate by different experimental evidence, including 1H-NMR metabolomic fingerprint, that the growth rate decline in Saccharomyces cerevisiae fed-batch cultures is determined by the accumula-tion of exDNA in the medium. Sequencing of such secreted exDNA represents a portion of the entire genome, showing a great similarity with extrachromo-somal circular DNA (eccDNA) already reported inside yeast cells. The recov-ered DNA molecules were mostly single strands and specifically associated to the yeast metabolism displayed during cell growth. Flow cytometric analysis showed that the observed growth inhibition by exDNA corresponded to an arrest in the S phase of the cell cycle. These unprecedented findings open a new scenario on the functional role of exDNA produced by living cells

The RING GPS network: a research geodetic infrastructure to study plate boundary deformation in the Central Mediterranean

We present the INGV (Italian National Institute of Geophysics and Volcanology) geodetic research infrastructure and related facilities, dedicated to the observation and monitoring of current deformation of the plate boundary between Africa and Eurasia. The recent increase of continuous GPS (CGPS) stations in the Central Mediterranean plate boundary zone offers the opportunity to study in detail the present-day kinematics of this actively deforming region. For answering all the open questions related to this complex area, INGV deployed a permanent, integrated and real-time monitoring CGPS network (RING) all over Italy. The RING network (http:/ring.gm.ingv.it) is now constituted by more than 150 stations. All stations have high quality GPS monuments and most of them are co-located with broadband or very broadband seismometers and strong motion sensors. The RING CGPS sites acquire at 1Hz and 30s sampling rates (some of them acquire at 10 Hz) and are connected in real-time to the INGV acquisition centers located in Roma and Grottaminarda. Real-time GPS data are transmitted using different systems, such as satellite systems, Internet, GPRS/UMTS and wireless networks. The differentiation of data transmission type and the integration with seismic instruments makes this network one of the most innovative CGPS networks in Europe. Furthermore, the INGV data acquisition centers acquire, archive and analyze most of the Italian CGPS stations managed by regional or national data providers (such as local Authorities and nation-wide industries), integrating more than 350 stations of the CGPS scientific and commercial networks existing in the Italian region. To manage data acquisition, storage, distribution and access we developed dedicated facilities including new softwares for data acquisition and a web-based collaborative environment for management of data and metadata. The GPS analysis is carried out with the three main geodetic-quality softwares used in the GPS scientific community: Bernese GAMIT an GIPSY-OASIS. The resulting daily solutions are aligned to the ITRF2005 reference frame. Stable plate reference frames are realized by minimizing the horizontal velocities at sites on the Eurasia and Nubia plates, respectively. The different software-related solutions consistency RMS is within 0.3 mm/yr (Avallone et al., 2010). The solutions are then evaluated with regard to the numerous scientific motivations behind this presentation, ranging from the definition of strain distribution and microplate kinematics within the plate boundary, to the evaluation of tectonic strain accumulation on active faults. The RING network is strongly contributing to the definition of GPS velocity field in the Italian region, and now is able to furnish a newly and up to date view of this actively deforming part of the Nubia-Eurasia plate boundary. INGV is now aiming to make the RING (and integrated CGPS networks) data and related products publicly available for the scientific community. We believe that our network represents an important reality in the framework of the EPOS infrastructure and we strongly support the idea of an European research approach to data sharing among the scientific community. We will present (a) the current CGPS site distribution, (b) the technological description of the data acquisition, storage and distribution at INGV centers, (c) the results of CGPS data analysis, and (d) the planned data access for the scientific community.PublishedVienna, Geophysical Research Abstracts Vol. 13, EGU2011-8626, 20111.9. Rete GPS nazionale3.2. Tettonica attivaope

Influence of FTO rs9939609 and Mediterranean diet on body composition and weight loss: a randomized clinical trial

Background The Mediterranean diet (MeD) plays a key role in the prevention of obesity. Among the genes involved in obesity, the Fat mass and obesity-associated gene (FTO) is one of the most known, but its interaction with MeD remained uncertain so far. Methods We carried out a study on a sample of 188 Italian subjects, analyzing their FTO rs9939609 alleles, and the difference in body composition between the baseline and a 4-weeks nutritional intervention. The sample was divided into two groups: the control group of 49 subjects, and the MeD group of 139 subjects. Results We found significant relations between MeD and both variation of total body fat (ΔTBFat) (p = 0.00) and gynoid body fat (p = 0.04). ∆TBFat (kg) demonstrated to have a significant relation with the interaction diet-gene (p = 0.04), whereas FTO was associated with the variation of total body water (p = 0.02). Conclusions MeD demonstrated to be a good nutritional treatment to reduce the body fat mass, whereas data about FTO remain uncertain. Confirming or rejecting the hypothesis of FTO and its influence on body tissues during nutritional treatments is fundamental to decide whether its effect has to be taken into consideration during both development of dietetic plans and patients monitoring. Trial Registration ClinicalTrials.gov Id: NCT01890070. Registered 01 July 2013, https://clinicaltrials.gov/ct2/show/NCT0189007

Multiplicity dependence of jet-like two-particle correlations in p-Pb collisions at sNN\sqrt{s_{NN}} = 5.02 TeV

Two-particle angular correlations between unidentified charged trigger and associated particles are measured by the ALICE detector in p-Pb collisions at a nucleon-nucleon centre-of-mass energy of 5.02 TeV. The transverse-momentum range 0.7 $< p_{\rm{T}, assoc} < p_{\rm{T}, trig} <$ 5.0 GeV/$c$ is examined, to include correlations induced by jets originating from low momen\-tum-transfer scatterings (minijets). The correlations expressed as associated yield per trigger particle are obtained in the pseudorapidity range $|\eta|<0.9$. The near-side long-range pseudorapidity correlations observed in high-multiplicity p-Pb collisions are subtracted from both near-side short-range and away-side correlations in order to remove the non-jet-like components. The yields in the jet-like peaks are found to be invariant with event multiplicity with the exception of events with low multiplicity. This invariance is consistent with the particles being produced via the incoherent fragmentation of multiple parton--parton scatterings, while the yield related to the previously observed ridge structures is not jet-related. The number of uncorrelated sources of particle production is found to increase linearly with multiplicity, suggesting no saturation of the number of multi-parton interactions even in the highest multiplicity p-Pb collisions. Further, the number scales in the intermediate multiplicity region with the number of binary nucleon-nucleon collisions estimated with a Glauber Monte-Carlo simulation.Comment: 23 pages, 6 captioned figures, 1 table, authors from page 17, published version, figures at http://aliceinfo.cern.ch/ArtSubmission/node/161

The RING GPS network: a research geodetic infrastructure to study plate boundary deformation in the Central Mediterranean

We present the INGV (Italian National Institute of Geophysics and Volcanology) geodetic research infrastructure and related facilities, dedicated to the observation and monitoring of current deformation of the plate boundary between Africa and Eurasia. The recent increase of continuous GPS (CGPS) stations in the Central Mediterranean plate boundary zone offers the opportunity to study in detail the present-day kinematics of this actively deforming region. For answering all the open questions related to this complex area, INGV deployed a permanent, integrated and real-time monitoring CGPS network (RING) all over Italy. The RING network (http:/ring.gm.ingv.it) is now constituted by more than 150 stations. All stations have high quality GPS monuments and most of them are co-located with broadband or very broadband seismometers and strong motion sensors. The RING CGPS sites acquire at 1Hz and 30s sampling rates (some of them acquire at 10 Hz) and are connected in real-time to the INGV acquisition centers located in Roma and Grottaminarda. Real-time GPS data are transmitted using different systems, such as satellite systems, Internet, GPRS/UMTS and wireless networks. The differentiation of data transmission type and the integration with seismic instruments makes this network one of the most innovative CGPS networks in Europe. Furthermore, the INGV data acquisition centers acquire, archive and analyze most of the Italian CGPS stations managed by regional or national data providers (such as local Authorities and nation-wide industries), integrating more than 350 stations of the CGPS scientific and commercial networks existing in the Italian region. To manage data acquisition, storage, distribution and access we developed dedicated facilities including new softwares for data acquisition and a web-based collaborative environment for management of data and metadata. The GPS analysis is carried out with the three main geodetic-quality softwares used in the GPS scientific community: Bernese GAMIT an GIPSY-OASIS. The resulting daily solutions are aligned to the ITRF2005 reference frame. Stable plate reference frames are realized by minimizing the horizontal velocities at sites on the Eurasia and Nubia plates, respectively. The different software-related solutions consistency RMS is within 0.3 mm/yr (Avallone et al., 2010). The solutions are then evaluated with regard to the numerous scientific motivations behind this presentation, ranging from the definition of strain distribution and microplate kinematics within the plate boundary, to the evaluation of tectonic strain accumulation on active faults. The RING network is strongly contributing to the definition of GPS velocity field in the Italian region, and now is able to furnish a newly and up to date view of this actively deforming part of the Nubia-Eurasia plate boundary. INGV is now aiming to make the RING (and integrated CGPS networks) data and related products publicly available for the scientific community. We believe that our network represents an important reality in the framework of the EPOS infrastructure and we strongly support the idea of an European research approach to data sharing among the scientific community. We will present (a) the current CGPS site distribution, (b) the technological description of the data acquisition, storage and distribution at INGV centers, (c) the results of CGPS data analysis, and (d) the planned data access for the scientific community

Multi-particle azimuthal correlations in p-Pb and Pb-Pb collisions at the CERN Large Hadron Collider

Measurements of multi-particle azimuthal correlations (cumulants) for charged particles in p-Pb and Pb-Pb collisions are presented. They help address the question of whether there is evidence for global, flow-like, azimuthal correlations in the p-Pb system. Comparisons are made to measurements from the larger Pb-Pb system, where such evidence is established. In particular, the second harmonic two-particle cumulants are found to decrease with multiplicity, characteristic of a dominance of few-particle correlations in p-Pb collisions. However, when a $|\Delta \eta|$ gap is placed to suppress such correlations, the two-particle cumulants begin to rise at high-multiplicity, indicating the presence of global azimuthal correlations. The Pb-Pb values are higher than the p-Pb values at similar multiplicities. In both systems, the second harmonic four-particle cumulants exhibit a transition from positive to negative values when the multiplicity increases. The negative values allow for a measurement of $v_{2}\{4\}$ to be made, which is found to be higher in Pb-Pb collisions at similar multiplicities. The second harmonic six-particle cumulants are also found to be higher in Pb-Pb collisions. In Pb-Pb collisions, we generally find $v_{2}\{4\} \simeq v_{2}\{6\}\neq 0$ which is indicative of a Bessel-Gaussian function for the $v_{2}$ distribution. For very high-multiplicity Pb-Pb collisions, we observe that the four- and six-particle cumulants become consistent with 0. Finally, third harmonic two-particle cumulants in p-Pb and Pb-Pb are measured. These are found to be similar for overlapping multiplicities, when a $|\Delta\eta| > 1.4$ gap is placed.Comment: 25 pages, 11 captioned figures, 3 tables, authors from page 20, published version, figures at http://aliceinfo.cern.ch/ArtSubmission/node/87