A nonlinear Bismut-Elworthy formula for HJB equations with quadratic Hamiltonian in Banach spaces

We consider a Backward Stochastic Differential Equation (BSDE for short) in a Markovian framework for the pair of processes $(Y,Z)$, with generator with quadratic growth with respect to $Z$. The forward equation is an evolution equation in an abstract Banach space. We prove an analogue of the Bismut-Elworty formula when the diffusion operator has a pseudo-inverse not necessarily bounded and when the generator has quadratic growth with respect to $Z$. In particular, our model covers the case of the heat equation in space dimension greater than or equal to 2. We apply these results to solve semilinear Kolmogorov equations for the unknown $v$, with nonlinear term with quadratic growth with respect to $\nabla v$ and final condition only bounded and continuous, and to solve stochastic optimal control problems with quadratic growth

An analysis of social enterprises governance models through a comparative study of the legislation of eleven countries.

Social Enterprise is increasingly becoming a pressing area of study in European faculties, and likewise, a broad range of literature has been produced on the various, relating arguments. One of the aspects least focused upon, however, regards the issue of governance; which is a fundamental aspect when defining a type of governing system that could lead to an improvement in the efficiency and effectiveness of social enterprises. The need to combine both social and economic aims in the decision making process also emphasizes the importance of stakeholder participation. Furthermore, seeing as how social enterprises work in an environment of high public involvement, whether it be with public entities or with the community as a whole, issues such as business administration and activity supervision, come to be of high importance. The production of social utility goods and/or services is directed toward a plurality of local actors, which are to be furthermore guaranteed a high level of accountability and transparency. This paper explores governance through an in-depth analysis and comparison of the legislation of eleven countries on social enterprise or social cooperatives (Belgium, Finland, France, Greece, Italy, Latvia, Lithuania, Poland, Portugal, Spain, and United Kingdom)

Mission, governance, and accountability of Benefit Corporations: towards a commitment device for achieving commercial and social goals

Benefit corporations (BCs) are profit-with-purpose organizations regulated by a legal framework for establishing explicit commitments in terms of multi-stakeholder governance and accountability structures. We comprehensively analyze the theoretical alignment of four concepts (ownership, mission, governance, and accountability) to explain the legal rationale for BCs’ unique corporate form. However, the boundaries of BC legislation are blurry, leaving them open to top-down governance arrangements and weak accountability. To explore this ambiguity, this paper investigates whether BCs implement a de facto (i.e., beyond the letter of the law) multi-stakeholder structure with governance models and downward accountability mechanisms that balance different stakeholders’ interests, instead of focusing only on shareholder profits. This further highlight the soft boundaries imposed by the BC regulatory framework and suggests that more work is needed to explore the relationship between governance models that differently balance stakeholders’ claims and the firm’s social performance

Impact Investing: Il quadro italiano

L’”Impact Investing: Il quadro italiano” offre una descrizione dello stato dell’arte della finanza ad impatto sociale in Italia, delle sue origini, delle principali aree di impatto e strumenti finanziari che la caratterizzano, delle reti nazionali ed internazionali che si sono costituite e delle caratteristiche di questo fenomeno, che è ancora ad uno stadio di sviluppo embrionale. L’analisi del fenomeno dell’impact investing è stata condotta ponendo grande attenzione al problema definitorio e terminologico, analizzando le differenti teorie predominanti e le caratteristiche che definiscono questa strategia di investimento, oltre al suo collocamento rispetto al più ampio mercato della finanza sostenibile. L’obiettivo dell’analisi è non solo l’individuazione degli attori che caratterizzano questo mercato, delle caratteristiche del fenomeno, dei settori e delle aree di impatto principali e degli strumenti finanziari che consentono l’incontro tra la domanda e l’offerta, ma anche la mappatura delle principali reti nazionali ed internazionali che effettuano ricerche sul tema in modo tale da individuare le principali barriere all’incontro tra la domanda e l’offerta e le lacune della letteratura di riferimento

The non-inflammatory role of C1q during Her2/neu-driven mammary carcinogenesis

There is an ever increasing amount of evidence to support the hypothesis that complement C1q, the first component of the classical complement pathway, is involved in the regulation of cancer growth, in addition to its role in fighting infections. It has been demonstrated that C1q is expressed in the microenvironment of various types of human tumors, including breast adenocarcinomas. This study compares carcinogenesis progression in C1q deficient (neuT-C1KO) and C1q competent neuT mice in order to investigate the role of C1q in mammary carcinogenesis. Significantly accelerated autochthonous neu(+) carcinoma progression was paralleled by accelerated spontaneous lung metastases occurrence in C1q deficient mice. Surprisingly, this effect was not caused by differences in the tumor-infiltrating cells or in the activation of the complement classical pathway, since neuT-C1KO mice did not display a reduction in C3 fragment deposition at the tumor site. By contrast, a significant higher number of intratumor blood vessels and a decrease in the activation of the tumor suppressor WW domain containing oxidoreductase (WWOX) were observed in tumors from neuT-C1KO as compare with neuT mice. In parallel, an increase in Her2/neu expression was observed on the membrane of tumor cells. Taken together, our findings suggest that C1q plays a direct role both on halting tumor angiogenesis and on inducing apoptosis in mammary cancer cells by coordinating the signal transduction pathways linked to WWOX and, furthermore, highlight the role of C1q in mammary tumor immune surveillance regardless of complement system activation

Early onset and enhanced growth of autochthonous mammary carcinomas in C3-deficient Her2/neu transgenic mice

Aside from its classical role in fighting infections, complement is an important, although poorly understood, component of the tumor microenvironment. In particular, the tumor growth-regulatory activities of complement remain under debate. To assess the role of the complement system in the progression of autochthonous mammary carcinomas, we have crossed complement component 3 (C3)-deficient (C3(−/−)) BALB/c male mice with BALB/c females expressing the activated rat Her2/neu oncogene (neuT). Although neuT transgenic mice develop spontaneous mammary cancers with 100% penetrance, a significantly shorter tumor latency (i.e., earlier onset of the first palpable tumor), a higher frequency of multiple tumors (multiplicity), and a dramatic increase in the tumor growth rate were found in neuT-C3(−/−) animals. The accelerated tumor onset observed in neuT-C3(−/−) mice was paralleled by an earlier onset of spontaneous lung metastases and by an increase in Her2 expression levels, primarily on the surface of tumor cells. The percentage of immune cells infiltrating neuT carcinomas was similar in C3-deficient and C3-proficient mice, with the exception of a significant increase in the frequency of regulatory T cells in neuT-C3(−/−) tumors. Of particular interest, the enhanced immunosuppression imparted by C3 deficiency clearly influenced the immunogenic phenotype of autochthonous mammary tumors as neuT-C3(−/−) malignant cells transplanted into syngeneic immunocompetent hosts gave rise to lesions with a significantly delayed kinetics and reduced incidence as compared with cells obtained from neuT C3-proficient tumors. Finally, increased blood vessel permeability was evident in neuT-C3(−/−) tumors, although a similar number of tumor vessels was found in neuT and neuT-C3(−/−) lesions. Altogether, these data suggest that complement plays a crucial role in the immunosurveillance and, possibly, the immunoediting of Her2-driven autochthonous mammary tumors