Does the EU Directive on non-financial information influence the value relevance of ESG disclosure? Italian evidence

The implementation of the EU Directive on non-financial information determines the transition from a voluntary to a mandatory disclosure setting. This paper is a first attempt to investigate if this transition influences the value relevance of non-financial information, which relates to the environmental, social and governance disclosure (ESG) requirements of the Directive. Italy provides an interesting setting as non-financial information was generally voluntary before the Directive, which was implemented with the Italian Legislative Decree 254/2016. To this extent, we examine the non-financial, environmental and social disclosure practices of 231 Italian listed firms in the pre- (2016) and post- (2017) Legislative Decree application. Our results do not show any relevant increase of such disclosures after the Decree application, as Italian listed firms limit such disclosure to a minimum requirement. Further, this finding is confirmed also for those firms voluntarily providing a non-financial report (sustainability or integrated report) before the Decree application. Our regression analysis shows that accounting numbers are associated with share prices, while non-financial, environmental and social information are not value-relevant with reference to the pre- and post-Legislative Decree application. This means that the nonfinancial, environmental and social information beyond the financial accounting information do not explain any incremental value-relevant information to investors in the new non-financial mandatory disclosure setting required by the new regulation. Our results enrich previous evidence concerning the value relevance of non-financial and ESG disclosure mainly focused on Anglo-Saxon contexts

Cyber security e spazi di sovranità: implicazioni geografico-politiche e globalizzazione digitale

L'articolo si propone di definire il rapporto tra sovranità spaziale e sovranità digitale, analizzando le implicazioni che la sovrapposizione dei due tipi di sovranità produce in termini di risposta degli stati nazionali alle domande di sicurezza che i cittadini pongono

Influence of bacterial colonization of the healing screws on peri-implant tissue

Abstract Background/purpose A bacterial adhesion to implant surfaces is a first stage of peri-implant mucositis and peri-implantitis. The aim of this longitudinal study was to examine the quantitative and qualitative biofilm formation on healing screws and the presence of periodontal pathogens in peri-implant crevicular fluid (PCF). In each of the 30 participants, one healing screw was adapted to every single implant. Materials and methods Thirty patients, 18 females and 12 males, were selected. Thirty healing abutments were left in situ for 20, 30 and 90 days. At regular times, the presence/absence of bleeding on probing (BOP) was determined. The specific periodontal pathogens were determined in PCF, by polymerase chain reaction (PCR). After 20, 30 and 90 days, the healing screws were removed and analyzed to establish the total bacterial count by a culture method. Results BOP+ increased significantly after 90 days. Biofilm was detected on all healing abutments and the number of cultivable oral flora showed a significant increase from 20 days to 30 days and to 90 days. At 90 days, the anaerobic counts constituted the bulk of plaque examined and Veillonella spp. were present in higher percentages levels (19.82%) among the Gram-negative bacteria. No significant differences among the experimental groups were detected in the frequencies of detection of each monitored bacteria in PCF. Conclusion The healing screws left in situ for a period of 90 days caused a peri-implant inflammation and the presence of periodontal pathogenic bacteria in the peri-implant sulcus, due to the plaque accumulation on screw surfaces

Structural aspects of Hamilton–Jacobi theory

The final publication is available at Springer via http://dx.doi.org/10.1142/S0219887816500171In our previous papers [11, 13] we showed that the Hamilton–Jacobi problem can be regarded as a way to describe a given dynamics on a phase space manifold in terms of a family of dynamics on a lower-dimensional manifold. We also showed how constants of the motion help to solve the Hamilton–Jacobi equation. Here we want to delve into this interpretation by considering the most general case: a dynamical system on a manifold that is described in terms of a family of dynamics (‘slicing vector fields’) on lower-dimensional manifolds. We identify the relevant geometric structures that lead from this decomposition of the dynamics to the classical Hamilton– Jacobi theory, by considering special cases like fibred manifolds and Hamiltonian dynamics, in the symplectic framework and the Poisson one. We also show how a set of functions on a tangent bundle can determine a second-order dynamics for which they are constants of the motion.Peer ReviewedPostprint (author's final draft

Prognostic factors influencing infectious complications after cytoreductive surgery and HIPEC. Results from a tertiary referral center

Background. Cytoreductive surgery (CRS) and hyperthermic intraperitoneal chemotherapy (HIPEC) showed promising results in selected patients. High morbidity restrains its wide application. The aim of this study was to report postoperative infectious complications and investigate possible correlations with preoperative nutritional status and other prognostic factors in patients with peritoneal metastases treated with CRS and HIPEC. Methods. For the study we reviewed the clinical records of all patients with peritoneal metastases from different primary cancers and treated by CRS and HIPEC in our Institution from November 2000 to December 2017. Patients were divided according to their nutritional status (SGA) in group A (well-nourished), B/C (mild or severely malnourished). Possible statistical correlations between risk factors and postoperative complications rates have been investigated by univariate and multivariate analysis. Results. Two hundred patients were selected and underwent CRS and HIPEC during the study period. Postoperative complications occurred in 44% of the patients, 35.3% in SGA-A patients and 53% in SGA-B /C patients. Cause of complications was infective in 42, non-infective in 37 and HIPEC related in 9 patients. Infectious complications occurred more frequently in SGA-B /C patients (32.6% vs. 9.8% of SGA-A patients). The most frequent sites of infection were Surgical Site Infections (SSI, 35.7%) and Central Line Associated BloodStream Infections (CLABSI, 26.2%). The most frequent isolated species was Candida (22.8%). ASA score, blood loss, performance status, PCI, large bowel resection, postoperative serum albumin levels and nutritional status correlated with higher risk for postoperative infectious complications. Conclusions. Malnourished patients undergoing cytoreductive surgery and hyperthermic intraperitoneal chemotherapy are more prone to post-operative infectious complications and adequate perioperative nutritional support should be considered, including immune-enhancing nutrition. Sequential monitoring of common sites of infection, antifungal prevention of candidiasis, and careful patient selection should be implemented to reduce complications rate

Histological Characterization of Sacco's Concentrated Growth Factors Membrane

Along with the emerging needs of the dental patients, numerous techniques for oral tissue stimulation and regeneration were developed to be employed in the modern implant rehabilitation therapies. The Concentrated Growth Factors (CGF) are a relatively new therapeutic presidium that can be used for this purpose, enhancing the regenerative potential property of blood cells. Although literature presents numerous studies evaluating the CGF for their clinical uses and efficacy, data regarding their biological characteristics are very few. The present study evaluates and describes the CGF structural morphology by means of classical histological methods, using haematoxilin-eosin and azan mallory stains. A three layers organization with a fibrin complex network was noted, with blood corpuscular elements entrapped, especially in the most external layer. These descriptions enrich the knowledge about this new type of membrane, showing the bio-morphological side of the regenerative techniques. These findings will be useful in clinical practice for the choice of the most suitable technique in each implant rehabilitation. Junto con las nuevas necesidades dentales de los pacientes, se han desarrollado numerosas técnicas para la estimulación y regeneración de los tejidos orales para ser empleadas en las modernas terapias de rehabilitación de implante. Los Factores de Crecimiento Concentrados (FCC) son relativamente una nueva alternativa terapéutica que pueden utilizarse para este propósito, mejorando la propiedad regenerativa potencial de las células de la sangre. A pesar de que la literatura presenta numerosos estudios que evalúan los FCC por sus usos clínicos y su eficacia, los datos relativos a sus características biológicas son muy escasos. El presente estudio evalúa y describe la morfología estructural de los FCC por medio de métodos histológicos tradicionales, utilizando hematoxilina-eosina y tinción de Azan Mallory. Se observó una organización en tres capas con una compleja red de fibrina, con elementos corpusculares de la sangre atrapados, especialmente en la capa más externa. Estas descripciones enriquecen el conocimiento acerca de este nuevo tipo de membrana, que muestra el lado biomorfológico de las técnicas regenerativas. Estos resultados serán de utilidad en la práctica clínica para la elección de la técnica más adecuada en los casos de rehabilitación con implantes

Smartphone e tablet: il ruolo delle nuove tecnologie per il GIS nel piano di ricostruzione del Comune di Arsita (TE)

Le nuove tecnologie digitali stanno cambiando il nostro modo di pensare e agire e il loro uso sta rivoluzionando interi settori. Se fino ad oggi il personal computer è stato l’attore principale della rivoluzione digitale, ora i nuovi smartphone, tablet e smartwatch sono e saranno i motori di una profonda trasformazione della nostra vita. Questi nuovi strumenti, semplici e leggeri sono straordinari nel lavoro quotidiano. Trovarsi nel luogo di studio direttamente con un tablet e/o uno smartphone con software sviluppati ad hoc, seguendo un preciso metodo di lavoro messo a punto in precedenza ha permesso di ottimizzare i tempi e ridurre in maniera rilevante gli errori fornendo risposte molto più accurate e veloci

Spectral Evidence of Aqueous Activity in Two Putative Martian Paleolakes

CRISM observations of putative paleolakes in Cankuzo and Luqa craters exhibit spectral features consistent with the activity of water. The spatial distributions suggest different formation scenarios for each site. In Cankuzo the distribution suggests postimpact alteration whereas in Luqa there are hints of possible formation of a layer of phyllosilicate materials

Effect of intramuscular injections of DL-α-tocopheryl acetate on growth performance and extracellular matrix of growing lambs.

The effect of intramuscular injections of vitamin E on growth, carcass traits, intramuscular collagen (IMC) characteristics and decorin of growing lambs was studied. A total of 24 15-day-old Ile de France suckling male lambs were divided into two groups and weekly intramuscular injections of DL-α-tocopheryl acetate (control group, 0 IU; Vitamin E treatment, 150 IU) were given until the lambs were 64 days old. Lambs were individually weighted at 15, 29, 43, 57 days of age and at slaughter (71 days old). Dry matter intake and average daily weight gain were recorded. Hot and cold carcass weights were recorded and dressing percentages were calculated after dressing and chilling (2°C to 4°C for 24 h). Carcass shrink losses were calculated as well. Longissimus muscle (LM) pH and area were measured. The pelvic limb was removed and its percentage was calculated based on cold carcass weight. IMC and decorin analyses were assessed on LM and semimembranosus muscle (SM). DL-α-tocopheryl acetate treatment reduced (P<0.05) collagen maturity and increased (P<0.05) decorin in both LM and SM muscles of growing lambs, while it did not affect IMC content. In addition, vitamin E did not influence growth, carcass weight, dressing percentage, carcass shrink losses and area of LM but decreased (P<0.05) the pelvic limb percentage. The LM pH values were higher (P<0.05) in vitamin group than in control group. Furthermore, different IMC characteristics between the muscles (P<0.01) were apparent. Multiple intramuscular injections of DL-α-tocopheryl acetate influence extracellular matrix in lambs, which could affect meat tenderness

Fabrication and transport of large-scale molecular tunnel-junction arrays

We demonstrate a method for the simultaneous fabrication (without the need of expensive e-beam systems) of large arrays of nanodevices working at room temperature. The electrode gap is defined by a selective wet-etching of a AlGaAs/GaAs quantum well structure and controlled with nanometer precision. A selective oxidation of the Al rich barrier reduces the bulk leakage current by six orders of magnitude and extends the applicability of the produced devices to room temperature functionality. As a demonstration, we employ here these nanojunctions to investigate transport in molecular tunnel-junctions based on individual Azurins, a blue copper protein, under ambient conditions. This approach opens the way to the fabrication of complex circuits consisting of different nanodevices