FIRM SIZE DISTRIBUTION: DO FINANCIAL CONSTRAINTS EXPLAIN IT ALL? EVIDENCE FROM SURVEY DATA

We address the question in the title using survey-based measures of financial constraints, as opposed to the proxies typically used in the literature. We find that in our dataset of Italian firms, those declaring to be financially constrained are smaller and younger than the others. However, the size distribution of non constrained firms is significantly skewed, and virtually overlaps with the FSD for the entire sample. Similar conclusions are drawn from the analysis of a large subsample comprising very young firms. These results are broadly confirmed using several non survey-based proxies of financial constraints, and over a second large sample including firms from OECD and non OECD countries. The analysis of the latter dataset suggests that financial constraints are a relatively more serious problem in developing countries. We conclude that financial constraints cannot be the main determinant of the FSD evolution over time, especially in financially developed economies.firm size distribution, financial constraints.

Identifiability for a class of symmetric tensors

We use methods of algebraic geometry to find new, effective methods for detecting the identifiability of symmetric tensors. In particular, for ternary symmetric tensors T of degree 7, we use the analysis of the Hilbert function of a finite projective set, and the Cayley-Bacharach property, to prove that, when the Kruskal's rank of a decomposition of T are maximal (a condition which holds outside a Zariski closed set of measure 0), then the tensor T is identifiable, i.e. the decomposition is unique, even if the rank lies beyond the range of application of both the Kruskal's and the reshaped Kruskal's criteria

A new protocol for texture mapping process and 2d representation of rupestrian architecture

The development of the survey techniques for architecture and archaeology requires a general review in the methods used for the representation of numerical data. The possibilities offered by data processing allow to find new paths for studying issues connected to the drawing discipline. The research project aimed at experimenting different approaches for the representation of the rupestrian architecture and the texture mapping process. The nature of the rupestrian architecture does not allow a traditional representation of sections and projections of edges and outlines. The paper presents a method, the Equidistant Multiple Sections (EMS), inspired by cartography and based on the use of isohipses generated from different geometric plane. A specific paragraph is dedicated to the texture mapping process for unstructured surface models. One of the main difficulty in the image projection consists in the recognition of homologous points between image and point cloud, above all in the areas with most deformations. With the aid of the “virtual scan” tool a different procedure was developed for improving the correspondences of the image. The result show a sensible improvement of the entire process above all for the architectural vaults. A detailed study concerned the unfolding of the straight line surfaces; the barrel vault of the analyzed chapel has been unfolded for observing the paintings in the real shapes out of the morphological context

The complex dynamics of products and its asymptotic properties

We analyse global export data within the Economic Complexity framework. We couple the new economic dimension Complexity, which captures how sophisticated products are, with an index called logPRODY, a measure of the income of the respective exporters. Products' aggregate motion is treated as a 2-dimensional dynamical system in the Complexity-logPRODY plane. We find that this motion can be explained by a quantitative model involving the competition on the markets, that can be mapped as a scalar field on the Complexity-logPRODY plane and acts in a way akin to a potential. This explains the movement of products towards areas of the plane in which the competition is higher. We analyse market composition in more detail, finding that for most products it tends, over time, to a characteristic configuration, which depends on the Complexity of the products. This market configuration, which we called asymptotic, is characterized by higher levels of competition.Comment: 20 pages, 5 figures, supporting information. This paper was published on PLOS One on May 17, 201

The interbank market after August 2007: what has changed, and why?

The outbreak of the financial crisis coincided with a sharp increase of worldwide interbank interest rates. We analyze the micro and macroeconomic determinants of this phenomenon, finding that before August 2007 interbank rates were insensitive to borrower characteristics, whereas afterwards they became reactive to borrowers’ creditworthiness. At the same time, conditions for large borrowers became relatively more favorable, both before and after the failure of Lehman Brothers. This suggests that banks have become more discerning in their lending, a welcome change, but that moral hazard considerations related to the â€too big to fail†argument should remain a main concern for central banks.Interbank markets, Spreads, Financial crisis

Three-dimension-printed custom-made prosthetic reconstructions: from revision surgery to oncologic reconstructions

Background The use of custom-made 3D-printed prostheses for reconstruction of severe bone defects in selected cases is increasing. The aims of this study were to evaluate (1) the feasibility of surgical reconstruction with these prostheses in oncologic and non-oncologic settings and (2) the functional results, complications, and outcomes at short-term follow-up. Methods We analyzed 13 prospectively collected patients treated between June 2016 and January 2018. Diagnoses were primary bone tumour (7 patients), metastasis (3 patients), and revision of total hip arthroplasty (3 patients). Pelvis was the most frequent site of reconstruction (7 cases). Functional results were assessed with MSTS score and complications according to Henderson et al. Statistical analysis was performed using Kaplan-Meier and log-rank test curves. Results At a mean follow-up of 13.7 months (range, 6 \u2013 26 months), all patients except one were alive. Oncologic outcomes show seven patients NED (no evidence of disease), one NED after treatment of metastasis, one patient died of disease, and another one was alive with disease. Overall survival was 100% and 80% at one and two years, respectively. Seven complications occurred in five patients (38.5%). Survival to all complications was 62% at two years of follow-up. Functional outcome was good or excellent in all cases with a mean score of 80.3%. Conclusion 3D-printed custom-made prostheses represent a promising reconstructive technique in musculoskeletal oncology and challenging revision surgery. Preliminary results were satisfactory. Further studies are needed to evaluate prosthetic design, fixation methods, and stability of the implants at long-ter

Pro-cyclicality of capital regulation: is it a problem? How to fix it?

We use a macroeconomic euro area model with a bank sector to study the pro-cyclical effect of the capital regulation, focusing on the extra pro-cyclicality induced by Basel II over Basel I. Our results suggest that this incremental effect is modest. We also find that regulators could offset the extra pro-cyclicality by a countercyclical capital-requirements policy. Our results also suggest that banks may have incentives to accumulate countercyclical capital buffers, making this policy less relevant, but this finding is depends on the type of economic shock posited. We also survey different policy options for dealing with procyclicality and discuss the pros and cons of the measures available.Basel accord, pro-cyclicality

Old anatomical models as makeshifts of measurements in medicine

In 18th century obstetrics became a special branch of medicine, with a corpus of physiological and practical knowledge sufficient to improve the outcome of childbearing. The same period also saw the emergence of new techniques and the development of instruments that would later come into widespread use, such as the forceps, as well as the first production of teaching models to provide surgery students and midwives with three-dimensional illustrations of the anatomy of the pregnant woman, the physiology of childbearing, and potential complications. Some obstetrical wax models, that can be considered makeshifts of measurements in medicine, are illustrated. They are exposed, in number of twenty-one, in the Galileo Museum of Florence and were commissioned, around 1770, by Felice Fontana, who was working on the installation of the Museum of Physics and Natural History of Florence, from the sculptor Giuseppe Ferrini and his assistant Clemente Susini. The anatomical models contributed, in a context in which the measurement was not easy to be taken in situ, to formalize medical knowledge, strictly tied, in the past, to the various communities, that had different ideas about the causes of and cures for suffering, illness and disease. As a matter of facts, instead of being based on objective parameters, medical knowledge was based often on spiritual beliefs as well as practical therapies and techniques

Post-tsunami primary Scedosporium apiospermum osteomyelitis of the knee in an immunocompetent patient

SummaryScedosporium apiospermum is a filamentous fungus present in soil and polluted waters that may cause infection by direct inoculation. Osteomyelitis represents a challenge both for diagnosis and treatment. We report a case of post-tsunami primary S. apiospermum osteomyelitis of the knee in an immunocompetent patient

Metodologia per la stima dell’impatto sulla qualità dell’aria di sorgenti civili diffuse

La Tesi fornisce una metodologia per la stima delle emissioni dovute al riscaldamento di sorgenti civili e poter così valutare il loro impatto sulla qualità dell'aria. Tale metodologia è applicata al caso studio della Scuola di Ingegneria e Architettura sita in via Terracini a Bologna. In seguito alla stima delle emissioni, si è proceduto a fare una simulazione della dispersione delle stesse