Equilibrium Corporate Finance

We study a general equilibrium model with production where financial markets are incomplete. At a competitive equilibrium firms take their production and financial decisions so as to maximize their value. We show that shareholders unanimously support value maximization. Furthermore, competitive equilibria are constrained Pareto efficient. Finally the Modigliani-Miller theorem typically does not hold and the firms’ corporate financing structure is determined at equilibrium. Such results extend to the case where informational asymmetries are present and contribute to determine the firms’ capital structure.capital structure, competitive equilibria, incomplete markets, asymmetric information

Assessing River Embankment Stability Under Transient Seepage Conditions

Abstract The evaluation of riverbank stability is a fundamental problem in flood risk management, representing a critical task for engineering practice. Soil heterogeneity together with initial and boundary conditions are among the crucial issues that should be considered to obtain an accurate solution of the problem. Generally, attention and efforts are mostly devoted to the soil characterization, the hydrometric level forecasts and the estimation of the rainfall intensity, while in situ measurements usually receive less attention. Nevertheless, suction and soil water content have a strong influence on the reliability of seepage and stability analyses. A preliminary study aiming at the design of a monitoring system for the measurement of soil moisture and suction in the unsaturated silty soils of a river embankment has been carried out, with the purpose of linking the collected data to the boundary conditions and hence obtaining a more accurate estimate of the riverbank probability of failure. Furthermore, a general outline of the research project, its methodology and application are presented in the paper

Penetrometer

This invention concerns a testing instrument for checking the degree of saturation of a pressure sensor unit of a piezocone. More specifically, the instrument is a testing instrument for checking the degree of saturation of a pressure sensor unit which is meant to measure the pore water pressure of the soil and is part of a piezocone. Generally speaking, the term \u201cpiezocone\u201d is used to mean a static penetrometer with an electric tip which measures the pore water pressure of the soil (as well as the cone resistance and the sleeve friction mobilized by the soil on the piezocone). This invention also concerns a method for performing such a check

A New Technique for Deep in situ Measurements of the Soil Water Retention Behaviour

In situ measurements of soil suction and water content in deep soil layers still represent an experimental challenge. Mostly developed within agriculture-related disciplines, field techniques for the identification of soil retention behaviour have been so far employed in the geotechnical context to monitor shallow landslides and seasonal volume changes beneath shallow foundations, within the most superficial ground strata. In this paper, a novel installation technique is presented, discussed and assessed, which allows extension of the use of commercially available low-cost and low-maintenance instruments to characterise deep soil layers. Multi-depth installations have been successfully carried out using two different sensor types to measure the soil suction and water content up to 7\u2009m from the soil surface. Preliminary laboratory investigations were also shown to provide a reasonable benchmark to the field data. The results of this study offer a convenient starting point to accommodate important geotechnical works such as river and road embankments in the traditional monitoring of unsaturated soil variables

Continuous low flow ascites drainage through the urinary bladder via the Alfapump system in palliative patients with malignant ascites.

BACKGROUND Malignant Ascites (MA) is a therapeutic dilemma significantly impairing patients' quality of life (QoL). The Sequana Medical alfapump System (AP), a subcutaneous, externally rechargeable, implantable device, continually draining ascites via the urinary bladder, has been well established in liver cirrhosis, but not yet in MA. The AP-system was evaluated in cancer patients in reducing the need for large volume paracentesis (LVP). METHODS A retrospective multicentre evaluation of all eligible patients who received an AP for MA-palliation was performed. AP was evaluated for its ability to reduce LVP and cross-correlated with adverse events (AE), survival and retrospective physician-reported QoL. RESULTS Seventeen patients with median age of 63 years (range: 18-81), 70.6% female, across 7 primary tumour types were analysed. Median duration of AP-implantation was 60 min (range: 30-270) and median post-implantation hospital stay: 4 days (range: 2-24). Twelve protocol-defined AE occurred in 5 patients (29.4%): 4 kidney failures, 4 pump/catheter-related blockages, 3 infections/peritonitis and 1 wound dehiscence. Median ascitic volume (AV) pumped daily was 303.6 ml/day (range:5.6-989.3) and median total AV drained was 28 L (range: 1-638.6). Median patient post-AP-survival was 111 days (range:10-715) and median pump survival was 89 days (range: 0-715). Median number of paracenteses was 4 (range: 1-15) per patient pre-implant versus 1 (range: 0-1) post-implant (p = 0.005). 71% of patients were reported to have an improvement of at least one physician reported QoL-parameters. CONCLUSIONS AP appears to be effective in palliating patients with MA by an acceptable morbidity profile. Its broader implementation in oncology services should be further explored. TRIAL REGISTRATION NCT03200106; June 27, 2017

Consensus care recommendations for alfapump® in cirrhotic patients with refractory or recurrent ascites.

BACKGROUND The alfapump® is an implantable class III medical device that pumps ascitic fluid from the peritoneal space to the urinary bladder from where it is excreted. The pump reduces or abrogates the need for repeated paracentesis in patients with recurrent or refractory ascites. AIMS To improve outcomes for alfapump® implantation and pre- and post-implant patient management in both clinical trial and real-world settings by development of consensus recommendations. METHODS The alfapump® working group consisting of hepatologists and surgeons with extensive experience in implantation of the alfapump® and patient management met on two occasions: (1) to determine the key areas where recommendations should be made; and (2) to discuss the experiences of the working group within those areas and formulate draft statements. Developed statements were submitted to the group and consensus sought on relevance and wording through a collaborative iterative approach in order to consolidate the recommendations into consensus statements. Only recommendations agreed upon unanimously were included. RESULTS Twenty-three consensus recommendations were developed in the areas of pre-implantation procedure, (three statements), surgical implant procedure (11 statements), immediate post-implant care (three statements) and long-term management (six statements). CONCLUSIONS The consensus statements are a valuable reference resource for physicians managing patients with the alfapump® and for those considering management strategies for patients with refractory ascites

Consensus care recommendations for alfapump® in cirrhotic patients with refractory or recurrent ascites

BACKGROUND: The alfapump® is an implantable class III medical device that pumps ascitic fluid from the peritoneal space to the urinary bladder from where it is excreted. The pump reduces or abrogates the need for repeated paracentesis in patients with recurrent or refractory ascites. AIMS: To improve outcomes for alfapump® implantation and pre- and post-implant patient management in both clinical trial and real-world settings by development of consensus recommendations. METHODS: The alfapump® working group consisting of hepatologists and surgeons with extensive experience in implantation of the alfapump® and patient management met on two occasions: (1) to determine the key areas where recommendations should be made; and (2) to discuss the experiences of the working group within those areas and formulate draft statements. Developed statements were submitted to the group and consensus sought on relevance and wording through a collaborative iterative approach in order to consolidate the recommendations into consensus statements. Only recommendations agreed upon unanimously were included. RESULTS: Twenty-three consensus recommendations were developed in the areas of pre-implantation procedure, (three statements), surgical implant procedure (11 statements), immediate post-implant care (three statements) and long-term management (six statements). CONCLUSIONS: The consensus statements are a valuable reference resource for physicians managing patients with the alfapump® and for those considering management strategies for patients with refractory ascites

Analisi sperimentale per lo studio del comportamento idromeccanico di un terreno costipato

La valutazione delle condizioni di stabilità delle opere in terra rappresenta una difficoltà spesso sottovalutata nella pratica ingegneristica e, viceversa, di attualità della ricerca scientifica in geotecnica. Infatti, è certamente vero che il contenuto d’acqua dei terreni costituenti tali opere e la distribuzione della pressione interstiziale nelle strutture in terra variano nel tempo a causa dei mutevoli effetti delle condizioni idrometriche e climatiche al contorno, cosa che influenza significativamente le condizioni di stabilità dell’opera. In questo lavoro è presentata una procedura per la caratterizzazione del comportamento idromeccanico di una miscela di sabbia e limo al variare dell’energia di costipamento. I dati sperimentali vengono discussi al fine di contribuire allo studio del comportamento in esercizio delle opere in terra