1,721,076 research outputs found
Conclusioni: persuasione o educazione?
No full textIn tale parte del lavoro sono contenute le conclusioni di un lavoro di ricerca realizzato su un campione di soggetti intervistati (405 interviste domiciliari personali) finalizzato a cogliere la percezione circa l'esperienza mutuo nel vissuto e nelle aspettative dei clienti bancari. Un ruolo centrale lo assumerà certamente l'informazione ma ancora più un processo graduale di educazione finanziaria
Does the CFO Matter in Family Firms? Evidence from Italy
No full textUsing data from 708 small and medium Italian firms during the period of 2002-2004, we find that in family firms a nonfamily CFO drives firm performance in a positive direction. Family firms with a nonfamily CFO perform better than both family firms with a family CFO and nonfamily firms. The best performance is achieved when the CEO is a family member and the CFO is an outsider (nonfamily). An examination of family firms across generations shows that a nonfamily CFO always has a positive effect on firm performance, while a family CEO seems to add value only in the first generation. Our study contributes to the literature on family firms by determining how the presence of a nonfamily CFO has an impact on firm performance. We also contribute to the literature on agency theory by showing that in small family firms: a) having a family as majority shareholder is not detrimental to firm performance; and b) a nonfamily CFO might serve to mitigate any ineptness of descendant CEOs while retaining ownership and management in the hands of family heirs, thus avoiding the conflict of interest between family ownership and management
Proposal for ALFRED core design
No full textSome preliminary evaluations have been performed in order to set up a proposal for the core design of ALFRED, the Advanced Lead-cooled Fast Reactor European Demonstrator to be developed in the frame of the 7th EURATOM Framework Programme LEADER (Lead-cooled European Advanced DEmonstration Reactor).
The fuel pin, fuel assembly and core design are here presented and discussed, according to the rationales which led to the assessment of this proposal. The results of the preliminary thermal-hydraulics, safety and neutronics analyses are here presented to support the consistency of the proposed configuration
Banche e mutui: dal prodotto al servizio al cliente
No full textIl libro intende analizzare la percezione del rischio da parte del cliente, in considerazione della lunga durata del finanziamento che espone il mutuatario a periodi alterni di andamento dei tassi. Ma anche la conspaevolezza che questi ha nel processo di acquisto. Si sottolinea dunque la necessità di sviluppare una capacità educatva della banca. Il lavoro è poi corredato di un'indagine condotta tramite 405 interviste domiciliari a clienti di banche
Are Small Family Firms Financially Sophisticated?
No full textWe study the drivers of the financial sophistication of small family firms. Sophistication is defined as the use of non-basic financial products such as options, swaps, debt restructuring, and mergers and acquisitions (M&A) advisory services. Our analysis is based on a unique dataset with detailed information on 187 Italian family firms. We find that the main drivers of financial sophistication include which generation of the family owns the firm, the presence of a non-family CFO and the existence of a non-family shareholder. We analyze how the impact that these factors have on the level of sophistication varies across the following financial product classes: corporate finance, cash management, corporate lending and risk management. Our results can be used to determine the characteristics of financially sophisticated family firms and whether their corporate governance and ownership structures increase the use of non-basic financial products
Are small family firms financially sophisticated?
No full textWe study the financial sophistication of small family firms. Sophistication refers to the use
of complex financial products, such as options, swaps, debt restructuring, and merger and
acquisition advisory. Our analysis is based on a unique dataset with detailed information on 544
Northern Italian firms. We find that the main drivers of financial sophistication are the generation of
the family owners, the presence of an external (that is non-family) chief financial officer, and the
existence of an external shareholder. We analyze how the impact of these factors on the level of
sophistication varies across the following product classes: corporate finance, cash management,
corporate lending, and risk management. We conclude that careful targeting by financial institutions
on the basis on the firms’ characteristics identified in this study would have an important impact on
the development of small family firms
Family Firms' Performance and Agency Theory. What's going on from the italian market?
No full textUsing data concerning all family firms listed at the Italian Stock Exchange between 2001 and 2005, it is showed that agency theory prescriptions and monitoring activities impact differently on family firm value and profitability. Specifically, non founder family firms benefit from a low level of board and inside ownership and a high level of stockholder and foreign investors ownership, because they must face high agency costs. On the contrary, founder family firms benefit from a high level of board and insider ownership, a low level of stockholder and foreign investor ownership owing to their context of lower agency costs
Pressurized Water Small Modular Reactor (SMR), Design Basis Accident Analysis using the ASTEC code
Full text linkAccording to classifications adopted by the IAEA, small reactors are characterized by an equivalent electric output of less than 300 MW while medium-sized reactors by an equivalent electric power between 300 and 700 MW. Pressurized water small and medium sized reactors (SMR) generally adopt an integral layout of the primary circuit with in-vessel location of steam generators and control rod drives; one compact modular loop-type design features reduced length piping, an integral reactor cooling system accommodating all main and auxiliary systems within a leak-tight pressure boundary, and leak restriction devices.
In this paper, a description is given of the development of the modelling and noding of the primary loop, secondary loop passive core cooling system and containment for a SMR, based on the available data of the SPES3-IRIS integral test facility.
SPES3-IRIS is under construction at SIET laboratories in Piacenza (Italy), simulating with 1:100 volume scale and 1:1 height scale, the primary, secondary, containment and safety systems typical of the IRIS small modular reactor.
Three ASTEC code modules were adopted: the ICARE module to predict the in-vessel phenomena, the CESAR module to compute two-phase thermal–hydraulics in the Reactor Cooling System (RCS) and for the control and safety systems, and the CPA module to evaluate thermal–hydraulic and aerosol behaviour in the reactor containment.
The SMRs as well as the advanced nuclear water-cooled reactors rely on containment behaviour to achieve some of their passive safety functions. Steam condensation on containment walls, where non-condensable gas effects are significant, is an important feature of the new passive containment concepts. Thus, to simulate correctly the main phenomena involved during an accident scenario, the coupling between primary circuit and containment has to be reproduced accurately. Furthermore, given that the containment plays a fundamental role during every accident scenario, it has to be taken into account just as a real safety system.
The worst design basis event for the SMR was analysed, and the calculated results were compared with those obtained by the University of Zagreb in collaboration with Westinghouse using the coupled codes RELAP-GOTHIC. The aim of this work is to evaluate the applicability of ASTEC coupled modules in the safety analyses of the new reactor systems with strong interaction between primary system and containment
Preliminary ex-vessel sensitivity study of Fukushima Dai-Ichi unit 1 using DSA1 and CVPA coupling modules of the Sampson Code
No full textThe phenomena taking place during a severe accident are complicated and difficult to predict using integral codes, especially during the ex-vessel phase of the accident, where the experimental database is still poor (particularly with respect to the scale), and the models have more modeling parameters, are less general and not well validated. Therefore a stand-alone analysis using as boundary and initial conditions the available data of the accident seems to be a more accurate approach than an integral calculation, even if for this procedure the quality of information is essential. In the case of Fukushima Dai-ichi unit 1 (1F1) accident, available plant data provided by TEPCO during the first 24 hours of the accident are few and fragmented not sufficient to describe the initial conditions for simulating a transient. In order to overcome this issue, the only way to reduce the uncertainties on accident conditions after the Reactor Pressure Vessel (RPV) failure is to adopt different assumptions for main unknown parameters and compare the calculated results with available measurements to explain observations or to validate assumptions. In this paper, a sensitivity study on the ex-vessel accident progression in the 1F1 based on the best available information at this time were performed. The work has been carried-out coupling the Debris Spreading Analysis (DSA1) and the Containment Vessel Phenomena Analysis (CVPA) modules of SAMPSON code reproducing 10 different cases. The results obtained has provided a basis for making judgments concerning a preliminary evaluation of the debris distribution inside the PCV and concrete mass eroded following the Molten Core Concrete Interaction (MCCI). This information is vitally important in the decommissioning process and severe accident management
- …
