37 research outputs found
Determinants of business angels investments: an empirical analysis of the italian informal venture capital market product=determinants-of-business-angels-investments-an-empirical-analysis-of-the-italian-informal-venture-capital-market
No full textThe aim of this study is to analyze the returns of business angels’ investments and their determinants. In this research the author wants to investigate the relationship existing between the performance of business angels investments and a series of explanatory variables widely used in the literature dealing with formal venture capital investments. Thanks to the data provided by surveyed business angels about their exits, it has been possible to build a dataset containing the details of about 90 disinvestments made in Italy during the 2007-2010 time period. This study shows that the most important features business angels look for when financing new firms is the management team, followed by the potential growth of the market. - See more at: http://dl4.globalstf.org/?wpsc-product=determinants-of-business-angels-investments-an-empirical-analysis-of-the-italian-informal-venture-capital-market#sthash.8tNaCe5V.dpu
What drives the returns of business angels’ investments? An empirical analysis of the Italian informal venture capital market
No full textThe aim of this study is to analyze the returns of business angels’ investments and their determinants. In this research the author wants to investigate the relationship existing between the performance of business angels’ investments and a series of explanatory variables widely used in the literature dealing with formal venture capital investments. Thanks to the data provided by surveyed business angels about their exits, it has been possible to build a dataset containing the details of about 90 disinvestments made in Italy during the 2007-2010 time periods. This study shows that the most important features business angels look for when financing new firms is the management team, followed by the potential growth of the market. Furthermore, the exit strategy and the industry financed have a significant impact on the IRR of angels’ investment
The EWMAST Control Charts with Estimated Limits: Properties and Recommendations.
No full textZhang extends the traditional EWMA control chart to the case of stationary processes, showing how the control limits can be analytically adjusted as a function of the process variance and autocorrelation. When parameters are unknown, the author also suggests how to estimate the control limits. Zhang's proposal is operationally simple and fully automatic. For this reason, it looks quite appealing from the practitioner's point of view. However, the impact of parameter estimation on the chart performance is not investigated. Since charts designed using estimated parameters can have an unsatisfactory behaviour, we study the impact of the estimation errors and give practical recommendations on the smallest sample size for which satisfactory accuracy is obtained
Operazioni straordinarie e tutela degli investitori: il caso della pressure to tender
No full textIl lavoro si propone di commentare la delibera CONSOB n. 17731 del 5 aprile 2011 con la quale è stato in più parti modificato il Regolamento Emittenti (Reg. n. 11971 del 14 maggio 1999) introducendo, fra le altre, disposizioni volte a contrastare la c.d. pressure to tender (o coazione a vendere).
Il fenomeno della pressure to tender si verifica quando i c.d. azionisti mar-ginali, ossia quegli oblati la cui adesione, singolarmente considerata, non è de-terminante per il successo dell’offerta, basano le proprie valutazioni in ordine alla convenienza di un’eventuale adesione non sull’effettiva convenienza del prezzo offerto ma sui propri timori sul deprezzamento dei titoli nell’ipotesi di successo dell’offerta medesima.
I problemi di coordinamento tra gli azionisti marginali nell’ambito della scelta circa l’adesione ad offerte pubbliche di acquisto c.d. coercitive sono da tempo oggetto di riflessione nell’esperienza giuridica statunitense, che ha ela-borato tutta una serie di correttivi volti ad assicurare che il trasferimento del controllo avvenga a seguito di una scelta non distorta da parte degli oblati.
L’articolo analizza i nuovi art. 39-bis e 40-bis del Regolamento Emittenti. In primo luogo si espone in maniera critica la scelta compiuta dalla CONSOB di limitare l’applicazione dei rimedi proposti alle sole offerte promosse da sog-getti che detengano una partecipazione rilevante nella società target (c.d. “insi-ders”). Conseguentemente, si segnalano i possibili arbitraggi normativi che una tale scelta potrebbe comportare con la disciplina in materia di operazioni con parti correlate di cui al Regolamento CONSOB n. 17221/10. In un secondo momento si pone l’attenzione ai tre diversi correttivi alla pressure to tender previsti dalla nuova normativa regolamentare: a) la necessità, prevista dall’art. 39-bis, di un parere degli amministratori indipendenti “sull’offerta e la congrui-tà del corrispettivo”; b) una riapertura dei termini dell’offerta (c.d. “second round requirement”); c) l’esenzione dall’applicazione del rimedio sub b) qualo-ra l’offerente subordini l’efficacia della propria offerta all’approvazione da parte di una “maggioranza della minoranza” (c.d. “voting requirement”).
La parte finale dell’articolo pone a confronto i due diversi strumenti corret-tivi del second round requirement e del voting requirement, prendendo in con-siderazione anche le contigue discipline in tema di OPA preventiva parziale e OPA residuale ex artt. 107-108 T.U.F. oltre che in materia di fusione semplificata ex art. 2505-bis c.c., per poi esporre le ragioni di una preferenza per il se-condo dei due.The paper proposes a comment on the CONSOB resolution n. 17731 of April, 5, 2011, which modified the Stock Exchange Regulations for Listed Companies (Res. n. 11971 of May, 14, 1999, “Regolamento Emittenti”) by providing new remedies to the pressure to tender phenomenon.
The pressure to tender phenomenon happens when tender decisions of mar-ginal investors facing a takeover are not based on their own opinion on the of-fered acquisition price but on the fear that, if they do not tender, the bidder might still gain the control and their minority shares could consequentially be depreciated.
Marginal investors’ coordination problem in coercive tender offers has re-ceived much attention in United States, where Courts have designed many dif-ferent remedies aimed to assure an “undistorted choice”, when the bid succeeds only if the offered price is higher than the “independent target’s value”.
The paper analyses art. 39-bis and art. 40-bis of the Regolamento Emittenti. Firstly, the author cr
Testing the domain-general nature of monitoring in the spatial and verbal cognitive domains
No full textWhile it is well-established that monitoring the environment for the occurrence of relevant events represents a key executive function, it is still unclear whether such a function is mediated by domain-general or domain-specific mechanisms. We investigated this issue by combining event-related potentials (ERPs) with a behavioral paradigm in which monitoring processes (non-monitoring vs. monitoring) and cognitive domains (spatial vs. verbal) were orthogonally manipulated in the same group of participants. They had to categorize 3-dimensional visually presented words on the basis of either spatial or verbal rules. In monitoring blocks, they additionally had to check whether the word displayed a specific spatial configuration or whether it contained a certain consonant. The behavioral results showed slower responses for both spatial and verbal monitoring trials compared to non-monitoring trials. The ERP results revealed that monitoring did not interact with domain, thus suggesting the involvement of common underlying mechanisms. Specifically, monitoring acted on lower-level perceptual processes (as expressed by an enhanced visual N1 wave and a sustained posterior negativity for monitoring trials) and on higher-level cognitive processes (involving larger positive modulations by monitoring trials over frontal and parietal scalp regions). The source reconstruction analysis of the ERP data confirmed that monitoring was associated with increased activity in visual areas and in right prefrontal and parietal regions (i.e., superior and inferior frontal gyri and posterior parietal cortex), which previous studies have linked to spatial and temporal monitoring. Our findings extend this research by supporting the domain-general nature of monitoring in the spatial and verbal domains
"Through Humility the Path to Godliness Ascends on High": St. Augustine's Challenge to Modern Thought on Humility and Greatness
No full textDegree awarded: Ph.D. Systematic Theology. The Catholic University of America"Through Humility the Path to Godliness Ascends on High": St. Augustine's Challenge to Modern thought on Humility and GreatnessJoseph John McInerney, Ph.D.Director: Joseph E. Capizzi, Ph.D. "Everyone who exalts himself will be humbled, and he who humbles himself will be exalted" (Lk 14:11). Few thinkers in the Christian tradition place greater emphasis on this Gospel principle than Augustine of Hippo. Augustine asserts that humility is the key to one's salvation and is the foundation of a person's greatness. Humility plays no such role, however, in the thought of classical or modern philosophers. The moral theories of Aristotle, Plotinus, Hume, and Nietzsche espouse little relation between humility and moral excellence or propose a view of that relationship in which humility is opposed to greatness. The purpose of this study is to detail the moral principles various thinkers use to approach the ideas of humility and greatness, thus demonstrating the manner in which each author comes to a particular conclusion regarding the relationship between the two principles. The focus of the study will be upon Augustine's conception of humility and greatness, as his understanding is unique in the positive value it attributes to humility in its relation to human excellence. Following an introductory chapter, the second section of the study describes classical conceptions of humility and greatness, investigating the views of Aristotle, the Stoic school of thought, Cicero, and Plotinus. The following three sections are devoted to the principles in which Augustine grounds his view of humility and greatness and a description of the relationship itself. Section three examines the scriptural and philosophical presuppositions that form Augustine's view of the relationship. The fourth section investigates the relation of humility to Augustine's understanding of morality. Section five details Augustine's explicit presentation of the relationship between humility and greatness. Following the description of Augustine's thought the sixth section examines the presentation of humility and greatness in the works of David Hume and Friedrich Nietzsche. The seventh and final section provides a concluding analysis on the basis of Alasdair MacIntyre's methodology for comparing rival theories of moral enquiry. The study concludes that Augustine's position regarding the importance of humility to human greatness provides significant resources to the understanding of greatness lacking in authors who neglect or repudiate that importance.Made available in DSpace on 2012-11-01T17:08:16Z (GMT). No. of bitstreams: 1
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Treatment of allergic conjunctivitis : results of a 1-month, single-masked randomized study
No full textPURPOSE: To compare the effects of topical antiallergic eyedrops in relieving the signs and symptoms of patients with allergic conjunctival pathology.
METHODS: In this multicenter, single-masked, randomized study, 240 patients with signs and symptoms of allergic conjunctivitis were randomized to receive 1 of the following 8 treatments twice daily: cromolyn sodium/chlorpheniramine maleate, diclofenac, epinastine, fluorometholone, ketotifen, levocabastine, naphazoline/antazoline, and olopatadine. Clinical signs and symptoms were evaluated by a masked operator using a 10-point scale at the moment of enrollment (day 0) and at weeks 1, 2, and 4. The percentage of patients achieving at least a small (at least 50% reduction of the total scale score) or a good (at least 75%) improvement of signs and symptoms was calculated at each visit. Tolerability was also evaluated as the duration of discomfort after instillation.
RESULTS: All drugs gave some improvement in symptoms in more than 85% of cases. Epinastine and olopatadine obtained at least a good relief of symptoms in 37% and 33% of cases at week 1. At the end of the study, good improvement of symptoms was obtained in at least 70% of patients by epinastine, ketotifen, fluorometholone, and olopatadine, whereas a 75% improvement for signs was obtained only by fluorometholone and ketotifen. Naphazoline/antazoline induced higher discomfort compared to the other study treatments (p<0.0001).
CONCLUSIONS: The efficacy of epinastine, ketotifen, and olopatadine in the treatment of allergic conjunctivitis was comparable to fluorometholone. Naphazoline/antazoline had lower tolerability than the other study treatment
Digitization in the Market for Entrepreneurial Finance: Innovative Business Models and New Financing Channels
No full textDigitization creates new financial channels that complement traditional intermediaries, but may raise concerns over fraud, cybersecurity, or bubbles. Artificial intelligence and machine learning change the way in which traditional investors work. This special issue focuses on economic, cultural, and regulatory determinants of fintech development, and on the new forms of information production and processing engendered by digital entrepreneurial finance. We provide a general overview of digitization in the market for entrepreneurial finance, illustrate how the different articles in the special issue contribute to advance our knowledge, and identify promising avenues for research.The author(s) received no financial support for the research, authorship, and/or publication of this articl
Rights and the Common Good: An Ethical Evaluation of the Exercise of the Natural Right of HIV/AIDS Patients to Marry in the Light of the Common Good
No full textRights and the Common Good: An Ethical Evaluation of the Exercise of the Natural Right of HIV/AIDS Patients to Marry in the Light of the Common GoodWilliam Neba, S.T.D.Director: Joseph E. Capizzi, Ph.D.HIV/AIDS can be transmitted through heterosexual intercourse, transfusion of infected blood, and from an infected mother to child through delivery. HIV--a retrovirus--is capable of mutating into various strands, which makes it difficult to develop a vaccine. While this is an on-going concern for the scientific community, another issue is facing the society today--whether an HIV/AIDS carrier can still insist on exercising his natural right to marry (ius connubii), given the risk of exposing an uninfected partner and possible offspring to a mortal, irreversible illness?This project addresses this question by first establishing the general principles pertaining to the meaning of natural rights. It elaborates on what they entail and the obligations that come with their exercise for the common good, and underlines that they can be limited. Then it shows that the Church recognizes the ius connubii and protects its exercise, especially by the sick--lepers and the insane--if they find willing partners. However, the Church also limits the exercise of the ius connubii by establishing impediments when such exercise threatens certain ecclesial goods. Next, the work lays out the data on HIV/AIDS to illustrate how it threatens the exercise of the ius connubii, with particular reference to Cameroon in sub-Saharan Africa. Finally, based on moral-ethical arguments, the project demonstrates that HIV/AIDS carriers that lack adequate access to medical assistance would face difficulties in fulfilling the responsibilities inherent in marriage. Furthermore, the research demonstrates that recent advances in antiretroviral therapy can help HIV/AIDS carriers have a better quality of life and even generate HIV-free children. Thus, the Church cannot establish HIV/AIDS an impediment to marriage, lest she risks unjustly restricting millions of the Christifideles from exercising their natural right to marry--a vocation embraced by the majority of the human race. Thus, this project, based on the weight of the moral-ethical arguments, concludes by proposing solutions to the aforementioned problems, with the aim of fighting this modern evil that has the potential to jeopardize not only the sanctity of marriage and family life, but also the future of the society as a whole.Degree awarded: S.T.D. Moral Theology/Ethics. The Catholic University of Americ
H-tailored surface conductivity in narrow band gap In(AsN)
No full textWe show that the n-type conductivity of the narrow band gap In(AsN) alloy can be increased within a thin (similar to 100 nm) channel below the surface by the controlled incorporation of H-atoms. This channel has a large electron sheet density of similar to 10(18) m(-2) and a high electron mobility (mu > 0.1 m(2)V(-1)s(-1) at low and room temperature). For a fixed dose of impinging H-atoms, its width decreases with the increase in concentration of N-atoms that act as H-traps thus forming N-H donor complexes near the surface. (C) 2015 Author(s). All article content, except where otherwise noted, is licensed under a Creative Commons Attribution 3.0 Unported License
