323,066 research outputs found
Can unlisted firms benefit from market information? A data-driven approach
No full text[EN] We employ a sample of 10,136 Italian micro-, small-, and mid-sized enterprises (MSMEs) that borrow from 113 cooperative banks to examine whether market pricing of public firms adds additional information to accounting measures in predicting default of private firms. Specifically, we first match the asset prices of listed firms following a data-driven clustering by means of Neural Networks Autoencoder so to evaluate the firm-wise probability of default (PD) of MSMEs. Then, we adopt three statistical techniques, namely linear models, multivariate adaptive regression spline, and random forest to assess the performance of the models and to explain the relevance of each predictor. Our results provide novel evidence that market information represents a crucial indicator in predicting corporate default of unlisted firms. Indeed, we show a significant improvement of the model performance, both on class-specific (F1-score for defaulted class) and overall metrics (AUC) when using market information in credit risk assessment, in addition to accounting information. Moreover, by taking advantage of global and local variable importance technique we prove that the increase in performance is effectively attributable to market information, highlighting its relevant effect in predicting corporate default.Bitetto, A.; Filomeni, S.; Modina, M. (2022). Can unlisted firms benefit from market information? A data-driven approach. En 4th International Conference on Advanced Research Methods and Analytics (CARMA 2022). Editorial Universitat Politècnica de València. 65-72. https://doi.org/10.4995/CARMA2022.2022.15045OCS657
La leva operativa
No full textLo scritto intende illustrare in chiave manageriale le potenzialità di simulazione offerte dalla leva operativ
L'adozione dei principi contabili internazionali ed il sistema di controllo gestionale. Le possibili interrelazioni alla luce di una ricerca esplorativa sulle aziende italiane
No full textL’articolo riporta i risultati di un’indagine empirica avente l’obiettivo di analizzare gli impatti causati dall’adozione dei principi contabili internazionali sul sistema di controllo direzionale. La ricerca è stata condotta attraverso un questionario somministrato alle aziende italiane che avevano redatto il bilancio d’esercizio secondo i principi contabili internazionali (IAS/IFRS); la nostra indagine ha dimostrato che nella maggior parte dei casi i cambiamenti introdotti dai nuovi principi contabili si sono limitati a graduali miglioramenti e modificazioni non radicali dei sistemi di controllo, mentre più raramente si è assistito all’introduzione di nuovi strumenti; in maniera del tutto analoga si sono rilevati impatti limitati nella struttura organizzativa e nei processi di controllo
Cumulus-oocyte communications during in vitro maturation in the horse : effects of season and estrous mare serum
No full textEventi e cambiamenti nelle scuole veterinarie italiane durante il periodo napoleonico (1796-1814) = Events and changes in the Italian Veterinary Schools during the Napoleonic period 1796-1814
No full textPochi giorni prima della fondazione, a Torino, della prima Scuola veterinaria in Italia (1° settembre 1769), nasceva ad Ajaccio Napoleone Buonaparte (15 agosto 1769). Successivamente, furono costituite anche le Scuole veterinarie di Padova, Ferrara, Milano, Modena, Napoli. Negli anni in cui l’influsso del nascente astro napoleonico si estese progressivamente sulla penisola, dalla prima Campagna militare contro gli Austriaci (1796), alla costituzione del Regno d’Italia (1805), fino poi alla sua destituzione (1814), non fu fondata nessuna nuova scuola veterinaria nei territori controllati dai Francesi; tuttavia, nonostante alcune soppressioni (Padova, Ferrara, Modena) e ridimensionamenti funzionali (Torino), avvennero importanti cambiamenti che interessarono in particolare la Scuola di Milano. Questa venne completamente riorganizzata (ampliamento del corpo docenti, riorganizzazione degli insegnamenti, cambiamento di sede, istituzione del convitto) e divenne l’unica scuola teorico-pratica completa del neonato Regno, paragonabile alle celebri scuole francesi di Lione e di Alfort. In questo processo, durato vari anni (1804-1808), ebbero ruolo fondamentale: Eugenio Beauharnais, viceré d’Italia, Pietro Moscati, presidente del Magistrato centrale di Sanità e direttore generale dell’Istruzione pubblica, il professor Giovanni Pozzi, direttore della Scuola, il professor Louis Leroy, anatomista veterinario di origini francesi. A quest’ultimo si deve anche il primo nucleo di formazione del Museo Anatomico milanese (1808). La rifondazione della Scuola Veterinaria fu inserita in un ampio programma di opere pubbliche pensate per Milano capitale, andando nel contempo a supportare la Cavalleria militare, costantemente impegnata sui territori italiani ed europei. Va ricordato che, durante il periodo napoleonico, si formarono e si diplomarono presso la Scuola Milanese giovani veterinari che sarebbero stati futuri docenti presso altre Scuole, come Tommaso Bonaccioli (Ferrara), Vincenzo Mazza (Pisa; Napoli) e Robert Fauvet (Roma). Caso a parte fu la Scuola di Napoli, dove la rifondazione, ideata da Gioacchino Murat già nel 1812, poté completarsi soltanto dopo la caduta del suo Regno, alla fine del 1815.A few days before the foundation, in Turin, of the first Veterinary School in Italy (1 September 1769), Napoleon Buonaparte was born in Ajaccio (15 August 1769). Later, the Veterinary Schools of Padua, Ferrara, Milan, Modena, Naples were also established. In the following years, when the influence of the rising Napoleonic star progressively extended over the peninsula, from the first military campaign against the Austrians (1796), to the establishment of the Kingdom of Italy (1805), and so to its deposition (1814), no new veterinary school was founded in the territories controlled by the French; however, despite some suppressions (Padua, Ferrara, Modena) and functional downsizing (Turin), important changes were taking place, affecting in particular the School of Milan. This was completely reorganized (expansion of the teaching staff, reorganization of courses, change of seat, institution of the boarding school) and became the only complete theoretical-practical school of the newborn Kingdom, comparable to the famous French schools of Lyon and Alfort. In this process, which lasted several years (1804-1808), the following figures played a fundamental role: Eugene de Beauharnais, Viceroy of Italy, Pietro Moscati, President of the Central Health Magistrate and general Director of Public Education, Professor Giovanni Pozzi, Director of the School, Professor Louis Leroy, French-born veterinary anatomist. The latter was also responsible for the first nucleus of the Milan Anatomical Museum (1808). The re-founding of the Veterinary School was part of a wide-raging program of public works, designed for Milan as the capital city; in the same time it supported the Military Cavalry, constantly engaged in the Italian and European territories. It should be noticed that, during the Napoleonic period, some young veteri narians were trained and graduated from the Milan School who were to become future teachers at other schools, such as Tommaso Bonaccioli (Ferrara), Vincenzo Mazza (Pisa; Naples) and Robert Fauvet (Rome). The School of Naples was a separate case, because its re-foundation, conceived by Joachim Murat as early as 1812, could only be completed after the fall of his Kingdom, at the end of 1815
Small-sized newborn dogs skeletal development: radiologic, morphometric, and histological findings obtained from spontaneously dead animals
No full textBackground: Very little is known about neonatal skeletal development in small-sized purebred dogs. In order to
improve this knowledge, 27 spontaneously dead puppies belonging to small-sized breeds were enrolled in this
study for radiologic, histological and morphometric investigations.
Results: The appearance of the limb secondary ossification centers and the onset of their formation were clearly
observed by x rays and confirmed by histological evidences. Radiographic and anatomic measurements of limb
bones length and skull length and width were positively correlated with body weight and age of the subjects and
the body weight was positively correlated with radius bone mineral density, as demonstrated by dual-energy x-rays
absorptiometry.
Conclusions: These data provided original information on the growth of newborn small-sized breed dogs, and
suggest that cadavers may be useful to study skeletal development
Progesterone Receptor Membrane Component-1 (PGRMC1) nucleolar localization in bovine granulosa cells and its putative interaction with nucleolin
No full textPGRMC1 is a multifunctional protein that is found in multiple subcellular compartments, suggesting a
specific function at each site. Among the several subcellular sites of expression, PGRMC1 was found in
the nucleolus of human cells (Ahmad et al. 2009) and bovine zygotes (Luciano et al. 2010). However, the
role at this site is not clear. Therefore, the aim of this study is to assess whether PGRMC1 modulates
nucleolar function. Immunofluorescence experiments confirmed nucleolar localization in rat
spontaneously immortalized granulosa cells, bovine granulosa cells (bGC) and bovine oocytes.
Moreover, in bGC PGRMC1 co-localizes with nucleolin, a well-known nucleolar marker exerting
important functions within the nucleolus. Additionally, siRNA mediated gene knockdown experiments
showed that when PGRMC1 expression is silenced, nucleolin localization shifts from the nucleolus to the
nucleoplasm, suggesting a PGRMC1/nucleolin functional association. However, in situ proximity ligation
assay did not detect a direct interaction between these two proteins, suggesting the involvement of
additional molecules that could mediate PGRMC1/nucleolin interaction.
In conclusion, these studies suggest a function for PGRMC1 in nucleolar activity and set the stage for
further investigations aimed at dissecting PGRMC1’s molecular mechanisms of action in the nuclear
compartment
Influence of different stages of the oestrous cycle on cumulus-oocyte communications in canine oocytes : effects on the efficiency of in vitro maturation
No full textThe aim of this study was to investigate the effects of different stages of the oestrous cycle on the communications between dog oocytes and cumulus cells, as well as their possible relationships with the meiotic competence of oocytes matured in vitro. Ovaries were harvested from bitches undergoing anoestrus or late pro-oestrus. Maturation of cumulus-oocyte complexes (COCs) was performed in TCM-199 with 0.3% (w/v) BSA, 0.5 iu FSH ml-1 and 0.5 iu LH ml-1 for 72 h. At the time of collection (0 h), and after 24, 48 or 72 h of culture, some oocytes were stained with Lacmoid to evaluate the nuclear stage of maturation. At 0, 24 or 48 h of in vitro maturation (IVM), oocytes were microinjected (n = 84) with a 3% (w/v) Lucifer yellow solution to evaluate the presence of cumulus-oocyte communications through gap junctions. At t = 0, communications were open in 89% of COCs collected during late pro-oestrus, whereas such communications were not evident in any of the oocytes collected during anoestrus. Communications remained permeable for the first 24 h of maturation in many late pro-oestrous oocytes (67%), whereas no fluorescence diffusion was observed at 48 h of maturation. The presence of cumulus-oocyte communications in late pro-oestrous oocytes was accompanied by their ability to resume meiosis and reach telophase I or metaphase II at higher rates than in oocytes collected during anoestrus (11.1% versus 0%, respectively; P < 0.01). These results indicate that, during anoestrus, there are no permeable gap junctions between oocytes and surrounding cumulus cells at the time of isolation from the ovary. This finding indicates that such oocytes are unsuitable for IVM, as confirmed by their inability to reach telophase I or metaphase II in culture. In contrast, a positive correlation was observed between the presence of permeable gap junctions and meiotic competence in COCs isolated at late pro-oestrus. However, the small proportion of oocytes reaching telophase I and metaphase II indicates that further efforts to define better culture conditions are still required
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