196,782 research outputs found
La crescita esterna delle imprese assicurative europee
No full textIl settore assicurativo europeo è stato nell’ultimo decennio al centro di un importante processo di concentrazione stimolato da fattori quali, tra gli altri, deregulation e cicli positivi dei mercati azionari. Una parte rilevante delle M&A che hanno interessato assicurazioni europee ha avuto inoltre carattere cross-border.
Allo scopo di contribuire alla letteratura esistente, la presente tesi di dottorato analizza, tramite la tecnica dell’event study, gli effetti di creazione di valore determinati sui prezzi azionari delle imprese coinvolte dall’annuncio di 33 operazioni di aggregazione intraprese nel periodo 1997-2006 da assicurazioni europee nei confronti di altre assicurazioni ovvero di banche o altri intermediari finanziari.
I risultati, in linea con la prevalente letteratura in materia di aggregazioni nel settore finanziario, mostrano rendimenti anomali cumulati (CAR) lievemente negativi per l’assicurazione acquirente, sensibilmente positivi per l’impresa acquisita e complessivamente identificano effetti di tenue distruzione di valore per l’operazione nel suo complesso.
L’analisi multivariata dei rendimenti anomali mette in luce la preferenza del mercato verso operazioni di aggregazione su scala transnazionale, in accordo con le evidenze della letteratura che ipotizza una sorta di specialità del settore assicurativo rispetto al grado di internazionalità dei processi aggregativi, dimostrando la presenza di minori barriere implicite ad investimenti stranieri rispetto al mercato bancario. Il mercato ha inoltre attribuito una maggiore capacità di creazione di valore alle operazioni di crescita esterna che hanno interessato target di dimensione e volume d’affari relativamente piccoli rispetto all’acquirente, scontando minori difficoltà di integrazione. Infine, i CAR della società target sono risultati tanto più positivi quanto più l’assicurazione acquirente fosse caratterizzata da dimensione rilevante e performance reddituali positive, lasciando ipotizzare un beneficio per gli azionisti dell’impresa acquisita legato allo standing dell’acquirente.European insurance industry faced in the last 10 years a relevant consolidation process that was enhanced by, among others, deregulation and positive market cycles. A significant part of M&A transactions regarding European insurers was cross-border.
In order to contribute to the existing literature, this thesis analyses through an event study technique the wealth effects on share prices related to the announcement of 33 M&As in which a European insurer acquired an insurer, a bank or another financial institution in the period 1997-2006.
The results, in accordance with the major literature regarding consolidation in financial industry, show slightly negative cumulative abnormal returns (CAR) for the acquiring insurer, material positive CARs for the target institution and identify very little wealth destruction effects for the transaction as a whole.
A multivariate analysis of CAR shows market preference for cross-border integration; this result is in line with a literary strand that assumes sort of a specialty of insurance sector as regard to the internationality of M&A activity, indicating that implicit barriers to foreign investment are less relevant than in banking market. Moreover, market judged as value enhancing the acquisitions of targets of relative lower dimension compared to the acquirer, assuming lesser integration threats. Finally, the higher the dimension and the performance of the acquirer insurer, the higher the target CAR. This may indicate the existence for target shareholders of a “benefit” related to the acquirer standing
Connection Admission Control Issues for a CDMA Return Link in the Aeronautical Broadband Communication System
No full textOne of the hot topics in the communication world is to realize a network able to offer a combination of services complying with different requirements in every place of the world, thus achieving the concept of "entertainment everywhere". In such a context a key role is played by aeronautical world that seems to be one of the last remaining islands in which broadband communications are not available. The present paper aims at studying resource management for a CDMA-based return link via satellite to provide passengers with new generation services. We focus on the connection admission control problem for QoS guarantees, analyzing in particular, the effective bandwidth concept over CDMA discussing its applicability to a multi-service packet switched network. Two admission control algorithms are then derived, based on the effective bandwidth concept for the circuit switched-like services and on a moving average window and linear predictor model for packet switched services. Finally, the performance over aeronautical broadband communication system is evaluated. © 2005 IEEE
Resource allocation policies for QoS guarantee service provision over a CDMA satellite return link in the aircraft broadband communication system
No full textIn Next Generation Networks (NGN) a variety of services with different requirements, like real time communications, broadband Internet access, email services are expected. Consequently, Packet Scheduling mechanisms and Resource Allocation techniques for Quality of Service (QoS) guarantees will play a key role. This paper proposes two resource allocation strategies for a CDMA satellite return link, based on a Orthogonal Variable Spreading Factor (OVSF) codes with Earliest Deadline First policy (also referred to as Single Code CDMA) and Multi-Code with Generalized Processor Sharing policy (also referred to as Multi Code CDMA), respectively. Moreover a Minimum Power Allocation algorithm is implemented in order to maximize system capacity and guarantee Bit Error Rate (BER) requirements. An avionic environment has been taken as reference scenario and it is referred to as AirCom. The effectiveness of the two proposed algorithms for such a scenario is evaluated by means of software simulations using OPNET modeler. The work presented in this paper has been partially inserted in the framework of EU NATACHA project. © 2005 IEEE
Small intestinal bacterial overgrowth in patients with chronic pancreatitis.
No full textTo assess the prevalence of small intestinal bacterial overgrowth (SIBO) in chronic pancreatitis (CP), and analyze factors related with SIBO in CP.SIBO is to be considered a factor that worsens symptoms and nutritional status in patients with CP. However, the few studies evaluating the rate of SIBO in CP patients used nonuniform and nonstandardized procedures, and reported a wide range of positivity (0\% to 92\%). Those studies often investigated CP patients with previous resection surgery (cause of SIBO per se).CP patients and controls evaluated for SIBO by the H2 glucose breath test with a standard protocol. For CP patients, the relationship between test results, abdominal symptoms, and clinical and biochemical variables was analyzed.A total of 43 CP patients and 43 controls were enrolled. Of the CP patients, 8 had advanced disease (defined by M-ANNHEIM index) and none had undergone previous surgery. The glucose breath test positivity rate was higher in the CP patients than in the controls (21\% vs. 14\%), albeit without a significant difference (P=0.57). Mean fasting H2 excretion and mean H2 excretion at 120 minutes also had a trend toward higher levels in CP patients. There were no clinical differences between CP patients with or without SIBO, but there were nutritional differences for lower levels of vitamin D and higher levels of folate in these patients with SIBO.Our findings suggest that SIBO is not uncommon in uncomplicated CP patients. The lack of a significant difference compared with controls might be due to the study being underpowered. SIBO in CP patients does not seem to be related to peculiar clinical features, but it might affect nutritional status
A phase 1 study of buparlisib and bevacizumab in patients with metastatic renal cell carcinoma progressing on vascular endothelial growth factor-targeted therapies
No full textAbstract not availableRana R. McKay, Guillermo De Velasco, Lillian Werner, Joaquim Bellmunt, Lauren Harshman, Christopher Sweeney, Jonathan E. Rosenberg, Michelle Hirsch, Sabina Signoretti, Eliezer M. Van Allen, Meghara Walsh, Ulka Vaishampayan, David F. McDermott, and Toni K. Choueir
3He-counter tests for a 3He-neutron monitor section: Results from a preliminary evaluation
No full textDuring the year's couple 2002-2003 several tests were performed at the SVIRCO OBSERVATORY (CNR-IFSI -UNIRomaTre collaboration) to evaluate the possible use of 3He proportional counters in standard neutr:on monitors. Preliminary results suggest the compatibility of the 3He counters with the 10BF3 ones
Recurrent biliary acute pancreatitis is frequent in a real-world setting
No full textBackground: Data about recurrent acute pancreatitis (RAP) are limited. Aims: To evaluate the rate of RAP and associated factors. Methods: Single-centre prospective study of consecutive patients at first episode of acute pancreatitis (AP) being followed-up. Results: Of 266 consecutive AP patients, (47% biliary, 15.4% alcoholic, 14.3% idiopathic) 66 (24.8%) had RAP in a mean follow-up of 42 months; 17.9% of recurrences occurred within 30 days from discharge. Age, gender, smoking and severity of first AP were not associated with RAP risk. The rate of biliary RAP was 31.3% in patients who did not receive any treatment, 18% in those treated with ERCP only, 16% in those who received cholecystectomy only, and 0% in those treated both with surgery and ERCP. Patients with biliary AP who received cholecystectomy had a significantly longer time of recurrence-free survival and reduced recurrence risk (HR = 0.45). In patients with alcoholic AP, the rate of recurrence was lower in those who quit drinking (5.8% vs 33%; p = 0.05). The alcoholic aetiology was associated with a higher risk of having >2 RAP episodes. Conclusion: RAP occurs in about 25% of cases, and failure to treat biliary aetiology or quitting drinking is associated with increased recurrence risk
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