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The Long-Run Performance of IPOs in Italy： A Comparison of Venture and Non-Venture-Backed Companies

Chinese Business Review 2012年第8期11卷 691-705页

作者： fabrizio rossi University of Cassino and Southern Lazio Cassino Italy

The phenomena associated with the performance of newly listed companies has increased the interest of many researchers who have developed a vast literature on long-term underpricing and underperformance, which together with hot and cold issue markets, represent the three anomalies that have always accompanied with Initial Public Offerings （IPOs）. The objective of this work is to investigate the long-run performance of IPOs of venture and non-venture-backed companies. The analysis of a sample of 102 IPOs carried out in Italy in 1998-2005 revealed that both companies （venture-backed and non-venture-backed） showed negative values, thus, confirming the phenomenon of underperformance. During the 36 months following their listing, venture-backed companies seemed to register negative and statistically significant values both with the CARsVB methodology （-93.99%） and the Buy and Hold Abnormal Returns methodology （BHARsVB -88.37%）. Venture-backed companies, unlike non- venture-backed companies, seem to be able to restrain the losses, measured by both methods, in the first 12 months （CARsB - 12.38% -20.15% CARSNNVB; BHARsVB - 10.17%; BHARsNVB - 15.51%）. During the 36 months, however, the IPOs showed negative and statistically significant values regardless of whether they were venture or non-venture-backed. The test on the difference between the average abnormal returns of the two methodologies （CAARS and BHAARs） did not produce statistically significant results. The Wealth Relative was calculated and from the results it would appear that the portfolio of venture-backed IPOs does not register ＂brilliant＂ performances. The portfolio of 102 IPOs does not seem to beat the ＂market portfolio＂. In conclusion, therefore, the phenomenon of underperformance seems to be real in our country and is documented by strongly negative and statistically significant values obtained from the samples of IPOs analyzed.

关键词： portfolio choice investment decisions Initial Public Offerings (IPOs) Buy and Hold Abnormal Returns venture-backed firms long-run underperformance Italian stock market wealth relative

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The Post-Merger Performance： Evidence From Italy

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Chinese Business Review 2012年第11期11卷 931-945页

作者： fabrizio rossi University of Cassino and Southern Lazio Cassino Italy

The objective of this paper is to investigate whether mergers create value for shareholders in both the short and long term. For this purpose, 120 announcements of mergers that were registered in Italy during the period 1994-2006 among listed companies were examined. The short-term analysis was conducted using the event study methodology in order to estimate the cumulative abnormal returns （CARs） in the time window around the announcement date （-10, ＋10）. In this work, the sample of 120 mergers was divided into two sub-samples： the first considers the mergers that were carried out in all sectors of the economy, and the second focuses only on bank mergers. From the results obtained it would appear that, while the sub-sample of all mergers registered a statistically significant value creation for the shareholders of both the bidder and target companies, values also confirmed by combined analysis, the second sub-sample registered negative values for bidder companies and positive values for target companies. Negative values also seem to be confirmed by the results of the combined analysis both at the date of announcement and throughout the entire period of observation. For the long-term analysis, the Buy and Hold Abnormal Returns （BHARs） methodology was used, with which it was possible to observe the returns for three years. In the 36 months following the merger, the portfolios showed a significant destruction of value

关键词： post-merger performance Buy and Hold Abnormal Returns (BHARs) Cumulative Abnormal Returns(CARs) banks Italian stock market event study

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The Relationship Between Intellectual Capital （IC） and Stock Market Performance： Empirical Evidence From Italy

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Journal of Modern Accounting and Auditing 2012年第11期8卷 1729-1741页

作者： Domenico Celenza fabrizio rossi University of Cassino and Southern Lazio Cassino Italy

Intellectual capital （IC） is an important source of value for companies. The competitive firm invests in new productive ideas through scientific and technological researches of the human factor and services. The traditional factors of＂old economy＂ based on physical assets have been replaced or at least reinforced, with the belief that the ＂new economy＂ takes its steps mainly through IC. The knowledge workers, at every organizational level, have the knowledge that allows the organization to be competitive and deal with the complexity of the environment by creating intellectual added value. In particular, the proposed analysis consists with an empirical way to show other financial indicators and market-to-book （MTB） value from the perspective of creating value for shareholders based on the dynamics of companies＇ performance, as value-added intellectual capital （VAICTM） is capable of expressing a direct relationship with the return on equity （ROE）. The traditional financial information cannot ensure the high efficiency of a stock market and the need for IC reporting to explain intangible asset contribution in company performance.

关键词： intellectual capital (IC) evaluation method value-added intellectual capital (VAICTM) knowledge-based firms stock market performance financial ratios

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Do M＆As Generate Value for Shareholders？ An Analysis of the Italian Banking Sector

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Chinese Business Review 2012年第2期11卷 206-216页

作者： Carmelo Intrisano fabrizio rossi University of Cassino Cassino Italy

The aim of this paper is to verify if the M＆As implemented in the past decade in the banking sector have created value for shareholders. For this purpose a sample of 72 deals carded out during the period of 1994-2005 were examined using the ＂event study＂ methodology. These deals were subdivided into three sections： acquisitions, mergers and M＆As. The results obtained seem to suggest a creation of value for the target companies and a destruction of value for the bidders in all three cases. From the analysis of the combined values, on the other hand, a significant destruction of value is deduced in both mergers and in M＆As.

关键词： portfolio choice investment decisions mergers and acquisitions banks event studies

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The Efficient Market Theory and Mergers and Acquisitions （M＆As） Puzzle： Evidence From Italy

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Journal of Modern Accounting and Auditing 2012年第11期8卷 1704-1711页

作者： Domenico Celenza fabrizio rossi University of Cassino and Southern Lazio Cassino Italy

The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions （M＆As） are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all （or most of） the countries of the world. This work examines the long-run performance in M＆As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns （BHARs） methodology was used, with which it was possible to observe the returns for three years following the deal.

关键词： efficient market theory mergers and acquisitions (M&As) portfolio choice investment decisions buyand hold abnormal returns (BHARs) long-run performance Italian stock market

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Accounting Harmonization for the Assessment of the Public Expenditure in Healthcare Service： Evidence From the Italian Experience

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Journal of Modern Accounting and Auditing 2013年第8期9卷 1005-1017页

作者： Niccol6 Persiani Alberto Romolini fabrizio rossi Claudia Galanti University of Florence Florence Italy International Telematic University Uninettuno Rome Italy University of Tuscia Viterbo Italy

The introduction of the New Public Management （NPM） has not bridged the differences among the various European accounting traditions. In Italy, in particular, there are still different accounting methods in all public sectors. In the healthcare system, these differences have emerged more strongly. The recent Italian reform on accounting harmonization seems to be the answer to this accounting disharmony and represents a means of controlling public expenditure. This study aims to analyze the consolidated financial statement and the consolidated cash flow statement of the regional healthcare system as a new tool for the accounting harmonization. This paper is divided into two logical parts： In the first part, the authors analyze how the new accounting model is evolving under the current reform; in the second part, the authors analyze the consolidated financial statement and the consolidated cash flow statement that has been applied experimentally over the last two years in the Umbria Region.

关键词： accounting harmonization consolidated financial statement consolidated cash flow statement,healthcare public expenditure

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Impact of severe left ventricular dysfunction on mid-term mortality in elderly patients undergoing transcatheter aortic valve implantation

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Journal of Geriatric Cardiology 2016年第4期13卷 290-298页

作者： Giuseppe Ferrante Patrizia Presbitero Paolo Pagnotta Anna Sonia Petronio Nedy Brambilla Federico De Marco Claudia Fiorina Cristina Giannini fabrizio D'Ascenzo Silvio Klugmann Marco L rossi Federica Ettori Francesco Bedogni Luca Testa Department of Cardiovascular Medicine Humanitas Research Hospital Rozzano Italy Cardiothoracic and Vascular Department Azienda Ospedaliero-Universitaria Pisana Pisa Italy Department of Cardiology IRCCS Pol. S. Donato S. Donato Milanese Milan Italy Department of lnterventional Cardiology Niguarda Ca' Granda Hospital Milan Italy Cardiothoracic Department Spedali Civili di Brescia Brescia Italy Cardiothoracic Department Ospedale Molinette Torino Italy

Background Whether patients with reduced left ventricular function present worse outcome after transcatheter aortic valve implantation （TAVI） is controversial. The aim of this study was to assess the impact of baseline severe impairment of left ventricular ejection fraction （LVEF） on mortality after TAVI. Methods Six-hundred-forty-nine patients with aortic stenosis underwent TAVI with the CoreValve system （92.8%） or the Edwards SAPIEN valve system （7.2%）. Baseline LVEF was measured by the echocardiographic Simpson method. The impact of LVEF 〈 30% on mortality was assessed by Cox regression. Results Patients with LVEF 〈 30% （n = 63）, as compared to those with LVEF 〉 30% （n = 586）, had a higher prevalence of NHYA class 〉 2 （P 〈 0.001） and presented with a higher Euroscore （P 〈 0.001）. Procedural success was similar in both groups （98.4% vs. 97.2%, P = 1）. After a median follow-up of 436 days （25^-75th percentile, 357-737 days）, all-cause mortality [23.8% vs. 23.7%, P = 0.87, hazard ratios （HR）： 0.96, 95% confidence intervals （CI）： 0.56-1.63] and cardiac mortality （19.1% vs. 17.6%, P = 0.89, HR： 1.04, 95% CI： 0.57-1.90） were similar in patients with LVEF 〈 30% as compared to those with LVEF 〉 30%. Thirty-day all-cause mortality was not significantly different between the two groups （11.1% vs. 6.3%, P = 0.14, HR： 1.81, 95% CI： 0.814.06）. Patients with LVEF 〈 30% had a trend toward higher risk of 30-day cardiac mortality （11.1% vs. 5.3%; P = 0.06, HR： 2.16, 95% CI： 0.95-4.90）, which disappeared after multivariable adjustment （P = 0.22）. Conclusions Baseline severe impairment of LVEF is not a predictor of increased short-term and mid-term mortality after TAVI. Selected patients with severe impairment of left ventricular function should not be denied TAVI.

关键词： Left ventricular ejection fraction Mortality Transcatheter aortic valve implantation

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Serial physical examinations, a simple and reliable tool for managing neonates at risk for early-onset sepsis

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World Journal of Clinical Pediatrics 2016年第4期5卷 358-364页

作者： Alberto Berardi Anna Maria Buffagni Cecilia rossi Eleonora Vaccina Chiara Cattelani Lucia Gambini Federica Baccilieri Francesca Varioli fabrizio Ferrari Neonatal Intensive Care Unit Department of Mother and Child Policlinic University Hospital Neonatal Intensive Care Unit Department of Obstetric and Pediatric Arcispedale Santa Maria Nuova

AIM To investigate whether serial physical examinations(SPEs) are a safe tool for managing neonates at risk for early-onset sepsis(EOS). METHODS This is a retrospective cohort study of neonates(≥ 34 wks' gestation) delivered in three high-volume level Ⅲbirthing centres in Emilia-Romagna(Italy) during a 4-mo period(from September 1 to December 31, 2015). Neonates at risk for EOS were managed according to the SPEs strategy, these were carried out in turn by bedside nursing staff and physicians. A standardized form detailing general wellbeing, skin colour and vital signs was filled in and signed at standard intervals(at age 3, 6, 12, 18, 36 and 48 h) in neonates at risk for EOS. Three independent reviewers reviewed all charts of neonates and abstracted data(gestational age, mode of delivery, group B streptococcus status, risk factors for EOS, duration of intrapartum antibiotic prophylaxis, postpartum evaluations, therapies and outcome). Rates of sepsis workups, empirical antibiotics and outcome of neonates at-risk(or not) for EOS were *** There were 2092 live births and 1 culture-proven EOS(Haemophilus i)(incidence rates of 0.48/1000 live births). Most newborns with signs of illness(51 out of 101, that is 50.5%), and most of those who received postpartum antibiotics(17 out of 29, that is 58.6%) were not at risk for EOS. Compared to neonates at risk, neonates not at risk for EOS were less likely to have signs of illness(51 out of 1442 vs 40 out of 650, P = 0.009) or have a sepsis workup(25 out of 1442 vs 28 out of 650, P < 0.001). However, they were not less likely to receive empirical antibiotics(17 out of 1442 vs 12 out of 650, P = 0.3). Thirty-two neonates were exposed to intrapartum fever or chorioamnionitis: 62.5%(n = 20) had a sepsis workup and 21.9%(n = 7) were given empirical antibiotics. Among 216 neonates managed through the SPEs strategy, only 5.6%(n = 12) had subsequently a sepsis workup and only 1.9%(n = 4) were given empirical antibiotics. Al

关键词： Sepsis Group B streptococcus Intrapartum antibiotic prophylaxis Newborn Prevention

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Efficient RT-QuIC seeding activity for α-synuclein in olfactory mucosa samples of patients with Parkinson’s disease and multiple system atrophy

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Translational Neurodegeneration 2019年第1期8卷 290-303页

作者： Chiara Maria Giulia De Luca Antonio Emanuele Elia Sara Maria Portaleone Federico Angelo Cazzaniga Martina rossi Edoardo Bistaffa Elena De Cecco Joanna Narkiewicz Giulia Salzano Olga Carletta Luigi Romito Grazia Devigili Paola Soliveri Pietro Tiraboschi Giuseppe Legname fabrizio Tagliavini Roberto Eleopra Giorgio Giaccone Fabio Moda Fondazione IRCCS Istituto Neurologico Carlo Besta Unit of Neurology 5 and NeuropathologyMilanItaly Fondazione IRCCS Istituto Neurologico Carlo Besta Unit of Neurology I-Parkinson and Movement Disorders UnitMilanItaly Department of Health Sciences Universitàdegli Studi di MilanoOtolaryngology UnitSan Paolo HospitalMilanItaly Department of Neuroscience Scuola Internazionale Superiore di Studi Avanzati(SISSA)Laboratory of Prion BiologyTriesteItaly Fondazione IRCCS Istituto Neurologico Carlo Besta Scientific DirectorateMilanItaly

Background:Parkinson’s disease(PD)is a neurodegenerative disorder whose diagnosis is often challenging because symptoms may overlap with neurodegenerative *** is characterized by intraneuronal accumulation of abnormalα-synuclein in brainstem while neurodegenerative parkinsonisms might be associated with accumulation of eitherα-synuclein,as in the case of Multiple System Atrophy(MSA)or tau,as in the case of Corticobasal Degeneration(CBD)and Progressive Supranuclear Palsy(PSP),in other disease-specific brain *** diagnosis of all these diseases can be formulated only neuropathologically by detection and localization ofα-synuclein or tau aggregates in the *** evidence suggests that trace-amount of these proteins can appear in peripheral tissues,including receptor neurons of the olfactory mucosa(OM).Methods:We have set and standardized the experimental conditions to extend the ultrasensitive Real Time Quaking Induced Conversion(RT-QuIC)assay for OM *** particular,by using human recombinantα-synuclein as substrate of reaction,we have assessed the ability of OM collected from patients with clinical diagnoses of PD and MSA to induceα-synuclein aggregation,and compared their seeding ability to that of OM samples collected from patients with clinical diagnoses of CBD and ***:Our results showed that a significant percentage of MSA and PD samples inducedα-synuclein aggregation with high efficiency,but also few samples of patients with the clinical diagnosis of CBD and PSP caused the same ***,the final RT-QuIC aggregates obtained from MSA and PD samples owned peculiar biochemical and morphological features potentially enabling their ***:Our study provide the proof-of-concept that olfactory mucosa samples collected from patients with PD and MSA possess important seeding activities forα-*** studies are required for(i)estimating sensitivity and specificity of the technique and

关键词： RT-QuIC Olfactory mucosa Parkinson’s disease Neurodegenerative parkinsonisms α-Synuclein

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Robotic versus laparoscopic liver resection for huge (≥10 cm) liver tumors: an international multicenter propensity-score matched cohort study of 799 cases

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Hepatobiliary Surgery and Nutrition 2023年第2期12卷 205-215,I0005页

作者： Tan-To Cheung Rong Liu Federica Cipriani Xiaoying Wang Mikhail Efanov David Fuks Gi-Hong Choi Nicholas L.Syn Charing C.N.Chong fabrizio Di Benedetto Ricardo Robles-Campos Vincenzo Mazzaferro Fernando Rotellar Santiago Lopez-Ben James O.Park Alejandro Mejia Iswanto Sucandy Adrian K.H.Chiow Marco V.Marino Mikel Gastaca Jae Hoon Lee TPeter Kingham Mathieu D’Hondt Sung Hoon Choi Robert P.Sutcliffe Ho-Seong Han Chung-Ngai Tang Johann Pratschke Roberto I.Troisi Go Wakabayashi Daniel Cherqui Felice Giuliante Davit L.Aghayan Bjorn Edwin Olivier Scatton Atsushi Sugioka Tran Cong Duy Long Constantino Fondevila Mohammad Abu Hilal Andrea Ruzzenente Alessandro Ferrero Paulo Herman Kuo-Hsin Chen Luca Aldrighetti Brian K.P.Goh International robotic and laparoscopic liver resection study group investigators Department of Surgery Queen Mary HospitalThe University of Hong KongHong Kong SARChina Faculty of Hepatopancreatobiliary Surgery The First Medical Center of Chinese People’s Liberation Army(PLA)General HospitalBeijingChina Hepatobiliary Surgery Division IRCCS San Raffaele HospitalMilanItaly Department of Liver Surgery and Transplantation Liver Cancer InstituteZhongshan HospitalFudan UniversityShanghaiChina Department of Hepato-Pancreato-Biliary Surgery Moscow Clinical Scientific CenterMoscowRussia Department of Digestive Oncologic and Metabolic SurgeryInstitute Mutualiste MontsourisUniversite Paris DescartesParisFrance Division of Hepatopancreatobiliary Surgery Department of SurgerySeverance HospitalYonsei University College of MedicineSeoulKorea Department of Hepatopancreatobiliary and Transplant Surgery Singapore General Hospital and Yong Loo Lin School of MedicineNational University of SingaporeSingaporeSingapore Division of Hepatobiliary and Pancreatic Surgery Department of SurgeryPrince of Wales HospitalThe Chinese University of Hong KongHong Kong SARChina HPB Surgery and Liver Transplant Unit University of Modena and Reggio EmiliaModenaItaly Department of General Visceral and Transplantation SurgeryClinic and University Hospital Virgen de la ArrixacaIMIB-ARRIXACAMurciaSpain HPB Surgery Hepatology and Liver TransplantationFondazione IRCCS Istituto Nazionale Tumori di MilanoMilanItaly HPB and Liver Transplant Unit Department of General SurgeryClinica Universidad de NavarraUniversidad de NavarraPamplonaSpain Institute of Health Research of Navarra(IdisNA) PamplonaSpain Hepatobiliary and Pancreatic Surgery Unit Department of SurgeryDr.Josep Trueta HospitalIdIBGiGironaSpain Hepatobiliary Surgical Oncology Department of SurgeryUniversity of Washington Medical CenterSeattleWAUSA The Liver Institute Methodist Dallas Medical CenterDallasTXUSA AdventHealth Tampa Digestive Health InstituteTampaFLUSA Hepatopancreatobiliary Unit Department of SurgeryChangi General

Background:The use of laparoscopic(LLR)and robotic liver resections(RLR)has been safely performed in many institutions for liver tumours.A large scale international multicenter study would provide stronger evidence and insight into application of these techniques for huge liver tumours≥10 ***:This was a retrospective review of 971 patients who underwent LLR and RLR for huge(≥10 cm)tumors at 42 international centers between ***:One hundred RLR and 699 LLR which met study criteria were *** comparison between the 2 approaches for patients with huge tumors were performed using 1:3 propensity-score matching(PSM)(73 vs.219).Before PSM,LLR was associated with significantly increased frequency of previous abdominal surgery,malignant pathology,liver cirrhosis and increased median *** PSM,RLR and LLR was associated with no significant difference in key perioperative outcomes including media operation time(242 vs.290 min,P=0.286),transfusion rate rate(19.2%vs.16.9%,P=0.652),median blood loss(200 vs.300 mL,P=0.694),open conversion rate(8.2%vs.11.0%,P=0.519),morbidity(28.8%vs.21.9%,P=0.221),major morbidity(4.1%vs.9.6%,P=0.152),mortality and postoperative length of stay(6 vs.6 days,P=0.435).Conclusions:RLR and LLR can be performed safely for selected patients with huge liver tumours with excellent *** was no significant difference in perioperative outcomes after RLR or LLR.

关键词： Laparoscopic liver resection(LLR) robotic liver resection(RLR) hepatocellular carcinoma colorectal liver metastases huge

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