Validazione e applicazioni cliniche della metodica NIRA (Near Infrared Reflectance Analysis) per la valutazione del contenuto nutrizionale del latte materno in terapia intensiva neonatale

Phase 1: To validate Near-Infrared Reflectance Analysis (NIRA) as a fast, reliable and suitable method for routine evaluation of human milk’s nitrogen and fat content. Phase 2: To determine whether fat content, protein content and osmolality of HM before and after fortification may affect gastroesophageal reflux (GER) in symptomatic preterm infants. Patients and Methods: Phase 1: 124 samples of expressed human milk (55 from preterm mothers and 69 from term mothers) were used to validate NIRA against traditional methods (Gerber method for fat and Kjeldhal method for nitrogen). Phase 2: GER was evaluated in 17 symptomatic preterm newborns fed naïve and fortified HM by combined pH/intraluminal-impedance monitoring (pH-MII). HM fat and protein content was analysed by a Near-Infrared-Reflectance-Analysis (NIRA). HM osmolality was tested before and after fortification. GER indexes measured before and after fortification were compared, and were also related with HM fat and protein content and osmolality before and after fortification. Results: Phase 1: · A strong agreement was found between traditional methods’ and NIRA’s results (expressed as g/100 g of milk), both for fat and nitrogen content in term (mean fat content: NIRA=2.76; Gerber=2.76; mean nitrogen content: NIRA=1.88; Kjeldhal =1.92) and preterm (mean fat content: NIRA=3.56; Kjeldhal=3.52; mean nitrogen content: NIRA=1.91; Kjeldhal =1.89) mother’s milk. · Nitrogen content of the milk samples, measured by NIRA, ranged from 1.18 to 2.71 g/100 g of milk in preterm milk and from 1.48 to 2.47 in term milk; fat content ranged from 1.27 to 6.23 g/100 g of milk in preterm milk and from 1.01 to 6.01 g/100 g of milk in term milk. Phase 2: · An inverse correlation was found between naïve HM protein content and acid reflux index (RIpH: p=0.041, rho=-0.501). · After fortification, osmolality often exceeded the values recommended for infant feeds; furthermore, a statistically significant (p<.05) increase in non acid reflux indexes was observed. Conclusions: NIRA can be used as a fast, reliable and suitable tool for routine monitoring of macronutrient content of human milk. Protein content of naïve HM may influence acid GER in preterm infants. A standard fortification of HM may worsen non acid GER indexes and, due to the extreme variability in HM composition, may overcome both recommended protein intake and HM osmolality. Thus, an individualized fortification, based on the analysis of the composition of naïve HM, could optimize both nutrient intake and feeding tolerance.

Appartenenze, identità e ruoli di genere negli adolescenti di origine immigrata. Uno studio qualitativo nel territorio di Monza e della Brianza

Starting from the contexts on which the researches about migrant minors and adolescents have been concentrated so far, school, free time, friends, family, society integration, this work puts attention on gender dimension, supporting the ideas that socialization is a life-long process, that gender and gender roles are a cultural construction and the subject has multiple identities. The research aim to understand if being male or female, related with ethnic and cultural origin, influences the identity construction, the gender belonging and roles, the behaviours, in a different way, in interaction with the different everyday contexts. The research points out how being male or female affects: - daily choices, expectations and behaviours inside peer group, family and school; - future expectations as adult inside family, work and society; - idea about the adolescence and the self-decription as adolescent, female, male and immigrant. The analysis highlights that the gender belonging, as the ethnic and cultural belonging, doesn’t drive behaviours, attitudes, expectations totally to tradition or totally to “western way”, in the different everyday contexts. There is rather a combination of these ways, choosing the one or the other way in the different contexts according to be in a position in which there are more or less contacts with the society they live in. Differently, the self perception as adolescent and as individual is relatively independent from gender and ethniccultural belonging, over which prevail the idea of “ peer normality”. Above all, it is important to put in evidence that they are experiencing a very high level of complexity and change as adolescent and migrant or migrant’ son. Personal, cultural and social transitions can explain a large part of variability and our difficulty to construct high defined classifications.

Studio della trasduzione del Segnale Nucleare Inositide-Dipendente: identificazione di eEF1A2 come nuovo Fosfosubstrato di PKC βI

Introduction Phospholipase Cb1 (PLC-β1) is a key player in the regulation of nuclear inositol lipid signaling and of a wide range of cellular functions, such as proliferation and differentiation (1,2,3). PLCb1 signaling depends on the cleavage of phosphatidylinositol 4,5-bisphosphate and the formation of the second messengers diacylglycerol and Inositol tris-phosphate which activate canonical protein kinase C (cPKC) isoforms. Here we describe a proteomic approach to find out a potential effector of nuclear PLC-b1 dependent signaling during insulin stimulated myogenic differentiation. Methods Nuclear lysates obtained from insulin induced C2C12 myoblasts were immunoprecipitated with anti-phospho-substrate cPKC antibody. Proteins, stained with Comassie blue, were excised, digested and subsequently analysed in LC-MS/MS. For peptide sequence searching, the mass spectra were processed and analyzed using the Mascot MS/MS ion search program with the NCBI database. Western blotting, GST-pull down and co-immunoprecipitation were performed to study the interaction between eEF1A2 and cPKCs. Site direct mutagenesis was performed to confirm the phosphorylated motif recognized by the antibody. Immunofluorescence analysis, GFP-tagged eEF1A2 vector and subcellular fractionation were performed to study nuclear localization and relative distribution of eEF1A2. Results We have previously shown that PLC-β1 is greatly increased at the nuclear level during insulin-induced myoblasts differentiation and that this nuclear localization is essential for induction of differentiation. Thus, nuclear proteins of insulin stimulated C2C12 myoblasts, were immunoprecipitated with an anti-phospho-substrate cPKC antibody. After Electrophoretic gel separation of proteins immunoprecipitated, several molecules were identified by LC-MS/MS. Among these most relevant and unexpected was eukaryotic elongation factor 1 alpha 2 (eEF1A2). We found that eEF1A2 is phosphorylated by PKCb1 and that these two molecules coimmunolocalized at the nucleolar level. eEF1A2 could be phosphorylated in many sites among which both threonine and serine residues. By site direct mutagenesis we demonstrated that it is the serine residue of the motif recognized by the antibody that is specifically phosphorylated by PKCb1. The silencing of PLCb1 gives rise to a reduction of expression and phosphorylation levels of eEF1A2 indicating this molecule as a target of nuclear PLCb1 regulatory network during myoblasts differentiation.

Ruolo dell'Infliximab nella terapia della colite ulcerosa moderato-severa

Background: Almost 10-15% of patients with active Ulcerative Colitis are refractory to conventional therapy. Infliximab is a treatment of proven efficacy in this group of patients. Aims: To evaluate the role of Inliximab in inducing and maintaining remission in patients with chronically active moderate-severe Ulcerative Colitis. Materials and methods: 53 patients were enrolled, 47 patients entered the study and were treated with a dose of 5 mg/kg. The remission was evaluated through endoscopy and clinical criteria. (Mayo Score). The primary endpoint were clinical and endoscopic remission in moderate-severe Ulcerative Colitis refractory to standard therapy, the secondary out point was the maintenance of remission in the long period. Results: 47 patients started the study, 43 completed the study, 4 dropped out for worsening disease or adverse events; 27 patients were treated with 3 infusions, 9 patients with 4 infusions, 7 patients with > o = 5 infusions. 34 /47 patients (72.3%) were responders 12 (25.5%) improved their symptoms, 22 ( 46.8%) were in remission after the treatment. Among the responders, 21/34 (61.8%) stopped the steroid therapy after 3 infusions, the others reduced the dose or maintained just topic therapy. 13/47 patients (27.7%) were non responders (p <0.001). After 3 months all 22 patients which had reached remission maintained low Mayo Score; 10/12 (83.3%) patients with clinical response maintained their low score, 2 relapsed . Conclusions: Infliximab is a valid therapy for the treatment of Ulcerative Colitis and can avoid surgery in selected patients.

Evidenze micropaleontologiche e sedimentologiche di cicli deposizionali e climatici circa millenari nei Depositi Tardoquaternari della Piana dell'Arno e del Delta del Po

A multidisciplinary study was carried out on the Late Quaternary-Holocene subsurface deposits of two Mediterranean coastal areas: Arno coastal plain (Northern Tyrrhenian Sea) and Modern Po Delta (Northern Adriatic Sea). Detailed facies analyses, including sedimentological and micropalaeontological (benthic foraminifers and ostracods) investigations, were performed on nine continuously-cored boreholes of variable depth (ca. from 30 meters to100 meters). Six cores were located in the Arno coastal plain and three cores in the Modern Po Delta. To provide an accurate chronological framework, twenty-four organic-rich samples were collected along the fossil successions for radiocarbon dating (AMS 14C). In order to reconstruct the depositional and palaeoenvironmental evolution of the study areas, core data were combined with selected well logs, provided by local companies, along several stratigraphic sections. These sections revealed the presence of a transgressive-regressive (T-R) sequence, composing of continental, coastal and shallow-marine deposits dated to the Late Pleistocene-Holocene period, beneath the Arno coastal plain and the Modern Po Delta. Above the alluvial deposits attributed to the last glacial period, the post-glacial transgressive succession (TST) consists of back-barrier, transgressive barrier and inner shelf deposits. Peak of transgression (MFS) took place around the Late-Middle Holocene transition and was identified by subtle micropalaeontological indicators within undifferentiated fine-grained deposits. Upward a thick prograding succession (HST) records the turnaround to regressive conditions that led to a rapid delta progradation in both study areas. Particularly, the outbuilding of modern-age Po Delta coincides with mud-belt formation during the late HST (ca. 600 cal yr BP), as evidenced by a fossil microfauna similar to the foraminiferal assemblage observed in the present Northern Adriatic mud-belt. A complex interaction between allocyclic and autocyclic factors controlled facies evolution during the highstand period. The presence of local parameters and the absence of a predominant factor prevent from discerning or quantifying consequences of the complex relationships between climate and deltaic evolution. On the contrary transgressive sedimentation seems to be mainly controlled by two allocyclic key factors, sea-level rise and climate variability, that minimized the effects of local parameters on coastal palaeoenvironments. TST depositional architecture recorded in both study areas reflects a well-known millennial-scale variability of sea-level rising trend and climate during the Late glacial-Holocene period. Repeated phases of backswamp development and infilling by crevasse processes (parasequences) were recorded in the subsurface of Modern Po Delta during the early stages of transgression (ca. 11,000-9,500 cal yr BP). In the Arno coastal plain the presence of a deep-incised valley system, probably formed at OSI 3/2 transition, led to the development of a thick (ca. 35-40 m) transgressive succession composed of coastal plain, bay-head delta and estuarine deposits dated to the Last glacial-Early Holocene period. Within the transgressive valley fill sequence, high-resolution facies analyses allowed the identification and lateral tracing of three parasequences of millennial duration. The parasequences, ca. 8-12 meters thick, are bounded by flooding surfaces and show a typical internal shallowing-upward trend evidenced by subtle micropalaeontological investigations. The vertical stacking pattern of parasequences shows a close affinity with the step-like sea-level rising trend occurred between 14,000-8,000 cal years BP. Episodes of rapid sea-level rise and subsequent stillstand phases were paralleled by changes in climatic conditions, as suggested by pollen analyses performed on a core drilled in the proximal section of the Arno palaeovalley (pollen analyses performed by Dr. Marianna Ricci Lucchi). Rapid shifts to warmer climate conditions accompanied episodes of rapid sea-level rise, in contrast stillstand phases occurred during temporary colder climate conditions. For the first time the palaeoclimatic signature of high frequency depositional cycles is clearly documented. Moreover, two of the three "regressive" pulsations, recorded at the top of parasequences by episodes of partial estuary infilling in the proximal and central portions of Arno palaeovalley, may be correlated with the most important cold events of the post-glacial period: Younger Dryas and 8,200 cal yr BP event. The stratigraphic and palaeoclimatic data of Arno coastal plain and Po Delta were compared with those reported for the most important deltaic and coastal systems in the worldwide literature. The depositional architecture of transgressive successions reflects the strong influence of millennial-scale eustatic and climatic variability on worldwide coastal sedimentation during the Late glacial-Holocene period (ca. 14,000-7,000 cal yr BP). The most complete and accurate record of high-frequency eustatic and climatic events are usually found within the transgressive succession of very high accommodation settings, such as incised-valley systems where exceptionally thick packages of Late glacial-Early Holocene deposits are preserved.

Per una reinterpretazione della fuoriuscita di Dossetti dalla DC. Nuove fonti archivistiche sulle due vicesegreterie nazionali del partito(1945-46 E 1950-51)

Commento testuale e contestuale di circa duecento fonti inedite e sconosciute alla storiografia sul ruolo di vicesegretario politico della DC di Giuseppe Dossetti, in particolare con riferimento allo scioglimento dei CLN, del referendum istituzionale, della organizzazione del partito e infine, della sua rottura politica con De Gasperi.

Dealogenazione riduttiva dei policlorobifenili (PCB) in sedimenti anaerobici marini della laguna di Venezia: arricchimento e identificazione dei microrganismi dealogenanti

I policlorobifenili (PCB) sono inquinanti tossici e fortemente recalcitranti che contaminano suoli e sedimenti di acqua dolce e marini. Le tecnologie attualmente impiegate per la loro rimozione (dragaggio e trattamento chimoco-fisico o conferimento in discarica) sono molto costose, poco efficaci o ad alto impatto ambientale. L’individuazione di strategie alternative, di natura biologica, consentirebbe lo sviluppo di un processo alternativo più sostenibile. Nel processo di declorurazione riduttiva i congeneri di PCB a più alto grado di clorurazione, che sono i più tossici, recalcitranti e maggiormente tendenti al bioaccumulo, vengono utilizzati da alcuni microrganismi anaerobici come accettori finali di elettroni nella catena respiratoria e bioconvertiti in congeneri a minor grado di clorurazione, meno pericolosi, che possono essere mineralizzati da parte di batteri aerobi. La declorurazione riduttiva dei PCB è stata spesso studiata in colture anaerobiche di arricchimento in terreno minerale ottenute a partire da sedimenti di acqua dolce; questi studi hanno permesso di dimostrare che batteri del phylum dei Chloroflexi e appartenenti al genere Dehalococcoides o filogeneticamente facenti parte del gruppo dei Dehalococcoides-like sono i decloruranti. Sono tuttavia scarse le informazioni riguardanti l'occorrenza della declorurazione dei PCB in ambienti marini, nei quali l'alta salinità e concentrazione di solfati influenzano diversamente l'evoluzione delle popolazioni microbiche. In sedimenti contaminati della laguna di Venezia è stata osservata declorurazione sia dei PCB preesistenti che di congeneri esogeni; questi studi hanno permesso l'ottenimento di colture di arricchimento fortemente attive nei confronti di 5 congeneri di PCB coplanari. In questa tesi, a partire dalle colture capaci di declorurare i PCB coplanari, sono stati allestiti nuovi passaggi di arricchimento su Aroclor®1254, una miscela di PCB più complessa e che meglio rappresenta la contaminazione ambientale. Le colture sono state allestite come microcosmi anaerobici in fase slurry, preparati risospendendo il sedimento nell'acqua superficiale, ricreando in tal modo in laboratorio le stesse condizioni biogeochimiche presenti in situ; gli slurry sterili sono stati inoculati per avviare le colture. Per favorire la crescita dei microrganismi decloruranti e stimolare così la decloruraazione dei PCB sono stati aggiunti inibitori selettivi di metanogeni (Bromoetansulfonato o BES) e solfato-riduttori (molibdato), sono state fornite fonti di carbonio ed energia (eD), quali acidi grassi a corta catena e idrogeno, utilizzate di batteri decloruranti noti, e per semplificare la comunità microbica sono stati aggiunti antibiotici cui batteri decloruranti del genere Dehalococcoides sono resistenti. Con questo approccio sono stati allestiti passaggi di arricchimento successivi e le popolazioni microbiche delle colture sono state caratterizzate con analisi molecolari di fingerprinting (DGGE). Fin dal primo passaggio di arricchimento nei microcosmi non ammendati ha avuto luogo un'estesa declorurazione dell'Aroclor®1254; nei successivi passaggi si è notato un incremento della velocità del processo e la scomparsa della fase di latenza, mentre la stessa stereoselettività è stata mantenuta a riprova dell’arricchimento degli stessi microrganismi decloruranti. Le velocità di declorurazione ottenute sono molto alte se confrontate con quelle osservate in colture anaerobiche addizionate della stessa miscela descritte in letteratura. L'aggiunta di BES o molibdato ha bloccato la declorurazione dei PCB ma in presenza di BES è stata riscontrata attività dealogenante nei confronti di questa molecola. La supplementazione di fonti di energia e di carbonio ha stimolato la metanogenesi e i processi fermentativi ma non ha avuto effetti sulla declorurazione. Ampicillina e vancomicina hanno incrementato la velocità di declorurazione quando aggiunte singolarmente, insieme o in combinazione con eD. E' stato però anche dimostrato che la declorurazione dei PCB è indipendente sia dalla metanogenesi che dalla solfato-riduzione. Queste attività respiratorie hanno avuto velocità ed estensioni diverse in presenza della medesima attività declorurante; in particolare la metanogenesi è stata rilevata solo in dipendenza dall’aggiunta di eD alle colture e la solfato-riduzione è stata inibita dall’ampicillina in microcosmi nei quali un’estesa declorurazione dei PCB è stata osservata. La caratterizzazione delle popolazioni microbiche, condotte mediante analisi molecolari di fingerprinting (DGGE) hanno permesso di descrivere le popolazioni batteriche delle diverse colture come complesse comunità microbiche e di rilevare in tutte le colture decloruranti la presenza di una banda che l’analisi filogenetica ha ascritto al batterio m-1, un noto batterio declorurante in grado di dealogenare un congenere di PCB in colture di arricchimento ottenute da sedimenti marini appartenente al gruppo dei Dehalococcoides-like. Per verificare se la crescita di questo microrganismo sia legata alla presenza dei PCB, l'ultimo passaggio di arricchimento ha previsto l’allestimento di microcosmi addizionati di Aroclor®1254 e altri analoghi privi di PCB. Il batterio m-1 è stato rilevato in tutti i microcosmi addizionati di PCB ma non è mai stato rilevato in quelli in cui i PCB non erano presenti; la presenza di nessun altro batterio né alcun archebatterio è subordinata all’aggiunta dei PCB. E in questo modo stato dimostrato che la presenza di m-1 è dipendente dai PCB e si ritiene quindi che m-1 sia il declorurante in grado di crescere utilizzando i PCB come accettori di elettroni nella catena respiratoria anche in condizioni biogeochimiche tipiche degli habitat marini. In tutte le colture dell'ultimo passaggio di arricchimento è stata anche condotta una reazione di PCR mirata alla rilevazione di geni per dealogenasi riduttive, l’enzima chiave coinvolto nei processi di dealogenazione. E’ stato ottenuto un amplicone di lughezza analoga a quelle di tutte le dealogenasi note in tutte le colture decloruranti ma un tale amplificato non è mai stato ottenuto da colture non addizionate di PCB. La dealogenasi ha lo stesso comportamento di m-1, essendo stata trovata come questo sempre e solo in presenza di PCB e di declorurazione riduttiva. La sequenza di questa dealogenasi è diversa da tutte quelle note sia in termini di sequenza nucleotidica che aminoacidica, pur presentando due ORF con le stesse caratteristiche e domini presenti nelle dealogenasi note. Poiché la presenza della dealogenasi rilevata nelle colture dipende esclusivamente dall’aggiunta di PCB e dall’osservazione della declorurazione riduttiva e considerato che gran parte delle differenze genetiche è concentrata nella parte di sequenza che si pensa determini la specificità di substrato, si ritiene che la dealogenasi identificata sia specifica per i PCB. La ricerca è stata condotta in microcosmi che hanno ricreato fedelmente le condizioni biogeochimiche presenti in situ e ha quindi permesso di rendere conto del reale potenziale declorurante della microflora indigena dei sedimenti della laguna di Venezia. Le analisi molecolari condotte hanno permesso di identificare per la prima volta un batterio responsabile della declorurazione dei PCB in sedimenti marini (il batterio m-1) e una nuova dealogenasi specifica per PCB. L'identificazione del microrganismo declorurante permette di aprire la strada allo sviluppo di tecnologie di bioremediation mirata e il gene della dealogenasi potrà essere utilizzato come marker molecolare per determinare il reale potenziale di declorurazione di miscele complesse di PCB in sedimenti marini.

Percezione della direzione del proprio movimento: dalla registrazione dell'attività corticale al modello computazionale.

The main aim of this thesis is strongly interdisciplinary: it involves and presumes a knowledge on Neurophysiology, to understand the mechanisms that undergo the studied phenomena, a knowledge and experience on Electronics, necessary during the hardware experimental set-up to acquire neuronal data, on Informatics and programming to write the code necessary to control the behaviours of the subjects during experiments and the visual presentation of stimuli. At last, neuronal and statistical models should be well known to help in interpreting data. The project started with an accurate bibliographic research: until now the mechanism of perception of heading (or direction of motion) are still poorly known. The main interest is to understand how the integration of visual information relative to our motion with eye position information happens. To investigate the cortical response to visual stimuli in motion and the integration with eye position, we decided to study an animal model, using Optic Flow expansion and contraction as visual stimuli. In the first chapter of the thesis, the basic aims of the research project are presented, together with the reasons why it’s interesting and important to study perception of motion. Moreover, this chapter describes the methods my research group thought to be more adequate to contribute to scientific community and underlines my personal contribute to the project. The second chapter presents an overview on useful knowledge to follow the main part of the thesis: it starts with a brief introduction on central nervous system, on cortical functions, then it presents more deeply associations areas, which are the main target of our study. Furthermore, it tries to explain why studies on animal models are necessary to understand mechanism at a cellular level, that could not be addressed on any other way. In the second part of the chapter, basics on electrophysiology and cellular communication are presented, together with traditional neuronal data analysis methods. The third chapter is intended to be a helpful resource for future works in the laboratory: it presents the hardware used for experimental sessions, how to control animal behaviour during the experiments by means of C routines and a software, and how to present visual stimuli on a screen. The forth chapter is the main core of the research project and the thesis. In the methods, experimental paradigms, visual stimuli and data analysis are presented. In the results, cellular response of area PEc to visual stimuli in motion combined with different eye positions are shown. In brief, this study led to the identification of different cellular behaviour in relation to focus of expansion (the direction of motion given by the optic flow pattern) and eye position. The originality and importance of the results are pointed out in the conclusions: this is the first study aimed to investigate perception of motion in this particular cortical area. In the last paragraph, a neuronal network model is presented: the aim is simulating cellular pre-saccadic and post-saccadic response of neuron in area PEc, during eye movement tasks. The same data presented in chapter four, are further analysed in chapter fifth. The analysis started from the observation of the neuronal responses during 1s time period in which the visual stimulation was the same. It was clear that cells activities showed oscillations in time, that had been neglected by the previous analysis based on mean firing frequency. Results distinguished two cellular behaviour by their response characteristics: some neurons showed oscillations that changed depending on eye and optic flow position, while others kept the same oscillations characteristics independent of the stimulus. The last chapter discusses the results of the research project, comments the originality and interdisciplinary of the study and proposes some future developments.

Il conflitto fra trasparenza sui mercati finanziari ed esigenza di riservatezza della società

The thesis main topic is the conflict between disclosure in financial markets and the need for confidentiality of the firm. After a recognition of the major dynamics of information production and dissemination in the stock market, the analysis moves to the interactions between the information that a firm is tipically interested in keeping confidential, such as trade secrets or the data usually covered by patent protection, and the countervailing demand for disclosure arising from finacial markets. The analysis demonstrates that despite the seeming divergence between informational contents tipically disclosed to investors and information usually covered by intellectual property protection, the overlapping areas are nonetheless wide and the conflict between transparency in financial markets and the firm’s need for confidentiality arises frequently and sistematically. Indeed, the company’s disclosure policy is based on a continuous trade-off between the costs and the benefits related to the public dissemination of information. Such costs are mainly represented by the competitive harm caused by competitors’ access to sensitive data, while the benefits mainly refer to the lower cost of capital that the firm obtains as a consequence of more disclosure. Secrecy shields the value of costly produced information against third parties’ free riding and constitutes therefore a means to protect the firm’s incentives toward the production of new information and especially toward technological and business innovation. Excessively demanding standards of transparency in financial markets might hinder such set of incentives and thus jeopardize the dynamics of innovation production. Within Italian securities regulation, there are two sets of rules mostly relevant with respect to such an issue: the first one is the rule that mandates issuers to promptly disclose all price-sensitive information to the market on an ongoing basis; the second one is the duty to disclose in the prospectus all the information “necessary to enable investors to make an informed assessment” of the issuers’ financial and economic perspectives. Both rules impose high disclosure standards and have potentially unlimited scope. Yet, they have safe harbours aimed at protecting the issuer need for confidentiality. Despite the structural incompatibility between public dissemination of information and the firm’s need to keep certain data confidential, there are certain ways to convey information to the market while preserving at the same time the firm’s need for confidentality. Such means are insider trading and selective disclosure: both are based on mechanics whereby the process of price reaction to the new information takes place without any corresponding activity of public release of data. Therefore, they offer a solution to the conflict between disclosure and the need for confidentiality that enhances market efficiency and preserves at the same time the private set of incentives toward innovation.