Le Finanziarie regionali come operatori di private equity

Obiettivo del presente lavoro è approntare un’analisi interpretativa dell’operatività dalle Finanziarie regionali, valutarne gli investimenti in capitale di rischio e, in particolare, l’attività di private equity, evidenziando le tendenze in atto, i possibili percorsi evolutivi e le eventuali criticità. La metodologia adottata ha previsto un’articolazione del lavoro lungo due principali direttive: un’analisi di tipo quantitativo sui bilanci di sette esercizi (dal 2002 al 2008), con la finalità di indagare nel dettaglio gli aspetti economici, finanziari e patrimoniali delle Finanziarie regionali attive sul territorio italiano; un’analisi qualitativa basata su un’approfondita rassegna della letteratura internazionale e su interviste mirate ad un campione ampiamente rappresentativo della popolazione osservata. I risultati raggiunti fanno ragionevolmente supporre che sia in atto una profonda ristrutturazione dell’intero sistema delle Finanziarie, che ha visto innanzitutto aumentare il controllo pubblico nella compagine sociale. L’indagine contabile ha permesso di identificare la presenza di due modelli di business ben differenziati: alcune Finanziarie sono orientate ad attività con forte contenuto di intermediazione finanziaria; altre invece sono focalizzate sull’attività di erogazione di servizi sia finanziari di consulenza che reali. L’investimento in capitale di rischio costituisce un attività centrale per le Finanziarie regionali; l’analisi dedicata a tali impieghi ha permesso di individuare, tra esse, alcune realtà tipiche del merchant banking, e più di frequente, del modello di holding. Complessivamente le Finanziarie campionate detengono oltre 400 partecipazioni per un valore che supera 1,7 miliardi di euro; prevalentemente concentrati su una ristretta cerchia di realtà spesso con impatto strategico sul territorio, ovvero strumentali. Segnatamente all’attività di private equity, è stato possibile rilevare come la politica d’investimento delle Finanziarie regionali sia complementare rispetto a quella mediamente espressa dal mercato domestico, anche se restano critici, anche per le Finanziarie, gli investimenti su imprese target con fatturato compreso tra 2 e 10 milioni di euro. Le evidenze circa la struttura dei contratti segnalano una parziale conformità alla best practice individuata dalla letteratura internazionale. In particolare l’uso limitato dello stage financing, la bassa partecipazione alla gestione sono le principali criticità individuate. Infine, della fase di riorganizzazione che pare interessare il sistema delle Finanziarie, si trova conferma nella percezione dei suoi operatori. Interpellati sul futuro dell’attività di investimento in capitale di rischio, hanno fornito indicazioni che consentono di concludere l’esistenza di una polarizzazione delle Finanziarie su due gruppi: da un lato quelle che implementeranno, più o meno, l’attività di private equity, dall’altro quelle che, viceversa, abbandoneranno tale strumento. La normativa sulle società a partecipazione pubblica regionale e la scarsa autonomia nella gestione delle misure affidate sono ritenute, dalle Finanziarie “interessate”, il principale fattore di freno alla loro crescita nel mercato del private equity.

Migrazione verso una architettura rest di un applicativo per l'inter library loan

Questo lavoro di tesi �si basa sull'estendere l'architettura del software NILDE - Network Inter Library Document Exchange attraverso un processo di migrazione verso servizi REST (REpresentational State Transfer) utilizzando e ampliando metodologie, best practice e frameworks che hanno permesso lo sviluppo di API Pubbliche e Private utilizzabili da utenti esterni.

Therapeutisches Drug Monitoring in der ambulanten Psychopharmakotherapie

Während Therapeutisches Drug Monitoring (TDM) im klinischen Alltag der stationären Behandlung in der Psychiatrie bereits fest etabliert ist, kommt es in der ambulanten Betreuung von psychisch Kranken bislang noch selten zum Einsatz. Ziel dieser Arbeit war es zu klären, wie TDM im ambulanten Bereich eingesetzt wird, wann seine Anwendung sinnvoll ist und ob es Hinweise gibt, dass TDM zu einer besseren Psychopharmakotherapie beitragen kann. rnEine Grundvoraussetzung für den Einsatz von TDM ist die Messbarkeit des Arzneistoffes. Am Beispiel des Antipsychotikums Flupentixol wurde eine Quantifizierungsmethode entwickelt, validiert und in die Laborroutine integriert. Die neue Methode erfüllte alle nach Richtlinien vorgegebenen Anforderungen für quantitative Laboruntersuchungen. Die Anwendbarkeit in der Laborroutine wurde anhand von Untersuchungen an Patienten gezeigt. rnEine weitere Voraussetzung für eine TDM-geleitete Dosisanpassung ist die Kenntnis des therapeutischen Referenzbereiches. In dieser Arbeit wurde exemplarisch ein Referenzbereich für das Antipsychotikum Quetiapin ermittelt. Die Untersuchung verglich darüber hinaus die neu eingeführten Arzneiformulierung Quetiapin retard mit schnell freisetzendem Quetiapin. Es zeigte sich, dass die therapiebegleitenden Blutspiegelkontrollen beider Formulierungen mit der Einstellung des Blutspiegels auf den therapeutischen Bereich von 100 - 500 ng/ml die Wahrscheinlichkeit des Therapieansprechens erhöhen. Bei den verschiedenen Formulierungen musste unbedingt auf den Zeitpunkt der Blutentnahmen nach Einnahme geachtet werden.rnEs wurde eine multizentrische Querschnittsuntersuchung zur Analyse von TDM unter naturalistischen Bedingungen an ambulanten Patienten durchgeführt, und zwar in Ambulanzen, in denen TDM als fester Bestandteil der Therapieüberwachung genutzt wurde und in Ambulanzen, in denen TDM sporadisch engesetzt, bzw. neu eingeführt wurde. Nach dieser Erhebung schien die Anwendung von TDM zu einer besseren Versorgung der Patienten beizutragen. Es wurde festgestellt, dass in den Ambulanzen mit bewusster Anwendung von TDM mehr Patienten mit Blutspiegeln im therapeutischen Bereich vorkamen als in den Ambulanzen mit nur sporadisch durchgeführten Blutspiegelmessungen. Bei Letzteren betrug die mittlere Anzahl an Medikamenten pro Patient 2,8 gegenüber 2,2 in den anderen Ambulanzen, was mit höheren Nebenwirkungsraten einherging. Die Schlussfolgerung, dass das Einstellen der Blutspiegel auf den therapeutischen Bereich auch tatsächlich zu besseren Therapieeffekten führte, konnte mit der Studie nicht valide überprüft werden, da die Psychopathologie nicht adäquat abgebildet werden konnte. Eine weitere Erkenntnis war, dass das reine Messen des Blutspiegels nicht zu einer Verbesserung der Therapie führte. Eine Verbesserung der Anwendung von TDM durch die Behandler wurde nach einer Schulung festgestellt, die das Ziel hatte, die Interpretation der Blutspiegelbefunde im Kontext mit patienten- und substanzspezifischen Informationen zu verbessern. Basierend auf dieser Erfahrung wurden Arzneistoffdatenblätter für die häufigsten angewandten Antipsychotika und Antidepressiva entwickelt, um damit die ambulanten Ärzte für eine eigenständige Befundinterpretation zu unterstützen. rnEin weiterer Schwerpunkt der Untersuchungen an ambulanten Patienten war die Aufdeckung von Non-Compliance durch TDM. Ein neu entwickeltes Verfahren, durch Berechnung der Streuung der mittleren Blutspiegel, erwies sich als geeignetes Instrument zur Compliance-Kontrolle in der Clozapin-Langzeittherapie. Es war etablierten anderen Verfahren überlegen. Demnach hatten Patienten ein erhöhtes Rückfallrisiko, wenn der Variationskoeffizient von nur drei nacheinander gemessenen Blutspiegeln größer als 20 % war. Da für die Beurteilung des Variationskoeffizienten das Messen von nur drei aufeinander folgenden Blutspiegeln notwendig war, kann diese Methode leicht in den ambulanten Alltag integriert werden. Der behandelnde Arzt hat so die Möglichkeit, einen rückfallgefährdeten Patienten noch vor seiner psychopathologischen Verschlechterung zu erkennen und ihn beispielsweise durch engmaschigeres Supervidieren vor einem Rückfall zu bewahren.rnAlles in allem konnte durch die eigenen Untersuchungen an psychiatrischen Patienten, die unter naturalistischen Bedingungen behandelt wurden, gezeigt werden, wie die Voraussetzungen für die Anwendung von TDM geschaffen werden, nämlich durch die Etablierung und Validierung einer Messmethode und durch die Evaluierung eines therapeutischen Referenzbereiches und wie TDM bei adäquatem Einsatz, nach Verbesserung der Compliance und des Kenntnisstandes der behandelnden Ärzte im praktischen und theoretischen Umgang mit TDM, die Versorgung ambulanter psychiatrischer Patienten unterstützen kann.

Secondary prevention through cardiac rehabilitation: physical activity counselling and exercise training: key components of the position paper from the Cardiac Rehabilitation Section of the European Association of Cardiovascular Prevention and Rehabilitation

Cardiac patients after an acute event and/or with chronic heart disease deserve special attention to restore their quality of life and to maintain or improve functional capacity. They require counselling to avoid recurrence through a combination of adherence to a medication plan and adoption of a healthy lifestyle. These secondary prevention targets are included in the overall goal of cardiac rehabilitation (CR). Cardiac rehabilitation can be viewed as the clinical application of preventive care by means of a professional multi-disciplinary integrated approach for comprehensive risk reduction and global long-term care of cardiac patients. The CR approach is delivered in tandem with a flexible follow-up strategy and easy access to a specialized team. To promote implementation of cardiac prevention and rehabilitation, the CR Section of the EACPR (European Association of Cardiovascular Prevention and Rehabilitation) has recently completed a Position Paper, entitled 'Secondary prevention through cardiac rehabilitation: A condition-oriented approach'. Components of multidisciplinary CR for seven clinical presentations have been addressed. Components include patient assessment, physical activity counselling, exercise training, diet/nutritional counselling, weight control management, lipid management, blood pressure monitoring, smoking cessation, and psychosocial management. Cardiac rehabilitation services are by definition multi-factorial and comprehensive, with physical activity counselling and exercise training as central components in all rehabilitation and preventive interventions. Many of the risk factor improvements occurring in CR can be mediated through exercise training programmes. This call-for-action paper presents the key components of a CR programme: physical activity counselling and exercise training. It summarizes current evidence-based best practice for the wide range of patient presentations of interest to the general cardiology community.

Laboratory based investigations for diagnosing gastroesophageal reflux disease

Gastroesophageal reflux disease (GERD) still remains the most common out- GI-related condition in the out-patient setting. While primary care physicians often use empiric trials with proton pump inhibitors (PPI trial) to diagnose GERD, often specialised tests are required to confirm or exclude gastroesophageal reflux causing esophageal or extraesophageal symptoms. The most commonly used procedures to diagnose GERD include: conventional (catheter based) pH monitoring, wireless esophageal pH monitoring (Bravo), bilirubin monitoring (Bilitec), and combined multichannel intraluminal impedance-pH monitoring (MII-pH). Each technique has strengths and limitations of which clinicians and investigators should be aware when deciding which one to choose.

Adverse effects of drugs on the esophagus

Given the function of the esophagus to transport orally ingested solids and liquids into the stomach there are several medications with adverse effect on esophageal structures and function. Various pharmacologic agents can induce esophageal injury, promote gastroesophageal reflux by decreasing lower esophageal sphincter tone or affect esophageal perception and motility. The risks of bisphosphonates, doxycycline, ferrous sulfate, ascorbic acid, aspirin/NSAIDs and chemotherapeutic agents to induce esophageal lesions have been documented in case reports and short series. In addition to direct mucosal injury, many commonly used medications including nitroglycerins, anticholinergics, beta-adrenergic agonists, aminophyllines, and benzodiazepines promote/facilitate gastroesophageal reflux by reducing lower esophageal sphincter pressure. Additional evidence accumulates on the adverse effects of various medications on esophageal motility and perception. The treatment of medication-induced esophageal lesions includes (1) identifying and discontinuing the causative medication, (2) promoting healing of esophageal injury by decreasing esophageal acid exposure or coating already existing esophageal lesions, (3) eventual use of protective compounds.

Alcoholic steatohepatitis

Severe alcoholic steatohepatitis has a poor prognosis and is characterized by jaundice and signs of liver failure. Its incidence is unknown, but prevalence is around 20% in cohorts of alcoholics undergoing liver biopsy. Diagnosis is established with elevated liver transaminases, neutrophil counts, serum bilirubin, and impaired coagulation and a history of excessive alcohol consumption, and exclusion of other etiologies. Histology is helpful but not mandatory. Prognostic scores include the Maddrey's discriminant function, the model of end-stage liver disease, and the Glasgow Alcoholic Hepatitis Score. Pathophysiology involves hepatic fat storage, increased hepatic uptake of gut-derived endotoxins triggering Kupffer cell activation and release of proinflammatory triggers, induction of cytochrome P4502E1 producing toxic acetaldehyde and reactive oxygen species, and ethanol-mediated hyperhomocysteinemia causing endoplasmic reticulum stress. Treatment includes abstinence, enteral nutrition, corticosteroids, and possibly pentoxifylline. A debate is ongoing whether certain patients with severe alcoholic steatohepatitis could be eligible for liver transplantation.

Genetics of GHRH, GHRH-receptor, GH and GH-receptor: its impact on pharmacogenetics

When a child is not following the normal, predicted growth curve, an evaluation for underlying illnesses and central nervous system abnormalities is required and, appropriate consideration should be given to genetic defects causing GH deficiency (GHD). Because Insulin-like-Growth Factor-I (IGF-I) plays a pivotal role, GHD could also be considered as a form of IGF-I deficiency (IGFD). Although IGFD can develop at any level of the GHRH-GH-IGF axis, a differentiation should be made between GHD (absent to low GH in circulation) and IGFD (normal to high GH in circulation). The main focus of this review is on the GH-gene, the various gene alterations and their possible impact on the pituitary gland. However, although transcription factors regulating the pituitary gland development may cause multiple pituitary hormone deficiency they may present initially as GHD. These defects are discussed in various different chapters within this book, whereas, the impact of alterations of the GHRH-, GHRH-receptor- --as well as the GH-receptor (GHR) gene--will be discussed here.

Genetic evaluation of short stature

After a proper medical history, growth analysis and physical examination of a short child, followed by radiological and laboratory screening, the clinician may decide to perform genetic testing. We propose several clinical algorithms that can be used to establish the diagnosis. GH1 and GHRHR should be tested in children with severe isolated growth hormone deficiency and a positive family history. A multiple pituitary dysfunction can be caused by defects in several genes, of which PROP1 and POU1F1 are most common. GH resistance can be caused by genetic defects in GHR, STAT5B, IGF1, IGFALS, which all have their specific clinical and biochemical characteristics. IGF-I resistance is seen in heterozygous defects of the IGF1R. If besides short stature additional abnormalities are present, these should be matched with known dysmorphic syndromes. If no obvious candidate gene can be determined, a whole genome approach can be taken to check for deletions, duplications and/or uniparental disomies.

Teacher resistance to school-based consultation with the school psychologist: An analysis according to school level and model of identification for special education services

Consultation is promoted throughout school psychology literature as a best practice in service delivery. This method has numerous benefits including being able to work with more students at one time, providing practitioners with preventative rather than strictly reactive strategies, and helping school professionals meet state and federal education mandates and initiatives. Despite the benefits of consultation, teachers are sometimes resistant to this process.This research studies variables hypothesized to lead to resistance (Gonzalez, Nelson, Gutkin, & Shwery, 2004) and attempts to distinguish differences between school level (elementary, middle and high school) with respect to the role played by these variables and to determine if the model used to identify students for special education services has an influence on resistance factors. Twenty-sixteachers in elementary and middle schools responded to a demographicquestionnaire and a survey developed by Gonzalez, et al. (2004). This survey measures eight variables related to resistance to consultation. No high school teachers responded to the request to participate. Results of analysis of variance indicated a significant difference in the teaching efficacy subscale with elementary teachers reporting more efficacy in teaching than middle school teachers. Results also indicate a significant difference in classroom managementefficacy with teachers who work in schools that identify students according to a Response to Intervention model reporting higher classroom management efficacy than teachers who work in schools that identify students according to a combined method of refer-test-place/RtI combination model. Implications, limitations and directions for future research are discussed.

Osteoarthritis: rational approach to treating the individual

Osteoarthritis (OA) is the most common form of joint disease and the leading cause of pain and physical disability in older people. Risk factors for incidence and progression of osteoarthritis vary considerably according to the type of joint. Disease assessment is difficult and the relationship between the radiographic severity of joint damage and the incidence and severity of pain is only modest. Psychosocial and socio-economic factors play an important role. This chapter will discuss four main guiding principles to the management of OA: (1) to avoid overtreating people with mild symptoms; (2) to attempt to avoid doing more harm than good ('primum non nocere'); (3) to base patient management on the severity of pain, disability and distress, and not on the severity of joint damage or radiographic change; and (4) to start with advice about simple measures that patients can take to help themselves, and only progress to interventions that require supervision or specialist knowledge if simple measures fail. Effect sizes derived from meta-analyses of large randomized trials in OA are only small to moderate for most therapeutic interventions, but they are still valuable for patients and clinically relevant for physicians. Joint replacement may be the only option with a large effect size, but is only appropriate for the relatively small number of people with OA who have advanced disease and severe symptoms. The key to successful management involves patient and health professionals working together to develop optimal treatment strategies for the individual.

The future treatment of portal hypertension

Increased understanding of the hyperdynamic circulation syndrome has resulted in novel therapeutic approaches, some of which have already reached clinical practice. Central to the hyperdynamic circulation syndrome is an imbalance between the increase in different vasodilators (foremost among which is nitric oxide) and the compensatory increase in vasoconstrictors--usually accompanied by a blunted response. This chapter discusses the role of endothelin in the pathogenesis of the syndrome and in future treatment approaches. A relatively new area of research in this field is the role of infection and inflammation in the initiation and maintenance of the hyperdynamic circulation syndrome. The use of antibiotics in the setting of acute variceal bleeding is standard practice. Studies have suggested that chronic manipulation of the intestinal flora could have beneficial effects in the treatment of portal hypertension. The bile salts are another novel and interesting target. Although their vasoactive properties have been known for some time, recent data demonstrate that their effects could be central in the pathogenesis of the hyperdynamic circulation syndrome, and that manipulation of the composition of the bile acid pool could be a therapeutic approach to portal hypertension. Finally, hypoxia and angiogenesis play a role in the development of portal hypertension and the formation of collaterals. This role needs to be further defined but it appears likely that this phenomenon is yet another target for therapeutic intervention.