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4. Determinants of firms’ default on unsecured loans in the P2P crowdfunding market

Author

Kgoroeadira, R, Burke, A, Di Pietro, F, van Stel, A, Kgoroeadira R., Burke A., Di Pietro F., van Stel A., Kgoroeadira, R, Burke, A, Di Pietro, F, van Stel, A, Kgoroeadira R., Burke A., Di Pietro F., and van Stel A.

Abstract

We investigate the payback performance of small businesses’ funded loans, and its determinants, in the Peer-to-Peer (P2P) lending crowdfunding market. We do so by analysing a dataset of 1000 small businesses’ unsecured funded loans, via the American online P2P lending funding website Prosper.com. As these loans are unsecured, interest rates are relatively high (18.5% on average in our data base). As a result, payback is by no means straightforward. Indeed, we find 27% of all funded loans in our sample to default. Hence, it is particularly important in this market to know which factors determine payback performance. A novelty of our paper is that we are able to distinguish empirically between new and established firms in this market. Our results highlight that also in P2P lending, borrower reputation — stipulated by credit grade and repayment history — continues to be the single most dominant determinant of payback over loan default, especially for established firms. However, in contrast to conventional financing theory, we found that borrowers’ credit grade is only weakly relevant in determining risks of default of new businesses and that new firms are not more likely to default when compared to established firms. Selection effects may play a role here, in that only high-risk established firms look for unsecured online P2P finance as they are more likely than lower risk established firms to have been unable to get finance in the more traditional markets. This suggests that the liability of newness does not hold in this market. Nevertheless, among new firms, and in contrast to established firms, inclusion of a picture in the loan application was found to be an additional quality signal, positively associated with payback performance. This suggests the importance of visual information as a means of reducing uncertainty and signalling lower risk to financiers.

Published
2023

5. How future surgery will benefit from SARS-COV-2-related measures: a SPIGC survey conveying the perspective of Italian surgeons

Author

Siragusa, L, Angelico, R, Angrisani, M, Zampogna, B, Materazzo, M, Sorge, R, Giordano, L, Meniconi, R, Coppola, A, Marino, A, Giraudo, G, Esposito, S, Urbani, A, De Pastena, M, Mastrapasqua, R, Garancini, M, Frontal, A, Pascal, G, Martellucc, J, Falb, F, Boscarelli, A, Bertoglio, P, Trecca, E, Galassi, L, Vento, V, Chiappini, A, Antonelli, A, Bennardo, F, Familiari, F, Giannaccare, G, Zappia, A, Giuliani, G, Falcone, F, Sebastiani, S, Montuori, M, Rossi, S, Sagnotta, A, Giuliani, B, Imbriani, G, Restaino, S, Andreani, L, Di Maria, F, Lagana, A, Vitiello, L, Berton, F, Virgilio, E, Palisi, M, Portigliotti, L, Calussi, M, Conti, L, Mauriello, C, Barone, M, Saladino, E, Giaquinta, A, Zerb, D, Frazzetta, G, Merola, G, Chierici, A, Bini, R, Centonze, L, De Carlis, R, Ferrario, L, Giani, A, Lauterio, A, Tamini, N, Corti, S, Botteri, E, Andreuccetti, J, D'Alessio, R, Cestaro, G, Clarizia, G, Spolini, A, Carboni, A, Benzoni, E, Galiffa, G, Perotti, B, Veroux, M, Randazzo, V, Topa, D, Pranteda, C, Contini, G, Iacusso, C, Voglino, V, Vita, P, Carrano, F, Ambrosio, L, Cammarata, R, Capolupo, G, Caputo, D, Carannante, F, Cascone, C, Esperto, F, Farolfi, T, Frasca, L, Gallo, I, Gibin, G, Giurazza, G, Improta, L, La Vaccara, V, Luffarelli, P, Luvero, D, Marangi, G, Masciana, G, Mazzola, A, Mazzotta, E, Miligi, C, Montelione, N, Nenna, A, Orsaria, P, Papalia, R, Papalia, G, Parisi, F, Prata, F, Salzillo, R, Santini, S, Sofo, F, Zampoli, A, Tanda, C, Altieri, G, Ardito, F, Belia, F, Bianchi, V, Biondi, A, Brisinda, G, Chiappetta, M, Ciolli, G, Ciolli, A, Ferracci, F, Ferri, L, Fico, V, Fiorillo, C, Fransvea, P, Galiandro, F, Giovinazzo, F, La Greca, A, Litta, F, Mele, C, Pafundi, D, Panettieri, E, Papa, V, Patini, R, Perrotta, G, Puccioni, C, Santocchi, P, Armatura, G, Olmi, S, Casoni Pattacini, G, Salgarello, S, Trompetto, M, Bombardini, C, La Rocca, R, Celentano, G, Micalef, A, Mazzella, A, Settembrini, A, Zoia, C, Degrate, L, Musumeci, G, Palopoli, C, Montori, G, Bonati, E, Dinuzzi, V, Velluti, F, Balla, A, Bonasia, D, Coletta, D, Berardi, G, Colasanti, M, Ferretti, S, Gasparoli, C, Mariano, G, Avenia, S, Cianci, P, Cestino, L, Festa, F, Fazio, F, Ascari, F, Desio, M, Arroyo Murillo, G, Cereda, M, Galleano, R, David, G, Pansini, A, Gazia, C, Atzori, G, Desideri, L, Famularo, S, Galvanin, J, Giudici, V, Mangiameli, G, Mei, S, Milana, F, Pansa, A, Sacchi, M, Testori, A, Di Carlo, G, Paratore, M, Perrone, U, Vagge, A, Vigano, J, Torre, B, Scotti, M, Carbone, G, Cerchione, R, De Nardi, P, Gozzini, L, Ottaviani, L, Senni, C, Piccin, O, Pio, L, Colombo, F, Avantifiori, R, Baldassarri, V, Caronna, R, Cicerchia, P, Corallino, D, Crocetti, D, Gallo, G, Giovanardi, F, Giovannetti, F, Hassan, R, Iossa, A, Lai, Q, Lancellotti, F, Lucarini, A, Lucchese, S, Mazzarella, G, Melandro, F, Minervini, A, Muttillo, E, Palmieri, L, Pasqua, R, Rosiello, F, Salina, G, Sibio, S, Sirignano, P, Tarallo, M, Usai, S, Vanni, C, Viglietta, E, Zambon, M, Conversano, N, Epifani, A, Milano, V, Sacco, L, Nava, M, Maffioli, A, Giuratrabocchetta, S, Baracchi, F, Zuolo, M, Ceresoli, M, Verdi, D, Belli, A, Pata, F, Piovano, E, Pastore, G, Bernabei, F, Deiana, S, Arceri, A, D'Agostino, C, Marafante, C, Moggia, E, Parini, S, Moretti, M, Uggeri, F, Pontarolo, N, Fontana, T, Palmisano, G, Giuffrida, M, Guaitoli, E, Ferretti, C, Iacopino, G, Gioco, R, Roscitano, G, Montanelli, P, Pinotti, E, Monati, E, Fazio, G, Di Pietro, F, Damarco, F, Barberis, A, Razzore, A, Pascale, A, Loi, S, Ferrara, F, Rossi, M, Lisi, G, Viel, G, Sasia, D, Bono, D, Cordaro, E, Giacomelli, E, Giani, I, Seriau, L, Pellino, G, Sparavigna, M, Trigiante, G, D'Ambrogio, R, Cardella, F, Guzzetti, S, Luzzi, A, Carganico, G, Drago, B, Micheletto, G, Orlandi, R, Cutolo, C, Gibello, U, Mistrangelo, M, Forcignano, E, D'Ugo, S, Losurdo, P, Manitto, M, Caroli, G, Franco, M, Tilocca, P, Mendogni, P, Sena, G, Sambucci, D, Luciani, C, Atelli, P, Guida, A, Marino, F, Morini, A, Sibilla, M, Longo, F, Giaccari, S, Vigorita, V, Balduzzi, A, Barra, F, Delogu, D, Milone, E, Bencini, L, Aprile, V, Papini, P, Montemurro, N, Cavallo, M, Picciariello, A, Tomasicchio, G, Fittipaldi, A, Maruccia, M, Gerardi, S, Cillara, N, Deidda, S, Demarinis, G, Peiretti, E, Tatti, F, Iovino, C, Isola, G, Progno, V, Migliore, M, Badessi, G, Barilla, C, Calleri, G, Cianci, S, Fama, F, Fleres, F, Mazzeo, C, Visaloco, M, Marchetto, C, Bolognesi, F, Benuzzi, L, Bracchetti, G, Brucchi, F, Manzo, C, Scaravilli, L, Ferrari, C, Rocca, A, Napolitano, P, Anoldo, P, Caricato, C, Manigrasso, M, Milone, M, Napolitano, L, Palomba, G, Schiavone, V, Vetrella, M, Grossi, U, Moletta, L, Annicchiarico, A, Vella, I, Talesa, G, Boggi, U, Aiello, F, Anselmo, A, Bacchiocchi, G, Beati, F, Bellato, V, Billeci, F, Blasi, F, Buonomo, O, Campanelli, M, Coco, G, Contadini, A, Conte, L, D'Ippolito, G, Di Marcantonio, A, Spicchiale, C, Afflitto, G, Gismondi, A, Gorgolini, G, Granai, A, Grande, S, Gravina, A, Ingallinella, S, Keci, L, Latini, E, Marino, D, Oddi, F, Orecchia, L, Don, C, Pellicciaro, M, Petagna, L, Pirozzi, B, Quaranta, C, Rho, M, Rosina, A, Santicchia, M, Saraceno, F, Schiavone, A, Sensi, B, Spina, A, Sullo, L, Tacconi, F, Taje, R, Vanni, G, Vinci, D, Vita, G, Alba, G, Badalucco, S, Carbone, L, Samorani, O, Chisci, G, Cuomo, R, Francia, A, Fusario, D, Gargiulo, B, Pasqui, E, Pasquetti, L, Puoti, P, Resca, L, Cumbo, J, Ganio, S, Vizzielli, G, Anastasi, M, Guerra, D, Romanzi, A, Vannelli, A, Baia, M, Siragusa L., Angelico R., Angrisani M., Zampogna B., Materazzo M., Sorge R., Giordano L., Meniconi R., Coppola A., Marino A., Giraudo G., Esposito S., Urbani A., De Pastena M., Mastrapasqua R., Garancini M., Frontal A., Pascal G., Martellucc J., Falb F., Boscarelli A., Bertoglio P., Trecca E., Galassi L., Vento V., Chiappini A., Antonelli A., Bennardo F., Familiari F., Giannaccare G., Zappia A. S., Giuliani G., Falcone F., Sebastiani S., Montuori M., Rossi S., Sagnotta A., Giuliani B., Imbriani G. C., Restaino S., Andreani L., Di Maria F., Lagana A. S., Vitiello L., Berton F., Virgilio E., Palisi M., Portigliotti L., Calussi M., Conti L., Mauriello C., Barone M., Saladino E., Giaquinta A., Zerb D., Frazzetta G., Merola G., Chierici A., Bini R., Centonze L., De Carlis R., Ferrario L., Giani A., Lauterio A., Tamini N., Corti S., Botteri E., Andreuccetti J., D'Alessio R., Cestaro G., Clarizia G., Spolini A., Carboni A. S., Benzoni E., Galiffa G., Perotti B., Veroux M., Randazzo V., Topa D., Pranteda C., Contini G., Iacusso C., Voglino V., Vita P., Carrano F. M., Ambrosio L., Cammarata R., Capolupo G. T., Caputo D., Carannante F., Cascone C., Esperto F., Farolfi T., Frasca L., Gallo I. F., Gibin G., Giurazza G., Improta L., La Vaccara V., Luffarelli P., Luvero D., Marangi G., Masciana G., Mazzola A., Mazzotta E., Miligi C. I., Montelione N., Nenna A., Orsaria P., Papalia R., Papalia G. F., Parisi F. R., Prata F., Salzillo R., Santini S., Sofo F., Zampoli A., Tanda C., Altieri G., Ardito F., Belia F., Bianchi V., Biondi A., Brisinda G., Chiappetta M., Ciolli G., Ciolli A., Ferracci F., Ferri L., Fico V., Fiorillo C., Fransvea P., Galiandro F., Giovinazzo F., La Greca A., Litta F., Mele C., Pafundi D. P., Panettieri E., Papa V., Patini R., Perrotta G., Puccioni C., Santocchi P., Armatura G., Olmi S., Casoni Pattacini G., Salgarello S., Trompetto M., Bombardini C., La Rocca R., Celentano G., Micalef A., Mazzella A., Settembrini A., Zoia C., Degrate L., Musumeci G., Palopoli C. A. M., Montori G., Bonati E., Dinuzzi V. P., Velluti F., Balla A., Bonasia D. E., Coletta D., Berardi G., Colasanti M., Ferretti S., Gasparoli C., Mariano G., Avenia S., Cianci P., Cestino L., Festa F., Fazio F., Ascari F., Desio M., Arroyo Murillo G. A., Cereda M., Galleano R., David G., Pansini A., Gazia C., Atzori G., Desideri L. F., Famularo S., Galvanin J., Giudici V. M., Mangiameli G., Mei S., Milana F., Pansa A., Sacchi M., Testori A., Di Carlo G., Paratore M., Perrone U., Vagge A., Vigano J., Torre B., Scotti M. A., Carbone G., Cerchione R., De Nardi P., Gozzini L., Ottaviani L., Senni C., Piccin O., Pio L., Colombo F., Avantifiori R., Baldassarri V., Caronna R., Cicerchia P. M., Corallino D., Crocetti D., Gallo G., Giovanardi F., Giovannetti F., Hassan R., Iossa A., Lai Q., Lancellotti F., Lucarini A., Lucchese S., Mazzarella G., Melandro F., Minervini A., Muttillo E. M., Palmieri L., Pasqua R., Rosiello F., Salina G., Sibio S., Sirignano P., Tarallo M., Usai S., Vanni C., Viglietta E., Zambon M., Conversano N. I., Epifani A. G., Milano V., Sacco L., Nava M., Maffioli A., Giuratrabocchetta S., Baracchi F., Zuolo M., Ceresoli M., Verdi D., Belli A., Pata F., Piovano E., Pastore G., Bernabei F., Deiana S., Arceri A., D'Agostino C., Marafante C., Moggia E., Parini S., Moretti M., Uggeri F., Pontarolo N., Fontana T., Palmisano G., Giuffrida M., Guaitoli E., Ferretti C., Iacopino G., Gioco R., Roscitano G., Montanelli P., Chiappetta M. F., Pinotti E., Monati E., Fazio G., Di Pietro F., Damarco F., Barberis A., Razzore A., Pascale A., Loi S., Ferrara F., Rossi M., Lisi G., Viel G., Sasia D., Bono D., Cordaro E. R., Giacomelli E., Giani I., Seriau L., Pellino G., Sparavigna M., Trigiante G., D'Ambrogio R. G., Cardella F., Guzzetti S., Luzzi A. -P., Carganico G., Drago B., Micheletto G., Orlandi R., Cutolo C., Gibello U., Mistrangelo M., Forcignano E., D'Ugo S., Losurdo P., Manitto M., Caroli G., Franco M., Tilocca P. L., Mendogni P., Sena G., Sambucci D., Luciani C., Atelli P., Guida A., Marino F., Morini A., Sibilla M. G., Longo F., Giaccari S., Vigorita V., Balduzzi A., Barra F., Delogu D., Milone E., Bencini L., Aprile V., Papini P., Montemurro N., Cavallo M., Picciariello A., Tomasicchio G., Fittipaldi A., Maruccia M., Gerardi S., Cillara N., Deidda S., Demarinis G., Peiretti E., Tatti F., Iovino C., Isola G., Progno V. C., Migliore M., Badessi G., Barilla C., Calleri G. S., Cianci S., Fama F., Fleres F., Mazzeo C., Visaloco M. G., Marchetto C., Bolognesi F., Benuzzi L., Bracchetti G., Brucchi F., Manzo C. A., Scaravilli L., Ferrari C., Rocca A., Napolitano P., Anoldo P., Caricato C., Manigrasso M., Milone M., Napolitano L., Palomba G., Schiavone V., Vetrella M., Grossi U., Moletta L., Annicchiarico A., Vella I., Talesa G., Boggi U., Aiello F., Anselmo A., Bacchiocchi G., Beati F., Bellato V., Billeci F., Blasi F., Buonomo O. C., Campanelli M., Coco G., Contadini A., Conte L. E., D'Ippolito G., Di Marcantonio A., Spicchiale C. F., Afflitto G. G., Gismondi A., Gorgolini G., Granai A. V., Grande S., Gravina A., Guida A. M., Ingallinella S., Keci L., Latini E., Marino D., Oddi F. M., Orecchia L., Don C. B. P., Pellicciaro M., Petagna L., Pirozzi B. M., Quaranta C., Rho M., Rosina A., Santicchia M. S., Saraceno F., Schiavone A., Sensi B., Spina A., Sullo L., Tacconi F., Taje R., Vanni G., Vinci D., Vita G., Alba G., Badalucco S., Carbone L., Samorani O. C., Chisci G., Cuomo R., Francia A., Fusario D., Gargiulo B., Pasqui E., Pasquetti L., Puoti P., Resca L., Cumbo J., Ganio S., Vizzielli G., Anastasi M., Guerra D., Romanzi A., Vannelli A., Baia M., Siragusa, L, Angelico, R, Angrisani, M, Zampogna, B, Materazzo, M, Sorge, R, Giordano, L, Meniconi, R, Coppola, A, Marino, A, Giraudo, G, Esposito, S, Urbani, A, De Pastena, M, Mastrapasqua, R, Garancini, M, Frontal, A, Pascal, G, Martellucc, J, Falb, F, Boscarelli, A, Bertoglio, P, Trecca, E, Galassi, L, Vento, V, Chiappini, A, Antonelli, A, Bennardo, F, Familiari, F, Giannaccare, G, Zappia, A, Giuliani, G, Falcone, F, Sebastiani, S, Montuori, M, Rossi, S, Sagnotta, A, Giuliani, B, Imbriani, G, Restaino, S, Andreani, L, Di Maria, F, Lagana, A, Vitiello, L, Berton, F, Virgilio, E, Palisi, M, Portigliotti, L, Calussi, M, Conti, L, Mauriello, C, Barone, M, Saladino, E, Giaquinta, A, Zerb, D, Frazzetta, G, Merola, G, Chierici, A, Bini, R, Centonze, L, De Carlis, R, Ferrario, L, Giani, A, Lauterio, A, Tamini, N, Corti, S, Botteri, E, Andreuccetti, J, D'Alessio, R, Cestaro, G, Clarizia, G, Spolini, A, Carboni, A, Benzoni, E, Galiffa, G, Perotti, B, Veroux, M, Randazzo, V, Topa, D, Pranteda, C, Contini, G, Iacusso, C, Voglino, V, Vita, P, Carrano, F, Ambrosio, L, Cammarata, R, Capolupo, G, Caputo, D, Carannante, F, Cascone, C, Esperto, F, Farolfi, T, Frasca, L, Gallo, I, Gibin, G, Giurazza, G, Improta, L, La Vaccara, V, Luffarelli, P, Luvero, D, Marangi, G, Masciana, G, Mazzola, A, Mazzotta, E, Miligi, C, Montelione, N, Nenna, A, Orsaria, P, Papalia, R, Papalia, G, Parisi, F, Prata, F, Salzillo, R, Santini, S, Sofo, F, Zampoli, A, Tanda, C, Altieri, G, Ardito, F, Belia, F, Bianchi, V, Biondi, A, Brisinda, G, Chiappetta, M, Ciolli, G, Ciolli, A, Ferracci, F, Ferri, L, Fico, V, Fiorillo, C, Fransvea, P, Galiandro, F, Giovinazzo, F, La Greca, A, Litta, F, Mele, C, Pafundi, D, Panettieri, E, Papa, V, Patini, R, Perrotta, G, Puccioni, C, Santocchi, P, Armatura, G, Olmi, S, Casoni Pattacini, G, Salgarello, S, Trompetto, M, Bombardini, C, La Rocca, R, Celentano, G, Micalef, A, Mazzella, A, Settembrini, A, Zoia, C, Degrate, L, Musumeci, G, Palopoli, C, Montori, G, Bonati, E, Dinuzzi, V, Velluti, F, Balla, A, Bonasia, D, Coletta, D, Berardi, G, Colasanti, M, Ferretti, S, Gasparoli, C, Mariano, G, Avenia, S, Cianci, P, Cestino, L, Festa, F, Fazio, F, Ascari, F, Desio, M, Arroyo Murillo, G, Cereda, M, Galleano, R, David, G, Pansini, A, Gazia, C, Atzori, G, Desideri, L, Famularo, S, Galvanin, J, Giudici, V, Mangiameli, G, Mei, S, Milana, F, Pansa, A, Sacchi, M, Testori, A, Di Carlo, G, Paratore, M, Perrone, U, Vagge, A, Vigano, J, Torre, B, Scotti, M, Carbone, G, Cerchione, R, De Nardi, P, Gozzini, L, Ottaviani, L, Senni, C, Piccin, O, Pio, L, Colombo, F, Avantifiori, R, Baldassarri, V, Caronna, R, Cicerchia, P, Corallino, D, Crocetti, D, Gallo, G, Giovanardi, F, Giovannetti, F, Hassan, R, Iossa, A, Lai, Q, Lancellotti, F, Lucarini, A, Lucchese, S, Mazzarella, G, Melandro, F, Minervini, A, Muttillo, E, Palmieri, L, Pasqua, R, Rosiello, F, Salina, G, Sibio, S, Sirignano, P, Tarallo, M, Usai, S, Vanni, C, Viglietta, E, Zambon, M, Conversano, N, Epifani, A, Milano, V, Sacco, L, Nava, M, Maffioli, A, Giuratrabocchetta, S, Baracchi, F, Zuolo, M, Ceresoli, M, Verdi, D, Belli, A, Pata, F, Piovano, E, Pastore, G, Bernabei, F, Deiana, S, Arceri, A, D'Agostino, C, Marafante, C, Moggia, E, Parini, S, Moretti, M, Uggeri, F, Pontarolo, N, Fontana, T, Palmisano, G, Giuffrida, M, Guaitoli, E, Ferretti, C, Iacopino, G, Gioco, R, Roscitano, G, Montanelli, P, Pinotti, E, Monati, E, Fazio, G, Di Pietro, F, Damarco, F, Barberis, A, Razzore, A, Pascale, A, Loi, S, Ferrara, F, Rossi, M, Lisi, G, Viel, G, Sasia, D, Bono, D, Cordaro, E, Giacomelli, E, Giani, I, Seriau, L, Pellino, G, Sparavigna, M, Trigiante, G, D'Ambrogio, R, Cardella, F, Guzzetti, S, Luzzi, A, Carganico, G, Drago, B, Micheletto, G, Orlandi, R, Cutolo, C, Gibello, U, Mistrangelo, M, Forcignano, E, D'Ugo, S, Losurdo, P, Manitto, M, Caroli, G, Franco, M, Tilocca, P, Mendogni, P, Sena, G, Sambucci, D, Luciani, C, Atelli, P, Guida, A, Marino, F, Morini, A, Sibilla, M, Longo, F, Giaccari, S, Vigorita, V, Balduzzi, A, Barra, F, Delogu, D, Milone, E, Bencini, L, Aprile, V, Papini, P, Montemurro, N, Cavallo, M, Picciariello, A, Tomasicchio, G, Fittipaldi, A, Maruccia, M, Gerardi, S, Cillara, N, Deidda, S, Demarinis, G, Peiretti, E, Tatti, F, Iovino, C, Isola, G, Progno, V, Migliore, M, Badessi, G, Barilla, C, Calleri, G, Cianci, S, Fama, F, Fleres, F, Mazzeo, C, Visaloco, M, Marchetto, C, Bolognesi, F, Benuzzi, L, Bracchetti, G, Brucchi, F, Manzo, C, Scaravilli, L, Ferrari, C, Rocca, A, Napolitano, P, Anoldo, P, Caricato, C, Manigrasso, M, Milone, M, Napolitano, L, Palomba, G, Schiavone, V, Vetrella, M, Grossi, U, Moletta, L, Annicchiarico, A, Vella, I, Talesa, G, Boggi, U, Aiello, F, Anselmo, A, Bacchiocchi, G, Beati, F, Bellato, V, Billeci, F, Blasi, F, Buonomo, O, Campanelli, M, Coco, G, Contadini, A, Conte, L, D'Ippolito, G, Di Marcantonio, A, Spicchiale, C, Afflitto, G, Gismondi, A, Gorgolini, G, Granai, A, Grande, S, Gravina, A, Ingallinella, S, Keci, L, Latini, E, Marino, D, Oddi, F, Orecchia, L, Don, C, Pellicciaro, M, Petagna, L, Pirozzi, B, Quaranta, C, Rho, M, Rosina, A, Santicchia, M, Saraceno, F, Schiavone, A, Sensi, B, Spina, A, Sullo, L, Tacconi, F, Taje, R, Vanni, G, Vinci, D, Vita, G, Alba, G, Badalucco, S, Carbone, L, Samorani, O, Chisci, G, Cuomo, R, Francia, A, Fusario, D, Gargiulo, B, Pasqui, E, Pasquetti, L, Puoti, P, Resca, L, Cumbo, J, Ganio, S, Vizzielli, G, Anastasi, M, Guerra, D, Romanzi, A, Vannelli, A, Baia, M, Siragusa L., Angelico R., Angrisani M., Zampogna B., Materazzo M., Sorge R., Giordano L., Meniconi R., Coppola A., Marino A., Giraudo G., Esposito S., Urbani A., De Pastena M., Mastrapasqua R., Garancini M., Frontal A., Pascal G., Martellucc J., Falb F., Boscarelli A., Bertoglio P., Trecca E., Galassi L., Vento V., Chiappini A., Antonelli A., Bennardo F., Familiari F., Giannaccare G., Zappia A. S., Giuliani G., Falcone F., Sebastiani S., Montuori M., Rossi S., Sagnotta A., Giuliani B., Imbriani G. C., Restaino S., Andreani L., Di Maria F., Lagana A. S., Vitiello L., Berton F., Virgilio E., Palisi M., Portigliotti L., Calussi M., Conti L., Mauriello C., Barone M., Saladino E., Giaquinta A., Zerb D., Frazzetta G., Merola G., Chierici A., Bini R., Centonze L., De Carlis R., Ferrario L., Giani A., Lauterio A., Tamini N., Corti S., Botteri E., Andreuccetti J., D'Alessio R., Cestaro G., Clarizia G., Spolini A., Carboni A. S., Benzoni E., Galiffa G., Perotti B., Veroux M., Randazzo V., Topa D., Pranteda C., Contini G., Iacusso C., Voglino V., Vita P., Carrano F. M., Ambrosio L., Cammarata R., Capolupo G. T., Caputo D., Carannante F., Cascone C., Esperto F., Farolfi T., Frasca L., Gallo I. F., Gibin G., Giurazza G., Improta L., La Vaccara V., Luffarelli P., Luvero D., Marangi G., Masciana G., Mazzola A., Mazzotta E., Miligi C. I., Montelione N., Nenna A., Orsaria P., Papalia R., Papalia G. F., Parisi F. R., Prata F., Salzillo R., Santini S., Sofo F., Zampoli A., Tanda C., Altieri G., Ardito F., Belia F., Bianchi V., Biondi A., Brisinda G., Chiappetta M., Ciolli G., Ciolli A., Ferracci F., Ferri L., Fico V., Fiorillo C., Fransvea P., Galiandro F., Giovinazzo F., La Greca A., Litta F., Mele C., Pafundi D. P., Panettieri E., Papa V., Patini R., Perrotta G., Puccioni C., Santocchi P., Armatura G., Olmi S., Casoni Pattacini G., Salgarello S., Trompetto M., Bombardini C., La Rocca R., Celentano G., Micalef A., Mazzella A., Settembrini A., Zoia C., Degrate L., Musumeci G., Palopoli C. A. M., Montori G., Bonati E., Dinuzzi V. P., Velluti F., Balla A., Bonasia D. E., Coletta D., Berardi G., Colasanti M., Ferretti S., Gasparoli C., Mariano G., Avenia S., Cianci P., Cestino L., Festa F., Fazio F., Ascari F., Desio M., Arroyo Murillo G. A., Cereda M., Galleano R., David G., Pansini A., Gazia C., Atzori G., Desideri L. F., Famularo S., Galvanin J., Giudici V. M., Mangiameli G., Mei S., Milana F., Pansa A., Sacchi M., Testori A., Di Carlo G., Paratore M., Perrone U., Vagge A., Vigano J., Torre B., Scotti M. A., Carbone G., Cerchione R., De Nardi P., Gozzini L., Ottaviani L., Senni C., Piccin O., Pio L., Colombo F., Avantifiori R., Baldassarri V., Caronna R., Cicerchia P. M., Corallino D., Crocetti D., Gallo G., Giovanardi F., Giovannetti F., Hassan R., Iossa A., Lai Q., Lancellotti F., Lucarini A., Lucchese S., Mazzarella G., Melandro F., Minervini A., Muttillo E. M., Palmieri L., Pasqua R., Rosiello F., Salina G., Sibio S., Sirignano P., Tarallo M., Usai S., Vanni C., Viglietta E., Zambon M., Conversano N. I., Epifani A. G., Milano V., Sacco L., Nava M., Maffioli A., Giuratrabocchetta S., Baracchi F., Zuolo M., Ceresoli M., Verdi D., Belli A., Pata F., Piovano E., Pastore G., Bernabei F., Deiana S., Arceri A., D'Agostino C., Marafante C., Moggia E., Parini S., Moretti M., Uggeri F., Pontarolo N., Fontana T., Palmisano G., Giuffrida M., Guaitoli E., Ferretti C., Iacopino G., Gioco R., Roscitano G., Montanelli P., Chiappetta M. F., Pinotti E., Monati E., Fazio G., Di Pietro F., Damarco F., Barberis A., Razzore A., Pascale A., Loi S., Ferrara F., Rossi M., Lisi G., Viel G., Sasia D., Bono D., Cordaro E. R., Giacomelli E., Giani I., Seriau L., Pellino G., Sparavigna M., Trigiante G., D'Ambrogio R. G., Cardella F., Guzzetti S., Luzzi A. -P., Carganico G., Drago B., Micheletto G., Orlandi R., Cutolo C., Gibello U., Mistrangelo M., Forcignano E., D'Ugo S., Losurdo P., Manitto M., Caroli G., Franco M., Tilocca P. L., Mendogni P., Sena G., Sambucci D., Luciani C., Atelli P., Guida A., Marino F., Morini A., Sibilla M. G., Longo F., Giaccari S., Vigorita V., Balduzzi A., Barra F., Delogu D., Milone E., Bencini L., Aprile V., Papini P., Montemurro N., Cavallo M., Picciariello A., Tomasicchio G., Fittipaldi A., Maruccia M., Gerardi S., Cillara N., Deidda S., Demarinis G., Peiretti E., Tatti F., Iovino C., Isola G., Progno V. C., Migliore M., Badessi G., Barilla C., Calleri G. S., Cianci S., Fama F., Fleres F., Mazzeo C., Visaloco M. G., Marchetto C., Bolognesi F., Benuzzi L., Bracchetti G., Brucchi F., Manzo C. A., Scaravilli L., Ferrari C., Rocca A., Napolitano P., Anoldo P., Caricato C., Manigrasso M., Milone M., Napolitano L., Palomba G., Schiavone V., Vetrella M., Grossi U., Moletta L., Annicchiarico A., Vella I., Talesa G., Boggi U., Aiello F., Anselmo A., Bacchiocchi G., Beati F., Bellato V., Billeci F., Blasi F., Buonomo O. C., Campanelli M., Coco G., Contadini A., Conte L. E., D'Ippolito G., Di Marcantonio A., Spicchiale C. F., Afflitto G. G., Gismondi A., Gorgolini G., Granai A. V., Grande S., Gravina A., Guida A. M., Ingallinella S., Keci L., Latini E., Marino D., Oddi F. M., Orecchia L., Don C. B. P., Pellicciaro M., Petagna L., Pirozzi B. M., Quaranta C., Rho M., Rosina A., Santicchia M. S., Saraceno F., Schiavone A., Sensi B., Spina A., Sullo L., Tacconi F., Taje R., Vanni G., Vinci D., Vita G., Alba G., Badalucco S., Carbone L., Samorani O. C., Chisci G., Cuomo R., Francia A., Fusario D., Gargiulo B., Pasqui E., Pasquetti L., Puoti P., Resca L., Cumbo J., Ganio S., Vizzielli G., Anastasi M., Guerra D., Romanzi A., Vannelli A., and Baia M.

Abstract

COVID-19 negatively affected surgical activity, but the potential benefits resulting from adopted measures remain unclear. The aim of this study was to evaluate the change in surgical activity and potential benefit from COVID-19 measures in perspective of Italian surgeons on behalf of SPIGC. A nationwide online survey on surgical practice before, during, and after COVID-19 pandemic was conducted in March–April 2022 (NCT:05323851). Effects of COVID-19 hospital-related measures on surgical patients’ management and personal professional development across surgical specialties were explored. Data on demographics, pre-operative/peri-operative/post-operative management, and professional development were collected. Outcomes were matched with the corresponding volume. Four hundred and seventy-three respondents were included in final analysis across 14 surgical specialties. Since SARS-CoV-2 pandemic, application of telematic consultations (4.1% vs. 21.6%; p < 0.0001) and diagnostic evaluations (16.4% vs. 42.2%; p < 0.0001) increased. Elective surgical activities significantly reduced and surgeons opted more frequently for conservative management with a possible indication for elective (26.3% vs. 35.7%; p < 0.0001) or urgent (20.4% vs. 38.5%; p < 0.0001) surgery. All new COVID-related measures are perceived to be maintained in the future. Surgeons’ personal education online increased from 12.6% (pre-COVID) to 86.6% (post-COVID; p < 0.0001). Online educational activities are considered a beneficial effect from COVID pandemic (56.4%). COVID-19 had a great impact on surgical specialties, with significant reduction of operation volume. However, some forced changes turned out to be benefits. Isolation measures pushed the use of telemedicine and telemetric devices for outpatient practice and favored communication for educational purposes and surgeon–patient/family communication. From the Italian surgeons’ perspective, COVID-related measures will continue to influence

Published
2023

6. The role of entrepreneur’s experience and company control in influencing the credibility of passion as a signal in equity crowdfunding

Author

Di Pietro, F, Tenca, F, Di Pietro F., Tenca F., Di Pietro, F, Tenca, F, Di Pietro F., and Tenca F.

Abstract

In this study, we focus on entrepreneurs’ passion as a signal in influencing fundraising success via equity crowdfunding. Moreover, we look at the role of entrepreneurs’ task-specific experience–industry and startup experience- and company control in influencing the credibility of passion as a signal. Through a text analysis of 606 equity crowdfunding campaigns in the UK, we found that entrepreneurs’ displayed passion positively influences funding success and that entrepreneurs’ startup experience reinforces the credibility of this signal, i.e., the impact of passion on fundraising success. Additionally, we found that when entrepreneurs retain more shares of the company, the influence of displayed passion on funding success is greater. Our study contributes to the crowdfunding literature highlighting the importance of entrepreneurs’ passion in influencing fundraising success via crowdfunding, and what influences the credibility of passion as a signal.

Published
2023

7. Crowdfunding for Social Entrepreneurship: A Systematic Review of the Literature

Author

Hussain, N, Di Pietro, F, Rosati, P, Hussain N., Di Pietro F., Rosati P., Hussain, N, Di Pietro, F, Rosati, P, Hussain N., Di Pietro F., and Rosati P.

Abstract

This paper aims to analyse the literature on social entrepreneurship and crowdfunding to summarise existing themes and highlight future directions for research. The extant literature on the topic is quite fragmented, therefore we seek to identify common and unifying themes and highlight recent research trends and corresponding gaps. The systematic literature review has been conducted using the Scopus database and an open-ended time frame. Based on our analysis, four main research themes can be identified in the literature: (1) the benefits of crowdfunding for social entrepreneurial ventures; (2) the determinants of crowdfunding success for social entrepreneurial ventures; (3) the contribution of social entrepreneurial ventures financed via crowdfunding to the economy and society; and (4) the challenges of crowdfunding platforms focused on the financing of social entrepreneurial ventures. This study provides a summary of the most used theoretical frameworks in the business and management literature on crowdfunding and social ventures and proposes a number of avenues for future research.

Published
2023

8. Green-Oriented Crowdfunding Campaign: An Explorative Study

Author

Za, S, Winter, R, Lazazzara, A, Abid, N, Ceci, F, di Pietro, F, Masciarelli, F, Abid N., Ceci F., di Pietro F., Masciarelli F., Za, S, Winter, R, Lazazzara, A, Abid, N, Ceci, F, di Pietro, F, Masciarelli, F, Abid N., Ceci F., di Pietro F., and Masciarelli F.

Abstract

The worldwide growing concern for environmental protection compels businesses to incorporate green orientation in their strategies. Crowdfunding has opened new possibilities to attract investors by encompassing green concerns in their agenda. This study investigates the relationship between green orientation and UK crowdfunding campaign success. We have used both qualitative and quantitative approaches to build the green orientation index, for which we have chosen 210 green campaigns out of 720 crowdfunding campaigns. Then we performed a cluster analysis to identify three clusters (social enthusiast, green fan, and tech-oriented) of green-oriented crowdfunding campaign. We performed a predictive validity analysis to identify which cluster is more effective in ensuring the crowdfunding’s performance. The results show that tech-oriented obtain the highest value and share a positive relationship with the amount raised and crowdfunding’s success. Social enthusiast effectively attracts more crowd through the social platform and thereby successfully raises funds. Green orientation, however, does not affect crowdfunding success or overfunding, which shows that there is a huge difference between the clusters, suggesting that the green orientation itself is not considered so important for the crowdfunding campaigns. It also highlights a crucial point the in the crowdfunding’s objectives, the realization of the environmental concern, society, and the long-term sustainability concern is not promising.

Published
2023

9. Closeness of the future: Influence of language future-time reference on individual behaviour

Author

Di Pietro, F, Souitaris, V, Masciarelli, F, Prencipe, A, Di Pietro F., Souitaris V., Masciarelli F., Prencipe A., Di Pietro, F, Souitaris, V, Masciarelli, F, Prencipe, A, Di Pietro F., Souitaris V., Masciarelli F., and Prencipe A.

Abstract

This study draws on the linguistics literature, which recognizes the role of language attributes in shaping individual behaviour. We theorize that weak-future languages (e.g., Chinese), which create the perception that the future is closer temporally to the present than do strong-future languages (e.g., English), favour future-oriented behaviours such as investment in crowdfunding of entrepreneurial ventures. To test this thesis, we use a mixed-method approach, combining an original dataset of crowdfunding investments in 53 countries (Study 1) and a randomized experiment examining the investment behaviour of 77 bilingual (English-Chinese) students (Study 2). We find that natives of countries with weak-future languages engage more actively in crowdfunding of entrepreneurial ventures compared to individuals from countries with strong-future languages. We find that this effect dominates the stable effect of national culture. In other words, perceiving the future as closer means that the future assumes greater psychological importance for weak-future speakers and, therefore, they enact more future-oriented behaviours.

Published
2023

10. Effects of the glial modulator palmitoylethanolamide on chronic pain intensity and brain function

Author

Alshelh Z, Mills EP, Kosanovic D, Di Pietro F, Macey PM, Vickers ER, and Henderson LA

Subjects
Palmitoylethanolamide, astrocytes, glia, neuropathic pain, MRI, Medicine (General), R5-920
Abstract

Zeynab Alshelh,1 Emily P Mills,1 Danny Kosanovic,1 Flavia Di Pietro,1 Paul M Macey,2 E Russell Vickers,1 Luke A Henderson11Department of Anatomy and Histology, University of Sydney, Sydney, NSW, Australia; 2School of Nursing and Brain Research Institute, David Geffen School of Medicine, University of California at Los Angeles, Los Angeles, CA, USABackground: Chronic neuropathic pain (NP) is a complex disease that results from damage or presumed damage to the somatosensory nervous system. Current treatment regimens are often ineffective. The major impediment in developing effective treatments is our limited understanding of the underlying mechanisms. Preclinical evidence suggests that glial changes are crucial for the development of NP and a recent study reported oscillatory activity differences within the ascending pain pathway at frequencies similar to that of cyclic gliotransmission in NP. Furthermore, there is evidence that glial modifying medications may be effective in treating NP. The aim of this Phase I open-label clinical trial is to determine whether glial modifying medication palmitoylethanolamide (PEA) will reduce NP and whether this is associated with reductions in oscillatory activity within the pain pathway.Methods: We investigated whether 6 weeks of PEA treatment would reduce pain and infra-slow oscillatory activity within the ascending trigeminal pathway in 22 individuals (17 females) with chronic orofacial NP.Results: PEA reduced pain in 16 (73%) of the 22 subjects, 11 subjects showed pain reduction of over 20%. Whilst both the responders and non-responders showed reductions in infra-slow oscillatory activity where orofacial nociceptor afferents terminate in the brainstem, only responders displayed reductions in the thalamus. Furthermore, functional connections between the brainstem and thalamus were altered only in responders.Conclusion: PEA is effective at relieving NP. This reduction is coupled to a reduction in resting oscillations along the ascending pain pathway that are likely driven by rhythmic astrocytic gliotransmission.Keywords: infra-slow oscillations, astrocytes, connectivity, thalamus, imaging

Published
2019

13. Entrepreneurial Finance and HRM practices in Small Firms

Author

Di Pietro, F, Monaghan, S, O’Hagan-Luff, M, Di Pietro F, Monaghan S, O’Hagan-Luff M, Di Pietro, F, Monaghan, S, O’Hagan-Luff, M, Di Pietro F, Monaghan S, and O’Hagan-Luff M

Abstract

As new ventures grow, they face significant challenges to their internal operations and organizational structure. These challenges are particularly evident in small, entrepreneurial firms, who have limited resources, under-developed capabilities and often seek funding from external investors to enable growth. We draw on institutional theory, particularly institutional logics, to explore the role of different investors on human resource management (HRM) in small, entrepreneurial firms. Using qualitative multiple-case study analysis of seven firms within the Irish agrifood industry, our study shows how external investors can prompt changes to HRM, illustrating three approaches to HRM practice: operational – aimed at improving efficiency and internal functioning through human resources; strategic – aimed at improving firm performance and competitive advantage; and transformational – leading to a fundamental redirection of the firm. These findings facilitate the development of a framework for how investor logic prompts changes to HRM practices of small, entrepreneurial firms. By examining the interaction of institutional logics, this paper contributes a more nuanced understanding of entrepreneurial finance and its implications on HRM practices in small, entrepreneurial firms.

Published
2022

14. The Effect of Local Religiosity on Financing Cross-Regional Entrepreneurial Projects Via Crowdfunding (Local Religiosity and Crowdfinancing)

Author

Di Pietro, F, Masciarelli, F, Di Pietro F., Masciarelli F., Di Pietro, F, Masciarelli, F, Di Pietro F., and Masciarelli F.

Abstract

This paper aims to develop a better understanding of the influence of the social environment in which entrepreneurs reside on the success of the crowdfunding projects they propose. Specifically, this study investigates on the importance of local religiosity on the propensity to support cross-regional crowdfunding projects. We theoretically discuss and empirically document, using a dataset of 5841 contributions on three Swiss reward-based and donation-based platforms, that local religiosity affects cross-regional resource flows by creating social interactions and enhancing trust. Furthermore, we find that cross-regional resource flows are more likely between regions sharing the same primary religion—whether Protestant or Catholic.

Published
2022

15. They Do Not Look Alike: What Kind of Private Investors Do Equity Crowdfunded Firms Attract?

Author

Butticè, V, Di Pietro, F, Tenca, F, Butticè V, Di Pietro F, Tenca F, Butticè, V, Di Pietro, F, Tenca, F, Butticè V, Di Pietro F, and Tenca F

Abstract

Using a dataset of 170 firms that successfully fundraised via the two most prominent UK equity crowdfunding platforms, we investigate whether and how having successfully run an equity crowdfunding campaign is associated to the reputation of follow-on venture capital investors attracted. From the comparison with a control group of firms that received a seed round from business angels, we found that firms that have run a successful equity crowdfunding campaign attract lower reputable VCs. These results are confirmed when controlling for endogeneity and for firms’ characteristics. Considering the shareholder structure chosen by the firm raising equity crowdfunding, we found that firms opting for a direct shareholder structure, which entails higher coordination and agency costs, attract less reputable VCs compared to firms opting for the nominee shareholder structure.

Published
2022

16. Talking About A Revolution? Costly and Costless Signals and The Role of Innovativeness in Equity Crowdfunding

Author

Di Pietro, F, Grilli, L, Masciarelli, F, Di Pietro, F, Grilli, L, and Masciarelli, F

Abstract

Uncertainty and information asymmetries in crowdfunding can be reduced via the quality signals project proponents send to potential supporters. Drawing on signaling theory, this study analyzes how costly signals—venture’s statements about past achievements and results—and costless signals—venture’s statements about future plans and goals—influence crowdfunding performance. The results of a multimethod study of 597 UK equity crowdfunding campaigns suggest that only costly signals increase the amount raised through crowdfunding and that costless signals generally have a negative effect. However, for companies introducing radical innovations use of costless signals is not punished by the crowd.

Published
2023

17. How future surgery will benefit from SARS-COV-2-related measures: a SPIGC survey conveying the perspective of Italian surgeons

Author

Siragusa, L., Angelico, R., Angrisani, M., Zampogna, B., Materazzo, M., Sorge, R., Giordano, Lucia, Meniconi, R., Coppola, A., Marino, A., Giraudo, G., Esposito, S., Urbani, A., De Pastena, M., Mastrapasqua, R., Garancini, M., Frontal, A., Pascal, G., Martellucc, J., Falb, F., Boscarelli, A., Bertoglio, P., Trecca, E., Galassi, L., Vento, V., Chiappini, A., Antonelli, A., Bennardo, F., Familiari, F., Giannaccare, G., Zappia, A. S., Giuliani, G., Falcone, F., Sebastiani, S., Montuori, M., Rossi, S., Sagnotta, A., Giuliani, B., Imbriani, G. C., Restaino, S., Andreani, L., Di Maria, F., Lagana, A. S., Vitiello, L., Berton, F., Virgilio, E., Palisi, M., Portigliotti, L., Calussi, M., Conti, L., Mauriello, C., Barone, Alessia Maria Addolorata, Saladino, E., Giaquinta, A., Zerb, D., Frazzetta, G., Merola, G., Chierici, A., Bini, R., Centonze, L., De Carlis, R., Ferrario, L., Giani, A., Lauterio, A., Tamini, N., Corti, Serafino, Botteri, E., Andreuccetti, J., D'Alessio, R., Cestaro, G., Clarizia, G., Spolini, A., Carboni, A. S., Benzoni, E., Galiffa, G., Perotti, B., Veroux, M., Randazzo, V., Topa, D., Pranteda, C., Contini, G., Iacusso, C., Voglino, V., Vita, P., Carrano, F. M., Ambrosio, L., Cammarata, R., Capolupo, G. T., Caputo, D., Carannante, F., Cascone, C., Esperto, F., Farolfi, T., Frasca, L., Gallo, I. F., Gibin, G., Giurazza, G., Improta, L., La Vaccara, V., Luffarelli, P., Luvero, D., Marangi, Giuseppe, Masciana, G., Mazzola, A., Mazzotta, E., Miligi, C. I., Montelione, N., Nenna, A., Orsaria, P., Papalia, R., Papalia, G. F., Parisi, F. R., Prata, F., Salzillo, R., Santini, Stefano Angelo, Sofo, F., Zampoli, A., Tanda, C., Altieri, G., Ardito, Francesco, Belia, Francesco, Bianchi, V., Biondi, Alberto, Brisinda, Giuseppe, Chiappetta, M., Ciolli, G., Ciolli, Alessandro, Ferracci, Federica, Ferri, L., Fico, V., Fiorillo, Claudio, Fransvea, Pietro, Galiandro, F., Giovinazzo, F., La Greca, Antonio, Litta, Francesco, Mele, C., Pafundi, D. P., Panettieri, Elena, Papa, Valerio, Patini, Romeo, Perrotta, G., Puccioni, Caterina, Santocchi, P., Armatura, G., Olmi, S., Casoni Pattacini, G., Salgarello, S., Trompetto, M., Bombardini, C., La Rocca, R., Celentano, G., Micalef, A., Mazzella, A., Settembrini, A., Zoia, C., Degrate, L., Musumeci, G., Palopoli, C. A. M., Montori, G., Bonati, E., Dinuzzi, V. P., Velluti, F., Balla, A., Bonasia, D. E., Coletta, D., Berardi, G., Colasanti, M., Ferretti, Serena, Gasparoli, C., Mariano, Giuseppantonio, Avenia, S., Cianci, P., Cestino, L., Festa, F., Fazio, F., Ascari, F., Desio, M., Arroyo Murillo, G. A., Cereda, M., Galleano, R., David, G., Pansini, A., Gazia, C., Atzori, G., Desideri, L. F., Famularo, S., Galvanin, J., Giudici, V. M., Mangiameli, G., Mei, S., Milana, F., Pansa, A., Sacchi, M., Testori, A., Di Carlo, G., Paratore, Mattia, Perrone, U., Vagge, A., Vigano, J., Torre, B., Scotti, M. A., Carbone, G., Cerchione, R., De Nardi, P., Gozzini, L., Ottaviani, Letizia, Senni, C., Piccin, O., Pio, L., Colombo, F., Avantifiori, R., Baldassarri, V., Caronna, R., Cicerchia, P. M., Corallino, D., Crocetti, D., Gallo, Giuseppe, Giovanardi, F., Giovannetti, F., Hassan, R., Iossa, A., Lai, Q., Lancellotti, F., Lucarini, A., Lucchese, S., Mazzarella, Giulio, Melandro, F., Minervini, A., Muttillo, E. M., Palmieri, L., Pasqua, R., Rosiello, F., Salina, Giulia, Sibio, S., Sirignano, P., Tarallo, M., Usai, S., Vanni, C., Viglietta, E., Zambon, M., Conversano, N. I., Epifani, A. G., Milano, Valentina, Sacco, L., Nava, M., Maffioli, A., Giuratrabocchetta, S., Baracchi, F., Zuolo, M., Ceresoli, M., Verdi, D., Belli, A., Pata, F., Piovano, E., Pastore, G., Bernabei, F., Deiana, S., Arceri, A., D'Agostino, C., Marafante, C., Moggia, E., Parini, S., Moretti, M., Uggeri, F., Pontarolo, N., Fontana, T., Palmisano, Gerardo, Giuffrida, M., Guaitoli, E., Ferretti, C., Iacopino, G., Gioco, R., Roscitano, G., Montanelli, P., Chiappetta, M. F., Pinotti, E., Monati, E., Fazio, G., Di Pietro, F., Damarco, F., Barberis, A., Razzore, A., Pascale, A., Loi, S., Ferrara, F., Rossi, Marco, Lisi, G., Viel, G., Sasia, D., Bono, D., Cordaro, E. R., Giacomelli, E., Giani, I., Seriau, L., Pellino, G., Sparavigna, M., Trigiante, G., D'Ambrogio, R. G., Cardella, F., Guzzetti, S., Luzzi, A. -P., Carganico, G., Drago, B., Micheletto, G., Orlandi, R., Cutolo, C., Gibello, U., Mistrangelo, M., Forcignano, E., D'Ugo, S., Losurdo, P., Manitto, M., Caroli, G., Franco, M., Tilocca, P. L., Mendogni, P., Sena, G., Sambucci, D., Luciani, C., Atelli, P., Guida, A., Marino, Filippo, Morini, A., Sibilla, M. G., Longo, F., Giaccari, S., Vigorita, V., Balduzzi, A., Barra, F., Delogu, D., Milone, E., Bencini, L., Aprile, V., Papini, P., Montemurro, N., Cavallo, Michele, Picciariello, A., Tomasicchio, G., Fittipaldi, A., Maruccia, M., Gerardi, S., Cillara, N., Deidda, Silvia, Demarinis, G., Peiretti, E., Tatti, F., Iovino, C., Isola, G., Progno, V. C., Migliore, M., Badessi, G., Barilla, C., Calleri, G. S., Cianci, Stefano, Fama, F., Fleres, F., Mazzeo, C., Visaloco, M. G., Marchetto, C., Bolognesi, F., Benuzzi, L., Bracchetti, G., Brucchi, F., Manzo, C. A., Scaravilli, L., Ferrari, C., Rocca, A., Napolitano, P., Anoldo, P., Caricato, Chiara, Manigrasso, M., Milone, Maria, Napolitano, L., Palomba, G., Schiavone, V., Vetrella, M., Grossi, U., Moletta, L., Annicchiarico, A., Vella, I., Talesa, G., Boggi, U., Aiello, F., Anselmo, A., Bacchiocchi, G., Beati, F., Bellato, V., Billeci, F., Blasi, F., Buonomo, O. C., Campanelli, M., Coco, G., Contadini, A., Conte, L. E., D'Ippolito, G., Di Marcantonio, A., Spicchiale, C. F., Afflitto, G. G., Gismondi, A., Gorgolini, G., Granai, A. V., Grande, S., Gravina, A., Guida, A. M., Ingallinella, S., Keci, L., Latini, E., Marino, D., Oddi, F. M., Orecchia, L., Don, C. B. P., Pellicciaro, M., Petagna, L., Pirozzi, B. M., Quaranta, C., Rho, M., Rosina, A., Santicchia, M. S., Saraceno, F., Schiavone, A., Sensi, B., Spina, A., Sullo, L., Tacconi, F., Taje, R., Vanni, G., Vinci, D., Vita, G., Alba, G., Badalucco, S., Carbone, Luigi, Samorani, O. C., Chisci, G., Cuomo, Rosa, Francia, A., Fusario, D., Gargiulo, B., Pasqui, E., Pasquetti, L., Puoti, P., Resca, L., Cumbo, J., Ganio, S., Vizzielli, Giuseppe, Anastasi, M., Guerra, D., Romanzi, A., Vannelli, A., Baia, M., Giordano L., Barone M., Corti S., Marangi G. (ORCID:0000-0002-6898-8882), Santini S. (ORCID:0000-0003-1956-5899), Ardito F. (ORCID:0000-0003-1596-2862), Belia F., Biondi A. (ORCID:0000-0002-2470-7858), Brisinda G. (ORCID:0000-0001-8820-9471), Ciolli A., Ferracci F. (ORCID:0000-0002-8040-2231), Fiorillo C. (ORCID:0000-0001-7681-3567), Fransvea P. (ORCID:0000-0003-4969-3373), La Greca A. (ORCID:0000-0002-7587-7427), Litta F., Panettieri E. (ORCID:0000-0001-7815-8092), Papa V. (ORCID:0000-0002-3709-8924), Patini R. (ORCID:0000-0001-7358-8763), Puccioni C., Ferretti S., Mariano G., Paratore M., Ottaviani L. (ORCID:0009-0001-0967-8809), Gallo G., Mazzarella G., Salina G., Milano V., Palmisano G., Rossi M. (ORCID:0000-0002-4539-5670), Marino F., Cavallo M., Deidda S., Cianci S., Caricato C., Milone M., Carbone L., Cuomo R., Vizzielli G., Siragusa, L., Angelico, R., Angrisani, M., Zampogna, B., Materazzo, M., Sorge, R., Giordano, Lucia, Meniconi, R., Coppola, A., Marino, A., Giraudo, G., Esposito, S., Urbani, A., De Pastena, M., Mastrapasqua, R., Garancini, M., Frontal, A., Pascal, G., Martellucc, J., Falb, F., Boscarelli, A., Bertoglio, P., Trecca, E., Galassi, L., Vento, V., Chiappini, A., Antonelli, A., Bennardo, F., Familiari, F., Giannaccare, G., Zappia, A. S., Giuliani, G., Falcone, F., Sebastiani, S., Montuori, M., Rossi, S., Sagnotta, A., Giuliani, B., Imbriani, G. C., Restaino, S., Andreani, L., Di Maria, F., Lagana, A. S., Vitiello, L., Berton, F., Virgilio, E., Palisi, M., Portigliotti, L., Calussi, M., Conti, L., Mauriello, C., Barone, Alessia Maria Addolorata, Saladino, E., Giaquinta, A., Zerb, D., Frazzetta, G., Merola, G., Chierici, A., Bini, R., Centonze, L., De Carlis, R., Ferrario, L., Giani, A., Lauterio, A., Tamini, N., Corti, Serafino, Botteri, E., Andreuccetti, J., D'Alessio, R., Cestaro, G., Clarizia, G., Spolini, A., Carboni, A. S., Benzoni, E., Galiffa, G., Perotti, B., Veroux, M., Randazzo, V., Topa, D., Pranteda, C., Contini, G., Iacusso, C., Voglino, V., Vita, P., Carrano, F. M., Ambrosio, L., Cammarata, R., Capolupo, G. T., Caputo, D., Carannante, F., Cascone, C., Esperto, F., Farolfi, T., Frasca, L., Gallo, I. F., Gibin, G., Giurazza, G., Improta, L., La Vaccara, V., Luffarelli, P., Luvero, D., Marangi, Giuseppe, Masciana, G., Mazzola, A., Mazzotta, E., Miligi, C. I., Montelione, N., Nenna, A., Orsaria, P., Papalia, R., Papalia, G. F., Parisi, F. R., Prata, F., Salzillo, R., Santini, Stefano Angelo, Sofo, F., Zampoli, A., Tanda, C., Altieri, G., Ardito, Francesco, Belia, Francesco, Bianchi, V., Biondi, Alberto, Brisinda, Giuseppe, Chiappetta, M., Ciolli, G., Ciolli, Alessandro, Ferracci, Federica, Ferri, L., Fico, V., Fiorillo, Claudio, Fransvea, Pietro, Galiandro, F., Giovinazzo, F., La Greca, Antonio, Litta, Francesco, Mele, C., Pafundi, D. P., Panettieri, Elena, Papa, Valerio, Patini, Romeo, Perrotta, G., Puccioni, Caterina, Santocchi, P., Armatura, G., Olmi, S., Casoni Pattacini, G., Salgarello, S., Trompetto, M., Bombardini, C., La Rocca, R., Celentano, G., Micalef, A., Mazzella, A., Settembrini, A., Zoia, C., Degrate, L., Musumeci, G., Palopoli, C. A. M., Montori, G., Bonati, E., Dinuzzi, V. P., Velluti, F., Balla, A., Bonasia, D. E., Coletta, D., Berardi, G., Colasanti, M., Ferretti, Serena, Gasparoli, C., Mariano, Giuseppantonio, Avenia, S., Cianci, P., Cestino, L., Festa, F., Fazio, F., Ascari, F., Desio, M., Arroyo Murillo, G. A., Cereda, M., Galleano, R., David, G., Pansini, A., Gazia, C., Atzori, G., Desideri, L. F., Famularo, S., Galvanin, J., Giudici, V. M., Mangiameli, G., Mei, S., Milana, F., Pansa, A., Sacchi, M., Testori, A., Di Carlo, G., Paratore, Mattia, Perrone, U., Vagge, A., Vigano, J., Torre, B., Scotti, M. A., Carbone, G., Cerchione, R., De Nardi, P., Gozzini, L., Ottaviani, Letizia, Senni, C., Piccin, O., Pio, L., Colombo, F., Avantifiori, R., Baldassarri, V., Caronna, R., Cicerchia, P. M., Corallino, D., Crocetti, D., Gallo, Giuseppe, Giovanardi, F., Giovannetti, F., Hassan, R., Iossa, A., Lai, Q., Lancellotti, F., Lucarini, A., Lucchese, S., Mazzarella, Giulio, Melandro, F., Minervini, A., Muttillo, E. M., Palmieri, L., Pasqua, R., Rosiello, F., Salina, Giulia, Sibio, S., Sirignano, P., Tarallo, M., Usai, S., Vanni, C., Viglietta, E., Zambon, M., Conversano, N. I., Epifani, A. G., Milano, Valentina, Sacco, L., Nava, M., Maffioli, A., Giuratrabocchetta, S., Baracchi, F., Zuolo, M., Ceresoli, M., Verdi, D., Belli, A., Pata, F., Piovano, E., Pastore, G., Bernabei, F., Deiana, S., Arceri, A., D'Agostino, C., Marafante, C., Moggia, E., Parini, S., Moretti, M., Uggeri, F., Pontarolo, N., Fontana, T., Palmisano, Gerardo, Giuffrida, M., Guaitoli, E., Ferretti, C., Iacopino, G., Gioco, R., Roscitano, G., Montanelli, P., Chiappetta, M. F., Pinotti, E., Monati, E., Fazio, G., Di Pietro, F., Damarco, F., Barberis, A., Razzore, A., Pascale, A., Loi, S., Ferrara, F., Rossi, Marco, Lisi, G., Viel, G., Sasia, D., Bono, D., Cordaro, E. R., Giacomelli, E., Giani, I., Seriau, L., Pellino, G., Sparavigna, M., Trigiante, G., D'Ambrogio, R. G., Cardella, F., Guzzetti, S., Luzzi, A. -P., Carganico, G., Drago, B., Micheletto, G., Orlandi, R., Cutolo, C., Gibello, U., Mistrangelo, M., Forcignano, E., D'Ugo, S., Losurdo, P., Manitto, M., Caroli, G., Franco, M., Tilocca, P. L., Mendogni, P., Sena, G., Sambucci, D., Luciani, C., Atelli, P., Guida, A., Marino, Filippo, Morini, A., Sibilla, M. G., Longo, F., Giaccari, S., Vigorita, V., Balduzzi, A., Barra, F., Delogu, D., Milone, E., Bencini, L., Aprile, V., Papini, P., Montemurro, N., Cavallo, Michele, Picciariello, A., Tomasicchio, G., Fittipaldi, A., Maruccia, M., Gerardi, S., Cillara, N., Deidda, Silvia, Demarinis, G., Peiretti, E., Tatti, F., Iovino, C., Isola, G., Progno, V. C., Migliore, M., Badessi, G., Barilla, C., Calleri, G. S., Cianci, Stefano, Fama, F., Fleres, F., Mazzeo, C., Visaloco, M. G., Marchetto, C., Bolognesi, F., Benuzzi, L., Bracchetti, G., Brucchi, F., Manzo, C. A., Scaravilli, L., Ferrari, C., Rocca, A., Napolitano, P., Anoldo, P., Caricato, Chiara, Manigrasso, M., Milone, Maria, Napolitano, L., Palomba, G., Schiavone, V., Vetrella, M., Grossi, U., Moletta, L., Annicchiarico, A., Vella, I., Talesa, G., Boggi, U., Aiello, F., Anselmo, A., Bacchiocchi, G., Beati, F., Bellato, V., Billeci, F., Blasi, F., Buonomo, O. C., Campanelli, M., Coco, G., Contadini, A., Conte, L. E., D'Ippolito, G., Di Marcantonio, A., Spicchiale, C. F., Afflitto, G. G., Gismondi, A., Gorgolini, G., Granai, A. V., Grande, S., Gravina, A., Guida, A. M., Ingallinella, S., Keci, L., Latini, E., Marino, D., Oddi, F. M., Orecchia, L., Don, C. B. P., Pellicciaro, M., Petagna, L., Pirozzi, B. M., Quaranta, C., Rho, M., Rosina, A., Santicchia, M. S., Saraceno, F., Schiavone, A., Sensi, B., Spina, A., Sullo, L., Tacconi, F., Taje, R., Vanni, G., Vinci, D., Vita, G., Alba, G., Badalucco, S., Carbone, Luigi, Samorani, O. C., Chisci, G., Cuomo, Rosa, Francia, A., Fusario, D., Gargiulo, B., Pasqui, E., Pasquetti, L., Puoti, P., Resca, L., Cumbo, J., Ganio, S., Vizzielli, Giuseppe, Anastasi, M., Guerra, D., Romanzi, A., Vannelli, A., Baia, M., Giordano L., Barone M., Corti S., Marangi G. (ORCID:0000-0002-6898-8882), Santini S. (ORCID:0000-0003-1956-5899), Ardito F. (ORCID:0000-0003-1596-2862), Belia F., Biondi A. (ORCID:0000-0002-2470-7858), Brisinda G. (ORCID:0000-0001-8820-9471), Ciolli A., Ferracci F. (ORCID:0000-0002-8040-2231), Fiorillo C. (ORCID:0000-0001-7681-3567), Fransvea P. (ORCID:0000-0003-4969-3373), La Greca A. (ORCID:0000-0002-7587-7427), Litta F., Panettieri E. (ORCID:0000-0001-7815-8092), Papa V. (ORCID:0000-0002-3709-8924), Patini R. (ORCID:0000-0001-7358-8763), Puccioni C., Ferretti S., Mariano G., Paratore M., Ottaviani L. (ORCID:0009-0001-0967-8809), Gallo G., Mazzarella G., Salina G., Milano V., Palmisano G., Rossi M. (ORCID:0000-0002-4539-5670), Marino F., Cavallo M., Deidda S., Cianci S., Caricato C., Milone M., Carbone L., Cuomo R., and Vizzielli G.

Abstract

COVID-19 negatively affected surgical activity, but the potential benefits resulting from adopted measures remain unclear. The aim of this study was to evaluate the change in surgical activity and potential benefit from COVID-19 measures in perspective of Italian surgeons on behalf of SPIGC. A nationwide online survey on surgical practice before, during, and after COVID-19 pandemic was conducted in March–April 2022 (NCT:05323851). Effects of COVID-19 hospital-related measures on surgical patients’ management and personal professional development across surgical specialties were explored. Data on demographics, pre-operative/peri-operative/post-operative management, and professional development were collected. Outcomes were matched with the corresponding volume. Four hundred and seventy-three respondents were included in final analysis across 14 surgical specialties. Since SARS-CoV-2 pandemic, application of telematic consultations (4.1% vs. 21.6%; p < 0.0001) and diagnostic evaluations (16.4% vs. 42.2%; p < 0.0001) increased. Elective surgical activities significantly reduced and surgeons opted more frequently for conservative management with a possible indication for elective (26.3% vs. 35.7%; p < 0.0001) or urgent (20.4% vs. 38.5%; p < 0.0001) surgery. All new COVID-related measures are perceived to be maintained in the future. Surgeons’ personal education online increased from 12.6% (pre-COVID) to 86.6% (post-COVID; p < 0.0001). Online educational activities are considered a beneficial effect from COVID pandemic (56.4%). COVID-19 had a great impact on surgical specialties, with significant reduction of operation volume. However, some forced changes turned out to be benefits. Isolation measures pushed the use of telemedicine and telemetric devices for outpatient practice and favored communication for educational purposes and surgeon–patient/family communication. From the Italian surgeons’ perspective, COVID-related measures will continue to influence

Published
2023

18. The Influence of Investors’ Risk Attitude and Market Information on Cryptocurrency Investment: Evidence from an Experimental Study

Author

Nabeel-Ud-Din, J, Di Pietro, F, Leonelli, S, Nabeel-Ud-Din J. R., Di Pietro F., Leonelli S., Nabeel-Ud-Din, J, Di Pietro, F, Leonelli, S, Nabeel-Ud-Din J. R., Di Pietro F., and Leonelli S.

Abstract

The existing studies underline the relationship between individual behavior and market information on investment decisions. However, to our knowledge, few studies investigated this relationship in the field of cryptocurrencies. Cryptocurrencies are hybrid assets with high volatility. This paper explores the impact of investors’ risk attitude and market information on cryptocurrency investment using an experimental research design. We employed 185 Master students in our experiment. We tested our model through a probit regression, and results indicate that investors’ risk attitudes and market information positively impact investment in cryptocurrencies. Our study contributes to behavioral finance literature on risk attitude and market information related to cryptocurrencies.

Published
2021

19. Leveraging regional immigration and immigration diversity for financing crowdfunding projects

Author

Di Pietro, F, Di Pietro F., Di Pietro, F, and Di Pietro F.

Abstract

The study focuses on the role of regional immigration and immigration diversity in influencing entrepreneurs’ ability to crowdfund their projects by leveraging the local crowd. Relying on an empirical analysis of 3250 individual investments via three Swiss reward-based crowdfunding platforms, it is found that higher immigration and immigration diversity levels in the region of the project proponent increase his/her ability to fulfil the funding needs by leveraging local backers (as opposed to backers from different regions). Immigration and immigration diversity constitute a cultural milieu that helps the financing of innovation and the development of the local entrepreneurial economy.

Published
2021

20. Organizational Barriers and Bridges to Crowd Openness in Equity Crowdfunding

Author

Di Pietro, F, Bogers, M, Prencipe, A, Di Pietro F, Bogers M, Prencipe A, Di Pietro, F, Bogers, M, Prencipe, A, Di Pietro F, Bogers M, and Prencipe A

Abstract

Entrepreneurs can leverage investor networks generated in the course of equity-based crowdfunding campaigns to obtain extra financial resources. While much is known about how the resources that improve venture success are configured, less attention has been paid to the organisational challenges involved in their utilisation and how to overcome them. These challenges represent an impediment to crowd openness for new ventures. Through an in-depth qualitative study of 60 European equity crowdfunded ventures, we identify the organisational barriers—resource gap, trust gap and information gap—to crowd openness. We also identify specific bridges—coordination technology, crowd stratification, mapping investors’ expertise and network and direct and proactive communication—that reduce these barriers and facilitate engagement with external actors.

Published
2021

21. The Rationale for Listing on Equity Crowdfunding: Actual and Expected Benefits for Companies

Author

Di Pietro, F, Di Pietro F, Di Pietro, F, and Di Pietro F

Abstract

Equity crowdfunding can provide significant resources for new ventures. However, little is known about the drivers and rationale influencing entrepreneurs’ desire to approach crowd investors for financing. Drawing on a qualitative study of 38 companies that fundraised via equity crowdfunding in the UK, our evidence shows that a successful fundraising campaign reduces the uncertainty for new ventures regarding market acceptance of their product and demonstrates the potential for uninformed third parties such as professional investors. Also, we found that entrepreneurs pursue crowdfunding to minimize dilution of their equity stake and retain the maximum level of autonomy. In certain respects, crowdfunding creates a ‘diluted’ form of equity funding with less prohibitive limitations on entrepreneurial autonomy than other forms of equity funding, allowing more informal and relational partnership with investors.

Published
2021

23. Altered Brainstem Pain-Modulation Circuitry Connectivity During Spontaneous Pain Intensity Fluctuations

Author

Mills EP, Alshelh Z, Kosanovic D, Di Pietro F, Vickers ER, Macey PM, and Henderson LA

Subjects
lcsh:R5-920, midbrain periaqueductal gray matter, spinal trigeminal nucleus, spontaneous pain, functional connectivity, dynamic connectivity, rostral ventromedial medulla, lcsh:Medicine (General)
Abstract

Emily P Mills,1 Zeynab Alshelh,1 Danny Kosanovic,1 Flavia Di Pietro,1 E Russell Vickers,1 Paul M Macey,2 Luke A Henderson1 1Department of Anatomy and Histology, University of Sydney, Sydney, NSW 2006, Australia; 2School of Nursing and Brain Research Institute, David Geffen School of Medicine, University of California at Los Angeles, Los Angeles, CA, USACorrespondence: Luke A HendersonDepartment of Anatomy and Histology, F13, University of Sydney, Sydney, NSW, AustraliaTel +612 9351 7063Fax +612 9351 6556Email lukeh@anatomy.usyd.edu.auBackground: Chronic pain, particularly that following nerve injury, can occur in the absence of external stimuli. Although the ongoing pain is sometimes continuous, in many individuals the intensity of their pain fluctuates. Experimental animal studies have shown that the brainstem contains circuits that modulate nociceptive information at the primary afferent synapse and these circuits are involved in maintaining ongoing continuous neuropathic pain. However, it remains unknown if these circuits are involved in regulating fluctuations of ongoing neuropathic pain in humans.Methods: We used functional magnetic resonance imaging to determine whether in 19 subjects with painful trigeminal neuropathy, brainstem pain-modulation circuitry function changes according to moment-to-moment fluctuations in spontaneous pain intensity as rated online over a 12-minute period.Results: We found that when pain intensity was spontaneously high, connectivity strengths between regions of the brainstem endogenous pain-modulating circuitry—the midbrain periaqueductal gray, rostral ventromedial medulla (RVM), and the spinal trigeminal nucleus (SpV)—were high, and vice-versa (when pain was low, connectivity was low). Additionally, sliding-window connectivity analysis using 50-second windows revealed a significant positive relationship between ongoing pain intensity and RVM-SpV connectivity over the duration of the 12-minute scan.Conclusion: These data reveal that moment-to-moment changes in brainstem pain-modulation circuitry functioning likely contribute to fluctuations in spontaneous pain intensity in individuals with chronic neuropathic pain.Keywords: midbrain periaqueductal gray matter, rostral ventromedial medulla, spinal trigeminal nucleus, dynamic connectivity, functional connectivity, spontaneous pain

Published
2020

27. Is Equity Crowdfunding Always Good? Deal Structure and the Attraction of Venture Capital Investors

Author

Buttice, V, Di Pietro, F, Tenca, F, Buttice V, Di Pietro F, Tenca F, Buttice, V, Di Pietro, F, Tenca, F, Buttice V, Di Pietro F, and Tenca F

Abstract

This paper provides evidence that equity crowdfunding has implications for firms long after the capital raised through the campaign is injected. Using a unique dataset of 290 firms that successfully fundraised via the two most prominent UK equity crowdfunding portals, we examine how different shareholder structures, namely the nominee vs. the direct shareholder structure, affect the attraction of venture capital financing. From the comparison with a control group of twin firms that did not receive any external seed financing, we find that a successful equity crowdfunding campaign accelerates the attraction of VC financing. This association is stronger for equity crowdfunding campaigns with a nominee shareholder structure, while it weakens when the direct shareholder structure is chosen. Compared to a different control sample of angel-backed firms, equity crowdfunded firms with a direct shareholder structure are slower in receiving follow-on VC financing, while receiving equity crowdfunding through the nominee structure accelerates the attraction of follow-on VC financing."

Published
2020

28. Institutional Characteristics and The Development of Crowdfunding Across Countries

Author

Di Pietro, F, Butticè, V, Di Pietro F, Butticè V, Di Pietro, F, Butticè, V, Di Pietro F, and Butticè V

Abstract

The diffusion of crowdfunding among countries differs consistently, based, in part, on differences in national institutional environments. This study analyses the influence of formal and informal institutions in 27 different countries during the 2014–2017 period, on the development of crowdfunding. Our results show that the crowdfunding market – across all the different crowdfunding typologies- is larger in countries characterized by a business-friendly legal environment, and well-developed financial market in the case of lending crowdfunding. Individualistic societies register higher crowdfunding activity across the different typologies; lending crowdfunding is more widespread in countries characterized by higher uncertainty-avoidance and, together with equity crowdfunding, in long-term oriented societies.

Published
2020

30. Deciphering Crowdfunding

Author

Lynn, T, Mooney, JG, Rosati, P, Cummins, M, Di Pietro, F, Di Pietro F, Lynn, T, Mooney, JG, Rosati, P, Cummins, M, Di Pietro, F, and Di Pietro F

Abstract

Crowdfunding is one of the funding sources that entrepreneurs are increasingly being exposed to above and beyond venture capital and angel funding. After introducing the most popular crowdfunding types, this chapter proceeds to present and compare the evolution of the phenomenon across three macro regions: Europe, USA, and Asia-Pacific. Furthermore, the chapter offers an overview of the state-of-the-art of the crowdfunding literature, highlighting creators' and funders' incentives and disincentives for starting or engaging in crowdfunding projects, the characteristics of a successful campaign, and the contextual factors that explain the evolution of the phenomenon across countries. The chapter closes providing suggestions for future work in this area.

Published
2019

31. l ruolo del capitale intellettuale nel successo delle strategie di merger & acquisition delle start-up

Author

Masciarelli, F, Di Pietro, F, Serpente, G, Masciarelli F, Di Pietro F, Serpente G, Masciarelli, F, Di Pietro, F, Serpente, G, Masciarelli F, Di Pietro F, and Serpente G

Abstract

The article proposes a case study of a Merger and Acquisition (M&A) processes in Italy between a temporary agency and an innovative start-up. The aim of the study is to investigate which component of the intellectual capital affects the trust of the companies involved in the M&A process. Results show the key role of trust in start-up’s human capital for the integration of the innovative service into the acquiring company. We suggest that the success of the M&A is given by our model named “circular vision of intellectual capital”.

Published
2019

32. Post-Induction Management in Patients With Left-Sided RAS and BRAF Wild-Type Metastatic Colorectal Cancer Treated With First-Line Anti-EGFR-Based Doublet Regimens: A Multicentre Study

Author

Parisi A, Cortellini A, Venditti O, Filippi R, Salvatore L, Tortora G, Ghidini M, Nigro O, Gelsomino F, Zurlo I, Fulgenzi C, Lombardi P, Keraenen S, Depetris I, Giampieri R, Morelli C, Di Marino P, Di Pietro F, Zanaletti N, Vitale P, Garajova I, Spinelli G, Zoratto F, Roberto M, Petrillo A, Aimar G, Patruno L, D'Orazio C, Ficorella C, Ferri C, and Porzio G

Subjects
FOLFIRI, FOLFOX, observation, MCRC, cetuximab, panitumumab, maintenance, de-escalation
Abstract

Background Few data regarding post-induction management following first-line anti-epidermal growth factor receptor (EGFR)-based doublet regimens in patients with left-sided RAS/BRAF wild-type metastatic colorectal cancer (mCRC) are available. Methods This multicenter, retrospective study aimed at evaluating clinicians' attitude, and the safety and effectiveness of post-induction strategies in consecutive patients affected by left-sided RAS/BRAF wild-type mCRC treated with doublet chemotherapy plus anti-EGFR as first-line regimen, who did not experience disease progression within 6 months from induction initiation, at 21 Italian and 1 Spanish Institutions. The measured clinical outcomes were: progression-free survival (PFS), overall survival (OS), adverse events, and objective response rate (ORR). Results At the data cutoff, among 686 consecutive patients with left-sided RAS/BRAF wild-type mCRC treated with doublet plus anti-EGFR as first-line regimen from March 2012 to October 2020, 355 eligible patients have been included in the present analysis. Among these, 118 (33.2%), 66 (18.6%), and 11 (3.1%) received a maintenance with 5-fluorouracil/leucovorin (5FU/LV)+anti-EGFR, anti-EGFR, and 5FU/LV, respectively, while 160 (45.1%) patients continued induction treatment (non-maintenance) until disease progression, unacceptable toxicity, patient decision, or completion of planned treatment. The median period of follow-up for the overall population was 33.7 months (95%CI = 28.9-35.6). The median PFS values of the 5FU/LV+anti-EGFR, anti-EGFR, 5FU/LV, and non-maintenance cohorts were 16.0 (95%CI = 14.3-17.7, 86 events), 13.0 (95%CI = 11.4-14.5, 56 events), 14.0 (95%CI = 8.1-20.0, 8 events), and 10.1 months (95%CI = 9.0-11.2, 136 events), respectively (p < 0.001). The median OS values were 39.6 (95%CI = 31.5-47.7, 43 events), 36.1 (95%CI = 31.6-40.7, 36 events), 39.5 (95%CI = 28.2-50.8, 4 events), and 25.1 months (95%CI = 22.6-27.6, 99 events), respectively (p < 0.001). After adjusting for key covariates, a statistically significant improvement in PFS in favor of 5FU/LV+anti-EGFR (HR = 0.59, 95%CI = 0.44-0.77, p < 0.001) and anti-EGFR (HR = 0.71, 95%CI = 0.51-0.98, p = 0.039) compared to the non-maintenance cohort was found. Compared to the non-maintenance cohort, OS was improved by 5FU/LV+anti-EGFR (HR = 0.55, 95%CI = 0.38-0.81, p = 0.002) and, with marginal significance, by anti-EGFR (HR = 0.67, 95%CI = 0.51-0.98, p = 0.051). No difference was found in ORR. Any grade non-hematological and hematological events were generally higher in the non-maintenance compared to the maintenance cohorts. Conclusion Among the treatment strategies following an anti-EGFR-based doublet first-line induction regimen in patients affected by left-sided RAS/BRAF wild-type mCRC treated in a "real-life" setting, 5FU/LV+anti-EGFR resulted the most adopted, effective, and relatively safe regimen.

Published
2021

33. The Role of Intellectual Capital in Exploring Start-Ups’Merger and Acquisition Success

Author

Masciarelli, F, Di Pietro, F, Sargiacomo, M, Masciarelli, F, and Di Pietro, F

Subjects
Intellectual capital, Start-up, M&amp
Abstract

This paper proposes a qualitative study to investigate the role of intellectual capital in a successful Merger and Acquisition (M&A) of a start-up and an incumbent company. Empirically, we conducted a case study of a within country M&A transaction between Orienta, a temporary work agency and Myourjob, an innovative start-up. Data were collected through depth personal interviews with the Orienta CEO and myourjob founder. We posit that the M&A success in post-acquisition phase is the result of a circular vision of intellectual capital. We therefore acknowledge the key role of start-up intellectual capital forthe acceptance of innovation, implementation and managing of new services.

Published
2019

34. Crowd equity investors: An underutilized asset for open innovation in startups

Author

Di Pietro, F, Prencipe, A, Majchrzak, A, Di Pietro F, Prencipe A, Majchrzak A, Di Pietro, F, Prencipe, A, Majchrzak, A, Di Pietro F, Prencipe A, and Majchrzak A

Abstract

Collaborating with investor networks generated in the course of equity-based crowdfunding campaigns can contribute to the success of startup firms. Through a qualitative study of 60 European startups, this article identifies the type of inputs provided by equity investors, how these inputs are related to startups’ and founders’ characteristics, and startups’ later performance. Startups exploiting crowd network are more likely to be successful two years later compared with startups that do not exploit the crowd, or acquire from the crowd product, strategy, or market knowledge. The findings extend existing research on the relationships between open innovation and startups by identifying the inputs provided by the crowd and how the use of crowd equity investors in open innovation platforms is related to later success.

Published
2018

36. CRPS is not associated with altered sensorimotor cortex GABA or glutamate

Author

Lee, B, Henderson, LA, Rae, CD ; https://orcid.org/0000-0003-0673-8084, Di Pietro, F, Lee, B, Henderson, LA, Rae, CD ; https://orcid.org/0000-0003-0673-8084, and Di Pietro, F

Abstract

Complex regional pain syndrome (CRPS) is a debilitating chronic pain disorder typically in the upper or lower limbs. While CRPS usually develops from a peripheral event, it is likely maintained by CNS changes. Indeed, CRPS is reported to be associated with sensorimotor cortex changes, or functional “reorganization,” as well as deficits such as poor tactile acuity. While the mechanisms underpinning cortical reorganization in CRPS are unknown, some have hypothesized that it involves disinhibition (i.e., a reduction in GABA activity). In this study, we addressed this hypothesis by using edited magnetic resonance spectroscopy to determine sensorimotor GABA and glutamate concentrations in 16 humans with CRPS and 30 matched control subjects and the relationship of these concentrations with tactile acuity. We found that individuals with upper limb CRPS displayed reduced tactile acuity in the painful hand, compared with the nonpainful hand and pain-free control subjects. Despite this acuity deficit, CRPS was not associated with altered GABA or glutamate concentrations within the sensorimotor cortex on either the side that represents the affected or unaffected hand. Furthermore, there was no significant relationship between sensorimotor GABA or glutamate concentrations and tactile acuity in CRPS subjects or control subjects. Although our sample was small, these data suggest that CRPS is not associated with altered total sensorimotor GABA or glutamate concentrations. While these results are at odds with the sensorimotor cortex disinhibition hypothesis, it is possible that GABAergic mechanisms other than total GABA concentration may contribute to such disinhibition.

Published
2020

37. Crowdfunding for Entrepreneurs:Developing Strategic Advantage through Entrepreneurial Finance

Author

Di Pietro, F and Di Pietro, F

Abstract

This is the first book of its kind to systematically integrate crowdfunding in the entrepreneurial finance research field and extend the current debate to show how crowdfunding can be leveraged as a strategic tool to grow new ventures. Utilising original empirical evidence of companies that have raised funds via crowdfunding, it discusses the value-added services that the crowd provides to entrepreneurs, as well as how and under which conditions crowdfunding helps company development by facilitating subsequent access to critical financial and non-financial resources from external stakeholders. The first part introduces the most popular models and tactics for a successful crowdfunding campaign and illustrates the characteristics of the crowdfunding phenomenon and its evolution across the world during the last decade. The second part of the book, demonstrating how crowdfunding can be a starting point to seed financing, illustrates and discusses how entrepreneurs can use crowdfunding as a strategic tool for accessing subsequent resources from external stakeholders - showing the benefits, beyond capital, that entrepreneurs can gain from the crowd, as well as potential risks. Crowdfunding for Entrepreneurs is particularly useful for academics, advanced undergraduate and postgraduate students in entrepreneurship and innovation, entrepreneurial finance, strategic management, as well as professionals interested in how crowdfunding can be utilised as a strategic tool to create competitive advantage.

Published
2020

38. Narcissism, Machiavellianism and Psychopathy: How Do Displayed Entrepreneurs’ Personality Dark Traits Influence Crowdfunding Success?

Author

Caputo, A, Pellegrini, MM, Leonelli, S, Di Pietro, F, Masciarelli, F, Caputo, A, Pellegrini, MM, Leonelli, S, Di Pietro, F, and Masciarelli, F

Abstract

Crowdfunding campaigns reflect the personality traits of the entrepreneur, influencing the chances of a successful fundraising. In this study, the authors focus on three different entrepreneurs’ personality dark traits: narcissism, Machiavellianism and psychopathy. Through a text analysis of 338 equity-crowdfunding campaigns in the UK, the authors identified narcissistic expressions used by entrepreneurs in their pitches, and their impact on funding success. The authors found an inverted U-shape relationship between entrepreneurs’ narcissism and the crowdfunding success. On the other hand, entrepreneurs’ psychopathy has a negative linear relationship with crowdfunding success. This study contributes to the entrepreneurship literature, highlighting the importance of displayed entrepreneurs’ personality traits in engaging with crowd investors.

Published
2020

39. L’evoluzione delle norme e delle politiche del diritto di asilo in Italia e in Europa tra protezione internazionale e asilo costituzionale

Author

Trucco, L., De Vito, R, M. Giovannetti, N. Zorzella, L. Ferrajoli, M. Colucci, C. Favilli, A. Di Pascale, M. Pastore, L. Gennari, C. L. Cecchini, G. Crescini, A. Caputo, F. Miraglia, G. Naletto, E. Rigo, W. Chiaromonte, M. Paggi, A. Cattaruzzi, Chiaretto, E, Favilli, C, Ferri, M., Cottatellucci, C, Di Pietro, F, Biondi Dal Monte, F, Carbone, V, Gargiulo, E, Russo Spena, M, Belluccio, D, Farinelli, F, Algostino, A, Ciervo, A, Minniti, L, Pailli, G, Guariso, A, Flamini, M, Veglio, M, Savio, G, Masera, L, Trucco, L, Boiano, I, Cecchini, C, L, Borraccetti, M, Nicodemi, F, Simoni, A, Acierno, M, Giovannetti, M, Rizzi, E, S, Nascimbene, B, Pepino, L, Zorzella, N, Bonetti, P, Trucco, L., De Vito, R, M. Giovannetti, N. Zorzella, L. Ferrajoli, M. Colucci, C. Favilli, A. Di Pascale, M. Pastore, L. Gennari, C. L. Cecchini, G. Crescini, A. Caputo, F. Miraglia, G. Naletto, E. Rigo, W. Chiaromonte, M. Paggi, A. Cattaruzzi, Chiaretto, E, Favilli, C, Ferri, M., Cottatellucci, C, Di Pietro, F, Biondi Dal Monte, F, Carbone, V, Gargiulo, E, Russo Spena, M, Belluccio, D, Farinelli, F, Algostino, A, Ciervo, A, Minniti, L, Pailli, G, Guariso, A, Flamini, M, Veglio, M, Savio, G, Masera, L, Trucco, L, Boiano, I, Cecchini, C, L, Borraccetti, M, Nicodemi, F, Simoni, A, Acierno, M, Giovannetti, M, Rizzi, E, S, Nascimbene, B, Pepino, L, Zorzella, N, and Bonetti, P

Published
2020

46. Fundraising across digital divide: evidences from charity crowdfunding

Author

Lazazzara, A, Nacamulli, RCD, Rossignoli, C, Za, S, Di Pietro, F, Spagnoletti, P, Prencipe, A, Lazazzara, A, Nacamulli, RCD, Rossignoli, C, Za, S, Di Pietro, F, Spagnoletti, P, and Prencipe, A

Abstract

There is widespread belief that crowdfunding can successfully support charity operation by accelerating and simplifying the process of finding large pools of funders. Analysing a unique dataset of donations collected in Italy through crowdfunding in 2016, we identify contextual factors that hamper online donations. Specifically, looking at the role of digital divide, digital literacy, and social network interactions, our study extends the existing literature on charity crowdfunding. Implications are discussed in both theoretical and practical terms on the modes of engagement of online communities and on possible tactics to overcome donations barriers.

Published
2019

47. The Role of Intellectual Capital in Exploring Start-Ups’Merger and Acquisition Success

Author

Sargiacomo, M, Masciarelli, F, Di Pietro, F, Sargiacomo, M, Masciarelli, F, and Di Pietro, F

Abstract

This paper proposes a qualitative study to investigate the role of intellectual capital in a successful Merger and Acquisition (M&A) of a start-up and an incumbent company. Empirically, we conducted a case study of a within country M&A transaction between Orienta, a temporary work agency and Myourjob, an innovative start-up. Data were collected through depth personal interviews with the Orienta CEO and myourjob founder. We posit that the M&A success in post-acquisition phase is the result of a circular vision of intellectual capital. We therefore acknowledge the key role of start-up intellectual capital forthe acceptance of innovation, implementation and managing of new services.

Published
2019

48. The relationship between thalamic GABA content and resting cortical rhythm in neuropathic pain

Author

Di Pietro, F, Macey, PM, Rae, CD ; https://orcid.org/0000-0003-0673-8084, Alshelh, Z, Macefield, VG ; https://orcid.org/0000-0003-3325-6566, Vickers, ER, Henderson, LA, Di Pietro, F, Macey, PM, Rae, CD ; https://orcid.org/0000-0003-0673-8084, Alshelh, Z, Macefield, VG ; https://orcid.org/0000-0003-3325-6566, Vickers, ER, and Henderson, LA

Abstract

Recurrent thalamocortical connections are integral to the generation of brain rhythms and it is thought that the inhibitory action of the thalamic reticular nucleus is critical in setting these rhythms. Our work and others' has suggested that chronic pain that develops following nerve injury, that is, neuropathic pain, results from altered thalamocortical rhythm, although whether this dysrhythmia is associated with thalamic inhibitory function remains unknown. In this investigation, we used electroencephalography and magnetic resonance spectroscopy to investigate cortical power and thalamic GABAergic concentration in 20 patients with neuropathic pain and 20 pain-free controls. First, we found thalamocortical dysrhythmia in chronic orofacial neuropathic pain; patients displayed greater power than controls over the 4–25 Hz frequency range, most marked in the theta and low alpha bands. Furthermore, sensorimotor cortex displayed a strong positive correlation between cortical power and pain intensity. Interestingly, we found no difference in thalamic GABA concentration between pain subjects and control subjects. However, we demonstrated significant linear relationships between thalamic GABA concentration and enhanced cortical power in pain subjects but not controls. Whilst the difference in relationship between thalamic GABA concentration and resting brain rhythm between chronic pain and control subjects does not prove a cause and effect link, it is consistent with a role for thalamic inhibitory neurotransmitter release, possibly from the thalamic reticular nucleus, in altered brain rhythms in individuals with chronic neuropathic pain.

Published
2018

49. Duplex Ultrasound in the Arteriovenous Fistula Surveillance

Author

Granata, A., Clementi, A., Insalaco, M., Di Pietro, F., Scarfia, V.R., Floccari, F., Logias, F., Loi, R., Fiorini, F., Granata, A., Clementi, A., Insalaco, M., Di Pietro, F., Scarfia, V.R., Floccari, F., Logias, F., Loi, R., and Fiorini, F.

Abstract

Chronic hemodialysis requires an efficient vascular access which is fundamental for a good dialytic efficiency. The native arteriovenous fistula is preferred for its longer survival and lower infection rates. In case of patients with inadequate vessels, synthetic grafts may be created. Periodic monitoring of vascular access with duplex ultrasound has been demonstrated to be able to identify early access dysfunction, thus anticipating surgical intervention and improving its long-term survival. Nevertheless, the need for a systematic monitoring of vascular access with ultrasonography is still debated., Presupposto fondamentale per una buona efficienza dialitica è la presenza di un accesso vascolare ben funzionante. La fistola arterovenosa con vasi nativi rappresenta l'accesso vascolare di prima scelta, sia per il basso rischio infettivo sia per la lunga sopravvivenza. Nel caso di grave depauperamento del patrimonio vascolare dell'avambraccio, la protesi in politetrafluoroetilene costituisce una valida alternativa. Il monitoraggio periodico con eco-color Doppler si è dimostrato in grado di individuare disfunzioni precoci sia della fistola arterovenosa che della protesi, anticipandone l'eventuale procedura interventistica e migliorandone la sopravvivenza a lungo termine. Tuttavia, è ancora controversa l'opportunità di un programma di monitoraggio ecografico sistematico dell'accesso vascolare.

Published
2018

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