Bank relationships and firms’ financial performance: the Italian experience

We examine the connection between the number of bank relationships and firms’ performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases, the effects being stronger for small firms than for large firms. We also find that the ratio of interest expense to assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with finding that suggest that having fewer bank relationships reduces the information asymmetries and agency problems and outweighs the hold-up problems.bank relationships; small business lending; firms’ performance

Are violent events responsible of a Galaxy Morphological loop?

We use cosmological SPH simulations to investigate the effects of mergers and interactions on the formation of the bulge and disc components of galactic systems. We find that secular evolution during mergers seems to be a key process in the formation of stable disc-bulge systems with observational counterparts and contributes to establish the fundamental relations observed in galaxies. Our findings suggest that the secular evolution phase couples the formation mechanisms of the bulge and disc components. According to our results, depending on the particular stability properties and merger parameters, violents events could drive a morphological loop in which the outcome could be a disc or a spheroid.Comment: 2 pages. To appear in the proceedings of the IAUC198 "Near-Field Cosmology with Dwarf Elliptical Galaxies", 14 - 18 March 2005, Les Diablerets, Switzerlan

Bank relationships and small firms’ financial performance

We examine the relationship between the number of bank relationships and firms’ performance, evaluating possible differential effects related to firms’ size. Our sample of firms from Italy includes many small firms, 99 percent of which are not listed and for which bank debt is a major source of financing. In the sample, 4 percent of the firms have a single bank relationship, and 66 percent of them have five or fewer relationships. We find that return on equity and return on assets decrease as the number of bank relationships increases, with a stronger relationship for small firms than for large firms. We also find that interest expense over assets increases as the number of relationships increases. Particularly for small firms, our results are consistent with analyses indicating that fewer bank relationships reduce information asymmetries and agency problems, which outweigh negative effects connected to holdup problems.

Searching for star-forming dwarf galaxies in the Antlia cluster

The formation and evolution of dwarf galaxies in clusters need to be understood, and this requires large aperture telescopes. In this sense, we selected the Antlia cluster to continue our previous work in the Virgo, Fornax, and Hydra clusters and in the Local Volume (LV). Because of the scarce available literature data, we selected a small sample of five blue compact dwarf (BCD) candidates in Antlia for observation. Using the Gemini South and GMOS camera, we acquired the Halpha imaging needed to detect star-forming regions in this sample. With the long-slit spectroscopic data of the brightest seven knots detected in three BCD candidates, we derived their basic chemical properties. Using archival VISTA VHS survey images, we derived K_S magnitudes and surface brightness profile fits for the whole sample to assess basic physical properties. FS90-98, FS90-106, and FS90-147 are confirmed as BCDs and cluster members, based on their morphology, K_S surface photometry, oxygen abundance, and velocity redshift. FS90-155 and FS90-319 did not show any H{\alpha} emission, and they could not be confirmed as dwarf cluster star-forming galaxies. Based on our data, we studied some fundamental relations to compare star forming dwarfs (BCDs and dIs) in the LV and in the Virgo, Fornax, Hydra, and Antlia clusters. Star-forming dwarfs in nearby clusters appear to follow same fundamental relations in the near infrared with similar objects in the LV, specifically the size-luminosity and the metallicity-luminosity, while other more fundamental relations could not be checked in Antlia due to lack of data.Comment: Accepted for publication in A&A (early 2014

Ultra-Compact Dwarfs around NGC 3268

We present radial velocities (from Gemini/GMOS) of the second sample of ultra-compact dwarfs (UCDs) and bright globular clusters (GCs) in the Antlia cluster. Twenty-three objects are located around the giant elliptical NGC 3268, and one is close to the fainter lenticular NGC 3273. Together with previously found UCDs around NGC 3258 a total of 35 UCDs and bright GCs has been now identified in the Antlia cluster. Their colours and magnitudes are compared with those of the nuclei of dE,N galaxies already confirmed as Antlia members. For a subsample that lie on ACS images and are brighter than M_V = -9 mag, the effective radii (R_eff) have been measured, the maximum radius being approximately 10 pc. In addition to the radial velocity sample, we find 10 objects in the magnitude range corresponding to GCs but with 10 < R_eff < 17 pc, resembling the so-called `extended clusters'. By number and magnitude, the new UCDs fit to the GC luminosity function, supporting their interpretation as bright GCs. Additionally, we use a tracer mass estimator to calculate the mass enclosed up to ~47 kpc from NGC 3268, which results in 2.7 x 10^12 M_o.Comment: 10 pages, 5 figures, to be published in MNRA

Mechanical properties of carbynes investigated by ab initio total-energy calculations

As sp carbon chains (carbynes) are relatively rigid molecular objects, can we exploit them as construction elements in nanomechanics? To answer this question, we investigate their remarkable mechanical properties by ab-initio total-energy simulations. In particular, we evaluate their linear response to small longitudinal and bending deformations and their failure limits for longitudinal compression and elongation.Comment: 6 pages, 4 figures, 1 tabl

Reactive Atom Plasma (RAP) figuring machine for meter class optical surfaces

A new surface figuring machine called Helios 1200 is presented in this paper. It is designed for the figuring of meter sized optical surfaces with form accuracy correction capability better than 20 nm rms within a reduced number of iterations. Unlike other large figuring facilities using energy beams, Helios 1200 operates a plasma torch at atmospheric pressure, offers a high material removal rate, and a relatively low running cost. This facility is ideal to process large optical components, lightweight optics, silicon based and difficult to machine materials, aspheric, and free form surfaces. Also, the surfaces processed by the reactive atom plasma (RAP) are easy to fine polish through hand conventional sub-aperture polishing techniques. These unique combined features lead to a new capability for the fabrication of optical components opening up novel design possibilities for optical engineers. The key technical features of this large RAP machine are fast figuring capabilities, non-contact material removal tool, the use of a near Gaussian footprint energy beam, and a proven tool path strategy for the management of the heat transfer. Helios 1200 complies with the European machine safety standard and can be used with different types of reactive gases using either fluorine or chlorine compounds. In this paper, first the need for large optical component is discussed. Then, the RAP facility is described: radio frequency R.F generator, plasma torch, and 3 axis computer numerically controlled motion system. Both the machine design and the performance of the RAP tool is assessed under specific production conditions and in the context of meter class mirror and lens fabrication