The Post-entry Size Adjustment of New small Firms

The hypothesis underlined in this paper is that apart from infant mortality there is another relevant phenomenon taking place within new-born Small Business Enterprises (SBEs) in the period immediately after entry; namely that the smaller ones among them, having entered with a marked sub-optimal scale,adjust their size towards the mean size exhibited by larger SBEs. In the paper this hypothesis is tested using a cohort of 1,570 new firms, and applying a Gibrat-like specification with sample selection. The hypothesis of a size adjustment by smaller new entrants immediately after entry is confirmed in most selected industries in Italian manufacturing; more specifically, surviving smaller new SBEs show higher rates of growth in the first year (in one case in the first two) immediately after start-up, while they converge towards the average rate of growth of the whole cohort of new SBEs in the following years.-

Gibrat’s law and market selection in the radio, tv & telecommunications equipment industry

According to Gibrat’s Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the period examined. In contrast to the previous literature on the subject, this paper seeks to test the Law by taking account of both the entry process and the role of survival/failure in reshaping a given population of firms over time. It does so by focusing on the entire population of firms (including newborn ones) in the Italian Radio, TV & Telecommunications equipment industry and tracking them over seven years. Consistently with the previous literature, it finds that - in general - Gibrat’s Law is to be rejected, since smaller firms tend to grow faster than their larger counterparts. However, the paper’s main finding is that this rejection of Gibrat’s Law may be due to market dynamics and selection. In other words, it is due to the entry process and the presence of transient smaller firms. Indeed, whilst it is found that Gibrat’s Law has to be rejected over a seven-year period during which both incumbent and newborn firms are considered, for both sub-populations of surviving firms a convergence towards Gibrat-like behavior over time can be detected. Thus, market selection "cleans" the original population of firms and the resulting industrial "core" (mature, larger, well-established and most efficient firms) does not seem to depart from a Gibrat-like pattern of growth

The post-entry size adjustment of new small firms

The hypothesis underlined in this paper is that apart from infant mortality there is another relevant phenomenon taking place within new-born Small Business Enterprises (SBEs) in the period immediately after entry; namely that the smaller ones among them, having entered with a marked sub-optimal scale,adjust their size towards the mean size exhibited by larger SBEs. In the paper this hypothesis is tested using a cohort of 1,570 new firms, and applying a Gibrat-like specification with sample selection. The hypothesis of a size adjustment by smaller new entrants immediately after entry is confirmed in most selected industries in Italian manufacturing; more specifically, surviving smaller new SBEs show higher rates of growth in the first year (in one case in the first two) immediately after start-up, while they converge towards the average rate of growth of the whole cohort of new SBEs in the following years

Defending Gibrat's Law as a long-run regularity

According to Gibrat's Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the period examined. While earlier studies tended to confirm the Law, more recent research generally rejects it. This paper reconciles these two streams of literature, taking into account the role of market selection and learning in reshaping a given population of firms through time. Consistently with previous studies, we found that Gibrat's Law has to be rejected ex ante, since smaller firms tend to grow faster than their larger counterparts. However, a significant convergence towards Gibrat-like behavior can be detected ex post. This finding is an indication that market selection cleans the original population of firms, so that the resulting industrial core does not depart from a Gibrat-like pattern of growth. From a theoretical point of view, this result is consistent with those models based on passive and active learning, and can be seen as a defense of the validity of the Law in the long-run

Does Gibrat’s Law Hold in the Case of Young, Small Firms?

According to Gibrat’s Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the examined period. This paper investigates whether Gibrat’s Law holds for new entrants in a given industry: that is for new small firms in the early stage of their life cycle. The main finding is that in some (but not in all) selected industries in Italian manufacturing Gibrat’s Law fails to hold in the years immediately following start-up, when smaller firms have to rush in order to achieve a size large enough to enhance their likelihood of survival. Conversely, in subsequent years the patterns of growth of smaller firms do not differ significantly from those of larger ones, and the Law is therefore confirmed

Compressibility and crystal- fluid interactions in all-silica ferrierite at high pressure

The high-pressure behavior of a synthetic siliceous ferrierite has been studied by in situ single-crystal and powder synchrotron X-ray diffraction with a diamond anvil cell, using four different P-transmitting fluids: the non-penetrating silicone oil and the potentially pore-penetrating methanol:ethanol:H2O \ubc 16:3:1 mixture, ethylene glycol and 2methyl-2propen-1ol. The high-pressure experiment in silicone oil shows a remarkable flexibility of the FER framework. Two displacive phase transitions, following the path Pmnn-to-P121/n1-to-P21/n11 with pressure, were observed. The three polymorphs were found to share a virtually identical bulk compressibility, though showing a different anisotropic pattern. The experiments with potentially penetrating media enhanced the occurrence of a complex scenario, from which the P-induced intrusion of fluid molecules into the FER structural voids can be assumed by the different phase-transition paths and compressibility patterns, by the calculated residual electron density and by the different deformation mechanisms at the atomic scale, observed as a function of the used medium. The starting orthorhombic polymorph was always restored upon decompression in all the experiments. The roles of the different surface area in single crystal and polycrystalline samples, and of the process kinetics on the compressibility and crystalefluid interactions, are discussed

Cryo-protective effect of an ice-binding protein derived from Antarctic bacteria

Cold environments are populated by organisms able to contravene deleterious effects of low temperature by diverse adaptive strategies, including the production of ice binding proteins (IBPs) that inhibit the growth of ice crystals inside and outside cells. We describe the properties of such a protein (EfcIBP) identified in the metagenome of an Antarctic biological consortium composed of the ciliate Euplotes focardii and psychrophilic non-cultured bacteria. Recombinant EfcIBP can resist freezing without any conformational damage and is moderately heat stable, with a midpoint temperature of 66.4 °C. Tested for its effects on ice, EfcIBP shows an unusual combination of properties not reported in other bacterial IBPs. First, it is one of the best-performing IBPs described to date in the inhibition of ice recrystallization, with effective concentrations in the nanomolar range. Moreover, EfcIBP has thermal hysteresis activity (0.53 °C at 50 μm) and it can stop a crystal from growing when held at a constant temperature within the thermal hysteresis gap. EfcIBP protects purified proteins and bacterial cells from freezing damage when exposed to challenging temperatures. EfcIBP also possesses a potential N-terminal signal sequence for protein transport and a DUF3494 domain that is common to secreted IBPs. These features lead us to hypothesize that the protein is either anchored at the outer cell surface or concentrated around cells to provide survival advantage to the whole cell consortium

Endolysins from Antarctic Pseudomonas Display Lysozyme Activity at Low Temperature

Organisms specialized to thrive in cold environments (so-called psychrophiles) produce enzymes with the remarkable ability to catalyze chemical reactions at low temperature. Cold activity relies on adaptive changes in the proteins' sequence and structural organization that result in high conformational flexibility. As a consequence of flexibility, several such enzymes are inherently heat sensitive. Cold-active enzymes are of interest for application in a number of bioprocesses, where cold activity coupled with easy thermal inactivation can be of advantage. We describe the biochemical and functional properties of two glycosyl hydrolases (named LYS177 and LYS188) of family 19 (GH19), identified in the genome of an Antarctic marine Pseudomonas. Molecular evolutionary analysis placed them in a group of characterized GH19 endolysins active on lysozyme substrates, such as peptidoglycan. Enzyme activity peaks at about 25-35 °C and 40% residual activity is retained at 5 °C. LYS177 and LYS188 are thermolabile, with Tm of 52 and 45 °C and half-lives of 48 and 12 h at 37 °C, respectively. Bioinformatics analyses suggest that low heat stability may be associated to temperature-driven increases in local flexibility occurring mainly in a specific region of the polypeptide that is predicted to contain hot spots for aggregation

Design culture:from product to process. Building a network to develop design processes in Latin countries

The essay presents the results of a 2 years survey within 7 European and Latin American countries (Italy, Portugal, Spain, Argentina, Brazil, Chile, Mexico), focusing on the scientific and professional initiatives accomplished by universities and research centres in the field of designdriven innovation. The survey shows a growing interest towards the methodological aspects of design by the observed actors and urges the formation of a "Latin network" aimed at experimenting proper design processes for Latin countries' socio-cultural and productive systems. The basic idea is that design culture, considered as a process culture, has relevant advantages in the actual relationship between production and consumption: − Offering design a mediator's role between the crucial knowledge for sustainable development: economy, art/creativity, technology and humanities; − Producing a "phantasmagoric" capacity (the possibility to visualize and share what is immaterial and upcoming); − Mediating between the productive and consumption systems' interest