Objective During the most aggressive phase of the COVID-19 outbreak in Italy, the Regional Authority of Lombardy identified a number of hospitals, named Hubs, chosen to serve the whole region for highly specialised cases, including vascular surgery. This study reports the experience of the four Hubs for Vascular Surgery in Lombardy and provides a comparison of in hospital mortality and major adverse events (MAEs) according to COVID-19 testing. Methods Data from all patients who were referred to the Vascular Surgery Department of Hubs from 9 March to 28 April 2020 were collected prospectively and analysed. A positive COVID-19 polymerase chain reaction swab test, or symptoms (fever > 37.5°C, upper respiratory tract symptoms, chest pain, and contact/travel history) associated with interstitial pneumonia on chest computed tomography scan were considered diagnostic of COVID-19 disease. Patient characteristics, operative variables, and in hospital outcomes were compared according to COVID-19 testing. A multivariable model was used to identify independent predictors of in hospital death and MAEs. Results Among 305 included patients, 64 (21%) tested positive for COVID-19 (COVID group) and 241 (79%) did not (non-COVID group). COVID patients presented more frequently with acute limb ischaemia than non-COVID patients (64% vs. 23%; p < .001) and had a significantly higher in hospital mortality (25% vs. 6%; p < .001). Clinical success, MAEs, re-interventions, and pulmonary and renal complications were significantly worse in COVID patients. Independent risk factors for in hospital death were COVID (OR 4.1), medical treatment (OR 7.2), and emergency setting (OR 13.6). COVID (OR 3.4), obesity class V (OR 13.5), and emergency setting (OR 4.0) were independent risk factors for development of MAEs. Conclusion During the COVID-19 pandemic in Lombardy, acute limb ischaemia was the most frequent vascular disease requiring surgical treatment. COVID-19 was associated with a fourfold increased risk of death and a threefold increased risk of major adverse events.

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PurposeThis paper looks at state-owned enteprises (SOEs) from the angle of the Market for Corporate Control (MCC) and analyzes in detail the reported rationales of a sample of 355 M&A deals performed by SOEs as acquirers over the period [2002][2003][2004][2005][2006][2007][2008][2009][2010][2011][2012]. The aim, after having created a taxonomy of deal motivations, is to empirically test two alternative hypotheses: Deviation versus Convergence of M&A deal rationales between state-owned and private enterprises. Design/methodology/approachThe data set is obtained by combining firm-level information from two sources, Zephyr and Orbis (Bureau Van Dijk). A recursive algorithm is developed to infer the ownership nature of the enterprises at the time the deal took place and then we double-check the identity of the global ultimate owner by visual inspection of all the available information. Motivations are analyzed through a case-by-case analysis and classified into several categories, thereby providing a taxonomy of rationales behind SOE M&As and discussing their differences and similarities relative to private firms. FindingsMore than 60% of the deals performed by SOEs as acquirers are driven by "shareholder-value maximization" motives, similarly to private enterprise acquirers. The other 40% of deals are almost equally spread among three rationales that specifically relate to the role of modern state capitalism in the economy. "Financial distress" motivation, which is the only one clearly deviating from the objectives of profit maximization typical of private ownership, is far less important than the others. OriginalityExisting literature has mainly focused on private corporate M&A deals or has just disregarded the ownership status of the acquiring firm. This paper focuses on the motivations for SOE deals in order to elaborate a taxonomy of SOE deal rationales and to identify differences and similarities between private corporate firms. Research limitationsThe paper does not analyze in detail the case studies. Neither does it correlate the evidence with the quality of corporate governance or the quality of institutions in the country. This 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 Policy implicationsThe paper suggests some policy implications in terms of reforms of the corporate governance of the SOEs and accountability of their management against clearly stated public missions.It also calls for the need for citizens to be informed in a transparent way about the rationales of major M&A deals when a SOE is on the acquirer side, and the consistency of such rationales with the mission assigned by governments to the enterprises they own. Finally, it underlines that regulatory concerns raised in many countries by the rise of cross-border SOE M&As are in most of the cases unfounded.JEL Codes: L32, L33, G34

Recently, features and techniques from speech processing have started to gain increasing attention in the Structural Health Monitoring (SHM) community, in the context of vibration analysis. In particular, the Cepstral Coefficients (CCs) proved to be apt in discerning the response of a damaged structure with respect to a given undamaged baseline. Previous works relied on the Mel-Frequency Cepstral Coefficients (MFCCs). This approach, while efficient and still very common in applications, such as speech and speaker recognition, has been followed by other more advanced and competitive techniques for the same aims. The Teager-Kaiser Energy Cepstral Coefficients (TECCs) is one of these alternatives. These features are very closely related to MFCCs, but provide interesting and useful additional values, such as e.g., improved robustness with respect to noise. The goal of this paper is to introduce the use of TECCs for damage detection purposes, by highlighting their competitiveness with closely related features. Promising results from both numerical and experimental data were obtained.

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Even if the economy nowadays is still locked into a linear model of production, tighter environmental standards, resource scarcity and changing consumer expectations are forcing organizations to find alternatives to lighten their impacts. The concept of Circular Economy (CE) is to an increasing extent treated as a solution to this series of challenges. That said, the multitude of approaches and definitions around CE and Life Cycle Extension Strategies (LCES) makes it difficult to provide (Small and Medium Enterprise) SMEs with a consistent understanding of the topic. This paper aims at bridging this gap by providing a systematic literature review of the most prominent papers related to the CE and lifetime extension, with a particular focus on the equipment and machinery sector. A taxonomy was used to define and cluster a subset of selected papers to build a homogeneous approach for understanding the multiple strategies used in the industry, and the standards in maintenance and remanufacturing strategies. As a final research step, we also propose a Strategy Characterization Framework (SCF) to build the ground for the selection of the best strategy to be applied for production equipment life cycle extension on several industrial use cases.

This paper analyzes deals involving private and public enterprises, i.e. State-Owned Enterprises (SOEs) worldwide since 2004. We consider four types of deals: privatizations of SOEs, public enterprises acquiring private ones (public-private deals), private reorganizations (i.e private firms acquiring a private target) and public reorganizations. (i.e. both acquirer and target are SOEs). We study whether the predeal performance and corporate characteristics of the acquirer and target companies vary across the four types of deals depending on ownership: public or private. Data are taken from Zephyr (Bureau Van Dijk), which provides information on completed deals worldwide and Orbis, a firm-level dataset (also implemented by BvD). Some results of previous literature on M&As performed by private firms ('the inefficiency management hypothesis') are both confirmed and expanded. Acquirers involved in deals are both larger and better performing than their targets but some qualifications are in order with respect to ownership. The difference in size and performance between acquirers and targets is in fact more pronounced for public with respect to private acquirers. The evidence thus points to an active role of SOEs as acquirers, as they significantly out-perform relative to their targets, including private ones, in terms of return on sales. Given these novel findings, further research is needed to examine the motivations behind the different types of deals considered and to verify the role of government ownership in the contemporary global economy. * This paper has been written within the context of the CIRIEC project 'The Future of the Public Enterprises'. The views and opinions expressed in the paper are solely those of the authors. The authors are grateful for helpful comments to two anonymous referees and to participants of CIRIEC 2013 workshops in Berlin and Brussels, where previous versions have been presented.