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Driven by innovative solutions and business models, the Unicorn companies have developed widely. Nevertheless, the existing research is fragmented and limited mainly by descriptive approaches to examing the rise of these companies. We examine the association between the country-specific factors and the emergence of Unicorn companies in certain countries. Cross-sectional linear and logistic regression models are used on the dataset of 100 countries, 51 of which have a minimum of 1 Unicorn, and the rest have not anyone. The results allow us to conclude that the probability of Unicorn emergence depends on the entrepreneurial culture, human capital, and regulatory environment of the country. In other words, entrepreneurial spirit, education, and a favorable legal environment can lead to the appearance of a Unicorn in the country. The further development and appearance of more Unicorn companies are ensured by the availability of financing and the development of IT- infrastructure. Key characteristics include the growth of venture financing and the openness of firms to new technologies in the country. The study contributes to the existing research in part of focusing on the quantitative analysis of the association between the country-specific factors and the Unicorns’ activity.

The intricate immune mechanisms governing mucosal healing following intestinal damage induced by cytotoxic drugs remain poorly understood. The goal of this study was to investigate the role of lymphotoxin beta receptor (LTβR) signaling in chemotherapy-induced intestinal damage. LTβR deficient mice exhibited heightened body weight loss, exacerbated intestinal pathology, increased proinflammatory cytokine expression, reduced IL-22 expression, and proliferation of intestinal epithelial cells following methotrexate (MTX) treatment. Furthermore, LTβR-/-IL-22-/- mice succumbed to MTX treatment, suggesting that LTβR- and IL-22- dependent pathways jointly promote mucosal repair. Although both LTβR ligands LIGHT and LTβ were upregulated in the intestine early after MTX treatment, LIGHT-/- mice, but not LTβ-/- mice, displayed exacerbated disease. Further, we revealed the critical role of T cells in mucosal repair as T cell-deficient mice failed to upregulate intestinal LIGHT expression and exhibited increased body weight loss and intestinal pathology. Analysis of mice with conditional inactivation of LTβR revealed that LTβR signaling in intestinal epithelial cells, but not in Lgr5+ intestinal stem cells, macrophages or dendritic cells was critical for mucosal repair. Furthermore, inactivation of the non-canonical NF-kB pathway member RelB in intestinal epithelial cells promoted MTX-induced disease. Based on these results, we propose a model wherein LIGHT produced by T cells activates LTβR-RelB signaling in intestinal epithelial cells to facilitate mucosal repair following chemotherapy treatment.

Innate lymphoid cells (ILCs) are heterogeneous innate immune cells which participate in host defense, mucosal repair and immunopathology by producing effector cytokines similarly to their adaptive immune cell counterparts. The development of ILC1, 2, and 3 subsets is controlled by core transcription factors: T-bet, GATA3, and RORγt, respectively. ILCs can undergo plasticity and transdifferentiate to other ILC subsets in response to invading pathogens and changes in local tissue environment. Accumulating evidence suggests that the plasticity and the maintenance of ILC identity is controlled by a balance between these and additional transcription factors such as STATs, Batf, Ikaros, Runx3, c-Maf, Bcl11b, and Zbtb46, activated in response to lineage-guiding cytokines. However, how interplay between these transcription factors leads to ILC plasticity and the maintenance of ILC identity remains hypothetical. In this review, we discuss recent advances in understanding transcriptional regulation of ILCs in homeostatic and inflammatory conditions.

PURPOSE: The purpose of this study is to investigate the role of actors and ecosystem conditions in the development of the FinTech ecosystems in Tallinn and Moscow. METHODOLOGY: The study develops a framework for investigating entrepreneurial ecosystems, combining ecosystem actors with ecosystem conditions. The framework is implemented through a comparative case study of FinTech ecosystems in Tallinn and Moscow, with data drawn from 35 semi-structured interviews and processed by means of thematic analysis. The primary data is supplemented with data from secondary sources. FINDINGS: The findings show how the ecosystem conditions and actors are interdependent in the FinTech ecosystems. Tallinn is an example of a strong entrepreneurial culture with its small market, advanced technological infrastructure, and talent, which leads to the dominance of the FinTech start-ups and the emergence of an active FinTech cluster organization. In Moscow, the institutional context, concentration of financial capital, and its large home market with a loyal customer base limit start-ups’ ability to grow and form the ecosystem. IMPLICATIONS: The study contributes to the literature on entrepreneurial ecosystems and emerging technologies by integrating the streams of research on entrepreneurial ecosystems and FinTech ecosystems, combining FinTech actors with entrepreneurial ecosystem conditions. It also highlights the implications of variations of entrepreneurial culture, characteristics of the domestic demand and formal institutions in the development of ecosystems. It demonstrates that ecosystem conditions are likely to contribute to the emergence of the dominant actor in a particular ecosystem. Our results also suggest that when aiming to develop the FinTech ecosystem in a city, the support given to FinTech cluster organizations is essential. Facilitating university–industry cooperation through the cluster organizations or direct partnerships can contribute to the development of FinTech ecosystems. ORIGINALITY AND VALUE: To our knowledge, this is the first study to illustrate how specific entrepreneurial ecosystem conditions lead to configurations with different types of ecosystem actors, and to illustrate how specific ecosystem conditions impact the way in which actors develop and operate and how the ecosystem configuration is structured. These have been notable omissions in extant entrepreneurial ecosystem research until now. The present study also illustrates sectoral variations in entrepreneurial ecosystems while highlighting the distinct features of emerging ecosystems. It also contributes to the emerging literature on FinTech ecosystems through a comparative empirical perspective, thereby enhancing understanding of local conditions necessary for developing and maintaining FinTech ecosystems in different contexts.

The application of innovation decisions in the financial sector led to the appearance of FinTechs, tech-driven companies that disrupt or contribute to traditional financial services. The appearance of new actors has changed the relationships between incumbents, regulators, consumers, and other actors and intensified competition in the financial sector. Building on the modified Panzar-Rosse model, we examine the competitiveness among FinTechs on the dataset of 75 FinTechs from Russia. The results show monopolistic competition, close to a monopoly among FinTechs in Russia. The revealed situation is explained by high barriers to the entry to sector and also by country features, as imperfect legislation, lack of financing of FinTechs' activity. The results of the research highlight the necessity to attract attention from policymakers to improve the competitiveness environment in the financial sector in Russia.

Building on the resource-based view of entrepreneurship, we examine the association between environmental, social, and governance (ESG) factors and company performance, measured by return on assets, return on equity, and return on invested capital. We use regression models on a dataset of 60 observations of Russian companies including RAEX agency ESG ratings from 2018 to 2019. The results show that, in line with expectations, companies that comply with ESG principles demonstrate significantly better financial performance than other companies. This result holds true irrespective of the performance indicator used. Moreover, the governance factor is strongly related to company performance, providing implications for companies' policymakers in terms of the utility of adopting ESG information. The study provides insights into the resource-based view of entrepreneurship, demonstrating that ESG factors, and mainly the governance factor, create a competitive advantage for companies and allow superior performance.

Building on the resource-based theory, we examine the association between the digitalization of the economy and the quality of higher education in Russian regions. We use the regression model to analyze data collected in Russian regions from 2011 to 2018. The quality of higher education is measured by the education potential in the regions. Regional factors of economic digitalization are categorized by mobile and Internet activities, technological background, and innovation activities. The information database contains official dates drawn from federal and regional statistical sources. The results showed that regions that had higher levels of innovation activities had a higher quality of higher education. On the contrary, mobile and Internet activities had a weakly negative influence on the quality of higher education. Our results are controversial with respect to the technological background of the region and its influence on the quality of higher education. Nonetheless, the study provides insights into the resource-based theory, demonstrating that the factors of economic digitalization increase the competitive advantage of the region regarding education, and they play an important role in regional sustainable development.

This study uses a panel data regression model to investigate how internal and external factors affect the profitability of city commercial banks in China. The research sample consists of 16 listed city commercial banks with an unbalanced dataset covering the time period within the period of 2008–2020. A panel data regression method is utilized to investigate the factors that influence the profitability of city commercial banks in China. There are several estimation methods in panel data, and the most commonly employed models are the fixed effects and random effects models. The pooled OLS model is often used for comparison for panel data regression, and the appropriate model will be determined by statistical hypothesis testing. The results show that internal explanatory variables such as bank size, capital adequacy, credit quality, and operating efficiency and external explanatory variables such as province GDP and inflation have a significant impact on the profitability of city commercial banks, while liquidity has no significant effect on the bank’s profitability. The paper contributes to the relevant literature by identifying the determinants of city commercial banks’ profitability considering the latest situation of the banking sector in China and provides practical implications from the perspective of improving bank profitability, which are important for both banking management and regulators and for the municipal and state.

Innate lymphoid cells (ILCs) are a heterogeneous group of cytokine-producing lymphocytes which are predominantly located at mucosal barrier surfaces, such as skin, lungs, and gastrointestinal tract. ILCs contribute to tissue homeostasis, regulate microbiota-derived signals, and protect against mucosal pathogens. ILCs are classified into five major groups by their developmental origin and distinct cytokine production. A recently emerged intriguing feature of ILCs is their ability to alter their phenotype and function in response to changing local environmental cues such as pathogen invasion. Once the pathogen crosses host barriers, ILCs quickly activate cytokine production to limit the spread of the pathogen. However, the dysregulated ILC responses can lead to tissue inflammation and damage. Furthermore, the interplay between ILCs and other immune cell types shapes the outcome of the immune response. Recent studies highlighted the important role of ILCs for host defense against intracellular pathogens. Here, we review recent advances in understanding the mechanisms controlling protective and pathogenic ILC responses to intracellular pathogens. This knowledge can help develop new ILC-targeted strategies to control infectious diseases and immunopathology.

Mucosal tissue homeostasis is a dynamic process that involves multiple mechanisms including regulation of innate lymphoid cells (ILCs). ILCs are mostly tissue-resident cells which are critical for tissue homeostasis and immune response against pathogens. ILCs can sense environmental changes and rapidly respond by producing effector cytokines to limit pathogen spread and initiate tissue recovery. However, dysregulation of ILCs can also lead to immunopathology. Accumulating evidence suggests that ILCs are dynamic population that can change their phenotype and functions under rapidly changing tissue microenvironment. However, the significance of ILC plasticity in response to pathogens remains poorly understood. Therefore, in this review, we discuss recent advances in understanding the mechanisms regulating ILC plasticity in response to intestinal, respiratory and genital tract pathogens. Key transcription factors and lineage-guiding cytokines regulate this plasticity. Additionally, we discuss the emerging data on the role of tissue microenvironment, gut microbiota, and hypoxia in ILC plasticity in response to mucosal pathogens. The identification of new pathways and molecular mechanisms that control functions and plasticity of ILCs could uncover more specific and effective therapeutic targets for infectious and autoimmune diseases where ILCs become dysregulated.

This paper aims to examine the interplay between the attributes of the FinTech ecosystem (input) and productive entrepreneurship (output) in Russian regions. A survey was used to gather data from FinTech representatives in ten selected regions located in Russia. The acquired responses allowed measuring the FinTech ecosystem attributes by calculating the FinTech ecosystem index. Correlation analysis was used to analyse the association between the FinTech ecosystem index and productive entrepreneurship, as measured by the number of FinTechs. Data envelopment analysis was used to determine regions with more productive entrepreneurship given the ecosystem attributes. The FinTech ecosystem index defines a similar environment in the analysed regions for financial sector entrepreneurship. The regions have high values of physical infrastructure, demand, and talent, while new knowledge and networks appear as weaknesses. Still, Moscow has the highest and Chelyabinsk the lowest FinTech ecosystem index. There appears a positive link between FinTech ecosystem attributes and productive entrepreneurship. The Moscow and Chelyabinsk regions are also revealed as the regions that effectively create an environment for productive entrepreneurship from the position of the Fintech ecosystem index. This study contributed to the existing literature by measuring FinTech ecosystem attributes and productive entrepreneurship, investigating the relationship between them and determining the territories with productive entrepreneurship. It also contributed to Russian FinTech literature by being the first to measure the environment for financial sector entrepreneurship.

Lymphotoxin beta receptor (LTβR) is a promising therapeutic target in autoimmune and infectious diseases as well as cancer. Mice with genetic inactivation of LTβR display multiple defects in development and organization of lymphoid organs, mucosal immune responses, IgA production and an autoimmune phenotype. As these defects are imprinted in embryogenesis and neonate stages, the impact of LTβR signaling in adulthood remains unclear. Here, to overcome developmental defects, we generated mice with inducible ubiquitous genetic inactivation of LTβR in adult mice (iLTβRΔ/Δ mice) and redefined the role of LTβR signaling in organization of lymphoid organs, immune response to mucosal bacterial pathogen, IgA production and autoimmunity. In spleen, postnatal LTβR signaling is required for development of B cell follicles, follicular dendritic cells (FDCs), recruitment of neutrophils and maintenance of the marginal zone. Lymph nodes of iLTβRΔ/Δ mice were reduced in size, lacked FDCs, and had disorganized subcapsular sinus macrophages. Peyer`s patches were smaller in size and numbers, and displayed reduced FDCs. The number of isolated lymphoid follicles in small intestine and colon were also reduced. In contrast to LTβR-/- mice, iLTβRΔ/Δ mice displayed normal thymus structure and did not develop signs of systemic inflammation and autoimmunity. Further, our results suggest that LTβR signaling in adulthood is required for homeostasis of neutrophils, NK, and iNKT cells, but is dispensable for the maintenance of polyclonal IgA production. However, iLTβRΔ/Δ mice exhibited an increased sensitivity to C. rodentium infection and failed to develop pathogen-specific IgA responses. Collectively, our study uncovers new insights of LTβR signaling in adulthood for the maintenance of lymphoid organs, neutrophils, NK and iNKT cells, and IgA production in response to mucosal bacterial pathogen.

Government bonds are one of the safest and most attractive instruments in the investment portfolio for private investors and investment funds. Although bonds are perceived as an alternative to bank deposits, a number of macroeconomic factors influence their yield. The goal of the research is to investigate the relationship between macroeconomic factors and the yield of government bonds. We use regression models on a dataset of 22 countries with post-industrial economics for ten years. The main criteria for selecting countries are membership in the Organization for Economic Cooperation and Development and inclusion in the Top-25 countries on the competitiveness index. The results revealed a negative association between the yield of government bonds and gold. Moreover, we indicate a positive association between the yield of government bonds and the following indicators—inflation, oil prices, and GDP per capita. In the case of the influence of population savings and the uncertainty index, we obtain inconclusive results. The study contributes to ongoing research in the field of financial management with respect to investigating determinants of the yield of government bonds.

Human pathogen Campylobacter jejuni is a significant risk factor for the development of long-term intestinal dysfunction although the cellular and molecular mechanisms remain scantily defined. IL-23 is an emerging therapeutic target for the treatment of inflammatory intestinal diseases, however its role in C. jejuni-driven intestinal pathology is not fully understood. IL-10 deficient mice represent a robust model to study the pathogenesis of C. jejuni infection because C. jejuni infection of mice lacking IL-10 results in symptoms and pathology that resemble human campylobacteriosis. To determine the role of IL-23 in C. jejuni-driven intestinal inflammation, we studied the disease pathogenesis in IL-23-/- mice with inhibited IL-10Rα signaling. These mice exhibited reduced intestinal pathology independent from bacterial clearance. Further, levels of IFNγ, IL-17, IL-22, TNF, and IL-6 were reduced and associated with reduced accumulation of neutrophils, monocytes and macrophages in the colon. Flow cytometry analysis revealed reduced production of IL-17 and IFNγ by group 1 and 3 innate lymphoid cells. Thus, our data suggest that IL-23 contributes to intestinal inflammation in C. jejuni infected mice by promoting IL-17 and IFNγ production by innate lymphoid cells.

T and B cell compartmentalization is a hallmark of secondary lymphoid organs and is maintained by chemokine-expressing stromal cells. How this stromal cell network initially develops and differentiates into two distinct subsets is poorly known, especially for the splenic white pulp (WP). Here, we show that perivascular fibroblast precursors are triggered by LTα1β2 signals to expand, express CCL19/21, and then differentiate into two functionally distinct fibroblast subsets responsible for B and T cell clustering and WP compartmentalization. Failure to express or sense CCL19 leads to impaired T zone development, while lack of B cells or LTα1β2 leads to an earlier and stronger impairment in WP development. We therefore propose that WP development proceeds in multiple steps, with LTα1β2+ B cells acting as major inducer cells driving the expansion and gradual differentiation of perivascular fibroblasts into T and B zone organizer cells.

The study examines the relationship between internal determinants, external determinants and the profitability of state-owned commercial banks. We use pooled regression, fixed effect, and random effect models on the case of the top five Chinese state-owned commercial banks from 2007 to 2019. The results show that internal factors, measured by size, credit quality, and liquidity, significantly positively influence banks’ profitability. State-owned banks that have larger sizes, higher credit quality, and higher liquidity have accordingly higher profitability than other banks. On the contrary, the external factor, measured by the natural logarithm of GDP, negatively influences banks’ profitability. The decrease in GDP leads to higher profitability of state-owned commercial banks in China. Our results provide insight into the profitability of state-owned commercial banks, considering the latest changes in the Chinese banking industry.

LaF3/SrF2 multilayer heterostructures with thicknesses of individual layers in the range 5–100 nm have been grown on MgO(100) substrates using molecular beam epitaxy. The longitudinal conductivity of the films has been measured using impedance spectroscopy in the frequency range 10−1–106 Hz and a temperature range 300–570 K. The ionic DC conductivities have been determined from Nyquist impedance diagrams and activation energies from the Arrhenius–Frenkel equation. An increase of the DC conductivity has been observed to accompany decreased layer thickness for various thicknesses as small as 25 nm. The greatest conductivity has been shown for a multilayer heterostructure having thicknesses of 25 nm per layer. The structure has a conductivity two orders of magnitude greater than pure LaF3 bulk material. The increasing conductivity can be understood as a redistribution of charge carriers through the interface due to differing chemical potentials of the materials, by strong lattice-constant mismatch, and/or by formation of a solid La1-xSrxF3-x solution at the interface during the growth process.

Infection with adeno-associated virus (AAV) vector with liver tropism leads to persistent expression of foreign antigens in the mouse liver, with no significant liver inflammation or pathology. This provides a model to investigate antigen persistence in the liver and strategies to modulate host immunity to reduce or clear the foreign antigen expressed from AAV vector in the liver.We showed that expressing LIGHT with an adenovirus vector (Ad) in mice with established AAV in the liver led to clearance of the AAV. Ad-LIGHT enhanced CD8 effector T cells in the liver, correlated with liver inflammation. LTbetaR-Ig proteins blocked Ad-LIGHT in clearing AAV. Interestingly, in LTbetaR-null mice, Ad-LIGHT still cleared AAV but caused no significant liver inflammation.Our data suggest that LIGHT interaction with the LTbetaR plays a critical role in liver inflammation but is not required for LIGHT-mediated AAV clearance. These findings will shed light on developing novel immuno-therapeutics in treating people chronically infected with hepato-tropic viruses.