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Exporting firms frequently change the set of foreign markets they serve: changes in the pattern of destinations for a firm's product convey information on unobservable factors affecting pricing and market participation. Building on this insight, we show how to construct a "trade-pattern" fixed effect estimator that helps reduce omitted variable and selection biases in analyses of pricing-to-market. Using this estimator and a new product classification, we document substantial markup elasticities to the exchange rate among exporters of highly differentiated goods, accounting for half of China's exports. Conversely, we find little evidence of pricing-to-market in the trade of less differentiated goods.

For the period 2013–2019, and a sample of 356 LSE stocks, we find that common short sold capital is positively and significantly associated with future four-factor residual return correlation, controlling for many pair characteristics, including similarities in size, book-to-market, and momentum. The relationship disappears for illiquid stock pairs, whereas it strengthens when short positions originate from informed agents, such as hedge funds, active investors, and short sellers with high past performance. This supports the hypothesis that the relationship is driven by information, rather than by price pressure. We show that these results can be used to obtain diversification benefits.

Discards remain among the main negative impacts of fishing activities, and their reductions are strengthened by the European Common Fisheries Policy (European Regulation 1380/2013). Trammel net fisheries appear more sustainable compared with other fishing techniques, especially from an ecological viewpoint. Despite this, reports show that trammel net fisheries deliver discard quantities between 10% and 43% of the total catch biomass. To supplement existing information, this current work attempts to address the discard reduction using guarding net in the small-scale fisheries of Egadi Islands MPA (Western Sicily, Central Mediterranean Sea). To assess the reduction of unwanted catches, 48 experimental fishing trials were conducted within a 6-month period. The experimental fishing trial employed a trammel net made up of 20 panels alternated with two different net configurations. The control panels (CN) held a large outer (180 mm) and small inner (31.25 mm) meshes. The test panels (GN) with guarding net constituted a three-mesh-high (50-mm mesh size) net placed between trammel net panels and a lead line. A total of 3,310 individuals belonging to 106 taxa and nine phyla were caught. Crustaceans were the most abundant unwanted catches in the control panels, whereas bioconstructions occurred in the guarding net panels. The discard ratios of CN and GN panels were statistically different (t-value = –2.55; p< 0.05). The analysis of catch per unit effort showed higher catches of CN panels for both commercial and discard fractions (p< 0.05). Moreover, the guarding net panels caught the main discarded species at 20% lower compared with the control. The overall value of the catch at the CN panels (€ 3,366.90) was higher than the total income (€ 2,043.70) generated using the GN panels, which suggests a significant commercial loss of 40% (p< 0.05).

Background. Major trauma describes serious injuries requiring lifesaving interventions or resulting in long-term disability; it represents about 8% of all deaths worldwide. Specific guidelines can help reduce deaths and disabilities, provided they adhere to high quality and trustworthiness standards. This article aims at introducing the development process of the Istituto Superiore di Sanità, ISS (Italian National Institute of Health) guideline for major trauma integrated management. Methods. We applied the ISS methodological standards including the GRADE-ADOLOPMENT approach for adoption, adaptation, and de novo development of trustworthy guidelines. Results. The scope was formulated by the multidisciplinary panel with stakeholders’ involvement; two guidelines were identified as appropriate sources for adolopment. Forty questions from the two source guidelines were prioritised and five new ones formulated. New systematic reviews or updates were conducted for each clinical question, Evidence to Decision frameworks developed or re-assessed and the recommendations formulated after public consultations and external review. The policy on conflicts of interest was applied throughout the process. Conclusions. Through a broad expertise representation, the early and wide stakeholders’ participation, a continual process for disclosure and management of conflict of interests and the transparency of the process, ISS standards are proving to be an efficient model for developing trustworthy clinical guidance.

We show that common short sold capital can explain future four-factor excess return correlation one month ahead, controlling for many pair characteristics, including similarities in size, book-to-market, and momentum. We explore the possible explanations that could give rise to this result. Contrary to the predictions of price pressure, we find that the relationship weakens significantly with stock illiquidity. Instead, consistent with the informed trading hypothesis, the relationship is stronger when short positions originate from hedge funds, from active investors, and from short sellers with high past performance. Stocks connected by common short sellers are associated with non-transitory negative cumulative abnormal returns. Finally, we show that our results can be used to obtain diversifications benefits.

On July 7th 2018 a specimen of Mediterranean dealfish (Trachipterus trachypterus Gmelin 1789) was caught in the shallow waters of Selinunte (in the South-Western coast of Sicily) by trammel net. It was a female in maturing phase and the gonadosomatic index resulted as 1.1%. The specimen measured 1638 mm in total length and weighed about 2480 g. The estimated age through growth increments in vertebra was of 41 years. The finding of the Mediterranean dealfish in the Strait of Sicily might be linked to its spawning period during which it approaches the shallow waters. The present specimen represents the first record in the Strait of Sicily.

Background We conducted a systematic review to evaluate and compare the accuracy of pre-hospital triage tools for major trauma in the context of the development of the Italian National Institute of Health guidelines on major trauma integrated management. Methods PubMed, Embase, and CENTRAL were searched up to November 2019 for studies investigating pre-hospital triage tools. The ROC (receiver operating characteristics) curve and net clinical benefit for all selected triage tools were performed. Quality assessment was performed using the Quality Assessment of Diagnostic Accuracy Studies–2. Certainty of the evidence was judged with the Grading of Recommendations Assessment, Development and Evaluation (GRADE) approach. Results We found 15 observational studies of 13 triage tools for adults and 11 for children. In adults, according to the ROC curve and the net clinical benefit, the most reliable tool was the Northern French Alps Trauma System (TRENAU), adopting injury severity score (ISS) > 15 as reference (sensitivity (Sn), 0.92; specificity (Sp), 0.41; 1 study; sample size, 2572; high certainty of the evidence). When mortality as reference was considered, the pre-hospital triage tool with the best net clinical benefit trajectory was the New Trauma Score (NTS) < 18 (Sn, 0.82; Sp, 0.86; 1 study; sample size, 1001; moderate certainty of the evidence). In children, high variability among all triage tools for sensitivity and specificity was found. Conclusion Sensitivity and specificity varied across all available pre-hospital trauma triage tools. TRENAU and NTS are the best accurate triage tools for adults, whereas in the pediatric area a large variability prevents any firm conclusion.