Credit default swaps and shareholder monitoring

The paper examines how the initiation of credit default swaps (CDSs) influences shareholders' monitoring intensity. Prior studies show that CDSs decrease lenders' monitoring over the referenced firm (Morrison, 2005; Parlour and Winton, 2013). However, there is scant literature on how shareholders react after the initiation of CDSs. Given that the reduced lenders' monitoring could be detrimental to shareholders, we predict that shareholders will directly increase their monitoring intensity. Using a difference-in-differences design, we document that the sensitivity of the voting approval rate on director elections to firm performance increases significantly after the initiation of CDSs. The effect is more evident for firms with higher risk, lower existing shareholders' monitoring intensity, and higher existing lenders' monitoring intensity. Collectively, the results provide direct evidence that shareholders step in after the initiation of CDSs by enhancing their monitoring intensity.</p

The analysis of AgNPs Characterizations by TEM.

<p>A. The AgNPs show the regular nanoparticle shape with the diameter ranging from 5 to 10nm. B. The elemental silver was conformed by EDX spectrum during the TEM experiment.</p

The observation of the micrograph of <i>E</i>. <i>coli</i> cells by TEM.

<p>A. Control group with no AgNPs stimulated. The typical morphology of <i>E</i>. <i>coli</i> was observed with the integrity cell membrane. B. <i>E</i>. <i>coli</i> stimulated with 5 μg/ml AgNPs group. The integrity cell membrane with no significant obvious damage can be found. Besides that, several electron dense granules also can be observed (the red arrow). C. <i>E</i>. <i>coli</i> stimulated with 10 μg/ml AgNPs group. There are also electron dense granules in <i>E</i>. <i>coli</i> (the red arrow), and the cell membrane also show the integrity.</p

The new DNA systhesis analysis by ELISA.

<p>A. growth inhibition results of different concentration of AgNPs at the same time. B. Growth inhibition for the same concentration of AgNPs at different times. All data was analyzed by One-way ANOVA test and Tukey’s multiple comparison test following (n = 3).</p

The analysis of dead ratio in bacterial cells by flow cytoometric.

<p>A. Flow cytometric analysis for dead bacterial percentage using PI staining. B. Flow cytometric analysis control: negative control using bacteria shaken 1h without any treatment and positive control using bacteria co-cultured with 70% isopropanol. C. statistic analysis by one way ANOVA test and Tukey’s multiple comparison test. (n = 3).</p

The analysis of the apoptosis in the cells.

<p>A. Flow cytometric analysis for apoptosis bacterial percentage using Annexin V-PI staining (one experiment results). B, C and D. statistic analysis for apoptosis bacterial percentage by One-way ANOVA test, followed Tukey’s multiple comparison test (n = 3). B shows the total percentage of apoptosis bacteria. C shows the percentage of apoptosis bacteria in early stage, including the bacteria in the PI-negative Annexin V-positive quadrant. D shows the percentage of apoptosis bacteria in middle and late stage, including the bacteria in PI-positive Annexin V-positive quadrant.</p

Determination of <i>E</i>. <i>Coli</i>. growth by taking the absorbance at 600 nm and counting CFU.

<p>A. The normal growth curve by analyzing the absorbance at 600 nm. B. The normal growth curve by counting the CFU. C. The assessment of toxicity of NP-Ag in <i>E</i>. <i>Coli</i>. growth by plotting the curve of absorbance. D. The toxicity of NP-Ag in <i>E</i>. <i>Coli</i>. growth by CFU counting.</p