Impact of margin trading on internal financing.

Using the margin trading reform of China’s stock market as a quasinatural experiment, this paper explores whether margin trading promotes the high-quality development of listed companies. The results show that total factor productivity (TFP) significantly decreases after listed companies are included in the underlying stocks of margin trading. In addition, the negative impacts are stronger for listed companies with higher financial leverage, lower cash asset holdings, lower shareholdings of financial institution investors, and less attention from securities analysts. Further research shows that the negative impacts of margin trading on TFP are closely related to the deterioration of the information environment and the tightening of financing constraints. When listed companies are included in the underlying stocks of margin trading, they use a lower proportion of their net profit for internal financing (and a higher proportion of their net profit for cash dividends) and significantly reduce external equity financing. The results of this study show that the margin trading reform in China’s stock market may inhibit the high-quality development of listed companies to a certain extent.</div

PSM results.

Using the margin trading reform of China’s stock market as a quasinatural experiment, this paper explores whether margin trading promotes the high-quality development of listed companies. The results show that total factor productivity (TFP) significantly decreases after listed companies are included in the underlying stocks of margin trading. In addition, the negative impacts are stronger for listed companies with higher financial leverage, lower cash asset holdings, lower shareholdings of financial institution investors, and less attention from securities analysts. Further research shows that the negative impacts of margin trading on TFP are closely related to the deterioration of the information environment and the tightening of financing constraints. When listed companies are included in the underlying stocks of margin trading, they use a lower proportion of their net profit for internal financing (and a higher proportion of their net profit for cash dividends) and significantly reduce external equity financing. The results of this study show that the margin trading reform in China’s stock market may inhibit the high-quality development of listed companies to a certain extent.</div

The impact of margin trading on TFP.

Using the margin trading reform of China’s stock market as a quasinatural experiment, this paper explores whether margin trading promotes the high-quality development of listed companies. The results show that total factor productivity (TFP) significantly decreases after listed companies are included in the underlying stocks of margin trading. In addition, the negative impacts are stronger for listed companies with higher financial leverage, lower cash asset holdings, lower shareholdings of financial institution investors, and less attention from securities analysts. Further research shows that the negative impacts of margin trading on TFP are closely related to the deterioration of the information environment and the tightening of financing constraints. When listed companies are included in the underlying stocks of margin trading, they use a lower proportion of their net profit for internal financing (and a higher proportion of their net profit for cash dividends) and significantly reduce external equity financing. The results of this study show that the margin trading reform in China’s stock market may inhibit the high-quality development of listed companies to a certain extent.</div

Flowchart of unsharp mask image sharpening technology.

Flowchart of unsharp mask image sharpening technology.</p

Proportion of margin trading.

Using the margin trading reform of China’s stock market as a quasinatural experiment, this paper explores whether margin trading promotes the high-quality development of listed companies. The results show that total factor productivity (TFP) significantly decreases after listed companies are included in the underlying stocks of margin trading. In addition, the negative impacts are stronger for listed companies with higher financial leverage, lower cash asset holdings, lower shareholdings of financial institution investors, and less attention from securities analysts. Further research shows that the negative impacts of margin trading on TFP are closely related to the deterioration of the information environment and the tightening of financing constraints. When listed companies are included in the underlying stocks of margin trading, they use a lower proportion of their net profit for internal financing (and a higher proportion of their net profit for cash dividends) and significantly reduce external equity financing. The results of this study show that the margin trading reform in China’s stock market may inhibit the high-quality development of listed companies to a certain extent.</div

Distribution of pulmonary nodule size in the LUNA16 dataset.

Distribution of pulmonary nodule size in the LUNA16 dataset.</p

Expansions of underlying stocks of margin trading in China’s A-share market.

Expansions of underlying stocks of margin trading in China’s A-share market.</p

Image1_High glucose causes developmental abnormalities in neuroepithelial cysts with actin and HK1 distribution changes.TIF

It has been reported that the offspring of diabetic pregnant women have an increased risk for neural tube defects. Previous studies in animal models suggested that high glucose induces cell apoptosis and epigenetic changes in the developing neural tube. However, effects on other cellular aspects such as the cell shape changes were not fully investigated. Actin dynamics plays essential roles in cell shape change. Disruption on actin dynamics is known to cause neural tube defects. In the present study, we used a 3D neuroepithelial cyst model and a rosette model, both cultured from human embryonic stem cells, to study the cellular effects caused by high glucose. By using these models, we observed couple of new changes besides increased apoptosis. First, we observed that high glucose disturbed the distribution of pH3 positive cells in the neuroepithelial cysts. Secondly, we found that high glucose exposure caused a relatively smaller actin inner boundary enclosed area, which was unlikely due to osmolarity changes. We further investigated key glucose metabolic enzymes in our models and the results showed that the distribution of hexokinase1 (HK1) was affected by high glucose. We observed that hexokinase1 has an apical-basal polarized distribution and is highest next to actin at the boundaries. hexokinase1 was more diffused and distributed less polarized under high glucose condition. Together, our observations broadened the cellular effects that may be caused by high glucose in the developing neural tube, especially in the secondary neurulation process.</p