The Nontradable Share Reform in the Chinese Stock Market

Nontradable shares (NTS) are an unparalleled feature of the ownership structure of Chinese listed companies and represented a major hurdle to domestic financial market development. After some failed attempts, in 2005 the Chinese authorities have launched a structural reform program aiming at eliminating NTS. In this paper, we evaluate the stock price effects of the actual implementation of this reform in 368 firms. The NTS reform generated a statistically significant 8 percent positive abnormal return over the event window, adjusting prices for the compensation requested by tradable shareholders. Results are consistent with the expectation of improved economic fundamentals such as better corporate governance and enhanced liquidity.Chinese Equity Market, Financial Market Development, Split-Share Structure

Stock Prices in a Speculative Market: The Chinese Split-Share Reform

In 2005-2006 China reformed its stock market by eliminating non-tradable shares. The regulator set general guidelines and then assigned responsibility for implementation to each company. We derive relations that should have been followed by the prices of stocks and exploit a company-level data set to compare the actual and the theoretical price reactions. We find evidence for abnormal returns both before the beginning of the reform and during the reform. Cross-sectionally, abnormal returns are associated mainly with turnover and compensation. This shows that in a speculative market, investors do not properly react to unambiguous corporate actions.Speculation, Chinese Stock Market, Market segmentation, Event study, Market Efficiency

The stock market reaction to the 2005 non-tradable share reform in China

During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis, based on the time series of risk factors and on the cross section of abnormal returns, confirms that the NTS reform affected stock prices, particularly benefiting small stocks, stocks characterized by historically poor returns, stocks issued by companies with less transparent accounts and poorer governance, and less liquid stocks Historically neglected stocks also witnessed an increase in the volume of trading and market prices. JEL Classification: G14, G28, G32Chinese stock market, Corporate governance, Financial reform, Neglected stocks, Ownership structure, Privatization

Charting the Spatiality of the Brussels Biowaste Metabolism

This article describes how a fine-grained spatial analysis of biowaste generation in Brussels can help to rethink its urban metabolism. It makes it possible to better understand the differentiation among urban areas and to identify some geographies of biowaste generation. Moreover, it enables the expansion of the current biowaste treatment with practices and devices that take place in both the domestic and public environment. Ultimately, it triggers imagining the renegotiation of the collection service between these areas and stewardship of improved biowaste recirculation

The stock market reaction to the 2005 non-tradable share reform in China

During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis, based on the time series of risk factors and on the cross section of abnormal returns, confirms that the NTS reform affected stock prices, particularly benefiting small stocks, stocks characterized by historically poor returns, stocks issued by companies with less transparent accounts and poorer governance, and less liquid stocks Historically neglected stocks also witnessed an increase in the volume of trading and market prices

Bouganin, an attractive weapon for immunotoxins

Bougainvillea (Bougainvillea spectabilis Willd.) is a plant widely used in folk medicine and many extracts from different tissues of this plant have been employed against several pathologies. The observation that leaf extracts of Bougainvillea possess antiviral properties led to the purification and characterization of a protein, named bouganin, which exhibits typical characteristics of type 1 ribosome-inactivating proteins (RIPs). Beyond that, bouganin has some peculiarities, such as a higher activity on DNA with respect to ribosomal RNA, low systemic toxicity, and immunological properties quite different than other RIPs. The sequencing of bouganin and the knowledge of its three-dimensional structure allowed to obtain a not immunogenic mutant of bouganin. These features make bouganin a very attractive tool as a component of immunotoxins (ITs), chimeric proteins obtained by linking a toxin to a carrier molecule. Bouganin-containing ITs showed very promising results in the experimental treatment of both hematological and solid tumors, and one bouganin-containing IT has entered Phase I clinical trial. In this review, we summarize the milestones of the research on bouganin such as bouganin chemico-physical characteristics, the structural properties and de-immunization studies. In addition, the in vitro and in vivo results obtained with bouganin-containing ITs are summarized

Les détritus de la ville : repenser la gestion des déchets à Bruxelles

L’image d’une ville et la façon dont elle est perçue sont intrinsèquement liées à sa propreté. Partout dans le monde, les quartiers populaires où les détritus s’entassent dans les rues sont stigmatisés et dévalorisés. Tel est le cas à Cureghem, un quartier multiethnique de Bruxelles (Belgique), où le manque de propreté et d’entretien de l’espace public constitue l’un des principaux sujets de préoccupation et griefs exprimés par les habitants. Le présent document porte sur le service de collecte des déchets à Bruxelles, et plus particulièrement dans une rue commerçante de Cureghem qui compte une multitude de restaurants ethniques, de bars et de magasins de primeurs, et où l’accumulation de déchets est en grande partie imputable au dynamisme de l’activité commerciale. S’appuyant sur un travail de terrain ainsi que sur des entretiens et ateliers avec des acteurs locaux, réalisés dans le cadre d’un projet de recherche transdisciplinaire, l’étude vise à mettre en lumière le problème des déchets à Cureghem et les propositions qui se font jour dans la recherche d’une solution.Het beeld en de perceptie van een stad zijn onlosmakelijk verbonden met de netheid van de stad. Overal ter wereld zijn arbeiderswijken waar het vuilnis zich in de straten opstapelt onderhevig aan stigmatisering en waardevermindering. Dat is ook het geval met Kuregem, een multi-etnische wijk in Brussel, waar de buurtbewoners vooral bezorgd zijn en klagen over het gebrek aan netheid en onderhoud van de openbare ruimte. Dit artikel onderzoekt de afvalophaling in Brussel, met bijzondere aandacht voor één welbepaalde winkelstraat in Kuregem, waar heel wat etnische restaurants, cafés en groentewinkels gevestigd zijn en waar de ophoping van vuilnis dus grotendeels toe te schrijven is aan de bruisende commerciële activiteit. Op basis van veldonderzoek, interviews en workshops met lokale belanghebbenden, die plaatsvonden in het kader van een transdisciplinair onderzoeksproject, wil dit artikel enerzijds meer inzicht verschaffen in het afvalprobleem in Kuregem en anderzijds de voorstellen toelichten die werden geformuleerd in de zoektocht naar een oplossing voor dit probleem.The image and perception of a city are intrinsically tied to its cleanliness. Everywhere in the world, working-class neighbourhoods with rubbish piling up in the streets are subject to stigma and devaluation. This is the case in Cureghem, a multi-ethnic district of Brussels, Belgium, where the lack of cleanliness and maintenance of the public space are among the main concerns and complaints expressed by inhabitants. This paper examines the rubbish collection service in Brussels, focusing in particular on a shopping street in Cureghem with an abundance of ethnic restaurants, bars and greengrocers, where rubbish accumulation is largely attributed to the vibrant commercial activity. Based on fieldwork, interviews and workshops with local stakeholders conducted in the framework of a transdisciplinary research project, it aims to shed light on the rubbish problem in Cureghem and the proposals which emerge in the search for a solution

Afval van de stad: nood aan een hervorming van het Brusselse afvalbeheer

L’image d’une ville et la façon dont elle est perçue sont intrinsèquement liées à sa propreté. Partout dans le monde, les quartiers populaires où les détritus s’entassent dans les rues sont stigmatisés et dévalorisés. Tel est le cas à Cureghem, un quartier multiethnique de Bruxelles (Belgique), où le manque de propreté et d’entretien de l’espace public constitue l’un des principaux sujets de préoccupation et griefs exprimés par les habitants. Le présent document porte sur le service de collecte des déchets à Bruxelles, et plus particulièrement dans une rue commerçante de Cureghem qui compte une multitude de restaurants ethniques, de bars et de magasins de primeurs, et où l’accumulation de déchets est en grande partie imputable au dynamisme de l’activité commerciale. S’appuyant sur un travail de terrain ainsi que sur des entretiens et ateliers avec des acteurs locaux, réalisés dans le cadre d’un projet de recherche transdisciplinaire, l’étude vise à mettre en lumière le problème des déchets à Cureghem et les propositions qui se font jour dans la recherche d’une solution.Het beeld en de perceptie van een stad zijn onlosmakelijk verbonden met de netheid van de stad. Overal ter wereld zijn arbeiderswijken waar het vuilnis zich in de straten opstapelt onderhevig aan stigmatisering en waardevermindering. Dat is ook het geval met Kuregem, een multi-etnische wijk in Brussel, waar de buurtbewoners vooral bezorgd zijn en klagen over het gebrek aan netheid en onderhoud van de openbare ruimte. Dit artikel onderzoekt de afvalophaling in Brussel, met bijzondere aandacht voor één welbepaalde winkelstraat in Kuregem, waar heel wat etnische restaurants, cafés en groentewinkels gevestigd zijn en waar de ophoping van vuilnis dus grotendeels toe te schrijven is aan de bruisende commerciële activiteit. Op basis van veldonderzoek, interviews en workshops met lokale belanghebbenden, die plaatsvonden in het kader van een transdisciplinair onderzoeksproject, wil dit artikel enerzijds meer inzicht verschaffen in het afvalprobleem in Kuregem en anderzijds de voorstellen toelichten die werden geformuleerd in de zoektocht naar een oplossing voor dit probleem.The image and perception of a city are intrinsically tied to its cleanliness. Everywhere in the world, working-class neighbourhoods with rubbish piling up in the streets are subject to stigma and devaluation. This is the case in Cureghem, a multi-ethnic district of Brussels, Belgium, where the lack of cleanliness and maintenance of the public space are among the main concerns and complaints expressed by inhabitants. This paper examines the rubbish collection service in Brussels, focusing in particular on a shopping street in Cureghem with an abundance of ethnic restaurants, bars and greengrocers, where rubbish accumulation is largely attributed to the vibrant commercial activity. Based on fieldwork, interviews and workshops with local stakeholders conducted in the framework of a transdisciplinary research project, it aims to shed light on the rubbish problem in Cureghem and the proposals which emerge in the search for a solution

Heterophyllin: A New Adenia Toxic Lectin with Peculiar Biological Properties

Ribosome-inactivating proteins (RIPs) are plant toxins that were identified for their ability to irreversibly damage ribosomes, thereby causing arrest of protein synthesis and induction of cell death. The RIPs purified from Adenia plants are the most potent ones. Here, we describe a novel toxic lectin from Adenia heterophylla caudex, which has been named heterophyllin. Heterophyllin shows the enzymatic and lectin properties of type 2 RIPs. Interestingly, in immunoreactivity experiments, heterophyllin poorly cross-reacts with sera against all other tested RIPs. The cytotoxic effects and death pathways triggered by heterophyllin were investigated in three human-derived cell lines: NB100, T24, and MCF7, and compared to ricin, the most known and studied type 2 RIP. Heterophyllin was able to completely abolish cell viability at nM concentration. A strong induction of apoptosis, but not necrosis, and the involvement of oxidative stress and necroptosis were observed in all the tested cell lines. Therefore, the enzymatic, immunological, and biological activities of heterophyllin make it an interesting molecule, worthy of further in-depth analysis to verify its possible pharmacological application