327 research outputs found

    Wealth Effects of Dividend Announcements on Bondholders: The Case of Taiwan Bond Market

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    Although bonds play an important role in U.S. capital markets, this financial instrument is less common in the emerging markets. Taiwan is a typical case. In fact, both bond issuances and bond transactions in Taiwan have been declining in the past years. Consistent with the previous studies, this research documents that wealth transfer effects exist between bondholders and stockholders. We hypothesize that this wealth transfer discourages investors from investing in bond markets because companies in Taiwan seem to care less about the interest of bondholders. Using the event study methodology, we examine the price change of bonds and stocks in Taiwan capital market around cash dividend announcements. We find that there are significant abnormal returns before cash dividend announcements from 30 days to 60 days and that there is insignificant price change of bonds during the three-day period around the announcement. Possible explanations of the results include low bond trading volumes, insider trading before announcements, and mixing signaling and wealth transfer effects. Although this study cannot prove that the results are directly related to management holdings, we tend to believe that insider trading somehow matters

    Extraction of single-trial cortical beta oscillatory activities in EEG signals using empirical mode decomposition

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    <p>Abstract</p> <p>Background</p> <p>Brain oscillatory activities are stochastic and non-linearly dynamic, due to their non-phase-locked nature and inter-trial variability. Non-phase-locked rhythmic signals can vary from trial-to-trial dependent upon variations in a subject's performance and state, which may be linked to fluctuations in expectation, attention, arousal, and task strategy. Therefore, a method that permits the extraction of the oscillatory signal on a single-trial basis is important for the study of subtle brain dynamics, which can be used as probes to study neurophysiology in normal brain and pathophysiology in the diseased.</p> <p>Methods</p> <p>This paper presents an empirical mode decomposition (EMD)-based spatiotemporal approach to extract neural oscillatory activities from multi-channel electroencephalograph (EEG) data. The efficacy of this approach manifests in extracting single-trial post-movement beta activities when performing a right index-finger lifting task. In each single trial, an EEG epoch recorded at the channel of interest (CI) was first separated into a number of intrinsic mode functions (IMFs). Sensorimotor-related oscillatory activities were reconstructed from sensorimotor-related IMFs chosen by a spatial map matching process. Post-movement beta activities were acquired by band-pass filtering the sensorimotor-related oscillatory activities within a trial-specific beta band. Signal envelopes of post-movement beta activities were detected using amplitude modulation (AM) method to obtain post-movement beta event-related synchronization (PM-bERS). The maximum amplitude in the PM-bERS within the post-movement period was subtracted by the mean amplitude of the reference period to find the single-trial beta rebound (BR).</p> <p>Results</p> <p>The results showed single-trial BRs computed by the current method were significantly higher than those obtained from conventional average method (<it>P </it>< 0.01; matched-pair Wilcoxon test). The proposed method provides high signal-to-noise ratio (SNR) through an EMD-based decomposition and reconstruction process, which enables event-related oscillatory activities to be examined on a single-trial basis.</p> <p>Conclusions</p> <p>The EMD-based method is effective for artefact removal and extracting reliable neural features of non-phase-locked oscillatory activities in multi-channel EEG data. The high extraction rate of the proposed method enables the trial-by-trial variability of oscillatory activities can be examined, which provide a possibility for future profound study of subtle brain dynamics.</p

    Regulation of amino acid and nucleotide metabolism by crustacean hyperglycemic hormone in the muscle and hepatopancreas of the crayfish Procambarus clarkia.

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    To comprehensively characterize the metabolic roles of crustacean hyperglycemic hormone (CHH), metabolites in two CHH target tissues of the crayfish Procambarus clarkii, whose levels were significantly different between CHH knockdown and control (saline-treated) animals, were analyzed using bioinformatics tools provided by an on-line analysis suite (MetaboAnalyst). Analysis with Metabolic Pathway Analysis (MetPA) indicated that in the muscle Glyoxylate and dicarboxylate metabolism, Nicotinate and nicotinamide metabolism, Alanine, aspartate and glutamate metabolism, Pyruvate metabolism, and Nitrogen metabolism were significantly affected by silencing of CHH gene expression at 24 hours post injection (hpi), while only Nicotinate and nicotinamide metabolism remained significantly affected at 48 hpi. In the hepatopancreas, silencing of CHH gene expression significantly impacted, at 24 hpi, Pyruvate metabolism and Glycolysis or gluconeogenesis, and at 48 hpi, Glycine, serine and threonine metabolism. Moreover, analysis using Metabolite Set Enrichment Analysis (MSEA) showed that many metabolite sets were significantly affected in the muscle at 24hpi, including Ammonia recycling, Nicotinate and nicotinamide metabolism, Pyruvate metabolism, Purine metabolism, Warburg effect, Citric acid cycle, and metabolism of several amino acids, and at 48 hpi only Nicotinate and nicotinamide metabolism, Glycine and serine metabolism, and Ammonia recycling remained significantly affected. In the hepatopancreas, MSEA analysis showed that Fatty acid biosynthesis was significantly impacted at 24 hpi. Finally, in the muscle, levels of several amino acids decreased significantly, while those of 5 other amino acids or related compounds significantly increased in response to CHH gene silencing. Levels of metabolites related to nucleotide metabolism significantly decreased across the board at both time points. In the hepatopancreas, the effects were comparatively minor with only levels of thymine and urea being significantly decreased at 24 hpi. The combined results showed that the metabolic effects of silencing CHH gene expression were far more diverse than suggested by previous studies that emphasized on carbohydrate and energy metabolism. Based on the results, metabolic roles of CHH on the muscle and hepatopancreas are suggested: CHH promotes carbohydrate utilization in the hepatopancreas via stimulating glycolysis and lipolysis, while its stimulatory effect on nicotinate and nicotinamide metabolism plays a central role in coordinating metabolic activity in the muscle with diverse and wide-ranging consequences, including enhancing the fluxes of glycolysis, TCA cycle, and pentose phosphate pathway, leading to increased ATP supply and elevated protein and nucleic acid turnovers

    Ontology-based Fuzzy Markup Language Agent for Student and Robot Co-Learning

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    An intelligent robot agent based on domain ontology, machine learning mechanism, and Fuzzy Markup Language (FML) for students and robot co-learning is presented in this paper. The machine-human co-learning model is established to help various students learn the mathematical concepts based on their learning ability and performance. Meanwhile, the robot acts as a teacher's assistant to co-learn with children in the class. The FML-based knowledge base and rule base are embedded in the robot so that the teachers can get feedback from the robot on whether students make progress or not. Next, we inferred students' learning performance based on learning content's difficulty and students' ability, concentration level, as well as teamwork sprit in the class. Experimental results show that learning with the robot is helpful for disadvantaged and below-basic children. Moreover, the accuracy of the intelligent FML-based agent for student learning is increased after machine learning mechanism.Comment: This paper is submitted to IEEE WCCI 2018 Conference for revie
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