Does corporate hedging affect firm valuation? Evidence from the IPO market

Focusing on the IPO market, we examine the influence of corporate hedging on firm valuation. Consistent with the argument that hedging reduces information asymmetry, we find that hedging IPO firms are associated with lower price revisions and underwriting fees. More important, hedging reduces IPO underpricing, especially for informationally opaque firms. This provides strong evidence that corporate hedging increases firm valuation. We also show that corporate hedging lowers aftermarket idiosyncratic volatility, enhances aftermarket liquidity, and improves the long-term performance of IPO firms. We use both an instrumental variable approach and a regulation change on derivatives supply to address endogeneity concerns

Influence Factors on Temperature Distribution of Electric Furnace Roof

Electric furnace roof is an important device for electric steel making, whose heat preservation performance and life-span have a direct impact on the economic benefits of iron and steel enterprise. This paper investigates the effect between the temperature level of electric furnace roof and the material parameters. Research indicates that they have a trend to change in the same direction

Research on Temperature Distribution Model of Electric Furnace Roof

Electric furnace roof is an important device for electric steel making, whose heat preservation performance and life-span have a direct impact on the economic benefits of iron and steel enterprise. Considered contact behavior between prefabricate block, this paper establishes the complete CAD/CAE model of the electric furnace roof with finite element software based on the theory of transferring heating subject, and respectively calculates the stable temperature and stress field of the firebrick roof and the prefabricate block roof in last melting stage, as is advantageous to analyze the level and the distribution of temperature and stress of electric furnace roof

Complementary detection of prostatespecific antigen using in o nanowires and carbon nanotubes

Nanostructured devices, fabricated using single-walled carbon nanotubes 1 (SWNTs), silicon nanowires 2 (Si NWs), or metal oxide nanowires 3 (e.g., In2O3 NWs), are good candidates to manufacture future generations of biosensors. Nanotubes and nanowires have very high surface-to-volume ratios and, therefore, promise very high sensitivities. Recent biosensing literature has reported the use of either carbon nanotubes or nanowires as successful sensors for a number of biological analytes; 1,2 however, combining these two nanomaterials may offer an interesting comparison and also novel sensing strategies. In addition, while several functionalization techniques have been developed to attach antibodies to SWNTs and Si NWs, 1,2 little has been reported for biofunctionalization of metal oxide NWs (e.g., In2O3 and SnO2), which are traditionally the key materials for sensing. In this paper, we report complementary detection of prostatespecifi

Raman Characterization and Polarity Tuning of Aligned Single-Walled Carbon Nanotubes on Quartz

Raman characterization has been employed to study key features of highly aligned single-walled carbon nanotubes grown on quartz substrates. The nanotubes are observed to possess an estimated metallic/semiconducting ratio of 1:2.7, and Raman spectra also confirm the high integrity of nanotubes before and after being transferred from quartz to Si/SiO2 substrates. Based on the as-grown and the transferred aligned nanotubes, we have further fabricated top- and back-gated nanotube devices, respectively. The top-gated transistors exhibit ambipolar transport characteristics with high transconductance, small subthreshold swing of 110 mV/decade and on/off ratio of 107, while the back-gated transistors show unipolar p-type characteristics. Furthermore, we have demonstrated polarity tuning to produce both predominately n- and p-type top-gated carbon nanotube transistors by controlling the polarity of gate voltage during electrical breakdown, which has great potential for building complementary carbon nanotube circuits.Chemistry and Chemical Biolog

Intestinal microbiota links to allograft stability after lung transplantation: a prospective cohort study

Abstract Whether the alternated microbiota in the gut contribute to the risk of allograft rejection (AR) and pulmonary infection (PI) in the setting of lung transplant recipients (LTRs) remains unexplored. A prospective multicenter cohort of LTRs was identified in the four lung transplant centers. Paired fecal and serum specimens were collected and divided into AR, PI, and event-free (EF) groups according to the diagnosis at sampling. Fecal samples were determined by metagenomic sequencing. And metabolites and cytokines were detected in the paired serum to analyze the potential effect of the altered microbiota community. In total, we analyzed 146 paired samples (AR = 25, PI = 43, and EF = 78). Notably, we found that the gut microbiome of AR followed a major depletion pattern with decreased 487 species and compositional diversity. Further multi-omics analysis showed depleted serum metabolites and increased inflammatory cytokines in AR and PI. Bacteroides uniformis, which declined in AR (2.4% vs 0.6%) and was negatively associated with serum IL-1β and IL-12, was identified as a driven specie in the network of gut microbiome of EF. Functionally, the EF specimens were abundant in probiotics related to mannose and cationic antimicrobial peptide metabolism. Furthermore, a support-vector machine classifier based on microbiome, metabolome, and clinical parameters highly predicted AR (AUPRC = 0.801) and PI (AUPRC = 0.855), whereby the microbiome dataset showed a particularly high diagnostic power. In conclusion, a disruptive gut microbiota showed a significant association with allograft rejection and infection and with systemic cytokines and metabolites in LTRs