Reputational Sanctions in China\u27s Securities Market

Literature suggests two distinct paths to stock market development: an approach based on legal protections for investors, and an approach based on self-regulation of listed companies by stock exchanges. This Essay traces China\u27s attempts to pursue both approaches, while focusing primarily on the role of the stock exchanges as regulators. Specifically, the Essay examines a fascinating but unstudied aspect of Chinese securities regulation – public criticism of listed companies by the Shanghai and Shenzhen exchanges. Based on both event study methodology and extensive interviews of market actors, we find that the public criticisms have significant effects on listed companies and their executives. On both exchanges, significant abnormal stock price returns occur in response to corporate disclosure of the underlying misconduct giving rise to the criticisms, as well as in response to publications of the criticisms themselves. Interviews suggest that the impact of the stock exchange criticisms extends beyond the stock market, as banks and bank regulators make use of the sanction data for their own purposes. We evaluate the role of public criticisms in China\u27s evolving scheme of securities regulation, contributing to several strands of research on the role of the media in corporate governance, the use of shaming sanctions in corporate governance, and the importance of informal mechanisms in supporting China\u27s economic growth

Critical Note on Williamson: A defence of the Actualism-Possibilism Debate

In his book Modal Logic as Metaphysics (2013) Williamson argues that the traditional actualist-possibilist debate should be abandoned as hopelessly unclear and that we should get on with the clearer contingentism-necessitism debate. We think that Williamson's pessimism is not warranted by the brief arguments he gives. In this paper we explain why and provide a clear formulation of the traditional actualist-possibilist debate

Development of a resilient 3-D printer for humanitarian crisis response

Rapid manufacturing using 3-D printing is a potential solution to some of the most pressing issues for humanitarian logistics. In this paper, findings are reported from a study that involved development of a new type of 3-D printer. In particular, a novel 3-D printer that is designed specifically for reliable rapid manufacturing at the sites of humanitarian crises. First, required capabilities are developed with design elements of a humanitarian 3-D printer, which include, (1) fused filament fabrication, (2) open source self-replicating rapid prototyper design, (3) modular, (4) separate frame, (5) protected electronics, (6) on-board computing, (7) flexible power supply, and (8) climate control mechanisms. The technology is then disclosed with an open source license for the Kijenzi 3-D Printer. A swarm of five Kijenzi 3-D printers are evaluated for rapid part manufacturing for two months at health facilities and other community locations in both rural and urban areas throughout Kisumu County, Kenya. They were successful for their ability to function independently of infrastructure, transportability, ease of use, ability to withstand harsh environments and costs. The results are presented and conclusions are drawn about future work necessary for the Kijenzi 3-D Printer to meet the needs of rapid manufacturing in a humanitarian context

K2-231 b: A sub-Neptune exoplanet transiting a solar twin in Ruprecht 147

We identify a sub-Neptune exoplanet ($R_p = 2.5 \pm 0.2$ R$_\oplus$) transiting a solar twin in the Ruprecht 147 star cluster (3 Gyr, 300 pc, [Fe/H] = +0.1 dex). The ~81 day light curve for EPIC 219800881 (V = 12.71) from K2 Campaign 7 shows six transits with a period of 13.84 days, a depth of ~0.06%, and a duration of ~4 hours. Based on our analysis of high-resolution MIKE spectra, broadband optical and NIR photometry, the cluster parallax and interstellar reddening, and isochrone models from PARSEC, Dartmouth, and MIST, we estimate the following properties for the host star: $M_\star = 1.01 \pm 0.03$ M$_\odot$, $R_\star= 0.95 \pm 0.03$ R$_\odot$, and $T_{\rm eff} = 5695 \pm 50$ K. This star appears to be single, based on our modeling of the photometry, the low radial velocity variability measured over nearly ten years, and Keck/NIRC2 adaptive optics imaging and aperture-masking interferometry. Applying a probabilistic mass-radius relation, we estimate that the mass of this planet is $M_p = 7 +5 -3$ M$_\oplus$, which would cause a RV semi-amplitude of $K = 2 \pm 1$ m s$^{-1}$ that may be measurable with existing precise RV facilities. After statistically validating this planet with BLENDER, we now designate it K2-231 b, making it the second sub-stellar object to be discovered in Ruprecht 147 and the first planet; it joins the small but growing ranks of 23 other planets found in open clusters.Comment: 24 pages, 7 figures, light curve included as separate fil

Discovery and Follow-up Observations of the Young Type Ia Supernova 2016coj

The Type~Ia supernova (SN~Ia) 2016coj in NGC 4125 (redshift $z=0.004523$) was discovered by the Lick Observatory Supernova Search 4.9 days after the fitted first-light time (FFLT; 11.1 days before $B$-band maximum). Our first detection (pre-discovery) is merely $0.6\pm0.5$ day after the FFLT, making SN 2016coj one of the earliest known detections of a SN Ia. A spectrum was taken only 3.7 hr after discovery (5.0 days after the FFLT) and classified as a normal SN Ia. We performed high-quality photometry, low- and high-resolution spectroscopy, and spectropolarimetry, finding that SN 2016coj is a spectroscopically normal SN Ia, but with a high velocity of \ion{Si}{2} $\lambda$6355 ($\sim 12,600$\,\kms\ around peak brightness). The \ion{Si}{2} $\lambda$6355 velocity evolution can be well fit by a broken-power-law function for up to a month after the FFLT. SN 2016coj has a normal peak luminosity ($M_B \approx -18.9 \pm 0.2$ mag), and it reaches a $B$-band maximum \about16.0~d after the FFLT. We estimate there to be low host-galaxy extinction based on the absence of Na~I~D absorption lines in our low- and high-resolution spectra. The spectropolarimetric data exhibit weak polarization in the continuum, but the \ion{Si}{2} line polarization is quite strong ($\sim 0.9\% \pm 0.1\%$) at peak brightness.Comment: Submitte

Genome-wide association study using family-based cohorts identifies the WLS and CCDC170/ESR1 loci as associated with bone mineral density.

BACKGROUND: Osteoporosis is a common and debilitating bone disease that is characterised by a low bone mineral density (BMD), a highly heritable trait. Genome-wide association studies (GWAS) have proven to be very successful in identifying common genetic variants associated with BMD adjusted for age, gender and weight, however a large portion of the genetic variance for this trait remains unexplained. There is evidence to suggest significant genetic correlation between body size traits and BMD. It has also recently been suggested that unintended bias can be introduced as a result of adjusting a phenotype for a correlated trait. We performed a GWAS meta-analysis in two populations (total n = 6,696) using BMD data adjusted for only age and gender, in an attempt to identify genetic variants associated with BMD including those that may have potential pleiotropic effects on BMD and body size traits. RESULTS: We observed a single variant, rs2566752, associated with spine BMD at the genome-wide significance level in the meta-analysis (P = 3.36 × 10(-09)). Logistic regression analysis also revealed an association between rs2566752 and fracture rate in one of our study cohorts (P = 0.017, n = 5,654). This is an intronic variant located in the wntless Wnt ligand secretion mediator (WLS) gene (1p31.3), a known BMD locus which encodes an integral component of the Wnt ligand secretion pathway. Bioinformatics analyses of variants in moderate LD with rs2566752 produced strong evidence for a regulatory role for the variants rs72670452, rs17130567 and rs1430738. Expression quantitative trait locus (eQTL) analysis suggested that the variants rs12568456 and rs17130567 are associated with expression of the WLS gene in whole blood, cerebellum and temporal cortex brain tissue (P = 0.034-1.19 × 10(-23)). Gene-wide association testing using the VErsatile Gene-based Association Study 2 (VEGAS2) software revealed associations between the coiled-coil domain containing 170 (CCDC170) gene, located adjacent to the oestrogen receptor 1 (ESR1) gene, and BMD at the spine, femoral neck and total hip sites (P = 1.0 × 10(-06), 2.0 × 10(-06) and 2.0 × 10(-06) respectively). CONCLUSIONS: Genetic variation at the WLS and CCDC170/ESR1 loci were found to be significantly associated with BMD adjusted for only age and gender at the genome-wide level in this meta-analysis

Controlled comparison of hemodialysis and peritoneal dialysis: Veterans Administration multicenter study

Controlled comparison of hemodialysis and peritoneal dialysis: Veterans Administration multicenter study. We measured mortality and morbidity among 114 patients assigned randomly to home hemodialysis (HD) and home intermittent peritoneal dialysis (IPD). Data were collected during the time of home training and for 12 months after initiation of home dialysis. Training time was shorter for the IPD than for the HD patients (P < 0.001) with median time 1.8 months for IPD and 3.9 months for HD. Switching to the alternative mode of treatment was more frequent for the IPD group (29/59 vs. 5/55, P < 0.001). Survival time was not different, perhaps because of the modality change. More IPD patients were hospitalized in the first 6 months (20 for IPD vs. 9 for HD, P = 0.02), but they had fewer troublesome cardiovascular events in the first year (0 vs. 12, P < 0.001). The HD patients maintained better nutritional status as reflected in body weight and arm muscle circumference and possibly in urea appearance rate. Thus, these data suggest that for most patients, IPD is a less satisfactory form of therapy than HD, but certain advantages of IPD did emerge. Applications of this information to the currently more popular mode of CAPD await further study.Comparaison contrôlée entre l'hémodialyse et la dialyse péritonéale: Étude multicentrique de l'Administration des Veterans. Nous avons mesuré la mortalité et la morbidité chez 114 malades, pris au hasard, en hémodialyse à domicile (HD) ou en dialyse péritonéale intermittente à domicile (IPD). Les données ont été recueillies pendant l'entrainement à domicile et pendant les 12 mois suivant le début de la dialyse à domicile. La durée d'entrainement était plus brève pour les malades en IPD que pour ceux en HD (P < 0,001), avec un temps médian de 1,8 mois pour l'IPD et de 3,9 mois pour l'HD. Le changement pour l'autre mode de traitement était plus fréquent pour le groupe IPD (29/59 contre 5/55, P < 0,001). La durée de suivi n'était pas différente, peut-être à cause du changement de modalité. Plus de malades en IPD ont été hospitalisés dans les 6 premiers mois (20 en IPD, contre 9 en HD, P = 0,02), mais ils ont eu moins d'ennuis cardiovasculaires gênants au cours de la première année (0 contre 12, P < 0,001). Les malades HD conservaient un meilleur état nutritionnel, reflété par le poids corporel, la circonférence musculaire du bras, et probablement la vitesse d'apparition de l'urée. Ainsi ces données suggèrent que pour la plupart des malades, l'IPD est une forme de traitement moins satisfaisante que l'HD, mais certains avantages de l'IPD sont apparus. Les applications de cette information au mode actuellement le plus répandu de CAPD requièrent d'autres études