Short-term cross-border capital flows and corporate leverage ratio: China's empirical evidence and enlightenment

In consideration of increasing global economic uncertainties and the leverage ratio of non-financial corporate sector in China reaching a historical peak, this paper uses the parallel multiple mediation model to analyze the mechanism and impact of cross-border short-term capital flows on non-financial corporate leverage in China, in which corporate borrowing and asset price are taken as mediators in parallel multiple mediation model. The research findings indicate that the influence of short-term cross-border capital flows on corporate leverage ratio in China is mainly through the direct path. The influence of the two indirect channels is relatively weak, in which the size of corporate borrowing is more influential than corporate asset price. The indirect impact of short-term cross-border capital flows on corporate leverage ratio is more significant for state-owned enterprises compared to non-state-owned enterprises

Scheduling for the tail: Robustness versus optimality

When scheduling to minimize the sojourn time tail, the goals of optimality and robustness are seemingly at odds. Over the last decade, results have emerged which show that scheduling disciplines that are near-optimal under light (exponential) tailed workload distributions do not perform well under heavy (power) tailed workload distributions, and vice-versa. Very recently, it has been shown that this conflict between optimality and robustness is fundamental, i.e., no policy that does not learn information about the workload can be optimal across both light-tailed and heavy-tailed workloads. In this paper we show that one can exploit very limited workload information (the system load) in order to design a scheduler that provides robust performance across heavy-tailed and light-tailed workloads

Decision support for target country selection of future generation sovereign wealth funds: Hedging the country industry risk

AbstractThis paper addresses the challenging problem of selecting target country for future Sovereign Wealth Funds’ (SWFs) asset allocation to hedge the industry risk, which is rarely studied in the field. The target country selection includes which country and how much to invest to obtain the return objective and minimize the risk of these funds. In terms of the industrial perspective, the home country as the investor should consider SWF as part of its budget to make decision in long term. In order to control the risk, this paper measures the similarity between the home and the recipient country of SWF investment. The industrial risk of SWFs’ recipient country is also taken into consideration which is measured by concentration ratio. Based on an analytical process of target country selection, the paper finds that Kazakhstan, India, Australia, Greece, Spain, United States, Austria, Portugal, Peru, Netherlands are the top 10 countries that China should consider as its investment priorities

RNA-seq liver transcriptome analysis reveals an activated MHC-I pathway and an inhibited MHC-II pathway at the early stage of vaccine immunization in zebrafish

BACKGROUND: Zebrafish (Danio rerio) is a prominent vertebrate model of human development and pathogenic disease and has recently been utilized to study teleost immune responses to infectious agents threatening the aquaculture industry. In this work, to clarify the host immune mechanisms underlying the protective effects of a putative vaccine and improve its immunogenicity in the future efforts, high-throughput RNA sequencing technology was used to investigate the immunization-related gene expression patterns of zebrafish immunized with Edwardsiella tarda live attenuated vaccine. RESULTS: Average reads of 18.13 million and 14.27 million were obtained from livers of zebrafish immunized with phosphate buffered saline (mock) and E. tarda vaccine (WED), respectively. The reads were annotated with the Ensembl zebrafish database before differential expressed genes sequencing (DESeq) comparative analysis, which identified 4565 significantly differentially expressed genes (2186 up-regulated and 2379 down-regulated in WED; p<0.05). Among those, functional classifications were found in the Gene Ontology database for 3891 and in the Kyoto Encyclopedia of Genes and Genomes database for 3467. Several pathways involved in acute phase response, complement activation, immune/defense response, and antigen processing and presentation were remarkably affected at the early stage of WED immunization. Further qPCR analysis confirmed that the genes encoding the factors involved in major histocompatibility complex (MHC)-I processing pathway were up-regulated, while those involved in MHC-II pathway were down-regulated. CONCLUSION: These data provided insights into the molecular mechanisms underlying zebrafish immune response to WED immunization and might aid future studies to develop a highly immunogenic vaccine against gram-negative bacteria in teleosts

Phylogenetic, Expression, and Bioinformatic Analysis of the ABC1

We studied 17 ABC1 genes in Populus trichocarpa, all of which contained an ABC1 domain consisting of about 120 amino acid residues. Most of the ABC1 gene products were located in the mitochondria or chloroplasts. All had a conserved VAVK-like motif and a DFG motif. Phylogenetic analysis grouped the genes into three subgroups. In addition, the chromosomal locations of the genes on the 19 Populus chromosomes were determined. Gene structure was studied through exon/intron organization and the MEME motif finder, while heatmap was used to study the expression diversity using EST libraries. According to the heatmap, PtrABC1P14 was highlighted because of the high expression in tension wood which related to secondary cell wall formation and cellulose synthesis, thus making a contribution to follow-up experiment in wood formation. Promoter cis-element analysis indicated that almost all of the ABC1 genes contained one or two cis-elements related to ABA signal transduction pathway and drought stress. Quantitative real-time PCR was carried out to evaluate the expression of all of the genes under abiotic stress conditions (ABA, CdCl2, high temperature, high salinity, and drought); the results showed that some of the genes were affected by these stresses and confirmed the results of promoter cis-element analysis

Auto Search Indexer for End-to-End Document Retrieval

Generative retrieval, which is a new advanced paradigm for document retrieval, has recently attracted research interests, since it encodes all documents into the model and directly generates the retrieved documents. However, its power is still underutilized since it heavily relies on the "preprocessed" document identifiers (docids), thus limiting its retrieval performance and ability to retrieve new documents. In this paper, we propose a novel fully end-to-end retrieval paradigm. It can not only end-to-end learn the best docids for existing and new documents automatically via a semantic indexing module, but also perform end-to-end document retrieval via an encoder-decoder-based generative model, namely Auto Search Indexer (ASI). Besides, we design a reparameterization mechanism to combine the above two modules into a joint optimization framework. Extensive experimental results demonstrate the superiority of our model over advanced baselines on both public and industrial datasets and also verify the ability to deal with new documents.Comment: EMNLP 202

Calibrating LLM-Based Evaluator

Recent advancements in large language models (LLMs) on language modeling and emergent capabilities make them a promising reference-free evaluator of natural language generation quality, and a competent alternative to human evaluation. However, hindered by the closed-source or high computational demand to host and tune, there is a lack of practice to further calibrate an off-the-shelf LLM-based evaluator towards better human alignment. In this work, we propose AutoCalibrate, a multi-stage, gradient-free approach to automatically calibrate and align an LLM-based evaluator toward human preference. Instead of explicitly modeling human preferences, we first implicitly encompass them within a set of human labels. Then, an initial set of scoring criteria is drafted by the language model itself, leveraging in-context learning on different few-shot examples. To further calibrate this set of criteria, we select the best performers and re-draft them with self-refinement. Our experiments on multiple text quality evaluation datasets illustrate a significant improvement in correlation with expert evaluation through calibration. Our comprehensive qualitative analysis conveys insightful intuitions and observations on the essence of effective scoring criteria.Comment: 22 pages,11 figure

Assimilable Organic Carbon (AOC) in Soil Water Extracts Using Vibrio harveyi BB721 and Its Implication for Microbial Biomass

Assimilable organic carbon (AOC) is commonly used to measure the growth potential of microorganisms in water, but has not yet been investigated for measuring microbial growth potential in soils. In this study, a simple, rapid, and non-growth based assay to determine AOC in soil was developed using a naturally occurring luminous strain Vibrio harveyi BB721 to determine the fraction of low molecular weight organic carbon in soil water extract. Calibration of the assay was achieved by measuring the luminescence intensity of starved V. harveyi BB721 cells in the late exponential phase with a concentration range from 0 to 800 µg l−1 glucose (equivalent to 0–16.0 mg glucose C kg−1 soil) with the detection limit of 10 µg l−1 equivalent to 0.20 mg glucose C kg−1 soil. Results showed that bioluminescence was proportional to the concentration of glucose added to soil. The luminescence intensity of the cells was highly pH dependent and the optimal pH was about 7.0. The average AOC concentration in 32 soils tested was 2.9±2.2 mg glucose C kg−1. Our data showed that AOC levels in soil water extracts were significantly correlated (P<0.05) with microbial biomass determined as microbial biomass carbon, indicating that the AOC concentrations determined by the method developed might be a good indicator of soil microbial biomass. Our findings provide a new approach that may be used to determine AOC in environmental samples using a non-growth bioluminescence based assay. Understanding the levels of AOC in soil water extract provides new insights into our ability to estimate the most available carbon pool to bacteria in soil that may be easily assimilated into cells for many metabolic processes and suggest possible the links between AOC, microbial regrowth potential, and microbial biomass in soils

Current Advances on Structure-Function Relationships of Pyridoxal 5′-Phosphate-Dependent Enzymes

Pyridoxal 5′-phosphate (PLP) functions as a coenzyme in many enzymatic processes, including decarboxylation, deamination, transamination, racemization, and others. Enzymes, requiring PLP, are commonly termed PLP-dependent enzymes, and they are widely involved in crucial cellular metabolic pathways in most of (if not all) living organisms. The chemical mechanisms for PLP-mediated reactions have been well elaborated and accepted with an emphasis on the pure chemical steps, but how the chemical steps are processed by enzymes, especially by functions of active site residues, are not fully elucidated. Furthermore, the specific mechanism of an enzyme in relation to the one for a similar class of enzymes seems scarcely described or discussed. This discussion aims to link the specific mechanism described for the individual enzyme to the same types of enzymes from different species with aminotransferases, decarboxylases, racemase, aldolase, cystathionine β-synthase, aromatic phenylacetaldehyde synthase, et al. as models. The structural factors that contribute to the reaction mechanisms, particularly active site residues critical for dictating the reaction specificity, are summarized in this review