Investment timing and optimal capital structure under liquidity risk

© 2017 Informa UK Limited, trading as Taylor & Francis Group. Deterioration in debt market liquidity reduces debt values and affects firms' decisions. Considering such risk, we develop an investment timing model and obtain analytic solutions. We carry out a comprehensive analysis in optimal financing, default, and investment strategies, and stockholder–bondholder conflicts. Our model explains stylized facts and replicates empirical findings in credit spreads. We obtain six new insights for decision makers. We propose a ‘new trade-off theory’ for optimal capital structure, a new tax effect, and new explanations of ‘debt conservatism puzzle’ and ‘zero-leverage puzzle’. Failure in recognizing liquidity risk results in substantially over-leveraging, early bankruptcy or investment, overpriced options, and undervalued coupons and credit spreads. In addition, agency costs are surprisingly small for a high liquidity risk or a low project risk. Interestingly, the risk shifting incentive and debt overhang problem decrease with liquidity risk under moderate tax rates while they increase under high tax rates

Platinum single atoms anchored on ultra-thin carbon nitride nanosheets for photoreforming of glucose

Photoreforming of biomass is a fascinating process that harnesses renewable sunlight and biomass to produce hydrogen under ambient conditions, holding a significant promise for future energy sustainability. However, the main challenge lies in developing highly active and stable photocatalysts with high light harvesting efficiency. In this study, we adopted a simple yet effective approach that combines thermal exfoliation and photodeposition to anchor Pt single atoms onto ultra-thin g-C3N4 nanosheets (MCNN). The incorporation of Pt single atoms induced a distinct red-shift in the visible light region, augmenting the solar energy absorption capacity, while the enlarged surface area of g-C3N4 nanosheets improved the mass transfer. Moreover, the enhanced photoelectric properties further contributed to the superior performance of Pt-MCNN-3.0 % in the photoreforming of glucose for hydrogen evolution. Remarkably, Pt-MCNN-3.0 % demonstrated an impressive hydrogen generation rate, approximately 59 times higher than that of MCNN, after a 3 h visible-light irradiation, maintaining a satisfied photo-stability. This work addresses the critical need for design of efficient photocatalysts, bringing us one step closer to realizing the potential of biomass photoreforming as a sustainable and clean energy conversion technology

Photocatalytic reforming of lignocellulose: A review

Biomass has been considered as a promising energy resource to combat the exhaustion of fossil fuels, as it is renewable, sustainable, and clean. Photocatalytic reforming is a novel technology to utilize solar energy for upgrading biomass in relatively mild conditions. This process efficiently reforms and recasts biomass into hydrogen and/or valuable chemicals. To date, lignocellulose, including cellulose, hemicellulose and lignin, has attracted extensive studies in facile photocatalytic valorisation. This review summarizes and analyzes the most recent research advances on photoreforming of lignocellulose to provide insights for future research, with a particular emphasis on the reformation of lignin because of its 3D complex and stubborn structure. The structure of lignin contains a dominant linkage, i.e., β-O-4. The breakage of β-O-4 linkage can be proceeded by two steps, e.g., oxidization and reduction, according to the sequence of photoexcited holes and electrons. Thus, this review discusses two-step and integrate step dissociation strategies along with the rationally chosen photocatalysts. The challenges of the photocatalysts, solvent, and post-treatment were identified, and potential solutions to these challenges were provided

Improved Weighted Covariance Based Detector for Spectrum Sensing in Rayleigh Fading Channel

In this letter, we propose an improved weighted covariance based detector (IWCD) for spatially correlated time-varying Rayleigh fading channel. The proposed method uses adaptive weights that are tailored to the dynamic nature of the channels. These weights can be chosen manually to meet practical requirements or derived theoretically by optimizing some performance index, such that the IWCD outperforms traditional weighted covariance-based detectors (WCDs), which rely heavily on data-aided weights determined by the sample covariance matrix (SCM). Performance merits in terms of the probabilities of false alarm and detection are analyzed in the low signal-to-noise-ratio (SNR) regime. Besides, the optimal weights are derived via maximizing the modified deflection coefficient (MDC). A reasonable estimator of the optimal weights is also constructed armed with the available samples at hand. Theoretical analyses and experimental results demonstrate the superiority of our proposed method over existing works in various scenarios

Evaluation of Aerosol Optical Depth and Aerosol Models from VIIRS Retrieval Algorithms over North China Plain

The first Visible Infrared Imaging Radiometer Suite (VIIRS) was launched on Suomi National Polar-orbiting Partnership (S-NPP) satellite in late 2011. Similar to the Moderate resolution Imaging Spectroradiometer (MODIS), VIIRS observes top-of-atmosphere spectral reflectance and is potentially suitable for retrieval of the aerosol optical depth (AOD). The VIIRS Environmental Data Record data (VIIRS_EDR) is produced operationally by NOAA, and is based on the MODIS atmospheric correction algorithm. The MODIS-like VIIRS data (VIIRS_ML) are being produced experimentally at NASA, from a version of the dark-target algorithm that is applied to MODIS. In this study, the AOD and aerosol model types from these two VIIRS retrieval algorithms over the North China Plain (NCP) are evaluated using the ground-based CE318 Sunphotometer (CE318) measurements during 2 May 2012-31 March 2014 at three sites. These sites represent three different surface types: urban (Beijing), suburban (XiangHe) and rural (Xinglong). Firstly, we evaluate the retrieved spectral AOD. For the three sites, VIIRS_EDR AOD at 550 nm shows a positive mean bias (MB) of 0.04-0.06 and the correlation of 0.83-0.86, with the largest MB (0.10-0.15) observed in Beijing. In contrast, VIIRS_ML AOD at 550 nm has overall higher positive MB of 0.13-0.14 and a higher correlation (0.93-0.94) with CE318 AOD. Secondly, we evaluate the aerosol model types assumed by each algorithm, as well as the aerosol optical properties used in the AOD retrievals. The aerosol model used in VIIRS_EDR algorithm shows that dust and clean urban models were the dominant model types during the evaluation period. The overall accuracy rate of the aerosol model used in VIIRS_ML over NCP three sites (0.48) is higher than that of VIIRS_EDR (0.27). The differences in Single Scattering Albedo (SSA) at 670 nm between VIIRS_ML and CE318 are mostly less than 0.015, but high seasonal differences are found especially over the Xinglong site. The values of SSA from VIIRS_EDR are higher than that observed by CE318 over all sites and all assumed aerosol modes, with a positive bias of 0.02-0.04 for fine mode, 0.06-0.12 for coarse mode and 0.03-0.05 for bi-mode at 440nm. The overestimation of SSA but positive AOD MB of VIIRS_EDR indicate that other factors (e.g. surface reflectance characterization or cloud contamination) are important sources of error in the VIIRS_EDR algorithm, and their effects on aerosol retrievals may override the effects from non-ideality in these aerosol models

Evaluation of aerosol optical depth and aerosol models from VIIRS retrieval algorithms over North China Plain

The first Visible Infrared Imaging Radiometer Suite (VIIRS) was launched on Suomi National Polar-orbiting Partnership (S-NPP) satellite in late 2011. Similar to the Moderate resolution Imaging Spectroradiometer (MODIS), VIIRS observes top-of-atmosphere spectral reflectance and is potentially suitable for retrieval of the aerosol optical depth (AOD). The VIIRS Environmental Data Record data (VIIRS_EDR) is produced operationally by NOAA, and is based on the MODIS atmospheric correction algorithm. The “MODIS-like” VIIRS data (VIIRS_ML) are being produced experimentally at NASA, from a version of the “dark-target” algorithm that is applied to MODIS. In this study, the AOD and aerosol model types from these two VIIRS retrieval algorithms over the North China Plain (NCP) are evaluated using the ground-based CE318 Sunphotometer (CE318) measurements during 2 May 2012 – 31 March 2014 at three sites. These sites represent three different surface types: urban (Beijing), suburban (XiangHe) and rural (Xinglong). Firstly, we evaluate the retrieved spectral AOD. For the three sites, VIIRS_EDR AOD at 550 nm shows a positive mean bias (MB) of 0.04-0.06 and the correlation of 0.83-0.86, with the largest MB (0.10-0.15) observed in Beijing. In contrast, VIIRS_ML AOD at 550 nm has overall higher positive MB of 0.13-0.14 and a higher correlation (0.93-0.94) with CE318 AOD. Secondly, we evaluate the aerosol model types assumed by each algorithm, as well as the aerosol optical properties used in the AOD retrievals. The aerosol model used in VIIRS_EDR algorithm shows that dust and clean urban models were the dominant model types during the evaluation period. The overall accuracy rate of the aerosol model used in VIIRS_ML over NCP three sites (0.48) is higher than that of VIIRS_EDR (0.27). The differences in Single Scattering Albedo (SSA) at 670 nm between VIIRS_ML and CE318 are mostly less than 0.015, but high seasonal differences are found especially over the Xinglong site. The values of SSA from VIIRS_EDR are higher than that observed by CE318 over all sites and all assumed aerosol modes, with a positive bias of 0.02-0.04 for fine mode, 0.06-0.12 for coarse mode and 0.03-0.05 for bi-mode at 440nm. The overestimation of SSA but positive AOD MB of VIIRS_EDR indicate that other factors (e.g. surface reflectance characterization or cloud contamination) are important sources of error in the VIIRS_EDR algorithm, and their effects on aerosol retrievals may override the effects from non-ideality in these aerosol models

Yeast Probiotics Shape the Gut Microbiome and Improve the Health of Early-Weaned Piglets

Weaning is one of the most stressful challenges in the pig’s life, which contributes to dysfunctions of intestinal and immune system, disrupts the gut microbial ecosystem, and therefore compromises the growth performance and health of piglets. To mitigate the negative impact of the stress on early-weaned piglets, effective measures are needed to promote gut health. Toward this end, we tamed a Saccharomyces cerevisiae strain and developed a probiotic Duan-Nai-An, which is a yeast culture of the tamed S. cerevisiae on egg white. In this study, we tested the performance of Duan-Nai-An on growth and health of early-weaned piglets and analyzed its impact on fecal microbiota. The results showed that Duan-Nai-An significantly improved weight gain and feed intake, and reduced diarrhea and death of early-weaned piglets. Analysis of the gut microbiota showed that the bacterial community was shaped by Duan-Nai-An and maintained as a relatively stable structure, represented by a higher core OTU number and lower unweighted UniFrac distances across the early weaned period. However, fungal community was not significantly shaped by the yeast probiotics. Notably, 13 bacterial genera were found to be associated with Duan-Nai-An feeding, including Enterococcus, Succinivibrio, Ruminococcus, Sharpea, Desulfovibrio, RFN20, Sphaerochaeta, Peptococcus, Anaeroplasma, and four other undefined genera. These findings suggest that Duan-Nai-An has the potential to be used as a feed supplement in swine production

Marine fungus Aspergillus c1. sp metabolite activates the HSF1/PGC-1α axis, inducing a thermogenic program for treating obesity

Background and aims: Obesity is one of the most prevalent diseases worldwide with less ideal approved agents in clinic. Activating the HSF1/PGC-1α axis in adipose tissues has been reported to induce thermogenesis in mice, which presents a promising therapeutic avenue for obesity treatment. The present study aimed to identified novel natural HSF1 activator and evaluated the therapeutic effects of the newly discovered compound on obesity-associated metabolic disorders and the molecular mechanisms of these effects.Methods: Our previous reported HSF1/PGC-1α activator screening system was used to identify novel natural HSF1 activator. The PGC-1α luciferase activity, immunoblot, protein nuclear-translocation, immunofluorescence, chromatin immunoprecipitation assays were used to evaluate the activity of compound HN-001 in activating HSF1. The experiments of mitochondrial number measurement, TG assay and imaging, cellular metabolic assay, gene assays, and CRISPR/Cas 9 were applied for investigating the metabolic effect of HN-001 in C3H10-T1/2 adipocytes. The in vivo anti-obesity efficacies and beneficial metabolic effects of HN-001 were evaluated by performing body and fat mass quantification, plasma chemical analysis, GTT, ITT, cold tolerance test, thermogenesis analysis.Results: HN-001 dose- and time-dependently activated HSF1 and induced HSF1 nuclear translocation, resulting in an enhancement in binding with the gene Pgc-1α. This improvement induced activation of adipose thermogenesis and enhancement of mitochondrial oxidation capacity, thus inhibiting adipocyte maturation. Deletion of HSF1 in adipocytes impaired mitochondrial oxidation and abolished the above beneficial metabolic effects of HN-001, including adipocyte browning induction, improvements in mitogenesis and oxidation capacity, and lipid-lowering ability. In mice, HN-001 treatment efficiently alleviated diet-induced obesity and metabolic disorders. These changes were associated with increased body temperature in mice and activation of the HSF1/PGC-1α axis in adipose tissues. UCP1 expression and mitochondrial biogenesis were increased in both white and brown adipose tissues of HN-001-treated mice.Conclusion: These data indicate that HN-001 may have therapeutic potential for obesity-related metabolic diseases by increasing the capacity of energy expenditure in adipose tissues through a mechanism involving the HSF1/PGC-1α axis, which shed new light on the development of novel anti-obesity agents derived from marine sources