A semiparametric capital asset pricing model with liquidity and Its application

In this paper, I propose a model that flexibly accounts for liquidity. Extending conventional asset pricing equations, I construct a semiparametric model that depends on an unknown liquidity function. This function depends on the standard set of liquidity proxies such as bid-ask spread, turnover rate, number of transactions and number of non-trading days. This approach neither imposes any restriction on the structure of liquidity nor limits the number of proxies which can be associated with liquidity function. The model is estimated by using semiparametric least squares in a time series context and the estimator is shown to be consistent and asymptotically normal. In applying this model to stock data we find that the estimated coefficients of bid-ask spread, turnover rate and number of non-trading days are similar in magnitude and are statistically significant. That is, bid-ask spread, turnover rate and number of non-trading days have similar weights in affecting asset returns. Such an outcome implies that missing any of these three variables may significantly change the estimated value of liquidity thus distort the relationship between asset returns and liquidity. The signs of the estimates also support the common belief that bid-ask spread and number of non-trading days are related with the illiquidity cost thus increasing required returns while the other two capture the flexibility in trading. Liquidity impact parameters in construction, manufacturing, wholesale trade and retail industries are statistically significant. The two industries which have the largest liquidity impacts are agriculture, forestry and fishing, and public administration. The companies in these two industries are deemed to have little incentive to smooth out the liquidity level, which induces the second order impacts of the liquidity to be high.Ph. D.Includes bibliographical referencesby Lee, Jiyo

Practical and illustrated summary of updated BI-RADS for ultrasonography

The American College of Radiology released the fifth edition of the Breast Imaging-Reporting and Data System (BI-RADS) in 2014 (copyright 2013), which includes the expanded second edition of the ultrasound BI-RADS lexicon. This review provides a practical summary of the updated lexicon, including selective illustrations with original clinical images, a discussion of overarching concepts, and examples of current clinical applications

Blended knowledge sharing model in design professional

Abstract Grounded in Nonaka and Takeuchi (Long Range Plan 54(4):102070, 2021) Socialization, Externalization, Combination, and Internalization (SECI) model, the present research develops a Blended Knowledge Sharing Activity (BKSA) model tailored for design practitioners, targeting the enhancement of learning outcomes and creativity. The investigation centers around the influence of BKSA on higher education students' learning achievements and creative potential, further delving into their application and performance relative to social media within design-related coursework. Employing a comprehensive methodological approach including sampling, t-tests, and structural equation modeling, questionnaires were disseminated to a cohort of 105 undergraduate students from two sophomore-level design classes. It is worth underscoring that despite the SECI model finding extensive applicability across numerous domains, its implementation within the context of design education remains comparatively underrepresented. This research lacuna served as a catalyst in our endeavor to apply the SECI model within knowledge-sharing activities specific to design majors, in anticipation of uncovering more potent strategies for learning and innovation. Our findings disclose a tangible positive correlation between BKSA and both the learning outcomes and creativity of undergraduate students. Moreover, the instrument we devised and utilized, acting as a robust measurement tool for the SECI model, provided additional validation for the beneficial influence of BKSA on university students' learning achievements and creative capacities. This novel insight not only redresses the underexplored application of the SECI model in design education but also furnishes a fresh theoretical vantage point for the amalgamation of blended learning and knowledge sharing paradigms

Public Discourse on Environmental Pollution and Health in Korea: Tweets Following the Fukushima Nuclear Accident

Public discourse on environmental and health issues has risenon social media. Upon an environmental crisis, various chatterssuch as breaking news, misinformation, and rumor couldaggravate social confusion and proliferate negative publicsentiment. In an effort to study public sentiments on environmentalissues in South Korea, we analyzed 158,964 tweetsgenerated over a 4-year period following the Fukushima accidentin 2011, the largest release of radioactivity to environmentin recent history. This event led to a significant increasein public’s interest on environmental and nuclear issues inKorea. We employed Bayesian network and recursive partitioningto observe the classification regression tree structureof major topics. Topics on health and environment were interlinkedclosely and represented both apprehension and concernabout health threats and pollution. Our methodologyhelps analyze large online discourse efficiently and offers insightto crisis response organizations

Remifentanil-based propofol-supplemented vs. balanced sevoflurane-sufentanil anesthesia regimens on bispectral index recovery after cardiac surgery: a randomized controlled study

Background The present study was to compare the potential impact of remifentanil-based propofol-supplemented anesthesia regimen vs. conventional sevoflurane-sufentanil balanced anesthesia on postoperative recovery of consciousness indicated by bispectral index (BIS) values in patients undergoing cardiac surgery. Methods Patients undergoing cardiac surgery were randomly allocated to get the remifentanil-based propofol-supplemented anesthesia employing target-controlled infusion (TCI) of remifentanil and propofol (Group-PR, n = 15) or a balanced-anesthesia employing sevoflurane-inhalation and TCI-sufentanil (Group-C, n = 19). In Group-PR, plasma concentration (Cp) of TCI-remifentanil was fixed at 20 ng/ml, and the effect-site concentration of TCI-propofol was adjusted within 0.8–2.0 μg/ml to maintain BIS value of 40–60. In Group-C, sevoflurane dosage was adjusted within 1–1.5 minimum alveolar concentration to maintain BIS of 40–60, and Cp of TCI-sufentanil was fixed at 0.4 ng/ml. The inter-group difference in the time for achieving postoperative BIS > 80 (T-BIS80) in the intensive care unit was determined as the primary outcome. The inter-group difference in the extubation time was determined as the secondary outcome. Results T-BIS80, was shorter in Group-PR than Group-C (121.4 ± 64.9 min vs. 182.9 ± 85.1 min, respectively; the difference of means –61.5 min; 95% CI –115.7 to –7.4 min; effect size 0.812; P = 0.027). The extubation time was shorter in Group-PR than in Group-C (434.7 ± 131.3 min vs. 946.6 ± 393.3 min, respectively, P < 0.001). Conclusions Compared with the conventional sevoflurane-sufentanil balanced anesthesia, the remifentanil-based propofol-supplemented anesthesia showed significantly faster postoperative conscious recovery in patients undergoing cardiac surgery

Cell adhesion status-dependent histone acetylation is regulated through intracellular contractility-related signaling activities

Although histone acetylation is important for epigenetic gene transcription, histone acetylation regulation by extracellular cues has rarely been evidenced. Here, we examined whether and how histone acetylation is regulated by cell adhesion-mediated signaling. Gastric carcinoma cells in suspension showed a higher histone acetylation, compared with fibronectin-adherent cells. This difference was supported by a decreased histone deacetylases activity. Furthermore, trichostatin A (TSA)-mediated histone acetylation was significantly increased only in suspended, but not in fibronectin-adherent, cells. Pharmacological inhibition of intracellular contractility-related myosin light chain kinase or RhoA-kinase (ROCK) or expression of ROCK1 small interfering RNA, dominant negative RhoA, or active Rac1 decreased basal and TSA-mediated histone H3 acetylationsin suspended cells, whereas inhibition of calmodulin-dependent protein kinase II or transient overexpression of wild type myosin light chain kinase enhanced the acetylations. Meanwhile, chromatin immunoprecipitation showed higher basal and TSA-enhanced associations of ROCK1 promoter regions with Lys(9)-acetylated histone 3 in suspended cells than in fibronectin-adherent cells and expression of ROCK1 was higher and further increased by TSA treatment in suspension. In addition, phosphorylation of myosin light chain was further increased by TSA in suspension and higher in anchorage-independent cells over adherently growing cells, indicating an inverse relationship between ROCK1 expression-mediated contractility and cell adhesion abilities. Cell adhesion analysis showed that pharmacological activation of intracellular contractility-related signaling activities decreased cell adhesion abilities, whereas inhibition of them increased the adhesion. Taken together, these observations suggest that cell adhesion-related signal transduction regulates histone acetylation, presumably through a close functional linkage between intracellular contractility and histone deacetylases activity/histone acetylation