Earnings Management for Second-time IPOs: Evidence from China

In China’s IPO market, firms that fail in their first IPO application make considerable adjustments before making their second IPO application. Examining firms that applied for IPOs during 2004-2018, we find that failed IPO applicant firms “package” themselves to obtain approval of the China Securities Regulatory Commission (CSRC) by reducing accrual earnings management and increasing real earnings management. In addition, after a successful second IPO application, these firms relax their vigilance vis-à-vis the CSRC and increase both accrual and real earnings management. This pre-IPO “packaging” behavior deceives investors, leading to higher IPO prices and higher post-IPO returns

Cardiac tamponade, a rare complication of gastric cardia cancer resection after neoadjuvant chemotherapy combined with immunotherapy: a case report and literature review

Transthoracic cardia resection is a technically well-established surgical procedure. However, acute cardiac tamponade in the early postoperative period is extremely rare. The occurrence is life-threatening to the patient. It also poses a great clinical challenge for perioperative management. To date, few cases of pericardial tamponade have been reported in gastric cancer resection performed after neoadjuvant chemotherapy combined with immunotherapy. We present the case of a 62-year-old woman who received neoadjuvant chemotherapy combined with immunotherapy before surgery, followed by transthoracic surgery. A life-threatening complication, pericardial tamponade, occurred in the early postoperative period. The successful outcome was achieved in through multidisciplinary collaboration

How to identify the different phases of stock market bubbles statistically?

International audienc

Vines climbing higher: risk management for commodity futures markets using a regular vine copula approach

The volume of trading activity relating to China's commodity futures has grown rapidly over the course of the last decade. To improve risk management in China's commodity futures markets, this paper employs a regular vine (R-vine) copula model to study the dependence structure of commodity futures and to enhance Value-at-Risk (VaR) forecast. In doing so, we find that China’s commodity futures market is not centered on one category of commodity futures and the tail dependence between different categories of commodity futures varies significantly. Based on the dependence structure analyzed using the R-vine copula model, we forecast the VaR of individual indices, which are formed of several commodity futures, as well as forecasting the VaR of an equally-weighted portfolio. Our method can outperform the standard GARCH-VaR method in terms of VaR backtesting. The tool developed within this study will enable those involved in commodity futures markets to fundamentally improve their risk management

Time-varying beta in functional factor models: Evidence from China

International audienceIn this paper, we introduce a functional method to investigate how betas change over time in factor models. Based on the China A-share data, we drop the constant beta assumption in the CAPM and multi-factor models to estimate the time-varying betas directly from the functional data regression. The empirical results show that exposures to all risk factors have certain time-varying patterns in the Chinese A-share stock market

Autonomous Silencing as Well as Competition Controls γ-Globin Gene Expression during Development

To investigate the control of the γ-globin gene during development, we produced transgenic mice in which sequences of the β-gene promoter were replaced by equivalent sequences of the γ-gene promoter in the context of a human β-globin locus yeast artificial chromosome (βYAC) and analyzed the effects on globin gene expression during development. Replacement of 1,077 nucleotides (nt) of the β-gene promoter by 1,359 nt of the γ promoter resulted in striking inhibition of the γ-promoter/β-gene expression in the adult stage of development, providing direct evidence that the expression of the γ gene in the adult is mainly controlled by autonomous silencing. Measurements of the expression of the γ promoter/β-globin gene as well as the wild γ genes showed that gene competition is also involved in the control of γ-gene expression in the fetal stage of development. We conclude that autonomous silencing is the main mechanism controlling γ-gene expression in the adult, while autonomous silencing as well as competition between γ and β genes contributes to the control of γ to β switching during fetal development

Association between dietary vitamin B1 intake and cognitive function among older adults: a cross-sectional study

Abstract Background This study aims to investigate the relationship between vitamin B1 intake and cognitive function in older adults. Methods This cross-sectional observational study utilized data from the National Health and Nutrition Examination Survey (NHANES) 2011–2014. A total of 2422 participants were included in the analysis, with dietary vitamin B1 intake being determined by averaging two 24-h dietary recalls. Cognitive function was assessed using three cognitive function tests: the Digit Symbol Substitution Test (DSST) for processing speed, the Animal Fluency Test (AFT) for executive function, a Consortium to Establish a Registry for Alzheimer's disease (CERAD) subtest for memory. Test-specific and global cognition z score was created. Multivariate linear regression models were used to explore the association between vitamin B1 and cognitive function. Results 2422 participants, aged 60 years and older, were included from NHANES across two survey cycles (2011–2014). Higher vitamin B1 intake was associated with higher DSST, AFT scores (P < 0.001) as well as the global cognition z score (P = 0.008). In the fully adjusted model, as compared to the lowest quartile (Q1), the highest quartile (Q4) of vitamin B1 intake was related to higher DSST score (β = 2.23, 95% CI 0.79 ~ 3.67) and global cognition z sore (β = 0.09, 95% CI 0.02 ~ 0.16). The association between dietary vitamin B1 intake and cognitive function scores in US adults is linear. There was no detected significant statistical interaction between these variables. Conclusions Increased dietary intake of vitamin B1 was associated with better cognitive function in individuals aged over 60