Are firms with offshore headquarters worth more?

No, write Art Durnev, Tiemei Li and Michel Magnan; but onshore firms are valued higher if they have offshore subsidiarie

The governance of offshore firms : implications for financial reporting and firm value

This study explores the quality of financial reporting, which is measured by earnings management, and the valuation of firms that operate in offshore financial centers (OFCs). First, I investigate whether offshore firms engage in more earnings management than non-offshore firms, and how the use of OFCs facilitates earnings management. Second, through an event study and other valuation methodologies, I analyze the short- and long-run value implications for firms that have transferred to, or set up affiliates or registered in OFCs. On the one hand, from an investor's perspective, an offshore fine can garner tax avoidance or deferral benefits, thus increasing its value. On the other hand, many OFCs have relatively loose legal regimes, flexible regulations, secrecy policies and the tolerant of economic crimes (Masciandaro (2006)). Under these conditions, investors may face increased risks of poor corporate governance and managerial expropriation of resources, which undermine a firm's value. Using a large sample of 10,553 offshore firm-year observations in 21 OFCs from 1998 to 2007, compared to a non-offshore sample with 30,621 firm-year observations in 37 countries and jurisdictions, I find that offshore firms engage in more earnings management than non-offshore firms, with OFCs facilitating both accruals and real earnings management. Moreover, offshore firms are more likely to have higher value than non-offshore firms largely because of their tax benefits. However, the valuation gap between offshore and non-offshore firms has decreased significantly after a series of scandals involving OFCs, such as Enron and Parmalat, which have occurred since 2001, indicating that investors of offshore firms pay more attention to governance mechanisms instead of the tax avoidance benefits. In addition, I document that an increase in offshore characteristics, which are measured by the Offshore Attitude Indexes, translates into offshore firms being more likely engage in accruals management rather than real earnings activities. In contrast, firm value is more likely to decrease. Finally, my analysis provides evidence that the enactment of the Sarbanes-Oxley Act (SOX) has significantly reduced accruals management and firm value of offshore firms that are listed or cross-listed in the U.S. stock markets. This study extends prior research on international financial reporting and firm value into new territory and provides novel insights into the interface between a firm's legal regime, its governance structures and its value and financial reporting quality

(Z)-N-{(E)-10-[(2,6-Diisopropyl­phen­yl)­imino]-9,10-dihydro­phenanthren-9-yl­idene}-2,6-dimethyl­aniline

The title compound, C34H34N2, adopts a Z,E configuration with respect to the N=C—C=N backbone, with an N—C—C—N torsion angle of 41.1 (4)° The dihedral angle between the benzene rings in the 9,10-dihydro­phenanthrene moiety is 18.0 (1)°

A novel enzyme-linked immunostaining technique based on silk membrane for the prenatal detection of fetomaternal haemorrhage

Objective: Developing a simple, rapid, reliable, sensitive, and cost-effective method for prenatal detection of fetomaternal haemorrhage by combining multi-aperture silk membrane with enzyme-linked immunosorbent assay (ELISA), which does not require any complicated instruments and can be visually colored, so as to provide a new method for clinical detection of fetomaternal haemorrhage.Methods: As a carrier, a chemically treated silk membrane was used to immobilize anti-A/anti-B antibody reagent. PBS washed slowly after vertically dropping red blood cells. After adding biotin-labeled anti-A/anti-B antibody reagent, PBS is slowly washed, enzyme-labeled avidin is added, and TMB is used for color development after washing.Results: When there were both anti-A and anti-B fetal erythrocytes in pregnant women’s peripheral blood, the final color was dark brown. When there are no anti-A and anti-B fetal red blood cells in pregnant women’s peripheral blood, the final color development results do not change, which corresponds to the color of chemically treated silk membrane.Conclusion: The new enzyme-linked immunosorbent assay (ELISA) based on a silk membrane can distinguish fetal red blood cells from maternal red blood cells prenatally and can be used for prenatal detection of fetomaternal haemorrhage

Doing housework and having regular daily routine standing out as factors associate with physical function in the older people

Background and objectivesNationwide data were used to explore factors associated with physical function in order to identify interventions that could improve and maintain physical function in the older people.MethodsThe physical function was assessed by gait speed (GS). We selected 2,677 male and 2,668 female older adults (aged ≥60) who could perform the GS test as study subjects. GS was measured by having subjects walk across and back a 10-m course. A gait speed less than 20% that of a reference population (<0.7 m/s) was used as the definition of slow gait speed (SGS). Co-morbidity, polypharmacy, medical expenses, need for care, and hospitalization were used to evaluate health status. A stepwise logistic regression model was used to determine factors associated with SGS.ResultsSGS was associated with poorer health status, higher medical cost, lower ranking on the Geriatric Depression Scale (GDS) and decreased Mini-mental State Examination (MMSE). Co-morbidity (OR = 1.81, 1.58–2.07), polypharmacy (OR = 1.47, 1.25–1.74), MMSE <24 (OR = 1.85, 1.54–2.22), and GDS ≥ 11 (OR = 1.40, 1.18–1.65) were associated with SGS. In contrast, doing housework (DHW, OR = 0.43, 0.38–0.49), having a regular daily routine (RDR, OR = 0.64, 0.45–0.91), and current alcohol consumption (OR = 0.74, 0.62–0.90) were inversely associated with SGS. DHW plus having RDR could greatly reduce the risk of SGS (OR = 0.29, 0.19–0.43).ConclusionPoor physical function is associated with poorer health status in Chinese older people. Maintaining a regular daily routine and doing some housework may be important factors that can help older people preserve their physical function

Fermentation quality, aerobic stability, and microbiome structure and function of Caragana korshinskii silage inoculated with/without Lactobacillus rhamnosus or Lactobacillus buchneri

Caragana korshinskii is a forage shrub species with high-protein content that has been extensively used to alleviate feed shortages for ruminants in northern China. Herein, we investigated the effects of Lactobacillus rhamnosus and Lactobacillus buchneri on the fermentation quality, aerobic stability, and microbiome composition and the predicted functional characteristics of C. korshinskii silage. C. korshinskii silages were inoculated with and without L. rhamnosus or L. buchneri. After 14 and 56 days of ensiling, the aerobic stability was determined. The results revealed that after 14 and 56 days of ensiling, L. rhamnosus- and L. buchneri-inoculated silage exhibited increased acetic acid and lactic acid contents, whereas the pH and 2,3-butanediol and butyric acid contents were decreased compared with those of the control silage. The control silages that were opened at 14 and 56 d, deteriorated during the aerobic stability test, whereas silages inoculated with L. rhamnosus and L. buchneri did not exhibit any aerobic deterioration. The control silage showed an increased Clostridium and Bacillus abundance, whereas Lactobacillus abundance decreased compared with L. rhamnosus- and L. buchneri-inoculated silages, following the 7 days of aerobic exposure. The fermentation parameters were associated with microbial communities, including Lactobacillus, Pedicoccus, Weissella, Clostridium, and Bacillus. Carbohydrate and amino acid metabolisms in the control silage decreased after 7 days of aerobic exposure compared with lactic acid bacteria-inoculated silages. To conclude, next-generation sequencing combined with 16S ribosomal RNA gene-predicted functional analyses might provide new information about the silage quality during fermentation and the aerobic stability

Causative agent distribution and antibiotic therapy assessment among adult patients with community acquired pneumonia in Chinese urban population

<p>Abstract</p> <p>Background</p> <p>Knowledge of predominant microbial patterns in community-acquired pneumonia (CAP) constitutes the basis for initial decisions about empirical antimicrobial treatment, so a prospective study was performed during 2003–2004 among CAP of adult Chinese urban populations.</p> <p>Methods</p> <p>Qualified patients were enrolled and screened for bacterial, atypical, and viral pathogens by sputum and/or blood culturing, and by antibody seroconversion test. Antibiotic treatment and patient outcome were also assessed.</p> <p>Results</p> <p>Non-viral pathogens were found in 324/610 (53.1%) patients among whom <it>M. pneumoniae </it>was the most prevalent (126/610, 20.7%). Atypical pathogens were identified in 62/195 (31.8%) patients carrying bacterial pathogens. Respiratory viruses were identified in 35 (19%) of 184 randomly selected patients with adenovirus being the most common (16/184, 8.7%). The nonsusceptibility of <it>S. pneumoniae </it>to penicillin and azithromycin was 22.2% (Resistance (R): 3.2%, Intermediate (I): 19.0%) and 79.4% (R: 79.4%, I: 0%), respectively. Of patients (312) from whom causative pathogens were identified and antibiotic treatments were recorded, clinical cure rate with β-lactam antibiotics alone and with combination of a β-lactam plus a macrolide or with fluoroquinolones was 63.7% (79/124) and 67%(126/188), respectively. For patients having mixed <it>M. pneumoniae </it>and/or <it>C. pneumoniae </it>infections, a better cure rate was observed with regimens that are active against atypical pathogens (e.g. a β-lactam plus a macrolide, or a fluoroquinolone) than with β-lactam alone (75.8% vs. 42.9%, <it>p </it>= 0.045).</p> <p>Conclusion</p> <p>In Chinese adult CAP patients, <it>M. pneumoniae </it>was the most prevalent with mixed infections containing atypical pathogens being frequently observed. With <it>S. pneumoniae</it>, the prevalence of macrolide resistance was high and penicillin resistance low compared with data reported in other regions.</p

Water Quality Retrieval from ZY1-02D Hyperspectral Imagery in Urban Water Bodies and Comparison with Sentinel-2

Non-optically active water quality parameters in water bodies are important evaluation indicators in monitoring urban water quality. Over the past years, satellite remote sensing techniques have increasingly been used to assess different types of substances in urban water bodies. However, it is challenging to retrieve accurate data for some of the non-optically active water quality parameters from satellite images due to weak spectral characteristics. This study aims to examine the potential of ZY1-02D hyperspectral images in retrieving non-optical active water quality parameters, including dissolved oxygen (DO), permanganate index (CODMn), and total phosphorus (TP) in urban rivers and lakes. We first simulated the in situ measured reflectance to the satellite equivalent reflectance using the ZY1-02D and Sentinel-2 spectral response function. Further, we used four machine learning models to compare the retrieval performance of these two sensors with different bandwidths. The mean absolute percentage errors (MAPE) are 24.28%, 18.44%, and 37.04% for DO, CODMn, and TP, respectively, and the root mean square errors (RMSE) are 1.67, 0.96, and 0.07 mg/L, respectively. Finally, we validated the accuracy and consistency of aquatic products retrieved from ZY1-02D and Sentinel-2 images. The remote sensing reflectance (Rrs) products of ZY1-02D are slightly overestimated compared to Sentinel-2 Rrs. ZY1-02D has high accuracy and consistency in mapping CODMn products in urban water. The results show the potential of ZY1-02D hyperspectral images in mapping non-optically active water quality parameters