Analysis on IPO Underpricing of Homebound Cross-listed Chinese A-shares Compared to Domestic A-shares (2006-2014)

This paper provides analysis on the IPO underpricing of homebound cross-listed IPOs compared to domestic IPOs in China. By investigating the market adjusted initial return of a total sample of 1205 observations, which includes 1165 A-shares and 40 homebound A-H shares during 2006-2014, we find that the phenomenon of IPO underpricing is still prevailing for homebound cross-listed IPOs. This paper conducts the cross-sectional analysis and the sensitivity analysis by running multiple regressions and finds that cross-listing tends to have a weak negative effect on IPO underpricing in China during 2006-2014, meaning that the homebound cross-listed IPOs and domestic IPOs are mostly indifferent in the level of IPO underpricing. Additionally, we find that cross-listed IPOs benefit in gaining lower level of ex-ante uncertainty and they do not require deliberate underpricing to attract more investors, which are the main reasons explaining the weak influence of cross-listing on IPO underpricing of Chinese new stocks during 2006-2014. Furthermore, this paper also provides evidences supporting the application of signaling theory, winners’ curse theory, informational cascades theory, the change of pricing mechanism hypothesis and secondary market effect hypothesis in China during this time period

Dynamic functional connectivity analysis with temporal convolutional network for attention deficit/hyperactivity disorder identification

IntroductionDynamic functional connectivity (dFC), which can capture the abnormality of brain activity over time in resting-state functional magnetic resonance imaging (rs-fMRI) data, has a natural advantage in revealing the abnormal mechanism of brain activity in patients with Attention Deficit/Hyperactivity Disorder (ADHD). Several deep learning methods have been proposed to learn dynamic changes from rs-fMRI for FC analysis, and achieved superior performance than those using static FC. However, most existing methods only consider dependencies of two adjacent timestamps, which is limited when the change is related to the course of many timestamps.MethodsIn this paper, we propose a novel Temporal Dependence neural Network (TDNet) for FC representation learning and temporal-dependence relationship tracking from rs-fMRI time series for automated ADHD identification. Specifically, we first partition rs-fMRI time series into a sequence of consecutive and non-overlapping segments. For each segment, we design an FC generation module to learn more discriminative representations to construct dynamic FCs. Then, we employ the Temporal Convolutional Network (TCN) to efficiently capture long-range temporal patterns with dilated convolutions, followed by three fully connected layers for disease prediction.ResultsAs the results, we found that considering the dynamic characteristics of rs-fMRI time series data is beneficial to obtain better diagnostic performance. In addition, dynamic FC networks generated in a data-driven manner are more informative than those constructed by Pearson correlation coefficients.DiscussionWe validate the effectiveness of the proposed approach through extensive experiments on the public ADHD-200 database, and the results demonstrate the superiority of the proposed model over state-of-the-art methods in ADHD identification

Implicating genes, pleiotropy, and sexual dimorphism at blood lipid loci through multi-ancestry meta-analysis

Publisher Copyright: © 2022, The Author(s).Background: Genetic variants within nearly 1000 loci are known to contribute to modulation of blood lipid levels. However, the biological pathways underlying these associations are frequently unknown, limiting understanding of these findings and hindering downstream translational efforts such as drug target discovery. Results: To expand our understanding of the underlying biological pathways and mechanisms controlling blood lipid levels, we leverage a large multi-ancestry meta-analysis (N = 1,654,960) of blood lipids to prioritize putative causal genes for 2286 lipid associations using six gene prediction approaches. Using phenome-wide association (PheWAS) scans, we identify relationships of genetically predicted lipid levels to other diseases and conditions. We confirm known pleiotropic associations with cardiovascular phenotypes and determine novel associations, notably with cholelithiasis risk. We perform sex-stratified GWAS meta-analysis of lipid levels and show that 3–5% of autosomal lipid-associated loci demonstrate sex-biased effects. Finally, we report 21 novel lipid loci identified on the X chromosome. Many of the sex-biased autosomal and X chromosome lipid loci show pleiotropic associations with sex hormones, emphasizing the role of hormone regulation in lipid metabolism. Conclusions: Taken together, our findings provide insights into the biological mechanisms through which associated variants lead to altered lipid levels and potentially cardiovascular disease risk.Peer reviewe

Implicating genes, pleiotropy, and sexual dimorphism at blood lipid loci through multi-ancestry meta-analysis

Abstract Background Genetic variants within nearly 1000 loci are known to contribute to modulation of blood lipid levels. However, the biological pathways underlying these associations are frequently unknown, limiting understanding of these findings and hindering downstream translational efforts such as drug target discovery. Results To expand our understanding of the underlying biological pathways and mechanisms controlling blood lipid levels, we leverage a large multi-ancestry meta-analysis (N = 1,654,960) of blood lipids to prioritize putative causal genes for 2286 lipid associations using six gene prediction approaches. Using phenome-wide association (PheWAS) scans, we identify relationships of genetically predicted lipid levels to other diseases and conditions. We confirm known pleiotropic associations with cardiovascular phenotypes and determine novel associations, notably with cholelithiasis risk. We perform sex-stratified GWAS meta-analysis of lipid levels and show that 3–5% of autosomal lipid-associated loci demonstrate sex-biased effects. Finally, we report 21 novel lipid loci identified on the X chromosome. Many of the sex-biased autosomal and X chromosome lipid loci show pleiotropic associations with sex hormones, emphasizing the role of hormone regulation in lipid metabolism. Conclusions Taken together, our findings provide insights into the biological mechanisms through which associated variants lead to altered lipid levels and potentially cardiovascular disease risk

Implicating genes, pleiotropy, and sexual dimorphism at blood lipid loci through multi-ancestry meta-analysis

Funding GMP, PN, and CW are supported by NHLBI R01HL127564. GMP and PN are supported by R01HL142711. AG acknowledge support from the Wellcome Trust (201543/B/16/Z), European Union Seventh Framework Programme FP7/2007–2013 under grant agreement no. HEALTH-F2-2013–601456 (CVGenes@Target) & the TriPartite Immunometabolism Consortium [TrIC]-Novo Nordisk Foundation’s Grant number NNF15CC0018486. JMM is supported by American Diabetes Association Innovative and Clinical Translational Award 1–19-ICTS-068. SR was supported by the Academy of Finland Center of Excellence in Complex Disease Genetics (Grant No 312062), the Finnish Foundation for Cardiovascular Research, the Sigrid Juselius Foundation, and University of Helsinki HiLIFE Fellow and Grand Challenge grants. EW was supported by the Finnish innovation fund Sitra (EW) and Finska Läkaresällskapet. CNS was supported by American Heart Association Postdoctoral Fellowships 15POST24470131 and 17POST33650016. Charles N Rotimi is supported by Z01HG200362. Zhe Wang, Michael H Preuss, and Ruth JF Loos are supported by R01HL142302. NJT is a Wellcome Trust Investigator (202802/Z/16/Z), is the PI of the Avon Longitudinal Study of Parents and Children (MRC & WT 217065/Z/19/Z), is supported by the University of Bristol NIHR Biomedical Research Centre (BRC-1215–2001) and the MRC Integrative Epidemiology Unit (MC_UU_00011), and works within the CRUK Integrative Cancer Epidemiology Programme (C18281/A19169). Ruth E Mitchell is a member of the MRC Integrative Epidemiology Unit at the University of Bristol funded by the MRC (MC_UU_00011/1). Simon Haworth is supported by the UK National Institute for Health Research Academic Clinical Fellowship. Paul S. de Vries was supported by American Heart Association grant number 18CDA34110116. Julia Ramierz acknowledges support by the People Programme of the European Union’s Seventh Framework Programme grant n° 608765 and Marie Sklodowska-Curie grant n° 786833. Maria Sabater-Lleal is supported by a Miguel Servet contract from the ISCIII Spanish Health Institute (CP17/00142) and co-financed by the European Social Fund. Jian Yang is funded by the Westlake Education Foundation. Olga Giannakopoulou has received funding from the British Heart Foundation (BHF) (FS/14/66/3129). CHARGE Consortium cohorts were supported by R01HL105756. Study-specific acknowledgements are available in the Additional file 32: Supplementary Note. The views expressed in this manuscript are those of the authors and do not necessarily represent the views of the National Heart, Lung, and Blood Institute; the National Institutes of Health; or the U.S. Department of Health and Human Services.Peer reviewedPublisher PD

Implicating genes, pleiotropy, and sexual dimorphism at blood lipid loci through multi-ancestry meta-analysis

Funding Information: GMP, PN, and CW are supported by NHLBI R01HL127564. GMP and PN are supported by R01HL142711. AG acknowledge support from the Wellcome Trust (201543/B/16/Z), European Union Seventh Framework Programme FP7/2007–2013 under grant agreement no. HEALTH-F2-2013–601456 (CVGenes@Target) & the TriPartite Immunometabolism Consortium [TrIC]-Novo Nordisk Foundation’s Grant number NNF15CC0018486. JMM is supported by American Diabetes Association Innovative and Clinical Translational Award 1–19-ICTS-068. SR was supported by the Academy of Finland Center of Excellence in Complex Disease Genetics (Grant No 312062), the Finnish Foundation for Cardiovascular Research, the Sigrid Juselius Foundation, and University of Helsinki HiLIFE Fellow and Grand Challenge grants. EW was supported by the Finnish innovation fund Sitra (EW) and Finska Läkaresällskapet. CNS was supported by American Heart Association Postdoctoral Fellowships 15POST24470131 and 17POST33650016. Charles N Rotimi is supported by Z01HG200362. Zhe Wang, Michael H Preuss, and Ruth JF Loos are supported by R01HL142302. NJT is a Wellcome Trust Investigator (202802/Z/16/Z), is the PI of the Avon Longitudinal Study of Parents and Children (MRC & WT 217065/Z/19/Z), is supported by the University of Bristol NIHR Biomedical Research Centre (BRC-1215–2001) and the MRC Integrative Epidemiology Unit (MC_UU_00011), and works within the CRUK Integrative Cancer Epidemiology Programme (C18281/A19169). Ruth E Mitchell is a member of the MRC Integrative Epidemiology Unit at the University of Bristol funded by the MRC (MC_UU_00011/1). Simon Haworth is supported by the UK National Institute for Health Research Academic Clinical Fellowship. Paul S. de Vries was supported by American Heart Association grant number 18CDA34110116. Julia Ramierz acknowledges support by the People Programme of the European Union’s Seventh Framework Programme grant n° 608765 and Marie Sklodowska-Curie grant n° 786833. Maria Sabater-Lleal is supported by a Miguel Servet contract from the ISCIII Spanish Health Institute (CP17/00142) and co-financed by the European Social Fund. Jian Yang is funded by the Westlake Education Foundation. Olga Giannakopoulou has received funding from the British Heart Foundation (BHF) (FS/14/66/3129). CHARGE Consortium cohorts were supported by R01HL105756. Study-specific acknowledgements are available in the Additional file : Supplementary Note. The views expressed in this manuscript are those of the authors and do not necessarily represent the views of the National Heart, Lung, and Blood Institute; the National Institutes of Health; or the U.S. Department of Health and Human Services. Publisher Copyright: © 2022, The Author(s).Background: Genetic variants within nearly 1000 loci are known to contribute to modulation of blood lipid levels. However, the biological pathways underlying these associations are frequently unknown, limiting understanding of these findings and hindering downstream translational efforts such as drug target discovery. Results: To expand our understanding of the underlying biological pathways and mechanisms controlling blood lipid levels, we leverage a large multi-ancestry meta-analysis (N = 1,654,960) of blood lipids to prioritize putative causal genes for 2286 lipid associations using six gene prediction approaches. Using phenome-wide association (PheWAS) scans, we identify relationships of genetically predicted lipid levels to other diseases and conditions. We confirm known pleiotropic associations with cardiovascular phenotypes and determine novel associations, notably with cholelithiasis risk. We perform sex-stratified GWAS meta-analysis of lipid levels and show that 3–5% of autosomal lipid-associated loci demonstrate sex-biased effects. Finally, we report 21 novel lipid loci identified on the X chromosome. Many of the sex-biased autosomal and X chromosome lipid loci show pleiotropic associations with sex hormones, emphasizing the role of hormone regulation in lipid metabolism. Conclusions: Taken together, our findings provide insights into the biological mechanisms through which associated variants lead to altered lipid levels and potentially cardiovascular disease risk.Peer reviewe

Analysis on IPO Underpricing of Homebound Cross-listed Chinese A-shares Compared to Domestic A-shares (2006-2014)

This paper provides analysis on the IPO underpricing of homebound cross-listed IPOs compared to domestic IPOs in China. By investigating the market adjusted initial return of a total sample of 1205 observations, which includes 1165 A-shares and 40 homebound A-H shares during 2006-2014, we find that the phenomenon of IPO underpricing is still prevailing for homebound cross-listed IPOs. This paper conducts the cross-sectional analysis and the sensitivity analysis by running multiple regressions and finds that cross-listing tends to have a weak negative effect on IPO underpricing in China during 2006-2014, meaning that the homebound cross-listed IPOs and domestic IPOs are mostly indifferent in the level of IPO underpricing. Additionally, we find that cross-listed IPOs benefit in gaining lower level of ex-ante uncertainty and they do not require deliberate underpricing to attract more investors, which are the main reasons explaining the weak influence of cross-listing on IPO underpricing of Chinese new stocks during 2006-2014. Furthermore, this paper also provides evidences supporting the application of signaling theory, winners’ curse theory, informational cascades theory, the change of pricing mechanism hypothesis and secondary market effect hypothesis in China during this time period

Quantify the role of superspreaders -opinion leaders- on COVID-19 information propagation in the Chinese Sina-microblog.

BackgroudEffective communication of accurate information through social media constitutes an important component of public health interventions in modern time, when traditional public health approaches such as contact tracing, quarantine and isolation are among the few options for the containing the disease spread in the population. The success of control of COVID-19 outbreak started from Wuhan, the capital city of Hubei Province of China relies heavily on the resilience of residents to follow public health interventions which induce substantial interruption of social-economic activities, and evidence shows that opinion leaders have been playing significant roles in the propagation of epidemic information and public health policy and implementations.MethodsWe design a mathematical model to quantify the roles of information superspreaders in single specific information which outbreaks rapidly and usually has a short duration period, and to examine the information propagation dynamics in the Chinese Sina-microblog. Our opinion-leader susceptible-forwarding-immune (OL-SFI) model is formulated to track the temporal evolution of forwarding quantities generated by opinion leaders and normal users.ResultsData fitting from the real data of COVID-19 obtained from Chinese Sina-microblog can identify the different contact rates and forwarding probabilities (and hence calculate the basic information forwarding reproduction number of superspreaders), and can be used to evaluate the roles of opinion leaders in different stages of the information propagation and the outbreak unfolding.ConclusionsThe parameterized model can be used to nearcast the information propagation trend, and the model-based sensitivity analysis can help to explore important factors for the roles of opinion leaders

The composite electrolyte with an insulation Sm2O3 and semiconductor NiO for advanced fuel cells

Novel Sm2O3−NiO composite was prepared as the functional electrolyte for the first time. The total electrical conductivity of Sm2O3−NiO is 0.38 S cm−1 in H2/air condition at 550 °C. High performance, e.g. 718 mW cm−2, was achieved using Sm2O3−NiO composite as an electrolyte of solid oxide fuel cells operated at 550 °C. The electrical properties and electrochemical performance are strongly depended on Sm2O3 and NiO constituent phase of the compositions. Notably, surprisingly high ionic conductivity and fuel cell performance are achieved using the composite system constituting with insulating Sm2O3 and intrinsic p-type conductive NiO with a low conductivity of 4 × 10−3 S cm−1. The interfacial ionic conduction between two phases is a dominating factor giving rise to significantly enhanced proton conduction. Fuel cell performance and further ionic conduction mechanisms are under investigation

Data_Sheet_1_Dynamic functional connectivity analysis with temporal convolutional network for attention deficit/hyperactivity disorder identification.PDF

IntroductionDynamic functional connectivity (dFC), which can capture the abnormality of brain activity over time in resting-state functional magnetic resonance imaging (rs-fMRI) data, has a natural advantage in revealing the abnormal mechanism of brain activity in patients with Attention Deficit/Hyperactivity Disorder (ADHD). Several deep learning methods have been proposed to learn dynamic changes from rs-fMRI for FC analysis, and achieved superior performance than those using static FC. However, most existing methods only consider dependencies of two adjacent timestamps, which is limited when the change is related to the course of many timestamps.MethodsIn this paper, we propose a novel Temporal Dependence neural Network (TDNet) for FC representation learning and temporal-dependence relationship tracking from rs-fMRI time series for automated ADHD identification. Specifically, we first partition rs-fMRI time series into a sequence of consecutive and non-overlapping segments. For each segment, we design an FC generation module to learn more discriminative representations to construct dynamic FCs. Then, we employ the Temporal Convolutional Network (TCN) to efficiently capture long-range temporal patterns with dilated convolutions, followed by three fully connected layers for disease prediction.ResultsAs the results, we found that considering the dynamic characteristics of rs-fMRI time series data is beneficial to obtain better diagnostic performance. In addition, dynamic FC networks generated in a data-driven manner are more informative than those constructed by Pearson correlation coefficients.DiscussionWe validate the effectiveness of the proposed approach through extensive experiments on the public ADHD-200 database, and the results demonstrate the superiority of the proposed model over state-of-the-art methods in ADHD identification.</p