An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

The value of a company’s cash holdings is currently a hot issue in corporate finance research. Current studies have not reached a unified conclusion. Moreover, no one has ever studied that from the perspective of information asymmetry. However, there still exist disputes about the measurement of the degree of information asymmetry. Previous studies mostly adopt single index to analysis this issue, and the economic meaning it represents only reflects some information of asymmetric information, so it was one-sided and the conclusion also differ. Drawing on the market microstructure and the index of information asymmetry of managers and investors, this paper constructs a new proxy for information asymmetry based on the principal component analysis. We find that a company’s value of cash holdings decreases increasingly with its level of information asymmetry, and the relationship between information asymmetry and the value of cash holdings is nonlinear

Studying Term Structure of SHIBOR with the Two-Factor Vasicek Model

With the development of the Chinese interest rate market, SHIBOR is playing an increasingly important role. Based on principal component analysing SHIBOR, a two-factor Vasicek model is established to portray the change in SHIBOR with different terms. And parameters are estimated by using the Kalman filter. The model is also used to fit and forecast SHIBOR with different terms. The results show that two-factor Vasicek model fits SHIBOR well, especially for SHIBOR in terms of three months or more

Individual investment decision behaviors based on demographic characteristics: Case from China.

Predicting and analyzing behaviors of investors is of great value to financial institutions. This paper uses survey data from about 9,000 individual investors across China to explore the predictability of decision behaviors by studying demographic characteristics that are relatively easy to obtain. After applying Pearson's chi-squared test, Spearman rank correlation test, and several data mining methods, we verified that demographic characteristics are closely linked to decision behaviors, and it would be an economical and feasible solution for financial organizations to build initial behavioral prediction models especially when investors' behavioral data are insufficient

Using Individual GPS Trajectories to Explore Foodscape Exposure: A Case Study in Beijing Metropolitan Area

With the growing interest in studying the characteristics of people’s access to the food environment and its influence upon individual health, there has been a focus on assessing individual food exposure based on GPS trajectories. However, existing studies have largely focused on the overall activity space using short-period trajectories, which ignores the complexity of human movements and the heterogeneity of the spaces that are experienced by the individual over daily life schedules. In this study, we propose a novel framework to extract the exposure areas consisting of the localized activity spaces around daily life centers and non-motorized commuting routes from long-term GPS trajectories. The newly proposed framework is individual-specific and can incorporate the internal heterogeneity of individual activities (spatial extent, stay duration, and timing) in different places as well as the dynamics of the context. A pilot study of the GeoLife dataset suggests that there are significant variations in the magnitude as well as the composition of the food environment in different parts of the individual exposure area, and residential environment is not representative of the overall foodscape exposure

The privacy protection mechanism of Hyperledger Fabric and its application in supply chain finance

Abstract Blockchain technology ensures that data is tamper-proof, traceable, and trustworthy. This article introduces a well-known blockchain technology implementation—Hyperledger Fabric. The basic framework and privacy protection mechanisms of Hyperledger Fabric such as certificate authority, channel, Private Data Collection, etc. are described. As an example, a specific business scenario of supply chain finance is figured out. And accordingly, some design details about how to apply these privacy protection mechanisms are described

Geographical distribution of survey objects.

<p>Geographical distribution of survey objects.</p

Inhibition of MicroRNA-383 Ameliorates Injury After Focal Cerebral Ischemia via Targeting PPAR&#x03B3;

Background: Peroxisome proliferator-activated receptor gamma (PPAR&#x03B3;) plays a critical role in protecting against distinct brain damages, including ischemia. Our previous data have shown that the protein level of PPAR&#x03B3; is increased in the cortex after middle cerebral artery occlusion (MCAO); PPAR&#x03B3; up-regulation contributes to PPAR&#x03B3; activation and is effective in reducing ischemic damage to brain. However, the regulatory mechanism of PPAR&#x03B3; after focal cerebral ischemia in rats is still unclear. In this study, we evaluated the effect of microRNA on PPAR&#x03B3; in rats subjected to MCAO. Methods: Focal cerebral ischemia was established by surgical middle cerebral artery occlusion; the protein level of PPAR&#x03B3; was detected by Western blotting; the level of microRNA-383 (miR-383) was quantified by real-time PCR; the neurological outcomes were defined by infarct volume and neurological deficits. Luciferase assay was used to identify the luciferase activities of PPAR&#x03B3; and miR-383. Results: We showed here that miR-383 level was down-regulated in the ischemic hemisphere of rats 24h after MCAO. Overexpression of miR-383 by miR-383 agomir increased infarct volume and aggravated neurological damage. Administration of miR-383 antagomir had the opposite effects. Furthermore, we found that PPAR&#x03B3; protein was down-regulated by miR-383 overexpression, and up-regulated by miR-383 inhibition both in rat model of MCAO and in primary culture cells. Finally, we found that miR-383 suppressed the luciferase activity of the vector carrying the 3'UTR of PPAR&#x03B3;, whereas mutation of the binding sites relived the repressive effect of miR-383. Conclusion: Our study demonstrated that miR-383 may play a key role in focal cerebral ischemia by regulating PPAR&#x03B3; expression at the post-transcriptional level, and miR-383 may be a potential therapeutic target for stroke