Price Discovery in the Stock and Corporate Bond Markets

This paper uses intraday U.S. bond transaction and stock quote data to investigate whether corporate bonds lead stocks in price discovery of underlying firm value. I use Hasbrouck\u27s (1995) “information share approach to determine the relative contribution of corporate bond to price discovery. Based on a sample of 214 firms, I find that corporate bond markets contribute 12.6% on average to price discovery from 2009 to 2011. Corporate bond market price discovery increases with the riskiness of the under-lying firm value, and is related to contemporaneous market conditions. The findings are consistent with the informed trading theory and Merton (1973) model

Managing Innovation: The Role of Collateral

This paper studies how credit constraints impact the management of corporate innovation. Specifically, my experiment exploits exogenous variations in the collateral value of real estate assets as shocks to firms’ credit constraints. Building on this experiment, I find evidence that higher collateral value increases the quantity, quality and novelty of innovation. I show that: (1) increase in collateral value leads to more patent filings, with each patent on average receiving more citations, citing patents from a wider range of industries, and more likely to be in industries different from the parent firm; (2) in response to collateral shocks, firms restructure their innovation strategies through different channels such as internal research and development (R&D), acquisitions of innovative targets, and corporation venture capital (CVC) investment – equity investment in startups by incumbent firms; (3) the effect of collateral shocks on innovation is more pronounced for firms that are ex-ante credit constrained, but mitigated if firms are located in Metropolitan Statistical Area (MSA) areas with high local real estate price volatility

The Role of Human Capital: Evidence From Patent Generation

Firms exhibit persistence in innovation output. This paper focuses on the role played by individual inventors. Compared to firm organizational capital, human capital embedded in inventors explains a majority of the variation in innovation performance but much less in innovation style. Inventors contribute more when they are better networked, in firms with higher inventor mobility, and in industries in which innovation is more difficult. Additional tests suggest that our main findings are unlikely driven by inventors’ endogenous moving. This paper highlights the importance of human capital in enhancing firm innovation and sheds new light on the theory of the firm

Unleashing Innovation

Using a sample of venture capital (VC)-backed initial public offering (IPO) firms, we study the effect of financial intermediaries’ tight leash on entrepreneurs’ innovation productivity. We find that financial intermediaries’ tight leash impedes innovation: IPO firms are significantly less innovative when VCs interfere with their development more frequently through staging—as measured by a larger number of VC financing rounds. To establish causality, we exploit plausibly exogenous variation in the frequency of direct flights between VC domiciles and IPO firm headquarters that are due to airline restructuring. Our identification tests suggest a negative, causal effect of VC staging on firm innovation. Furthermore, staging is more detrimental to innovation when innovation is more difficult to achieve and when VCs are less experienced with the industry in which their entrepreneurial firms operate. By documenting a previously underrecognized adverse consequence of VC stage financing, our evidence suggests that contract mechanisms are at play so that short-termist incentives can be cultivated even in a private equity market populated with long-term, sophisticated investors

Do Individuals or Firms Matter More? The Case of Patent Generation

This paper studies the relative importance of individual inventors’ human capital and firms’ organizational capital in promoting a firm’s innovation output. We decompose the variation in innovation output into inventor- and firm-specific components. Inventors’ human capital is about 13 times as important as firms’ organizational capital in explaining a firm’s innovation performance in terms of patent counts and citations, while inventors’ human capital is only about the same as important when explaining the firm’s innovation styles in terms of patent exploratory and exploitive scores. In the cross section, inventors contribute more to innovation output when they are better networked, in firms with higher inventor mobility, in industries in which innovation is more difficult to achieve, and in publicly traded firms. Additional tests suggest that our main findings continue to hold after accounting for inventors’ endogenous moving. This paper highlights the importance of individual inventors in enhancing firm innovation and sheds new light on the theory of the firm

CloudEval-YAML: A Practical Benchmark for Cloud Configuration Generation

Among the thriving ecosystem of cloud computing and the proliferation of Large Language Model (LLM)-based code generation tools, there is a lack of benchmarking for code generation in cloud-native applications. In response to this need, we present CloudEval-YAML, a practical benchmark for cloud configuration generation. CloudEval-YAML tackles the diversity challenge by focusing on YAML, the de facto standard of numerous cloud-native tools. We develop the CloudEval-YAML benchmark with practicality in mind: the dataset consists of hand-written problems with unit tests targeting practical scenarios. We further enhanced the dataset to meet practical needs by rephrasing questions in a concise, abbreviated, and bilingual manner. The dataset consists of 1011 problems that take more than 1200 human hours to complete. To improve practicality during evaluation, we build a scalable evaluation platform for CloudEval-YAML that achieves a 20 times speedup over a single machine. To the best of our knowledge, the CloudEval-YAML dataset is the first hand-written dataset targeting cloud-native applications. We present an in-depth evaluation of 12 LLMs, leading to a deeper understanding of the problems and LLMs, as well as effective methods to improve task performance and reduce cost

Circular RNA expression profiles in the porcine liver of two distinct phenotype pig breeds

Objective An experiment was conducted to identify and characterize the circular RNA expression and metabolic characteristics in the liver of Jinhua pigs and Landrace pigs. Methods Three Jinhua pigs and three Landrace pigs respectively at 70-day were slaughtered to collect the liver tissue samples. Immediately after slaughter, blood samples were taken to detect serum biochemical indicators. Total RNA extracted from liver tissue samples were used to prepare the library and then sequence on HiSeq 2500. Bioinformatic methods were employed to analyze sequence data to identify the circRNAs and predict the potential roles of differentially expressed circRNAs between the two breeds. Results Significant differences in physiological and biochemical traits were observed between growing Jinhua and Landrace pigs. We identified 84,864 circRNA candidates in two breeds and 366 circRNAs were detected as significantly differentially expressed. Their host genes are involved in lipid biosynthetic and metabolic processes according to the gene ontology analysis and associated with metabolic pathways. Conclusion Our research represents the first description of circRNA profiles in the porcine liver from two divergent phenotype pigs. The predicted miRNA-circRNA interaction provides important basis for miRNA-circRNA relationships in the porcine liver. These data expand the repertories of porcine circRNA and are conducive to understanding the possible molecular mechanisms involved in miRNA and circRNA. Our study provides basic data for further research of the biological functions of circRNAs in the porcine liver

End-of-treatment anti-HBs levels and HBeAg status identify durability of HBsAg loss after PEG-IFN discontinuation

BackgroundHepatitis B surface antigen (HBsAg) loss, namely, the functional cure, can be achieved through the pegylated interferon (PEG-IFN)-based therapy. However, it is an unignorable fact that a small proportion of patients who achieved functional cure develop HBsAg reversion (HRV) and the related factors are not well described.MethodsA total of 112 patients who achieved PEG-IFN-induced HBsAg loss were recruited. HBV biomarkers and biochemical parameters were examined dynamically. HBV RNA levels were assessed in the cross-sectional analysis. The primary endpoint was HRV, defined as the reappearance of HBsAg after PEG-IFN discontinuation.ResultsHRV occurred in 17 patients during the follow-up period. Univariable analysis indicated that hepatitis B e antigen (HBeAg) status, different levels of hepatitis B surface antibody (anti-HBs), and hepatitis B core antibody (anti-HBc) at the end of PEG-IFN treatment (EOT) were significantly associated with the incidence of HRV through using the log-rank test. Additionally, time-dependent receiver operating characteristic (ROC) analysis showed that the anti-HBs was superior to anti-HBc in predictive power for the incidence of HRV during the follow-up period. Multivariable Cox proportional hazard analysis found that anti-HBs ≥1.3 log10IU/L (hazard ratio (HR), 0.148; 95% confidence interval (CI), 0.044-0.502) and HBeAg negativity (HR, 0.183; 95% CI, 0.052-0.639) at EOT were independently associated with lower incidence of HRV. Cross-sectional analysis indicated that the HBV RNA levels were significantly correlated with the HBsAg levels in patients with HRV (r=0.86, p=0.003).ConclusionsEOT HBeAg negativity and anti-HBs ≥1.3 log10IU/L identify the low risk of HRV after PEG-IFN discontinuation

Genome-wide selection footprints and deleterious variations in young Asian allotetraploid rapeseed

Brassica napus (AACC, 2n=38) is an important oilseed crop grown worldwide. However, little is known about the population evolution of this species, the genomic difference between its major genetic groups, such as European and Asian rapeseed, and the impacts of historical large-scale introgression events on this young tetraploid. In this study, we reported the de novo assembly of the genome sequences of an Asian rapeseed (B. napus), Ningyou 7 and its four progenitors and compared these genomes with other available genomic data from diverse European and Asian cultivars. Our results showed that Asian rapeseed originally derived from European rapeseed but subsequently significantly diverged, with rapid genome differentiation after hybridization and intensive local selective breeding. The first historical introgression of B. rapa dramatically broadened the allelic pool but decreased the deleterious variations of Asian rapeseed. The second historical introgression of the double-low traits of European rapeseed (canola) has reshaped Asian rapeseed into two groups (double-low and double-high), accompanied by an increase in genetic load in the double-low group. This study demonstrates distinctive genomic footprints and deleterious SNP (Single Nucleotide Polymorphism) variants for local adaptation by recent intra- and interspecies introgression events and provides novel insights for understanding the rapid genome evolution of a young allopolyploid cro