Do ESOPs enhance firm performance? Evidence from China's reform experiment

China introduced employee stock ownership plans (ESOPs) in 1992 purely as an employee incentive scheme. The government initiated the policy experiment on ESOPs as part of China's reform of its state-owned enterprises, and it was abruptly terminated 2. years after initiation. This policy experiment resulted in an exogenous sample of ESOPs that allows us to provide the first evidence from Chinese firms on the performance-ESOP relation. After examining a variety of performance measures, including ROA, ROE, Tobin's q, and productivity, we find little difference in performance between ESOP firms and non-ESOP firms. © 2010 Elsevier B.V.postprin

Cosmological Effects of Nonlinear Electrodynamics

It will be shown that a given realization of nonlinear electrodynamics, used as source of Einstein's equations, generates a cosmological model with interesting features, namely a phase of current cosmic acceleration, and the absence of an initial singularity, thus pointing to a way to solve two important problems in cosmology

A data driven deep neural network model for predicting boiling heat transfer in helical coils under high gravity

In this article, a deep artificial neural network (ANN) model has been proposed to predict the boiling heat transfer in helical coils under high gravity conditions, which is compared with experimental data. A test rig is set up to provide high gravity up to 11 g with a heat flux up to 15100 W/m 2 and the mass velocity range from 40 to 2000 kg m −2 s −1. In the current work, a total 531 data samples have been used in the ANN model. The proposed model was developed in a Python Keras environment with Feed-forward Back-propagation (FFBP) Multi-layer Perceptron (MLP) using eight features (mass flow rate, thermal power, inlet temperature, inlet pressure, direction, acceleration, tube inner surface area, helical coil diameter) as the inputs and two features (wall temperature, heat transfer coefficient) as the outputs. The deep ANN model composed of three hidden layers with a total number of 1098 neurons and 300,266 trainable parameters has been found as optimal according to statistical error analysis. Performance evaluation is conducted based on six verification statistic metrics (R 2, MSE, MAE, MAPE, RMSE and cosine proximity) between the experimental data and predicted values. The results demonstrate that a 8-512-512-64-2 neural network has the best performance in predicting the helical coil characteristics with (R 2=0.853, MSE=0.018, MAE=0.074, MAPE=1.110, RMSE=0.136, cosine proximity=1.000) in the testing stage. It is indicated that with the utilisation of deep learning, the proposed model is able to successfully predict the heat transfer performance in helical coils, and especially achieved excellent performance in predicting outputs that have a very large range of value differences

Non-degenerate colorings in the Brook's Theorem

Let $c\geq 2$ and $p\geq c$ be two integers. We will call a proper coloring of the graph $G$ a \textit{$(c,p)$-nondegenerate}, if for any vertex of $G$ with degree at least $p$ there are at least $c$ vertices of different colors adjacent to it. In our work we prove the following result, which generalizes Brook's Theorem. Let $D\geq 3$ and $G$ be a graph without cliques on $D+1$ vertices and the degree of any vertex in this graph is not greater than $D$. Then for every integer $c\geq 2$ there is a proper $(c,p)$-nondegenerate vertex $D$-coloring of $G$, where $p=(c^3+8c^2+19c+6)(c+1).$ During the primary proof, some interesting corollaries are derived.Comment: 18 pages, 10 figure

Matter loops corrected modified gravity in Palatini formulation

Recently, corrections to the standard Einstein-Hilbert action are proposed to explain the current cosmic acceleration in stead of introducing dark energy. In the Palatini formulation of those modified gravity models, there is an important observation due to Arkani-Hamed: matter loops will give rise to a correction to the modified gravity action proportional to the Ricci scalar of the metric. In the presence of such term, we show that the current forms of modified gravity models in Palatini formulation, specifically, the 1/R gravity and $\ln R$ gravity, will have phantoms. Then we study the possible instabilities due to the presence of phantom fields. We show that the strong instability in the metric formulation of 1/R gravity indicated by Dolgov and Kawasaki will not appear and the decay timescales for the phantom fields may be long enough for the theories to make sense as effective field theory . On the other hand, if we change the sign of the modification terms to eliminate the phantoms, some other inconsistencies will arise for the various versions of the modified gravity models. Finally, we comment on the universal property of the Palatini formulation of the matter loops corrected modified gravity models and its implications.Comment: 11 pages, 1 figures, References adde

Primordial Black Hole Formation from Inflaton

Measurements of the distances to SNe Ia have produced strong evidence that the Universe is really accelarating, implying the existence of a nearly uniform component of dark energy with the simplest explanation as a cosmological constant. In this paper a small changing cosmological term is proposed, which is a function of a slow-rolling scalar field, by which the de Sitter primordial black holes' properties, for both charged and uncharged cases, are carefully examined and the relationship between the black hole formation and the energy transfer of the inflaton within this cosmological term is eluciatedComment: 6 pages, Late

Comprehensive Characterization of the Transmitted/Founder env Genes From a Single MSM Cohort in China

Background: The men having sex with men (MSM) population has become one of the major risk groups for HIV-1 infection in China. However, the epidemiological patterns, function of the env genes, and autologous and heterologous neutralization activity in the same MSM population have not been systematically characterized. Methods: The env gene sequences were obtained by the single genome amplification. The time to the most recent common ancestor was estimated for each genotype using the Bayesian Markov Chain Monte Carlo approach. Coreceptor usage was determined in NP-2 cells. Neutralization was analyzed using Env pseudoviruses in TZM-bl cells. Results: We have obtained 547 full-length env gene sequences by single genome amplification from 30 acute/early HIV-1–infected individuals in the Beijing MSM cohort. Three genotypes (subtype B, CRF01_AE, and CRF07_BC) were identified and 20% of the individuals were infected with multiple transmitted/founder (T/F) viruses. The tight clusters of the MSM sequences regardless of geographic origins indicated nearly exclusive transmission within the MSM population and limited number of introductions. The time to the most recent common ancestor for each genotype was 10–15 years after each was first introduced in China. Disparate preferences for coreceptor usages among 3 genotypes might lead to the changes in percentage of different genotypes in the MSM population over time. The genotype-matched and genotype-mismatched neutralization activity varied among the 3 genotypes. Conclusions: The identification of unique characteristics for transmission, coreceptor usage, neutralization profile, and epidemic patterns of HIV-1 is critical for the better understanding of transmission mechanisms, development of preventive strategies, and evaluation of vaccine efficacy in the MSM population in China

Spatially distributed water-balance and meteorological data from the Wolverton catchment, Sequoia National Park, California

Accurate water-balance measurements in the seasonal, snow-dominated Sierra Nevada are important for forest and downstream water management. However, few sites in the southern Sierra offer detailed records of the spatial and temporal patterns of snowpack and soil-water storage and the fluxes affecting them, i.e., precipitation as rain and snow, snowmelt, evapotranspiration, and runoff. To explore these stores and fluxes we instrumented the Wolverton basin (2180-2750 m) in Sequoia National Park with distributed, continuous sensors. This 2006-2016 record of snow depth, soil moisture and soil temperature, and meteorological data quantifies the hydrologic inputs and storage in a mostly undeveloped catchment. Clustered sensors record lateral differences with regards to aspect and canopy cover at approximately 2250 and 2625 m in elevation, where two meteorological stations are installed. Meteorological stations record air temperature, relative humidity, radiation, precipitation, wind speed and direction, and snow depth. Data are available at hourly intervals by water year (1 October-30 September) in non-proprietary formats from online data repositories (https://doi.org/10.6071/M3S94T)