Testing Operating Performance of Chinese Listed Firms before and after Cross-border M&As: The Role of Entrepreneurial Orientation

t a time when China encourages its firms to go overseas, especially to countries and regions involved in its “Belt and Road Initiative”, and sets up a favorable domestic environment for innovation and entrepreneurship, this paper is a first trial looking along both the two dimensions to test whether Chinese firms' operating performance changes after cross-border merger and acquisition (CBM&A) activities, using entrepreneurial orientation (EO) as a moderating factor. The paper combines data from Chinese listed firms’ annual reports, Chinese stock market financial statements database and the Zephyr database from 2001 to 2015 to examine how acquirers’ operating performance changes after CBM&A activities using EO as a moderating factor. In order to test whether the results are affected by the stock market, this paper also defines abnormal return on equity (ROE) to detect abnormal operating performance. After these, the paper divides the sample into separate industry groups to see whether results will change. The results obtained for the whole sample show that the performance of Chinese listed firms is fluctuant after CBM&As within the sample years. It increases one year after the acquisition but drops two years later and then follows an increasing trend again. The moderating factor of EO is not significant for the sample as a whole. However, after dividing the sample into separate industry groups, it becomes clear that different industries have their own characteristics. EO helps Chinese listed firms to adjust to the post-acquisition situation and even to improve their performance to some extent in the metal mining industry and the business services industry. When ROE is substituted with abnormal ROE, the results do not change much

Chronic vagus nerve stimulation in patients with heart failure: challenge or failed translation?

Autonomic imbalance between the sympathetic and parasympathetic nervous systems contributes to the progression of chronic heart failure (HF). Preclinical studies have demonstrated that various neuromodulation strategies may exert beneficial cardioprotective effects in preclinical models of HF. Based on these encouraging experimental data, vagus nerve stimulation (VNS) has been assessed in patients with HF with a reduced ejection fraction. Nevertheless, the main trials conducted thus far have yielded conflicting findings, questioning the clinical efficacy of VNS in this context. This review will therefore focus on the role of the autonomic nervous system in HF pathophysiology and VNS therapy, highlighting the potential reasons behind the discrepancy between preclinical and clinical studies

Altered brain spontaneous activity in patients with cerebral small vessel disease using the amplitude of low-frequency fluctuation of different frequency bands

BackgroundPrevious studies showed that cerebral small vessel disease (cSVD) is a leading cause of cognitive decline in elderly people and the development of Alzheimer’s disease. Although brain structural changes of cSVD have been documented well, it remains unclear about the properties of brain intrinsic spontaneous activity in patients with cSVD.MethodsWe collected resting-state fMRI (rs-fMRI) and T1-weighted 3D high-resolution brain structural images from 41 cSVD patients and 32 healthy controls (HC). By estimating the amplitude of low-frequency fluctuation (ALFF) under three different frequency bands (typical band: 0.01–0.1 Hz; slow-4: 0.027–0.073 Hz; and slow-5: 0.01–0.027 Hz) in the whole-brain, we analyzed band-specific ALFF differences between the cSVD patients and controls.ResultsThe cSVD patients showed uniformly lower ALFF than the healthy controls in the typical and slow-4 bands (pFWE < 0.05). In the typical band, cSVD patients showed lower ALFF involving voxels of the fusiform, hippocampus, inferior occipital cortex, middle occipital cortex, insula, inferior frontal cortex, rolandic operculum, and cerebellum compared with the controls. In the slow-4 band, cSVD patients showed lower ALFF involving voxels of the cerebellum, hippocampus, occipital, and fusiform compared with the controls. However, there is no significant between-group difference of ALFF in the slow-5 band. Moreover, we found significant “group × frequency” interactions in the left precuneus.ConclusionOur results suggested that brain intrinsic spontaneous activity of cSVD patients was abnormal and showed a frequency-specific characteristic. The ALFF in the slow-4 band may be more sensitive to detecting a malfunction in cSVD patients

Gene structure and transcription of IRF-2 in the mandarin fish Siniperca chuatsi with the finding of alternative transcripts and microsatellite in the coding region

The gene of interferon regulatory factor-2 (IRF-2) has been cloned from the mandarin fish (Siniperca chuatsi). The IRF-2 gene has 6,418 nucleotides (nt) and contains eight exons and seven introns, encoding two mRNAs. The two IRF-2 mRNAs each contained an open reading frame of 873 nt, which both translate into the same 291 amino acids but differed in their 5' untranslated region: one mRNA was transcribed initially from the exon 1 bypassing exon 2, while the other was transcribed from the exon 2. The microsatellites (CA repeats) could be found in the carboxyl terminal region of mandarin fish IRF-2, which result in the truncated form molecules. The microsatellites' polymorphism was investigated, and eight alleles were found in 16 individuals. The microsatellites were also examined in IRF-2 of several freshwater perciform fishes. The transcription of the IRF-2 in different tissues with or without poly inosine-cytidine stimulation was analyzed by real-time PCR, and the constitutive transcription of both molecules could be detected in all the tissues examined.The gene of interferon regulatory factor-2 (IRF-2) has been cloned from the mandarin fish (Siniperca chuatsi). The IRF-2 gene has 6,418 nucleotides (nt) and contains eight exons and seven introns, encoding two mRNAs. The two IRF-2 mRNAs each contained an open reading frame of 873 nt, which both translate into the same 291 amino acids but differed in their 5' untranslated region: one mRNA was transcribed initially from the exon 1 bypassing exon 2, while the other was transcribed from the exon 2. The microsatellites (CA repeats) could be found in the carboxyl terminal region of mandarin fish IRF-2, which result in the truncated form molecules. The microsatellites' polymorphism was investigated, and eight alleles were found in 16 individuals. The microsatellites were also examined in IRF-2 of several freshwater perciform fishes. The transcription of the IRF-2 in different tissues with or without poly inosine-cytidine stimulation was analyzed by real-time PCR, and the constitutive transcription of both molecules could be detected in all the tissues examined

Between Big City and Authentic Village: Branding the Small Chinese City

While recent academic research has already produced an impressive corpus on big cities such as Shanghai and Beijing, the small Chinese city has been mostly ignored. In this article, I suggest that consideration of the small city can bring a new perspective on the wider urban fabric of which it is an element. Although small city governments have embraced urban entrepreneurialism with the same enthusiasm as China’s big cities, different configurations of space, branding and the everyday have nevertheless resulted. My case study of Kaili in Guizhou province indicates that the small city exists in a complex relationship with the big city and the village; it is pulled towards large-scale urbanization while simultaneously attempting to construct a unique city image based upon the evocation of rural cultural practices. The perspective from the small city thus suggests the need to consider the rural-urban divide – long a dominant geographical imagination of China – alongside other geographies, including a triad of the small city, the village and the big city

Genetic Variation of HvCBF Genes and Their Association with Salinity Tolerance in Tibetan Annual Wild Barley

The evaluation of both the genetic variation and the identification of salinity tolerant accessions of Tibetan annual wild barley (hereafter referred to as Tibetan barley) (Hordeum vulgare L. ssp. Spontaneum and H. vulgare L. ssp. agriocrithum) are essential for discovering and exploiting novel alleles involved in salinity tolerance. In this study, we examined tissue dry biomass and the Na+ and K+ contents of 188 Tibetan barley accessions in response to salt stress. We investigated the genetic variation of transcription factors HvCBF1, HvCBF3 and HvCBF4 within these accessions, conducting association analysis between these three genes and the respective genotypic salt tolerance. Salt stress significantly reduced shoot and root dry weight by 27.6% to 73.1% in the Tibetan barley lines. HvCBF1, HvCBF3 and HvCBF4 showed diverse sequence variation in amplicon as evident by the identification of single nucleotide polymorphisms (SNPs) and 3, 8 and 13 haplotypes, respectively. Furthermore, the decay of Linkage disequilibrium (LD) of chromosome 5 was 8.9 cM (r2<0.1). Marker bpb-4891 and haplotype 13 (Ps 610) of the HvCBF4 gene were significantly (P<0.05) and highly significantly (P<0.001) associated with salt tolerance. However, HvCBF1 and HvCBF3 genes were not associated with salinity tolerance. The accessions from haplotype 13 of the HvCBF4 gene showed high salinity tolerance, maintaining significantly lower Na+/K+ ratios and higher dry weight. It is thus proposed that these Tibetan barley accessions could be of value for enhancing salinity tolerance in cultivated barley

A Data-Driven Network Analysis Approach to Predicting Customer Choice Sets for Choice Modeling in Engineering Design

In this paper, we propose a data-driven network analysis based approach to predict individual choice sets for customer choice modeling in engineering design. We apply data analytics to mine existing data of customer choice sets, which is then used to predict choice sets for individual customers in a new choice modeling scenario where choice set information is lacking. Product association network is constructed to identify product communities based on existing data of customer choice sets, where links between products reflect the proximity or similarity of two products in customers&apos; perceptual space. To account for customer heterogeneity, customers are classified into clusters (segments) based on their profile attributes and for each cluster the product consideration frequency is computed. For predicting choice sets in a new choice modeling scenario, a probabilistic sampling approach is proposed to integrate product associations, customer segments, and the link strengths in the product association network. In case studies, we first implement the approach using an example with simulated choice set data. The quality of predicted choice sets is examined by assessing the estimation bias of the developed choice model. We then demonstrate the proposed approach using actual survey data of vehicle choice, illustrating the benefits of improving a choice model through choice set prediction and the potential of using such choice models to support engineering design decisions. This research also highlights the benefits and potentials of using network techniques for understanding customer preferences in product design