An Empirical Analysis of Media Coverage and Corporate Debt Maturity Structure of Chinese Listed Companies

Media plays an important role in corporate debt financing decisions. However, no literature investigations the impact of media attention affect debt maturity structure. Based on the theories of asymmetric information and reputation, we use 5988 sample data of firms listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on debt maturity structure of listed companies. We explore the impact of media coverage on the debt maturity structure under different ownership nature. The results show that, favorable media coverage and debt maturity structure of listed companies are positive related. Favorable media coverage can increase the level of debt maturity structure of a listed company. Furthermore, unfavorable media coverage is negatively related to f debt maturity structure. Unfavorable media coverage can decrease the level of corporate debt maturity structure. Media coverage has a different impact on debt maturity structure with different nature of ownership. Specifically, with respect to state-owned enterprises, the impact of favorable media coverage on increasing debt maturity structure is more apparent on non-state-owned enterprises, and the impact of unfavorable media coverage on decreasing debt maturity structure is more apparent on state-owned enterprises. Keywords: Debt Maturity Structure, Media Coverage, Ownership Nature, Heckman Two-stage Mode

Media Coverage, Ownership Nature and Debt Financing Costs of Listed Companies

Based on the theories of reputation and asymmetric information, we use 5988 sample data of firms listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on debt financing costs of listed companies. We explore the impact of media coverage on the debt financing costs of the listed companies under different ownership nature. The results show that, media coverage has a significant impact on debt financing costs of listed companies, in which, positive media coverage reduces company’s debt financing costs while negative media coverage increases the company’s debt financing costs. Media coverage has a different impact on debt financing costs of listed firms with different nature of ownership. Specifically, with respect to state-owned enterprises, the impact of media coverage on easing debt financing costs is more apparent on non-state-owned enterprises. While with respect to non-state-owned enterprises, the impact of media coverage on increasing debt financing costs is more apparent on state-owned enterprises. Keywords: Media Coverage; Debt Financing Costs; Ownership Nature; Heckman Two-stage Model

Molecular simulation and spectroscopic studies on the interaction between perfluorohexadecanoic acid and human serum albumin

185-192In the present study, the interaction between Perfluorohexadecanoic acid (PFHxDA) and human serum albumin (HAS) was studied by fluorescence spectroscopy, molecular docking, dynamic simulation and circular dichroism (CD). The interaction character and the effect on human serum albumin conformation were measured by simulating the physiological condition (pH= 7.4). Experiments and simulation results revealed that PFHxDA molecules and HSA have regular fluorescence quenching, and the quenching mechanism is static quenching and non-radiative energy transfer. Thermodynamic analysis revealed the binding behavior was mainly governed by hydrophobic forces. Specific binding site experiments showed that the binding site of PFHxDA was a site I of HSA. The results from the CD spectrum demonstrated that PFHxDA changed the molecular conformation of HSA, which is consistent with the results obtained by molecular docking and dynamic simulation

Molecular simulation and spectroscopic studies on the interaction between perfluorohexadecanoic acid and human serum albumin

In the present study, the interaction between Perfluorohexadecanoic acid (PFHxDA) and human serum albumin (HAS) was studied by fluorescence spectroscopy, molecular docking, dynamic simulation and circular dichroism (CD). The interaction character and the effect on human serum albumin conformation were measured by simulating the physiological condition (pH= 7.4). Experiments and simulation results revealed that PFHxDA molecules and HSA have regular fluorescence quenching, and the quenching mechanism is static quenching and non-radiative energy transfer. Thermodynamic analysis revealed the binding behavior was mainly governed by hydrophobic forces. Specific binding site experiments showed that the binding site of PFHxDA was a site I of HSA. The results from the CD spectrum demonstrated that PFHxDA changed the molecular conformation of HSA, which is consistent with the results obtained by molecular docking and dynamic simulation

Strain driven onset of non-trivial topological insulating states in Zintl Sr2X_2X compounds (XX=Pb, Sn)

We explore the topological behavior of the binary Zintl phase of the alkaline earth metals based compounds Sr$_2$Pb and Sr$_2$Sn using both standard and hybrid density functional theory. It is found that Sr$_2$Pb lies on the verge of a topological instability which can be suitably tuned through the application of a small uniaxial expansion strain ($>$ 3%). The resulting non-trivial topologically insulating state display well-defined metallic states in the Sr$_{2}$Pb(010) surface, whose evolution is studied as a function of the film thickness.Comment: 5 pages, 4 figure

Population Diversity of Odontotermes formosanus (Shiraki) (Termitidae, Macrotermitinae) from Different Geographic Locations in Anhui Province, China

Genetic differentiation, genetic exchange, and influence of natural geographic barrier on the genetic structure of 20 geo-populations of Odontotermes formosanus sampled from different regions in Anhui province, China were detected using ISSR. Seventy-nine polymorphic loci were detected with nine ISSR primers, and the percentage of polymorphic bands was 87.78%. The average number of alleles per locus was 1.8778 ± 0.3294, and the effective number of alleles was 1.4741 ± 0.3438. The Nei′s gene diversity and Shannon information index were 0.2832 ± 0.1696 and 0.4307 ± 0.2274, respectively. All the populations were divided into two groups through UPGMA clustering analysis based on Nei’s genetic distance. One group comprised geo-populations A, C, and J, and the other group consisted of the remaining clusters. Mantel test results revealed no significant correlation between genetic similarity and geographical distance, as well as between elevation. High levels of genetic diversity, genetic mutation, and genetic differentiation were also detected among the geo-populations of O. formosanus. This study revealed the gene flow and possible migration paths of O. formosanus, which are necessary for continuous monitoring and prevention of this species