An Empirical Assessment of A-Share IPO Under-Pricing in China

This paper investigates the under-pricing and long-run performance of 230 A-share IPOs issued in the Chinese markets using comparable firm multiples. We find that A-share IPOs are severely under-valued by issuers and underwriters at the offer, but over-valued by investors on the listing day. Both contribute to the severe under-pricing of IPOs in China. Our findings are robust across stock exchanges, classification of firms, criteria for choosing matching firms; absence of CSRC regulation and B-share market prices, respectively. The results also show that those over-valued IPOs by investors on the listing day under-perform those under-valued IPOs in the long-run

A Lactate-Induced Response to Hypoxia

SUMMARY Organisms must be able to respond to low oxygen in a number of homeostatic and pathological contexts. Regulation of hypoxic responses via the hypoxiainducible factor (HIF) is well established, but evidence indicates that other, HIF-independent mechanisms are also involved. Here, we report a hypoxic response that depends on the accumulation of lactate, a metabolite whose production increases in hypoxic conditions. We find that the NDRG3 protein is degraded in a PHD2/VHL-dependent manner in normoxia but is protected from destruction by binding to lactate that accumulates under hypoxia. The stabilized NDRG3 protein binds c-Raf to mediate hypoxia-induced activation of Raf-ERK pathway, promoting angiogenesis and cell growth. Inhibiting cellular lactate production abolishes the NDRG3-mediated hypoxia responses. Our study, therefore, elucidates the molecular basis for lactate-induced hypoxia signaling, which can be exploited for the development of therapies targeting hypoxia-induced diseases

Explicitly determined sea ice emissivity and emission temperature over the Arctic for surface‐sensitive microwave channels

Data assimilation of satellite microwave measurements is one of the importantkeys to improving weather forecasting over the Arctic region. However, the useofsurface-sensitivemicrowave-soundingchannelmeasurementsfordataassim-ilation or retrieval has been limited, especially during winter, due to the poorlyconstrained sea ice emissivity. In this study, aiming at more use of those channelmeasurements in the data assimilation, we propose an explicit method for speci-fying the surface radiative boundary conditions (namely emissivity and emittinglayer temperature of snow and ice). These were explicitly determined with aradiativetransfermodelforsnowandiceandwithsnow/icephysicalparameters(i.e. snow/ice depths and vertical distributions of temperature, density, salinity,and grain size) simulated from the thermodynamically driven snow/ice growthmodel. We conducted 1D-Var experiments in order to examine whether thisapproach can help to use the surface-sensitive microwave temperature channelmeasurements over the Arctic sea ice region for data assimilation. Results showthat (1) the surface-sensitive microwave channels can be used in the 1D-Varretrieval, and (2) the specification of the radiative boundary condition at thesurface using the snow/sea ice emission model can significantly improve theatmospheric temperature retrieval, especially in the lower troposphere (500hPato surface). The successful retrieval suggests that useful information can beextracted from surface-sensitive microwave-sounding channel radiances oversea ice surfaces through the explicit determination of snow/ice emissivity andemitting layer temperature

A Case of Sparganosis That Presented as a Recurrent Pericardial Effusion

Sparganosis is caused by a larval tapeworm of the genus Spirometra, which commonly invades subcutaneous tissue, but less frequently invades muscle, intestines, spinal cord, and the peritoneopleural cavity. The authors managed a female patient who presented with a recurrent pericardiopleural effusion and peripheral eosinophilia. The anti-sparganum-specific IgG serum level was significantly higher than normal control levels. In this patient, sparganosis was caused by the ingestion of raw frogs in an effort to control her thyroid disease. The recurrent pericardiopleural effusion and peripheral eosinophilia were controlled by 3 consecutive doses of praziquantel (75 mg/kg/day). The patient is doing well 4 years after presentation. Sparganosis should be considered a rare, but possible cause of recurrent pericardial effusion and peripheral eosinophilia. Immunoserologic testing using enzyme linked immunosorbent assays can be helpful in diagnosing human sparganosis, especially in cases without a subcutaneous lump or mass. Praziquantel is an alternative treatment for sparganosis in surgically-unresectable cases

Reversibly controlled ternary polar states and ferroelectric bias promoted by boosting square???tensile???strain

Interaction between dipoles often emerges intriguing physical phenomena, such as exchange bias in the magnetic heterostructures and magnetoelectric effect in multiferroics, which lead to advances in multifunctional heterostructures. However, the defect-dipole tends to be considered the undesired to deteriorate the electronic functionality. Here, we report deterministic switching between the ferroelectric and the pinched states by exploiting a new substrate of cubic perovskite, BaZrO3, which boosts square-tensile-strain to BaTiO3 and promotes four-variants in-plane spontaneous polarization with oxygen vacancy creation. First-principles calculations propose a complex of an oxygen vacancy and two Ti3+ ions coins a charge-neutral defect-dipole. Cooperative control of the defect-dipole and the spontaneous polarization reveals ternary in-plane polar states characterized by biased/pinched hysteresis loops. Furthermore, we experimentally demonstrate that three electrically controlled polar-ordering states lead to switchable and non-volatile dielectric states for application of non-destructive electro-dielectric memory. This discovery opens a new route to develop functional materials via manipulating defect-dipoles and offers a novel platform to advance heteroepitaxy beyond the prevalent perovskite substrates