The impact of superstition on corporate tax avoidance: How do CEOs trade off risks associated with tax avoidance?

PurposeWe examine how superstition shapes corporate tax avoidance and do so by taking a risk perspective and focusing on the zodiac-year belief prevalent in China. Design/methodology/approachWe adopt a difference-in-differences research design to compare the degree of corporate tax avoidance in the CEOs’ zodiac year with that in the adjacent years. We do propensity-score matching to form a sample of Chinese listed firms for the regression analysis.FindingsWe find causal evidence that firms exhibit a greater magnitude of tax avoidance in the CEOs’ zodiac years, a result attributable to relatively weak tax enforcement in the Chinese context. We also find that the zodiac-year effect on corporate tax avoidance is more pronounced for firms with tight financial constraints, firms with high business risk, firms headquartered in regions with a high degree of superstition, and non-state-owned firms. Originality/valueThis study is the first to show that superstition is a determinant factor of tax avoidance, and contributes to the tax literature by shedding light on the behavioral risk factors that shape corporate tax avoidance. We take the perspective of CEOs’ risk appetite to analyze how tax avoidance is influenced by the CEOs’ trade-off between the costs and benefits of avoiding taxes. Our results suggest that, when CEOs in the Chinese firms are more risk-averse, they attach more importance to financial risk than the risk of reputational losses and litigation associated with corporate tax avoidance. The findings imply that tax avoidance can be curbed via increasing (decreasing) the tax (financial) risk confronting the CEOs

Nonlinearity of Subtidal Estuarine Circulation in the Pearl River Estuary, China

The Pearl River Estuary (PRE) is a bell-shaped estuary with a narrow deep channel and wide shoals. This unique topographic feature leads to different dynamics of the subtidal estuarine circulation (SEC) in the PRE compared with a narrow and straight estuary. In this study, the nonlinear dynamics of the SEC in the PRE under mean circumstance are analyzed by using a validated 3D numerical model. Model results show that the nonlinear advections reach leading order in the along-channel momentum balance. Modulated by tide, the nonlinear advections show significant temporal variations as they have much larger values during spring tide than that during neap tide. Unlike straight and narrow estuaries, both tidally and cross-sectionally averaged axial and lateral advections play important roles in driving the SEC in the PRE in which the axial advection dominates the nonlinear effect, but the two nonlinear terms balance each other largely resulting in a reduced nonlinear effect. Despite this, the total nonlinear advection is still comparable with other terms, and it acts as the baroclinic pressure to reinforce the SEC, especially during the ebb tide, suggesting a flood–ebb asymmetry of the nonlinear dynamics in the PRE. In addition, diagnostic analyses of the along-channel vorticity budget show that nonlinear advections also make significant contribution to drive the lateral circulation in the PRE as Coriolis and baroclinic pressure terms, indicating complex dynamics of the circulation in the PRE

VibHead: An Authentication Scheme for Smart Headsets through Vibration

Recent years have witnessed the fast penetration of Virtual Reality (VR) and Augmented Reality (AR) systems into our daily life, the security and privacy issues of the VR/AR applications have been attracting considerable attention. Most VR/AR systems adopt head-mounted devices (i.e., smart headsets) to interact with users and the devices usually store the users' private data. Hence, authentication schemes are desired for the head-mounted devices. Traditional knowledge-based authentication schemes for general personal devices have been proved vulnerable to shoulder-surfing attacks, especially considering the headsets may block the sight of the users. Although the robustness of the knowledge-based authentication can be improved by designing complicated secret codes in virtual space, this approach induces a compromise of usability. Another choice is to leverage the users' biometrics; however, it either relies on highly advanced equipments which may not always be available in commercial headsets or introduce heavy cognitive load to users. In this paper, we propose a vibration-based authentication scheme, VibHead, for smart headsets. Since the propagation of vibration signals through human heads presents unique patterns for different individuals, VibHead employs a CNN-based model to classify registered legitimate users based the features extracted from the vibration signals. We also design a two-step authentication scheme where the above user classifiers are utilized to distinguish the legitimate user from illegitimate ones. We implement VibHead on a Microsoft HoloLens equipped with a linear motor and an IMU sensor which are commonly used in off-the-shelf personal smart devices. According to the results of our extensive experiments, with short vibration signals ($\leq 1s$), VibHead has an outstanding authentication accuracy; both FAR and FRR are around 5%

Blockchain for Transparent Data Management Toward 6G

The wealth of user data acts as a fuel for network intelligence toward the sixth generation wireless networks (6G). Due to data heterogeneity and dynamics, decentralized data management (DM) is desirable for achieving transparent data operations across network domains, and blockchain can be a promising solution. However, the increasing data volume and stringent data privacy-preservation requirements in 6G bring significantly technical challenge to balance transparency, efficiency, and privacy requirements in decentralized blockchain-based DM. In this paper, we investigate blockchain solutions to address the challenge. First, we explore the consensus protocols and scalability mechanisms in blockchains and discuss the roles of DM stakeholders in blockchain architectures. Second, we investigate the authentication and authorization requirements for DM stakeholders. Third, we categorize DM privacy requirements and study blockchain-based mechanisms for collaborative data processing. Subsequently, we present research issues and potential solutions for blockchain-based DM toward 6G from these three perspectives. Finally, we conclude this paper and discuss future research directions.Huawei Technologies Canada || Natural Sciences and Engineering Research Council of Canad

Characterization of Non-heading Mutation in Heading Chinese Cabbage (Brassica rapa L. ssp. pekinensis)

Heading is a key agronomic trait of Chinese cabbage. A non-heading mutant with flat growth of heading leaves (fg-1) was isolated from an EMS-induced mutant population of the heading Chinese cabbage inbred line A03. In fg-1 mutant plants, the heading leaves are flat similar to rosette leaves. The epidermal cells on the adaxial surface of these leaves are significantly smaller, while those on the abaxial surface are much larger than in A03 plants. The segregation of the heading phenotype in the F2 and BC1 population suggests that the mutant trait is controlled by a pair of recessive alleles. Phytohormone analysis at the early heading stage showed significant decreases in IAA, ABA, JA and SA, with increases in methyl IAA and trans-Zeatin levels, suggesting they may coordinate leaf adaxial-abaxial polarity, development and morphology in fg-1. RNA-sequencing analysis at the early heading stage showed a decrease in expression levels of several auxin transport (BrAUX1, BrLAXs, and BrPINs) and responsive genes. Transcript levels of important ABA responsive genes, including BrABF3, were up-regulated in mid-leaf sections suggesting that both auxin and ABA signaling pathways play important roles in regulating leaf heading. In addition, a significant reduction in BrIAMT1 transcripts in fg-1 might contribute to leaf epinastic growth. The expression profiles of 19 genes with known roles in leaf polarity were significantly different in fg-1 leaves compared to wild type, suggesting that these genes might also regulate leaf heading in Chinese cabbage. In conclusion, leaf heading in Chinese cabbage is controlled through a complex network of hormone signaling and abaxial-adaxial patterning pathways. These findings increase our understanding of the molecular basis of head formation in Chinese cabbage

Protein-metabolite association studies identify novel proteomic determinants of metabolite levels in human plasma

Although many novel gene-metabolite and gene-protein associations have been identified using high-throughput biochemical profiling, systematic studies that leverage human genetics to illuminate causal relationships between circulating proteins and metabolites are lacking. Here, we performed protein-metabolite association studies in 3,626 plasma samples from three human cohorts. We detected 171,800 significant protein-metabolite pairwise correlations between 1,265 proteins and 365 metabolites, including established relationships in metabolic and signaling pathways such as the protein thyroxine-binding globulin and the metabolite thyroxine, as well as thousands of new findings. In Mendelian randomization (MR) analyses, we identified putative causal protein-to-metabolite associations. We experimentally validated top MR associations in proof-of-concept plasma metabolomics studies in three murine knockout strains of key protein regulators. These analyses identified previously unrecognized associations between bioactive proteins and metabolites in human plasma. We provide publicly available data to be leveraged for studies in human metabolism and disease

Proteomic Profiling Platforms Head to Head: Leveraging Genetics and Clinical Traits to Compare Aptamer- And Antibody-Based Methods

High-throughput proteomic profiling using antibody or aptamer-based affinity reagents is used increasingly in human studies. However, direct analyses to address the relative strengths and weaknesses of these platforms are lacking. We assessed findings from the SomaScan1.3K (N = 1301 reagents), the SomaScan5K platform (N = 4979 reagents), and the Olink Explore (N = 1472 reagents) profiling techniques in 568 adults from the Jackson Heart Study and 219 participants in the HERITAGE Family Study across four performance domains: precision, accuracy, analytic breadth, and phenotypic associations leveraging detailed clinical phenotyping and genetic data. Across these studies, we show evidence supporting more reliable protein target specificity and a higher number of phenotypic associations for the Olink platform, while the Soma platforms benefit from greater measurement precision and analytic breadth across the proteome

Osteoporosis and associated risk factors in patients with severe hemophilia A: a case-control study from China

Summary Introduction People with hemophilia risk osteoporosis more than healthy people, which may be related to specific factors. Methods This case-control study included 53 patients with severe hemophilia type A and 49 healthy participants. Dual-energy X-ray absorptiometry (DXA) was used to determine bone mineral density (BMD). Collected information on age, body mass index (BMI), number of joint arthropathies, functional independence score in hemophilia (FISH), bone turnover markers, antibodies, treatment modalities. Identified independent risk factors for osteoporosis. Results The BMD of the femoral neck (0.80 g/cm2vs.0.97 g/cm2), ward’s triangle (0.62 g/cm2vs.0.83 g/cm2), tuberosity (0.63 g/cm2vs.0.80 g/cm2) and hip (0.80 g/cm2vs.0.98 g/ cm2) in the case group were significantly lower than those in the control group, all of which were P < 0.001. However, there was no significant difference in the overall BMD of lumbar spine(L1-L4) (1.07 g / cm2vs. 1.11 g / cm2). The frequency of osteoporosis in the case group was 41.51%. BMI and FISH score were considered as independent risk factors for BMD decrease. Conclusion The BMD of patients with severe hemophilia A is much lower than that of healthy population, and this difference is mainly reflected in the hip. The clear influencing factors were low BMI and functional independence decrease. Osteoclast was active while osteoblast activity was not enhanced synchronously, which may be the pathological mechanism of BMD decrease

How to make long-term investments in a stock market? A generic strategy for investors

Against the backdrop of increasingly fierce industrial competition nowadays, firms tend to have substantive business risk and/or information risk, increasing the estimation risk and limit of arbitrage for investors in their short-term investments in a stock market. It is thus important for investors to hold a long-term horizon for at least part of their investments in the stock market. This paper aims to introduce a long-term investment strategy that is practically feasible and potentially valuable to investors. To this end, we first develop a parsimonious model in which we identify the major determinants of a firm’s value. This model is used to select high-value firms from each industry for further fundamental analysis and valuation. We next expatiate on how to perform strategy analysis, accounting analysis, financial analysis, and prospective analysis, and therein apply the residual operating income valuation model, in the best possible manner to further value the selected firms and their long-term investment potential. Lastly, we expound the strategy of forming and adjusting a long-term investment portfolio in a way that potentially maximizes long-term portfolio return