Capital market and corporate misbehaviour

Journal editorial

Institutional preferences, demand shocks and the distress anomaly

Our paper examines the distress anomaly on the Chinese stock markets. We show that the anomaly disappears after controlling for institutional ownership. We propose two hypotheses. The growing scale of institutional investors and changes in institutional preferences can generate greater demand shocks for stocks with low distress risk than those with high distress risk, causing the former to outperform the latter. Consistent with our hypotheses, the growth of institutions explains the anomaly when the institutional market share increases rapidly. We also show that institutional preferences for stocks with low distress risk have significantly increased over time and changes in preferences also explain the anomaly. Finally, momentum trading and gradual incorporation of distress information cannot account for the anomaly. Key words: institutional investors, institutional preferences, distress, the Chinese stock market

Effect of water vapor on the spallation of thermal barrier coating systems during laboratory cyclic oxidation testing.

The effect of water and water vapor on the lifetime of Ni-based superalloy samples coated with a typical thermal barrier coating system—b-(Ni,Pt)Al bond coat and yttria stabilized zirconia (YSZ) top coat deposited by electron beam physical vapor deposition (EB-PVD) was studied. Samples were thermally cycled to 1,150 C and subjected to a water-drop test in order to elucidate the effect of water vapor on thermal barrier coating (TBC) spallation. It was shown that the addition of water promotes spallation of TBC samples after a given number of cycles at 1,150 C. This threshold was found to be equal to 170 cycles for the present system. Systems based on b-NiAl bond coat or on Pt-rich c/c0 bond coat were also sensitive to the water-drop test. Moreover, it was shown that water vapor in ambient air after minutes or hours at room temperature, promotes also TBC spallation once the critical number of cycles has been reached. This desktop spalling (DTS) can be prevented by locking up the cycled samples in a dry atmosphere box. These results for TBC systems confirm and document Smialek’s theory about DTS and moisture induced delayed spalling (MIDS) being the same phenomenon. Finally, the mechanisms implying hydrogen embrittlement or surface tension modifications are discussed

Solving kk-means on High-dimensional Big Data

In recent years, there have been major efforts to develop data stream algorithms that process inputs in one pass over the data with little memory requirement. For the $k$-means problem, this has led to the development of several $(1+\varepsilon)$-approximations (under the assumption that $k$ is a constant), but also to the design of algorithms that are extremely fast in practice and compute solutions of high accuracy. However, when not only the length of the stream is high but also the dimensionality of the input points, then current methods reach their limits. We propose two algorithms, piecy and piecy-mr that are based on the recently developed data stream algorithm BICO that can process high dimensional data in one pass and output a solution of high quality. While piecy is suited for high dimensional data with a medium number of points, piecy-mr is meant for high dimensional data that comes in a very long stream. We provide an extensive experimental study to evaluate piecy and piecy-mr that shows the strength of the new algorithms.Comment: 23 pages, 9 figures, published at the 14th International Symposium on Experimental Algorithms - SEA 201

Physicochemical properties of silkworm larvae protein isolate and gastrointestinal hydrolysate bioactivities

The objectives of this study were to investigate the amino acid composition and thermal properties of silkworm larvae protein isolate (SLPI) and to evaluate the in vitro angiotensin-converting enzyme (ACE) inhibitory and antioxidant activities of its hydrolysate prepared with gastrointestinal enzymes. The results showed that, SLPI was a high quality protein source with a well-balanced composition of essential amino acids, which was especially rich in glutamic acid (13.79 g/100 g protein), aspartic acid (10.44 g/100 g protein), leucine (8.68 g/100 g protein), lysine (8.01 g/100 g protein) and arginine (6.59 g/100 g protein). In additon, three endothermic denaturation transitions were observed in DSC thermograms of SLPI. The maximum transition peak occurred in the third thermal transition, which denaturation temperature (Td), peak temperature of denaturation (Tp) and enthalpy change (ΔH) were 76.95°C, 80.42°C and 783.75 J/g, respectively. SLPI hydrolysate exhibited strong ACE-inhibitory activity (IC50=8.3 μg/ml) and relatively higher 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging activity (IC50=57.91 μg/ml) and ferrous ions chelating capacity (IC50=2.03 mg/ml). Moreover, the  hydrolysate showed notable reducing power. It was concluded that, SLPI might be considered as a multifunctional ingredients for functional foods with protein supplements, ACE-inhibitory and antioxidant activity.Key words: Silkworm larvae protein isolates (SLPI), amino acid composition, thermal properties, gastrointestinal enzymes, hydrolysis, ACE inhibition, antioxidant

Rmi1 stimulates decatenation of double Holliday junctions during dissolution by Sgs1-Top3

double Holliday junction (dHJ) is a central intermediate of homologous recombination that can be processed to yield crossover or non-crossover recombination products. To preserve genomic integrity, cells possess mechanisms to avoid crossing over. We show that Saccharomyces cerevisiae Sgs1 and Top3 proteins are sufficient to migrate and disentangle a dHJ to produce exclusively non-crossover recombination products, in a reaction termed "dissolution." We show that Rmi1 stimulates dHJ dissolution at low Sgs1-Top3 protein concentrations, although it has no effect on the initial rate of Holliday junction (HJ) migration. Rmi1 serves to stimulate DNA decatenation, removing the last linkages between the repaired and template DNA molecules. Dissolution of a dHJ is a highly efficient and concerted alternative to nucleolytic resolution that prevents crossing over of chromosomes during recombinational DNA repair in mitotic cells and thereby contributes to genomic integrity

Role of the Bloom's syndrome helicase in maintenance of genome stability.

The RecQ family of DNA helicases has members in all organisms analysed. In humans, defects in three family members are associated with disease conditions: BLM is defective in Bloom's syndrome, WRN in Werner's syndrome and RTS in Rothmund-Thomson syndrome. In each case, cells from affected individuals show inherent genomic instability. The focus of our work is the Bloom's syndrome gene and its product, BLM. Here, we review the latest information concerning the roles of BLM in the maintenance of genome integrity

A role for topographic cues in the organization of collagenous matrix by corneal fibroblasts and stem cells

Human corneal fibroblasts (HCF) and corneal stromal stem cells (CSSC) each secrete and organize a thick stroma-like extracellular matrix in response to different substrata, but neither cell type organizes matrix on tissue-culture polystyrene. This study compared cell differentiation and extracellular matrix secreted by these two cell types when they were cultured on identical substrata, polycarbonate Transwell filters. After 4 weeks in culture, both cell types upregulated expression of genes marking differentiated keratocytes (KERA, CHST6, AQP1, B3GNT7). Absolute expression levels of these genes and secretion of keratan sulfate proteoglycans were significantly greater in CSSC than HCF. Both cultures produced extensive extracellular matrix of aligned collagen fibrils types I and V, exhibiting cornea-like lamellar structure. Unlike HCF, CSSC produced little matrix in the presence of serum. Construct thickness and collagen organization was enhanced by TGF-β3. Scanning electron microscopic examination of the polycarbonate membrane revealed shallow parallel grooves with spacing of 200-300 nm, similar to the topography of aligned nanofiber substratum which we previously showed to induce matrix organization by CSSC. These results demonstrate that both corneal fibroblasts and stromal stem cells respond to a specific pattern of topographical cues by secreting highly organized extracellular matrix typical of corneal stroma. The data also suggest that the potential for matrix secretion and organization may not be directly related to the expression of molecular markers used to identify differentiated keratocytes. © 2014 Karamichos et al

How do I perform whole blood exchange?

Peer Reviewedhttps://deepblue.lib.umich.edu/bitstream/2027.42/154397/1/trf15660_am.pdfhttps://deepblue.lib.umich.edu/bitstream/2027.42/154397/2/trf15660.pd

Substrate co-doping modulates electronic metal-support interactions and significantly enhances single-atom catalysis

Transitional metal nanoparticles or atoms deposited on appropriate substrates can lead to highly economical, efficient, and selective catalysis. One of the greatest challenges is to control the electronic metal–support interactions (EMSI) between the supported metal atoms and the substrate so as to optimize their catalytic performance. Here, from first-principles calculations, we show that an otherwise inactive Pd single adatom on TiO2(110) can be tuned into a highly effective catalyst, e.g. for O2 adsorption and CO oxidation, by purposefully selected metal–nonmetal co-dopant pairs in the substrate. Such an effect is proved here to result unambiguously from a significantly enhanced EMSI. A nearly linear correlation is noted between the strength of the EMSI and the activation of the adsorbed O2 molecule, as well as the energy barrier for CO oxidation. Particularly, the enhanced EMSI shifts the frontier orbital of the deposited Pd atom upward and largely enhances the hybridization and charge transfer between the O2 molecule and the Pd atom. Upon co-doping, the activation barrier for CO oxidation on the Pd monomer is also reduced to a level comparable to that on the Pd dimer which was experimentally reported to be highly efficient for CO oxidation. The present findings provide new insights into the understanding of the EMSI in heterogeneous catalysis and can open new avenues to design and fabricate cost-effective single-atom-sized and/or nanometer-sized catalysts