Internal corporate governance and the use of IPO over-financing: Evidence from China

AbstractIn this paper, we describe how Shenzhen A-share listed companies used funds raised in over-financed IPOs during the 2006–2010 period. In exploring the relationship between internal corporate governance and the use of funds raised in over-financed IPOs, we find that the use of such funds to engage in severe over-investment behavior is prevalent among listed companies. Reasonable internal corporate governance mechanisms can effectively alleviate over-investment problems listed companies encounter in using funds raised in over-financed IPOs. However, the same individual serving as both chairman and CEO leads to funds raised in over-financed IPOs being over-invested. Moreover, executives driven by high levels of monetary compensation are more likely to use funds raised in such IPOs to engage in over-investment. We find that improving the balance of power between shareholders will help alleviate the over-investment of excess IPO funds. In addition, the over-investment problem is less severe in state-controlled listed companies than in their non-state-controlled listed counterparts. This study provides policy recommendations for Chinese securities regulators to ensure listed companies use funds raised in over-financed IPOs both rationally and effectively

Two surgical treatment methods for open angle glaucoma and cataract

AIM: To compare the curative effects of two surgical treatment methods for open angle glaucoma and cataract patients.<p>METHODS: Totally 69 patients with primary open angle glaucoma and cataract were divided into two groups: group A and group B. Thirty-four patients(34 eyes)in group A underwent small incision non-phacoemulsification cataract surgery combined with trabeculectomy, just combined operations, 35 patients(35 eyes)in group B underwent small incision non-phacoemulsification cataract surgery beyond 6mo after trabeculectomy, just two stage operations. Postoperative intraocular pressure at 1wk and 3mo, postoperative corrected visual acuity and filtering bleb at 3mo were observed, and intraoperative and postoperative complications were compared. All the patients were followed up for 3-6mo.<p>RESULTS: All the visual acuity were increased compared with that before surgery in two groups, the difference was not statistically significant. All the intraocular pressure was controlled in two groups, the difference was not statistically significant, and the difference about the filtering bleb was neither statistically significant(<i>P</i>>0.05). There were no serious intraoperative and postoperative complications in two groups.<p>CONCLUSION: The two stage operations and the combined operations both can control theintraocular pressure and improved visual acuity of open angle glaucoma and cataract. The two stage operations may prevent a second operation for post trabeculectomy cataract, allowing earlier visual rehabilitation

Clinical analysis of cognitive function and depressive states in patients with age-related macular degeneration

AIM: To investigate the difference of cognitive impairment and depression between age-related macular degeneration(AMD)group and the control group patients. METHODS: A prospective case-control study was performed from November 2014 to August 2016 in the hospital for AMD patients and sex-matched control group. The Mini-Mental State Examination(MMSE)and the Geriatric Depression Scale(GDS)score of each patient were collected for statistical analyzing. RESULTS: There were total 84 cases(168 eyes)included in the study. The difference of visual acuity between the two group was statistically significant(F=8.953, P=0.004)by baseline data analyzing. There were no significant differences in MMSE scores between the two groups according to educational status(P>0.05), while the prevalence of cognitive impairment in each group was statistically significant(χ2=4.14, P=0.042). The difference of GDS scores, prevalence of total and mild depression between two groups were both statistically significant(F=5.852, P=0.018; χ2=6.372, P=0.012; χ2=5.674, P=0.017). However, there was no statistically significant difference in the prevalence of moderate to severe depression(χ2=0.672, P=0.412). CONCLUSION: AMD patients have a higher prevalence of depression. Although MMSE score differences were not statistically significant in subgroup analysis by educational levels, AMD patients are more likely to have cognitive impairment overall

Quantum Interference Effects in Molecular Y- and Rhomb-Type Systems

In this paper we report the first observation of molecular population trapping in four level systems. Constructive and destructive quantum interferences between two sum-frequncy two-photon transitions in Y- and rhomb-type four-level systems, respectively, im sodium molecules have been experimentally achieved by using only one laser source. Their energy level schemes are featured by the extremely near-resonant enhancement of the equal-frequency two-photon transitions, sharing both the initial and the intermediate levels for the Y-type, and sharing both the initial and the final levels for the rhomb-type systems. Their novel spectral effects are to show seriously restrained Doppler-free UV peak at the nominal location of the induced two-photon transition with visible fluorescence in rhomb-type schems, and to show a strong extra UV peak but null visible fluorescence in the middle between the two dipole allowed two-photon transitions

Quantum discord dynamical behaviors due to initial system-cavity correlations

We analyze the roles of initial correlations between the two-qubit system and a dissipative cavity on quantum discord dynamics of two qubits. Considering two initial system-cavity states, we show that the initial system-cavity correlations not only can initially increase the two-qubit quantum discord but also would lead to a larger long-time quantum discord asymptotic value. Moreover, quantum discord due to initial correlations is more robust than the case of the initial factorized state. Finally, we show the initial correlations' importance for dynamics behaviors of mutual information and classical correlation