Non-Tradable Share Reform in China: Marching Towards the Berle and Means Corporation?

In the late 1970s, China initiated gaige kaifang, the twin strategies of reform and opening-up the economy. In the following three decades, the Chinese leaders have been very cautious during China’s transition from a planned economy to a market economy. In every reform move, reformers have arguably taken a “one big leap forward but one step backward” approach. State-owned enterprises were successfully transformed into joint stock companies and two stock exchanges were established in the early 1990s. At the same time, a split share structure was created. The majority of shares have been non-tradable. In 2005, to address the problems caused by non-tradable shares, a reform was introduced to unwind these shares. However, at the same time, the government expressly said that “making all shares tradable does not mean selling out all shares”. The reform became merely a technical change. Apart from the state’s reluctance, the rise of dispersed ownership in China is now a possibility, rather than legally impossible. In the aftermath of the credit crisis, is moving along the Anglo-American path making any sense? Or should China remain where it is? In summary, this paper intends to provide readers with an overview of the past, present and future of the ownership structure problem in China

Pattern of skin disease in Ethiopian HIV‐infected patients on combination antiretroviral therapy: A cross‐sectional study in a dermatology referral hospital

Abstract Background More than 90% of human immunodeficiency virus (HIV)‐infected patients will develop at least one type of skin disorder during the course of the disease. The prevalence and severity of skin disease commonly seen in HIV‐infected patients has decreased in the era of combination antiretroviral therapy (cART). Few studies in Ethiopia have shown the magnitude of skin problems among adult patients on cART. The aim of this study is to describe the pattern of skin disease among adult patients who are on cART. Methods Cross‐sectional observational study at ALERT Hospital from April 2018 to November 2018. Patterns of clinically diagnosed skin diseases were summarized descriptively. Result A total of 572 patients were evaluated. In total, 412 (72%) were female and the mean age of study participants was 40 (SD = 10.4). The median CD4 count at the time of diagnosis and start of cART were 178 (R 5‐2000) and 168 cells/μl (R 5‐1327), respectively. The mean duration of cART was 8 (SD = 3) years. 89.3% of patients were on first line and 7% on second line of cART regimen. Noninfectious inflammatory skin disorders (40.9%) were the most common concomitant diagnosis followed by infectious diseases (34.9%), infestation (7.7%), pigmentary disorders (6.3%) and cutaneous drug eruption (0.7%), respectively. Among the inflammatory skin disorders, 56.5% presented with eczema. One patient had Kaposi sarcoma. Conclusion Noninfectious inflammatory skin disorders are the most common concomitant skin disease in HIV‐infected patients, with eczema being most prevalent. Infectious skin diseases were also common presentations. In our study, AIDS‐defining skin conditions were rare

Analytical Blowup Solutions to the Pressureless Navier-Stokes-Poisson Equations with Density-dependent Viscosity in R^N

We study the N-dimensional pressureless Navier--Stokes-Poisson equations with density-dependent viscosity. With the extension of the blowup solutions for the Euler-Poisson equations, the analytical blowup solutions,in radial symmetry, in R^N are constructed.Comment: 12 Pages, more detail in the introduction to explain the validity of the mode

Are Preoperative Kattan and Stephenson Nomograms Predicting Biochemical Recurrence after Radical Prostatectomy Applicable in the Chinese Population?

Purpose. Kattan and Stephenson nomograms are based on the outcomes of patients with prostate cancer recruited in the USA, but their applicability to Chinese patients is yet to be validated. We aim at studying the predictive accuracy of these nomograms in the Chinese population. Patients and Methods. A total of 408 patients who underwent laparoscopic or open radical resection of prostate from 1995 to 2009 were recruited. The preoperative clinical parameters of these patients were collected, and they were followed up regularly with PSA monitored. Biochemical recurrence was defined as two or more consecutive PSA levels >0.4 ng/mL after radical resection of prostate or secondary cancer treatment. Results. The overall observed 5-year and 10-year biochemical recurrence-free survival rates were 68.3% and 59.8%, which was similar to the predicted values by the Kattan and Stephenson nomograms, respectively. The results of our study achieved a good concordance with both nomograms (Kattan: 5-years, 0.64; Stephenson: 5-years, 0.62, 10-years, 0.71). Conclusions. The incidence of prostate cancer in Hong Kong is increasing together with the patients’ awareness of this disease. Despite the fact that Kattan nomograms were derived from the western population, it has been validated in our study to be useful in Chinese patients as well

Temporal Effects of Agent Aggregation in the Dynamics of Multiagent Systems

We propose a model of multiagent systems whose agents have a tendency to balance their decisions in time. We find phase transitions to oscillatory behavior, explainable by the aggregation of agents into two groups. On a longer time scale, we find that the aggregation of smart agents is able to explain the lifetime distribution of epochs to 8 decades of probability.Comment: 7 pages, 5 figure

A monte-carlo floating-point unit for self-validating arithmetic

Monte-Carlo arithmetic is a form of self-validating arith-metic that accounts for the effect of rounding errors. We have implemented a floating point unit that can perform ei-ther IEEE 754 or Monte-Carlo floating point computation, allowing hardware accelerated validation of results during execution. Experiments show that our approach has a mod-est hardware overhead and allows the propagation of round-ing error to be accurately estimated

Observing two dark accelerators around the Galactic Centre with Fermi Large Area Telescope

We report the results from a detailed $\gamma-$ray investigation in the field of two "dark accelerators", HESS J1745-303 and HESS J1741-302, with $6.9$ years of data obtained by the Fermi Large Area Telescope. For HESS J1745-303, we found that its MeV-GeV emission is mainly originated from the "Region A" of the TeV feature. Its $\gamma-$ray spectrum can be modeled with a single power-law with a photon index of $\Gamma\sim2.5$ from few hundreds MeV to TeV. Moreover, an elongated feature, which extends from "Region A" toward northwest for $\sim1.3^{\circ}$, is discovered for the first time. The orientation of this feature is similar to that of a large scale atomic/molecular gas distribution. For HESS J1741-302, our analysis does not yield any MeV-GeV counterpart for this unidentified TeV source. On the other hand, we have detected a new point source, Fermi J1740.1-3013, serendipitously. Its spectrum is apparently curved which resembles that of a $\gamma-$ray pulsar. This makes it possibly associated with PSR B1737-20 or PSR J1739-3023.Comment: 11 pages, 7 figures, 2 tables, accepted for publication in MNRA

Macrorealism from entropic Leggett-Garg inequalities

We formulate entropic Leggett-Garg inequalities, which place constraints on the statistical outcomes of temporal correlations of observables. The information theoretic inequalities are satisfied if macrorealism holds. We show that the quantum statistics underlying correlations between time-separated spin component of a quantum rotor mimics that of spin correlations in two spatially separated spin-$s$ particles sharing a state of zero total spin. This brings forth the violation of the entropic Leggett-Garg inequality by a rotating quantum spin-$s$ system in similar manner as does the entropic Bell inequality (Phys. Rev. Lett. 61, 662 (1988)) by a pair of spin-$s$ particles forming a composite spin singlet state.Comment: 5 pages, RevTeX, 2 eps figures, Accepted for publication in Phys. Rev.

Optimal Location of Sources in Transportation Networks

We consider the problem of optimizing the locations of source nodes in transportation networks. A reduction of the fraction of surplus nodes induces a glassy transition. In contrast to most constraint satisfaction problems involving discrete variables, our problem involves continuous variables which lead to cavity fields in the form of functions. The one-step replica symmetry breaking (1RSB) solution involves solving a stable distribution of functionals, which is in general infeasible. In this paper, we obtain small closed sets of functional cavity fields and demonstrate how functional recursions are converted to simple recursions of probabilities, which make the 1RSB solution feasible. The physical results in the replica symmetric (RS) and the 1RSB frameworks are thus derived and the stability of the RS and 1RSB solutions are examined.Comment: 38 pages, 18 figure

Oscillator model for dissipative QED in an inhomogeneous dielectric

The Ullersma model for the damped harmonic oscillator is coupled to the quantised electromagnetic field. All material parameters and interaction strengths are allowed to depend on position. The ensuing Hamiltonian is expressed in terms of canonical fields, and diagonalised by performing a normal-mode expansion. The commutation relations of the diagonalising operators are in agreement with the canonical commutation relations. For the proof we replace all sums of normal modes by complex integrals with the help of the residue theorem. The same technique helps us to explicitly calculate the quantum evolution of all canonical and electromagnetic fields. We identify the dielectric constant and the Green function of the wave equation for the electric field. Both functions are meromorphic in the complex frequency plane. The solution of the extended Ullersma model is in keeping with well-known phenomenological rules for setting up quantum electrodynamics in an absorptive and spatially inhomogeneous dielectric. To establish this fundamental justification, we subject the reservoir of independent harmonic oscillators to a continuum limit. The resonant frequencies of the reservoir are smeared out over the real axis. Consequently, the poles of both the dielectric constant and the Green function unite to form a branch cut. Performing an analytic continuation beyond this branch cut, we find that the long-time behaviour of the quantised electric field is completely determined by the sources of the reservoir. Through a Riemann-Lebesgue argument we demonstrate that the field itself tends to zero, whereas its quantum fluctuations stay alive. We argue that the last feature may have important consequences for application of entanglement and related processes in quantum devices.Comment: 24 pages, 1 figur