The Effect of Institutional Ownership on Innovation: New Evidence

We follow Bushee (2001) and classify institutional investors into long-term and short-term investors. We find that that long-term institutional ownership is positively associated with innovative quality. However, we do not find such an association for short-term owners. Our results suggest that long investment horizons give institutional holders incentives to engage in monitoring activities and improve the subsequent performance in innovation. We also find that when firms have less growth potential, more years in operation, or financial constraints, long-term institutional owners are positively associated with innovative quality, suggesting that long-term investors exert a monitoring effort when direct monitoring becomes more important

Gapless topological Fulde-Ferrell superfluidity induced by in-plane Zeeman field

Topological superfluids are recently discovered quantum matters that host topologically protected gapless edge states known as Majorana fermions - exotic quantum particles that act as their own anti-particles and obey non-Abelian statistics. Their realizations are believed to lie at the heart of future technologies such as fault-tolerant quantum computation. To date, the most efficient scheme to create topological superfluids and Majorana fermions is based on the Sau-Lutchyn-Tewari-Das Sarma model with a Rashba-type spin-orbit coupling on the }\textbf{\textit{x-y}}\textbf{ plane and a large out-of-plane (perpendicular) Zeeman field along the }\textbf{\textit{z}}\textbf{-direction. Here we propose an alternative setup, where the topological superfluid phase is driven by applying an in-plane Zeeman field. This scheme offers a number of new features, notably Cooper pairings at finite centre-of-mass momentum (i.e., Fulde-Ferrell pairing) and gapless excitations in the bulk. As a result, a novel gapless topological quantum matter with inhomogeneous pairing order parameter appears. It features unidirected Majorana surface states at boundaries, which propagate in the same direction and connect two Weyl nodes in the bulk. We demonstrate the emergence of such an exotic topological matter and the associated Majorana fermions in spin-orbit coupled atomic Fermi gases and determine its parameter space. The implementation of our scheme in semiconductor/superconductor heterostructures is briefly discussed.Comment: 8 pages, 5 figure

Topological energy gaps in the [111]-oriented InAs/GaSb and GaSb/InAs core-shell nanowires

The [111]-oriented InAs/GaSb and GaSb/InAs core-shell nanowires have been studied by the $8\times 8$ Luttinger-Kohn $\vec{k}\cdot\vec{p}$ Hamiltonian to search for non-vanishing fundamental gaps between inverted electron and hole bands. We focus on the variations of the topologically nontrivial fundamental gap, the hybridization gap, and the effective gap with the core radius and shell thickness of the nanowires. The evolutions of all the energy gaps with the structural parameters are shown to be dominantly governed by quantum size effects. With a fixed core radius, a topologically nontrivial fundamental gap exists only at intermediate shell thicknesses. The maximum gap is $\sim 4.4$ meV for GaSb/InAs and $\sim 3.5$ meV for InAs/GaSb core-shell nanowires, and for the GaSb/InAs core-shell nanowires the gap persists over a wider range of geometrical parameters. The intrinsic reason for these differences between the two types of nanowires is that in the shell the electron-like states of InAs is more delocalized than the hole-like state of GaSb, while in the core the hole-like state of GaSb is more delocalized than the electron-like state of InAs, and both features favor stronger electron-hole hybridization. Since similar features of the electron- and hole-like states have been found in nanowires of other materials, it could serve as a common rule to put the hole-like state in the core while the electron-like state in the shell of a core-shell nanowire to achieve better topological properties.Comment: 10 pages, 10 figure

Does Common Ownership Impact Auditor Incentives?

Prior research suggests that common ownership (i.e., institutional investors owning significant equity stakes in companies within the same industry) impairs companies’ incentives to compete since owners are less likely to support an aggressive competitive strategy. In this paper, we examine whether common ownership impacts auditor incentives. Using a sample of US firms during the 2003–2017 period, we find that common ownership lowers audit fees and audit effort without impairing audit quality. We perform cross-sectional tests as well as a quasi-natural experiment based on institutional owner mergers to help mitigate concerns about omitted variable bias or reverse causality. Overall, our findings are consistent with the view that common-owners internalize governance externalities and have accumulated more industry-specific monitoring experience, which in turn decreases audit risk

A study of the Effects of Information Security Advocacy

This study adopted protection motivation theory, construal-level theory, and regulatory focus theory to build a model to understand the effects of information security advocacy. The purposes are as follows: first, understand the impacts on the threat/coping appraisals that different construal-level of security warning messages have. Second, understand the impacts on the information security compliance intention that threat/coping appraisals have. Lastly, understand the moderating effects of different regulatory foci on the relationship between different construallevel of warning messages and the threat/coping appraisals or between the threat/coping appraisals and the compliance intention. In this study, the experimental method and survey are employed. Eight different scenarios related to mobile phone authority setting are designed to proceed with the experiments. At the beginning of this experiment, the participants will be manipulated to a particular regulatory focus (prevention or promotion), then be assigned to one of eight scenarios randomly

Dual roles of protein tyrosine phosphatase kappa in coordinating angiogenesis induced by pro-angiogenic factors

A potential role may be played by receptor-type protein tyrosine phosphatase kappa (PTPRK) in angiogenesis due to its critical function in coordinating intracellular signal transduction from various receptors reliant on tyrosine phosphorylation. In the present study, we investigated the involvement of PTPRK in the cellular functions of vascular endothelial cells (HECV) and its role in angiogenesis using in vitro assays and a PTPRK knockdown vascular endothelial cell model. PTPRK knockdown in HECV cells (HECVPTPRKkd) resulted in a decrease of cell proliferation and cell-matrix adhesion; however, increased cell spreading and motility were seen. Reduced focal adhesion kinase (FAK) and paxillin protein levels were seen in the PTPRK knockdown cells which may contribute to the inhibitory effect on adhesion. HECVPTPRKkd cells were more responsive to the treatment of fibroblast growth factor (FGF) in their migration compared with the untreated control and cells treated with VEGF. Moreover, elevated c-Src and Akt1 were seen in the PTPRK knockdown cells. The FGF-promoted cell migration was remarkably suppressed by an addition of PLCγ inhibitor compared with other small inhibitors. Knockdown of PTPRK suppressed the ability of HECV cells to form tubules and also impaired the tubule formation that was induced by FGF and conditioned medium of cancer cells. Taken together, it suggests that PTPRK plays dual roles in coordinating angiogenesis. It plays a positive role in cell proliferation, adhesion and tubule formation, but suppresses cell migration, in particular, the FGF-promoted migration. PTPRK bears potential to be targeted for the prevention of tumour associated angiogenesis