Executive Compensation, Firm Performance and Liquidity Under Imperfect Corporate Governance

This dissertation examines the relationship between executive compensation, firm performance and liquidity under imperfect corporate governance institution by using a novel Chinese dataset over 2001-2010. The first essay examines the determinants of Chinese executive compensation from the agency-based theoretical framework. I find that there is a positive relationship between Chinese executive compensation and firm performance. The weak corporate governance in China exhibits strong liquidity and control effects after the split-share structure reform. It seems that CEO duality, the establishment of compensation committee, and the involvement of state ownership in Chinese public firms may lead executive compensation to a relation-based rather than a market-based contract. The second essay explores the probability of expropriation of minority shareholders by controlling shareholders in terms of CEO compensation in an imperfect governance institution. The results reveal that firms with more tunneling activities typically have larger controlling ownership, stronger involvement of state control, less balance of power among other large shareholders as well as weak board characteristics. The positive relationship between controlling shareholders’ tunneling and executive compensation implies that the controlling shareholder might divert personal benefits from the public firms at the expense of minority shareholders in terms of executive compensation. The third essay examines the determinants of cross-listing for Chinese public firms by focusing on the A-shares that concurrently issue B-shares or H-shares based on agency theory, and the signaling and bonding hypothesis. I find that cross-listing issuers are motivated to list overseas by the legal and accounting standards of the foreign markets, management remuneration, as well as the demands for external capital. The results suggest that the level of Chinese executive compensation is associated with the decision of cross-listings, implying that cross-listings could be employed by executives as a way of asset appropriation. Moreover, a Chinese firm is more likely to cross-list if it experiences value deteriorations, or a lack of growth opportunity in the domestic market

Correlations between aesthetic preferences of river and landscape characters

Some landscape characters put great influences on the aesthetic preferences of a river. Finding out these characters will provide for river landscape design and management with explicit keystones. In this paper, 23 sample areas of rivers were selected in Xuzhou, China, and 15 landscape characters of rivers were identified. The photos taken at the sample areas were as stimuli, and undergraduate students were respondents. The results demonstrate that the aesthetic preferences of photos judged one-by-one and judged together receive similar results; the preference scores of deflective views are significantly higher than the ones of opposite views; for urban rivers, “river accessibility” and “number of colours” are reliably positive predictors to aesthetic preferences, “wood diversity index” and “plants on water” are negative ones; for rural rivers, “coverage of riparian vegetation”, “perspective” and “wood diversity index” are reliably positive predictors to aesthetic preferences. First published online: 14 Dec 201

Optimizing plant density and nitrogen application to manipulate tiller growth and increase grain yield and nitrogen-use efficiency in winter wheat

The growth of wheat tillers and plant nitrogen-use efficiency (NUE) will gradually deteriorate in response to high plant density and over-application of N. Therefore, in this study, a 2-year field study was conducted with three levels of plant densities (75 ×104plants ha−1, D1; 300 ×104plants ha−1, D2; 525 ×104plants ha−1, D3) and three levels of N application rates (120 kg N ha−1, N1; 240 kg N ha−1, N2; 360 kg N ha−1, N3) to determine how to optimize plant density and N application to regulate tiller growth and to assess the contribution of such measures to enhancing grain yield (GY) and NUE. The results indicated that an increase in plant density significantly increased the number of superior tillers and the number of spikes per m2(SN), resulting in a higher GY and higher partial factor productivity of applied N (PFPN). However, there was no significant difference in GY and PFPN between plant densities D2 and D3. Increasing the N application rate significantly increased the vascular bundle number (NVB) and area (AVB), however, excess N application (N3) did not significantly improve these parameters. N application significantly increased GY, whereas there was a significant decrease in PFPN in response to an increase in N application rate. The two years results suggested that increasing the plant density (from 75 ×104plants ha−1to 336 ×104plants ha−1) in conjunction with the application of 290 kg N ha−1N will maximize GY, and also increase PFPN(39.7 kg kg−1), compared with the application of 360 kg N ha−1N. Therefore, an appropriate combination of increased planting density with reduced N application could regulate tiller number and favor the superior tiller group, to produce wheat populations with enhanced yield and NUE

A Survey on Temporal Knowledge Graph Completion: Taxonomy, Progress, and Prospects

Temporal characteristics are prominently evident in a substantial volume of knowledge, which underscores the pivotal role of Temporal Knowledge Graphs (TKGs) in both academia and industry. However, TKGs often suffer from incompleteness for three main reasons: the continuous emergence of new knowledge, the weakness of the algorithm for extracting structured information from unstructured data, and the lack of information in the source dataset. Thus, the task of Temporal Knowledge Graph Completion (TKGC) has attracted increasing attention, aiming to predict missing items based on the available information. In this paper, we provide a comprehensive review of TKGC methods and their details. Specifically, this paper mainly consists of three components, namely, 1)Background, which covers the preliminaries of TKGC methods, loss functions required for training, as well as the dataset and evaluation protocol; 2)Interpolation, that estimates and predicts the missing elements or set of elements through the relevant available information. It further categorizes related TKGC methods based on how to process temporal information; 3)Extrapolation, which typically focuses on continuous TKGs and predicts future events, and then classifies all extrapolation methods based on the algorithms they utilize. We further pinpoint the challenges and discuss future research directions of TKGC

Development and validation of a novel necroptosis-related gene signature for predicting prognosis and therapeutic response in Ewing sarcoma

Ewing sarcoma (ES) is the second most common malignant bone tumor in children and has a poor prognosis due to early metastasis and easy recurrence. Necroptosis is a newly discovered cell death method, and its critical role in tumor immunity and therapy has attracted widespread attention. Thus, the emergence of necroptosis may provide bright prospects for the treatment of ES and deserves our further study. Here, based on the random forest algorithm, we identified 6 key necroptosis-related genes (NRGs) and used them to construct an NRG signature with excellent predictive performance. Subsequent analysis showed that NRGs were closely associated with ES tumor immunity, and the signature was also good at predicting immunotherapy and chemotherapy response. Next, a comprehensive analysis of key genes showed that RIPK1, JAK1, and CHMP7 were potential therapeutic targets. The Cancer Dependency Map (DepMap) results showed that CHMP7 is associated with ES cell growth, and the Gene Set Cancer Analysis (GSCALite) results revealed that the JAK1 mutation frequency was the highest. The expression of 3 genes was all negatively correlated with methylation and positively with copy number variation (CNV). Finally, an accurate nomogram was constructed with this signature and clinical traits. In short, this study constructed an accurate prognostic signature and identified 3 novel therapeutic targets against ES

Cross-listing, managerial compensation and corporate governance

This study examines the relationship between cross-listing and managerial compensation of Chinese firms that concurrently issued A- and B-shares or A- and H-shares during 2001–2010. The results show that executive compensation is a positive factor to motivate Chinese A-share firms to cross-list as B- or H-shares; it implies that cross-listings could be employed as a way of asset appropriation at the managers’ discretion. The results also confirm that corporate governance is important in determining cross-listings. Under the weak corporate governance institution, Chinese firms were chosen to cross-list based on political considerations rather than on economic merits, serving as a vehicle to signal the quality of state owned enterprises. The results are drawn on agency theory, signalling hypothesis and bonding hypothesis