IPO Performance and the Size Effect: Evidence for the US and Canada

This study investigates the interaction between firm size and IPO underpricing in the US and Canadian markets between the years 2007-2016. We find a size effect on IPO underpricing in both Canada and the US, which is larger for Canadian firms. Canadian small firms show more underpricing than US small firms (19.32% vs. 13.87%). Large Canadian firms also exhibit more underpricing than their US counterparts over the sample period (12.83% vs. 10.09%). A size effect on performance is not apparent for holding periods beyond six months from the IPO in both countries, consistent with seasoning effects that reduce information asymmetries across firms over longer investment horizons. Keyword: IPO performance; size effects; short-term information asymmetrie

Self-powered on-line ion concentration monitor in water transportation driven by triboelectric nanogenerator

The final publication is available at Elsevier via https://doi.org/10.1016/j.nanoen.2019.05.029. © 2019. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/Ion concentration in water is a key criterion for evaluating water quality. In this work, we developed a self-powered on-line ion concentration monitor in water transportation based on impedance matching effect of triboelectric nanogenerator (TENG). A rotary disc-shaped TENG (RD-TENG) and an ion concentration sensor were fabricated based on the industrial printed circuit board (PCB) technology. Flowing water in the pipeline acts as the energy source to drive the RD-TENG and generate an open-circuit (Voc) of 210 V. The ion concentration sensor exhibits a nearly pure resistance characteristic under the alternating current (AC) signal with the frequency below 500 Hz, corresponding to the rotation speed of 250 rpm for the RD-TENG. The impedance matching relationship between the RD-TENG and the ion concentration sensor was experimentally studied and applied to elucidate the sensing mechanism. Finally, a self-powered sensing system integrated with an alarm circuit was assembled which exhibits excellent responsibility and high sensitivity. The change of ion concentration with only 1 × 10−5 mol/L can light up an alarm LED.Natural Science and Engineering Research CouncilCanada Research ChairsNational Natural Science Foundation of China, no. 61804103National Key R&D Program of China, no. 2017YFA0205002Natural Science Foundation of the Jiangsu Higher Education Institutions of China, no. 18KJA535001, no. 14KJB150020Natural Science Foundation of Jiangsu Province of China, no. BK20170343, no. BK20180242China Postdoctoral Science Foundation, no. 2017M610346Collaborative Innovation Center of Suzhou Nano Science & TechnologyPriority Academic Program Development of Jiangsu Higher Education Institutions (PAPD)111 Projec

Chemical renal denervation-induced upregulation of the ACE2/Ang (1-7)/Mas axis attenuates blood pressure elevation in spontaneously hypertensive rats

Objective Evidence has shown that the ACE2/Ang (1–7)/Mas axis plays an important role in the control of hypertension. Thus, we hypothesized that chemical renal denervation (RDN) could reduce blood pressure by regulating the ACE2/Ang (1–7)/Mas axis in spontaneously hypertensive rats. Methods Twelve rats were randomly divided into sham group and chemical RDN group. All the rats were sacrificed 4 weeks later. Plasma samples were collected to measure the renin-angiotensin system (RAS) activities and reactive oxygen species levels by radioimmunoassay, chromatometry and ELISA. Paraventricular nucleus (PVN) tissues were collected to examine the expression of the components of the ACE2/Ang (1–7)/Mas axis by western bolt and immunofluorescence. Results The systolic blood pressure (169.33 ± 7.50 vs 182.67 ± 7.00 mmHg, p < .05) and the diastolic blood pressure (97.50 ± 4.68 vs 109.33 ± 4.41 mmHg, p < .05) in the RDN group were obviously lower than the baseline levels, whereas the opposite results were observed in the sham group. The RDN group exhibited a significant reduction in the plasma ROS (91.59 ± 13.12 vs 72.34 ± 11.76 U/ml, p < .05) and NADPH oxidase (171.86 ± 1.14 vs 175.75 ± 1.74 nmol/ml, p < .001) compared with the sham group, while the plasma eNOS (3.47 ± 0.42 vs 2.49 ± 0.51 U/ml, p < .05) and NO (55.92 ± 8.10 vs 43.53 ± 4.58 μmol/L, p < .05) were increased. The expression of the components of the ACE2/Ang (1–7)/Mas axis was upregulated while the expression of the components of the ACE/Ang II/AT1 R axis was downregulated in the plasma and PVN in the RDN group. Conclusion Our findings suggested that the reduction in blood pressure was regulated by chemical RDN-induced upregulation of the components of the ACE2/Ang (1–7)/Mas axis

Feasibility of Quantitative Flow Ratio Virtual Stenting for Guidance of Serial Coronary Lesions Intervention

Background Coronary physiology measurement in serial coronary lesions with multiple stenoses is challenging. Therefore, we evaluated the feasibility of Murray fractal law‐based quantitative flow ratio (μQFR) virtual stenting for guidance of serial coronary lesions intervention. Methods and Results Patients who underwent elective coronary angiography and had 2 serial de novo coronary lesions of 30% to 90% diameter stenosis by visual estimation were prospectively enrolled. μQFR and fractional flow reserve (FFR) were assessed after coronary angiography. In vessels with an FFR ≤0.80, the lesion with the larger pressure gradient was considered to be the primary lesion and treated firstly, followed by FFR measurement. The second lesion was stented when FFR ≤0.80. All μQFR and predicted μQFR after stenting were calculated from diagnostic coronary angiography before interventions, with the analysts masked to the FFR data. A total of 54 patients with 61 target vessels were interrogated. Percutaneous coronary intervention was performed in 44 vessels with FFR ≤0.80. After stenting the primary lesions, 14 nonprimary lesions had FFR ≤0.80 and a second drug‐eluting stent was implanted. There was excellent correlation (r=0.97, P<0.001) and good agreement (mean difference: 0.00±0.03) between baseline μQFR and FFR in identifying flow‐limiting lesions. Per‐vessel diagnostic accuracy of μQFR on de novo lesions was 96.7% (95% CI, 88.7%–99.6%). μQFR and FFR are highly consistent (93.2%) in identifying the primary lesion requiring revascularization. After stenting the primary lesions, per‐vessel diagnostic accuracy of predicted μQFR for identifying the significance of the nonprimary lesion was 90.9%. Predicted residual μQFR with virtual stenting was higher than final FFR (mean difference: 0.05±0.06). Conclusions In vessels with serial coronary lesions, virtual stenting by μQFR can identify the primary flow‐limiting lesion for revascularization