Institutional Environment and IPO Strategy: A Study of ChiNext in China

Taking an institution-based view, we investigate how entrepreneurs respond to immature regulatory environments in order to be listed on stock markets in countries with an emerging economy. Unlike stock markets in developed countries, in emerging markets, gaining government approval for listing is a critical and more unpredictable process for entrepreneurs. Hence, entrepreneurs who are preparing for a public offering might give substantially discounted shares to venture capital (VC) investors. This will lead to higher investment returns in pre-IPO deals than those at earlier stages, which distorts the risk-return tradeoff found in developed markets. In particular, the VC investors affiliated with powerful organizations that can promise entrepreneurs preferential access to stock market gatekeepers will gain even higher pre-IPO investment returns. The associated additional institutional rents earned by VC investors, however, are expected to decrease over time, as the stock markets mature. Related hypotheses with regard to the investment timing, VC firm affiliations with government agencies, securities traders, and universities are tested using data from ChiNext in China (2009–2013). This study highlights that institutional factors impact the behavior of participants in emerging markets. It extends current theories derived almost exclusively from developed markets

Electrolyte gate-controlled Kondo effect in SrTiO3

We report low-temperature, high-field magnetotransport measurements of SrTiO3 gated by an ionic gel electrolyte. A saturating resistance upturn and negative magnetoresistance that signal the emergence of the Kondo effect appear for higher applied gate voltages. This observation, enabled by the wide tunability of the ionic gel-applied electric field, promotes the interpretation of the electric field-effect induced 2D electron system in SrTiO3 as an admixture of magnetic Ti3+ ions, i.e. localized and unpaired electrons, and delocalized electrons that partially fill the Ti 3d conduction band.Comment: Minor changes and Supp Info adde

Urinary complement profile in IgA nephropathy and its correlation with the clinical and pathological characteristics

Background and objectivesThe activated complement profile in IgA nephropathy (IgAN) is still unclear. Our study investigated the profile of urinary complements in IgAN patients and its correlations with clinical and pathological characteristics.MethodsUrinary protein abundance was detected by liquid chromatography-tandem mass spectrometry (LC–MS/MS) in 50 IgAN, 50 membranous nephropathy (MN), and 68 healthy controls (HC). Then, Gene Ontology (GO) and Kyoto Encyclopedia of Genes and Genomes (KEGG) analyses were performed to identify differentially expressed proteins in IgAN patients. The differentially expressed complement proteins were screened in IgAN patients, and their correlations with laboratory or pathological parameters were analyzed. Thereafter, 7 complement components were validated by enzyme-linked immunosorbent assay (ELISA) in the urine samples of 45 IgAN patients.ResultsThere were 786 differentially expressed proteins between IgAN and HC. KEGG analysis showed that differentially expressed urinary proteins in IgAN were enriched with complement. Of these, 67% of urinary complement protein abundance was associated with the estimated glomerular filtration rate. The urinary complement-related protein collectin12 (colec12), complement H factor (CFH), complement H factor-related protein 2 (CFHR2), and complement B factor (CFB) were positively correlated with serum creatinine; colec12, CFHR2, CFB, and C8g were positively correlated with glomerulosclerosis; CFH, CFHR2, C8g, and C9 were positively correlated with tubular atrophy/interstitial fibrosis.ConclusionAbnormally increased components of complement pathways significantly correlate with reduced renal function, proteinuria, and renal histological damage in IgAN. It could provide a potential biomarker panel for monitoring IgAN and provide clues for therapeutic choice targeting complement system of IgAN patients

Sample multiplexing-based targeted pathway proteomics with real-time analytics reveals the impact of genetic variation on protein expression.

Targeted proteomics enables hypothesis-driven research by measuring the cellular expression of protein cohorts related by function, disease, or class after perturbation. Here, we present a pathway-centric approach and an assay builder resource for targeting entire pathways of up to 200 proteins selected from \u3e10,000 expressed proteins to directly measure their abundances, exploiting sample multiplexing to increase throughput by 16-fold. The strategy, termed GoDig, requires only a single-shot LC-MS analysis, ~1 µg combined peptide material, a list of up to 200 proteins, and real-time analytics to trigger simultaneous quantification of up to 16 samples for hundreds of analytes. We apply GoDig to quantify the impact of genetic variation on protein expression in mice fed a high-fat diet. We create several GoDig assays to quantify the expression of multiple protein families (kinases, lipid metabolism- and lipid droplet-associated proteins) across 480 fully-genotyped Diversity Outbred mice, revealing protein quantitative trait loci and establishing potential linkages between specific proteins and lipid homeostasis

Block copolymer-based ion gels as solid polymer electrolytes

University of Minnesota Ph.D. dissertation. October 2012. Major: Material Science and Engineering. Advisors: C. Daniel Frisbie and Timothy P. Lodge. 1 computer file (PDF); xi, 181 pages, appendices A-B.Block copolymer-based (BCP) ion gels are a class of interesting solid polymer electrolytes (SPEs) in electrochemical applications. This thesis aims to systematically study the mechanical and electrical properties of BCP-based ion gels formed by the selfassembly of ABA triblock copolymers in an ionic liquid, and find ways to enhance the properties of the gels, in order to formulate optimal designs in terms of the triblock for applications to electrochemical devices. Two particular target applications are organic transistors and electrochemical capacitors, due to the very large specific capacitance (on the order of F/cm2) of these electrolytes and therefore low voltage operation and potentially desirable energy storage. To study the effect of the BCP on the properties of ion gels, BCPs with different midblocks and end-block lengths were prepared, and the viscoelastic and electrical properties of the ion gels were investigated over large composition and temperature ranges. The gels were formed by the self-assembly of poly(styrene-b-methyl methacrylate-b-styrene) (SMS) and poly(styrene-b-ethylene oxide-b-styrene) (SOS) in the ionic liquid 1-ethyl-3-methylimidazolium bis(trifluoromethylsulfonyl)amide ([EMI][TFSA]). The end-blocks associate into cross-links, while the midblocks are well-solvated by this ionic liquid. In terms of viscoelastic properties, it was found that the plateau modulus of the gels depends primarily on concentration and the molecular weight of the mid-block, while high temperature behavior is controlled by the length of the end-blocks. A body-centered cubic (BCC) structure was observed at elevated temperatures only for gels with short end-blocks due to end-block pull-out from the cross-linking cores, while the relaxation of the end-blocks are within the cores for gels with long end-blocks. In terms of electrical properties, the double-layer capacitance of the gels was found to be fairly insensitive to polymer content and identity, whereas the ionic conductivity varies significantly especially at polymer concentrations of more than 20 wt%. It was also found that the presence of the end-blocks primarily obstructs the ion paths without much effect on ion number density. In terms of materials design, a flexible, low molecular weight mid-block is desirable. Generally, there is a trade-off between ionic conductivity and shear modulus for this type of gels. To enhance the mechanical properties of the gels, a novel ion gel based on poly[(styrene-r-vinylbenzyl azide)-b-ethylene oxide-b-(styrene-r-vinylbenzyl azide)] (SOS-N3) with chemically cross-linkable end-blocks was prepared. The gel with 10 wt% polymer goes through two transitions as temperature increases: solid (physically crosslinked network) --> liquid --> solid (chemically cross-linked network). The modulus and ionic conductivity was found to remain fairly constant after chemical cross-linking, while the toughness is more than 8 times higher. This demonstrates a promising approach to improve the mechanical properties of a moderately dilute gel without interfering with the high ionic conductivity. Overall, BCP-based ion gels are promising SPEs for transistor and capacitor applications. Through judicious selection of the triblocks, the properties of the gels can be tuned to fulfill different requirements.Zhang, Sipei. (2012). Block copolymer-based ion gels as solid polymer electrolytes. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/148933

Impact of M&A deals on firm's accounting information quality

Les opérations de fusions et acquisitions constituent un élément central de l’économie de marché et parallèlement forment l’un des principaux vecteurs de la dynamique de nos structures industrielles. Notre thèse vise à apprécier de façon objective et scientifique l’impact des opérations de fusions et d’acquisitions sur la qualité de l’information comptable produite par les entreprises. Compte tenu de son importance pour les acteurs économiques, la qualité de l’information comptable est d’abord comprise comme la qualité des résultats publiés par l’entreprise. Trois principaux axes sont dégagés au sein de cette problématique, qui constitue les trois principaux chapitres de notre thèse. Notre travail s’appuie sur une base de données regroupant les opérations des fusions et acquisitions entre les entreprises cotées sur le marché américain de l’année 1986 à l’année 2013. Les principes de ces chapitres sont les suivantes. Nous montrons tout d’abord que les entreprises impliquées dans les opérations payées par une combinaison de titres et de liquidités, opération ayant connues un fort développement, ont un comportement en manière de gestion de résultat proche des entreprises payant uniquement en titres, et à ce jour seules documentées. Nous établissons ensuite que la gestion de résultat de ces entreprises ne se réduit pas à la seule gestion des compte d’”accruals ". Nous montrons que les entreprises mobilisent également d’autre techniques, soit des méthodes purement comptables au travers par rendre de choix de classification des items, soit des méthodes ayant un impact sur les conditions réelles d’exploitation, au travers par exemple de l’ajustement des dépenses de R&D. Des liens de substitution / complémentarité entre ces différentes formes de gestion des résultats sont mise à jour, et mise en perspective des choix de méthodes de paiement des opérations. L’impact de la gestion des résultats sur la performance des acquéreurs est également analysé. Nous établissons en particuliers que si un degré modéré de gestion des résultats pourrait avoir des conséquences positives en manière de la performance, un comportement agressif en matière de gestion des résultats conduisant à reconnaitre un impact négatif sur la performance. Cela étant, il semble que la richesse des actionnaires ne soit affectée que très marginalement par ces choix de gestion des résultats, ceci autant à court terme que à long terme.The Merger and Acquisition (M&A) operations constitute a key element of market economy and meanwhile form one of the main vectors of the dynamics of the industrial structures. This thesis aims at analyzing the impact of M&A operations on acquiring firm’s accounting information quality. The accounting information quality shall be interpreted first of all, as the quality of earnings. Three main axes are emerged in this problematic and constitute three main chapters of this thesis. By observing all public M&A transactions on the U.S. market from the year 1986 to 2013, these three chapters provide following main contributions. First we find the acquiring firms that involved in the mixed payment acquisition have undergone notable development, have earnings management (EM) behaviors around acquisition years. However, prior study only documented a certain kind of behaviors of the 100% stock exchange acquirers. Plus, we indicate that the EM behavior of acquiring firm is not constraint to the accruals management (AM). We show that they are also likely to use many other ways, either accounting treatment through classification shifting, or real earnings management (REM) methods, for example through the budgetary adjustment of the R&D expenditures. A close link is found between the choice of EM methods and acquisition payment method. Moreover, a substitution / complementary effect is also noted between different forms of EM methods. The impact of these EM strategies on acquiring firm’s performance is also analyzed. A moderate way of EM has positive impact on future operating performance while a high degree of these EM behaviors bring a negative impact. Nonetheless, it seems that the shareholders' wealth is only marginally affected by the choice of EM methods, in the short term as well as the long term

L'impact des opérations de fusions et acquisitions sur la qualité de l'information comptable.

The Merger and Acquisition (M&A) operations constitute a key element of market economy and meanwhile form one of the main vectors of the dynamics of the industrial structures. This thesis aims at analyzing the impact of M&A operations on acquiring firm’s accounting information quality. The accounting information quality shall be interpreted first of all, as the quality of earnings. Three main axes are emerged in this problematic and constitute three main chapters of this thesis. By observing all public M&A transactions on the U.S. market from the year 1986 to 2013, these three chapters provide following main contributions. First we find the acquiring firms that involved in the mixed payment acquisition have undergone notable development, have earnings management (EM) behaviors around acquisition years. However, prior study only documented a certain kind of behaviors of the 100% stock exchange acquirers. Plus, we indicate that the EM behavior of acquiring firm is not constraint to the accruals management (AM). We show that they are also likely to use many other ways, either accounting treatment through classification shifting, or real earnings management (REM) methods, for example through the budgetary adjustment of the R&D expenditures. A close link is found between the choice of EM methods and acquisition payment method. Moreover, a substitution / complementary effect is also noted between different forms of EM methods. The impact of these EM strategies on acquiring firm’s performance is also analyzed. A moderate way of EM has positive impact on future operating performance while a high degree of these EM behaviors bring a negative impact. Nonetheless, it seems that the shareholders' wealth is only marginally affected by the choice of EM methods, in the short term as well as the long term.Les opérations de fusions et acquisitions constituent un élément central de l’économie de marché et parallèlement forment l’un des principaux vecteurs de la dynamique de nos structures industrielles. Notre thèse vise à apprécier de façon objective et scientifique l’impact des opérations de fusions et d’acquisitions sur la qualité de l’information comptable produite par les entreprises. Compte tenu de son importance pour les acteurs économiques, la qualité de l’information comptable est d’abord comprise comme la qualité des résultats publiés par l’entreprise. Trois principaux axes sont dégagés au sein de cette problématique, qui constitue les trois principaux chapitres de notre thèse. Notre travail s’appuie sur une base de données regroupant les opérations des fusions et acquisitions entre les entreprises cotées sur le marché américain de l’année 1986 à l’année 2013. Les principes de ces chapitres sont les suivantes. Nous montrons tout d’abord que les entreprises impliquées dans les opérations payées par une combinaison de titres et de liquidités, opération ayant connues un fort développement, ont un comportement en manière de gestion de résultat proche des entreprises payant uniquement en titres, et à ce jour seules documentées. Nous établissons ensuite que la gestion de résultat de ces entreprises ne se réduit pas à la seule gestion des compte d’”accruals ". Nous montrons que les entreprises mobilisent également d’autre techniques, soit des méthodes purement comptables au travers par rendre de choix de classification des items, soit des méthodes ayant un impact sur les conditions réelles d’exploitation, au travers par exemple de l’ajustement des dépenses de R&D. Des liens de substitution / complémentarité entre ces différentes formes de gestion des résultats sont mise à jour, et mise en perspective des choix de méthodes de paiement des opérations. L’impact de la gestion des résultats sur la performance des acquéreurs est également analysé. Nous établissons en particuliers que si un degré modéré de gestion des résultats pourrait avoir des conséquences positives en manière de la performance, un comportement agressif en matière de gestion des résultats conduisant à reconnaitre un impact négatif sur la performance. Cela étant, il semble que la richesse des actionnaires ne soit affectée que très marginalement par ces choix de gestion des résultats, ceci autant à court terme que à long terme

Do Social Pensions Affect the Physical and Mental Health of Rural Children in China? An Intergenerational Care Perspective

Research Purpose: This study aimed to explore the effect of China’s New Rural Pension (NRP) on the physical and mental health of rural children from the perspective of intergenerational care, and to examine whether family childcare types and the child’s gender affect the relationships between social pensions and the physical and mental health of rural children. Methods: We used data from the 2016 China Family Panel Studies (CFPS) of the China Social Science Survey Center, a nationally representative sample at the individual, family, and county levels from 25 provinces (cities and districts) in China. A total of 2142 sets of valid samples of children, the elderly, family economic and social conditions, and basic family information were retained after data screening. The regression discontinuity (RD) method was employed for the statistical analyses. Results: The NRP had a significant effect on both the mental health (β = −2.818, p < 0.1) and physical health (β = −2.214, p < 0.1) of rural children. This effect varied with the family childcare type and child’s gender. Conclusions: We reveal a positive effect of the NRP on the physical and mental health of rural children. Therefore, the establishment of a social pension system may be used as an effective approach to enhance the health of rural children. The impact of the NRP on the physical and mental health of children differs with the family childcare type and their gender, which should be taken into consideration when using social pensions to enhance child health

Institutional Environment and IPO Strategy: A Study of ChiNext in China

Taking an institution-based view, we investigate how entrepreneurs respond to immature regulatory environments in order to be listed on stock markets in countries with an emerging economy. Unlike stock markets in developed countries, in emerging markets, gaining government approval for listing is a critical and more unpredictable process for entrepreneurs. Hence, entrepreneurs who are preparing for a public offering might give substantially discounted shares to venture capital (VC) investors. This will lead to higher investment returns in pre-IPO deals than those at earlier stages, which distorts the risk-return tradeoff found in developed markets. In particular, the VC investors affiliated with powerful organizations that can promise entrepreneurs preferential access to stock market gatekeepers will gain even higher pre-IPO investment returns. The associated additional institutional rents earned by VC investors, however, are expected to decrease over time, as the stock markets mature. Related hypotheses with regard to the investment timing, VC firm affiliations with government agencies, securities traders, and universities are tested using data from ChiNext in China (2009–2013). This study highlights that institutional factors impact the behavior of participants in emerging markets. It extends current theories derived almost exclusively from developed markets.This article is from Management and Organization Review; 2017, 13(2); 399-430. DOI: 10.1017/mor.2016.40. Posted with permission.</p