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

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

Metabolomics Mechanism and Lignin Response to Laxogenin C, a Natural Regulator of Plants Growth

Laxogenin C (LGC) is a natural spirostanol deriving from plant hormone which has shown growing regulation similar to those of brassinosteroids. In the present study, LGC showed a promoting effect on tomato seed germination and seedling growth in a dose-dependent manner. We applied LC-MS/MS to investigate metabolome variations in the tomato treated with LGC, which revealed 10 differential metabolites (DMs) related to KEGG metabolites, associated with low and high doses of LGC. Enrichment and pathway mapping based on the KEGG database indicated that LGC regulated expressions of 2-hydroxycinnamic acid and l-phenylalanine to interfere with phenylalanine metabolism and phenylpropanoids biosynthesis. The two pathways are closely related to plant growth and lignin formation. In our further phenotypic verification, LGC was confirmed to affect seedling lignification and related phenylpropanoids, trans-ferulic acid and l-phenylalanine levels. These findings provided a metabolomic aspect on the plant hormone derivates and revealed the affected metabolites. Elucidating their regulation mechanisms can contribute to the development of sustainable agriculture. Further studies on agrichemical development would provide eco-friendly and efficient regulators for plant growth control and quality improvement