Does Underwriter Reputation Promote Fair Pricing Behavior In The IPO Process? Evidence From ChiNext-Listed Firms

Motivated by the observation of three long-existing phenomena in the ChiNext market which are high issuing prices, high price-earnings ratios, and strikingly high capital raised in IPOs this study empirically examines whether underwriters reflect fair attitudes toward, and treatment of, different stakeholders through accurate pricing and whether the attitude varies with different underwriter reputations. We do this by investigating whether the extent of underpricing is significantly reduced by underwriter reputation. We find that the role of underwriter reputation as a mechanism of disciplining opportunistic behavior and as a third-party certification is muted. Although underwriter reputation is still highly correlated with offering price, underwriter reputation doesnt lower underpricing effectively. Underwriters simply take advantage of their reputation for their selfish interests, which unethically damages stock investment returns, especially for the small and middle shareholders. We conclude that underwriters do not exhibit good business ethics to promote fair pricing in ChiNext IPOs

Evolutionary Trajectories of IDH Glioblastomas Reveal a Common Path of Early Tumorigenesis Instigated Years ahead of Initial Diagnosis

We studied how intratumoral genetic heterogeneity shapes tumor growth and therapy response for isocitrate dehydrogenase (IDH)-wild-type glioblastoma, a rapidly regrowing tumor. We inferred the evolutionary trajectories of matched pairs of primary and relapsed tumors based on deep whole-genome-sequencing data. This analysis suggests both a distant origin of de novo glioblastoma, up to 7 years before diagnosis, and a common path of early tumorigenesis, with one or more of chromosome 7 gain, 9p loss, or 10 loss, at tumor initiation. TERT promoter mutations often occurred later as a prerequisite for rapid growth. In contrast to this common early path, relapsed tumors acquired no stereotypical pattern of mutations and typically regrew from oligoclonal origins, suggesting sparse selective pressure by therapeutic measures

Design and Synthesis of Layered Na₂Ti₃O₇ and Tunnel Na₂Ti₆O₁₃ Hybrid Structures with Enhanced Electrochemical Behavior for Sodium-Ion Batteries

A novel complementary approach for promising anode materials is proposed. Sodium titanates with layered Na2Ti3O7 and tunnel Na2Ti6O13 hybrid structure are presented, fabricated, and characterized. The hybrid sample exhibits excellent cycling stability and superior rate performance by the inhibition of layered phase transformation and synergetic effect. The structural evolution, reaction mechanism, and reaction dynamics of hybrid electrodes during the sodium insertion/desertion process are carefully investigated. In situ synchrotron X‐ray powder diffraction (SXRD) characterization is performed and the result indicates that Na+ inserts into tunnel structure with occurring solid solution reaction and intercalates into Na2Ti3O7 structure with appearing a phase transition in a low voltage. The reaction dynamics reveals that sodium ion diffusion of tunnel Na2Ti6O13 is faster than that of layered Na2Ti3O7. The synergetic complementary properties are significantly conductive to enhance electrochemical behavior of hybrid structure. This study provides a promising candidate anode for advanced sodium ion batteries (SIBs)

Does state-owned capital matter for private enterprise: a research based on trade credit

The introduction of state-owned capital into private enterprises is an important form of mixed-ownership reform, but it is often labeled as ‘state advancement and private retreat’ or ‘retrogression in reform’ in China. Based on the sample of listed private manufacturers, we find the introduction of state-owned capital can significantly improve trade credit of private enterprises. Due to the complementary advantages, private enterprises benefit from state-owned capital by getting more trade credit. Moreover, we find there will be a profound impact only in the regions with high degrees of marketization. An important policy implication is that we should continue to promote market-oriented reforms and focus on encouraging state-owned capital to enter private enterprises in high marketization regions

Peking Opera and Mei Lanfang : A Guide to China's Traditional Theatre And the Art of Its Great Master

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Identification of Signature Genes in the PD-1 Relative Gastric Cancer Using a Combined Analysis of Gene Expression and Methylation Data

Background. The morbidity and mortality rates for gastric cancer (GC) rank second among all cancers, indicating the serious threat it poses to human health, as well as human life. This study aims to identify the pathways and genes as well as investigate the molecular mechanisms of tumor-related genes in gastric cancer (GC). Method. We compared differentially expressed genes (DEGs) and differentially methylated genes (DMGs) in gastric cancer and normal tissue samples using The Cancer Genome Atlas (TCGA) data. The Kyoto Encyclopedia of Gene and Genome (KEGG) and the Gene Ontology (GO) enrichment analysis’ pathway annotations were conducted on DMGs and DEGs using a clusterProfiler R package to identify the important functions, as well as the biological processes and pathways involved. The intersection of the two was chosen and defined as differentially methylated and expressed genes (DMEGs). For DMEGs, we used the principal component analysis (PCA) to differentiate gastric cancer from adjacent samples. The linear discriminant analysis method was applied to categorize the samples using DMEGs methylation data and DMEGs expression profiles data and was validated using the leave-one-out cross-validation (LOOCV) method. We plotted the ROC curve for the classification and calculated the AUC (area under the ROC curve) value for a more intuitive view of the classification effect. We also used the NetworkAnalyst 3.0 tool to analyze DMEGs, using DrugBank to acquire information on protein-drug interactions and generate a network map of gene-drug interactions. Results. We identified a total of 971 DMGs in 188 PD-1 negative and 187 PD-1 positive gastric cancer samples obtained from TCGA. The KEGG and GO enrichment analysis showed the involvement of the regulation of ion transmembrane transport, collagen-containing extracellular matrix, cell-cell junction, and peptidase regulator activity. We simultaneously obtained 1,189 DEGs, out of which 986 were downregulated, while 203 were upregulated in tumors. The enriched analysis of the GO’s and KEGG’s pathways indicated that the most significant pathways included an intestinal immune network for IgA production, Staphylococcus aureus infection, cytokine-cytokine receptor interaction, and viral protein interaction with cytokine and cytokine receptor, which have previously been linked with gastric cancer. The compound DB01830 can bind well to the active site of the LCK protein and shows good stability, thus making it a potential inhibitor of the LCK protein. To observe the relationship between DMEGs’ expression and prognosis, we observed 10 genes, among which were TRIM29, TSPAN8, EOMES, PPP1R16B, SELL, PCED1B, IYD, JPH1, CEACAM5, and RP11-44K6.2. Their high expressions were related to high risks. Besides, those genes were validated in different internal and external validation sets. Conclusion. These results may provide potential molecular biological therapy for PD-1 negative gastric cancer

Optimization of NixCo1-x-yMnySe2 composition for efficient sodium storage

Due to the low cost and the abundance of Na resources, sodium-ion batteries (SIBs) have emerged as leading candidates for next-generation energy storage devices. For Se-based anodes, large volume expansion during cycling leads to poor structural reversibility and fast capacity fade. To overcome it, the heterostructured Ni1/3-xCo1/3-yMn1/3-zSe2/MnSe2 is constructed via tuning metal ratio with good controllability, in which the functionalities of heterostructure in realizing high-performance SIBs is comprehensively studied. Benefiting from the synergistic effect of element ratio optimization and heterostructure construction, Ni1/3-xCo1/3-yMn1/3-zSe2/MnSe2 simultaneously realizes high capacity, fast Na+ storage performance, and long-cycling durability. Remarkably, it exhibits a specific capacity of around 400 mAh g−1 at 2 A g−1, and achieves a capacity retention as high as ∼ 99.9 % after 2000 cycles, outperforming most Se-based anodes. Therefore, this work not only demonstrates the significance of heterostructure engineering in a cubic NixCo1-x-yMnySe2 anode, but also opens a new avenue for achieving high-performance electrode materials based on heterostructure construction

Insight into the Origin of Capacity Fluctuation of Na2Ti6O13 Anode in Sodium Ion Batteries

The capacity fluctuation phenomenon during cycling, which is closely related with solid electrolyte interphase and plays a key role for the design for advanced electrode, could be frequently observed in the titanium-based anode. However, the underlying reason for capacity fluctuation still remains unclear with rare related reports. Here, the origin of capacity fluctuation is verified with a long-life Na2Ti6O13 anode. The reaction mechanism, structural evolution and reaction kinetics during the reported sodiation/desodiation processes were carefully investigated. The gradually enhanced diffusion controlled contribution resulted in the capacity increasing. And the capacity decay could be ascribed to the irreversible reaction of metallic titanium formation and the increasing potential polarization. It is worth noting that sodium ions seem to partially reduce NTO to metallic state, which is irreversible. The present study can provide more information for the design of advanced Na2Ti6O13 anode.</p

Enhanced sodium storage property of sodium vanadium phosphate via simultaneous carbon coating and Nb5+ doping

Featuring favorable ion transfer and high thermal stability, NASICON-structured NaV(PO) has been regarded as a promising cathode candidate for sodium-ion batteries. However, this material might be impeded by inferior rate capability owing to its disappointing electron conductivity. To address this issue, a combined technique of carbon coating and Nb doping was carried out for the first time. On one hand, the coated carbon nano-shell could construct an electron-conductive network and buffer the volume stain. On the other hand, the introduction of Nb into the NaV(PO) crystal could regulate the relevant crystal parameters and create more vacancies, further facilitating the transfer of sodium ions. As a result, the optimized Nb-doped NaV(PO)@C material achieved an excellent performance of 81.6 mA h g at 50C and a high-capacity retention ratio of 80.8% even after 1600 cycles. This work not only highlights the significance of carbon coating and Nb doping, but also shows promising opportunities in potential cathode alternatives for sodium-ion batteries