The Performance and Long-Run Characteristics of the Chinese IPO Market

We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is found to be 127.31%, and the initial returns on both stock exchanges are not significantly different from each other. The average market-adjusted buy and hold return over the three years after listing is 10.26%, which is significantly different from zero at the 1% level. We then use cross-sectional analysis to explain the long-run supernormal performance of Chinese PIPOs, and find that government ownership, the offering size and the feature of belonging to a high-tech industry are the main determinants of the long-run performance. In addition, firms that perform better in the long-run tend to make more Seasoned Equity Offerings (SEOs), and the underpricing of IPOs is negatively related to their long-run performance.IPO; underpricing; long-run performance; government ownership; offering size; high tech industry; China

Short-Run Under Pricing and its Characteristics in Chinese IPO Markets

We study the short-run performance of the Chinese privatization initial public offerings (PIPOs), using data of 668 new issues on the both Shanghai and Shenzhen Stock Exchanges from 1 January 1996 through 31 December 2000. We find that the average market-adjusted initial returns on the 1st, 5th, 10th, and 20th trading days are 129.16%, 126.93%, 126.93% and 124.95%. We use cross-sectional analysis to explain the extraordinarily severe underpricing of Chinese IPOs, and find the IPO underpricing is primarily explained by the high demand, caused by the quota system, and the high proportion of uninformed individual investors. Estimation results show that the Information Asymmetry Hypothesis explains the underpricing in the Chinese IPO markets well, while the Signaling Hypothesis does not. In terms of the government behaviour, the government does not send signals to the market on the quality of the issuers by underpricing, but it does capture the market opportunities to time IPOs to get the best market feedback on IPOs. In addition, government ownership has a negative impact on the underpricing, which shows that privatization is welcomed by the investors.Initial public offerings: Underpricing: Quota System: Asymmetric information: signaling; china

On the Basic Problems of “Four History” Education for College Students

To carry out the “four history” education in colleges and universities, so that students consciously associate their personal ideals with the fate of the country and the nation, is the inevitable path to push forward the great rejuvenation of the Chinese nation in the new era.From values, teleology and methodology triple dimensions to clarify why in colleges and universities to carry out the “4 s” education, “four history” what person education to cultivate and how to better carry out the basic problems, such as “4 s” education in colleges and universities to promote the college students “4 s” education high quality development, make college students four firm confidence has important practical significance

An experimental study on removal cadmium from wastewater by emulsion liquid membrane

Research was conducted on cadmium, a heavy metal pollutant, extraction out of wastewater by means of an emulsion liquid membrane system. The emulsion liquid membrane was made of a carrier (di(2-ethylhexyl) phosphoric acid), a surfactant (ECA 4360J), and a stripping agent (sulfuric acid). The effects of using the following parameters on the membrane to optimize the operating conditions were investigated: type of buffer solutions, initial external phase pH, initial cadmium concentration, internal sulfuric acid concentration, impeller stirring speed, carrier concentration, surfactant concentration, and selectivity between cadmium and sodium ion. The best performance for the system presented in this thesis was: The buffer solution is sodium phosphate with citric acid. The pH in the external phase should be maintained between 4-5. Those concentrations in the membrane should be: 3 wt % carrier and 3 wt % surfactant. The internal stripping agent is 6M sulfuric acid and the impeller stirring rate is 300 rpm. The ratio of the membrane phase to the internal phase is 82:18. Under these conditions, a single stage extraction performance of 98% is obtained within thirty minutes

cAMP Pulsing of Denuded Mouse Oocytes Increases Meiotic Resumption Via Activation of AMP-activated Protein Kinase

cAMP plays a critical role in the control of oocyte maturation, as a high level of cAMP maintains oocyte arrest at the first meiotic prophase. Yet this study shows that pulsing meiotically arrested denuded oocytes (DO) with cAMP induces oocyte maturation through the activation of AMP-activated protein kinase (PRKA). Short-term (3 h) pulsing of meiotically arrested oocytes with forskolin, an adenyl cyclase (AC) activator, increased oocyte cAMP, led to elevated AMP, and induced oocyte meiotic resumption compared to oocytes continuously cultured in the control medium with or without forskolin. Western analysis showed that germinal vesicle (GV)-stage oocytes after forskolin pulsing contained increased levels of phospho-acetyl CoA carboxylase (pACACA), a primary substrate of PRKA. Pulsing oocytes with the phosphodiesterase (PDE)-sensitive cAMP analog, 8-bromo-cAMP (8-Br-cAMP), also increased pACACA and pPRKA levels in GV-stage oocytes and induced oocyte meiotic resumption. Moreover, the PRKA inhibitors, compound C and araA, prevented 8-Br-cAMP pulsing-induced maturation. The lack of effect on meiotic induction and PRKA activation when oocytes were pulsed with the PDE-resistant activators of cAMP-dependent protein kinase, Sp-cAMP-AM and Sp-5,6-DCI-cBIMPS, suggests that cAMP degradation is required for pulsing-induced maturation. Pulsing oocytes with the exchange protein directly activated by cAMP (Epac)-specific activator, 8-CPT-2′-O-Me-cAMP, had no stimulatory effect on oocyte maturation, suggesting Epac is not involved in the pulsing-induced maturation. Taken together, these data support the idea that a transient increase in oocyte cAMP can induce meiotic resumption via activation of PRKA

Direction-aware Spatial Context Features for Shadow Detection

Shadow detection is a fundamental and challenging task, since it requires an understanding of global image semantics and there are various backgrounds around shadows. This paper presents a novel network for shadow detection by analyzing image context in a direction-aware manner. To achieve this, we first formulate the direction-aware attention mechanism in a spatial recurrent neural network (RNN) by introducing attention weights when aggregating spatial context features in the RNN. By learning these weights through training, we can recover direction-aware spatial context (DSC) for detecting shadows. This design is developed into the DSC module and embedded in a CNN to learn DSC features at different levels. Moreover, a weighted cross entropy loss is designed to make the training more effective. We employ two common shadow detection benchmark datasets and perform various experiments to evaluate our network. Experimental results show that our network outperforms state-of-the-art methods and achieves 97% accuracy and 38% reduction on balance error rate.Comment: Accepted for oral presentation in CVPR 2018. The journal version of this paper is arXiv:1805.0463

A WENO Algorithm of the Temperature and Ionization Profiles around a Point Source

We develop a numerical solver for radiative transfer problems based on the weighted essentially nonoscillatory (WENO) scheme modified with anti-diffusive flux corrections, in order to solve the temperature and ionization profiles around a point source of photons in the reionization epoch. Algorithms for such simulation must be able to handle the following two features: 1. the sharp profiles of ionization and temperature at the ionizing front (I-front) and the heating front (T-front), and 2. the fraction of neutral hydrogen within the ionized sphere is extremely small due to the stiffness of the rate equations of atom processes. The WENO scheme can properly handle these two features, as it has been shown to have high order of accuracy and good convergence in capturing discontinuities and complicated structures in fluid as well as to be significantly superior over piecewise smooth solutions containing discontinuities. With this algorithm, we show the time-dependence of the preheated shell around a UV photon source. In the first stage the I-front and T-front are coincident, and propagate with almost the speed of light. In later stage, when the frequency spectrum of UV photons is hardened, the speeds of propagation of the ionizing and heating fronts are both significantly less than the speed of light, and the heating front is always beyond the ionizing front. In the spherical shell between the I- and T-fronts, the IGM is heated, while atoms keep almost neutral. The time scale of the preheated shell evolution is dependent on the intensity of the photon source. We also find that the details of the pre-heated shell and the distribution of neutral hydrogen remained in the ionized sphere are actually sensitive to the parameters used. The WENO algorithm can provide stable and robust solutions to study these details.Comment: 24 pages, 7 figures, accepted in New Astronom