The impacts of cash flow volatility on Chinese firms: investment, debt maturity, cost of capital

This thesis attempts to investigate cash flow volatility on Chinese listed firms. It mainly consists of three empirical chapters on the relation between cash flow volatility and Chinese firms' investment, debt maturity, cost of capital. The first empirical chapter examines the relation between cash flow volatility and investment by Chinese listed firms. I find that, in China, cash flow volatility is negatively related to firms’ investment. This effect of cash flow volatility is obvious for financially constrained firms. However, for financially unconstrained firms, the effects of cash flow volatility are relatively less importance. I also find that the market-to-book ratio has a greater impact on the sensitivity of investment to cash flow volatility than other proxies of financial constraints. Finally, financially constrained firms hold more cash to smooth cash flow, while financially unconstrained firms do not increase cash holdings when they experience high cash flow volatility. The second empirical chapter examines the relation between cash flow volatility and the debt maturity of Chinese listed firms. The findings of this chapter show that cash flow volatility does not affect the debt maturity of Chinese firms. As the dependent variables are proportional or fractional variables, I introduce two kinds of fractional response models. The first follows the Papke and Wooldridge (1993), while the second is an extension of the fractional response model proposed by Wooldridge et al. (2011). For the robustness tests, I use the Tobit model, OLS and the Fixed Effects model to estimate the specification. All the results demonstrate that cash flow volatility does not affect the debt maturity of listed Chinese manufacturing firms. The last empirical chapter investigates the impact of cash flow volatility on the cost of capital in China, distinguishing between the cost of debt and the cost of equity. Four methods are introduced to measure the cost of capital. The industry method (Gebhardt et al., 2001), the PEG ratio (price-earnings ratio divided by short-term earnings growth rate) proposed by (Easton, 2004), and the average of these two methods (PEG ratio and industry method) are used to measure the cost of equity. The measure for the cost of debt is based on the method in Chen and Zhu (2013). To estimate the models, I use two different methods: Fama-Macbeth adjusted using a Newey-West procedure and OLS (clustering by firms). The empirical results show that cash flow volatility increases the cost of equity in China, while the cost of debt is not affected by the volatility of cash flow. The reason for the cost of debt not being affected by cash flow volatility is due to the immature bond market in China. Finally, this chapter finds that while state ownership decreases the cost of debt, it does not affect the cost of equity

DALNet: A Rail Detection Network Based on Dynamic Anchor Line

Rail detection is one of the key factors for intelligent train. In the paper, motivated by the anchor line-based lane detection methods, we propose a rail detection network called DALNet based on dynamic anchor line. Aiming to solve the problem that the predefined anchor line is image agnostic, we design a novel dynamic anchor line mechanism. It utilizes a dynamic anchor line generator to dynamically generate an appropriate anchor line for each rail instance based on the position and shape of the rails in the input image. These dynamically generated anchor lines can be considered as better position references to accurately localize the rails than the predefined anchor lines. In addition, we present a challenging urban rail detection dataset DL-Rail with high-quality annotations and scenario diversity. DL-Rail contains 7000 pairs of images and annotations along with scene tags, and it is expected to encourage the development of rail detection. We extensively compare DALNet with many competitive lane methods. The results show that our DALNet achieves state-of-the-art performance on our DL-Rail rail detection dataset and the popular Tusimple and LLAMAS lane detection benchmarks. The code will be released at https://github.com/Yzichen/mmLaneDet

In-Plane Anisotropies of Polarized Raman Response and Electrical Conductivity in Layered Tin Selenide

The group IV-VI compound SnSe, with an orthorhombic lattice structure, has recently attracted particular interest due to its unexpectedly low thermal conductivity and high power factor, showing great promise for thermoelectric applications. SnSe displays intriguing anisotropic properties due to the puckered low-symmetry in-plane lattice structure. Low-dimensional materials have potential advantages in improving the efficiency of thermoelectric conversion, due to the increased power factor and decreased thermal conductivity. A complete study of the optical and electrical anisotropies of SnSe nanostructures is a necessary prerequisite in taking advantage of the material properties for high performance devices. Here, we synthesize the single crystal SnSe nanoplates (NPs) by chemical vapor deposition. The angular dependence of the polarized Raman spectra of SnSe NPs shows anomalous anisotropic light-mater interaction. The angle-resolved charge transport of the SnSe NPs expresses a strong anisotropic conductivity behavior. These studies elucidate the anisotropic interactions which will be of use for future ultrathin SnSe in electronic, thermoelectric and optoelectronic devices.Comment: 25 pages, 9 figures, 3 table

Lactobacillus reuteri in digestive system diseases: focus on clinical trials and mechanisms

ObjectivesDigestive system diseases have evolved into a growing global burden without sufficient therapeutic measures. Lactobacillus reuteri (L. reuteri) is considered as a new potential economical therapy for its probiotic effects in the gastrointestinal system. We have provided an overview of the researches supporting various L. reuteri strains’ application in treating common digestive system diseases, including infantile colic, diarrhea, constipation, functional abdominal pain, Helicobacter pylori infection, inflammatory bowel disease, diverticulitis, colorectal cancer and liver diseases.MethodsThe summarized literature in this review was derived from databases including PubMed, Web of Science, and Google Scholar.ResultsThe therapeutic effects of L. reuteri in digestive system diseases may depend on various direct and indirect mechanisms, including metabolite production as well as modulation of the intestinal microbiome, preservation of the gut barrier function, and regulation of the host immune system. These actions are largely strain-specific and depend on the activation or inhibition of various certain signal pathways. It is well evidenced that L. reuteri can be effective both as a prophylactic measure and as a preferred therapy for infantile colic, and it can also be recommended as an adjuvant strategy to diarrhea, constipation, Helicobacter pylori infection in therapeutic settings. While preclinical studies have shown the probiotic potential of L. reuteri in the management of functional abdominal pain, inflammatory bowel disease, diverticulitis, colorectal cancer and liver diseases, its application in these disease settings still needs further study.ConclusionThis review focuses on the probiotic effects of L. reuteri on gut homeostasis via certain signaling pathways, and emphasizes the importance of these probiotics as a prospective treatment against several digestive system diseases

Maternal supplementation with Limosilactobacillus reuteri FN041 for preventing infants with atopic dermatitis: study protocol for a randomized controlled trial

BackgroundAtopic dermatitis (AD) has increased rapidly with rapid urbanization; however, the treatment options for AD are lacking because the commonly used therapies can only alleviate symptoms. Limosilactobacillus reuteri (L. reuteri), FN041 is a specific strain isolated from human breast milk, and its protective potential against AD has been confirmed. This study aims to assess the efficacy of maternal consumption of L. reuteri FN041 during late pregnancy and lactation in preventing infantile AD.MethodsFirst, a randomized, double-blind, placebo-controlled intervention study will be conducted on 340 pregnant females with babies at high risk for AD. These subjects will be randomly divided into four groups of different doses of L. reuteri FN041 (1 × 109, 5 × 109, and 1 × 1010 CFU/d) along with a placebo. The safety and efficacy of maternal use of L. reuteri FN041 for preventing infantile AD will be analyzed, and the most efficient dosage of L. reuteri FN041 will be determined. Subsequently, a multicenter cohort study of 500 pregnant females with babies at high risk for AD will be conducted to promote the maternal application of L. reuteri FN041. These subjects will be administered L. reuteri FN041 at the optimal dose determined during the first stage of late pregnancy and lactation, and their babies will be analyzed for AD development. Recruitment was initiated in October 2022.DiscussionThe primary outcome is the cumulative incidence of AD at 24 months after maternal consumption of L. reuteri FN041 during late pregnancy and lactation, whereas the secondary outcome is the efficiency of L. reuteri FN041 transfer from the mother’s gut to breast milk and then the infant’s gut after oral supplementation. This study will demonstrate the efficacy of edible probiotics isolated from breast milk in preventing or treating AD in infants. Accordingly, we provide population-based advice for administering specific probiotics for the primary prevention of AD in pregnant females. Understanding the underlying mechanisms of probiotic strains derived from breast milk can promote their application in preventing infant diseases associated with intestinal microbiota imbalance and immune disorders.Clinical trial registrationhttps://www.chictr.org.cn/, identifier [ChiCTR2300075611]

Leonurine promotes the maturation of healthy donors and multiple myeloma patients derived-dendritic cells via the regulation on arachidonic acid metabolism

Objective: Leonurine is a bioactive alkaloid compound extracted from Leonurus japonicus Houtt, which potentially has immunomodulatory effects. The immunomodulatory effect and mechanism of leonurine on monocyte derived dendritic cells (moDCs) from healthy donors (HDs) and multiple myeloma (MM) patients were investigated for the first time.Methods: Peripheral blood from HDs and MM patients was isolated for peripheral blood mononuclear cells (PBMCs). The generation of moDCs was conducted by the incubation of monocytes from PBMCs in the medium consisting of RPMI 1640 medium, 2 mmol/L L-glutamine, 5% human serum, 800 U/mL GM-CSF, 500 U/mL IL-4, 100 U/mL penicillin and 0.1 mg/mL streptomycin. During the incubation of 7 days, the cells were administrated with 1 μM leonurine or 1 × PBS as the control group. On the 8th day, cells were harvested. The expression of maturation associated surface markers CD40, CD83, and HLA-DR on moDCs was analyzed by flow cytometry. Moreover, moDCs with or without 1 μM leonurine administration were evaluated by LC-MS/MS for metabolomics which was further analyzed for the potential mechanism of leonurine on moDCs.Results: The proportion of moDCs in the harvested cells was significantly higher in the HD group (n = 14) than in the MM patient group (n = 11) (p = 0.000). Leonurine significantly enhanced the median fluorescence intensity of CD83, HLA-DR and CD40 expression on HD-moDCs (n = 14; p = 0.042, p = 0.013, p = 0.084) as well as MM paitent-moDCs (n = 11; p = 0.020, p = 0.006, p = 0.025). The metabolomics data showed that in moDCs (HD, n = 15), 18 metabolites in the pathway of arachidonic acid metabolism showed significant differences between the leonurine group and the control group (VIP all >1 and P all <0.05). To be specific, 6-Keto-PGE1, 8,9-DHET, 11 (R)-HETE, 12-Keto-LTB4, 12-OxoETE, 15 (S)-HETE, 15-Deoxy-Delta12,14-PGJ2, 15-Keto-PGF2a, 20-COOH-LTB4, Lecithin, PGA2, PGB2, PGE2, PGF2a, PGG2, Prostacyclin were significantly upregulated in the leonurine group than in the control group, while Arachidonic Acid and TXB2 were significantly downregulated in the leonurine group than in the control group.Conclusion: Leonurine significantly promotes the maturation of moDCs derived from HDs and MM patients, the mechanism of which is related to arachidonic acid metabolism

Aspirin Inhibits Natural Killer/T-Cell Lymphoma by Modulation of VEGF Expression and Mitochondrial Function

Extranodal nasal-type natural killer/T-cell lymphoma (NKTCL) is an Epstein-Barr virus (EBV)-associated lymphoma with a strong tendency relapse or be refractory in response to chemotherapy. Development of a new strategy for NKTCL treatment is still quite necessary. In this study, we found that aspirin treatment suppresses VEGF expression in NKTCL SNK-6 cells. Further investigation showed that aspirin treatment increases histone methylation in the range of −100~0 that is proximal to the transcription start site on the VEGF promoter, subsequently decreasing the binding ability of Sp1 to the VEGF promoter with VEGF suppression. Furthermore, aspirin treatment modulates mitochondrial function with increased ROS formation and apoptosis in NKTCL cells. Aspirin treatment alone slightly inhibits NKTCL SNK-6 tumor growth and EBV replication; while in the presence of histone deacetylase inhibitor (HDACi) chidamide (CDM), aspirin significantly suppresses the VEGF signaling pathway with increased ROS overgeneration and EBV inhibition. We also showed that with the addition of chidamide, aspirin significantly suppresses NKTCL tumor growth in both in vitro cell culture and in vivo mouse model with prolonged mouse survival. This is the first time that the potential mechanism for aspirin-mediated VEGF suppression and anti-tumor effect has been discovered, and this study provides a new strategy for anti-tumor drug development for NKTCL treatment based on aspirin-mediated targeting of the VEGF signaling pathway and ROS formation