Some Hypotheses on Commonality in Liquidity: New Evidence from the Chinese Stock Market

In this paper, we examine four specific hypotheses relating to commonality in liquidity on the Chinese stock markets. These hypotheses are: (a) that market-wide liquidity determines liquidity of individual stocks; (b) that liquidity varies with firm size; (c) that sectoral-based liquidity affects individual stock liquidities differently; and (d) that commonality in liquidity has an asymmetric effect. Based on a two-year dataset on the Shanghai and Shenzhen stock exchanges comprising of over 34 and 48 million transactions respectively, we find strong support for commonality in liquidity and a greater influence of industry-wide liquidity in explaining liquidity of individual stocks. Moreover, our results suggest that of the three main sectors – financial, industrial, and resources – industrial sector’s liquidity is most important in explaining individual stock liquidities. Finally, we do not find any evidence of size effects, and document an asymmetric effect of market-wide liquidity on liquidity of individual stocks.Commonality in Liquidity; Asymmetric Information; Size Effects; Chinese Stock Exchange.

Some hypothesis on commonality in liquidity: New evidence from the Chinese stock market

In this paper, we examine four specific hypotheses relating to commonality in liquidity on the Chinese stock markets. These hypotheses are: (a) that market-wide liquidity determines liquidity of individual stocks; (b) that liquidity varies with firm size; (c) that sectoral-based liquidity affects individual stock liquidities differently; and (d) that commonality in liquidity has an asymmetric effect. Based on a two-year dataset on the Shanghai and Shenzhen stock exchanges comprising of over 34 and 48 million transactions respectively, we find strong support for commonality in liquidity and a greater influence of industry-wide liquidity in explaining liquidity of individual stocks. Moreover, our results suggest that of the three main sectors â financial, industrial, and resources â industrial sector‟s liquidity is most important in explaining individual stock liquidities. Finally, we do not find any evidence of size effects, and document an asymmetric effect of market-wide liquidity on liquidity of individual stocks.Commonality in Liquidity; Asymmetric Information; Size Effects; Chinese

Persistency and Stein's Identity: Applications in Stochastic Discrete Optimization Problems

Ph.DDOCTOR OF PHILOSOPH

Mechanisms and Therapeutic Approaches of Systemic Inflammation-impaired Bone Regeneration

Inflammation plays an essential role in bone healing. In the early stages of bone healing, inflammation resolution is beneficial for bone regeneration. However, chronic inflammation as occurs in diseases like obesity, diabetes mellitus, and rheumatoid arthritis hinder bone regeneration. The aim of the thesis was to investigate the adverse effects of systemic inflammation in the osteogenic differentiation of mesenchymal stem cells (MSCs) and bone regeneration. To this end, this thesis specifically aimed to investigate: 1) The effect of leptindeficient obesity on periodontal health. 2) The bone regenerative effect of the combination of low-dose BMP2 and leptin in leptin-deficient obesity. 3) The role and mechanisms of noncoding RNAs (ncRNAs), particularly of Mir155 and piR48444 in the regulation of osteogenic differentiation of MSCs in vitro and in bone regeneration in vivo under typical physiological and inflammatory conditions. Our results provide the fundamental insights and novel treatment options for bone regeneration in different inflammatory conditions

Class-level Multiple Distributions Representation are Necessary for Semantic Segmentation

Existing approaches focus on using class-level features to improve semantic segmentation performance. How to characterize the relationships of intra-class pixels and inter-class pixels is the key to extract the discriminative representative class-level features. In this paper, we introduce for the first time to describe intra-class variations by multiple distributions. Then, multiple distributions representation learning(\textbf{MDRL}) is proposed to augment the pixel representations for semantic segmentation. Meanwhile, we design a class multiple distributions consistency strategy to construct discriminative multiple distribution representations of embedded pixels. Moreover, we put forward a multiple distribution semantic aggregation module to aggregate multiple distributions of the corresponding class to enhance pixel semantic information. Our approach can be seamlessly integrated into popular segmentation frameworks FCN/PSPNet/CCNet and achieve 5.61\%/1.75\%/0.75\% mIoU improvements on ADE20K. Extensive experiments on the Cityscapes, ADE20K datasets have proved that our method can bring significant performance improvement

Effect of renin-angiotensin system inhibitors on acute kidney injury among patients undergoing cardiac surgery: A review and meta-analysis

10.1053/j.semtcvs.2020.11.024SEMINARS IN THORACIC AND CARDIOVASCULAR SURGERY3341014-102