REEXAMING THE ECONOMIC RECOVERY TAX ACT OF 1981: EVIDENCE FROM INNOVATIVE EFFICIENCY

The research objective of this article is to examine the Economic Recovery Tax Act of 1981 (ERTA) on innovative efficiency, which measures how effectively firms convert research spending and existing human capital into new patents and products. Research method- wise, this study measures innovative efficiency by dividing the number of new patents to average R&D expenses and analyses how innovative efficiency changed after the ERTA using regression. The main conclusion is that the ERTA tax credit decreased innovative efficiency and competitions for research resources could explain this reduction. These findings provide new insights on the effectiveness of R&D tax policies from the efficiency perspective. Policy makers should consider these findings when designing R&D tax policies in the future

Bulk compositions of the Chang’E-5 lunar soil: Insights into chemical homogeneity, exotic addition, and origin of landing site basalts

Lunar soil is a fine mixture of local rocks and exotic components. The bulk-rock chemical composition of the newly returned Chang’E-5 (CE-5) lunar soil was studied to understand its chemical homogeneity, exotic additions, and origin of landing site basalts. Concentrations of 48 major and trace elements, including many low-concentration volatile and siderophile elements, of two batches of the scooped CE-5 soil samples were simultaneously obtained by inductively coupled plasma mass spectrometry (ICP-MS) with minimal sample consumption. Their major and trace elemental compositions (except for Ni) are uniform at milligram levels (2–4 mg), matching measured compositions of basaltic glasses and estimates based on mineral modal abundances of basaltic fragments. This result indicates that the exotic highland and KREEP (K, rare earth elements, and P-rich) materials are very low (<5%) and the bulk chemical composition (except for Ni) of the CE-5 soil can be used to represent the underlying mare basalt. The elevated Ni concentrations reflect the addition of about 1 wt% meteoritic materials, which would not influence the other bulk composition except for some highly siderophile trace elements such as Ir. The CE-5 soil, which is overall the same as the underlying basalt in composition, displays low Mg# (34), high FeO (22.7 wt%), intermediate TiO2 (5.12 wt%), and high Th (5.14 µg/g) concentrations. The composition is distinct from basalts and soils returned by the Apollo and Luna missions, however, the depletion of volatile or siderophile elements such as K, Rb, Mo, and W in their mantle sources is comparable. The incompatible lithophile trace element concentrations (e.g., Ba, Rb, Th, U, Nb, Ta, Zr, Hf, and REE) of the CE-5 basalts are moderately high and their pattern mimics high-K KREEP. The pattern of these trace elements with K, Th, U, Nb, and Ta anomalies of the CE-5 basalts cannot be explained by the partial melting and crystallization of olivine, pyroxene, and plagioclase. Thus, the mantle source of the CE-5 landing site mare basalt could have contained KREEP components, likely as trapped interstitial melts. To reconcile these observations with the initial unradiogenic Sr and radiogenic Nd isotopic compositions of the CE-5 basalts, clinopyroxene characterized by low Rb/Sr and high Sm/Nd ratios could be one of the main minerals in the KREEP-bearing mantle source. Consequently, we propose that the CE-5 landing site mare basalts very likely originated from partial melting of a shallow and clinopyroxene-rich (relative to olivine and orthopyroxene) upper mantle cumulate with a small fraction (about 1–1.5 %) of KREEP-like materials

Efficient current-induced spin torques and field-free magnetization switching in a room-temperature van der Waals magnet

The discovery of magnetism in van der Waals (vdW) materials has established unique building blocks for the research of emergent spintronic phenomena. In particular, owing to their intrinsically clean surface without dangling bonds, the vdW magnets hold the potential to construct a superior interface that allows for efficient electrical manipulation of magnetism. Despite several attempts in this direction, it usually requires a cryogenic condition and the assistance of external magnetic fields, which is detrimental to the real application. Here, we fabricate heterostructures based on Fe3GaTe2 flakes that possess room-temperature ferromagnetism with excellent perpendicular magnetic anisotropy. The current-driven non-reciprocal modulation of coercive fields reveals a high spin-torque efficiency in the Fe3GaTe2/Pt heterostructures, which further leads to a full magnetization switching by current. Moreover, we demonstrate the field-free magnetization switching resulting from out-of-plane polarized spin currents by asymmetric geometry design. Our work could expedite the development of efficient vdW spintronic logic, memory and neuromorphic computing devices

Ferromagnetic-antiferromagnetic coexisting ground states and exchange bias effects in MnBi4Te7\bf{MnBi_4Te_7} and MnBi6Te10\bf{MnBi_6Te_{10}}

Natural superlattice structures $\rm{(MnBi_2Te_4)(Bi_2Te_3)}$$_n$ ($n$ = 1, 2,...), in which magnetic $\rm{MnBi_2Te_4}$ layers are separated by nonmagnetic $\rm{Bi_2Te_3}$ layers, hold band topology, magnetism and reduced interlayer coupling, providing a promising platform for the realization of exotic topological quantum states. However, their magnetism in the two-dimensional limit, which is crucial for further exploration of quantum phenomena, remains elusive. Here, complex ferromagnetic (FM)-antiferromagnetic (AFM) coexisting ground states that persist up to the 2-septuple layers (SLs) limit are observed and comprehensively investigated in $\rm{MnBi_4Te_7}$ ($n$ = 1) and $\rm{MnBi_6Te_{10}}$ ($n$ = 2). The ubiquitous Mn-Bi site mixing modifies or even changes the sign of the subtle inter-SL magnetic interactions, yielding a spatially inhomogeneous interlayer coupling. Further, a tunable exchange bias effect is observed in $\rm{(MnBi_2Te_4)(Bi_2Te_3)}$$_n$ ($n$ = 1, 2), arising from the coupling between the FM and AFM components in the ground state. Our work highlights a new approach toward the fine-tuning of magnetism and paves the way for further study of quantum phenomena in $\rm{(MnBi_2Te_4)(Bi_2Te_3)}$$_n$ ($n$ = 1, 2,...) as well as their magnetic applications.Comment: 9 pages, 4 figure

Controls on modern erosion and the development of the Pearl River drainage in the late Paleogene

The Pearl River and its tributaries drains large areas of southern China and has been the primary source of sediment to the northern continental margin of the South China Sea since its opening. In this study we use a combination of bulk sediment geochemistry, Nd and Sr isotope geochemistry, and single grain zircon U-Pb dating to understand the source of sediment in the modern drainage. We also performed zircon U-Pb dating on Eocene sedimentary rocks sampled by International Ocean Discovery Program (IODP) Expedition 349 in order to constrain the source of sediment to the rift before the Oligocene. A combination of Nd and Sr isotopes shows that the Gui, Liu and Dong Rivers are likely not important sources. Single grain zircon dates emphasize the importance of the westernmost tributaries (Hongshui and Yu Rivers), which drain the highest topography and tectonically active areas, as the primary sediment producers. Our data indicate that climate is not the primary control on erosion patterns and intensities. Zircon dating also shows that the Gui and Liu Rivers are not generating large sediment yields. Discrepancies between these new data and earlier samples make the role of the Dong River hard to determine, although Nd isotopes suggest that it is not dominant. The source of sediment during the Eocene at IODP Site U1435 appears to have been a relatively local basement source, or a regionally restricted river only draining nearby areas of the Cathaysia Block, similar, but not identical, to the modern Dong River. There is no evidence for a large regional river and we exclude sediment transport from the southwest (Indochina). Our data are consistent with small drainage systems dominating the basin until the end of the Oligocene (~ 24 Ma), after which the Pearl River expanded towards its modern state as a result of headwater capture largely towards the west

How does the stock market respond to R&D cuts used to manage earnings?

Prior research shows returns are positive when firms meet or beat analysts’ consensus forecasts but negative when firms miss. Past studies also show managers frequently cut R&D expenses in order to meet the consensus forecast. Despite these findings, there is limited evidence about how the market responds when firms beat the forecast by cutting R&D. This study shows the stock market penalizes firms that use R&D cuts to manage earnings and exacts a discount to the market reward if beating the forecast requires cutting R&D. The discount is only partial and firms are still better off doing so in the short run. Furthermore, this study shows the R&D cuts used to manage earnings are concentrated in specific industries and are likely temporary, as firms tend to increase R&D spending in the subsequent period. Investors appear to recognize these short-term cuts and treat them similar to accruals.10000-01-0

Advances in Biosynthesis of Non-Canonical Amino Acids (ncAAs) and the Methods of ncAAs Incorporation into Proteins

The functional pool of canonical amino acids (cAAs) has been enriched through the emergence of non-canonical amino acids (ncAAs). NcAAs play a crucial role in the production of various pharmaceuticals. The biosynthesis of ncAAs has emerged as an alternative to traditional chemical synthesis due to its environmental friendliness and high efficiency. The breakthrough genetic code expansion (GCE) technique developed in recent years has allowed the incorporation of ncAAs into target proteins, giving them special functions and biological activities. The biosynthesis of ncAAs and their incorporation into target proteins within a single microbe has become an enticing application of such molecules. Based on that, in this study, we first review the biosynthesis methods for ncAAs and analyze the difficulties related to biosynthesis. We then summarize the GCE methods and analyze their advantages and disadvantages. Further, we review the application progress of ncAAs and anticipate the challenges and future development directions of ncAAs

Copper mobilization in the lower continental crust beneath cratonic margins, a Cu isotope perspective

International audienceLower crustal sulfide-bearing cumulates beneath the convergent plate margins represent a major copper reservoir. However, how Cu is mobilized and migrated in the lower crust is still a matter of debate. Here, we analyzed the Cu elemental and isotopic compositions of well-characterized lower crustal xenoliths from the north margin of the North China Craton to decode Cu mobilization in the lower continental crust beneath cratonic margins. The mafic lower crustal rocks have experienced varying degrees of sulfide accumulation, with Cu contents ranging from 15 to 112 ppm. The majority of lower crustal xenoliths have variable and generally low (compared to the Bulk Silicate Earth) δ65Cu (the permil deviation of the 65Cu/63Cu ratio from the NIST 976 standard) values ranging from −3.17‰ to 0.13‰ (n = 24). Many intragranular and interstitial sulfide grains in these lower crustal xenoliths were partially dissolved and oxidized along the mineral fractures and boundaries. Oxidative dissolution of sulfide will preferentially release 65Cu into the liquids, leaving the residual sulfides enriched in the light isotope, implying that oxidized melt-rock interactions could account for the light Cu isotopic compositions of the lower crustal xenoliths. Sulfide accumulation and oxidative dissolution are responsible for the enrichment, mobilization, and transfer of Cu in the lower continental crust beneath cratonic margins