How gradualist are Chinese reforms? Evidence from rural income determinants

Gradualist reform (GR) is a strategy that implements partial and incremental reforms at the beginning but gradually deepens the reforms over time. Using income determinants in rural China as the measure of the GR hypothesis, this paper provides a direct test of the widely accepted claim that China has followed a GR strategy. In the sense that reform deepens, production factors should become more important income determinants over time. Our difference-in-difference analysis, based on a large panel dataset from fixed-site rural surveys conducted between 1986 and 2002, shows that the efficiency of return to production factors deteriorated over time instead. Households that had more production resources, such as land and labor, or that devoted more labor and time to entrepreneurial activities experienced better income growth in the 1980s, but households with better political status did so in the 1990s. Further difference-in-difference analyses show that these income patterns are related to an inefficient credit allocation due to government interference in the 1990s compared to market mechanisms in the 1980s. Overall, the empirical evidence on the income determinants and on rural finance does not support the GR hypothesis on China's reform path. Keywords: Chinese reform; rural finance; income growth; gradualism; reversa

Financing firms in India

The authors examine the legal and business environments, financing channels, and governance mechanisms of various types of firms in India and compare them to those from other countries. Despite its English commonlaw origin, strong legal protection provided by the law, and a democratic government, corruption within India's legal system and government significantly weakens investor protection in practice. External financing of firms has been dominated by nonmarket sources of financing, while the characteristics of listed firms are similar to those from countries with weak investor protection. The evidence, including results based on a survey of small and medium-scale private firms, shows that alternative financing channels provide the most important source of funds. The authors also find that informal governance mechanisms, such as those based on reputation, trust, and relationships are more important than formal mechanisms (such as courts) in resolving disputes, overcoming corruption, and supporting growth.Banks&Banking Reform,Corporate Law,Financial Intermediation,Governance Indicators,Small Scale Enterprise

Political capital and CEO entrenchment: evidence from CEO turnover in Chinese non-SOEs

Previous theoretical and empirical studies suggest that CEOs\u27 political connections are valuable to firms. We examine whether such connections become entrenched if the expected political capital fails to materialize and the firm lacks other types of political power. Using a sample of listed non-SOEs in China, we show that politically connected CEOs have a lower probability of turnover and cause a weaker turnover-performance sensitivity than non-politically connected CEOs. Further analyses show that these turnover patterns are not consistent with alternative explanations, such as superior managerial ability, being a member of controlling families or being promoted from the inside. The turnover patterns are less pronounced in firms with alternative political power, such as connected boards or being vital to the local economy. Following the turnover of politically connected CEOs, firm performance does not necessarily undergo significant improvement. Our results call for new theories that comprehend the real effects of political connections

Cross-border LBOs

We examine cross-border private equity (PE) sponsored leveraged buyout (LBO) transactions in 43 countries in relation to creditor rights and other legal and institutional variables. Cross-border LBO investment is more common from strong creditor rights countries to weak creditor rights countries. Club deals are less common in countries with stronger creditor rights, and less common in cross-border LBOs. Premiums are lower in countries with stronger creditor rights, and among cross-border deals

Analysis of catalytic control of tar quality during coal pyrolysis and the coke behavior on catalyst surface

The low-rank coal pyrolysis technology with tar upgrading by catalyst is a clean and efficient coal conversion technology that ensures national energy security while also meeting the “carbon peaking and carbon neutrality” goals. The catalytic effects of metals, metal oxides, natural minerals, zeolites, and carbon-based catalysts on coal and pyrolysis volatiles are discussed due to the complexity in controlling tar quality and coke behavior. It also evaluates the effects of each type of catalysts on the distribution and composition of pyrolysis products, comparing their advantages and disadvantages. The differences in the physical and chemical properties of various catalysts, as well as their relationship with catalytic performance, are explored in detail, and the action mechanism of various catalysts is revealed by combining the bond breaking behavior of C—C, C—H, C=C, —OH, C=O, C—O and —COOH in coal and pyrolysis volatiles. Based on the studies above, aiming at the problems with low-tar yield and poor-tar quality during the catalytic process, it is proposed to use internal small molecule hydrogen donors and external solid/gaseous hydrogen donors activated by metal, particularly the transition metal modified catalysts, for in-situ hydrogen supply to heavy components cracking fragments in order to increase tar yield and improve tar quality during the catalytic process. Furthermore, to solve the problem of catalyst deactivation caused by coke, the chemical and physical characteristics and composition of coke, as well as the causes of coke formation, are examined in depth. Several effective strategies to coke inhibition are proposed, commencing with the design of the catalysts and the pyrolysis reaction system. Combining metal active sites with multi-level pores, bimetallic modification to control the ratio of Lewis and Brønsted acid sites, the synthesis of dual-functional catalysts with basic and acidic properties, and the introduction of hydrogen-rich small molecules such as H2O, CH4, C2H6, and CH3OH to control volatiles composition all contribute to effective coke suppression methods. The study can serve as a theoretical basis for the advancement of catalytic pyrolysis technology for low rank coal

Comparative expression profiles of carboxylesterase orthologous CXE14 in two closely related tea geometrid species, Ectropis obliqua Prout and Ectropis grisescens Warren

Insect carboxylesterases (CXEs) can be expressed in multiple tissues and play crucial roles in detoxifying xenobiotic insecticides and degrading olfactory cues. Therefore, they have been considered as an important target for development of eco-friendly insect pest management strategies. Despite extensive investigation in most insect species, limited information on CXEs in sibling moth species is currently available. The Ectropis obliqua Prout and Ectropis grisescens Warren are two closely related tea geometrid species, which share the same host of tea plant but differ in geographical distribution, sex pheromone composition, and symbiotic bacteria abundance, providing an excellent mode species for studies of functional diversity of orthologous CXEs. In this study, we focused on EoblCXE14 due to its previously reported non-chemosensory organs-biased expression. First, the EoblCXE14 orthologous gene EgriCXE14 was cloned and sequence characteristics analysis showed that they share a conserved motif and phylogenetic relationship. Quantitative real-time polymerase chain reaction (qRT-PCR) was then used to compare the expression profiles between two Ectropis spp. The results showed that EoblCXE14 was predominately expressed in E. obliqua larvae, whereas EgriCXE14 was abundant in E. grisescens at multiple developmental stages. Interestingly, both orthologous CXEs were highly expressed in larval midgut, but the expression level of EoblCXE14 in E. obliqua midgut was significantly higher than that of EgriCXE14 in E. grisescens midgut. In addition, the potential effect of symbiotic bacteria Wolbachia on the CXE14 was examined. This study is the first to provide comparative expression profiles of orthologous CXE genes in two sibling geometrid moth species and the results will help further elucidate CXEs functions and identify a potential target for tea geometrid pest control

Imaging body-mind crosstalk in young adults

Objective There is evidence that complex relationships exist between motor functions, brain structure, and cognitive functions, particularly in the aging population. However, whether such relationships observed in older adults could extend to other age groups (e.g., younger adults) remains to be elucidated. Thus, the current study addressed this gap in the literature by investigating potential associations between motor functions, brain structure, and cognitive functions in a large cohort of young adults Methods In the current study, data from 910 participants (22–35 yr) were retrieved from the Human Connectome Project. Interactions between motor functions (i.e., cardiorespiratory fitness, gait speed, hand dexterity, and handgrip strength), brain structure (i.e., cortical thickness, surface area, and subcortical volumes), and cognitive functions were examined using linear mixed-effects models and mediation analyses. The performance of different machine-learning classifiers to discriminate young adults at three different levels (related to each motor function) was compared Results Cardiorespiratory fitness and hand dexterity were positively associated with fluid and crystallized intelligence in young adults, whereas gait speed and handgrip strength were correlated with specific measures of fluid intelligence (e.g., inhibitory control, flexibility, sustained attention, and spatial orientation; false discovery rate [FDR] corrected, p < 0.05). The relationships between cardiorespiratory fitness and domains of cognitive function were mediated by surface area and cortical volume in regions involved in the default mode, sensorimotor, and limbic networks (FDR corrected, p < 0.05). Associations between handgrip strength and fluid intelligence were mediated by surface area and volume in regions involved in the salience and limbic networks (FDR corrected, p < 0.05). Four machine-learning classifiers with feature importance ranking were built to discriminate young adults with different levels of cardiorespiratory fitness (random forest), gait speed, hand dexterity (support vector machine with the radial kernel), and handgrip strength (artificial neural network) Conclusions In summary, similar to observations in older adults, the current study provides empirical evidence (i) that motor functions in young adults are positively related to specific measures of cognitive functions, and (ii) that such relationships are at least partially mediated by distinct brain structures. Furthermore, our analyses suggest that machine-learning classifier has a promising potential to be used as a classification tool and decision support for identifying populations with below-average motor and cognitive functions