This paper investigates how a firm＇s characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China＇s listed companies for a sample period from the first quarter of 2...This paper investigates how a firm＇s characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China＇s listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity- oriented and price-based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset-liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset-liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influenee from quantity-oriented monetary policy; it responds more to price-based monetary poliey. The policy implication is that the monetary authorities should pay attention to the importance of policy-making based on the monetary demand of mieroeconomie entities.展开更多
Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interes...Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term passthrough and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interhank market and bond market.展开更多
Direct methanol fuel cells (DMFCs) have received tremendous research interests because of the facile storage of liquid methanol vs.hydrogen.However,the DMFC today is severely plagued by the poor kinetics and rather hi...Direct methanol fuel cells (DMFCs) have received tremendous research interests because of the facile storage of liquid methanol vs.hydrogen.However,the DMFC today is severely plagued by the poor kinetics and rather high overpotential in methanol oxidation reaction (MOR).Here we report the investigation of the ultrathin Rh wavy nanowires as a highly effective MOR electrocatalyst.We show that ultrathin wavy Rh nanowires can be robustly synthesized with 2-3 nm diameters.Electrochemical studies show a current peak at the potential of 0.61 V vs.reversible hydrogen electrode (RHE),considerably lower than that of Pt based catalysts (~ 0.8-0.9 V vs.RHE).Importantly,with ultrathin diameters and favorable charge transport,the Rh nanowires catalysts exhibit an ultrahigh electrochemically active surface area determined from CO-stripping (ECSAco) of 144.2 m2/g,far exceeding that of the commercial Rh black samples (20 m2/g).Together,the Rh nanowire catalysts deliver a mass activity of 722 mA/mg at 0.61 V,considerably higher than many previously reported electrocatalysts at the same potential.The chronoamperometry studies also demonstrate good stability and CO-tolerance compared with the Rh black control sample,making ultrathin Rh wavy nanowires an attractive electrocatalyst for MOR.展开更多
A search for the rare decays W^(+)→D_(s)^(+)γ and Z→D0γis performed using proton-proton collision data collected by the LHCb experiment at a centre-of-mass energy of 13TeV,corresponding to an integrated luminosity...A search for the rare decays W^(+)→D_(s)^(+)γ and Z→D0γis performed using proton-proton collision data collected by the LHCb experiment at a centre-of-mass energy of 13TeV,corresponding to an integrated luminosity of 2.0fb−1.No significant signal is observed for either decay mode and upper limits on their branching fractions are set using W^(+)→D_(s)^(+)γ and Z→μ+μ−decays as normalization channels.The upper limits are 6.5×10^(−4) and 2.1×10^(−3) at 95% confidence level for the W^(+)→D_(s)^(+)γ and Z→D^(0)γ decay modes,respectively.This is the first reported search for the Z→D^(0)γ decay,while the upper limit on the W+→D+sγbranching fraction improves upon the previous best limit.展开更多
The type 2 modified augmented design(MAD2) is an efficient unreplicated experimental design used for evaluating large numbers of lines in plant breeding and for assessing genetic variation in a population. Statistical...The type 2 modified augmented design(MAD2) is an efficient unreplicated experimental design used for evaluating large numbers of lines in plant breeding and for assessing genetic variation in a population. Statistical methods and data adjustment for soil heterogeneity have been previously described for this design. In the absence of replicated test genotypes in MAD2, their total variance cannot be partitioned into genetic and error components as required to estimate heritability and genetic correlation of quantitative traits, the two conventional genetic parameters used for breeding selection. We propose a method of estimating the error variance of unreplicated genotypes that uses replicated controls, and then of estimating the genetic parameters. Using the Delta method, we also derived formulas for estimating the sampling variances of the genetic parameters.Computer simulations indicated that the proposed method for estimating genetic parameters and their sampling variances was feasible and the reliability of the estimates was positively associated with the level of heritability of the trait. A case study of estimating the genetic parameters of three quantitative traits, iodine value, oil content, and linolenic acid content, in a biparental recombinant inbred line population of flax with 243 individuals, was conducted using our statistical models. A joint analysis of data over multiple years and sites was suggested for genetic parameter estimation. A pipeline module using SAS and Perl was developed to facilitate data analysis and appended to the previously developed MAD data analysis pipeline(http://probes.pw.usda.gov/bioinformatics_ tools/MADPipeline/index.html).展开更多
Using a unique set of data on fund use by China＇s listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate in...Using a unique set of data on fund use by China＇s listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.展开更多
BACKGROUND The coronavirus disease 2019(COVID-19)pandemic altered education,exams,and residency applications for United States medical students.AIM To determine the specific impact of the pandemic on US medical studen...BACKGROUND The coronavirus disease 2019(COVID-19)pandemic altered education,exams,and residency applications for United States medical students.AIM To determine the specific impact of the pandemic on US medical students and its correlation to their anxiety levels.METHODS An 81-question survey was distributed via email,Facebook and social media groups using REDCapTM.To investigate risk factors associated with elevated anxiety level,we dichotomized the 1-10 anxiety score into low(≤5)and high(≥6).This cut point represents the 25th percentile.There were 90(29%)shown as low anxiety and 219(71%)as high anxiety.For descriptive analyses,we used contingency tables by anxiety categories for categorical measurements with chi square test,or mean±STD for continuous measurements followed by t-test or Wilcoxson rank sum test depending on data normality.Least Absolute Shrinkage and Selection Operator was used to select important predictors for the final multivariate model.Hierarchical Poisson regression model was used to fit the final multivariate model by considering the nested data structure of students clustered within State.RESULTS 397 medical students from 29 states were analyzed.Approximately half of respondents reported feeling depressed since the pandemic onset.62%of participants rated 7 or higher out of 10 when asked about anxiety levels.Stressors correlated with higher anxiety scores included“concern about being unable to complete exams or rotations if contracting COVID-19”(RR 1.34;95%CI:1.05-1.72,P=0.02)and the use of mental health services such as a“psychiatrist”(RR 1.18;95%CI:1.01-1.3,P=0.04).However,those students living in cities that limited restaurant operations to exclusively takeout or delivery as the only measure of implementing social distancing(RR 0.64;95%CI:0.49-0.82,P<0.01)and those who selected“does not apply”for financial assistance available if needed(RR 0.83;95%CI:0.66-0.98,P=0.03)were less likely to have a high anxiety.CONCLUSION COVID-19 significantly impacted medical students in nu展开更多
Fungi are an understudied resource possessing huge potential for developing products that can greatly improve human well-being.In the current paper,we highlight some important discoveries and developments in applied m...Fungi are an understudied resource possessing huge potential for developing products that can greatly improve human well-being.In the current paper,we highlight some important discoveries and developments in applied mycology and interdisciplinary Life Science research.These examples concern recently introduced drugs for the treatment of infections and neurological diseases;application of–OMICS techniques and genetic tools in medical mycology and the regulation of mycotoxin production;as well as some highlights of mushroom cultivaton in Asia.Examples for new diagnostic tools in medical mycology and the exploitation of new candidates for therapeutic drugs,are also given.In addition,two entries illustrating the latest developments in the use of fungi for biodegradation and fungal biomaterial production are provided.Some other areas where there have been and/or will be significant developments are also included.It is our hope that this paper will help realise the importance of fungi as a potential industrial resource and see the next two decades bring forward many new fungal and fungus-derived products.展开更多
Aims The divergent changes of plant species under land use changes are key mechanisms underlying vegetation succession.Stipa grandis steppe and Stipa krylovii steppe are two plant commu-nities widely distributed on th...Aims The divergent changes of plant species under land use changes are key mechanisms underlying vegetation succession.Stipa grandis steppe and Stipa krylovii steppe are two plant commu-nities widely distributed on the Mongolian Plateau.They have been speculated to be able to succeed into each other under different land use types and intensities based on the observa-tions on their presence and abundance at the sites with dif-ferent land use history.However,no direct evidence,neither the underlying mechanisms,have been reported for this specu-lation.Here,we verified this speculation and explored the underlying mechanisms in the typical steppe region of Inner Mongolia.Methods We investigated the abundance and reproductive behavior of S.kry-lovii and S.grandis under different land use types and intensities.We used 18 grassland paddocks to run a 6-year experiment with 6 management treatments(T0-unused,T1-grazing monthly in plant growing season,T2,T4,T6-grazing in different months in plant growing season,and T8-mowing)replicated three times.We measured the relative density and cover of S.krylovii and S.grandis using line sampling method and examined their number and bio-mass of vegetative and reproductive tillers using quadrat method in each paddock after treatments for 4 and 6 years.We also de-termined these plant attributes in 14 pairs of heavily versus lightly used grassland plots in a wide area(150 km×200 km)of the typical steppe region.Important Findings 1.Grazing largely and mowing moderately decreased the density ratio and coverage ratio of S.grandis to S.krylovii in grasslands(P<0.05),and the differences in these ratios between grazed and unused grasslands increased with time.2.Grazing,but not mowing,significantly enhanced the relative density(N_(rep)=reproductive tiller number/total tiller number)of,and biomass allocation(B_(rep)=reproductive tiller biomass/total bio-mass)to,reproductive tillers of S.krylovii(P<0.05),but not S.gran-dis.This grazing enhancement to sexual reproduction of S.krylovii,and additio展开更多
基金the financial support from the National Social Science Fund of China(Grant No.10zd&034 and 12CJY115)the Foundation for the Author of National Excellent Doctoral Dissertation of China(Grant No.201102)+1 种基金the Social Sciences Foundation of the Ministry of Education of China(Grant No.12YJA790053)the Program for New Century Excellent Talents in University(Grant No.NCET-10-0688)
文摘This paper investigates how a firm＇s characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China＇s listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity- oriented and price-based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset-liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset-liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influenee from quantity-oriented monetary policy; it responds more to price-based monetary poliey. The policy implication is that the monetary authorities should pay attention to the importance of policy-making based on the monetary demand of mieroeconomie entities.
基金support from the National Social ScienceFund of China(Grant Nos.10zd&034 and 12CJY115)the National Natural Science Foundation of China (Grant No.71373011)Zhejiang Provincial Natural Science Foundation of China(Grant No. LY12G03027)
文摘Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass- through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term passthrough and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interhank market and bond market.
文摘Direct methanol fuel cells (DMFCs) have received tremendous research interests because of the facile storage of liquid methanol vs.hydrogen.However,the DMFC today is severely plagued by the poor kinetics and rather high overpotential in methanol oxidation reaction (MOR).Here we report the investigation of the ultrathin Rh wavy nanowires as a highly effective MOR electrocatalyst.We show that ultrathin wavy Rh nanowires can be robustly synthesized with 2-3 nm diameters.Electrochemical studies show a current peak at the potential of 0.61 V vs.reversible hydrogen electrode (RHE),considerably lower than that of Pt based catalysts (~ 0.8-0.9 V vs.RHE).Importantly,with ultrathin diameters and favorable charge transport,the Rh nanowires catalysts exhibit an ultrahigh electrochemically active surface area determined from CO-stripping (ECSAco) of 144.2 m2/g,far exceeding that of the commercial Rh black samples (20 m2/g).Together,the Rh nanowire catalysts deliver a mass activity of 722 mA/mg at 0.61 V,considerably higher than many previously reported electrocatalysts at the same potential.The chronoamperometry studies also demonstrate good stability and CO-tolerance compared with the Rh black control sample,making ultrathin Rh wavy nanowires an attractive electrocatalyst for MOR.
文摘A search for the rare decays W^(+)→D_(s)^(+)γ and Z→D0γis performed using proton-proton collision data collected by the LHCb experiment at a centre-of-mass energy of 13TeV,corresponding to an integrated luminosity of 2.0fb−1.No significant signal is observed for either decay mode and upper limits on their branching fractions are set using W^(+)→D_(s)^(+)γ and Z→μ+μ−decays as normalization channels.The upper limits are 6.5×10^(−4) and 2.1×10^(−3) at 95% confidence level for the W^(+)→D_(s)^(+)γ and Z→D^(0)γ decay modes,respectively.This is the first reported search for the Z→D^(0)γ decay,while the upper limit on the W+→D+sγbranching fraction improves upon the previous best limit.
基金partly supported by an A-base project funded by Agriculture and Agri-Food Canadathe TUFGEN project funded by Genome Canada and other stakeholdersfunds from the Western Grains Research Foundation
文摘The type 2 modified augmented design(MAD2) is an efficient unreplicated experimental design used for evaluating large numbers of lines in plant breeding and for assessing genetic variation in a population. Statistical methods and data adjustment for soil heterogeneity have been previously described for this design. In the absence of replicated test genotypes in MAD2, their total variance cannot be partitioned into genetic and error components as required to estimate heritability and genetic correlation of quantitative traits, the two conventional genetic parameters used for breeding selection. We propose a method of estimating the error variance of unreplicated genotypes that uses replicated controls, and then of estimating the genetic parameters. Using the Delta method, we also derived formulas for estimating the sampling variances of the genetic parameters.Computer simulations indicated that the proposed method for estimating genetic parameters and their sampling variances was feasible and the reliability of the estimates was positively associated with the level of heritability of the trait. A case study of estimating the genetic parameters of three quantitative traits, iodine value, oil content, and linolenic acid content, in a biparental recombinant inbred line population of flax with 243 individuals, was conducted using our statistical models. A joint analysis of data over multiple years and sites was suggested for genetic parameter estimation. A pipeline module using SAS and Perl was developed to facilitate data analysis and appended to the previously developed MAD data analysis pipeline(http://probes.pw.usda.gov/bioinformatics_ tools/MADPipeline/index.html).
基金Yizhong Wang is thankful to the Major Projects of the National Social Science Foundation of China （10zd＆034）, the Projects of the National Social Science Foundation of China （12CJY115） and the Projects of the Foundation for the Author of National Excellent Doctoral Dissertation of P. R. China （201102）. Frank M. Song acknowledges support from the Projects of the National Social Science Foundation of China （71373011）. Both authors are grateful to an anonymous reviewer for his/her valuable advice, to participants in the first Macroeconomic Policy and Microeconomic Behavior Symposium, the third Young Financial Academic Elite Roundtable Symposimn and the Peking University Financial Innovation and Development Seminar for their kind comments and suggestions, and to Lifang Chen, Limin Fu, Yi Fan, Yi Hu, Lan Li, Zhongyuan Lu, ~ihui Shi and Yuelin Wei for their excellent assistance. Any errors or mistakes herein, are the authors.
文摘Using a unique set of data on fund use by China＇s listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.
文摘BACKGROUND The coronavirus disease 2019(COVID-19)pandemic altered education,exams,and residency applications for United States medical students.AIM To determine the specific impact of the pandemic on US medical students and its correlation to their anxiety levels.METHODS An 81-question survey was distributed via email,Facebook and social media groups using REDCapTM.To investigate risk factors associated with elevated anxiety level,we dichotomized the 1-10 anxiety score into low(≤5)and high(≥6).This cut point represents the 25th percentile.There were 90(29%)shown as low anxiety and 219(71%)as high anxiety.For descriptive analyses,we used contingency tables by anxiety categories for categorical measurements with chi square test,or mean±STD for continuous measurements followed by t-test or Wilcoxson rank sum test depending on data normality.Least Absolute Shrinkage and Selection Operator was used to select important predictors for the final multivariate model.Hierarchical Poisson regression model was used to fit the final multivariate model by considering the nested data structure of students clustered within State.RESULTS 397 medical students from 29 states were analyzed.Approximately half of respondents reported feeling depressed since the pandemic onset.62%of participants rated 7 or higher out of 10 when asked about anxiety levels.Stressors correlated with higher anxiety scores included“concern about being unable to complete exams or rotations if contracting COVID-19”(RR 1.34;95%CI:1.05-1.72,P=0.02)and the use of mental health services such as a“psychiatrist”(RR 1.18;95%CI:1.01-1.3,P=0.04).However,those students living in cities that limited restaurant operations to exclusively takeout or delivery as the only measure of implementing social distancing(RR 0.64;95%CI:0.49-0.82,P<0.01)and those who selected“does not apply”for financial assistance available if needed(RR 0.83;95%CI:0.66-0.98,P=0.03)were less likely to have a high anxiety.CONCLUSION COVID-19 significantly impacted medical students in nu
基金Funding Open Access funding enabled and organized by Projekt DEAL.Funding was provided by Mae Fah Luang University(Grant No.:651A16029)Basic Research Fund(Grant No.:652A01001)+7 种基金Princess Srinagarindra’s Centenary Celebrations Foundation(Grant No.:64316001)National Research Council Thailand(Grant No.:NRCT5-TRG630010-01)Czech Academy of Sciences Long-term Research Development Project(Grant No.:61388971)Thailand Research Fund(Grant No.:PHD/0039/2560)Deutscher Akademischer Austauschdienst(Grant Nos.:57507870,PhD stipend),Czech Academy of Sciences(Grant No.:CZ.02.2.69/0.0/0.0/18_053/0017705)Chiang Mai University(Grant No.:FF65/067)STEP Program(CH)(Grant No.:2019QZKK0503)Kunming Institute of Botany,Chinese Academy of Sciences(Grant No.:292019312511043).
文摘Fungi are an understudied resource possessing huge potential for developing products that can greatly improve human well-being.In the current paper,we highlight some important discoveries and developments in applied mycology and interdisciplinary Life Science research.These examples concern recently introduced drugs for the treatment of infections and neurological diseases;application of–OMICS techniques and genetic tools in medical mycology and the regulation of mycotoxin production;as well as some highlights of mushroom cultivaton in Asia.Examples for new diagnostic tools in medical mycology and the exploitation of new candidates for therapeutic drugs,are also given.In addition,two entries illustrating the latest developments in the use of fungi for biodegradation and fungal biomaterial production are provided.Some other areas where there have been and/or will be significant developments are also included.It is our hope that this paper will help realise the importance of fungi as a potential industrial resource and see the next two decades bring forward many new fungal and fungus-derived products.
基金The research was supported by the Ministry of Science and Technology of China(grant no.2016YFC0500508,2015BAC02B04,2014CB138802)the Department of Science and Technology of Inner Mongolia Autonomous Region of China(Grant for Key Basic Research Project on Grassland Ecosystems).
文摘Aims The divergent changes of plant species under land use changes are key mechanisms underlying vegetation succession.Stipa grandis steppe and Stipa krylovii steppe are two plant commu-nities widely distributed on the Mongolian Plateau.They have been speculated to be able to succeed into each other under different land use types and intensities based on the observa-tions on their presence and abundance at the sites with dif-ferent land use history.However,no direct evidence,neither the underlying mechanisms,have been reported for this specu-lation.Here,we verified this speculation and explored the underlying mechanisms in the typical steppe region of Inner Mongolia.Methods We investigated the abundance and reproductive behavior of S.kry-lovii and S.grandis under different land use types and intensities.We used 18 grassland paddocks to run a 6-year experiment with 6 management treatments(T0-unused,T1-grazing monthly in plant growing season,T2,T4,T6-grazing in different months in plant growing season,and T8-mowing)replicated three times.We measured the relative density and cover of S.krylovii and S.grandis using line sampling method and examined their number and bio-mass of vegetative and reproductive tillers using quadrat method in each paddock after treatments for 4 and 6 years.We also de-termined these plant attributes in 14 pairs of heavily versus lightly used grassland plots in a wide area(150 km×200 km)of the typical steppe region.Important Findings 1.Grazing largely and mowing moderately decreased the density ratio and coverage ratio of S.grandis to S.krylovii in grasslands(P<0.05),and the differences in these ratios between grazed and unused grasslands increased with time.2.Grazing,but not mowing,significantly enhanced the relative density(N_(rep)=reproductive tiller number/total tiller number)of,and biomass allocation(B_(rep)=reproductive tiller biomass/total bio-mass)to,reproductive tillers of S.krylovii(P<0.05),but not S.gran-dis.This grazing enhancement to sexual reproduction of S.krylovii,and additio
