An Analysis of Dividend Policies of Listed Companies in China from the Behavioral Finance Perspective

Wanqi Wang,이관영 이화여자대학교 경영연구소 2022 신산업경영저널 Vol.40 No.2

Different emotions and preferences impact people’s cognitive processes, causing cognitive biases and irrational behaviors that in turn directly influence decision-making by market participants. We study the impact of the irrationality of investors and managers on cash dividends of China’s listed companies from the perspective of behavioral finance, using A-share listed companies data for 2011–2019 using multiple linear regression analysis, and find: 1) Dividend distribution anomalies exist in the securities market; 2) Managers’ overconfidence reduces cash dividends, investors’ demand for dividends and controlling shareholders’ shareholding ratio have a positive impact, and the proportion of tradable shares has a negative impact.

Intrinsic memory characteristic of polycrystalline ZnTe film originating from Mott variable range hopping conduction

Wang Aoqiu,Cao Kun,Jie Wanqi,Xu Lingyan 한국물리학회 2022 Current Applied Physics Vol.39 No.-

The resistive switching characteristics of Au/ZnTe/ITO structure with polycrystalline ZnTe film as resistive switching layer is investigated. Macroscopically, 100 bipolar switching cycles under the direct current (dc) voltages were carried out and the conduction states can retain for several hours. Microscopically, reading and writing operations can be achieved on ZnTe film with Au top electrode replaced by conductive Atomic Force Microscopy (c-AFM) tip. The I–V characteristic in low resistance state (LRS) is linear in the whole range of voltage. The I–V characteristic in high resistance state (HRS) is linear in the low voltage while it obeys Schottky emission in the high voltage, and Schottky barrier height is symmetric in the positive and negative voltage. During linear I–V characteristic voltage range, the electrons transport between adjacent point defects via Mott variable range hopping. The higher hopping distance and higher activation energy in HRS contribute to the higher resistance value in HRS compared with LRS. Impedance spectroscopy in HRS and LRS both behave as a semicircle, which accords with the semiconductor-like characteristic of conductive point defects. Photoluminescence (PL) spectroscopy indicates the decisive role of deep level defects in conduction. This study confirms the intrinsic resistive switching characteristic of ZnTe film and provides a new choice for intrinsic nonoxides material in nonvolatile memory application.

Complete genome and phylogenetic analysis of bovine papillomavirus type 15 in Southern Xinjiang dairy cow

Jianjun Hu,Wanqi Zhang,Surinder Singh Chauhan,Changqing Shi,Yumeng Song,Yubing Zhao,Zhehong Wang,Long Cheng,Yingyu Zhang 대한수의학회 2020 Journal of Veterinary Science Vol.21 No.6

Background: Bovine papilloma is a neoplastic disease caused by bovine papillomaviruses (BPVs), which were recently divided into 5 genera and at least 24 genotypes. Objectives: The complete genome sequence of BPV type 15 (BPV Aks-02), a novel putative BPV type from skin samples from infected cows in Southern Xinjiang China, was determined by collecting warty lesions, followed by DNA extraction and amplicon sequencing. Methods: DNA was analyzed initially by polymerase chain reaction (PCR) using the degenerate primers FAP59 and FAP64. The complete genome sequences of the BPV Aks-02 were amplified by PCR using the amplification primers and sequencing primers. Sequence analysis and phylogenetic analysis were performed using bio-informatic software. Results: The nucleotide sequence of the L1 open reading frame (ORF) of BPV Aks-02 was 75% identity to the L1 ORF of BPV-9 reference strain from GenBank. The complete genome consisted of 7,189 base pairs (G + C content of 42.50%) that encoded 5 early (E8, E7, E1, E2, and E4) and 2 late (L1 and L2) genes. The E7 protein contained a consensus CX2CX29CX2C zinc-binding domain and a LxCxE motif. Among the different members of this group, the percentages of the complete genome and ORFs (including 5 early and 2 late ORFs) sequence identity of BPV Aks-02 were closer to the genus Xipapillomavirus 1 of the Xipapillomavirus genus. Phylogenetic analysis and sequence similarities based on the L1 ORF of BPV Aks-02 revealed the same cluster. Conclusions: The results suggest that BPV type (BPV Aks-02) clustered with members of the Xipapillomavirus genus as BPV 15 and were closely related to Xipapillomavirus 1.

Protective Immune Response of Bacterially-Derived Recombinant FaeG in Piglets

Huang Yahong,Wanqi Liang,Aihu Pan,Zhiai Zhou,Qiang Wang,Cheng Huang,Jianxiu Chen,Dabing Zhang 한국미생물학회 2006 The journal of microbiology Vol.44 No.5

FaeG is the key factor in the infection process of K88ad enterotoxigenic Escherichia coli(ETEC) fimbrial adhesin. In an attempt to determine the possibility of expressing recombinant FaeG with immunogenicity for a new safe and high-production vaccine in E. coli, we constructed the recombinant strain, BL21 (DE3+K88), which harbors an expression vector with a DNA fragment of faeG, without a signal peptide. Results of 15% SDS-polyacrylamide slab gel analysis showed that FaeG can be stably over-expressed in BL21 (DE3+K88) as inclusion bodies without FaeE. Immunoglobulin G (IgG) and M (IgM) responses in pregnant pigs, with boost injections of the purified recombinant FaeG, were detected 4 weeks later in the sera and colostrum. An in vitro villius-adhesion assay verified that the elicited antibodies in the sera of vaccinated pigs were capable of preventing the adhesion of K88ad ETEC to porcine intestinal receptors. The protective effect on the mortality rates of suckling piglets born to vaccinated mothers was also observed one week after oral challenge with the virulent ETEC strain, C83907 (K88ad, CT+, ST+). The results of this study proved that the adhesin of proteinaceous bacterial fimbriae or pili could be overexpressed in engineered E. coli strains, with protective immune responses to the pathogen.

Complete genome and phylogenetic analysis of bovine papillomavirus type 15 in Southern Xinjiang dairy cow

Hu, Jianjun,Zhang, Wanqi,Chauhan, Surinder Singh,Shi, Changqing,Song, Yumeng,Zhao, Yubing,Wang, Zhehong,Cheng, Long,Zhang, Yingyu The Korean Society of Veterinary Science 2020 Journal of Veterinary Science Vol.21 No.2

Background: Bovine papilloma is a neoplastic disease caused by bovine papillomaviruses (BPVs), which were recently divided into 5 genera and at least 24 genotypes. Objectives: The complete genome sequence of BPV type 15 (BPV Aks-02), a novel putative BPV type from skin samples from infected cows in Southern Xinjiang China, was determined by collecting warty lesions, followed by DNA extraction and amplicon sequencing. Methods: DNA was analyzed initially by polymerase chain reaction (PCR) using the degenerate primers FAP59 and FAP64. The complete genome sequences of the BPV Aks-02 were amplified by PCR using the amplification primers and sequencing primers. Sequence analysis and phylogenetic analysis were performed using bio-informatic software. Results: The nucleotide sequence of the L1 open reading frame (ORF) of BPV Aks-02 was 75% identity to the L1 ORF of BPV-9 reference strain from GenBank. The complete genome consisted of 7,189 base pairs (G + C content of 42.50%) that encoded 5 early (E8, E7, E1, E2, and E4) and 2 late (L1 and L2) genes. The E7 protein contained a consensus CX₂CX₂₉CX₂C zinc-binding domain and a LxCxE motif. Among the different members of this group, the percentages of the complete genome and ORFs (including 5 early and 2 late ORFs) sequence identity of BPV Aks-02 were closer to the genus Xipapillomavirus 1 of the Xipapillomavirus genus. Phylogenetic analysis and sequence similarities based on the L1 ORF of BPV Aks-02 revealed the same cluster. Conclusions: The results suggest that BPV type (BPV Aks-02) clustered with members of the Xipapillomavirus genus as BPV 15 and were closely related to Xipapillomavirus 1.

Protective Immune Response of Bacterially-Derived Recombinant FaeG in Piglets

Yahong, Huang,Liang, Wanqi,Pan, Aihu,Zhou, Zhiai,Wang, Qiang,Huang, Cheng,Chen, Jianxiu,Zhang, Dabing The Microbiological Society of Korea 2006 The journal of microbiology Vol.44 No.5

FaeG is the key factor in the infection process of K88ad enterotoxigenic Escherichia coli (ETEC) fimbrial adhesin. In an attempt to determine the possibility of expressing recombinant FaeG with immunogenicity for a new safe and high-production vaccine in E. coli, we constructed the recombinant strain, BL21 (DE3+K88), which harbors an expression vector with a DNA fragment of faeG, without a signal peptide. Results of 15% SDS-polyacrylamide slab gel analysis showed that FaeG can be stably over-expressed in BL21 (DE3+K88) as inclusion bodies without FaeE. Immunoglobulin G (IgG) and M (IgM) responses in pregnant pigs, with boost injections of the purified recombinant FaeG, were detected 4 weeks later in the sera and colostrum. An in vitro villius-adhesion assay verified that the elicited antibodies in the sera of vaccinated pigs were capable of preventing the adhesion of K88ad ETEC to porcine intestinal receptors. The protective effect on the mortality rates of suckling piglets born to vaccinated mothers was also observed one week after oral challenge with the virulent ETEC strain, $C_{83907}$ (K88ad, $CT^+,\;ST^+$). The results of this study proved that the adhesin of proteinaceous bacterial fimbriae or pili could be overexpressed in engineered E. coli strains, with protective immune responses to the pathogen.

Phase II Trial of Epigallocatechin-3-Gallate in Acute Radiation-Induced Esophagitis for Esophagus Cancer

Xiaoling Li,Ligang Xing,Yujun Zhang,Peng Xie,Wanqi Zhu,Xiangjiao Meng,Yinxia Wang,Lingling Kong,Hanxi Zhao,Jinming Yu 한국식품영양과학회 2020 Journal of medicinal food Vol.23 No.1

Acute radiation-induced esophagitis (ARIE) is among the most serious form of toxicities associated with definitive radiotherapy or chemoradiotherapy used for treatment of patients with esophageal cancer. Our preliminary phase I and II trials of lung cancer patients who received radiotherapy indicated epigallocatechin-3-gallate (EGCG) as a promising therapeutic option against ARIE. Therefore, we conducted a prospective phase II study to validate the efficacy and safety of EGCG in the treatment of ARIE. The patients who received chemoradiotherapy or definitive radiotherapy for treatment of esophageal cancer in the Shandong Cancer Hospital and Institute in China were enrolled for the present study. EGCG (440 μM) was administered with first onset of ARIE and then at weeks after final radiotherapy. The patients were monitored every week for dysphagia, Radiation Therapy Oncology Group (RTOG) score, and esophagitis-related pain. Moreover, tumor response and the effect on survival following the treatment were also evaluated. Comparison of the RTOG score in the first, second, third, fourth, fifth, and even sixth week after EGCG prescription and the first and second week after radiotherapy with baseline indicates a significant reduction. The tumor response rate was 86.3%. The overall survival rate in 1, 2, and 3 years was found to be 74.5%, 58%, and 40.5%. Oral administration of EGCG solution seems to be feasible for treating ARIE in patients with esophageal cancer who receive radiation therapy. EGCG might be an ARIE-reliever without compromising the efficacy of radiation therapy. A randomized study with a control group is needed for further evaluation.

Emergy analysis-based study of the sustainable development of Kunming’s urban eco-economic system

Li Hui,Cao Lei,Chen Youbin,Qiu Huiyi,Huang Xue,Guo Wanqi,Wang Shuntao,Sheng Weiguo,Zhou Yilu,Xu Qing 서울시립대학교 도시과학연구원 2023 도시과학국제저널 Vol.27 No.2

We studied Kunming’s urban eco-economic system’s evolution from 2009 to 2018, using the emergy theory and method; with the entropy evaluation method, we analyzed the system’s natural, social and economic subsystems to know its sustainable development capacity. The results show that the system’s emergy structure has clearly improved, and its renewable resources’ emergy has been rationally employed. The environment load ratio, after reaching its peak in 2011, has been decreasing, and the environment stress has becoming lower year by year, as is conducive to sustainable development. Its eco-economic system, however, is highly dependent on the internal resources; its emergy self-sufficiency ratio indicates that it does not see sufficient utilization of imported emergy and feels excessive stress on its internal resources. It witnesses relatively high emergy intensity. The current population is about twice of its renewable resources’ population carrying capacity, and its dramatically growing population is presenting even high pressure on its social subsystems. This indicates that the living standard per capita in Kunming is lower than the national average. All of these factors will hinder the sustainable development of Kunming’s urban eco-economic system. Our analysis of attribute classification shows that it is more appropriate to calculate the tourist revenue by taking into account export emergy. At the same time, the analysis results of sustainable development emergy indexes obtained by ESI, EISD, euehi, euehi’ and entropy method are compared, which shows that the entropy method is able to better reflect the dynamic changes of the sustainable development capacity of its urban eco-economic system because it introduces all indicators of social, economic and natural subsystems for evaluation. In a word, sustainable development capacity represents the outcome of tradeoff and coordination of the three subsystems of society, economy and nature, and we can formulate corresponding strategies based on the above research findings.