The extended trading close(ETC)provides institutional investors an opportunity to trade at the closing price after the regular trading session(RTS)and disclosing the order imbalances to other market participants.ETCs ...The extended trading close(ETC)provides institutional investors an opportunity to trade at the closing price after the regular trading session(RTS)and disclosing the order imbalances to other market participants.ETCs exist in the Nasdaq,the SSE STAR,the SZSE ChiNext and the TWSE.To help a risk-averse institutional investor take advantage of the RTS and the ETC for liquidation,we develop a multistage dynamic programming model including the ETC,and derive recursive solutions for the multiple trading days scenario with closed-form solutions for the scenario with only two trading days.We also verify that the ETC is able to mitigate extreme price movements caused by fast liquidation,which is also a goal of the ETC set out by the SSE STAR and the SZSE ChiNext.Finally,we derive three results.First,an institutional investor can reduce execution costs after the introduction of the ETC.Second,a critical trading day exists,and to avoid prematurely revealing trading intentions,the investor should not trade in the ETC until such day.Third,even though the ETC orders submitted by the investor are unfilled,implementation of the ETC encourages the investor to change the liquidation strategy in the RTS,which reduces extreme price movements.In summary,the practical implications of this paper are that the investor should not trade during the ETC on the front few days to avoid prematurely revealing the investor’s trading intention by unfilled orders in the ETC and that introducing the ETC can reduce liquidation costs and extreme price movements.展开更多
Doing business in China, while lucrative, can be a minefield to the uninitiated. This regular column by Deloitte will provide specific information to give businesspeople the tools they need to facilitate this process.
We propose a forward approach to study the performance of liquidation strategies under sequential model parameter updates.The forward liquidation program consists of pasting forward in time and in a time-consistent fa...We propose a forward approach to study the performance of liquidation strategies under sequential model parameter updates.The forward liquidation program consists of pasting forward in time and in a time-consistent fashion a series of optimal liquidation problems.They are triggered at the parameter shift instances,thus entirely eliminating model error,and last at most till the next parameter update.However,due to the nature of the model dynamics,solutions may cease to exist in finite time,even before the subsequent parameter update.Furthermore,forward liquidation strategies may never lead to full liquidation,even though they maximize the average utility of revenue and always preserve time-consistency.In juxtaposition,the traditional approach delivers full liquidation at the sought horizon but encounters considerable model error,generates value erosion,and is time-inconsistent.展开更多
Based on the minimum loss probability criterion,this paper discusses the optimal strategy in multi-asset liquidation.First,we give the framework of the multi-asset liquidation problem and obtain the boundary condition...Based on the minimum loss probability criterion,this paper discusses the optimal strategy in multi-asset liquidation.First,we give the framework of the multi-asset liquidation problem and obtain the boundary conditions of the optimal liquidation strategy under the assumption of linear price impact functions and transform the multi-asset liquidation problem into the portfolio liquidation problem.On this basis,the asymptotic solution and numerical solution of the optimal liquidation strategy are obtained.Then,we simulate the trajectories of the optimal liquidation strategy and analyze the effects of parameters changes.展开更多
This paper proposes a two-period model to examine which bankruptcy procedure is better for both the debtor and creditor when insolvency happens.Our theoretical model depicts how firm size,industry characteristics,equi...This paper proposes a two-period model to examine which bankruptcy procedure is better for both the debtor and creditor when insolvency happens.Our theoretical model depicts how firm size,industry characteristics,equity structure,and debt structure determine firms’bankruptcy resolutions.Using a comprehensive sample of bankrupt firms in the United States,we verify the predictions of a theoretical model.In our study,we deploy Probit and Logit models to address the predictions in the theoretical framework and conduct a series of robustness checks with econometric methods like Propensity Score Matching to confirm the empirical results.This paper finds that firms with larger size have more chance to file for Chapter 11 reorganization when insolvency happens.We also find that firms in asset-heavy(asset-light)industries are more likely to be reorganized(liquidated)under U.S.bankruptcy code.展开更多
Pediatric cancers are particularly significant due to their uncommon occurrence in children,driven by a variety of underlying factors.Because of their distinct molecular and genetic makeup,which makes early detection ...Pediatric cancers are particularly significant due to their uncommon occurrence in children,driven by a variety of underlying factors.Because of their distinct molecular and genetic makeup,which makes early detection challenging,they are linked to problems.Diagnostic methods like imaging and tissue biopsy are only effective when the tumor has reached a size that can be identified.The liquid biopsy technique,the least intrusive and most convenient diagnostic method,is the subject of this review.It focuses on the significance of single cell analysis in examining uncommon cancer types.The many biomarkers found in bodily fluids and the cancer types they are linked to in children have been assessed,as has the potential route towards early detection and cancer recurrence forecasting.Combining the single cell liquid biopsy with the newest technologies,such as computational and multi-omics approaches,which have improved the efficiency of processing massive and unique genetic data,appears promising.This article discusses on a number of case reports for uncommon pediatric malignancies,such as Neuroblastoma,Medulloblastoma,Wilms Tumor,Rhabdomyosarcoma,Ewing Sarcoma,and Retinoblastoma,as well as their liquid biopsy profiles.Furthermore,the findings raise ethical questions regarding the therapeutic application of the technology as well as possible difficulties related to clinical translation.The likelihood that this single cell liquid biopsy will be clinically validated and eventually used as a routine diagnostic tool for uncommon pediatric cancers will rise with the realistic approach to sensitivity monitoring,specificity upgrading,and optimization.展开更多
While desalination is a key solution for global freshwater scarcity,its implementation faces environmental challenges due to concentrated brine byproducts mainly disposed of via coastal discharge systems.Solar interfa...While desalination is a key solution for global freshwater scarcity,its implementation faces environmental challenges due to concentrated brine byproducts mainly disposed of via coastal discharge systems.Solar interfacial evaporation offers sustainable management potential,yet inevitable salt nucleation at evaporation interfaces degrades photothermal conversion and operational stability via light scattering and pathway blockage.Inspired by the mangrove leaf,we propose a photothermal 3D polydopamine and polypyrrole polymerized spacer fabric(PPSF)-based upward hanging model evaporation configuration with a reverse water feeding mechanism.This design enables zero-liquiddischarge(ZLD)desalination through phase-separation crystallization.The interconnected porous architecture and the rough surface of the PPSF enable superior water transport,achieving excellent solar-absorbing efficiency of 97.8%.By adjusting the tilt angle(θ),the evaporator separates the evaporation and salt crystallization zones via controlled capillary-driven brine transport,minimizing heat dissipation from brine discharge.At an optimal tilt angle of 52°,the evaporator reaches an evaporation rate of 2.81 kg m^(−2) h^(−1) with minimal heat loss(0.366 W)under 1-sun illumination while treating a 7 wt%waste brine solution.Furthermore,it sustains an evaporation rate of 2.71 kg m^(−2) h^(−1) over 72 h while ensuring efficient salt recovery.These results highlight a scalable,energy-efficient approach for sustainable ZLD desalination.展开更多
The inability to access brain tissue has greatly hindered our ability to study and care for individuals suffering from psychiatric and neurological conditions.Critics have questioned efforts to develop peripheral bloo...The inability to access brain tissue has greatly hindered our ability to study and care for individuals suffering from psychiatric and neurological conditions.Critics have questioned efforts to develop peripheral blood biomarkers in neurological and psychiatric disorders based on the assertion that disease pathology is limited to the brain.The discovery that all tissues,including the brain,release extracellular vesicles(Raposo and Stoorvogel,2013)and cell free DNAs(Chan et al.,2013)into various body fluids has provided a potential way to measure activity from inaccessible tissues like the central nervous system(CNS)and has given rise to the term“liquid biopsy.”The development of liquid biopsies that can diagnose and predict the course of psychiatric and neurological disorders would be transformative.The ability to predict episodic events such as mania,depression,and risk for suicide would be particularly useful for psychiatric care as it would enable the development of interventions that prevent mortality and improve outcomes.Additionally,biomarkers that are informative about drug response and aid in treatment decisions would be a significant advance in psychiatric care as it would prevent patients from having to endure multiple courses of ineffective treatments and side effects.展开更多
The microstructures and mechanical properties of Al-8.3Zn-3.3Cu-2.2Mg alloys prepared via hot extrusion and liquid forging methods were investigated.Results show that based on DEFORM simulation analysis,the optimal ho...The microstructures and mechanical properties of Al-8.3Zn-3.3Cu-2.2Mg alloys prepared via hot extrusion and liquid forging methods were investigated.Results show that based on DEFORM simulation analysis,the optimal hot extrusion parameters are determined as ingot initial temperature of 380°C and extrusion speed of 3 mm/s.The hot-extruded aluminum alloy after T6 heat treatment presents superior mechanical properties with yield strength of 519.6 MPa,ultimate tensile strength of 582.1 MPa,and elongation of 11.0%.Compared with the properties of gravity-cast and liquid-forged alloys,the yield strength of hot-extruded alloy increases by 30.8%and 4.9%,and the ultimate tensile strength improves by 43.5%and 10.2%,respectively.The significant improvement in tensile strength of the hot-extruded alloys is attributed to the elimination of casting defects and the refinement of matrix grain and eutectic phases.In addition,the hot-extruded alloy demonstrates superior plasticity compared with the liquid-forged alloy.This is because severe plastic deformation occurs during hot extrusion,which effectively breaks and disperses the eutectic phases,facilitating the dissolution and precipitation of the second phases and inhibiting the microcrack initiation.展开更多
Gastrointestinal(GI)cancers,which predominantly manifest in the stomach,colorectum,liver,esophagus,and pancreas,accounting for approximately 35%of global cancer-related mortality.The advent of liquid biopsy has introd...Gastrointestinal(GI)cancers,which predominantly manifest in the stomach,colorectum,liver,esophagus,and pancreas,accounting for approximately 35%of global cancer-related mortality.The advent of liquid biopsy has introduced a pivotal diagnostic modality for the early identification of premalignant GI lesions and incipient cancers.This non-invasive technique not only facilitates prompt therapeutic intervention,but also serves as a critical adjunct in prognosticating the likelihood of tumor recurrence.The wealth of circulating exosomes present in body fluids is often enriched with proteins,lipids,microRNAs,and other RNAs derived from tumor cells.These specific cargo components are reflective of processes involved in GI tumorigenesis,tumor progression,and response to treatment.As such,they represent a group of promising biomarkers for aiding in the diagnosis of GI cancer.In this review,we delivered an exhaustive overview of the composition of exosomes and the pathways for cargo sorting within these vesicles.We laid out some of the clinical evidence that supported the utilization of exosomes as diagnostic biomarkers for GI cancers and discussed their potential for clinical application.Furthermore,we addressed the challenges encountered when harnessing exosomes as diagnostic and predictive instruments in the realm of GI cancers.展开更多
Morphology and growth rate of carbon dioxide hydrate on the interface between liquid carbon dioxide and humic acid solutions were studied in this work.It was found that after the growth of the hydrate film at the inte...Morphology and growth rate of carbon dioxide hydrate on the interface between liquid carbon dioxide and humic acid solutions were studied in this work.It was found that after the growth of the hydrate film at the interface,further growth of hydrate due to the suction of water in the capillary system formed between the wall of the cuvette and the end boundary of the hydrate layer occurs.Most probably,substantial effects on the formation of this capillary system may be caused by variations in reactor wall properties,for example,hydrophobic-hydrophilic balance,roughness,etc.We found,that the rate of CO_(2) hydrate film growth on the surface of the humic acid aqueous solution is 4-fold to lower in comparison with the growth rate on the surface of pure water.We suppose that this is caused by the adsorption of humic acid associates on the surface of hydrate particles and,as a consequence,by the deceleration of the diffusion of dissolved carbon dioxide to the growing hydrate particle.展开更多
Liquid metals(LMs),because of their ability to remain in a liquid state at room temperature,render them highly versatile for applications in electronics,energy storage,medicine,and robotics.Among various LMs,Ga-based ...Liquid metals(LMs),because of their ability to remain in a liquid state at room temperature,render them highly versatile for applications in electronics,energy storage,medicine,and robotics.Among various LMs,Ga-based LMs exhibit minimal cytotoxicity,low viscosity,high thermal and electrical conductivities,and excellent wettability.Therefore,Ga-based LM composites(LMCs)have emerged as a recent research focus.Recent advancements have focused on novel fabrication techniques and applications spanning energy storage,flexible electronics,and biomedical devices.Particularly noteworthy are the developments in wearable sensors and electronic skins,which hold promise for healthcare monitoring and human-machine interfaces.Despite their potential,challenges,such as oxidative susceptibil-ity and biocompatibility,remain.Creating bio-based LMC materials is a promising approach to address these issues while exploring new avenues to optimize LMC performance and broaden its application domains.This review provides a concise overview of the recent trends in LMC research,highlights their transformative impacts,and outlines key directions for future investigation and development.展开更多
Ionic Liquid Electrospray Thrusters(ILETs)are well suited for micro-nano satellite applications due to their small size,low power consumption,and high specific impulse.However,the limited thrust of a single-emitter IL...Ionic Liquid Electrospray Thrusters(ILETs)are well suited for micro-nano satellite applications due to their small size,low power consumption,and high specific impulse.However,the limited thrust of a single-emitter ILET restricts its use in space missions.To optimize the performance of ILETs and make them suitable for a wider range of space missions,we designed a Circular-emitter ILET(CILET)to convert a one-dimensional(point)emission into a twodimensional(line)emission.The CILET can self-organize multiple Taylor cones simultaneously.The cones were photographed and the axial emission currents were measured under different voltage and pressure difference conditions with a CILET experimental system.The emission can be divided into two stable states and one unstable state based on the flow and current characteristics.The current in Stable state Ⅰ increases non-linearly with the voltage,while that in Stable state Ⅱ is nearly linear with respect to the voltage.The number of cones increases with the voltage in stable states,while the cones become short and crowded under high-voltage conditions.The variation law of the number of cones can be explained with the self-organization theory.The variation in the current exhibits a good correlation with the number of cones.This study demonstrates the feasibility of circular emitters and experimentally indicates that the emission current is improved by approximately two orders of magnitude compared to that of a single capillary.展开更多
Capacitive pressure sensors have a promising application in the field of wearable electronic devices due to their excellent electrical properties.Owing to the complexity of the environment,capacitive sensors are susce...Capacitive pressure sensors have a promising application in the field of wearable electronic devices due to their excellent electrical properties.Owing to the complexity of the environment,capacitive sensors are susceptible to electromagnetic interference and changes in the surrounding medium,resulting in unstable signal acquisition.Capacitive sensor with excellent immunity to interference while maintaining flexibility is an urgent challenge.This study proposes an all-fiber anti-jamming capacitive pressure sensor that integrates liquid metal(LM)into a fiber-based dielectric layer.The combination of the LM and the fiber not only improves the dielectric properties of the dielectric layer but also reduces the Young's modulus of the fiber.The sensor has high interference immunity in various noise environments.Its all-fiber structure ensures lightweight,great air permeability and stretchability,whichmakes it a promising application in wearable electronic devices fields.展开更多
Sodium(Na)and magnesium(Mg)are becoming important for making energy-storage batteries and structural materials.Herein,we develop a liquid-metal-electrode-assisted electrolysis route to producing Na and Mg with low-car...Sodium(Na)and magnesium(Mg)are becoming important for making energy-storage batteries and structural materials.Herein,we develop a liquid-metal-electrode-assisted electrolysis route to producing Na and Mg with low-carbon emissions and no chlorine gas evolution.The clean production stems from the choice of a molten NaCl-Na_(2)CO_(3) electrolyte to prevent chlorine gas evolution,an inert nickel-based anode to produce oxygen,and a liquid metal cathode to make the cathodic product sit at the bottom of the electrolytic cell.We achieve a current efficiency of>90%for the electrolytic production of liquid Na-Sn alloy.Later,Mg-Sn alloy is prepared using the obtained Na-Sn alloy to displace Mg from molten NaCl-MgCl_(2) with a displacement efficiency of>96%.Further,Na and Mg are separated from the electrolytic Na-Sn and displaced Mg-Sn alloys by vacuum distillation with a recovery rate of>92%and Sn can be reused.Using this electrolysisdisplacement-distillation(EDD)approach,we prepare Mg from seawater.The CO_(2)emission of the EDD approach is~20.6 kg CO_(2)per kg Mg,which is less than that of the Australian Magnesium(AM)electrolysis process(~25.0 kg CO_(2)per kg Mg)and less than half that of the Pidgeon process(~45.2 kg CO_(2)per kg Mg).展开更多
Small-sized Cd_(x) Zn_(1-x) S solid solution nanomaterial is an important candidate for efficient photocatalytic hydrogen evolution(PHE),but it still suffers from easy agglomeration,severe photo corrosion,and fast pho...Small-sized Cd_(x) Zn_(1-x) S solid solution nanomaterial is an important candidate for efficient photocatalytic hydrogen evolution(PHE),but it still suffers from easy agglomeration,severe photo corrosion,and fast photogenerated electron-hole recombination.To tackle these issues,herein,we propose a new strategy to modify Cd_(x) Zn_(1-x) S nanoreactors by the simultaneous utilization of ionic-liquid-assisted morphology engineering and MXene-incorporating method.That is,we designed and synthesized a novel hierarchi-cal Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) Schottky junction composite through the in-situ deposition of ultrathin Cd_(0.8) Zn_(0.2) S nanosheets on unique IL-modified Ti_(3) C_(2) MXenes by a one-pot solvothermal method for efficiently PHE.The unique construction strategy tailors the thickness of ultrathin Cd_(0.8) Zn_(0.2) S nanosheets and prevents them from stacking and agglomeration,and especially,optimizes their charge transfer pathways during the photocatalytic process.Compared with pristine Cd_(0.8) Zn_(0.2) S nanosheets,Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) has abun-dant photogenerated electrons available on the Ti_(3) C_(2) surface for proton reduction reaction,owing to the absence of deep-trapped electrons,suppression of electron-hole recombination in Cd_(0.8) Zn_(0.2) S and high-efficiency charge separation at the Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) Schottky junction interface.Moreover,the hy-drophilicity,electrical conductivity,visible-light absorption capacity,and surficial hydrogen desorption of Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) heterostructure are significantly improved.As a result,the heterostructure exhibits out-standing photocatalytic stability and super high apparent quantum efficiency,being rendered as one of the best noble-metal-free Cd-Zn-S-based photocatalysts.This work illustrates the mechanisms of mor-phology control and heterojunction construction in controlling the catalytic behavior of photocatalysts and highlights the great potential of the IL-assisted route in the synthesis of high-performance MXene-based heterostructures for photocatalytic hydrogen evolution.展开更多
Thermodynamic modeling is still themostwidely usedmethod to characterize aerosol acidity,a critical physicochemical property of atmospheric aerosols.However,it remains unclear whether gas-aerosol partitioning should b...Thermodynamic modeling is still themostwidely usedmethod to characterize aerosol acidity,a critical physicochemical property of atmospheric aerosols.However,it remains unclear whether gas-aerosol partitioning should be incorporated when thermodynamicmodels are employed to estimate the acidity of coarse particles.In this work,field measurements were conducted at a coastal city in northern China across three seasons,and covered wide ranges of temperature,relative humidity and NH_(3) concentrations.We examined the performance of different modes of ISORROPIA-II(a widely used aerosol thermodynamic model)in estimating aerosol acidity of coarse and fine particles.The M0 mode,which incorporates gas-phase data and runs the model in the forward mode,provided reasonable estimation of aerosol acidity for coarse and fine particles.Compared to M0,the M1 mode,which runs the model in the forward mode but does not include gas-phase data,may capture the general trend of aerosol acidity but underestimates pH for both coarse and fine particles;M2,which runs the model in the reverse mode,results in large errors in estimated aerosol pH for both coarse and fine particles and should not be used for aerosol acidity calculations.However,M1 significantly underestimates liquid water contents for both fine and coarse particles,while M2 provides reliable estimation of liquid water contents.In summary,our work highlights the importance of incorporating gas-aerosol partitioning when estimating coarse particle acidity,and thus may help improve our understanding of acidity of coarse particles.展开更多
Cholesteric liquid crystals(CLCs)exhibit unique helical superstructures that selectively reflect circularly polarized light,enabling them to dynamically respond to environmental changes with tunable structural colors....Cholesteric liquid crystals(CLCs)exhibit unique helical superstructures that selectively reflect circularly polarized light,enabling them to dynamically respond to environmental changes with tunable structural colors.This dynamic color-changing capability is crucial for applications that require adaptable optical properties,positioning CLCs as key materials in advanced photonic technologies.This review focuses on the mechanisms of dynamic color tuning in CLCs across various forms,including small molecules,cholesteric liquid crystal elastomers(CLCEs),and cholesteric liquid crystal networks(CLCNs),and emphasizes the distinct responsive coloration each structure provides.Key developments in photochromic mechanisms based on azobenzene,dithienylethene,and molecular motor switches,are discussed for their roles in enhancing the stability and tuning range of CLCs.We examine the color-changing behaviors of CLCEs under mechanical stimuli and CLCNs under swelling,highlighting the advantages of each form.Following this,applications of dynamic color-tuning CLCs in information encryption,adaptive camouflage,and smart sensing technologies are explored.The review concludes with an outlook on current challenges and future directions in CLC research,particularly in biomimetic systems and dynamic photonic devices,aiming to broaden their functional applications and impact.展开更多
Metabolomics covers a wide range of applications in life sciences,biomedicine,and phytology.Data acquisition(to achieve high coverage and efficiency)and analysis(to pursue good classification)are two key segments invo...Metabolomics covers a wide range of applications in life sciences,biomedicine,and phytology.Data acquisition(to achieve high coverage and efficiency)and analysis(to pursue good classification)are two key segments involved in metabolomics workflows.Various chemometric approaches utilizing either pattern recognition or machine learning have been employed to separate different groups.However,insufficient feature extraction,inappropriate feature selection,overfitting,or underfitting lead to an insufficient capacity to discriminate plants that are often easily confused.Using two ginseng varieties,namely Panax japonicus(PJ)and Panax japonicus var.major(PJvm),containing the similar ginsenosides,we integrated pseudo-targeted metabolomics and deep neural network(DNN)modeling to achieve accurate species differentiation.A pseudo-targeted metabolomics approach was optimized through data acquisition mode,ion pairs generation,comparison between multiple reaction monitoring(MRM)and scheduled MRM(sMRM),and chromatographic elution gradient.In total,1980 ion pairs were monitored within 23 min,allowing for the most comprehensive ginseng metabolome analysis.The established DNN model demonstrated excellent classification performance(in terms of accuracy,precision,recall,F1 score,area under the curve,and receiver operating characteristic(ROC))using the entire metabolome data and feature-selection dataset,exhibiting superior advantages over random forest(RF),support vector machine(SVM),extreme gradient boosting(XGBoost),and multilayer perceptron(MLP).Moreover,DNNs were advantageous for automated feature learning,nonlinear modeling,adaptability,and generalization.This study confirmed practicality of the established strategy for efficient metabolomics data analysis and reliable classification performance even when using small-volume samples.This established approach holds promise for plant metabolomics and is not limited to ginseng.展开更多
Due to the existence of oxide layer on the surface of Q235 steel,it is difficult to directly achieve metallurgical bonding with tin-lead al-loy,in order to solve this problem,this paper designed and successfully prepa...Due to the existence of oxide layer on the surface of Q235 steel,it is difficult to directly achieve metallurgical bonding with tin-lead al-loy,in order to solve this problem,this paper designed and successfully prepared steel surface activation liquid with the composition of 1 L distilled water,130 g ZnCl_(2),90 g NH_(4)Cl,5 mL 6501,and adding C_(3)H_(6)O_(3)to adjust pH 3.The results show that the activated mol-ten tin-lead alloy has a low wetting angle of 7.5°on the steel surface,which was then successfully plated on the steel surface by hot-dipping.The microstructural analysis of the plating-substrate interface and the thermodynamic calculation of the reaction can be found.The main structure of the interfacial reaction layer isα-Fe/FeSn_(2)/α-Pb+β-Sn.展开更多
文摘The extended trading close(ETC)provides institutional investors an opportunity to trade at the closing price after the regular trading session(RTS)and disclosing the order imbalances to other market participants.ETCs exist in the Nasdaq,the SSE STAR,the SZSE ChiNext and the TWSE.To help a risk-averse institutional investor take advantage of the RTS and the ETC for liquidation,we develop a multistage dynamic programming model including the ETC,and derive recursive solutions for the multiple trading days scenario with closed-form solutions for the scenario with only two trading days.We also verify that the ETC is able to mitigate extreme price movements caused by fast liquidation,which is also a goal of the ETC set out by the SSE STAR and the SZSE ChiNext.Finally,we derive three results.First,an institutional investor can reduce execution costs after the introduction of the ETC.Second,a critical trading day exists,and to avoid prematurely revealing trading intentions,the investor should not trade in the ETC until such day.Third,even though the ETC orders submitted by the investor are unfilled,implementation of the ETC encourages the investor to change the liquidation strategy in the RTS,which reduces extreme price movements.In summary,the practical implications of this paper are that the investor should not trade during the ETC on the front few days to avoid prematurely revealing the investor’s trading intention by unfilled orders in the ETC and that introducing the ETC can reduce liquidation costs and extreme price movements.
文摘Doing business in China, while lucrative, can be a minefield to the uninitiated. This regular column by Deloitte will provide specific information to give businesspeople the tools they need to facilitate this process.
文摘We propose a forward approach to study the performance of liquidation strategies under sequential model parameter updates.The forward liquidation program consists of pasting forward in time and in a time-consistent fashion a series of optimal liquidation problems.They are triggered at the parameter shift instances,thus entirely eliminating model error,and last at most till the next parameter update.However,due to the nature of the model dynamics,solutions may cease to exist in finite time,even before the subsequent parameter update.Furthermore,forward liquidation strategies may never lead to full liquidation,even though they maximize the average utility of revenue and always preserve time-consistency.In juxtaposition,the traditional approach delivers full liquidation at the sought horizon but encounters considerable model error,generates value erosion,and is time-inconsistent.
基金the National Natural Science Foundation of China(Grant No.71671017).
文摘Based on the minimum loss probability criterion,this paper discusses the optimal strategy in multi-asset liquidation.First,we give the framework of the multi-asset liquidation problem and obtain the boundary conditions of the optimal liquidation strategy under the assumption of linear price impact functions and transform the multi-asset liquidation problem into the portfolio liquidation problem.On this basis,the asymptotic solution and numerical solution of the optimal liquidation strategy are obtained.Then,we simulate the trajectories of the optimal liquidation strategy and analyze the effects of parameters changes.
基金This research is supported by National Natural Science Foundation of China[grant number 71531010].
文摘This paper proposes a two-period model to examine which bankruptcy procedure is better for both the debtor and creditor when insolvency happens.Our theoretical model depicts how firm size,industry characteristics,equity structure,and debt structure determine firms’bankruptcy resolutions.Using a comprehensive sample of bankrupt firms in the United States,we verify the predictions of a theoretical model.In our study,we deploy Probit and Logit models to address the predictions in the theoretical framework and conduct a series of robustness checks with econometric methods like Propensity Score Matching to confirm the empirical results.This paper finds that firms with larger size have more chance to file for Chapter 11 reorganization when insolvency happens.We also find that firms in asset-heavy(asset-light)industries are more likely to be reorganized(liquidated)under U.S.bankruptcy code.
文摘Pediatric cancers are particularly significant due to their uncommon occurrence in children,driven by a variety of underlying factors.Because of their distinct molecular and genetic makeup,which makes early detection challenging,they are linked to problems.Diagnostic methods like imaging and tissue biopsy are only effective when the tumor has reached a size that can be identified.The liquid biopsy technique,the least intrusive and most convenient diagnostic method,is the subject of this review.It focuses on the significance of single cell analysis in examining uncommon cancer types.The many biomarkers found in bodily fluids and the cancer types they are linked to in children have been assessed,as has the potential route towards early detection and cancer recurrence forecasting.Combining the single cell liquid biopsy with the newest technologies,such as computational and multi-omics approaches,which have improved the efficiency of processing massive and unique genetic data,appears promising.This article discusses on a number of case reports for uncommon pediatric malignancies,such as Neuroblastoma,Medulloblastoma,Wilms Tumor,Rhabdomyosarcoma,Ewing Sarcoma,and Retinoblastoma,as well as their liquid biopsy profiles.Furthermore,the findings raise ethical questions regarding the therapeutic application of the technology as well as possible difficulties related to clinical translation.The likelihood that this single cell liquid biopsy will be clinically validated and eventually used as a routine diagnostic tool for uncommon pediatric cancers will rise with the realistic approach to sensitivity monitoring,specificity upgrading,and optimization.
基金supported by National Key Research and Development Program of China(2022YFB3804902,2022YFB3804900)the National Natural Science Foundation of China(52203226,52161145406,42376045)the Fundamental Research Funds for the Central Universities(2232024Y-01,2232025D-02).
文摘While desalination is a key solution for global freshwater scarcity,its implementation faces environmental challenges due to concentrated brine byproducts mainly disposed of via coastal discharge systems.Solar interfacial evaporation offers sustainable management potential,yet inevitable salt nucleation at evaporation interfaces degrades photothermal conversion and operational stability via light scattering and pathway blockage.Inspired by the mangrove leaf,we propose a photothermal 3D polydopamine and polypyrrole polymerized spacer fabric(PPSF)-based upward hanging model evaporation configuration with a reverse water feeding mechanism.This design enables zero-liquiddischarge(ZLD)desalination through phase-separation crystallization.The interconnected porous architecture and the rough surface of the PPSF enable superior water transport,achieving excellent solar-absorbing efficiency of 97.8%.By adjusting the tilt angle(θ),the evaporator separates the evaporation and salt crystallization zones via controlled capillary-driven brine transport,minimizing heat dissipation from brine discharge.At an optimal tilt angle of 52°,the evaporator reaches an evaporation rate of 2.81 kg m^(−2) h^(−1) with minimal heat loss(0.366 W)under 1-sun illumination while treating a 7 wt%waste brine solution.Furthermore,it sustains an evaporation rate of 2.71 kg m^(−2) h^(−1) over 72 h while ensuring efficient salt recovery.These results highlight a scalable,energy-efficient approach for sustainable ZLD desalination.
基金supported by Department of Defense grant HT9425-24-1-0030 a grant from the Stanley Medical Research Institute(to SS).
文摘The inability to access brain tissue has greatly hindered our ability to study and care for individuals suffering from psychiatric and neurological conditions.Critics have questioned efforts to develop peripheral blood biomarkers in neurological and psychiatric disorders based on the assertion that disease pathology is limited to the brain.The discovery that all tissues,including the brain,release extracellular vesicles(Raposo and Stoorvogel,2013)and cell free DNAs(Chan et al.,2013)into various body fluids has provided a potential way to measure activity from inaccessible tissues like the central nervous system(CNS)and has given rise to the term“liquid biopsy.”The development of liquid biopsies that can diagnose and predict the course of psychiatric and neurological disorders would be transformative.The ability to predict episodic events such as mania,depression,and risk for suicide would be particularly useful for psychiatric care as it would enable the development of interventions that prevent mortality and improve outcomes.Additionally,biomarkers that are informative about drug response and aid in treatment decisions would be a significant advance in psychiatric care as it would prevent patients from having to endure multiple courses of ineffective treatments and side effects.
基金Natural Science Foundation of Shandong Province of China(ZR2023QE193)。
文摘The microstructures and mechanical properties of Al-8.3Zn-3.3Cu-2.2Mg alloys prepared via hot extrusion and liquid forging methods were investigated.Results show that based on DEFORM simulation analysis,the optimal hot extrusion parameters are determined as ingot initial temperature of 380°C and extrusion speed of 3 mm/s.The hot-extruded aluminum alloy after T6 heat treatment presents superior mechanical properties with yield strength of 519.6 MPa,ultimate tensile strength of 582.1 MPa,and elongation of 11.0%.Compared with the properties of gravity-cast and liquid-forged alloys,the yield strength of hot-extruded alloy increases by 30.8%and 4.9%,and the ultimate tensile strength improves by 43.5%and 10.2%,respectively.The significant improvement in tensile strength of the hot-extruded alloys is attributed to the elimination of casting defects and the refinement of matrix grain and eutectic phases.In addition,the hot-extruded alloy demonstrates superior plasticity compared with the liquid-forged alloy.This is because severe plastic deformation occurs during hot extrusion,which effectively breaks and disperses the eutectic phases,facilitating the dissolution and precipitation of the second phases and inhibiting the microcrack initiation.
文摘Gastrointestinal(GI)cancers,which predominantly manifest in the stomach,colorectum,liver,esophagus,and pancreas,accounting for approximately 35%of global cancer-related mortality.The advent of liquid biopsy has introduced a pivotal diagnostic modality for the early identification of premalignant GI lesions and incipient cancers.This non-invasive technique not only facilitates prompt therapeutic intervention,but also serves as a critical adjunct in prognosticating the likelihood of tumor recurrence.The wealth of circulating exosomes present in body fluids is often enriched with proteins,lipids,microRNAs,and other RNAs derived from tumor cells.These specific cargo components are reflective of processes involved in GI tumorigenesis,tumor progression,and response to treatment.As such,they represent a group of promising biomarkers for aiding in the diagnosis of GI cancer.In this review,we delivered an exhaustive overview of the composition of exosomes and the pathways for cargo sorting within these vesicles.We laid out some of the clinical evidence that supported the utilization of exosomes as diagnostic biomarkers for GI cancers and discussed their potential for clinical application.Furthermore,we addressed the challenges encountered when harnessing exosomes as diagnostic and predictive instruments in the realm of GI cancers.
基金supported by the Russian Science Foundation(23-29-00830).
文摘Morphology and growth rate of carbon dioxide hydrate on the interface between liquid carbon dioxide and humic acid solutions were studied in this work.It was found that after the growth of the hydrate film at the interface,further growth of hydrate due to the suction of water in the capillary system formed between the wall of the cuvette and the end boundary of the hydrate layer occurs.Most probably,substantial effects on the formation of this capillary system may be caused by variations in reactor wall properties,for example,hydrophobic-hydrophilic balance,roughness,etc.We found,that the rate of CO_(2) hydrate film growth on the surface of the humic acid aqueous solution is 4-fold to lower in comparison with the growth rate on the surface of pure water.We suppose that this is caused by the adsorption of humic acid associates on the surface of hydrate particles and,as a consequence,by the deceleration of the diffusion of dissolved carbon dioxide to the growing hydrate particle.
基金supported by the GRDC(Global Research Development Center)Cooperative Hub Program through the National Research Foundation of Korea(NRF),funded by the Ministry of Science and ICT(MSIT)(No.RS-2023-00257595).
文摘Liquid metals(LMs),because of their ability to remain in a liquid state at room temperature,render them highly versatile for applications in electronics,energy storage,medicine,and robotics.Among various LMs,Ga-based LMs exhibit minimal cytotoxicity,low viscosity,high thermal and electrical conductivities,and excellent wettability.Therefore,Ga-based LM composites(LMCs)have emerged as a recent research focus.Recent advancements have focused on novel fabrication techniques and applications spanning energy storage,flexible electronics,and biomedical devices.Particularly noteworthy are the developments in wearable sensors and electronic skins,which hold promise for healthcare monitoring and human-machine interfaces.Despite their potential,challenges,such as oxidative susceptibil-ity and biocompatibility,remain.Creating bio-based LMC materials is a promising approach to address these issues while exploring new avenues to optimize LMC performance and broaden its application domains.This review provides a concise overview of the recent trends in LMC research,highlights their transformative impacts,and outlines key directions for future investigation and development.
基金co-supported by the National Key R&D Program of China(No.2020YFC2201001)the Shenzhen Science and Technology Program,China(No.20210623091808026)。
文摘Ionic Liquid Electrospray Thrusters(ILETs)are well suited for micro-nano satellite applications due to their small size,low power consumption,and high specific impulse.However,the limited thrust of a single-emitter ILET restricts its use in space missions.To optimize the performance of ILETs and make them suitable for a wider range of space missions,we designed a Circular-emitter ILET(CILET)to convert a one-dimensional(point)emission into a twodimensional(line)emission.The CILET can self-organize multiple Taylor cones simultaneously.The cones were photographed and the axial emission currents were measured under different voltage and pressure difference conditions with a CILET experimental system.The emission can be divided into two stable states and one unstable state based on the flow and current characteristics.The current in Stable state Ⅰ increases non-linearly with the voltage,while that in Stable state Ⅱ is nearly linear with respect to the voltage.The number of cones increases with the voltage in stable states,while the cones become short and crowded under high-voltage conditions.The variation law of the number of cones can be explained with the self-organization theory.The variation in the current exhibits a good correlation with the number of cones.This study demonstrates the feasibility of circular emitters and experimentally indicates that the emission current is improved by approximately two orders of magnitude compared to that of a single capillary.
基金financially supported by the National Natural Science Foundation of China(Nos.U20A20166,52371202,52125205,52250398,52192614 and 52003101)the National Key R&D Program of China(No.2021YFB3200300)+2 种基金the Natural Science Foundation of Beijing Municipality(No.2222088)Shenzhen Science and Technology Program(No.KQTD20170810105439418)the Fundamental Research Funds for the Central Universities
文摘Capacitive pressure sensors have a promising application in the field of wearable electronic devices due to their excellent electrical properties.Owing to the complexity of the environment,capacitive sensors are susceptible to electromagnetic interference and changes in the surrounding medium,resulting in unstable signal acquisition.Capacitive sensor with excellent immunity to interference while maintaining flexibility is an urgent challenge.This study proposes an all-fiber anti-jamming capacitive pressure sensor that integrates liquid metal(LM)into a fiber-based dielectric layer.The combination of the LM and the fiber not only improves the dielectric properties of the dielectric layer but also reduces the Young's modulus of the fiber.The sensor has high interference immunity in various noise environments.Its all-fiber structure ensures lightweight,great air permeability and stretchability,whichmakes it a promising application in wearable electronic devices fields.
基金support from the National Natural Science Foundation of China(No’s.U22B2071,51874211,52031008)the Chilwee Group(CWDY-ZH-YJY-202101-001).
文摘Sodium(Na)and magnesium(Mg)are becoming important for making energy-storage batteries and structural materials.Herein,we develop a liquid-metal-electrode-assisted electrolysis route to producing Na and Mg with low-carbon emissions and no chlorine gas evolution.The clean production stems from the choice of a molten NaCl-Na_(2)CO_(3) electrolyte to prevent chlorine gas evolution,an inert nickel-based anode to produce oxygen,and a liquid metal cathode to make the cathodic product sit at the bottom of the electrolytic cell.We achieve a current efficiency of>90%for the electrolytic production of liquid Na-Sn alloy.Later,Mg-Sn alloy is prepared using the obtained Na-Sn alloy to displace Mg from molten NaCl-MgCl_(2) with a displacement efficiency of>96%.Further,Na and Mg are separated from the electrolytic Na-Sn and displaced Mg-Sn alloys by vacuum distillation with a recovery rate of>92%and Sn can be reused.Using this electrolysisdisplacement-distillation(EDD)approach,we prepare Mg from seawater.The CO_(2)emission of the EDD approach is~20.6 kg CO_(2)per kg Mg,which is less than that of the Australian Magnesium(AM)electrolysis process(~25.0 kg CO_(2)per kg Mg)and less than half that of the Pidgeon process(~45.2 kg CO_(2)per kg Mg).
基金financial supports pro-vided by the National Natural Science Foundation of China(No.21905279)the Natural Science Foundation of Fujian Province(No.2020J05086).
文摘Small-sized Cd_(x) Zn_(1-x) S solid solution nanomaterial is an important candidate for efficient photocatalytic hydrogen evolution(PHE),but it still suffers from easy agglomeration,severe photo corrosion,and fast photogenerated electron-hole recombination.To tackle these issues,herein,we propose a new strategy to modify Cd_(x) Zn_(1-x) S nanoreactors by the simultaneous utilization of ionic-liquid-assisted morphology engineering and MXene-incorporating method.That is,we designed and synthesized a novel hierarchi-cal Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) Schottky junction composite through the in-situ deposition of ultrathin Cd_(0.8) Zn_(0.2) S nanosheets on unique IL-modified Ti_(3) C_(2) MXenes by a one-pot solvothermal method for efficiently PHE.The unique construction strategy tailors the thickness of ultrathin Cd_(0.8) Zn_(0.2) S nanosheets and prevents them from stacking and agglomeration,and especially,optimizes their charge transfer pathways during the photocatalytic process.Compared with pristine Cd_(0.8) Zn_(0.2) S nanosheets,Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) has abun-dant photogenerated electrons available on the Ti_(3) C_(2) surface for proton reduction reaction,owing to the absence of deep-trapped electrons,suppression of electron-hole recombination in Cd_(0.8) Zn_(0.2) S and high-efficiency charge separation at the Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) Schottky junction interface.Moreover,the hy-drophilicity,electrical conductivity,visible-light absorption capacity,and surficial hydrogen desorption of Cd_(0.8) Zn_(0.2) S/Ti_(3) C_(2) heterostructure are significantly improved.As a result,the heterostructure exhibits out-standing photocatalytic stability and super high apparent quantum efficiency,being rendered as one of the best noble-metal-free Cd-Zn-S-based photocatalysts.This work illustrates the mechanisms of mor-phology control and heterojunction construction in controlling the catalytic behavior of photocatalysts and highlights the great potential of the IL-assisted route in the synthesis of high-performance MXene-based heterostructures for photocatalytic hydrogen evolution.
基金supported by the National Natural Science Foundation of China (Nos.42022050 and 42277088)the Guangdong Basic and Applied Basic Research Fund Committee (Nos.2021A1515011248 and 2023A1515012010)the Guangdong Foundation for the Program of Science and Technology Research (No.2020B1212060053).
文摘Thermodynamic modeling is still themostwidely usedmethod to characterize aerosol acidity,a critical physicochemical property of atmospheric aerosols.However,it remains unclear whether gas-aerosol partitioning should be incorporated when thermodynamicmodels are employed to estimate the acidity of coarse particles.In this work,field measurements were conducted at a coastal city in northern China across three seasons,and covered wide ranges of temperature,relative humidity and NH_(3) concentrations.We examined the performance of different modes of ISORROPIA-II(a widely used aerosol thermodynamic model)in estimating aerosol acidity of coarse and fine particles.The M0 mode,which incorporates gas-phase data and runs the model in the forward mode,provided reasonable estimation of aerosol acidity for coarse and fine particles.Compared to M0,the M1 mode,which runs the model in the forward mode but does not include gas-phase data,may capture the general trend of aerosol acidity but underestimates pH for both coarse and fine particles;M2,which runs the model in the reverse mode,results in large errors in estimated aerosol pH for both coarse and fine particles and should not be used for aerosol acidity calculations.However,M1 significantly underestimates liquid water contents for both fine and coarse particles,while M2 provides reliable estimation of liquid water contents.In summary,our work highlights the importance of incorporating gas-aerosol partitioning when estimating coarse particle acidity,and thus may help improve our understanding of acidity of coarse particles.
基金financially supported by the National Natural Science Foundation of China(Nos.52233001,51927805,and 52173110)the Innovation Program of Shanghai Municipal Education Commission(No.2023ZKZD07)the Shanghai Rising-Star Program(No.22QA1401200)。
文摘Cholesteric liquid crystals(CLCs)exhibit unique helical superstructures that selectively reflect circularly polarized light,enabling them to dynamically respond to environmental changes with tunable structural colors.This dynamic color-changing capability is crucial for applications that require adaptable optical properties,positioning CLCs as key materials in advanced photonic technologies.This review focuses on the mechanisms of dynamic color tuning in CLCs across various forms,including small molecules,cholesteric liquid crystal elastomers(CLCEs),and cholesteric liquid crystal networks(CLCNs),and emphasizes the distinct responsive coloration each structure provides.Key developments in photochromic mechanisms based on azobenzene,dithienylethene,and molecular motor switches,are discussed for their roles in enhancing the stability and tuning range of CLCs.We examine the color-changing behaviors of CLCEs under mechanical stimuli and CLCNs under swelling,highlighting the advantages of each form.Following this,applications of dynamic color-tuning CLCs in information encryption,adaptive camouflage,and smart sensing technologies are explored.The review concludes with an outlook on current challenges and future directions in CLC research,particularly in biomimetic systems and dynamic photonic devices,aiming to broaden their functional applications and impact.
基金supported by the National Key R&D Program of China(Grant No.:2022YFC3501805)the National Natural Science Foundation of China(Grant No.:82374030)+2 种基金the Science and Technology Program of Tianjin in China(Grant No.:23ZYJDSS00030)the Tianjin Outstanding Youth Fund,China(Grant No.:23JCJQJC00030)the China Postdoctoral Science Foundation-Tianjin Joint Support Program(Grant No.:2023T030TJ).
文摘Metabolomics covers a wide range of applications in life sciences,biomedicine,and phytology.Data acquisition(to achieve high coverage and efficiency)and analysis(to pursue good classification)are two key segments involved in metabolomics workflows.Various chemometric approaches utilizing either pattern recognition or machine learning have been employed to separate different groups.However,insufficient feature extraction,inappropriate feature selection,overfitting,or underfitting lead to an insufficient capacity to discriminate plants that are often easily confused.Using two ginseng varieties,namely Panax japonicus(PJ)and Panax japonicus var.major(PJvm),containing the similar ginsenosides,we integrated pseudo-targeted metabolomics and deep neural network(DNN)modeling to achieve accurate species differentiation.A pseudo-targeted metabolomics approach was optimized through data acquisition mode,ion pairs generation,comparison between multiple reaction monitoring(MRM)and scheduled MRM(sMRM),and chromatographic elution gradient.In total,1980 ion pairs were monitored within 23 min,allowing for the most comprehensive ginseng metabolome analysis.The established DNN model demonstrated excellent classification performance(in terms of accuracy,precision,recall,F1 score,area under the curve,and receiver operating characteristic(ROC))using the entire metabolome data and feature-selection dataset,exhibiting superior advantages over random forest(RF),support vector machine(SVM),extreme gradient boosting(XGBoost),and multilayer perceptron(MLP).Moreover,DNNs were advantageous for automated feature learning,nonlinear modeling,adaptability,and generalization.This study confirmed practicality of the established strategy for efficient metabolomics data analysis and reliable classification performance even when using small-volume samples.This established approach holds promise for plant metabolomics and is not limited to ginseng.
基金supported by National Natural Science Foundation of China(Grant No.52305353)Postdoctoral Science Foundation of China(Grant No.2023M7408938).
文摘Due to the existence of oxide layer on the surface of Q235 steel,it is difficult to directly achieve metallurgical bonding with tin-lead al-loy,in order to solve this problem,this paper designed and successfully prepared steel surface activation liquid with the composition of 1 L distilled water,130 g ZnCl_(2),90 g NH_(4)Cl,5 mL 6501,and adding C_(3)H_(6)O_(3)to adjust pH 3.The results show that the activated mol-ten tin-lead alloy has a low wetting angle of 7.5°on the steel surface,which was then successfully plated on the steel surface by hot-dipping.The microstructural analysis of the plating-substrate interface and the thermodynamic calculation of the reaction can be found.The main structure of the interfacial reaction layer isα-Fe/FeSn_(2)/α-Pb+β-Sn.
