It is essential to understand the water consumption characteristics and physiological adjustments of tree species under drought conditions,as well as the effects of pure and mixed plantations on these characteristics ...It is essential to understand the water consumption characteristics and physiological adjustments of tree species under drought conditions,as well as the effects of pure and mixed plantations on these characteristics in semi-arid regions.In this study,the normalized sap flow(SFn),leaf water potential,stomatal conductance(gs),and photosynthetic rate(Pr)were monitored for two dominant species,i.e.,Pinus tabuliformis and Hippophae rhamnoides,in both pure and mixed plantations in a semi-arid region of Chinese Loess Plateau.A threshold-delay model showed that the lower rainfall thresholds(RL)for P.tabuliformis and H.rhamnoides in pure plantations were 9.6 and 11.0 mm,respectively,and the time lags(τ)after rainfall were 1.15 and 1.76 d for corresponding species,respectively.The results indicated that P.tabuliformis was more sensitive to rainfall pulse than H.rhamnoides.In addition,strong stomatal control allowed P.tabuliformis to experience low gsand Prin response to drought,while maintaining a high midday leaf water potential(Ψm).However,H.rhamnoides maintained high gsand Prat a lowΨmexpense.Therefore,P.tabuliformis and H.rhamnoides can be considered as isohydric and anisohydric species,respectively.In mixed plantation,the values of RLfor P.tabuliformis and H.rhamnoides were 6.5 and 8.9 mm,respectively;and the values ofτwere 0.86 and 1.61 d for corresponding species,respectively,which implied that mixed afforestation enhanced the rainfall pulse sensitivity for both two species,especially for P.tabuliformis.In addition,mixed afforestation significantly reduced SFn,gs,and Prfor P.tabuliformis(P<0.05),while maintaining a high leaf water potential status.However,no significant effect of mixed afforestation of H.rhamnoides was observed at the expense of leaf water potential status in response to drought.Although inconsistent physiological responses were adopted by these species,the altered water consumption characteristics,especially for P.tabuliformis indicated that the mixed afforestation requires further investigation.展开更多
The control of balance is crucial for efficiently performing most of our daily motor tasks, such as those involving goal-directed arm movements or whole body displacement. The purpose of this article is twofold. First...The control of balance is crucial for efficiently performing most of our daily motor tasks, such as those involving goal-directed arm movements or whole body displacement. The purpose of this article is twofold. Firstly, it is to recall how balance can be maintained despite the different sources of postural perturbation arising during voluntary movement. The importance of the so-called "anticipatory postural adjustments"(APA), taken as a "line of defence" against the destabilizing effect induced by a predicted perturbation, is emphasized. Secondly, it is to report the results of recent studies that questioned the adaptability of APA to various constraints imposed on the postural system. The postural constraints envisaged here are classified into biomechanical(postural stability, superimposition of motor tasks),(neuro) physiological(fatigue), temporal(time pressure) and psychological(fear of falling, emotion). Overall, the results of these studies point out the capacity of the central nervous system(CNS) to adapt the spatio-temporal features of APA to each of theseconstraints. However, it seems that, depending on the constraint, the "priority" of the CNS was focused on postural stability maintenance, on body protection and/or on maintenance of focal movement performance.展开更多
The solid template CCD camera calibration method of bundle adjustments basedon collinearity equation is presented considering the characteristics of space large-dimensionon-line measurement. In the method, a more comp...The solid template CCD camera calibration method of bundle adjustments basedon collinearity equation is presented considering the characteristics of space large-dimensionon-line measurement. In the method, a more comprehensive camera model is adopted which is based onthe pinhole model extended with distortions corrections. In the process of calibration, calibrationprecision is improved by imaging at different locations in the whole measurement space,multi-imaging at the same location and bundle adjustments optimization. The calibration experimentproves that the calibration method is able to fulfill calibration requirement of CCD camera appliedto vision measurement.展开更多
Information redundancy is one of the important factors of successful language communication.It makes the implications more obvious and clearly,which helps the receiver get enough information,making the interpreters co...Information redundancy is one of the important factors of successful language communication.It makes the implications more obvious and clearly,which helps the receiver get enough information,making the interpreters complete the task successfully.However,if an interpreter just translates the Information redundancy without any adjustment in C-E interpretation,it will cause the overloads or loss of information which will affect a successful communication.The article discussed the ways to adjust Information redundancy in C-E interpretation in order to achieve dynamic redundancy equivalence through practices and examples.展开更多
The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for i...The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.展开更多
The EU, the United States and other economies, with the intention to implement unilateral trade measures Border Carbon Adjustments, impose emission reduction pressure on developing countries. Once implemented, the mea...The EU, the United States and other economies, with the intention to implement unilateral trade measures Border Carbon Adjustments, impose emission reduction pressure on developing countries. Once implemented, the measures will have great impact on China's foreign trade. Using the input-output table in 2007, this paper had analyzed the influences on China's foreign trade as a whole and sub-sectors in three tax rates scenarios. The results showed that the tariff level of China's exports will increase by 3.6%-6.3% if the tax was levied on exports embodied emissions, and by 1.0%-1.7% if levied on export direct emissions. In 2007, the former total amount of carbon tax was about US$42.6-73.0 billion, 4 times that of the latter. Based on export embodied emissions, sectors largely influenced were non-traditional energy intensive ones, such as textile, et al. These sectors should be encour-aged to carry out industrial upgrading, raising the value-added of export goods, and reducing their embodied emissions by reduction of energy intensity. Taking into account of the complexity of data collection, the tax levied on products direct emission is more operational. The results showed that the five top sectors most affected were other chemical materials, processing of petroleum and nuclear fuel, coking, smelting and rolling of ferrous metal and textile. Most of them were energy intensive sectors. Therefore, adjusting export products structure, and controlling too fast development of energy intensive industries are also important strategies in China.展开更多
With the development of the social economy, Chinese tourism will surely change from medium scale to massive scale. As people are more and more focusing on the inner values of life style, new types of tourist demands w...With the development of the social economy, Chinese tourism will surely change from medium scale to massive scale. As people are more and more focusing on the inner values of life style, new types of tourist demands will emerge at anytime, and the spatial structure of tourist demands will show new characteristics as well Until now there is few study on tourist demand, especially on its spatial pattern. Study on spatial characteristics of tourist demand will contribute to spatial optimization and adjustments of tourist flow and supply. So this article has put forward the spatial pattern of tourist demand in China and measures of spatial adjustments and grade system of the spatial adjustment of tourists demand.展开更多
The past year witnessed an extremely complicated world scene characterised byemergence of frequent crises accompanied by deepgoing adjustments as well asof fierce competition coupled with strengthening cooperation. Th...The past year witnessed an extremely complicated world scene characterised byemergence of frequent crises accompanied by deepgoing adjustments as well asof fierce competition coupled with strengthening cooperation. The dangers of finan-cial storms, economic recession, political turmoils and military jeopardies emergingat the turn of the century bring to the world both big-scale tensions on the negativeside and unusual early warnings on the positive side. The tendencies toward glob-alization, multi-polarization and a new-type relationship among nations have展开更多
Objective To explore the dynamic changes of the cellular immune function in severe infection after liver transplantation,and to guide the individualized immunology adjustment. Methods 378 cases of liver transplantatio...Objective To explore the dynamic changes of the cellular immune function in severe infection after liver transplantation,and to guide the individualized immunology adjustment. Methods 378 cases of liver transplantation were analyzed retrospectively. Seventy - four cases ( infection group) suffered serious infection,including 54 cases cured ( cure group) ,20 cases died (展开更多
The errors in radar quantitative precipitation estimations consist not only of systematic biases caused by random noises but also spatially nonuniform biases in radar rainfall at individual rain-gauge stations. In thi...The errors in radar quantitative precipitation estimations consist not only of systematic biases caused by random noises but also spatially nonuniform biases in radar rainfall at individual rain-gauge stations. In this study, a real-time adjustment to the radar reflectivity rainfall rates （Z R） relationship scheme and the gauge-corrected, radar-based, estimation scheme with inverse distance weighting interpolation was devel- oped. Based on the characteristics of the two schemes, the two-step correction technique of radar quantitative precipitation estimation is proposed. To minimize the errors between radar quantitative precipitation es- timations and rain gauge observations, a real-time adjustment to the Z R relationship scheme is used to remove systematic bias on the time-domain. The gauge-corrected, radar-based, estimation scheme is then used to eliminate non-uniform errors in space. Based on radar data and rain gauge observations near the Huaihe River, the two-step correction technique was evaluated using two heavy-precipitation events. The results show that the proposed scheme improved not only in the underestimation of rainfall but also reduced the root-mean-square error and the mean relative error of radar-rain gauge pairs.展开更多
The assessment of an energy retrofit necessarily requires an energy measurement campaign before (base year energy consumption) and after (post retrofit energy consumption) the retrofit. Only in this way is it possible...The assessment of an energy retrofit necessarily requires an energy measurement campaign before (base year energy consumption) and after (post retrofit energy consumption) the retrofit. Only in this way is it possible to reach a safe conclusion, on the true retrofit impact. In addition, a number of adjustments are necessary to secure that the retrofit impact on energy consumption is effectively isolated, i.e., which we report on the true retrofit impact and not, for example, on external variations, such as a more mild winter. This paper introduces a conceptual framework for taking account, in the retrofit impact assessment, of three external parameters: weather, indoor comfort and space occupancy. The broader strategy behind this work is to develop a comprehensive methodology that would allow a cost efficient, fast and accurate assessment of energy retrofits in buildings. This would allow insight, on the investor side, as to the prudence of his investment and, and in this way, could help the proliferation of the practice of energy retrofits. The adjustment methodology, introduced here, is a first step in this direction.展开更多
The Red-Thai Binh River system is an important water resource to the Northern Delta, serving the development of agriculture, people’s livelihood and other economic sectors through its upstream reservoirs and a system...The Red-Thai Binh River system is an important water resource to the Northern Delta, serving the development of agriculture, people’s livelihood and other economic sectors through its upstream reservoirs and a system of water abstraction works along the rivers. However, due to the impact of climate change and pressure from socio-economic development, the operation of the reservoir system according to Decision No. 740/QD-TTg was issued on June 17, 2019 by the Prime Minister of Government promulgating the Red-Thai Binh River system inter-reservoir operation rules (Operation rules 740) has some shortcomings that need adjustments for higher water use efficiency, meeting downstream water demand and power generation benefits. Through the results of water balance calculation and analysis of economic benefits from water use scenarios, this research proposed adjustment to the inter-reservoir operation during dry season in the Red River system. The result showed that an average water level of 1.0 - 1.7 m should be maintained at Hanoi during the increased release period.展开更多
As stock index adjustments comprise a basic system of capital market,their potential influence on analysts’earnings forecasts is worthy of research.Based on a research sample of 23 adjustments to the CSI 300 Index fr...As stock index adjustments comprise a basic system of capital market,their potential influence on analysts’earnings forecasts is worthy of research.Based on a research sample of 23 adjustments to the CSI 300 Index from June 2007 to June 2018 and the backup stocks announced during the same period,this study examines the impact of additions to stock index on analysts’forecast optimism using a staggered difference-in-differences model.The research results show that after stocks are added to the stock index,analysts’earnings forecast optimism about these stocks increases significantly.Cross-sectional analysis indicates that this increase is more significant when the market is bullish,institutional ownership is low,the ratio of listed brokerage firms is low,star analyst coverage is low,firms show seasoned equity offering activity,the ratio of analysts from the top five brokerage firms ranked by commission income is high,and the analysts’brokerage firms are shareholders.However,analystlevel tests find that analysts’ability helps to reduce the impact of additions to stock index on earnings forecast optimism.Furthermore,additions to stock index significantly increase analyst coverage and forecast divergence.Economic consequences tests find additions to stock index significantly increases stock price synchronization,which is partly mediated by analysts’earnings forecast optimism.This study enriches the literature on the impact of basic capital market systems and analyst behavior.The findings suggest that investors should rationally evaluate analysts’earnings forecasts for stocks added to the stock index and obtain further information from various channels to improve asset allocation efficiency.展开更多
To fully utilize the resources provided by optical fiber networks,a cross-band quantum light source generating photon pairs,where one photon in a pair is at C band and the other is at O band,is proposed in this work.T...To fully utilize the resources provided by optical fiber networks,a cross-band quantum light source generating photon pairs,where one photon in a pair is at C band and the other is at O band,is proposed in this work.This source is based on spontaneous four-wave mixing(SFWM)in a piece of shallow-ridge silicon waveguide.Theoretical analysis shows that the waveguide dispersion could be tailored by adjusting the ridge width,enabling broadband photon pair generation by SFWM across C band and O band.The spontaneous Raman scattering(SpRS)in silicon waveguides is also investigated experimentally.It shows that there are two regions in the spectrum of generated photons from SpRS,which could be used to achieve cross-band photon pair generation.A chip of shallow-ridge silicon waveguide samples with different ridge widths has been fabricated,through which cross-band photon pair generation is demonstrated experimentally.The experimental results show that the source can be achieved using dispersion-optimized shallow-ridge silicon waveguides.This cross-band quantum light source provides a way to develop new fiber-based quantum communication functions utilizing both C band and O band and extends applications of quantum networks.展开更多
The Chinese Government’s recent economic stimulus measures are attracting much attention because of its plan to increase people’s incomes and alleviate enterprises and residents’ economic burden.
Faced with a changing international scenario, China and the United States need to readapt to each other After all the twists and turns in the China-U.S. relationship in 2010,Chinese President HuJintao’s state visit t...Faced with a changing international scenario, China and the United States need to readapt to each other After all the twists and turns in the China-U.S. relationship in 2010,Chinese President HuJintao’s state visit to the United States in January will draw international attention.展开更多
基金supported by the National Key R&D Program of China (2017YFA0604801)the National Natural Science Foundation of China (41501576)+1 种基金the China Special Fund for Meteorological Research in the Public Interest (Major Projects) (GYHY201506001-3)the Fundamental Research Funds for the Central Universities (2452016105)
文摘It is essential to understand the water consumption characteristics and physiological adjustments of tree species under drought conditions,as well as the effects of pure and mixed plantations on these characteristics in semi-arid regions.In this study,the normalized sap flow(SFn),leaf water potential,stomatal conductance(gs),and photosynthetic rate(Pr)were monitored for two dominant species,i.e.,Pinus tabuliformis and Hippophae rhamnoides,in both pure and mixed plantations in a semi-arid region of Chinese Loess Plateau.A threshold-delay model showed that the lower rainfall thresholds(RL)for P.tabuliformis and H.rhamnoides in pure plantations were 9.6 and 11.0 mm,respectively,and the time lags(τ)after rainfall were 1.15 and 1.76 d for corresponding species,respectively.The results indicated that P.tabuliformis was more sensitive to rainfall pulse than H.rhamnoides.In addition,strong stomatal control allowed P.tabuliformis to experience low gsand Prin response to drought,while maintaining a high midday leaf water potential(Ψm).However,H.rhamnoides maintained high gsand Prat a lowΨmexpense.Therefore,P.tabuliformis and H.rhamnoides can be considered as isohydric and anisohydric species,respectively.In mixed plantation,the values of RLfor P.tabuliformis and H.rhamnoides were 6.5 and 8.9 mm,respectively;and the values ofτwere 0.86 and 1.61 d for corresponding species,respectively,which implied that mixed afforestation enhanced the rainfall pulse sensitivity for both two species,especially for P.tabuliformis.In addition,mixed afforestation significantly reduced SFn,gs,and Prfor P.tabuliformis(P<0.05),while maintaining a high leaf water potential status.However,no significant effect of mixed afforestation of H.rhamnoides was observed at the expense of leaf water potential status in response to drought.Although inconsistent physiological responses were adopted by these species,the altered water consumption characteristics,especially for P.tabuliformis indicated that the mixed afforestation requires further investigation.
基金Supported by UFR STAPS of the University of Paris 11,France
文摘The control of balance is crucial for efficiently performing most of our daily motor tasks, such as those involving goal-directed arm movements or whole body displacement. The purpose of this article is twofold. Firstly, it is to recall how balance can be maintained despite the different sources of postural perturbation arising during voluntary movement. The importance of the so-called "anticipatory postural adjustments"(APA), taken as a "line of defence" against the destabilizing effect induced by a predicted perturbation, is emphasized. Secondly, it is to report the results of recent studies that questioned the adaptability of APA to various constraints imposed on the postural system. The postural constraints envisaged here are classified into biomechanical(postural stability, superimposition of motor tasks),(neuro) physiological(fatigue), temporal(time pressure) and psychological(fear of falling, emotion). Overall, the results of these studies point out the capacity of the central nervous system(CNS) to adapt the spatio-temporal features of APA to each of theseconstraints. However, it seems that, depending on the constraint, the "priority" of the CNS was focused on postural stability maintenance, on body protection and/or on maintenance of focal movement performance.
文摘The solid template CCD camera calibration method of bundle adjustments basedon collinearity equation is presented considering the characteristics of space large-dimensionon-line measurement. In the method, a more comprehensive camera model is adopted which is based onthe pinhole model extended with distortions corrections. In the process of calibration, calibrationprecision is improved by imaging at different locations in the whole measurement space,multi-imaging at the same location and bundle adjustments optimization. The calibration experimentproves that the calibration method is able to fulfill calibration requirement of CCD camera appliedto vision measurement.
文摘Information redundancy is one of the important factors of successful language communication.It makes the implications more obvious and clearly,which helps the receiver get enough information,making the interpreters complete the task successfully.However,if an interpreter just translates the Information redundancy without any adjustment in C-E interpretation,it will cause the overloads or loss of information which will affect a successful communication.The article discussed the ways to adjust Information redundancy in C-E interpretation in order to achieve dynamic redundancy equivalence through practices and examples.
文摘The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.
文摘The EU, the United States and other economies, with the intention to implement unilateral trade measures Border Carbon Adjustments, impose emission reduction pressure on developing countries. Once implemented, the measures will have great impact on China's foreign trade. Using the input-output table in 2007, this paper had analyzed the influences on China's foreign trade as a whole and sub-sectors in three tax rates scenarios. The results showed that the tariff level of China's exports will increase by 3.6%-6.3% if the tax was levied on exports embodied emissions, and by 1.0%-1.7% if levied on export direct emissions. In 2007, the former total amount of carbon tax was about US$42.6-73.0 billion, 4 times that of the latter. Based on export embodied emissions, sectors largely influenced were non-traditional energy intensive ones, such as textile, et al. These sectors should be encour-aged to carry out industrial upgrading, raising the value-added of export goods, and reducing their embodied emissions by reduction of energy intensity. Taking into account of the complexity of data collection, the tax levied on products direct emission is more operational. The results showed that the five top sectors most affected were other chemical materials, processing of petroleum and nuclear fuel, coking, smelting and rolling of ferrous metal and textile. Most of them were energy intensive sectors. Therefore, adjusting export products structure, and controlling too fast development of energy intensive industries are also important strategies in China.
文摘With the development of the social economy, Chinese tourism will surely change from medium scale to massive scale. As people are more and more focusing on the inner values of life style, new types of tourist demands will emerge at anytime, and the spatial structure of tourist demands will show new characteristics as well Until now there is few study on tourist demand, especially on its spatial pattern. Study on spatial characteristics of tourist demand will contribute to spatial optimization and adjustments of tourist flow and supply. So this article has put forward the spatial pattern of tourist demand in China and measures of spatial adjustments and grade system of the spatial adjustment of tourists demand.
文摘The past year witnessed an extremely complicated world scene characterised byemergence of frequent crises accompanied by deepgoing adjustments as well asof fierce competition coupled with strengthening cooperation. The dangers of finan-cial storms, economic recession, political turmoils and military jeopardies emergingat the turn of the century bring to the world both big-scale tensions on the negativeside and unusual early warnings on the positive side. The tendencies toward glob-alization, multi-polarization and a new-type relationship among nations have
文摘Objective To explore the dynamic changes of the cellular immune function in severe infection after liver transplantation,and to guide the individualized immunology adjustment. Methods 378 cases of liver transplantation were analyzed retrospectively. Seventy - four cases ( infection group) suffered serious infection,including 54 cases cured ( cure group) ,20 cases died (
基金supported bythe Special Fund for Basic Research and Operation of the Chinese Academy of Meteorological Sciences (GrantNo. 2011Y004)the Research and Development Special Fund for Public Welfare Industry (Meteorology+2 种基金Grant No.GYHY201006042)the National Natural Science Foundation of China (Grant No. 40975014)the Open Research Fund for State Key Laboratory of Hydroscience and Engineering of Tsinghua University (the search of basin QPE and QPF based on new generation of weather and numerical models)
文摘The errors in radar quantitative precipitation estimations consist not only of systematic biases caused by random noises but also spatially nonuniform biases in radar rainfall at individual rain-gauge stations. In this study, a real-time adjustment to the radar reflectivity rainfall rates （Z R） relationship scheme and the gauge-corrected, radar-based, estimation scheme with inverse distance weighting interpolation was devel- oped. Based on the characteristics of the two schemes, the two-step correction technique of radar quantitative precipitation estimation is proposed. To minimize the errors between radar quantitative precipitation es- timations and rain gauge observations, a real-time adjustment to the Z R relationship scheme is used to remove systematic bias on the time-domain. The gauge-corrected, radar-based, estimation scheme is then used to eliminate non-uniform errors in space. Based on radar data and rain gauge observations near the Huaihe River, the two-step correction technique was evaluated using two heavy-precipitation events. The results show that the proposed scheme improved not only in the underestimation of rainfall but also reduced the root-mean-square error and the mean relative error of radar-rain gauge pairs.
文摘The assessment of an energy retrofit necessarily requires an energy measurement campaign before (base year energy consumption) and after (post retrofit energy consumption) the retrofit. Only in this way is it possible to reach a safe conclusion, on the true retrofit impact. In addition, a number of adjustments are necessary to secure that the retrofit impact on energy consumption is effectively isolated, i.e., which we report on the true retrofit impact and not, for example, on external variations, such as a more mild winter. This paper introduces a conceptual framework for taking account, in the retrofit impact assessment, of three external parameters: weather, indoor comfort and space occupancy. The broader strategy behind this work is to develop a comprehensive methodology that would allow a cost efficient, fast and accurate assessment of energy retrofits in buildings. This would allow insight, on the investor side, as to the prudence of his investment and, and in this way, could help the proliferation of the practice of energy retrofits. The adjustment methodology, introduced here, is a first step in this direction.
文摘The Red-Thai Binh River system is an important water resource to the Northern Delta, serving the development of agriculture, people’s livelihood and other economic sectors through its upstream reservoirs and a system of water abstraction works along the rivers. However, due to the impact of climate change and pressure from socio-economic development, the operation of the reservoir system according to Decision No. 740/QD-TTg was issued on June 17, 2019 by the Prime Minister of Government promulgating the Red-Thai Binh River system inter-reservoir operation rules (Operation rules 740) has some shortcomings that need adjustments for higher water use efficiency, meeting downstream water demand and power generation benefits. Through the results of water balance calculation and analysis of economic benefits from water use scenarios, this research proposed adjustment to the inter-reservoir operation during dry season in the Red River system. The result showed that an average water level of 1.0 - 1.7 m should be maintained at Hanoi during the increased release period.
基金the financial support of the National Natural Science Foundation of China(71872196,71402198,71872199)National Social Science Foundation of China(19ZDA098)+1 种基金MOE Project of Humanities and Social Sciences of China(19YJA790032)the Beijing Social Foundation of China(15JGC176,20JJB015)
文摘As stock index adjustments comprise a basic system of capital market,their potential influence on analysts’earnings forecasts is worthy of research.Based on a research sample of 23 adjustments to the CSI 300 Index from June 2007 to June 2018 and the backup stocks announced during the same period,this study examines the impact of additions to stock index on analysts’forecast optimism using a staggered difference-in-differences model.The research results show that after stocks are added to the stock index,analysts’earnings forecast optimism about these stocks increases significantly.Cross-sectional analysis indicates that this increase is more significant when the market is bullish,institutional ownership is low,the ratio of listed brokerage firms is low,star analyst coverage is low,firms show seasoned equity offering activity,the ratio of analysts from the top five brokerage firms ranked by commission income is high,and the analysts’brokerage firms are shareholders.However,analystlevel tests find that analysts’ability helps to reduce the impact of additions to stock index on earnings forecast optimism.Furthermore,additions to stock index significantly increase analyst coverage and forecast divergence.Economic consequences tests find additions to stock index significantly increases stock price synchronization,which is partly mediated by analysts’earnings forecast optimism.This study enriches the literature on the impact of basic capital market systems and analyst behavior.The findings suggest that investors should rationally evaluate analysts’earnings forecasts for stocks added to the stock index and obtain further information from various channels to improve asset allocation efficiency.
基金supported by the Quantum Science and Technology-National Science and Technology Major Project (Grant No.2024ZD0302502 for WZ)the National Natural Science Foundation of China(Grant No.92365210 for WZ)+1 种基金Tsinghua Initiative Scientific Research Program (for WZ)the project of Tsinghua University-Zhuhai Huafa Industrial Share Company Joint Institute for Architecture Optoelectronic Technologies (JIAOT,for YH)。
文摘To fully utilize the resources provided by optical fiber networks,a cross-band quantum light source generating photon pairs,where one photon in a pair is at C band and the other is at O band,is proposed in this work.This source is based on spontaneous four-wave mixing(SFWM)in a piece of shallow-ridge silicon waveguide.Theoretical analysis shows that the waveguide dispersion could be tailored by adjusting the ridge width,enabling broadband photon pair generation by SFWM across C band and O band.The spontaneous Raman scattering(SpRS)in silicon waveguides is also investigated experimentally.It shows that there are two regions in the spectrum of generated photons from SpRS,which could be used to achieve cross-band photon pair generation.A chip of shallow-ridge silicon waveguide samples with different ridge widths has been fabricated,through which cross-band photon pair generation is demonstrated experimentally.The experimental results show that the source can be achieved using dispersion-optimized shallow-ridge silicon waveguides.This cross-band quantum light source provides a way to develop new fiber-based quantum communication functions utilizing both C band and O band and extends applications of quantum networks.
文摘The Chinese Government’s recent economic stimulus measures are attracting much attention because of its plan to increase people’s incomes and alleviate enterprises and residents’ economic burden.
文摘Faced with a changing international scenario, China and the United States need to readapt to each other After all the twists and turns in the China-U.S. relationship in 2010,Chinese President HuJintao’s state visit to the United States in January will draw international attention.
