Based on a sample of Chinese A-share listed firms from 2015 to 2018,this paper studies the impact of annual report comment letters(ARCLs)on firm stock price synchronicity.We find that after firms receive ARCLs,their s...Based on a sample of Chinese A-share listed firms from 2015 to 2018,this paper studies the impact of annual report comment letters(ARCLs)on firm stock price synchronicity.We find that after firms receive ARCLs,their stock price synchronicity decreases.Moreover,the longer the ARCLs and the more negative the ARCLs’tone,the lower the resulting stock price synchronicity.The mechanism test shows that after firms receive ARCLs,the firms’information disclosure increases in quantity and quality,external media attention increases,and the firms’governance improves,reducing their stock price synchronicity.Further research shows that this negative association is more significant in firms with higher information asymmetry.This paper shows that the ARCL,an innovative application of the capital market supervision philosophy,is conducive to improving the quality of listed firms and to the healthy development of the capital market.展开更多
Mutations in the liver/bone/kidney alkaline phosphatase(Alpl) gene cause hypophosphatasia(HPP) and early-onset bone dysplasia,suggesting that this gene is a key factor in human bone development. However, how and where...Mutations in the liver/bone/kidney alkaline phosphatase(Alpl) gene cause hypophosphatasia(HPP) and early-onset bone dysplasia,suggesting that this gene is a key factor in human bone development. However, how and where Alpl acts in bone ageing is largely unknown. Here, we determined that ablation of Alpl induces prototypical premature bone ageing characteristics, including bone mass loss and marrow fat gain coupled with elevated expression of p16INK4A(p16) and p53 due to senescence and impaired differentiation in mesenchymal stem cells(MSCs). Mechanistically, Alpl deficiency in MSCs enhances ATP release and reduces ATP hydrolysis. Then, the excessive extracellular ATP is, in turn, internalized by MSCs and causes an elevation in the intracellular ATP level, which consequently inactivates the AMPKα pathway and contributes to the cell fate switch of MSCs. Reactivating AMPKα by metformin treatment successfully prevents premature bone ageing in Alpl+/-mice by improving the function of endogenous MSCs.These results identify a previously unknown role of Alpl in the regulation of ATP-mediated AMPKα alterations that maintain MSC stemness and prevent bone ageing and show that metformin offers a potential therapeutic option.展开更多
文摘Based on a sample of Chinese A-share listed firms from 2015 to 2018,this paper studies the impact of annual report comment letters(ARCLs)on firm stock price synchronicity.We find that after firms receive ARCLs,their stock price synchronicity decreases.Moreover,the longer the ARCLs and the more negative the ARCLs’tone,the lower the resulting stock price synchronicity.The mechanism test shows that after firms receive ARCLs,the firms’information disclosure increases in quantity and quality,external media attention increases,and the firms’governance improves,reducing their stock price synchronicity.Further research shows that this negative association is more significant in firms with higher information asymmetry.This paper shows that the ARCL,an innovative application of the capital market supervision philosophy,is conducive to improving the quality of listed firms and to the healthy development of the capital market.
基金financially supported by grants from the Nature Science Foundation of China (81620108007)National Key Research and Development Program of China (2016YFC1101400)+1 种基金Nature Science Foundation of China (31571532, 31601099)National Institutes of Health, Department of Health and Human Services (R01DE017449 to S.S.)
文摘Mutations in the liver/bone/kidney alkaline phosphatase(Alpl) gene cause hypophosphatasia(HPP) and early-onset bone dysplasia,suggesting that this gene is a key factor in human bone development. However, how and where Alpl acts in bone ageing is largely unknown. Here, we determined that ablation of Alpl induces prototypical premature bone ageing characteristics, including bone mass loss and marrow fat gain coupled with elevated expression of p16INK4A(p16) and p53 due to senescence and impaired differentiation in mesenchymal stem cells(MSCs). Mechanistically, Alpl deficiency in MSCs enhances ATP release and reduces ATP hydrolysis. Then, the excessive extracellular ATP is, in turn, internalized by MSCs and causes an elevation in the intracellular ATP level, which consequently inactivates the AMPKα pathway and contributes to the cell fate switch of MSCs. Reactivating AMPKα by metformin treatment successfully prevents premature bone ageing in Alpl+/-mice by improving the function of endogenous MSCs.These results identify a previously unknown role of Alpl in the regulation of ATP-mediated AMPKα alterations that maintain MSC stemness and prevent bone ageing and show that metformin offers a potential therapeutic option.
