bluuebunny/crossref_metadata_2025 huggingface dataset:
Formation of the Fertilization Pore during Oogenesis of the Fern Ceratopteris thalictroides
Authors: Cao Jian‐Guo , Wang Quan‐Xi , Bao Wen‐Mei
Published: March 2010

The development of the fertilization pore during oogenesis of the fern Ceratopteris thalictroides was followed using transmission electron microscopy. The newly formed egg is appressed closely to the adjacent cells. There are well‐developed plasmodesmata between the egg and the ventral canal cell, but none between the egg and the jacket cells of the archegonium. During maturation, a separation cavity is formed around the egg. However, a pore region persistently connects the egg and the ventral canal cell. The extra egg membrane is formed by deposition of sheets of endoplasmic reticulum (ER), but no ER is deposited on the inner surface of the pore region. Thus, a fertilization pore, covered by a layer of plasmalemma, is formed. The ventral canal cell undoubtedly participates the formation of the fertilization pore, probably by absorbing the sheets of ER beneath the pore region. The functional significance of the ventral canal cell in formation of the fertilization pore is discussed. The features of the mature egg include that abundant concentric membranes and osmiophilic vesicles occur in the cytoplasm of the mature egg. The initial, round nucleus of the egg eventually becomes cup‐shaped. This investigation gives some new insights about the cells participating oogenesis in ferns.
Reverse Genetic Identification of CRN1 and its Distinctive Role in Chlorophyll Degradation in Arabidopsis
Authors: Ren Guodong , Zhou Qian , Wu Shouxin , Zhang Yufan , Zhang Lingang , Huang Jirong , Sun Zhenfei , Kuai Benke
Published: March 2010

Recent identification of NYE1/SGR1 brought up a new era for the exploration of the regulatory mechanism of Chlorophyll (Chl) degradation. Cluster analysis of senescence associated genes with putative chloroplast targeting sequences revealed several genes sharing a similar expression pattern with NYE1. Further characterization of available T‐DNA insertion lines led to the discovery of a novel stay‐green gene CRN1 (Co‐regulated with NYE1). Chl breakdown was significantly restrained in crn1‐1 under diversified senescence scenarios, which is comparable with that in acd1‐20, but much more severe than that in nye1‐1. Notably, various Chl binding proteins, especially trimeric LHCP II, were markedly retained in crn1‐1 four days after dark‐treatment, possibly due to a lesion in disassociation of protein‐pigment complex. Nevertheless, the photochemical efficiency of PSII in crn1‐1 declined, even more rapidly, two days after dark‐treatment, compared to those in Col‐0 and nye1‐1. Our results suggest that CRN1 plays a crucial role in Chl degradation, and that loss of its function produces various side‐effects, including those on the breakdown of Ch‐protein complex and the maintenance of the residual photosynthetic capability during leaf senescence.
Propagation of a sausage soliton in the solar lower atmosphere observed by Hinode/SOT
Authors: Zaqarashvili T. V. , Kukhianidze V. , Khodachenko M. L.
Published: March 2010

Acoustic waves and pulses propagating from the solar photosphere upwards may quickly develop into shocks due to the rapid decrease of atmospheric density. However, if they propagate along a magnetic flux tube, then the non-linear steepening may be balanced by tube dispersion effects. This may result in the formation of a sausage soliton. The aim of this Letter is to report observational evidence of a sausage soliton in the solar chromosphere. A time series of the Caii H line obtained at the solar limb with the Solar Optical Telescope (SOT) on board Hinode is analysed. Observations show an intensity blob, which propagates from 500 to 1700 km above the solar surface with a mean apparent speed of 35 km s−1. The speed is much higher than the expected local sound speed, therefore the blob cannot be a simple pressure pulse. The blob speed, length-to-width ratio and relative intensity correspond to a slow sausage soliton propagating along a magnetic tube. The blob width increases with height corresponding to the magnetic tube expansion in the stratified atmosphere. Propagation of the intensity blob may be the first observational evidence of a slow sausage soliton in the solar atmosphere.
A design model for nitrification on structured cross flow plastic media trickling filters
Authors: Pearce P. , Edwards W.
Published: March 2010

An empirical model has been developed to predict the effluent ammoniacal nitrogen concentration from structured cross flow plastic media trickling filters operated over the range of BOD loadings 0.12–0.38 kg/m3/day and ammoniacal nitrogen loadings of 0.06–0.23 kg/m3/day. The model gives good predictions based on 24‐h average effluent concentrations over a range of filter depths, organic and hydraulic loading rates. When incorporated with suitable hydraulic models, effluent ammoniacal concentration can be predicted through the diurnal range. The data gathering for the model included depth profiles on three filters. These have shown that at all but the very highest BOD loadings, nitrification commences from the very top of the filter in the presence of soluble BOD loadings previously thought to preclude the development of nitrifying biomass. Several reasons have been proposed to explain this, with the key argument being that the efficient oxygen transfer afforded by the media design is sufficient to satisfy heterotroph and autotroph oxygen demand simultaneously.
Source apportionment of trichloroethylene in groundwater of the industrial complex in Wonju, Korea: a 15‐year dispute and perspective
Authors: Baek W. , Lee J. Y.
Published: March 2010

The groundwater of an industrial complex has been contaminated with trichloroethylene (TCE) since 1995. High levels of TCE exceeding the Korean groundwater standard can still be found. However, ongoing controversial debate on the contamination source has hindered the remedial works. Wonju city suggested a single source, while the Gangwon Province considered multiple sources. The TCE plume appeared as two separate plumes rather than a single plume. Carbon tetrachloride (CT), a formerly used solvent, formed a plume but its extent was restricted to the left half of the overall TCE plume. The soil contamination survey revealed the existence of at least two contamination source areas. All the evidences pointed to the asphalt test laboratory as being one of the major sources, but the possibility of other sources cannot be excluded. The maximum extent of the TCE contamination caused by the asphalt laboratory may have been restricted to the left half of the overall TCE plume.
Rate of change of heart size before congestive heart failure in dogs with mitral regurgitation
Authors: Lord P. , Hansson K. , Kvart C. , Häggström J.
Published: March 2010

Objectives: The objective of the study was to examine the changes in vertebral heart scale, and left atrial and ventricular dimensions before and at onset of congestive heart failure in cavalier King Charles spaniels with mitral regurgitation.

Methods: Records and radiographs from 24 cavalier King Charles spaniels with mitral regurgitation were used. Vertebral heart scale (24 dogs), and left atrial dimension and left ventricular end diastolic and end systolic diameters (18 dogs) and their rate of increase were measured at intervals over years to the onset of congestive heart failure. They were plotted against time to onset of congestive heart failure.

Results: Dimensions and rates of change of all parameters were highest at onset of congestive heart failure, the difference between observed and chance outcome being highly significant using a two‐tailed chi‐square test (P<0·001).

Clinical significance: The left heart chambers increase in size rapidly only in the last year before the onset of congestive heart failure. Increasing left ventricular end systolic dimension is suggestive of myocardial failure before the onset of congestive heart failure. Rate of increase of heart dimensions may be a useful indicator of impending congestive heart failure.
Net greenhouse gas fluxes in Brazilian ethanol production systems
Authors: GALDOS MARCELO VALADARES , CERRI CARLOS CLEMENTE , LAL RATTAN , BERNOUX MARTIAL , FEIGL BRIGITTE , CERRI CARLOS EDUARDO P.
Published: March 2010

Biofuels are both a promising solution to global warming mitigation and a potential contributor to the problem. Several life cycle assessments of bioethanol have been conducted to address these questions. We performed a synthesis of the available data on Brazilian ethanol production focusing on greenhouse gas (GHG) emissions and carbon (C) sinks in the agricultural and industrial phases. Emissions of carbon dioxide (CO2) from fossil fuels, methane (CH4) and nitrous oxide (N2O) from sources commonly included in C footprints, such as fossil fuel usage, biomass burning, nitrogen fertilizer application, liming and litter decomposition were accounted for. In addition, black carbon (BC) emissions from burning biomass and soil C sequestration were included in the balance. Most of the annual emissions per hectare are in the agricultural phase, both in the burned system (2209 out of a total of 2398 kg Ceq), and in the unburned system (559 out of 748 kg Ceq). Although nitrogen fertilizer emissions are large, 111 kg Ceq ha−1 yr−1, the largest single source of emissions is biomass burning in the manual harvest system, with a large amount of both GHG (196 kg Ceq ha−1 yr−1). and BC (1536 kg Ceq ha−1 yr−1). Besides avoiding emissions from biomass burning, harvesting sugarcane mechanically without burning tends to increase soil C stocks, providing a C sink of 1500 kg C ha−1 yr−1 in the 30 cm layer. The data show a C output: input ratio of 1.4 for ethanol produced under the conventionally burned and manual harvest compared with 6.5 for the mechanized harvest without burning, signifying the importance of conservation agricultural systems in bioethanol feedstock production.
Intra‐Industry Trade and Adjustment Costs in the Australian Textile, Clothing and Footwear and Motor Vehicle Industries: A Comparative Case Study Approach*
Authors: Marks Andrew
Published: March 2010

Australian studies have focused on different dimensions of intra industry trade (IIT) between the manufacturing sector and the rest of the world at the disaggregated level, i.e. 1, 2, 3, 4 or 5 digit levels. The current study seeks to complement the existing literature by examining the IIT and hence output and employment performance of two different digit industries in the form of the textile, clothing and footwear (TCF) (2 digit) and motor vehicle (4 digit) industries because they are characterized by different factor intensity in production. Specifically, the former is fundamentally labour intensive whilst the latter is capital intensive in production. The central results reveal that the motor vehicle industry has exhibited a superior IIT and hence output and employment performance as compared to the TCF industry, as well as the manufacturing sector. The sophisticated capital goods produced and the capital intensive nature of motor vehicle production have made it possible to derive the cost benefits of large scale production which in turn has led to stronger export penetration. Moreover, the industry specific assistance measures which have been biased towards tax incentives for investment and R&D expenditure have favoured the motor vehicle industry's production and exports at the expense of the TCF industry, thereby reinforcing the former industry's stronger IIT and hence output and employment performance.
Institutional Challenges and Response in Regulating Foreign Direct Investment to Australia
Authors: Sadleir Chris , Mahony Greg
Published: March 2010

Interest has recently been reignited in the question of foreign ownership and the regulation of foreign direct investment into Australia. This paper briefly outlines macroeconomic and political factors that make continued regulation of foreign direct investment (FDI) highly likely, perhaps even inevitable. We present an historical analysis of the development of the regulation of FDI in Australia that highlights the political and economic elements of that regulation. Lessons from such analysis may guide the formulation of current policy in regard to the regulation of FDI.
Testing Comparative Advantage in Australian Broadacre Agriculture Under Climate Change: Theoretical and Empirical Models*
Authors: Sanderson Todd , Ahmadi‐Esfahani Fredoun Z.
Published: March 2010

According to the conventional wisdom, Australia enjoys a comparative advantage in broadacre agriculture, despite the fact that little empirical research supporting this proposition has been reported in the literature. This paper seeks to survey the theoretical and empirical models that may potentially be used to test the theory of comparative advantage as it relates to broadacre agriculture under climate change. The implications of the analysis are explored.
Reforming Youth Allowance: The “Independent‐at‐Home” Category
Authors: Chapman Bruce , Lounkaew Kiatanantha
Published: March 2010

The Review of Australian Higher Education (2008) recommended the elimination of the Youth Allowance (YA) category known as “Independent‐at‐Home” (IAH), a policy position which has been endorsed by the Australian Government. The concern is students gaining access to YA through this eligibility criterion are not disadvantaged and that consequently this aspect of the system is inequitably targeted. To cast light on this possibility, the research reported here examines the household income circumstances of individuals in the IAH category in a comparison with otherwise similar students. The research methods employed are indirectly due to the lack of available data, but we are able to adjust information from the HILDA survey to address the issue. The evidence is that, in the 2001 to 2006 period, a large proportion of those in the IAH category were not disadvantaged, which is support for the position of the Review and the government’s response to it.
The Economics of Art Thefts: Too Much Screaming over Munch's The Scream?*
Authors: Nicita Antonio , Rizzolli Matteo
Published: March 2010

The theft of Munch's The Scream in 2004 fired up a debate over museums’ protection policies because of the low level of security and the lack of any insurance against theft. In this paper we provide a rationale for the choices made by the Munch's museum. More generally, we show how diverting expenses in security and insurance to investments over the notoriousness of their collections reinforces the protection of Museums’ properties. This is because of two counter‐intuitive effects: (1) investments in precautions, while reducing thieves’ profits, may adversely attract them towards works of art of higher value; (2) insurance may actually increase the incentive to steal works of art for the purpose of ransom.
A commentary on the “consensus statement” regarding the use of BIAsp30
Authors: Kawamori Ryuzo
Published: March 2010

A consensus statement by experts on intensifying insulin therapy using biphasic insulin aspart‐30 (BIAsp30) was recently made public. This statement is a valuable contribution in that it presents simplified criteria for the first time. However, diabetes mellitus is diverse in its pathophysiological features. It therefore seems essential for physicians to select an optimum method of intensifying insulin therapy tailored to the individual patient’s condition, rather than adhering uncritically to the use of BIAsp30 recommended in the consensus statement. (J Diabetes Invest, doi: 10.1111/j.2040‐1124.2010.00017.x, 2010)
Molecular mechanisms of diabetic vascular complications
Authors: Kitada Munehiro , Zhang Zhaoyun , Mima Akira , King George L
Published: March 2010

Diabetic complications are the major causes of morbidity and mortality in patients with diabetes. Microvascular complications include retinopathy, nephropathy and neuropathy, which are leading causes of blindness, end‐stage renal disease and various painful neuropathies; whereas macrovascular complications involve atherosclerosis related diseases, such as coronary artery disease, peripheral vascular disease and stroke. Diabetic complications are the result of interactions among systemic metabolic changes, such as hyperglycemia, local tissue responses to toxic metabolites from glucose metabolism, and genetic and epigenetic modulators. Chronic hyperglycemia is recognized as a major initiator of diabetic complications. Multiple molecular mechanisms have been proposed to mediate hyperglycemia’s adverse effects on vascular tissues. These include increased polyol pathway, activation of the diacylglycerol/protein kinase C pathway, increased oxidative stress, overproduction and action of advanced glycation end products, and increased hexosamine pathway. In addition, the alterations of signal transduction pathways induced by hyperglycemia or toxic metabolites can also lead to cellular dysfunctions and damage vascular tissues by altering gene expression and protein function. Less studied than the toxic mechanisms, hyperglycemia might also inhibit the endogenous vascular protective factors such as insulin, vascular endothelial growth factor, platelet‐derived growth factor and activated protein C, which play important roles in maintaining vascular homeostasis. Thus, effective therapies for diabetic complications need to inhibit mechanisms induced by hyperglycemia’s toxic effects and also enhance the endogenous protective factors. The present review summarizes these multiple biochemical pathways activated by hyperglycemia and the potential therapeutic interventions that might prevent diabetic complications. (J Diabetes Invest, doi: 10.1111/j.2040‐1124.2010.00018.x, 2010)
Why do Shareholders Allow Their Managers to be Gatekeepers in Corporate Control Contests?*
Authors: Park Kyung Suh
Published: March 2010

This paper formulates a theoretical model to explain why target shareholders under corporate control contests allow their managers to play the role of a gatekeeper despite the conflicting incentive of the managers to resist takeover attempts that might increase firm value. The paper claims that sometimes the existence of a manager with a conflicting goal can contribute to enhancing the welfare of his shareholders under a corporate control contest where bidders have the choice of takeover methods. We set up a game‐theoretical model and derive a separating equilibrium where bidders with higher synergy prefer a tender offer to a merger, and the bidders are forced to pay higher takeover premium in a hostile tender offer due to the existence of informed target managers who can make counteroffers under a merger deal.
How Does Prior Information Affect Analyst Forecast Revisions?*
Authors: Song Minsup
Published: March 2010

This study investigates how observable prior information affects individual analysts' earnings forecast revisions. Following Stickel (1990), it first examines how new information observed by Korean analysts and uncertainty in the analysts' current forecast affect the analysts' forecast revision. Then, this study extends the prediction model by examining how characteristics of new information (positive vs. negative change in consensus forecast) and the characteristics of the analysts' current forecast (higher vs. lower than the mean forecast) affect their forecast revision. The empirical results show that the individual analyst revision, the change in consensus forecast, and the cumulative stock returns are positively related whereas the revision and the deviation of the analyst's current forecast from the consensus forecast are negatively related. Results also show more sensitive reactions to consensus change when analysts observe a negative consensus change. In addition, analysts' reaction to a negative consensus change is greater when their current forecast is greater than the prior mean forecast. These results suggest that analysts learn from market expectation changes and incorporate new information into their new forecasts.
To Signal or to Control: The Determinants of Open‐Market Share Repurchases in Japan*
Authors: Choi Dong Keun , Huh Jun , Park Kwangwoo
Published: March 2010

Using listed firm‐level data in the Tokyo Stock Exchange for the 1995–2006 period, we show that ultimate owners of firms with large cash flow and voting rights deviations announce and repurchase stocks more aggressively than do those of firms with small deviations. We also find that Keiretsu (business group)‐affiliated firms are most aggressive in repurchasing their own shares when large deviations exists between cash flow rights and voting rights. Consistent with the view of the takeover deterrence hypothesis, our findings suggest that firms with greater deviations in these two rights are likely to make large stock repurchases to increase both the cost of toehold and the price of the offer.
Impact of the QFII Scheme on Investment‐Cash Flow Sensitivity*
Authors: Hung Jung‐Hua , Tseng Tzu‐Yun
Published: March 2010

Taiwan is an important emerging economy which has adopted a progressive strategy to open up its securities markets, mainly through the QFII (Qualified Foreign Institutional Investor) scheme. This paper examines Taiwan's QFII experience so as to determine whether the implementation of such a policy has helped reduce corporate investment‐cash flow sensitivity. Empirical results suggest that the launching of the QFII program as an interim institutionalization strategy to attract foreign capital into Taiwan's securities markets has been successful in relaxing corporations' investment‐cash flow sensitivity.
Long‐term Equity and Operating Performances following Straight and Convertible Debt Issuance in the U.S.*
Authors: Jung Mookwon
Published: March 2010

This paper shows that long‐term equity and operating performances that follow straight and convertible debt issuance in the U.S. are different, just as are announcement‐period market reactions, supporting the notion that market investors initially underreact to a selective event of convertible debt issuance. Cross‐sectional tests reveal that firms issuing convertible debt often suffer stock underperformance partly because of their deteriorating fundamentals subsequently to the issuance. Even when each convertible bond directly matches with a straight bond that has a similar offering date and issuer and bond characteristics, convertible debt issuers still significantly under‐perform straight debt issuers, supporting that what matters for long‐term equity and operating performances is the type of debt offering.
Optimal Stealth Trading of the Insider and Expected Profit of the Mimicking Trader*
Authors: Lee Jaehyun , Ko Hyuk‐Jin , Park Young S.
Published: March 2010

In this paper we perform theoretical and empirical analyses on the insiders' optimal “stealth” strategy and expected profits from mimicking trading when the insiders' trading information is publicly available. When insiders select a mixed strategy of AR (1) process as the information exposure strategy in a multi‐period model, we find the optimal AR (1) coefficient that maximizes the insiders' profit is negative. Also, (1) the greater the transaction volume of mimicking traders in the market and the longer the information exposure period, the closer the optimum AR (1) coefficient becomes to −1; (2) The larger the mimicking transaction volume, the smaller the insider's profit gets; and (3) When the volume of mimicking transaction is large and the private information is not much valuable, the likelihood of loss is high. We also validate certain theoretical results of our model using publicized ownership change data of major shareholders. As a result, we find the strategic evidences in the sample of insider transactions closing within 15 trading days. Also, although mimicking traders' losses have not been reported, they can suffer losses when the private information is not much valuable and the insiders take a significant strategic action.
What do Options have to do With It?: Inclusion of Options Market Indicators in Bid‐ask Spread Decomposition*
Authors: Michayluk David , Prather Laurie , Woo Li‐Anne E. , Yip Henry Y. K.
Published: March 2010

This paper develops a cross‐market model to extend Huang and Stoll (1997) by utilizing information from trade flows in the options market. Empirical tests reveal a significant increase in the estimated adverse information component, which stays consistent irrespective of the degree of option leverage. Further, intraday variation in stock bid‐ask spread components is affected by the stock trade size and the extent of imbalance in information‐based option trades. Including the options market information in decomposition of the stock bid‐ask spread enhances the quality of its estimation.
An Examination of Affine Term Structure Models*
Authors: Byun Suk‐Joon , Lee Jin‐Tae
Published: March 2010

This paper examines the relative performance of models in the affine term structure family which includes both complete and essential affine models using Korean government bond yield data. Principal component analysis with Korean government bond yield data shows that the first three components of yields explain 97% of the total yield curve variation, and the components can be characterized as “level”, “slope”, and “curvature.” We also estimate all three‐factor affine models using a Kalman filter/quasi maximum likelihood (QML) approach. An exhaustive comparison shows that the three‐factor essential affine model, A1 (3) E, in which only one factor affects the instantaneous volatility of short rates but all three factors affect the price of risk, appears to be the best model in Korea. This finding is consistent with results in Dai and Singleton (2002) and Duffee (2002) on US data and in Tang and Xia (2007) on Canadian, German, Japanese, UK and US data.
The Effect of Underwriters' Reputationson Post‐Deregulation IPO Pricing: Price Discovery Ability Versus Bargaining Power*
Authors: Yon Kang Heum , Park Soon Hong
Published: March 2010

This study empirically examines the role of underwriters' reputations on the IPO pricing process and its effect on subsequent initial returns. We analyzed 275 IPOs between July, 2002 and December, 2006. The reputation of each underwriters was analyzed based on the data reflecting their performances over the preceding three years. The analysis considered the following: number of offerings, the natural logarithm of average offering size, the relative offering size, the inverse of average underpricing ratio, and the ratio of refraining from undertaking a market stabilization activity or exercising a putback option. The logarithm of the underwriter's asset size and the composite index of the above six reputation variables are included in the variable we call “reputation.”

We find that underwriters with higher reputation exercise more bargaining power than either issuing firms or institutional investors in the offer price decision process. On the other hand, the underwriters' certification role is not sufficiently carried out to build a reputation on price discovery. We propose an incentive system that would encourage voluntary assessment of underwriters' competency, which can ultimately bolster their reputations in terms of their price discovery ability.
Cross‐Sectional Tests of Multifactor CCAPMs using Conditional Moments and Time‐Series Restrictions*
Authors: Kim Jinyong
Published: March 2010

Two different methods are used to evaluate the performance of the consumption‐based asset pricing models to explain the cross‐section of expected stock returns in conditional moments: one is to scale the returns, and the other is to model time‐varying factor loadings, using instrument variables. Maximum correlation portfolios are constructed to directly impose restrictions on the time‐series intercepts, especially in a model whose factors are not returns. The empirical results are as follow: the consumption‐based models perform no better than the standard CAPM; adding the return on human capital as an additional risk factor does not help explain the cross‐section; and the Fama‐French three‐factor model shows the best ability to lower the pricing error.
Negative Market Volatility Risk Premium: Evidence from the LIFFE Equity Index Options*
Authors: Lin Bing‐Huei , Chen Yin‐Jung
Published: March 2010

We provide non‐parametric empirical evidence regarding negative volatility risk premium using LIFFE equity index options. In addition, we incorporate the moment‐adjusted option delta hedge ratio to mitigate the effect of model misspecification. From the results, we observe several interesting phenomena. First, the delta‐hedged gains are negative. Second, with a correction for model misspecification, higher‐order moments measures show less significance and the volatility risk premium still plays a key role in affecting delta‐hedged gains. All empirical evidence supports the existence of negative volatility risk premium in LIFFE equity index options.
The Effect of Regulation Fair Disclosure on Conference Calls: The Case of Earnings Surprises*
Authors: Baik Bok , Nam Hye‐Jeong
Published: March 2010

While conference calls have been widely used as a communication tool between firms and investors, little research has examined the effect of this voluntary disclosure metric on analyst forecasts. In this paper, we examine whether firms use conference calls to guide down analysts' earnings forecasts, thereby avoiding negative earnings surprises before and after Regulation FD. Our findings show that firms hosting conference calls are more likely to guide analysts' forecasts downward and, as a result, they tend to successfully avoid negative earnings surprises in the pre Reg FD period. However, we do not find such relations in the post Reg FD period. We also find that the market reacts positively to firms hosting conference calls only in the post Reg FD period, consistent with the view that the market rewards a reduction in managers' opportunistic guidance to meet the analysts' earnings estimate.
Asymmetric Futures Price Distribution and Bid‐Ask Quotes*
Authors: Nordén Lars
Published: March 2010

This study presents a model for estimating the asymmetry of the futures price with respect to the futures bid‐ask spread. Analysis of Data from the Swedish OMXS 30 index futures market shows clear evidence of futures price asymmetry, where the futures price in general tends to be closer to the bid than to the ask quote. Moreover, in a futures market environment with a relatively low liquidity, the futures price tends to be closer to the bid quote, whereas the futures price is virtually symmetrically located within the futures spread when liquidity is relatively high.
Impact of Government Ownership on Investment Banks’ Underwriting Performance: Evidence from China*
Authors: Jia Ning , Zhang Haiyan
Published: March 2010

This paper examines the effect of government ownership on investment banks’ underwriting performance in China. A large number of Chinese investment banks are owned and controlled by their respective regional governments. While regional governments may capitalize on their superior local knowledge and administrative power to help affiliated investment banks identify and land high quality local issuers, they may also leverage affiliated underwriters to facilitate the capital market access of those underperformed but socially and/or politically desirable local firms. Empirical evidence favors the latter hypothesis. Specifically, using a sample of regional IPOs, we find that issuers underwritten by their respective regional government‐affiliated investment banks exhibit lower earnings quality and poorer long‐term performance compared with those underwritten by unaffiliated investment banks. However, this difference is attenuated after the abolition of the IPO quota system. Examination of underwriting fees and issuers’ shareholder identity provides additional evidence supporting the latter hypothesis.
Modeling and Simulation of an Inertia-Type Infinitely Variable Transmission
Authors: Berselli Giovanni
Published: March 2010

A fully mechanical, infinitely variable transmission (IVT) based on the use of an oscillating inertia is described. The system includes a four-bar linkage mechanism, an epicyclic gear train, and a pair of one-way clutches. The IVT can be used in place of both gearbox and clutch in self-propelled vehicles. A mathematical model is presented. Numerical simulations compare the behavior of a car fitted with a manual gearbox and the same car fitted with the IVT.
Reconfigurable Parallel Printing System Design for Field Performance and Service Improvement
Authors: Suh Eun Suk , Kott Gregory
Published: March 2010

Parallel printing systems offer many advantages to users in terms of system uptime and overall productivity through continuous operation even when certain components of the system fail. Additionally, parallel printing system architectures allow for implementation of different field service policies, giving an important advantage to applications where system uptime is critical. In this paper, we present a case study for evaluating performance of reconfigurable parallel printing system concepts. The field performance of three parallel printing system concepts with varying degrees of modularity and various service policies are evaluated through simulation. It is concluded that developing an optimal service policy in conjunction with developing a modular reconfigurable printing architecture is key to obtaining optimal field performance.
Dynamic Design of a High-Speed Motorized Spindle-Bearing System
Authors: Jiang Shuyun , Zheng Shufei
Published: March 2010

This technical brief presents a dynamic model based on the traditional transfer matrix method (TMM) and Jones–Harris nonlinear rolling bearing model to study the effects of the extended structure parameters on the vibration behavior of a high-speed motorized spindle-bearing system. The first critical speed and the dynamic stiffness of the high-speed motorized spindle-bearing system are systematically studied. A design sensitivity analysis of the structure parameters is then conducted to identify the main factor to affect the first critical speed of the spindle-bearing system. The results show that the processing condition, the shaft shoulder, the dimension of motor, and the bearing arrangement are sensitive to the spindle dynamic behavior. The TMM model of the spindle-bearing system is verified by measuring the high-speed motorized spindle overall dynamic stiffness.
Optimal Design of Spherical 5R Parallel Manipulators Considering the Motion/Force Transmissibility
Authors: Wu Chao , Liu Xin-Jun , Wang Liping , Wang Jinsong
Published: March 2010

The spherical 5R parallel manipulator is a typical parallel manipulator. It can be used as a pointing device or as a minimally invasive surgical robot. This study addresses the motion/force transmission analysis and optimization of the manipulator by taking into account the motion/force transmissibility. The kinematics of the manipulator is analyzed. Several transmission indices are defined by using screw theory for the performance evaluation and dimensional synthesis. The process of determining the optimal angular parameters based on performance charts is presented. The manipulator that has a large workspace and good motion/force transmissibility is identified.
Advanced Manufacture of Spiral Bevel Gears on CNC Hypoid Generating Machine
Authors: Simon Vilmos V.
Published: March 2010

An algorithm is developed for the execution of motions on the computer numerical control (CNC) hypoid generating machine using the relations on the cradle-type machine. The algorithm is based on the condition that, since the tool is a rotary surface and the pinion/gear blank is also related to a rotary surface, it is necessary to ensure the same relative position of the head cutter and the pinion on both machines. The algorithm is applied for the execution of motions on the CNC hypoid generator for the manufacture of spiral bevel gears, based on the machine tool setting variation on the cradle-type hypoid generator conducted by optimal polynomial functions up to the fifth-order. By using the corresponding computer program, the motion graphs of the CNC hypoid generator are determined for the manufacture of spiral bevel gears, based on the optimal variation in the velocity ratio in the kinematic scheme and on the variation in the cradle radial setting on a cradle-type generator.
Post-Buckled Precompressed Techniques in Adaptive Aerostructures: An Overview
Authors: Vos Roelof , Barrett Ron
Published: March 2010

An overview of the development and application of post-buckled precompressed (PBP) piezoelectric actuators is presented. It has been demonstrated that PBP actuators outperform conventional piezoelectric actuators by relying on axial compression to counter the inherent stiffness in the actuator element. In doing so, the mechanical work output has been shown to increase threefold compared with conventional bimorph actuators. Actuator stroke has been demonstrated to increase up to 300% without compromising the blocked force capability. This has resulted in an expansion of the design space of piezoelectric bender elements and has made them excellent candidates for potentially replacing certain classes of conventional electromechanical flight control actuators. The successful application of PBP elements can be found in unmanned aerospace systems ranging from subscale vertical-take-off-and-landing vehicles to supersonic missile fins. With respect to conventional electromechanical servoactuators, it is demonstrated that PBP actuator elements induce a lower systems weight fraction, a substantially higher bandwidth, and an order of magnitude lower power consumptions and part count.
Design of 2-DOF Compliant Mechanisms to Form Grip-and-Move Manipulators for 2D Workspace
Authors: Wang N. F. , Tai K.
Published: March 2010

This paper demonstrates the design of compliant grip-and-move manipulators by structural optimization using genetic algorithms. The manipulator is composed of two compliant mechanisms (each with two degrees of freedom) that work like two fingers so that the manipulator can grip an object and convey it from one point to another anywhere within a two-dimensional workspace. The synthesis of such compliant mechanisms is accomplished by formulating the problem as a structural topology and shape optimization problem with multiple objectives and constraints to achieve the desired behavior of the manipulator. A multiobjective genetic algorithm is then applied coupled with an enhanced morphological representation for defining and encoding the structural geometry variables. The solution framework is integrated with a nonlinear finite element code for large-displacement analyses of the compliant structures to compute the paths generated by these mechanisms, with the resulting optimal designs used to realize various manipulator configurations.
Tooth Contact Analysis of Longitudinal Cycloidal-Crowned Helical Gears With Circular Arc Teeth
Authors: Wang Wei-Shiang , Fong Zhang-Hua
Published: March 2010

This paper proposes a new type of double-crowned helical gear that can be continuously cut on a modern Cartesian-type hypoid generator with two face-hobbing head cutters and circular-arc cutter blades. The gear tooth flank is double crowned with a cycloidal curve in the longitudinal direction and a circular arc in the profile direction. To gauge the sensitivity of the transmission errors and contact patterns resulting from various assembly errors, this paper applies a tooth contact analysis technique and presents several numerical examples that show the benefit of the proposed double-crowned helical gear set. In contrast to a conventional helical involute gear, the tooth bearing and transmission error of the proposed gear set are both controllable and insensitive to gear-set assembly error.
Molecular beam epitaxial growth effects on type-II antimonide lasers and photodiodes
Authors: Canedy C. L. , Abell J. , Bewley W. W. , Aifer E. H. , Kim C. S. , Nolde J. A. , Kim M. , Tischler J. G. , Lindle J. R. , Jackson E. M. , Vurgaftman I. , Meyer J. R.
Published: March 2010

Two important classes of electro-optical devices, midwave-infrared interband cascade lasers (ICLs) and long-wave infrared photodiodes, employ type-II antimonide active regions grown by molecular beam epitaxy (MBE). The authors have studied how growth temperature and As flux affect the integrated intensity and linewidth of low-temperature photoluminescence spectra emitted from ICL active regions. Possible ramifications for defect-assisted Auger processes are discussed, and experimental Auger coefficients are extracted from the measured ICL thresholds and slope efficiencies. They also demonstrate that the effective dynamic impedance of a type-II photodiode with graded-gap depletion region is quite sensitive to the doping level in the absorber. Majority acceptor concentration is a key design parameter that must be carefully controlled in the MBE growth.
Optimization of the structural and optical quality of InN nanowires on Si(111) by molecular beam epitaxy
Authors: Chang Y.-L. , Li F. , Mi Z.
Published: March 2010

The authors report on the growth and characterization of high quality InN nanowires on Si(111) by radio frequency plasma-assisted molecular beam epitaxy. InN nanowires with nontapered morphology were achieved with the use of an in situ deposited In seeding layer. They further examined the effects of the growth temperature, In/N flux ratio, as well as the thickness of the In seeding layer on the morphological, structural, and optical properties of InN nanowires grown directly on Si(111). It was observed that nontapered InN nanowires exhibit significantly improved optical quality compared to the conventionally grown InN nanowires.
Epitaxial growth and structure of Ge–Sb–Te phase change materials on GaSb
Authors: Shayduk Roman , Katmis Ferhat , Braun Wolfgang , Riechert Henning
Published: March 2010

The growth rate of nominal Ge2Sb2Te5 phase change material epitaxially grown from the elements by molecular beam epitaxy rapidly decreases above ≈180 °C substrate temperature. A theoretical estimate of this behavior reveals congruent sublimation of the layer, suggesting that it may possess characteristics of a molecular crystal consisting of rather stable subunits with weaker bonds between them. In situ synchrotron x-ray diffraction data of the layers show a peculiar anisotropic broadening of the reflections, consistent with a small rhombohedral distortion of the unit cell analogous to GeTe. The three-dimensional mosaicity due to the growth on a strictly cubic substrate can be avoided by growing on the (111) plane, orienting the distortion in the growth direction to establish an exact match of the in-plane symmetries at the interface.
Woodpile photonic crystal fabricated in GaAs by two-directional etching method
Authors: Tang Lingling , Yoshie Tomoyuki
Published: March 2010

Three-dimensional woodpile photonic crystals for 1.55 μm telecommunication wavelength are fabricated in a GaAs wafer by the two-directional etching technique for the first time. Chlorine-based chemically assisted ion beam etching is used for deep anisotropic GaAs etching. High-precision woodpile photonic crystals with 150×150×2.25 unit cells are fabricated in a two-patterning process, which is applicable to the introduction of intentional photonic crystal disorders in epitaxially grown, active materials without wafer bonding process.
Large area direct-write focused ion-beam lithography with a dual-beam microscope
Authors: Imre Alexandra , Ocola Leonidas E. , Rich Lauren , Klingfus Joseph
Published: March 2010

The authors have investigated the performance of focused ion-beam (FIB) direct-write lithography for large area (multiple write-field) patterning in an FEI Nova Nanolab 600 dual-beam microscope. Their system is configured with a 100 nm resolution X-Y stage and a RAITH ELPHY LITHOGRAPHY control interface, with its own integrated 16 bit DAC pattern generator and software. Key issues with regard to configuration, process parameters, and procedures have been addressed. Characterization of stitching errors, pattern repeatability, and drift were performed. Offset lithography (multiple exposures with offset write fields) and in-field registration marks were evaluated for correcting stitching errors, and a test microfluidic device covering an area of 1×1.4 mm2 was successfully fabricated. The authors found that by using a combination of offset lithography and in-field registration mark correction methods, the stitching errors can be kept well below 100 nm. They also found that due to higher beam deflection speed provided by the electrostatic scanning in FIB systems versus the wide-spread electron-beam systems with electromagnetic scanning, FIB lithography can be just as fast as electron-beam lithography for typical mill depths down to about 200–500 nm (material dependent). This opens the door for a large suite of applications for materials where pattern transfer is difficult or impossible by reactive methods.
Strongly correlated νtot=1 state in an intrinsically density-matched electron bilayer system and its two-terminal resistance
Authors: Schmult S. , Tiemann L. , Dietsche W. , von Klitzing K.
Published: March 2010

Utilizing an intrinsically density-matched double quantum well system, a two-terminal resistance of the strongly correlated total filling factor one (νtot=1) state measuring h/e2 is determined. In contrast to conventional devices exhibiting the νtot=1 state exclusively in regions, where the densities are adjusted by biasing front and back gate electrodes, the intrinsic devices show the νtot=1 state without any external control. Moreover, the intrinsically density-matched systems allow for direct contacting of the νtot=1 quantum Hall edges. Transport measurements indicate that under the νtot=1 condition, both layers become indistinguishable.
Molecular beam epitaxial growth and properties of GaAs pseudomorphic high electron mobility transistors on silicon composite substrates
Authors: Hoke W. E. , Kennedy T. D. , LaRoche J. R. , Torabi A. , Bettencourt J. P. , Saledas P. , Lee C. D. , Lyman P. S. , Kazior T. E. , Bulsara M. T. , Fitzgerald E. A. , Lubyshev D. , Liu W. K.
Published: March 2010

GaAs pseudomorphic high electron mobility transistor (PHEMT) structures were grown by molecular beam epitaxy on germanium substrates and composite silicon template wafers incorporating silicon and germanium transferred layers. Windows were etched down to the buried germanium layer and subsequent blanket material growth resulted in single crystal growth in the windows and polycrystalline growth on the top SiO2 surface. Wire growth was eliminated at the window edges and on the top SiO2 surface. Secondary ion mass spectrometry measurements and transmission electron micrographs of GaAs grown on germanium indicated an abrupt GaAs–Ge interface with little penetration of antiphase boundaries or other defects into the GaAs layer. For PHEMT material grown on silicon template wafers, a surface roughness of 8 Å was measured by atomic force microscopy. The room temperature photoluminescence intensity of the InGaAs channel in the PHEMT structure was equivalent to that grown on GaAs substrates. Measured PHEMT mobilities and sheet densities were comparable to those obtained on GaAs substrates. Transistors were fabricated with 0.25 μm gates. The maximum dc current density, 520 mA/mm, and transconductance, 360 mS/mm, were very similar to devices fabricated on GaAs substrates.