Heterogeneous expectations,IPO Underpricing and issuing mechanism

Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing has become a major challenge for China's securities market.Methods:In this paper,using behavioral finance theory and game theory,we build the Initial public offering(IPO)pricing and underpricing models with investors’heterogeneity based on different issuing mechanisms and provide a comparative analysis.Results:Firstly,our models show that IPO underpricing will not be eliminated by using either fixed-price or bookbuilding mechanisms,but when the investors’heterogeneity expectation is the same,lower IPO underpricing can be obtained by the issuing of bookbuilding compared with that of fixed price.Secondly,the IPO underpricing may be larger than that under fixed price if the heterogeneity of investors under bookbuilding is larger than that under fixed price.Thirdly,the numerical analysis results provide strong support for our model.Conclusions:These findings further explains the cause of the high IPO underpricing long-standing in China.

OBLIVIOUS TRANSFER WITH ACCESS CONTROL AND IDENTITY-BASED ENCRYPTION WITH ANONYMOUS KEY ISSUING

In ACM'CCS 2009,Camenisch,et al.proposed the Oblivious Transfer with Access Control(AC-OT) in which each item is associated with an attribute set and can only be available,on request,to the users who have all the attributes in the associated set.Namely,AC-OT achieves access control policy for conjunction of attributes.Essentially,the functionality of AC-OT is equivalent to the sim-plified version that we call AC-OT-SV:for each item,one attribute is associated with it,and it is requested that only the users who possess the associated attribute can obtain the item by queries.On one hand,AC-OT-SV is a special case of AC-OT when there is just one associated attribute with each item.On the other hand,any AC-OT can be realized by an AC-OT-SV.In this paper,we first present a concrete AC-OT-SV protocol which is proved to be secure in the model defined by Camenisch,et al..Then from the protocol,interestingly,a concrete Identity-Based Encryption(IBE) with Anonymous Key Issuing(AKI) is given which is just a direct application to AC-OT-SV.By comparison,we show that the AKI protocol we present is more efficient in communications than that proposed by Chow.

Press Conference for Issuing National Standard——Target Text Quality Requirements for Translation Services

On June 2nd,the press conference for issuing the national standard—Target Text Quality Requirements for Translation Services was held in Beijing,jointly hosted by China Association for Standardization (CAS),Translator Association of China (TAC),China Translation and Publishing Corporation (CTPC) and China Shipol Information Center.

Dynamic Quantity Theory of Money:Research on Monetary Cycle and Business Cycle Based on the Concepts of Issuing Money and Operating Money

The Quantity Theory of Money and the Theory of Credit Creation have been the major streams in the study of the quantity of money.Nowadays,monetary theory is dominated by the Quantity Theory of Money because the Monetarist School and the Rational Expectation School are both the advocates of the Quantity Theory of Money,which has resulted in a sharp decrease of scholars studying the Theory of Credit Creation.Nevertheless,the two theories will ultimately converge.Given that reason,we propose a new theory-Dynamic Quantity Theory of Money in this paper,by which the unification of the Quantity Theory of Money and the Theory of Credit Creation can be achieved.Based on the Dynamic Quantity Theory of Money,we further put forward the Theory of Money Operation Cycle,the Theory of Monetary Compensation and Theory of Investment Compensation targeting economic crises,expound why Quantitative Easing monetary policy fails and why Quantitative Easing does not cause inflation in the short term under the premise of these theories,and demonstrate the necessity of fiscal investment for rescuing economic crisis from the perspective of theories of money.

Managing the surge:A comprehensive review of the entire disposal framework for retired lithium-ion batteries from electric vehicles

Anticipating the imminent surge of retired lithium-ion batteries(R-LIBs)from electric vehicles,the need for safe,cost-effective and environmentally friendly disposal technologies has escalated.This paper seeks to offer a comprehensive overview of the entire disposal framework for R-LIBs,encompassing a broad spectrum of activities,including screening,repurposing and recycling.Firstly,we delve deeply into a thorough examination of current screening technologies,shifting the focus from a mere enumeration of screening methods to the exploration of the strategies for enhancing screening efficiency.Secondly,we outline battery repurposing with associated key factors,summarizing stationary applications and sizing methods for R-LIBs in their second life.A particular light is shed on available reconditioning solutions,demonstrating their great potential in facilitating battery safety and lifetime in repurposing scenarios and identifying their techno-economic issues.In the realm of battery recycling,we present an extensive survey of pre-treatment options and subsequent material recovery technologies.Particularly,we introduce several global leading recyclers to illustrate their industrial processes and technical intricacies.Furthermore,relevant challenges and evolving trends are investigated in pursuit of a sustainable end-of-life management and disposal framework.We hope that this study can serve as a valuable resource for researchers,industry professionals and policymakers in this field,ultimately facilitating the adoption of proper disposal practices.

Enhancing Multicriteria-Based Recommendations by Alleviating Scalability and Sparsity Issues Using Collaborative Denoising Autoencoder

A Recommender System(RS)is a crucial part of several firms,particularly those involved in e-commerce.In conventional RS,a user may only offer a single rating for an item-that is insufficient to perceive consumer preferences.Nowadays,businesses in industries like e-learning and tourism enable customers to rate a product using a variety of factors to comprehend customers’preferences.On the other hand,the collaborative filtering(CF)algorithm utilizing AutoEncoder(AE)is seen to be effective in identifying user-interested items.However,the cost of these computations increases nonlinearly as the number of items and users increases.To triumph over the issues,a novel expanded stacked autoencoder(ESAE)with Kernel Fuzzy C-Means Clustering(KFCM)technique is proposed with two phases.In the first phase of offline,the sparse multicriteria rating matrix is smoothened to a complete matrix by predicting the users’intact rating by the ESAE approach and users are clustered using the KFCM approach.In the next phase of online,the top-N recommendation prediction is made by the ESAE approach involving only the most similar user from multiple clusters.Hence the ESAE_KFCM model upgrades the prediction accuracy of 98.2%in Top-N recommendation with a minimized recommendation generation time.An experimental check on the Yahoo!Movies(YM)movie dataset and TripAdvisor(TA)travel dataset confirmed that the ESAE_KFCM model constantly outperforms conventional RS algorithms on a variety of assessment measures.

Interface-reinforced solid-state electrochromic Li-ion batteries enabled by in-situ liquid-solid transitional plastic glues

The electrochromic Li-ion batteries(ELIBs) combine the functions of electrochromism and energy storage,realizing the display of energy-storage levels by visual signals. However, the accompanying interfacial issues including physical contact and(electro)chemical stability should be taken into account when the conventional liquid/gel electrolytes are replaced with solid-state counterparts. Herein, the in-situ liquid-solid transitional succinonitrile(SCN) plastic glues are constructed between electrodes and poly(ethylene oxide)(PEO) polymer electrolytes, enabling an interface-reinforced solid-state ELIB.Specifically, the liquid SCN precursor can adequately wet electrode/PEO interfaces at high temperature,while it returns back to solid state at room temperature, leading to seamless interfacial contact and smooth ionic transfer without changing the solid state of the device. Moreover, the SCN interlayer suppresses the direct contact of PEO with electrodes containing high-valence metal ions, evoking the improved interfacial stability by inhibiting the oxidation of PEO. Therefore, the resultant solid-state ELIB with configuration of LiMn_(2)O_(4)/SCN-PEO-SCN/WO_(3) delivers an initial discharge capacity of 111 m A h g^(-1) along with a capacity retention of 88.3% after 200 cycles at 30 ℃. Meanwhile, the electrochromic function is integrated into the device by distinguishing its energy-storage levels through distinct color changes. This work proposes a promising solid-state ELIB with greatly reinforced interfacial compatibility by introducing in-situ solidified plastic glues.

On joint analysing XMM-NuSTAR spectra of active galactic nuclei

A recently released XMM-Newton note revealed a significant calibration issue between nuclear spectroscopic telescope array(NuSTAR)and XMM-Newton European Photon Imaging Camera(EPIC)and provided an empirical correction to the EPIC effective area.To quantify the bias caused by the calibration issue in the joint analysis of XMM-NuSTAR spectra and verify the effectiveness of the correction,in this work,we perform joint-fitting of the NuSTAR and EPIC-pn spectra for a large sample of 104 observation pairs of 44 X-ray bright active galactic nuclei(AGN).The spectra were extracted after requiring perfect simultaneity between the XMM-Newton and NuSTAR exposures(merging good time intervals(GTIs)from two missions)to avoid bias due to the rapid spectral variability of the AGN.Before the correction,the EPIC-pn spectra are systematically harder than the corresponding NuSTAR spectra by■subsequently yielding significantly underestimated cutoff energy E_(cut)and the strength of reflection component R when performing joint-fitting.We confirm that the correction is highly effective and can commendably erase the discrepancy in best-fitΓ,E_(cut),and R.We thus urge the community to apply the correction when joint-fitting XMM-NuSTAR spectra,but note that the correction is limited to 3–12 keV and therefore not applicable when the soft X-ray band data are included.Besides,we show that as merging GTIs from two missions would cause severe loss of NuSTAR net exposure time,in many cases,joint-fitting yields no advantage compared with utilizing NuSTAR data alone.Finally,We present a technical note on filtering periods of high background flares for XMM-Newton EPIC-pn exposures in the small window(SW)mode.

An Investigation on Open-RAN Specifications:Use Cases,Security Threats,Requirements,Discussions

The emergence of various technologies such as terahertz communications,Reconfigurable Intelligent Surfaces(RIS),and AI-powered communication services will burden network operators with rising infrastructure costs.Recently,the Open Radio Access Network(O-RAN)has been introduced as a solution for growing financial and operational burdens in Beyond 5G(B5G)and 6G networks.O-RAN promotes openness and intelligence to overcome the limitations of traditional RANs.By disaggregating conventional Base Band Units(BBUs)into O-RAN Distributed Units(O-DU)and O-RAN Centralized Units(O-CU),O-RAN offers greater flexibility for upgrades and network automation.However,this openness introduces new security challenges compared to traditional RANs.Many existing studies overlook these security requirements of the O-RAN networks.To gain deeper insights into the O-RAN system and security,this paper first provides an overview of the general O-RAN architecture and its diverse use cases relevant to B5G and 6G applications.We then delve into specifications of O-RAN security threats and requirements,aiming to mitigate security vulnerabilities effectively.By providing a comprehensive understanding of O-RAN architecture,use cases,and security considerations,thisworkserves as a valuable resource for future research in O-RAN and its security.

Recent progress in Ni-rich layered oxides and related cathode materials for Li-ion cells

Undoubtedly,the enormous progress observed in recent years in the Ni-rich layered cathode materials has been crucial in terms of pushing boundaries of the Li-ion battery(LIB)technology.The achieved improvements in the energy density,cyclability,charging speed,reduced costs,as well as safety and stability,already contribute to the wider adoption of LIBs,which extends nowadays beyond mobile electronics,power tools,and electric vehicles,to the new range of applications,including grid storage solutions.With numerous published papers and broad reviews already available on the subject of Ni-rich oxides,this review focuses more on the most recent progress and new ideas presented in the literature references.The covered topics include doping and composition optimization,advanced coating,concentration gradient and single crystal materials,as well as innovations concerning new electrolytes and their modification,with the application of Ni-rich cathodes in solid-state batteries also discussed.Related cathode materials are briefly mentioned,with the high-entropy approach and zero-strain concept presented as well.A critical overview of the still unresolved issues is given,with perspectives on the further directions of studies and the expected gains provided.

Special Issue:Questions&Data for Better Science and Innovation Call for submissions

Editors Yang Wang,Xi'an Jiaotong University Dongbo Shi,Shanghai Jiaotong University Ye Sun,University College London Zhesi Shen,National Science Library,CAS Topic of the Special Issue What are the top questions towards better science and innovation and the required data to answer these questions?

Leveraging User-Generated Comments and Fused BiLSTM Models to Detect and Predict Issues with Mobile Apps

In the last decade, technical advancements and faster Internet speeds have also led to an increasing number ofmobile devices and users. Thus, all contributors to society, whether young or old members, can use these mobileapps. The use of these apps eases our daily lives, and all customers who need any type of service can accessit easily, comfortably, and efficiently through mobile apps. Particularly, Saudi Arabia greatly depends on digitalservices to assist people and visitors. Such mobile devices are used in organizing daily work schedules and services,particularly during two large occasions, Umrah and Hajj. However, pilgrims encounter mobile app issues such asslowness, conflict, unreliability, or user-unfriendliness. Pilgrims comment on these issues on mobile app platformsthrough reviews of their experiences with these digital services. Scholars have made several attempts to solve suchmobile issues by reporting bugs or non-functional requirements by utilizing user comments.However, solving suchissues is a great challenge, and the issues still exist. Therefore, this study aims to propose a hybrid deep learningmodel to classify and predict mobile app software issues encountered by millions of pilgrims during the Hajj andUmrah periods from the user perspective. Firstly, a dataset was constructed using user-generated comments fromrelevant mobile apps using natural language processing methods, including information extraction, the annotationprocess, and pre-processing steps, considering a multi-class classification problem. Then, several experimentswere conducted using common machine learning classifiers, Artificial Neural Networks (ANN), Long Short-TermMemory (LSTM), and Convolutional Neural Network Long Short-Term Memory (CNN-LSTM) architectures, toexamine the performance of the proposed model. Results show 96% in F1-score and accuracy, and the proposedmodel outperformed the mentioned models.

A perspective on the key factors of safety for rechargeable magnesium batteries

Rechargeable Mg batteries(RMBs)have become one of the best subsitutes for lithium-ion batteries due to the high volumetric capacity,abundant resources,and uniform plating behavior of Mg metal anode.However,the safety hazard induced by the formation of high-modulue Mg dendrites under a high current density(10 mA cm^(-1))was still revealed in recent years.It has forced researchers to re-examine the safety of RMBs.In this review,the intrinsic safety factors of key components in RMBs,such as uneven plating,pitting and flammability of Mg anode,heat release and crystalline water decomposition of cathode,strong corrosion,low oxidition stability and flammability of electrolytes,and soforth,are systematacially summarized.Their origins,formation mechanisms,and possible safety hazards are deeply discussed.To develop high-performance Mg anode,current strategies including designing artificial SEI,three-dimensional substrates,and Mg alloys are summarized.For practical electrolytes,the configurations of boron-centered anions and simple Mg salts and the functionalized solvent with high boiling point and low flammability are suggested to comprehensively design.In addition,the future study should more focus on the investigation on the thermal runaway and decomposition of cathode materials and separa-tors.This review aims to provide fundamental insights into the relationship between electrochemistry and safety,further promoting the sustainable development of RMBs.

RESTlogic: Detecting Logic Vulnerabilities in Cloud REST APIs

logical testing model and resource lifecycle information,generate test cases and complete parameters,and alleviate inconsistency issues through parameter inference.Once again,we propose a method of analyzing test results using joint state codes and call stack information,which compensates for the shortcomings of traditional analysis methods.We will apply our method to testing REST services,including OpenStack,an open source cloud operating platform for experimental evaluation.We have found a series of inconsistencies,known vulnerabilities,and new unknown logical defects.

Mindfulness and mindful parenting:Strategies for preschoolers with behavioral issues

The behavior issues of preschoolers are closely related to their parents'parenting styles.This editorial discusses the value and strategies for solving behavior issues in preschoolers from the perspectives of mindfulness and mindful parenting.We expect that upcoming studies will place greater emphasis on the behavioral concerns of preschoolers and the parenting practices that shape them,particularly focusing on proactive interventions for preschoolers'behavioral issues.

Identifying influencing factors and characterizing key issues in urban sustainable development capacity through machine learning

In response to the United Nations Sustainable Development Goals and China’s“Dual Carbon”Goals(DCGs means the goals of“Carbon Peak and carbon neutrality”),this paper from the perspective of the construction of China’s Innovation Demonstration Zones for Sustainable Development Agenda(IDZSDAs),combines carbon emission-related metrics to construct a comprehensive assessment system for Urban Sustainable Development Capacity(USDC).After obtaining USDC assessment results through the assessment system,an approach combining Least Absolute Shrinkage and Selection Operator(LASSO)regression and Random Forest(RF)based on machine learning is proposed for identifying influencing factors and characterizing key issues.Combining Coupling Coordination Degree(CCD)analysis,the study further summarizes the systemic patterns and future directions of urban sustainable development.A case study on the IDZSDAs from 2015 to 2022 reveals that:(1)the combined identification method based on machine learning and CCD models effectively quantifies influencing factors and key issues in the urban sustainable development process;(2)the correspondence between influencing factors and key subsystems identified by the LASSO-RF combination model is generally consistent with the development situations in various cities;and(3)the machine learning-based combined recognition method is scalable and dynamic.It enables decision-makers to accurately identify influencing factors and characterize key issues based on actual urban development needs.

Increased alcohol consumption during the COVID-19 pandemic:A cross-sectional study

BACKGROUND The coronavirus disease 2019(COVID-19)pandemic has significantly impacted health,mental well-being,and societal functioning,particularly for individuals with psychiatric conditions and substance use disorders.Recent evidence highlights a concerning increase in alcohol consumption during the pandemic,with a study spanning 2015-2020 indicating heightened usage,especially among young and middle-aged adults,for relaxation and tension relief.Additionally,addressing challenges exacerbated by the pandemic,another study underscored persistent barriers to healthcare access,resulting in increased alcohol and tobacco use rates and limited healthcare options.These findings shed light on the unique vulnerabilities exposed by the pandemic,emphasizing the need to investigate further its impact on alcohol consumption in diverse non-urban American communities.AIM To investigate the impact of the COVID-19 pandemic on alcohol abuse using socioeconomic and medical parameters in diverse non-urban community in America.METHODS Based on a cross-sectional analysis of 416 participants the United States in 2021,the study utilized The Diagnostic and Statistical Manual of Mental Disorders,Fifth Edition criteria to categorize alcohol consumption levels.Participants aged 21 years and above were surveyed through an online platform due to COVID-19 challenges.The survey was conducted from January 14 to January 31,2022,recruiting participants via social media and ensuring anonymity.Informed consent was secured,emphasizing the voluntary nature of participation,and participants could only take the survey once.RESULTS Out of 416 survey respondents,396 met eligibility criteria,with 62.9%reporting increased alcohol consumption during COVID-19.Males(68.8%)and ages 21-29 years(34.6%)predominated.Low alcohol consumption decreased by 2.8%(P=0.237),moderate by 21.4%(P<0.001),and heavy increased by 14.9%(P<0.001).Alcohol abuse rose by 6.5%(P=0.0439),with a 7%increase in self-identified alcohol abusers/alcoholics.Seeking treatment during COVID-19 rose by 6.9%.Easier alcohol access(76.0%)was reported,while 80.7%found it harder to access medical care for alcohol-related issues.These findings highlight the pandemic's impact on alcohol consumption and healthcare access,emphasizing the need for targeted interventions during public health crises.CONCLUSION The COVID-19 pandemic exacerbated alcoholism and abuse,with increased heavy consumption(P<0.001)and abuse(P=0.0439).Access to medical programs for addressing alcohol abuse declined,highlighting the need for targeted intervention.

Contributions to Baosteel Technical Research wanted

Baosteel Technical Research,a quarterly journal,which is issued domestically and abroad,is run and sponsored by Baoshan Iron&Steel Co.,Ltd..Baosteel Technical Research mainly reports the achievements in technological innovation,academic research,new product development and industrial equipment improvement by Baosteel.It will continue to follow up on hot topics and serve the company’s technological development and progress.

Economic significance and environmental impacts of the Song Dam Drinking Water Project(SDDWP)in Garhwal Himalaya

With the population growth through natural growth and migration,coupled with the city expansion,it is the fact that Dehradun City in India faces severe water scarcity.Therefore,the Song Dam Drinking Water Project(SDDWP)is proposed to provide ample drinking water to Dehradun City and its suburban areas.This paper examined economic significance and environmental impacts of the SDDWP in Garhwal Himalaya,India.To conduct this study,we collected data from both primary and secondary sources.There are 12 villages and 3 forest divisions in the surrounding areas of the proposed dam project,of which 3 villages will be fully submerged and 50 households will be affected.For this study,50 heads of the households were interviewed in the 3 submerged villages.The questions mainly focused on economic significance,environmental impacts,and rehabilitation issues of the dam project.The findings of this study indicate that economic significance of the dam project is substantial,including providing ample water for drinking and irrigation,contributing to groundwater recharge,creating job opportunities,and promoting the development of tourism and fisheries in the Doon Valley.In terms of the rehabilitation of the affected people,there are only 50 households in need of rehabilitation.Currently,the arable land of these affected people is not sufficient to sustain their livelihoods.The entire landscape is fragile,rugged,and precipitous;therefore,the affected people are willing to rehabilitate to more suitable areas in the Doon Valley.Moreover,it is essential to provide them with sufficient compensation packages including the compensation of arable land,houses,cash,common property resources,institutions,belongingness,and cultural adaptation.On the other hand,the proposed dam project will have adverse environmental impacts including arable land degradation,forest degradation,loss of fauna and flora,soil erosion,landslides,and soil siltation.These impacts will lead to the ecological imbalances in both upstream and downstream areas.This study suggests that the affected people should be given sufficient compensation packages in all respects.Afforestation programs can be launched in the degraded areas to compensate for the loss of forest in the affected areas.

Contributions to Baosteel Technical Research wanted

Baosteel Technical Research,a quarterly journal,which is issued domestically and abroad,is run and sponsored by Baoshan Iron&Steel Co.,Ltd.. Baosteel Technical Research mainly reports the achievements in technological innovation,academic research,new product development and industrial equipment improvement by Baosteel. It will continue to follow up on hot topics and serve the company’s technological development and progress.