leverage钛板在颈椎管单开门椎管扩大成形术中的应用

目的探讨leverage钛板固定行单开门椎管扩大成形术对多节段脊髓型颈椎病(cervical spondylotic myelopathy,CSM)患者颈椎曲度及轴性症状的影响。方法自2014-10-2016-10行单开门椎管扩大成形术治疗90例CSM患者,随机均分为观察组与对照组各45例,观察组术中行leverage钛板固定椎板,对照组采用丝线悬吊固定椎板。比较两组患者的相关疗效指标。结果观察组手术耗时显著低于对照组(P<0.05),术中出血、住院时间、引流量差异无统计学意义(P>0.05);两组术后疼痛VAS评分均显著降低,术后6、12、24个月观察组显著低于对照组(P<0.05),两组JOA评分差异无统计学意义(P>0.05);术后观察组颈椎曲度显著高于对照组,轴性症状发生率显著低于对照组(P<0.05)。结论 leverage钛板固定行单开门椎管扩大成形术治疗CSM,操作简便,术后远期疼痛更轻,有利于维持颈椎曲度。

大规模数据下基于充分降维的Leverage重要性抽样方法

随着信息技术的飞速发展,大规模数据在短时间内搜集并储存下来,为分析决策提供了巨大的信息量,也给统计建模带来了一定难度。对于样本容量大、变量个数少的数据,Leverage重要性抽样是一个简便可行的方法。本文发现,该方法中度量样本重要性的Leverage分数与因变量无关,而且在维度较大的情形下对样本没有区分程度,使得估计结果较差。为了同时考虑因变量和维度的影响,本文提出了基于充分降维的Leverage重要性抽样方法。该方法以不损失信息为前提,在充分降维的空间内重新计算Leverage分数,使得抽样更具有代表性。模拟数据分析显示,在样本容量较大的复杂数据中,相比于原始的Leverage重要性抽样方法,本文提出的方法可以降低估计的均方误差。三个实际数据也证实了该方法的可行性和有效性。

The Role of R&D Leverage as a Dynamic Capability in Performance Creation:Evidence from SMEs in Taiwan

This study addresses the role of R&D leverage in SMEs’performance creation.The authors do so by considering SMEs’high resource dependence due to isomorphism.We propose that R&D leverage,with a presence of dynamic capabilities,plays a moderating role in the relation between resource investments and performance.This study,which focused on Taiwan’s SMEs,conducts a questionnaire survey using the hierarchical sampling technique,across various industries and geographic areas in Taiwan.The empirical findings reveal that R&D leverage as an essential leveler in resource management enhances resource advantages.

Leverage 360g/L悬浮剂防治小麦蚜虫田间药效试验

为明确Leverage 360SCg/L对小麦蚜虫的防治效果、速效性、持效期,适宜的用药剂量及对小麦安全性,进行了Leverage 360g/L悬浮剂防治小麦蚜虫探索性田间药效试验,结果表明,Leverage 360SC对小麦蚜虫有着很好的防治效果,各处理区虫量极少,直观效果明显,在试验剂量内对小麦安全。在小麦蚜虫发生始盛期,每667m2用Leverage 360g/L悬浮剂商品量9ml(有效成分1.17g)进行茎叶喷雾,对蚜虫有着很好的防效,且持效期长,宜在小麦蚜虫防治中推广应用。

Exploring the Staging Patterns of MNC Entry to New Markets:The Resource Leverage Approach

This study aims at providing explanations for how MNCs(multinational companies)proceed with their manipulation of resources and competencies in the entry process to a foreign market.To an increasing extent,such processes perform as a staging process of resource leverage.This study identifies three stages,using the multiple case study incorporating grounded theory:the initial stage,the adaptive intensification stage,and the advantage persistence stage.In the initial stage,an MNC’s entry decision tends to be based on the resource replication mode of resource leverage;the resource exploitation mode of resource leverage is used mainly in the adaptive intensification stage,and the resource exploration mode is used in the advantage persistence stage.This study suggests that these resource leverage modes incorporating their microfoundations can be viewed as a set of potential measurements for examining MNCs'dynamic capabilities in the entry process to a new host market.

颈椎后路单开门leverage钛板固定术治疗多节段脊髓型颈椎病的疗效研究

目的探讨颈椎管单开门椎管扩大成形术及leverage固定治疗多节段脊髓型颈椎病的临床疗效。方法回顾2011年3月至2015年5月期间,武警总医院骨三科采用颈椎管单开门椎管扩大成形leverage固定术治疗多节段脊髓型颈椎病的患者25例,男性16例,女性9例,年龄（60.6±9.9）岁。所有患者随访时均行X线、CT及MRI检查,记录随访时患者临床症状及体征变化,并进行相应的资料分析研究,使用日本骨科协会（Japanese Orthopaedic Association,JOA）评分及颈肩疼痛视觉模拟评分（Visual Analogue Scale,VAS）方法,对术前、术后神经功能改善情况、颈椎曲度以及颈椎管变化进行评分记录。结果随访6-24个月,25例患者神经功能均得到明显改善,术前JOA评分（10.16±1.35）与术后评分（14.28±1.15）差异有统计学意义（P〈0.05）,平均改善率61.24%。术前、后颈椎曲度无明显变化（术前17.15°±6.25°;术后17.93°±5.75°）,差异无统计学意义（P〉0.05）。术前VAS评分（6.68±1.12）与术后（2.32±0.84）差异有统计学意义（P〈0.05）。术前及末次随访C5椎管矢状径分别为（9.22±2.01）和（15.64±2.08）mm,差异有统计学意义（P〈0.05）,椎管平均扩大率为（73.92±25.49）%。随访期间,25例患者均未发现内固定松动、断裂及再关门现象。结论 leverage微型钛板能有效维持椎管的扩大状态,神经症状改善明显,同时可维持颈椎曲度,较小影响颈椎运动功能,可减轻术后颈部轴性症状的发生率,临床应用疗效较好。

The Influence of Company Performance on Company Value(K-Pop Entertainment Company Registered on KOSPI.KRX South Korea 2018-2022)

A well-managed company is a company that maximizes the value of its company,which is aimed at achieving maximum profits for shareholders.This research aims to determine and analyze the influence of company size,profitability,and financial leverage on the value of companies listed on the South Korean Stock Exchange KOSPI 2018-2022.The population consists of 8 South Korean K-Pop entertainment companies registered on KOSPI 2018-2022.The sampling technique used was purposive sampling with a total sample of 8 companies and a 5-year observation period.So that 40 data were processed.The analysis technique is multiple linear regression.The results obtained show that partially company size has no significant effect on company value,profitability has a significant positive effect on company value,and financial leverage has a significant negative effect on company value.Meanwhile,simultaneously company size,profitability,and financial leverage influence company value.

微型钛板撑开固定(Leverage)系统在后路颈椎单开门成形术中的使用与短期效果评估

目的探讨微型钛板撑开固定（Leverage）系统在后路颈椎单开门成形术中的应用及其特点,评估其短期疗效。方法对2011年7月—2015年6月北京市武警总医院骨三科收治并明确诊断的脊髓型颈椎病25例行后路颈椎单开门椎管扩大成形加微型钛板撑开固定（Leverage）系统内固定术,调查比较术前及末次随访时日本整形外科学会（JOA）评估分值、目测类比分值（Visual analogue scale,VAS）及颈5矢状径,并计算平均术后改善率和平均矢状径扩大率。结果本组术后随访6～20个月,平均16.3个月;术后6个月影像学检查显示门轴侧骨性融合,末次随访时影像学检查未见内固定断裂、松脱或颈椎板＂再关门＂现象。本组术前JOA评分（10.04±1.11）分,末次随访时JOA评分（14.36±1.19）分;术前VAS评分（6.60±1.13）分,末次随访时VAS评分（2.28±0.78）分;术前颈5矢状径（9.72±0.68）mm,术后颈5矢状径（13.47±1.21）mm。术前及末次随访时JOA评分、VAS评分及颈5矢状径比较差异均有统计学意义（P〈0.01）。本组平均术后改善率为61.2%,平均矢状径扩大率为38.6%。至末次随访时22例（88%）无轴性症状,3例（12%）出现不同程度轴性症状。结论后路颈椎单开门成形术中使用微型钛板撑开固定（Leverage）系统,操作简便,系统设计可分散应力载荷,有助于门轴侧骨性融合,有效避免颈椎＂再关门＂现象,且经短期随访患者术后临床症状改善明显,功能恢复较满意,但远期疗效需进一步观察研究。

Contraction flexibility, operating leverage, and financial leverage

This study investigates the impacts of contraction flexibility and operating leverage onfinancial leverage from the perspective of the agency conflict between shareholders and debtholders.In a continuous-time real option framework,we demonstrate that share-holders'contraction flexibility may have an adverse effect on financial leverage,and that the substitution relation between operating leverage andfinancial leverage is persistent or pronounced in the presence of contraction flexibility.The evidence from Chinese listedfirms not only supports our theoretical predictions well,but also offers a method to examine the agency conflict hypothesis.We suggest that the high proportion of bank loans or long-term debt in total liabilities can help levered firms alleviate the agency problem arising from contraction decisions.

Leveraged fault identification method for receiver autonomous integrity monitoring

Receiver autonomous integrity monitoring（RAIM） provides integrity monitoring of global positioning system（GPS） for safety-of-life applications.In the process of RAIM, fault identification（FI） enables navigation to continue in the presence of fault measurement.Affected by satellite geometry, the leverage of each measurement in position solution may differ greatly.However, the conventional RAIM FI methods are generally based on maximum likelihood of ranging error for different measurements, thereby causing a major decrease in the probability of correct identification for the fault measurement with high leverage.In this paper, the impact of leverage on the fault identification is analyzed.The leveraged RAIM fault identification（L-RAIM FI） method is proposed with consideration of the difference in leverage for each satellite in view.Furthermore,the theoretical probability of correct identification is derived to evaluate the performance of L-RAIM FI method.The experiments in various typical scenarios demonstrate the effectiveness of L-RAIM FI method over conventional FI methods in the probability of correct identification for the fault with high leverage.

Empirical Evidence of the Leverage Effect in a Stochastic Volatility Model： A Realized Volatility Approach

Increasing attention has been focused on the analysis of the realized volatil- ity, which can be treated as a proxy for the true volatility. In this paper, we study the potential use of the realized volatility as a proxy in a stochastic volatility model estimation. We estimate the leveraged stochastic volatility model using the realized volatility computed from five popular methods across six sampling-frequency transaction data （from 1-min to 60- min） based on the trust region method. Availability of the realized volatility allows us to estimate the model parameters via the MLE and thus avoids computational challenge in the high dimensional integration. Six stock indices are considered in the empirical investigation. We discover some consistent findings and interesting patterns from the empirical results. In general, the significant leverage effect is consistently detected at each sampling frequency and the volatility persistence becomes weaker at the lower sampling frequency.

Job satisfaction and firm leverage: Evidence from the “China’s Best Employer Award 100” winners

In this study,we examine the relationship between job satisfaction and firm leverage using a sample of Chinese listed firms.We find that in a sample of‘‘China’s 100 Best Employers Award"winners during 2011–2017,job satisfaction is negatively associated with firm leverage.The effect is more pronounced in firms with higher distress risk and operating in human capital intensive industries.We confirm the validity of the main findings using a matched sample and a series of robustness checks.Overall,our results indicate that firms can credibly demonstrate their commitment to stakeholders and re-shape their capital structure by improving job satisfaction.

The impact of D&O insurance on excess corporate leverage

The governance effects of directors’and officers’liability insurance(D&O insurance),an important tool for risk diversification,are of strong concern in the capital market.Using a sample of Chinese A-share listed firms from2009 to 2018,we examine the impact of D&O insurance on excess corporate leverage.We find that D&O insurance is negatively associated with excess corporate leverage and that this result is consistent with a series of robustness tests.Further analyses show that D&O insurance impedes excess corporate leverage mainly because of its effect on external monitoring.The effect is more pronounced for firms that are state-owned,have political connections and are located in provinces with low marketization than for other firms.

A Novel Eccentric Intrusion Detection Model Based on Recurrent Neural Networks with Leveraging LSTM

The extensive utilization of the Internet in everyday life can be attributed to the substantial accessibility of online services and the growing significance of the data transmitted via the Internet.Regrettably,this development has expanded the potential targets that hackers might exploit.Without adequate safeguards,data transmitted on the internet is significantly more susceptible to unauthorized access,theft,or alteration.The identification of unauthorised access attempts is a critical component of cybersecurity as it aids in the detection and prevention of malicious attacks.This research paper introduces a novel intrusion detection framework that utilizes Recurrent Neural Networks(RNN)integrated with Long Short-Term Memory(LSTM)units.The proposed model can identify various types of cyberattacks,including conventional and distinctive forms.Recurrent networks,a specific kind of feedforward neural networks,possess an intrinsic memory component.Recurrent Neural Networks(RNNs)incorporating Long Short-Term Memory(LSTM)mechanisms have demonstrated greater capabilities in retaining and utilizing data dependencies over extended periods.Metrics such as data types,training duration,accuracy,number of false positives,and number of false negatives are among the parameters employed to assess the effectiveness of these models in identifying both common and unusual cyberattacks.RNNs are utilised in conjunction with LSTM to support human analysts in identifying possible intrusion events,hence enhancing their decision-making capabilities.A potential solution to address the limitations of Shallow learning is the introduction of the Eccentric Intrusion Detection Model.This model utilises Recurrent Neural Networks,specifically exploiting LSTM techniques.The proposed model achieves detection accuracy(99.5%),generalisation(99%),and false-positive rate(0.72%),the parameters findings reveal that it is superior to state-of-the-art techniques.

Recent progress in econophysics： Chaos, leverage, and business cycles as revealed by agent-based modeling and human experiments

Agent-based modeling and controlled human experiments serve as two fundamental research methods in the field of econophysics. Agent-based modeling has been in development for over 20 years, but how to design virtual agents with high levels of human-like ＂intelligence＂ remains a challenge. On the other hand, experimental econophysics is an emerging field; however, there is a lack of experience and paradigms related to the field. Here, we review some of the most recent research results obtained through the use of these two methods concerning financial problems such as chaos, leverage, and business cycles. We also review the principles behind assessments of agents＇ intelligence levels, and some relevant designs for human experiments. The main theme of this review is to show that by combining theory, agent-based modeling, and controlled human experiments, one can garner more reliable and credible results on account of a better verification of theory; accordingly, this way, a wider range of economic and financial problems and phenomena can be studied.

Dynamics of financial leverage across firm life cycle in Chinese firms:An empirical investigation using dynamic panel data model

This study tries to investigate how firms adjust their leverage policy across the firm’s life cycle.For this purpose the study uses an extensive set of data of 867 A listed Chinese non-financial firms over a 19-year years period(1996-2014).The study employs Arellano-Bover/Blundell-Bond dynamic panel data model to estimate adjustment rate of leverage and its determinants in three different life stages of Chinese firms.We find that adjustment rate of leverage varies for different life stages.In accordance with trade off theory of capital structure this study reports a low-high-low pattern of leverage across growth,maturity and decline stage of firms’life respectively.For total leverage,dynamic panel data reports highest adjustment rate for growing firms,followed by mature firms and firms in declining stage of their life.Both short term and long term leverage report similar pattern of leverage’s adjustment rate across the three stages of life cycle.The study provides useful insight in a unique market setting of Chinese financial markets.

How do Chinese firms adjust their financial leverage?An empirical investigation using multiple GMM models

Given the unique market setting and institutional environment of China,this study tries to investigate targeting behavior of Chinese firms towards leverage and the determinants of leverage policy in China at various levels.For this purpose,we use an extensive set of data of 760 firms over a period from 2001 to 2013.To investigate the adjustment behavior towards target leverage policy,this study uses the GMM(Generalized Method of Moments)models of Arellano and Bover(1995)/Blundell and Bond(2000)to estimate the adjustment behavior and adjustment speed towards a target level of leverage.The study finds that Chinese firms have a target level of leverage and try to adjust to their target.We find that adjustment rate of Chinese state-owned enterprises is higher than Chinese non-state-owned enterprises,indicating an aggressive leverage policy for SOEs(state-owned enterprises).Further,we find that some firm-level factors like firm size and growth opportunities have significant and positive effect on firms leverage.Profitability and firm liquidity is found to have a negative relationship with firm leverage.At country level,GDP is found to have positive impact of firm leverage policy.The negative relationship of lending rate with leverage shows that firms in China reduce debt financing when lending rates in the market increase.All these findings indicate significant policy implications for Chinese firms.At adjustment level,regulatory bodies should ensure that all firms are at ease while raising their debt and thus avoid a pecking order in lending policy.At industry level,institutions should try to curtail industry concentration to provide an equal ground of debt issuing to the firms.

Land Finance,Corporate Leverage and Debt Risk

This paper takes the 2004-2016 non-financial listed companies on Shanghai and Shenzhen stock exchanges as research samples,combined with urban and macro-level data about land use right transfer in prefecture-level cities,and tries to capture the intrinsic link between land finance and leverage of non-financial listed companies.The study finds that the increase in local govermments'reliance on land finance will increase the probability of corporate overleverage.In the case of introducing control variables that may interfere with the cstimation results and using instrumental variables to alleviate the potential endogeneity,the conclusion remains robust.On this basis,this paper further studies the relationship between land finance and corporate solvency and sustainable development capability.It finds that the increase in reliance on land finance will increase the company's short-term solvency risk and future solvency pressure,while reducing the profitability and sustainability of overleveraged companies.This phenomenon is particulatly evident in high-leveraged companies such as real estate companies in regions with lower collateral value,state-owned enterprises,and enterprises in the eastem region.This paper provides a new perspective for further understanding of the high leverage among non-financial enterprises and the prevention and resolution of debt risks in the context of China's supply-side structural reform.

Does Rising House Price Push Chinese Households to“Leverage Up”More?-A Study from the Perspective of Heterogeneity of House-Buying Motivation

The rapid rise of leverage in Chinese household sector in recent years has attracted considerable attention,and high housing prices might be the main reason for the phenomenon.Do different house-buying motivations of households give an impetus to it?Researching this problem is of great importance to understand mechanisms for the formation of household leverage and taking targeted housing policies.Theoretical analysis in this paper fi nds that if house-buying motivation that was speculative was quite obvious,rising housing prices would result in the leverage of non-fi rst-house(NFH)households outpacing that of first-house(FH)households.On this basis,we conducted empirical analysis with a state-owned bank’s all housing mortgage loan data on 70 large and medium-sized cities for 2016 and the IV(instrumental variables)and DID(differences-in-differences)methods,and compared the two types of households from the inter-city and intra-city dimensions.The result showed that rising housing prices indeed drive up the debt balance and leverage of NFH households significantly more than those of FH households.Furthermore,our research found that a rise in housing prices has prompted NFH households to be more inclined to make the most use of mortgage policies with no substantial housing difference.To curb excessive leverage increase in the household sector,therefore,apart from regulating high expectations of housing prices,there should be stepped-up credit constraints on NFH households,thus restricting their behavior of excessive speculation.

Heterogeneous Traders, the Leverage Effect and Volatility of the Chinese P2P Market

The new financial industry represented by peer-to-peer lending has gradually become a new source of volatility due to the increasing complexity of the Chinese financial market.This volatility leads to greater risk to P2P investors and has become the focus of the regulatory authorities in China.Based on the background data of the P2P platform,Honglingchuangtou,we use the factor analysis method to construct a platform volatility(PV)index and we construct an HAR model to study the heterogeneous traders and leverage effect in the Chinese P2P market.The empirical results show that there are both short-term and long-term heterogeneous traders in the Chinese P2P market and that long-term traders have the greatest impact on market volatility.Similar to traditional financial markets,the volatility of the P2P market also shows a leverage effect,which means that the negative volatility of trader actions should have a negative impact on market fluctuations.With regard to the leverage effect,the LHAR-PV model is superior because of a higher goodness of fit and a lower prediction error.