Background:In fire-prone ecosystems,plant species having different post-fire regeneration strategies(PFRS)coexist at the local scale while showing different growth dynamics.To evaluate the effect of PFRS on species re...Background:In fire-prone ecosystems,plant species having different post-fire regeneration strategies(PFRS)coexist at the local scale while showing different growth dynamics.To evaluate the effect of PFRS on species regeneration,we investigated the plant communities burned in different years in the central Yunnan Province,Southwest China.Several indicators describing plant growth and population importance were measured to compare the regeneration of four dominant tree species,including one facultative seeders(FS)and three obligate resprouters(OR).Partial correlation and mixed linear effect modeling were applied to disentangle the contribution of intrinsic and environmental factors to the interspecific variation in post-fire regeneration.Results:We identified two subtypes of plant growth strategy in the early post-fire stage for OR species;i.e.,number growth(ORþN)priority and height growth(ORþH)priority for sprouting stems.Generally,the FS and OR species varied in height growth rate with different temporal dynamics.The ORþN species occupied post-fire space horizontally with more resprouts and larger coverage than ORþH and FS species at the earlier stage.In contrast,the ORþH species generally had far less resprouts per clump,more variations in stem height and basal diameter.Factor analysis showed that the variation of post-fire plant regeneration was not effectively explained by environmental factors(R2<20%);however,the linear mixed models with the modified PFRS as a random effect substantially increased the explanation.Conclusions:The differentiated regeneration dynamics and growth priorities in the four dominant tree species indicated a critical dichotomy of habitat occupation strategy for the resprouter species during the early stage of post-fire forest restoration.Our study uncovered a trade-off between height versus number growth priority in the post-fire tree growth strategy and provides a novel perspective in understanding the living space occupying(niche partitioning)process and species coexistence in post-fire forest community assembly.展开更多
The growth has been studied from multiple angles and varied approaches so it is a factor that must be evaluated in micro, small and medium-sized enterprises (SMEs) in order to make decisions that improve their resul...The growth has been studied from multiple angles and varied approaches so it is a factor that must be evaluated in micro, small and medium-sized enterprises (SMEs) in order to make decisions that improve their results. In the same way, the creation of strategies need a deep situational analysis, it is equally important to the efficiency and effectiveness of such strategies so they become operational. The central question addressed in the present study was identifying the variables that provide its own validity and, secondly, to determine which variables have a higher impact on the response variable (sales). The survey contains 159 items in 58 grouped questions. The collected data from a sample of 109 enterprises from different sectors and sizes were codified in order to carry out general descriptive procedures. The reliability of the instrument showed a Cronbach's alpha value of 0.8. The main statistical method used was the regression analysis. In order to carry it out, six compound variables were entered for the factors of information technologies, innovation, trading efforts, human resources, quality and technology. The results reveal that the more prepared the manager is and the more effectiveness obtained from the training program then the better indicators of growth will be obtained as a result (i.e. sales). The more integration among quality indicators (development of specifications and cost reduction programs) is, the better levels of growth (i.e. sales and growth perception) will be. The information technologies must be analyzed by the enterprises because once they are classified by their size, it is possible to observe a positive and significant correlation in any of the two ways of measuring the company's growth. The results can be useful for the people in charge of key decisions in any kind of enterprise as it displays a theoretical background for identify their main competitive variables.展开更多
In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport.... In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.……展开更多
The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the fra...The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the framework of U.S. new growth strategy and summarizes the main measures applied in last five years. Further, it assesses the comprehensive strategic effects on economy and finally discusses the future challenges for the U.S..展开更多
This study focuses on the evolution of growth model and cultivation of competitive advantages under the ambidextrous innovation strategy.After a brief introduction of the connotation of ambidextrous innovation strateg...This study focuses on the evolution of growth model and cultivation of competitive advantages under the ambidextrous innovation strategy.After a brief introduction of the connotation of ambidextrous innovation strategy,the evolution of growth model of high-tech enterprises under the conventional strategy and the ambidextrous innovation strategy is analyzed.Furthermore,a discussion is made on how to cultivate enterprises’competitive advantages under the ambidextrous innovation strategy,thereby enabling enterprises to stand out from competitors under this new strategic model and truly achieve the goal of sustainable development.展开更多
BACKGROUND Epidermal growth factor receptor(EGFR)mutation and c-ros oncogene 1(ROS1)rearrangement are key genetic alterations and predictive tumor markers for non-small cell lung cancer(NSCLC)and are typically conside...BACKGROUND Epidermal growth factor receptor(EGFR)mutation and c-ros oncogene 1(ROS1)rearrangement are key genetic alterations and predictive tumor markers for non-small cell lung cancer(NSCLC)and are typically considered to be mutually exc-lusive.EGFR/ROS1 co-mutation is a rare event,and the standard treatment appr-oach for such cases is still equivocal.CASE SUMMARY Herein,we report the case of a 64-year-old woman diagnosed with lung adenocar-cinoma,with concomitant EGFR L858R mutation and ROS1 rearrangement.The patient received two cycles of chemotherapy after surgery,but the disease prog-ressed.Following 1-month treatment with gefitinib,the disease progressed again.However,after switching to crizotinib,the lesion became stable.Currently,crizotinib has been administered for over 53 months with a remarkable treatment effect.CONCLUSION The efficacy of EGFR tyrosine kinase inhibitors and crizotinib was vastly different in this NSCLC patient with EGFR/ROS1 co-mutation.This report will aid future treatment of such patients.展开更多
To determine the growth strategies during early regeneration stages of two major coniferous species (Pinus massoniana and Cunninghamia lanceolata) in a secondary mixed coniferous forest in the Huangshan region of An...To determine the growth strategies during early regeneration stages of two major coniferous species (Pinus massoniana and Cunninghamia lanceolata) in a secondary mixed coniferous forest in the Huangshan region of Anhui Province, eastern China, we examined height growth, diameter-height relationship and the relationship between main stem and lateral branch elongation in saplings, with a particular focus on the effects of light intensity and regeneration mode (seedlings versus sprouts). When light intensity was sufficiently high, the extension growth of main stems was greater and more positively related to initial size for P. massoniana than for C. lanceolata. The slenderness of the stem form increased in the following order: C. lanceolata seedlings 〈 P. massoniana seedlings 〈 C. lanceolata sprouts. P. massoniana became less slender with increasing light intensity. P. massoniana had shorter branches than C. lanceolata given the same main stem elongation. Growth allocation depended more strongly on light intensity for P. massoniana than for C. lanceolata, with more growth allocated to the main stem under dark conditions. These results suggest that P. massoniana is a typical shade avoider; this species gives priority to extension growth of the main stem, especially when it is shaded. In contrast, C. lanceolata is a shade tolerator; this species allocates more biomass to radial growth of its main stems and to extension growth of branches. Based on these results, the ecological characteristics of P. massoniana and C. lanceolata and the roles of seedlings and sprouts are discussed in relation to stand dynamics of the mixed forests of P. massoniana and C. lanceolata in eastern China.展开更多
Rural revitalization is not only an important development goal for the Chinese government, but also a path to development. It is a crucial strategic choice of socialism with Chinese characteristics in a new epoch that...Rural revitalization is not only an important development goal for the Chinese government, but also a path to development. It is a crucial strategic choice of socialism with Chinese characteristics in a new epoch that to achieve both urban-rural and intrarural prosperity in the course of promoting rural revitalization. In the context of common prosperity, the key to achieving rural revitalization is to strive for the year 2050 long-term objectives of “robust agriculture, beautiful countryside and well-off farmers”, while also accelerating efforts to meet the mid-term targets of “improving the quality and efficiency of agriculture, making rural areas suitable to live and work, and ensuring farmers are affluent and well-off”. In terms of a strategic path, it is vital to combine endogenous growth with a sharing mechanism, with the former aiming to stimulate the internal vitality of rural areas and unleash their growth potential, and the latter to ensure that wealth is shared among all people and access to basic public services is made equal. To implement the strategy, it is suggested to take a regionally differentiated approach and a classification differentiated approach by scientifically grasping rural differences and identifying policy priorities, and explore innovative and diversified mechanisms of rural common prosperity.展开更多
In common property studies,increasing number of users has been considered as a major threat for the long-term sustainability of natural resources. This perception has been true in a few cases. However,the 40-years emp...In common property studies,increasing number of users has been considered as a major threat for the long-term sustainability of natural resources. This perception has been true in a few cases. However,the 40-years empirical research conducted in a variety of environmental settings,reveals that population pressure is not the only factor responsible for the degradation of natural resources. In remote areas,where the local inhabitants highly depend on available natural resources for subsistence livelihood,the economically important resources are kept under different ownership regimes. The local inhabitants have established autochthonous insti-tutions,and formulated rules and regulations for proper management of these resources. In this paper an attempt has been made to explore the response of a small fodder user community to the increasing population. For this purpose a micro-level study has been conducted in a remote mountain environment in the eastern Hindu Kush. For this research,data has been collected through fieldwork and focus group discussion. The results of this study reveal that fodder user communities have responded very well to the problem of population pressure. To maintain equity and long-term sustainability they have adopted a number of strategies including changing the ownership,and a resource kept under private ownership at the time of low population has been changed to a common property with increase in population. Based on this study it can be concluded that in mountainous areas and fragile environment the local inhabitant have both the capacity and capability to change their behaviour with regard to changing resource productivity as well as increasing number of users,and this situation does not always lead to the tragedy of commons.展开更多
This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strat...This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.展开更多
Cities based on mining are distinctive from other cities in China. Their heavy dependence on minerals, a relatively undiversified industrial structure, seriously damaged ecological environment and the rather low degre...Cities based on mining are distinctive from other cities in China. Their heavy dependence on minerals, a relatively undiversified industrial structure, seriously damaged ecological environment and the rather low degree of openness have all reduced their competitiveness, and severely constrained and hindered their sustainable development. In this paper the authors will study mining-based cities from the perspective of sustainable development, first by having a critical review of their features, and then by researching into strategic options to support their sustainable development.展开更多
Background:We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as gla...Background:We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios.Methods:Following Lakonishok et al.(J Financ 49:1541–1578,1994),we assess the illiquidity characteristics of portfolios that underlie contrarian investment strategies that are based on the level of stock’s book to market.Results:We find strong evidence that those portfolios characterized as value investments are associated with dramatically greater levels of illiquidity than glamour portfolios.We further demonstrate that strategies based on the illiquidity in the year prior to portfolio formation result in return characteristic of ostensibly contrarian strategies.Conclusions:These results suggest that the higher returns associated with contrarian investment strategies are the result of the higher illiquidity associated with value portfolios and represent compensation that the investor receives for accepting illiquidity.They also suggest that researchers should be cautious before attributing apparent anomalies to behavior-driven expectational errors rather than to other attributes unrelated to behavior,such as illiquidity.展开更多
A multinational corporation (MNC) should have its foreign subsidiaries become more competitive so that it can better compete globally and grow. Managing foreign subsidiary's competitiveness is vital for overall, lo...A multinational corporation (MNC) should have its foreign subsidiaries become more competitive so that it can better compete globally and grow. Managing foreign subsidiary's competitiveness is vital for overall, long-term, and global organizational growth. Strategic global leadership, vision, and culture among the top managers of headquarters and foreign subsidiaries are vital for enabling the subsidiaries to pursue their vision of improved competitiveness. Sustained growth and improved competitiveness in the global organization's multiple country environments then become the means for an MNC's overall strategic enhancement.展开更多
温度会对鱼类的营养需求产生影响,为研究不同温度条件下不同饲料方案对大菱鲆(Scophthalmus maximus L.)幼鱼生长和氧化应激的影响,确定不同温度下最适合的饲料方案。设计了等脂等能的4种实验饲料,分别为45%蛋白15%糊精的低蛋白组(LP组)...温度会对鱼类的营养需求产生影响,为研究不同温度条件下不同饲料方案对大菱鲆(Scophthalmus maximus L.)幼鱼生长和氧化应激的影响,确定不同温度下最适合的饲料方案。设计了等脂等能的4种实验饲料,分别为45%蛋白15%糊精的低蛋白组(LP组)、50%蛋白10%糊精的对照组(CON组)、55%蛋白0%糊精的高蛋白组(HP组)和50%蛋白20%糊精的高糖组(HC组)。在3个温度条件下(15、18和21℃)挑选初始质量(7.50±0.10) g的幼鱼进行8周的养殖实验,并对生长、抗氧化应激指标和抗氧化指标应激相关基因表达情况进行研究。研究显示,15℃时,CON组和LP组的特定生长率(SGR)显著高于HP组(P<0.05),且CON组和LP组肝脏丙二醛(MDA)含量显著低于HP组和HC组(P<0.05)。18℃时,CON组的SGR最高,显著高于LP组(P<0.05);且CON组肝脏MDA含量最低(P<0.05)。21℃时,HP组有最高的SGR和最低的饲料系数(FC)(P<0.05),且HP组肝脏MDA含量显著低于LP组和HC组(P<0.05)。在本实验3种温度条件下HC组肝脏MDA含量都最高;同时,CON组和HP组可通过上调Nrf2-ARE信号通路中相关基因来提高鱼体抗氧化能力。研究结果表明,在低温度下适合投喂低中蛋白饲料,在适温度条件下适合投喂中蛋白饲料,在高温度条件下适合投喂高蛋白饲料,高糖饲料会导致严重的氧化应激。展开更多
基金supported by the National Natural Science Foundation of China(41971228)the National Key R and D Program of the Ministry of Science and Technology of China(2017YFC0505200).
文摘Background:In fire-prone ecosystems,plant species having different post-fire regeneration strategies(PFRS)coexist at the local scale while showing different growth dynamics.To evaluate the effect of PFRS on species regeneration,we investigated the plant communities burned in different years in the central Yunnan Province,Southwest China.Several indicators describing plant growth and population importance were measured to compare the regeneration of four dominant tree species,including one facultative seeders(FS)and three obligate resprouters(OR).Partial correlation and mixed linear effect modeling were applied to disentangle the contribution of intrinsic and environmental factors to the interspecific variation in post-fire regeneration.Results:We identified two subtypes of plant growth strategy in the early post-fire stage for OR species;i.e.,number growth(ORþN)priority and height growth(ORþH)priority for sprouting stems.Generally,the FS and OR species varied in height growth rate with different temporal dynamics.The ORþN species occupied post-fire space horizontally with more resprouts and larger coverage than ORþH and FS species at the earlier stage.In contrast,the ORþH species generally had far less resprouts per clump,more variations in stem height and basal diameter.Factor analysis showed that the variation of post-fire plant regeneration was not effectively explained by environmental factors(R2<20%);however,the linear mixed models with the modified PFRS as a random effect substantially increased the explanation.Conclusions:The differentiated regeneration dynamics and growth priorities in the four dominant tree species indicated a critical dichotomy of habitat occupation strategy for the resprouter species during the early stage of post-fire forest restoration.Our study uncovered a trade-off between height versus number growth priority in the post-fire tree growth strategy and provides a novel perspective in understanding the living space occupying(niche partitioning)process and species coexistence in post-fire forest community assembly.
文摘The growth has been studied from multiple angles and varied approaches so it is a factor that must be evaluated in micro, small and medium-sized enterprises (SMEs) in order to make decisions that improve their results. In the same way, the creation of strategies need a deep situational analysis, it is equally important to the efficiency and effectiveness of such strategies so they become operational. The central question addressed in the present study was identifying the variables that provide its own validity and, secondly, to determine which variables have a higher impact on the response variable (sales). The survey contains 159 items in 58 grouped questions. The collected data from a sample of 109 enterprises from different sectors and sizes were codified in order to carry out general descriptive procedures. The reliability of the instrument showed a Cronbach's alpha value of 0.8. The main statistical method used was the regression analysis. In order to carry it out, six compound variables were entered for the factors of information technologies, innovation, trading efforts, human resources, quality and technology. The results reveal that the more prepared the manager is and the more effectiveness obtained from the training program then the better indicators of growth will be obtained as a result (i.e. sales). The more integration among quality indicators (development of specifications and cost reduction programs) is, the better levels of growth (i.e. sales and growth perception) will be. The information technologies must be analyzed by the enterprises because once they are classified by their size, it is possible to observe a positive and significant correlation in any of the two ways of measuring the company's growth. The results can be useful for the people in charge of key decisions in any kind of enterprise as it displays a theoretical background for identify their main competitive variables.
文摘 In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.……
文摘The financial crisis in 2008 dragged the U.S. economy into the dilemma of imbalanced and sluggish growth. Thus, the federal government carried out the sustainable and balanced growth strategy. This paper draws the framework of U.S. new growth strategy and summarizes the main measures applied in last five years. Further, it assesses the comprehensive strategic effects on economy and finally discusses the future challenges for the U.S..
基金Project name:Evolution of Growth Model and Cultivation of Competitive Advantage under Ambidextrous Innovation Strategy-A case study of China’s high-tech enterprises Project no.:JKY106320,Project category:National key project of the“14th Five-Year Plan”of Education and Scientific Research of the Ministry of Education The organization of the project chair:University of Malaya。
文摘This study focuses on the evolution of growth model and cultivation of competitive advantages under the ambidextrous innovation strategy.After a brief introduction of the connotation of ambidextrous innovation strategy,the evolution of growth model of high-tech enterprises under the conventional strategy and the ambidextrous innovation strategy is analyzed.Furthermore,a discussion is made on how to cultivate enterprises’competitive advantages under the ambidextrous innovation strategy,thereby enabling enterprises to stand out from competitors under this new strategic model and truly achieve the goal of sustainable development.
基金Supported by Wu Jieping Medical Foundation,No.320.6750.2022-20-25and Chongqing Health Commission,No.[2020]68.
文摘BACKGROUND Epidermal growth factor receptor(EGFR)mutation and c-ros oncogene 1(ROS1)rearrangement are key genetic alterations and predictive tumor markers for non-small cell lung cancer(NSCLC)and are typically considered to be mutually exc-lusive.EGFR/ROS1 co-mutation is a rare event,and the standard treatment appr-oach for such cases is still equivocal.CASE SUMMARY Herein,we report the case of a 64-year-old woman diagnosed with lung adenocar-cinoma,with concomitant EGFR L858R mutation and ROS1 rearrangement.The patient received two cycles of chemotherapy after surgery,but the disease prog-ressed.Following 1-month treatment with gefitinib,the disease progressed again.However,after switching to crizotinib,the lesion became stable.Currently,crizotinib has been administered for over 53 months with a remarkable treatment effect.CONCLUSION The efficacy of EGFR tyrosine kinase inhibitors and crizotinib was vastly different in this NSCLC patient with EGFR/ROS1 co-mutation.This report will aid future treatment of such patients.
基金supported in part by a Grant-in-Aid from the Ministry of Education, Culture, Sports, Science, and Technology of Japan (No. 20380084)Funding for first author was provided by the Kambayashi Scholarship Foundation, Japan
文摘To determine the growth strategies during early regeneration stages of two major coniferous species (Pinus massoniana and Cunninghamia lanceolata) in a secondary mixed coniferous forest in the Huangshan region of Anhui Province, eastern China, we examined height growth, diameter-height relationship and the relationship between main stem and lateral branch elongation in saplings, with a particular focus on the effects of light intensity and regeneration mode (seedlings versus sprouts). When light intensity was sufficiently high, the extension growth of main stems was greater and more positively related to initial size for P. massoniana than for C. lanceolata. The slenderness of the stem form increased in the following order: C. lanceolata seedlings 〈 P. massoniana seedlings 〈 C. lanceolata sprouts. P. massoniana became less slender with increasing light intensity. P. massoniana had shorter branches than C. lanceolata given the same main stem elongation. Growth allocation depended more strongly on light intensity for P. massoniana than for C. lanceolata, with more growth allocated to the main stem under dark conditions. These results suggest that P. massoniana is a typical shade avoider; this species gives priority to extension growth of the main stem, especially when it is shaded. In contrast, C. lanceolata is a shade tolerator; this species allocates more biomass to radial growth of its main stems and to extension growth of branches. Based on these results, the ecological characteristics of P. massoniana and C. lanceolata and the roles of seedlings and sprouts are discussed in relation to stand dynamics of the mixed forests of P. massoniana and C. lanceolata in eastern China.
文摘Rural revitalization is not only an important development goal for the Chinese government, but also a path to development. It is a crucial strategic choice of socialism with Chinese characteristics in a new epoch that to achieve both urban-rural and intrarural prosperity in the course of promoting rural revitalization. In the context of common prosperity, the key to achieving rural revitalization is to strive for the year 2050 long-term objectives of “robust agriculture, beautiful countryside and well-off farmers”, while also accelerating efforts to meet the mid-term targets of “improving the quality and efficiency of agriculture, making rural areas suitable to live and work, and ensuring farmers are affluent and well-off”. In terms of a strategic path, it is vital to combine endogenous growth with a sharing mechanism, with the former aiming to stimulate the internal vitality of rural areas and unleash their growth potential, and the latter to ensure that wealth is shared among all people and access to basic public services is made equal. To implement the strategy, it is suggested to take a regionally differentiated approach and a classification differentiated approach by scientifically grasping rural differences and identifying policy priorities, and explore innovative and diversified mechanisms of rural common prosperity.
文摘In common property studies,increasing number of users has been considered as a major threat for the long-term sustainability of natural resources. This perception has been true in a few cases. However,the 40-years empirical research conducted in a variety of environmental settings,reveals that population pressure is not the only factor responsible for the degradation of natural resources. In remote areas,where the local inhabitants highly depend on available natural resources for subsistence livelihood,the economically important resources are kept under different ownership regimes. The local inhabitants have established autochthonous insti-tutions,and formulated rules and regulations for proper management of these resources. In this paper an attempt has been made to explore the response of a small fodder user community to the increasing population. For this purpose a micro-level study has been conducted in a remote mountain environment in the eastern Hindu Kush. For this research,data has been collected through fieldwork and focus group discussion. The results of this study reveal that fodder user communities have responded very well to the problem of population pressure. To maintain equity and long-term sustainability they have adopted a number of strategies including changing the ownership,and a resource kept under private ownership at the time of low population has been changed to a common property with increase in population. Based on this study it can be concluded that in mountainous areas and fragile environment the local inhabitant have both the capacity and capability to change their behaviour with regard to changing resource productivity as well as increasing number of users,and this situation does not always lead to the tragedy of commons.
基金This work is supported by the Nation Science Foundation(No.79570040)
文摘This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.
文摘Cities based on mining are distinctive from other cities in China. Their heavy dependence on minerals, a relatively undiversified industrial structure, seriously damaged ecological environment and the rather low degree of openness have all reduced their competitiveness, and severely constrained and hindered their sustainable development. In this paper the authors will study mining-based cities from the perspective of sustainable development, first by having a critical review of their features, and then by researching into strategic options to support their sustainable development.
文摘Background:We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamour portfolios.Methods:Following Lakonishok et al.(J Financ 49:1541–1578,1994),we assess the illiquidity characteristics of portfolios that underlie contrarian investment strategies that are based on the level of stock’s book to market.Results:We find strong evidence that those portfolios characterized as value investments are associated with dramatically greater levels of illiquidity than glamour portfolios.We further demonstrate that strategies based on the illiquidity in the year prior to portfolio formation result in return characteristic of ostensibly contrarian strategies.Conclusions:These results suggest that the higher returns associated with contrarian investment strategies are the result of the higher illiquidity associated with value portfolios and represent compensation that the investor receives for accepting illiquidity.They also suggest that researchers should be cautious before attributing apparent anomalies to behavior-driven expectational errors rather than to other attributes unrelated to behavior,such as illiquidity.
文摘A multinational corporation (MNC) should have its foreign subsidiaries become more competitive so that it can better compete globally and grow. Managing foreign subsidiary's competitiveness is vital for overall, long-term, and global organizational growth. Strategic global leadership, vision, and culture among the top managers of headquarters and foreign subsidiaries are vital for enabling the subsidiaries to pursue their vision of improved competitiveness. Sustained growth and improved competitiveness in the global organization's multiple country environments then become the means for an MNC's overall strategic enhancement.
文摘温度会对鱼类的营养需求产生影响,为研究不同温度条件下不同饲料方案对大菱鲆(Scophthalmus maximus L.)幼鱼生长和氧化应激的影响,确定不同温度下最适合的饲料方案。设计了等脂等能的4种实验饲料,分别为45%蛋白15%糊精的低蛋白组(LP组)、50%蛋白10%糊精的对照组(CON组)、55%蛋白0%糊精的高蛋白组(HP组)和50%蛋白20%糊精的高糖组(HC组)。在3个温度条件下(15、18和21℃)挑选初始质量(7.50±0.10) g的幼鱼进行8周的养殖实验,并对生长、抗氧化应激指标和抗氧化指标应激相关基因表达情况进行研究。研究显示,15℃时,CON组和LP组的特定生长率(SGR)显著高于HP组(P<0.05),且CON组和LP组肝脏丙二醛(MDA)含量显著低于HP组和HC组(P<0.05)。18℃时,CON组的SGR最高,显著高于LP组(P<0.05);且CON组肝脏MDA含量最低(P<0.05)。21℃时,HP组有最高的SGR和最低的饲料系数(FC)(P<0.05),且HP组肝脏MDA含量显著低于LP组和HC组(P<0.05)。在本实验3种温度条件下HC组肝脏MDA含量都最高;同时,CON组和HP组可通过上调Nrf2-ARE信号通路中相关基因来提高鱼体抗氧化能力。研究结果表明,在低温度下适合投喂低中蛋白饲料,在适温度条件下适合投喂中蛋白饲料,在高温度条件下适合投喂高蛋白饲料,高糖饲料会导致严重的氧化应激。