Polybrominated diphenyl ethers (PBDEs) are emerging organic environmental pollutants, which were accused of various toxic effects. Here, we studied the role of a potential PBDEs quinone metabolite, PBDEQ, on cytotoxicity, oxidative DNA damage, and the alterations of signal cascade in HeLa cells. PBDEQ exposure leads to reactive oxygen species (ROS) accumulation, mitochondrial membrane potential (MMP) loss, lactate dehydrogenase (LDH) release, increasing terminal transferase-mediated dUTP-biotin nick end labeling (TUNEL) positive foci, and the elevation of apoptosis rate. Furthermore, we showed PBDEQ exposure result in increased DNA migration, micronucleus frequency, and the promotion of 8-OHdG and phosphorylation of histone H2AX (γ-H2AX) levels. Mechanism study indicated that PBDEQ caused poly(ADP-ribose) polymerase 1 (PARP-1) activation and apoptosis-inducing factor (AIF) nuclear translocation. All together, these results confirmed the occurrence of parthanatos-like cell death upon PBDEQ exposure.
The paper would elaborate the design process of digital electronic technology, and how the digital electronic technology has been applied in the real field and kept developing gradually. Through the discussion of this paper, the author hopes the paper be able to play the role for a topic on one hand, on the other hand, want to be able to provide related staff some the reference materials.
Research of the effects of carbon taxation on regional energy consumption,economic growth and income distribution is still a blank.This article analyzed these effects by panel data model and quantile regression model.The study showed that quantile model was better in revealing the regional differences.Carbon taxation showed negative effects on the energy consumption and economic growth except in the Northwest Region,and the negative effects became strong gradually from west of east.Carbon taxation in each area increased the proportion of capital in the total income,decreased the proportion of the labor elements,but this effect was weak in the Great Northwest.Therefore,in the process of making carbon taxation,we should not only refer to Europe Experiences,but also consider the regional differences.Different carbon taxation in different region which tilts to Middle and West area can both control carbon emission and promot coordinated development of regional economy.
This study finds that institutional investment constraint increases stock price crash risk. We employ both instrumental variable approach and a quasi-experiment to identify the causal effect. We also find institutions are more likely to sell stocks with stronger institutional investment constraint in response to firm’s bad news. In addition, the positive relationship between institutional investment constraint and crash risk is less pronounced for institutions of larger size and better past performance. These results are consistent with managerial catering explanation rather than career concern and soft information explanations. Finally, the channel analysis shows that the effect of institutional investment constraint on crash risk is mediated by predatory selling and investor information competition.
We study the cross-sectional effects of investor sentiment on stock price crash risk from the perspective of investor behavioural biases. We develop a firm-specific investor sentiment measure, and find that stocks with stronger investor sentiment are more prone to a future price crash. The positive relation is more pronounced for stocks eligible for margin trading, as higher investor sentiment induces greater margin buy/cover by optimistic investors. Short interest moderates the impact of optimistic sentiment on crash risk. The positive relation is also particularly prominent for stocks with a more speculative appeal, especially for those with lower institutional ownership.
Linear and nonlinear Granger casualty tests,and nonlinear smoothed transition regression(STR) model are used to study the necessity of the concern of China's monetary policy on the stock market.The results show that China's monetary policy should concern about the stock market;from the long run,the necessity comes from the impact of stock price change on economic growth,price level,and demand for money.However,in the short run,the necessity of the concern only comes from the latter.The way of the concern should be different based on the volatility of the stock market.
Abstract The phenomenon of stock price crash events (SPCs) has always attracted market attention, but existing research mainly focuses on its causes or determinants and rarely examines the consequences of SPCs. This study aims to fill this gap by examining the consequences of firm-specific stock price crash events (SPCs) on analyst forecast accuracy. Using the sample of analysts and listed companies from 2001 to 2020 and employing a difference-in-differences design, we find that after the company’s stock price crashed, the analyst forecast error decreased and the accuracy increased. For analysts who have not conducted site visits before SPC, and have no geographical advantages, this effect is more obvious, thus validating our hypothesis following analyst attention theory. Additional analysis shows that SPCs stimulate forecast accuracy more significantly for lowly-reputed analysts than for highly-reputed analysts. Channel analysis documents that, for the aforementioned group of analysts, the enhancement effect of SPCs on analyst forecasts is mediated by analyst effort increasing. This study adds to the evidence that SPCs bring positive externalities from the analyst perspective, that is, SPCs attract the attention of some analysts and improve their forecast accuracy. This study also enhances our understanding of analyst behavior under uncertainty, finally enriching the literature on the determinants of analyst forecast accuracy.
Purpose This study aims to examine whether mandatory audit partner rotation is associated with future stock price crash risk. Design/methodology/approach This study makes use of a regulatory change from the Ministry of Finance of China and the China Securities Regulation Commission, which requires mandatory rotation of audit partners since 2004, as a natural experiment to establish causality and applies a difference-in-difference research design. Findings Audit partner rotation leads to a significant decrease in future stock price crash risk in the departing partner’s final year of tenure preceding mandatory rotation, consistent with peer monitoring argument of mandatory rotation. Inconsistent with other arguments, including client-specific knowledge, fresh perspective and auditor independence, no significant effect takes a place in the incoming partner’s first year of tenure following mandatory rotation. Mechanism analysis documents that mandatory audit partner rotation reduces stock price crash risk by improving audit quality and constraining managerial empire building. Originality/value The results shed new light on the capital market consequence of mandatory audit partner rotation and the cause of stock price crash risk.
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