多重上市股价异常效应的影响因素——来自中国A、B股证券市场的证据

实证检验了多重上市的股价异常效应及其影响因素。结果表明,多重上市的股价异常效应并非市场过度反应的结果,而与A、B股的市场分割、发行价格与原股票价格的差异、上市前后流动性的变化紧密联系。另外,A股市场多重上市的股价异常效应主要表现在招股公告前,B股市场多重上市的股价异常效应则主要表现在招股公告后。从股东构成、时间因素、散户投资者的损失厌恶心理方面探讨了以上不对称反应模式的原因。     

市场分割下的股价微观行为及其行为金融学解释

以交易量、股价波动率和收益率的自相关性作为流动性、波动性和价格有效性等微观行为指标,实证分析了中国A股和B股市场在微观行为上的差异.结果发现,三个指标在两个市场之间存在显著差异.在B股向境内居民开放前,A股的三个指标都要显著大于B股.而B股开放之后,B股的这些指标都大于开放之前.最后运用行为金融理论中投资者结构对微观行为的影响进行了分析和解释.     

dNTP pools imbalance as a signal to initiate apoptosis

Fidelity in DNA synthesis and repair is largely dependent on a balanced supply of deoxynucleotide triphosphate (dNTP) pools. Results from different groups have shown that alterations in dNTP supply result in DNA fragmentation and cell death with characteristics of apoptosis. We have recently shown that in apoptosis driven by deprivation of interleukin-3 (IL-3) in a murine hemopoietic cell line, there is a rapid imbalance in the availability of dNTP that precedes DNA fragmentation. In these cells, dNTP pool balance is closely coupled to the function of the salvage pathway of dNTP synthesis. Apoptosis, induced by treatment of these cells with drugs that inhibit the de novo dNTP synthesis, is prevented when dNTP precursors are supplied through the salvage pathway. IL-3 regulates thymidine kinase activity, suggesting that alterations in dNTP metabolism after IL-3 deprivation could be a relevant event in the commitment of hemopoietic cells to apoptosis.     

The DNA sequence and analysis of human chromosome 13

Chromosome 13 is the largest acrocentric human chromosome. It carries genes involved in cancer including the breast cancer type 2 (BRCA2) and retinoblastoma (RB1) genes, is frequently rearranged in B-cell chronic lymphocytic leukaemia, and contains the DAOA locus associated with bipolar disorder and schizophrenia. We describe completion and analysis of 95.5 megabases (Mb) of sequence from chromosome 13, which contains 633 genes and 296 pseudogenes. We estimate that more than 95.4% of the protein-coding genes of this chromosome have been identified, on the basis of comparison with other vertebrate genome sequences. Additionally, 105 putative non-coding RNA genes were found. Chromosome 13 has one of the lowest gene densities (6.5 genes per Mb) among human chromosomes, and contains a central region of 38 Mb where the gene density drops to only 3.1 genes per Mb.     

Tissue engineering: creation of long-lasting blood vessels

The construction of stable blood vessels is a fundamental challenge for tissue engineering in regenerative medicine. Although certain genes can be introduced into vascular cells to enhance their survival and proliferation, these manipulations may be oncogenic. We show here that a network of long-lasting blood vessels can be formed in mice by co-implantation of vascular endothelial cells and mesenchymal precursor cells, by-passing the need for risky genetic manipulations. These networks are stable and functional for one year in vivo.