This article investigates the source of 10b5-1 plan insiders’ superior trade performance. Specifically, this article examines whether insiders trade on their private information about the firm’s ...future earnings performance through 10b5-1 sell trades and the features of 10b5-1 plan trades that are exploited to achieve superior trade performance. I find strong evidence that insiders use 10b5-1 plans to sell stock before disappointing earnings results. However, there is no evidence of earnings management around 10b5-1 sales, consistent with insiders’ good trade timing deriving from their foreknowledge about unfavorable earnings news rather than their ability to influence the timing and recognition of earnings performance. Restricting the sample to insiders who trade both before and after the implementation of Rule 10b5-1, I find that these insiders traded aggressively on earnings information even in the pre-10b5-1 era, but then shifted aggressive trading into 10b5-1 plans after the availability of planned trading, implying an unintended consequence of Rule 10b5-1. Finally, I document that strategic 10b5-1 trades tend to be infrequent, irregularly timed, close to the plan initiation date, and executed during traditional earnings blackout periods, revealing problematic features within 10b5-1 plans.
(1) Background: Non-alcoholic fatty liver disease (NAFLD) is a major global health concern. The increasing prevalence of NAFLD has been related to type 2 diabetes mellitus (T2D). However, the ...relationship between short-chain fatty acids (SCFAs) and NAFLD severity is ambiguous in T2D subjects. This study aimed to explore the association of SCFAs with the severity of NAFLD in T2D patients. (2) Methods: We employed echography to examine the severity of hepatic steatosis. The serum levels of nine SCFAs, namely, formate, acetate, propionate, butyrate, isobutyrate, methylbutyrate, valerate, isovalerate, and methylvalerate, were measured using gas chromatography mass spectrometry. (3) Results: A total of 259 T2D patients was enrolled in this cross-sectional study. Of these participants, 117 with moderate to severe NAFLD had lower levels of formate, isobutyrate, and methylbutyrate than the 142 without NAFLD or with mild NAFLD. Lower circulating levels of isobutyrate and methylbutyrate were associated with an increased severity of NAFLD. A relationship between NAFLD severity and circulating isobutyrate and methylbutyrate levels was found independently of a glycated hemoglobin (HbA1C) level of 7.0%. (4) Conclusion: Circulating levels of isobutyrate and methylbutyrate were significantly and negatively correlated with NAFLD severity in the enrolled T2D patients. SCFAs may be related to NAFLD severity in T2D patients.
Recently, many kinds of printing processes have been studied to fabricate perovskite solar cells (PeSCs) for mass production. Among them, slot-die coating is a promising candidate for roll-to-roll ...processing because of high-throughput, easy module patterning, and a premetered coating system. In this work, we employed mixed lead precursors consisting of PbAc2 and PbCl2 to fabricate PeSCs via slot-die coating. We observed that slot-die-coated perovskite films based on the mixed lead precursors exhibited well-grown and uniform morphology, which was hard to achieve by using only a single lead source. Consequently, PeSCs made with this precursor system showed improved device performance and reproducibility over single PbAc2. Lastly, a large-area module with an active area of 10 cm2 was fabricated with a power conversion efficiency of 8.3%.
In photoelectrochemical （PEC） water splitting, charge separation and collection by the electric field in the photoactive material are the most important factors for improved conversion efficiency. ...Hence, ferroelectric oxides, in which electrons are the majority carriers, are considered promising photoanode materials because their high built-in potential, provided by their spontaneous polarization, can signifi＇canfly enhance the separation and drift of photogenerated carriers. In this regard, the PEC properties of BiFeO3 thin-film photoanodes with different crystallographic orientations and consequent ferroelectric domain structures are investigated. As the crystallographic orientation changes from （001）pc via （ll0）pc to （lll）p~, the ferroelastic domains in epitaxial BiFeO3 thin films become mono-variant and the spontaneous polarization levels increase to 110 btC/cm2. Consequent136 the photocurrent density at 0 V vs. Ag/AgC1 increases approximately 5.3-fold and the onset potential decreases by 0.180 V in the downward polarization state. It is further demonstrated that ferroelectric switching in the （lll）pc BiFeO3 thin-film photoanode leads to an approximate change of 8,000% in the photocurrent density and a 0.330 V shift in the onset potential. This study strongly suggests that domain-engineered ferroelectric materials can be used as effective charge separation and collection layers for efficient solar water-splitting photoanodes.
The association between phthalate exposure and breast cancer remains controversial. We performed a prospective patient cohort design to explore the interaction between creatinine-corrected urinary ...phthalate metabolites and hormone receptors as well as body mass index (BMI) on recurrent breast cancer. In this follow-up study, 636 female breast cancer patients and 45 new recurrent cases diagnosed for a total of 1576.68 person-years of follow-up were recruited. Mono-(2-ethyl-5-oxohexyl) phthalate (MEOHP) was negatively associated with breast cancer recurrence, with adjusted hazard ratio (aHR) 3rd vs. 1st quartile of 0.15 (95% CI 0.04-0.51). The MEOHP presented as a non-monotonic dose-response (NMDR) curve, being U-shaped. In the stratification of hormone receptors, MEOHP still exhibited a U-shaped dose-response curve. The third quartile of MEOHP showed significant lowest recurrent risk in the status of ER-positive (aHR 0.18, 95% CI 0.05-0.66), PR-negative (aHR 0.14, 95% CI 0.03-0.63), and HER2-negative (aHR 0.24, 95% CI 0.08-0.76). Whether in BMI < 25 or in BMI ≥ 25, the third quartile of MEOHP was negatively associated with recurrent breast cancer, and there was a negative interaction on an additive scale between MEOHP and BMI (p
= 0.042). The association between MEOHP and recurrent breast cancer was modified by hormone receptors and BMI.
Social distance regulations have been widely adopted during the global COVID‐19 pandemic. From an evolutionary perspective, social connection and money are interchangeable subsistence resources for ...human survival. The substitutability principle of human motivation posits that scarcity in one domain (e.g., social connection) could motivate people to acquire or maintain resources in another domain (e.g., money). Two experiments were conducted to test the possibility that COVID‐19 social distancing enhances the desire for money. Results showed that compared with controls, participants receiving social distancing primes (via recollection of experiences of social distancing or a Chinese glossary‐search task) offered less money in the dictator game, showed lower willingness towards charitable donation (Experiment 1; N = 102), donated less money to a student fund, and rated money as having more importance (Experiment 2; N = 140). Our findings have far‐reaching implications for financial decisions, charitable donations, and prosociality during and after the COVID‐19 pandemic.
A novel sorbent Cu–S metal–organic framework (MOF) microrods was prepared for dispersive solid-phase extraction via microwave synthesis and used to determine 12 fluoroquinolones (FQs) in honey ...samples employing ultrahigh-performance liquid chromatography–tandem mass spectrometry (UHPLC–MS/MS). The best extraction efficiency was achieved by optimizing sample pH, sorbent quantity, eluent type/volume, and extraction and elution time. The proposed MOF exhibits advantages such as rapid synthesis time (20 min) and outstanding adsorption ability toward zwitterionic FQs. These advantages can be attributed to multiple interactions, including hydrogen bonding, π–π interaction, and hydrophobic interaction. The limits of detection of analytes were 0.005–0.045 ng g−1. Acceptable recoveries (79.3%–95.6%) were obtained under the optimal conditions. Precision (relative standard deviation, RSD) was <9.2%. These results demonstrate the utility of our sample preparation method and the high capacity of Cu–S MOF microrods for rapid and selective extraction of FQs from honey samples.
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•Rapid microwave synthesis provide a promising synthesis route for preparing MOF as a sorbent of DSPE.•Different synthesis route of MOF was characterized and comparing for the efficiency of DSPE.•This novel microwave MOF based DSPE method was demonstrated to be fast, green, simple, effective and sensitive.•DSPE coupled with UHPLC–MS/MS was used analysis of fluoroquinolones in honey samples.
50 billion cubic meters of brine every year creates ecological hazards to the environment. In order to reuse brine efficiently, rubidium and cesium were recovered in this experiment. On the other ...hand, the main impurities which were needed to be eliminated in brine were lithium, sodium, potassium, calcium, and magnesium. In the procedure, seawater was distilled and evaporated first to turn into simulated brine. Perchloric acid was then added into simulated brine to precipitate potassium perchlorate which could reduce the influence of potassium in the extraction procedure. After that, t-BAMBP and ammonia were separately used as extractant and stripping agent in the extraction and stripping procedures to get rubidium hydroxide solutions and cesium hydroxide solutions. Subsequently, they reacted with ammonium carbonate to get rubidium carbonate and cesium carbonate. In a nutshell, this study shows the optimal parameters of pH value to precipitate potassium perchlorate. Besides, pH value in the system, the concentration of t-BAMBP and ammonia, organic phase/aqueous phase ratio (O/A ratio), reaction time, and reaction temperature in solvent extraction step were investigated to get high purities of rubidium carbonate and cesium carbonate.
We examine how the qualitative characteristics of a non-GAAP earnings disclosure reveal the quality of the non-GAAP performance metric itself. We measure the qualitative aspects of the non-GAAP ...disclosure using an index of 12 hand-coded characteristics and presentation choices that provide context to non-GAAP disclosures. We find that more transparent qualitative information in non-GAAP disclosures is associated with more transitory non-GAAP exclusions and a lower likelihood that managers will aggressively exclude expenses in calculating non-GAAP earnings to meet or beat analysts’ forecasts. We also find that the association between non-GAAP exclusions and earnings announcement period returns is less negative for firms with more transparent qualitative information accompanying their non-GAAP disclosures. Overall, these results suggest that qualitative characteristics of non-GAAP disclosures convey useful information about the quality of non-GAAP earnings metrics.
Ultrasound imaging is a widely used technique for fatty liver diagnosis as it is practically affordable and can be quickly deployed by using suitable devices. When it is applied to a patient, ...multiple images of the targeted tissues are produced. We propose a machine learning model for fatty liver diagnosis from multiple ultrasound images. The machine learning model extracts features of the ultrasound images by using a pre-trained image encoder. It further produces a summary embedding on these features by using a graph neural network. The summary embedding is used as input for a classifier on fatty liver diagnosis. We train the machine learning model on a ultrasound image dataset collected by Taiwan Biobank. We also carry out risk control on the machine learning model using conformal prediction. Under the risk control procedure, the classifier can improve the results with high probabilistic guarantees.
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