In the late 1990s, China's industrial sector was dominated by state-owned firms. We document how this changed after 1998. More than 80 percent of the state-owned firms in 1998 were shut down or ...privatized by 2007. Among firms we classify as state-controlled in 2007, many were restructured and registered as private firms with a controlling share held by a stateowned conglomerate or were new firms established after 1998. In 2007, almost half of the state-controlled firms were registered as private firms, and about 40 percent were new firms established after 1998. The privatization and convergence in labor productivity decelerated after 2007, but the establishment of new state-owned firms continued at roughly the same rate. When we interpret these facts through the lens of an equilibrium model of heterogeneous firms, we find that the transformation of firms that remained under state control and the creation of new state-controlled firms together account for 21 percent of China's growth from 1998 to 2007 and 18 percent of its growth from 2007 to 2012. However, the exit and privatization of state-owned firms had a negligible effect on aggregate growth.
The Long Shadow of China’s Fiscal Expansion BAI, CHONG-EN; HSIEH, CHANG-TAI; SONG, ZHENG (MICHAEL)
Brookings papers on economic activity,
10/2016, Volume:
2016, Issue:
2
Journal Article
Peer reviewed
Open access
In 2009 and 2010, China undertook a fiscal stimulus program worth 4 trillion yuan, roughly equivalent to 11 percent of its annual GDP. This program was largely financed by off-balance-sheet ...companies—known as local financing vehicles—that both borrowed and spent on behalf of local governments. These companies have continued to grow since the stimulus program concluded at the end of 2010; their spending has accounted for roughly 10 percent of GDP each year, with an increasing share used for what are essentially commercial projects. And their spending has likely been responsible for an increase of 5 percentage points in the aggregate investment rate and for part of the decline of 7 to 8 percentage points in the current account surplus since 2008. We argue that local governments have used their new access to financial resources to facilitate favored businesses’ access to capital, which potentially worsens the overall efficiency of capital allocation. The long-run effect of off-balance- sheet spending by local governments may be a permanent decline in the growth rate of aggregate productivity and GDP.
The proportion of eukaryotic genomes composed of active or formerly active mobile elements (MEs) is known to vary widely across lineages, but the explanations for why remain largely unknown. Given ...that ME activity, like other forms of mutation, is thought to be (on average) slightly deleterious in terms of phenotypic effects, understanding the widespread proliferation of MEs in host genomes requires an evolutionary framework. To better develop such a framework, we review the spectrum of resolutions to the genetic conflict between MEs and their hosts: inactivation of MEs due to mutation accumulation, negative selection (or lack thereof) against hosts with high ME loads, silencing of MEs (by hosts or MEs), ME domestication by their hosts, and the horizontal transfer of MEs to new hosts. We also highlight ecological and evolutionary theory from which ME researchers might borrow in order to explain large-scale patterns of ME dynamics across systems. We hope that a synthesis of the surprisingly significant role played by MEs in the genome, as well as the spectrum of resolutions, applicable theory, and recent discoveries, will have two outcomes for future researchers: better parsing of known variation in ME proliferation patterns across genomes and the development of testable models and predictions regarding the evolutionary trajectory of MEs based on a combination of theory, the comparative method, experimental evolution, and empirical observations.
There is a need to better understand the advantages and disadvantages of marketing-manufacturing integration (MMI) in new product development. In this paper we examine the influences of MMI in each ...of four stages of new product development (NPD) on new product time and success. A path analysis of data collected from 467 completed NPD projects indicates that increased MMI in each stage of product development is respectively associated with greater product competitive advantage, which in turn is associated with higher project return on investment (ROI). Greater MMI is also significantly associated with longer product commercialisation (PC) stages of new product development, but the data indicate little significant relationship between NPD project time and project return on investment. Hence, increased MMI may require added NPD time, but this drawback appears to be outweighed by the added benefits accrued to greater product competitive advantage.
Summary
Background & Aims
Non‐alcoholic fatty liver disease (NAFLD) can develop in individuals who are not overweight. Whether lean persons with NAFLD have lower mortality and lower incidence of ...cirrhosis, cardiovascular diseases (CVD), diabetes mellitus (DM) and cancer than overweight/obese persons with NAFLD remains inconclusive. We compared mortality and incidence of cirrhosis, CVD, DM and cancer between lean versus non‐lean persons with NAFLD.
Methods
This is a retrospective study of adults with NAFLD in a single centre from 2012 to 2021. Primary outcomes were mortality and new diagnosis of cirrhosis, CVD, DM and cancer. Outcomes were modelled using competing risk analysis and Cox proportional hazards regression analysis.
Results
A total of 18,594 and 13,420 patients were identified for cross‐sectional and longitudinal analysis respectively: approximately 11% lean, 25% overweight, 28% class 1 obesity and 35% class 2–3 obesity. The median age was 51.0 years, 54.6% were women. The median follow‐up was 49.3 months. Lean patients had lower prevalence of metabolic diseases at baseline and lower incidence of cirrhosis and DM than non‐lean patients and no difference in CVD, any cancer or obesity‐related cancer during follow‐up. However, lean patients had significantly higher mortality with incidence per 1000 person‐years of 16.67, 10.11, 7.37 and 8.99, respectively, in lean, overweight, obesity class 1 and obesity class 2–3 groups respectively.
Conclusions
Lean patients with NAFLD had higher mortality despite lower incidence of cirrhosis and DM, and similar incidence of CVD and cancer and merit similar if not more attention as non‐lean patients with NAFLD.
New ventures often form a formal board of directors for the first time at the initial public offering (IPO). The tumult of external changes places a premium on rapid decision making within a ...resource-constrained venture. According to the social psychological theory, group consensus and decision alternatives serve as two key drivers for making rapid decisions. Therefore, based on signaling theory, the valuation from investors at the IPO depends on the observable signals that can imply the group consensus and decision alternatives in a board. We argue and test the hypothesis that, when group consensus and decision alternative signals are jointly considered, the relationship between the ratio of founders on the board and the IPO price premium will have an inversed U shape. In addition, we analyze how three contextual factors (original chief executive officer CEO, founders’ ownership, and venture capitalist VC on the board) can influence their signal consistency with founder directors on group consensus and decision alternatives, which ultimately changes the pattern of the inverted U shape. Based on a unique sample of 274 Chinese new venture IPOs over the period from 2004 to 2009, our results show that if the firm is managed by a nonoriginal CEO, the relationship between the founder–board ratio and the IPO price premium is an inverse U shape. Furthermore, if a VC sits on the board, the presence of founder directors has a linear positive effect on IPO premium; otherwise, the inverse U-shaped relationship still holds.
•‘Hypothetical Kinases’ originated the earliest in the evolutionary process of AGCVIII kinase family, and then these kinases differentiated their functions and D6PK started to appear in moss, PINOID ...and PINOID2 started to appear in angiosperms pioneer plant Amborella trichopoda.•Pinoid gene family experienced complex evolutionary history accompanied by many gene gain and gene loss events during plant evolution.•Whole genome duplications and dispersed duplications play important role in the evolution of Pinoid gene family.
PINOID is a kinase belonging to the AGCVIII family, which regulates the polar distribution of PIN proteins and plays an important role in plant geotropism. However, the origin and evolutionary history of this gene family is not fully known. In this study, we identified 79 similar sequences across 17 plant species genomes (PINOID, D6PK, PINOID2, “hypothetical kinase”). Our results show that the AGCVIII kinase family may have originated from related “Hypothetical Kinases” that come out sister to the rest of the gene family members. These kinases differentiated their functions are found in different plant classes: D6PK in moss and PINOID and PINOID2 evolving in angiosperms including the pioneer plant Amborella trichopoda. Our study investigates the evolution of PINOID kinases from a phylogenetic perspective giving us insight into how this important plant signal transduction network switch evolved to play a fundamental and important function in plant growth and development. We highlight the importance of whole genome duplications and dispersed duplications as opposed to tandem duplications in the evolution of this gene family.
Supplier involvement is essential to a new venture seeking to develop a radical innovation. Despite this, prior literature has not adequately addressed supplier involvement in radical innovation, nor ...what the antecedents to increased supplier involvement are. We build and test a conceptual model of the antecedents and new product performance outcomes of supplier involvement in the development of radical innovation by new ventures. Antecedent variables (supplier's specific investments and the new venture's qualification of the supplier's abilities) are drawn from the transaction cost analysis literature. We include new venture's relative power and new venture's level of commitment to the supplier as contingency conditions. We develop a set of hypotheses relating supplier involvement to radical innovation performance, relating the antecedent variables to supplier involvement, and also testing the interaction effects of the two contingency conditions. We gather data from both new ventures and their major suppliers for 173 recent radical innovation projects, and use hierarchical regression analysis to test our hypotheses. We find that the contingency conditions moderate achieved levels of supplier involvement, and also find a direct relationship between achieved level of involvement and performance. We conclude with theoretical contributions and managerial implications.
Drawing on transaction cost economics theory, this study addresses the following research questions: (1) Does supplier involvement in market intelligence gathering activities have a greater impact on ...innovation success in predesign or commercialization activities? and (2) Does supplier involvement in market intelligence gathering activities have a greater impact on success in radical or incremental product innovation? Hypotheses are tested using both subjective and objective measures of success from a study of 205 incremental and 110 radical new product development projects. Results from the estimation of a two‐group path model suggest that this theoretical framework is useful in providing guidance as to when product developers should emphasize the gathering of market intelligence through suppliers. Consistent with conventional wisdom, the findings suggest that supplier involvement in market intelligence gathering activities are positively related to success in incremental innovations across predesign and commercialization activities. However, supplier involvement in market intelligence gathering activities is found to have no significant impact on market share and is negatively associated with perceived product performance in radical innovations in predesign tasks. Also, while there was no significant difference in market share for supplier involvement in market intelligence gathering activities between radical and incremental innovation in commercialization activities, supplier involvement in these activities did have a greater impact on perceived product performance in radical innovation than it did in incremental innovation. Although current practice suggests that teams allocate fewer resources to the gathering of market intelligence through their suppliers during predesign activities in incremental innovation projects compared with radical innovation projects, the findings in this study suggest that they should do the opposite. Shifting resources allocated for engaging suppliers in market information gathering activities in predesign activities from radical innovation projects to incremental innovation projects could increase the return on these investments. Alternatively, these resources currently allocated to the gathering of market intelligence through suppliers in predesign activities of radical innovation projects could also provide greater benefits if allocated to commercialization activities of radical innovation projects, where they have the greatest positive impact.
Background Phase II data suggested that guselkumab, an anti-interleukin-23 monoclonal antibody, was efficacious in psoriasis. Objective We sought to assess efficacy and safety of guselkumab in ...moderate to severe psoriasis versus placebo and adalimumab, including interrupted treatment and switching adalimumab nonresponders to guselkumab. Methods Patients were randomized to guselkumab 100 mg (weeks 0 and 4, then every 8 weeks; n = 496); placebo→guselkumab (weeks 0, 4, and 12 then guselkumab at weeks 16 and 20; n = 248); or adalimumab (80 mg week 0, then 40 mg week 1, and every 2 weeks through week 23; n = 248). At week 28, guselkumab 90% or greater improvement in Psoriasis Area and Severity Index (PASI) score from baseline (PASI 90) responders were rerandomized to guselkumab or placebo with guselkumab after loss of response. Placebo→guselkumab responders and adalimumab responders received placebo, then guselkumab after loss of response. Nonresponders received guselkumab. Results At week 16, more patients receiving guselkumab achieved an Investigator Global Assessment (IGA) score 0/1 (cleared/minimal) (84.1% vs 8.5%) and PASI 90 (70.0% vs 2.4%) versus placebo (coprimary end points). Guselkumab was superior to adalimumab at week 16 (IGA score 0/1, 75% or greater improvement in PASI score from baseline, and PASI 90) and week 24 (IGA score 0/1 and 0, PASI 90, 100% improvement in PASI score from baseline) ( P < .001). From weeks 28 to 48, better persistence of response was observed in guselkumab maintenance versus withdrawal groups ( P < .001). Of adalimumab nonresponders who switched to guselkumab, 66.1% achieved PASI 90 at week 48. Guselkumab improved patient-reported outcomes. Adverse events were comparable among groups. Limitations One-year follow-up limits retreatment data. Conclusions Guselkumab is a highly effective, well-tolerated, maintenance therapy, including in adalimumab nonresponders.
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