The performance of externally managed REITs in Asia

This paper examines the impact of free cash flow on the agency costs and how these free cash flow and agency costs affect the performance of REITs in Asia. Unlike previous studies that focus on conventional non-regulated industry, the Asian REIT industry being a highly regulated industry provides a new context for further research. The results indicate that free cash flow and agency costs persist over time in Asian REITs even though REITs are in a highly regulated industry. The findings also imply that REIT managers face substantial costs when they wish to adjust to the equilibrium level of agency costs, whereby the optimum level is always dynamic and not constant over time and moves with the changes in the determinants of agency costs. These agency costs persist over time and have significant impacts on the performance of REITs in Asia

Color-tunable mixed photoluminescence emission from Alq3 organic layer in metal-Alq3-metal surface plasmon structure

This work reports the color-tunable mixed photoluminescence (PL) emission from an Alq(3) organic layer in an Au-Alq(3)-Au plasmonic structure through the combination of organic fluorescence emission and another form of emission that is enabled by the surface plasmons in the plasmonic structure. The emission wavelength of the latter depends on the Alq(3) thickness and can be tuned within the Alq(3) fluorescent spectra. Therefore, a two-color broadband, color-tunable mixed PL structure was obtained. Obvious changes in the Commission Internationale d’Eclairage (CIE) coordinates and the corresponding emission colors of Au-Alq(3)-Au samples clearly varied with the Alq(3) thickness (90, 130, and 156 nm)

An Algorithm for Preferential Selection of Spectroscopic Targets in LEGUE

We describe a general target selection algorithm that is applicable to any survey in which the number of available candidates is much larger than the number of objects to be observed. This routine aims to achieve a balance between a smoothly-varying, well-understood selection function and the desire to preferentially select certain types of targets. Some target-selection examples are shown that illustrate different possibilities of emphasis functions. Although it is generally applicable, the algorithm was developed specifically for the LAMOST Experiment for Galactic Understanding and Exploration (LEGUE) survey that will be carried out using the Chinese Guo Shou Jing Telescope. In particular, this algorithm was designed for the portion of LEGUE targeting the Galactic halo, in which we attempt to balance a variety of science goals that require stars at fainter magnitudes than can be completely sampled by LAMOST. This algorithm has been implemented for the halo portion of the LAMOST pilot survey, which began in October 2011.Comment: 17 pages, 7 figures, accepted for publication in RA

Ad hoc influenza vaccination during years of significant antigenic drift in a tropical city with 2 seasonal peaks

We evaluated the acceptability of an additional ad hoc influenza vaccination among the health care professionals following seasons with significant antigenic drift. Self-administered, anonymous surveys were performed by hard copy questionnaires in public hospitals, and by an on-line platform available to all healthcare professionals, from April 1st to May 31st, 2015. A total of 1290 healthcare professionals completed the questionnaires, including doctors, nurses, and allied health professionals working in both the public and private systems. Only 31.8% of participating respondents expressed an intention to receive the additional vaccine, despite that the majority of them agreed or strongly agreed that it would bring benefit to the community (88.9%), save lives (86.7%), reduce medical expenses (76.3%), satisfy public expectation (82.8%), and increase awareness of vaccination (86.1%). However, a significant proportion expressed concern that the vaccine could disturb the normal immunization schedule (45.5%); felt uncertain what to do in the next vaccination round (66.0%); perceived that the summer peak might not occur (48.2%); and believed that the summer peak might not be of the same virus (83.5%). Furthermore, 27.8% of all respondents expected that the additional vaccination could weaken the efficacy of previous vaccinations; 51.3% was concerned about side effects; and 61.3% estimated that there would be a low uptake rate. If the supply of vaccine was limited, higher priority groups were considered to include the elderly aged ≥65 years with chronic medical conditions (89.2%), the elderly living in residential care homes (87.4%), and long-stay residents of institutions for the disabled (80.7%). The strongest factors associated with accepting the additional vaccine included immunization with influenza vaccines in the past 3 years, higher perceived risk of contracting influenza, and higher perceived severity of the disease impact. The acceptability to an additional ad hoc influenza vaccination was low among healthcare professionals. This could have a negative impact on such additional vaccination campaigns since healthcare professionals are a key driver for vaccine acceptance. The discordance in perceived risk and acceptance of vaccination regarding self versus public deserves further evaluation

Digital Curation of Local Historical Research Data: Use “Two Ancient Forts of Keelung and Tamsui” as an Example

Taiwan has been developing local historical studies for more than 30 years, and there have been problems such as the research data cannot be effectively preserved, added value, reused, transformed, and promoted. Based on the concept of digital curation, this paper proposes a digital curation model of local historical research data, and uses the two ancient forts of Keelung and Tamsui left over from the Spanish-Dutch period in northern Taiwan in the 17th century as examples. We start with the relevant historical material, collecting, screening, and compiling literature data, carry out field surveys and digitize the collected materials for processing and preservation. Furthermore, consider the subsequent access, presentation and reuse of digital content in order to transform it into popular science content suitable for public viewing. Finally, through the development and presentation of 3D models, the actual experience of VR virtual curation, plus the production and broadcasting of videos, the integration of virtual and real is carried out. In addition, this research also promotes online curation in response to the Covid-19 epidemic. The benefits can be learned from the analysis of online viewing data that digital curation does have the effect of not being restricted by time and space

Fewer is More: Boosting LLM Reasoning with Reinforced Context Pruning

Large Language Models (LLMs) have shown impressive capabilities, yet they still struggle with math reasoning. In this work, we propose CoT-Influx, a novel approach that pushes the boundary of few-shot Chain-of-Thoughts (CoT) learning to improve LLM mathematical reasoning. Motivated by the observation that adding more concise CoT examples in the prompt can improve LLM reasoning performance, CoT-Influx employs a coarse-to-fine pruner to maximize the input of effective and concise CoT examples. The pruner first selects as many crucial CoT examples as possible and then prunes unimportant tokens to fit the context window. A math reasoning dataset with diverse difficulty levels and reasoning steps is used to train the pruner, along with a math-specialized reinforcement learning approach. As a result, by enabling more CoT examples with double the context window size in tokens, CoT-Influx significantly outperforms various prompting baselines across various LLMs (LLaMA2-7B, 13B, 70B) and 5 math datasets, achieving up to 4.55% absolute improvements. Remarkably, without any fine-tuning, LLaMA2-70B with CoT-Influx surpasses GPT-3.5 and a wide range of larger LLMs (PaLM, Minerva 540B, etc.) on the GSM8K. CoT-Influx serves as a plug-and-play module for LLMs and is compatible with most existing reasoning prompting techniques, such as self-consistency and self-verification

Transcriptomic analyses of regenerating adult feathers in chicken

Transcriptome Expression Data. Table of mapped reads to Galgal4 transcripts for all 15 data sets. FPKM (Fragments per kilobase of exon per million fragments mapped): normalized transcript abundance values for each gene in the indicated tissues. (CSV 1314 kb

Enhanced inhibitory synaptic transmission in the spinal dorsal horn mediates antinociceptive effects of TC-2559

<p>Abstract</p> <p>Background</p> <p>TC-2559 is a selective α4β2 subtype of nicotinic acetylcholine receptor (nAChR) partial agonist and α4β2 nAChR activation has been related to antinociception. The aim of this study is to investigate the analgesic effect of TC-2559 and its underlying spinal mechanisms.</p> <p>Results</p> <p>1) <it>In vivo </it>bioavailability study: TC-2559 (3 mg/kg) had high absorption rate in rats with maximal total brain concentration reached over 4.6 μM within first 15 min after administration and eliminated rapidly with brain half life of about 20 min after injection. 2) <it>In vivo </it>behavioral experiments: TC-2559 exerts dose dependent antinociceptive effects in both formalin test in mice and chronic constriction injury (CCI) model in rats by activation of α4β2 nAChRs; 3) Whole-cell patch-clamp studies in the superficial dorsal horn neurons of the spinal cord slices: perfusion of TC-2559 (2 μM) significantly increased the frequency, but not amplitude of spontaneous inhibitory postsynaptic currents (sIPSCs). The enhancement of sIPSCs was blocked by pre-application of DHβE (2 μM), a selective α4β2 nicotinic receptor antagonist. Neither the frequency nor the amplitude of spontaneous excitatory postsynaptic currents (sEPSCs) of spinal dorsal horn neurons were affected by TC-2559.</p> <p>Conclusions</p> <p>Enhancement of inhibitory synaptic transmission in the spinal dorsal horn via activation of α4β2 nAChRs may be one of the mechanisms of the antinociceptive effects of TC-2559 on pathological pain models. It provides further evidence to support the notion that selective α4β2 subtype nAChR agonist may be developed as new analgesic drug for the treatment of neuropathic pain.</p

Genetic determinants of co-accessible chromatin regions in activated T cells across humans.

Over 90% of genetic variants associated with complex human traits map to non-coding regions, but little is understood about how they modulate gene regulation in health and disease. One possible mechanism is that genetic variants affect the activity of one or more cis-regulatory elements leading to gene expression variation in specific cell types. To identify such cases, we analyzed ATAC-seq and RNA-seq profiles from stimulated primary CD4+ T cells in up to 105 healthy donors. We found that regions of accessible chromatin (ATAC-peaks) are co-accessible at kilobase and megabase resolution, consistent with the three-dimensional chromatin organization measured by in situ Hi-C in T cells. Fifteen percent of genetic variants located within ATAC-peaks affected the accessibility of the corresponding peak (local-ATAC-QTLs). Local-ATAC-QTLs have the largest effects on co-accessible peaks, are associated with gene expression and are enriched for autoimmune disease variants. Our results provide insights into how natural genetic variants modulate cis-regulatory elements, in isolation or in concert, to influence gene expression

Impacts of corporate governance on Asian REITs performance

The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrease the performance of Asian REITs. However, gearing and related party transactions are found to enhance the performance and accelerate the growth of REITs. Besides that, board matters, audit and fees have significant negative impacts on Tobin’s q. Also audit is found to reduce the returns of Asian REITs. However, interestingly, the ownership has significant positive impact on Tobin’s q. In addition, the block ownership also helps to curtail and mitigate excess returns of REITs in Asia. This also implies that unitholders are generally and minimally protected. The findings imply that the REIT managers face substantial cost in adjusting to equilibrium level whereby the optimum level is always dynamic and not constant, and it persists over time. This also implies that agency costs exist in the existing externally managed REIT structure in Asian REITs. This also implies that Asian REITs could consider redefining the REIT management structure such as the internally managed REIT structure. The findings of this study indicated the need for improvements, transformation and reform in the REIT regime in order to increase the transparency and disclosure of corporate governance of REITs that could facilitate continuous strategic development and growth of REITs in Asia