Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.

Equation of state for hot dense matter using a relativistic screened hydrogenic model

The study of matter under conditions of high density, pressure, and temperature is a valuable subject for inertial confinement fusion (ICF), astrophysical phenomena, high-power laser interaction with matter, etc. In all these cases, matter is heated and compressed by strong shocks to high pressures and temperatures, becomes partially or completely ionized via thermal or pressure ionization, and is in the form of dense plasma. The thermodynamics and the hydrodynamics of hot dense plasmas cannot be predicted without the knowledge of the equation of state (EOS) that describes how a material reacts to pressure and how much energy is involved. Therefore, the equation of state often takes the form of pressure and energy as functions of density and temperature. Furthermore, EOS data must be obtained in a timely manner in order to be useful as input in hydrodynamic codes. By this reason, the use of fast, robust and reasonably accurate atomic models, is necessary for computing the EOS of a material.

Relationship between the oxidation potential and electron spin density of the primary electron donor in reaction centers from Rhodobacter sphaeroides

The primary electron donor in bacterial reaction centers is a dimer of bacteriochlorophyll a molecules, labeled L or M based on their proximity to the symmetry-related protein subunits. The electronic structure of the bacteriochlorophyll dimer was probed by introducing small systematic variations in the bacteriochlorophyll–protein interactions by a series of site-directed mutations that replaced residue Leu M160 with histidine, tyrosine, glutamic acid, glutamine, aspartic acid, asparagine, lysine, and serine. The midpoint potentials for oxidation of the dimer in the mutants showed an almost continuous increase up to ≈60 mV compared with wild type. The spin density distribution of the unpaired electron in the cation radical state of the dimer was determined by electron–nuclear–nuclear triple resonance spectroscopy in solution. The ratio of the spin density on the L side of the dimer to the M side varied from ≈2:1 to ≈5:1 in the mutants compared with ≈2:1 for wild type. The correlation between the midpoint potential and spin density distribution was described using a simple molecular orbital model, in which the major effect of the mutations is assumed to be a change in the energy of the M half of the dimer, providing estimates for the coupling and energy levels of the orbitals in the dimer. These results demonstrate that the midpoint potential can be fine-tuned by electrostatic interactions with amino acids near the dimer and show that the properties of the electronic structure of a donor or acceptor in a protein complex can be directly related to functional properties such as the oxidation–reduction midpoint potential.

Sediment fraction analysis and population density of living larger foraminifera in the Persian Gulf (Table 1A, 1B)

Living Heterostegina depressa were found in the Persian Gulf on shallows and sides of islands in the Central Basin. Preliminary culture experiments furnished information on life span, salinity tolerances and population density of species. Reproduction processes (probably asexual) could be observed several times. A possible carbonate production of ca. 150 g/year/m**2 has been estimated.

Methods of determining in-place density of soils.

Includes bibliography.

Change in lean body mass Is a major determinant of change in areal bone mineral density of the proximal femur: A 12-year observational study

Our objective was to assess the contribution of lean body mass (LBM) and fat body mass (FBM) to areal bone mineral density (aBMD) in women during the years surrounding menopause. We used a 12-year observational design. Participants included 75 Caucasian women who were premenopausal, 53 of whom were available for follow-up. There were two measurement periods: baseline and 12-year follow-up. At both measurement periods, bone mineral content and aBMD of the proximal femur, posterior-anterior lumbar spine, and total body was assessed using dual-energy X-ray absorptiometry (DXA). LBM and FBM were derived from the total-body scans. General health, including current menopausal status, hormone replace therapy use, medication use, and physical activity, was assessed by questionnaires. At the end of the study, 44% of the women were postmenopausal. After controlling for baseline aBMD, current menopausal status, and current hormone replacement therapy, we found that change in LBM was independently associated with change in aBMD of the proximal femur (P = 0.001). The cross-sectional analyses also indicated that LBM was a significant determinant of aBMD of all three DXA-scanned sites at both baseline and follow-up. These novel longitudinal data highlight the important contribution of LBM to the maintenance of proximal femur bone mass at a key time in women's life span, the years surrounding menopause.

G-protein-coupled receptor solubilization and purification for biophysical analysis and functional studies, in the total absence of detergent

G-protein coupled receptors (GPCRs) constitute the largest class of membrane proteins and are a major drug target. A serious obstacle to studying GPCR structure/function characteristics is the requirement to extract the receptors from their native environment in the plasma membrane, coupled with the inherent instability of GPCRs in the detergents required for their solubilization. In the present study, we report the first solubilization and purification of a functional GPCR [human adenosine A2A receptor (A2AR)], in the total absence of detergent at any stage, by exploiting spontaneous encapsulation by styrene maleic acid (SMA) co-polymer direct from the membrane into a nanoscale SMA lipid particle (SMALP). Furthermore, the A2AR-SMALP, generated from yeast (Pichia pastoris) or mammalian cells, exhibited increased thermostability (∼5°C) compared with detergent [DDM (n-dodecyl-β-D-maltopyranoside)]-solubilized A2AR controls. The A2AR-SMALP was also stable when stored for prolonged periods at 4°C and was resistant to multiple freeze-thaw cycles, in marked contrast with the detergent-solubilized receptor. These properties establish the potential for using GPCR-SMALP in receptor-based drug discovery assays. Moreover, in contrast with nanodiscs stabilized by scaffold proteins, the non-proteinaceous nature of the SMA polymer allowed unobscured biophysical characterization of the embedded receptor. Consequently, CD spectroscopy was used to relate changes in secondary structure to loss of ligand binding ([³H]ZM241385) capability. SMALP-solubilization of GPCRs, retaining the annular lipid environment, will enable a wide range of therapeutic targets to be prepared in native-like state to aid drug discovery and understanding of GPCR molecular mechanisms.

The effect of neutron irradiation on the density of low-energy excitations in vitreous silica

Systematic low-temperature measurements of the thermal conductivity, specific heat, dielectric constant, and temperature-dependent ultrasound velocity have been made on a single piece of vitreous silica. These measurements were repeated after fast neutron irradiation of the material. It was found that the irradiation produced changes of the same relative magnitude in the low-temperature excess specific heat C , the thermal conductivity K, ex and the anomalous temperature dependence of the ultrasound velocity Deltav/v. A corresponding change in the temperature dependent dielectric constant was not observed. It is therefore likely that K and Deltav/v are determined by the same localized excitations responsible for C , but the temperature dependence of the dielectric constant may have a different, though possibly related, origin. Furthermore, a consistent account for the measured C , K, ex and Deltav/v of unirradiated silica is given by the tunneling-state model with a single, energy-dependent density of states. Changes in these three properties due to irradiation can be explained by altering only the density of tunneling states incorporated in the model.

Hydrodynamism and its influence on the density of the decorator crab Microphrys bicornutus (Mithracidae) on intertidal rocky shores from a subtropical region

Hydrodynamism is an environmental stressor on marine communities with effects on populations of intertidal organisms. Microphrys bicornutus is a crab species associated with secondary substrates on rocky shores and little is known about its population dynamics and its relation to the shore hydrodynamics. The aim of this study is to describe the population structure of Microphrys bicornutus on intertidal rocky shores from the north coast of the São Paulo State, Brazil, and the influence of wave exposure on the density of this decorator crab. There was a greater density of M. bicornutus on sheltered than on exposed rocky shores, which is probably due to the hydrodynamic influence on M. bicornutus populations on rocky shores: directly ( by the physical stress caused by wave impact) and indirectly ( by determining the dominance of the secondary substrate) acting on the density of these crabs. Our results also suggest a vertical distribution of juveniles and adults, where the juveniles might be more abundant on the infralittoral fringe and, thus, more influenced by hydrodynamism than adults in the infralittoral.

Vapor pressure and liquid density of fluorinated alcohols:Experimental, simulation and GC-SAFT-VR predictions

The vapor pressure of four liquid 1H,1H-perfluoroalcohols (CF3(CF2)n(CH2)OH, n ¼ 1, 2, 3, 4), often called odd-fluorotelomer alcohols, was measured as a function of temperature between 278 K and 328 K. Liquid densities were also measured for a temperature range between 278 K and 353 K. Molar enthalpies of vaporization were calculated from the experimental data. The results are compared with data from the literature for other perfluoroalcohols as well as with the equivalent hydrogenated alcohols. The results were modeled and interpreted using molecular dynamics simulations and the GC-SAFT-VR equation of state.

Fear, trust and Aborigines : The historical experience of state institutions and current encounters in the health system

Troubled dynamics between residents of an Aboriginal town in Queensland and the local health system were established during colonisation and consolidated during those periods of Australian history where the policies of 'protection' (segregation), integration and then assimilation held sway. The status of Aboriginal health is, in part, related to interactions between the residents' current and historical experiences of the health and criminal justice systems as together these agencies used medical and moral policing to legitimate dispossession, marginalisation, institutionalisation and control of the residents. The punitive regulations and ethnocentric strategies used by these institutions are within the living memory of many of the residents or in the published accounts of preceding generations. This paper explores current residents' memories and experiences.