Suchergebnisse

ABSTRACT
This study examines the role of mutual funds in the pricing of accruals in China's stock market to evaluate the sophistication of Chinese mutual funds. Using a sample of A-share stocks in China from 2003 to 2011, I find that the mispricing of accruals is concentrated in firms with large mutual fund holdings. This result differs from a number of U.S. studies documenting a positive relation between institutional holdings and stock price efficiency. In an effort to explain this result, I provide evidence that mutual funds in China fixate on earnings and fail to understand the one-year-ahead earnings implication of accruals. Specifically, I find that the persistence of accruals is overpriced in stocks with a high level of mutual fund ownership. The mispricing of accruals in these stocks is largely driven by discretionary accruals and is related to their high stock price responsiveness to earnings.
JEL Classifications: M41; G12.

Enzymes are efficient catalysts designed by nature to work in physiological environments of living systems. The best operational conditions to access and convert substrates at the industrial level are different from nature and normally extreme. Strategies to isolate enzymes from extremophiles can redefine new operational conditions, however not always solving all industrial requirements. The stability of enzymes is therefore a key issue on the implementation of the catalysts in industrial processes which require the use of extreme environments that can undergo enzyme instability. Strategies for enzyme stabilization have been exhaustively reviewed, however they lack a practical approach. This review intends to compile and describe the most used approaches for enzyme stabilization highlighting case studies in a practical point of view. ; The authors would like to thank Portuguese Science and Technology Foundation (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI-01-0145-FEDER-006684) and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 – Programa Operacional Regional do Norte. They would like also to thank the Program for Changjiang Scholars and Innovative Research Team in University (IRT1135). This study was also supported by Chinese Government Scholarship under China Scholarship Council (No. 201606790036) and Chinese Foundation Key projects of governmental cooperation in International Scientific and Technological Innovation (No. 2016 YFE0115700). ...

In this work we synthetized three fluorinated polyesters from dimethyl tetrafluorosuccinate (DMTFS), dimethyl hexafluoroglutarate (DMHFG), and dimethyl octafluoroadipate (DMOFA) and ethylene glycol. The influence of parameters like monomer's size, temperature, vacuum, ultrasound and catalyst, on the polyesters synthesis was evaluated. The conversion rates were assessed considering 1H NMR data and the results disclose the role of ultrasound (US) as crucial to attain high reaction conversion rates (z20% of increase relatively to the reactions performed in absence of US). The effect of US was more relevant for the higher molecular weight monomers (DMHFG and DMOFA). The use of Candida antarctica lipase (immobilized CALB) marginally favors the synthesis reactions when fixing the other conditions. The size of the starting monomers influenced greatly the reaction conversion rates, as shorter monomers gave rise to high amount of product recovering. All the produced polyesters were isolated and fully characterized by NMR (1H and 19F), FTIR, TGA and MALDI-TOF. ; This study was supported by the Chinese government scholarship under the State Scholarship Fund (No. 201706790049), Training Fund for Excellent Doctoral Student in Jiangnan University, Key Projects of Governmental Cooperation in International Scientific and Technological Innovation (No. 2016 YFE0115700), Fundamental Research Funds for the Central Universities (No. JUSRP51622A). The study was also supported by the National Natural Science Foundation of China [No. 31470509], the 111 Project [No. B17021], Jiangsu Planned ProjectsforPostdoctoralResearchFunds[No.2018K018A]. This study was also supported by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI-01-0145-FEDER-006684) and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 – Programa Operacional Regional do Norte. Jennifer Noro and Carla ...

Laccase from Myceliophthora thermophila was used to catalyze the polymerization of catechol under high-pressure homogenization for the green coloration of textile substrates. The oxidation reactions were conducted using different forms of laccase, namely native laccase, PEGylated laccase and PEGylated laccase immobilized onto an epoxy resin. The three enzyme forms were deposited inside a polyester fabric bag during the experiments. The amount of polymer obtained was similar when using the three enzyme forms and its dispersion in water/DMSO mixture lead to powder particles of about 3060nm. The immobilized and PEGylated enzymes lead to poly(catechol) with 13 and 10 units, respectively, while the native form gave rise to shorter polymers (DP=8). We have shown that the oxidation of catechol conducted under high-pressure homogenization can be an efficient methodology for the in situ coloration of textiles. The polymers produced by this methodology stained strongly the textile container, revealing this experimental set-up as a promising greener coloration/coating methodology involving milder conditions than the normally used in textile processes. ; This study was supported by the Chinese Government Scholarship under China Scholarship Council [grant No. 201606790036]; and by the Chinese Foundation Key projects of governmental cooperation in international scientific and technological innovation [grant No. 2016 YFE0115700]; and by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI-01-0145-FEDER-006684) and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 - Programa Operacional Regional do Norte. This work was also supported by the European Union through the European Regional Development Fund under the Competitiveness Operational Program [grant COP-A1.1.4-E-2015 nr.30/01.09.2016]; and by the Project "Search-ON2: Revitalization of HPC infrastructure ...

Laccases (benzene diol: oxidoreductases, EC 1.10.3.2) are able to catalyze the oxidation of various compounds containing phenolic and aniline structures using dissolved oxygen in water. Laccase structural features and catalytic mechanisms focused on the polymerization of aromatic compounds are reported. A description about the most recent research on the biosynthesis of chemicals and polymers is made. Selected applications of this technology are considered as well as the advantages, shortcomings and future needs related with the use of laccases. ; This study was supported by Chinese Government Scholarship under China Scholarship Council (No. 201606790036) and Chinese Foundation Key projects of governmental cooperation in international scientific and technological innovation (No. 2016 YFE0115700). The authors would also like to acknowledge Portuguese Foundation for Science and Technology (FCT) for the funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI-01–0145-FEDER-006684) and BioTecNorte operation (NORTE-01–0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 – Programa Operacional Regional do Norte. ...

"Available online 12 January 2018" ; Several polyesters were synthesized from ethylene glycol, glycerol and adipate, succinate dimethyl esters. Immobilized Candida antarctica lipase B was used as catalyst for 6hours under vacuum at 70°C without any further solvents. The highest conversion rate of 88.5% occurred for the polymerization of poly (ethylene adipate), evaluated by 1H NMR. MALDI-TOF analysis indicated that most of the oligomers formed were dimers or trimers. After successfully synthesize the polyesters we set-up the optimal conditions for their in-situ coating onto cotton substrates with a soluble lipase from Thermomyces lanuginosus. This work presents a novel bio-approach to impart hydrophobic properties to coated cotton-based fiber materials. ; This work was supported by Chinese government scholarship under the State Scholarship Fund (grant number 201706790049), Jiangsu Province Scientific Research Innovation Project for Academic Graduate Students (grant number KYLX16_0788), Training Fund for Excellent Doctoral Student in Jiangnan University, Key Projects of governmental cooperation in international scientific and technological innovation (grant number 2016 YFE0115700) and the National Key R & D Program of China (grant number 2017 YFB0309100). This work was also supported by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (grant number POCI-01-0145-FEDER-006684) and under the Project RECI/BBB-EBI/0179/2012 (grant number FCOMP01-0124-FEDER-027462). This study was also supported by BioTecNorte operation (grant number NORTE-01-0145-FEDER000004) funded by the European Regional Development Fund under the scope of Norte2020 – Programa Operacional Regional do Norte. This work was also supported by the National Natural Science Foundation of China (grant number 31470509 and 31201134), the Industry-Academic Joint Technological Prospective Fund Project of Jiangsu Province (grant number BY2013015-24 and ...

Laccases have been reported for their ability to eliminate hazardous phenolic compounds by oxidative polymerization. The exploitation of the oxidative behavior of different laccase forms, namely free/native, free/PEGylated, immobilized/native and immobilized/PEGylated, was assessed in this study. We found that PEGylated and immobilized laccase forms have differentiated catalytic behavior revealing distinct conversion rates and differentiated poly(catechol) chains, as confirmed by UV--Visible spectroscopy, by the total content of OH groups and by MALDI-TOF spectroscopy. The synergy underlying on the immobilized/PEGylated enzyme forms reveal to be responsible for the highest conversion rates and for the longer polymers produced. ; This study was supported by Chinese Government Scholarship under China Scholarship Council (No. 201606790036) and Chinese Foundation Key projects of governmental cooperation in international scientific and technological innovation (No. 2016 YFE0115700) and by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI‑01‑0145‑FEDER‑006684) and BioTecNorte operation (NORTE‑01‑0145‑FEDER‑000004) funded by European Regional Development Fund under the scope of Norte2020—Programa Oper‑ acional Regional do Norte. Jennifer Noro also thanks to FCT‑ Fundação para a Ciência e a Tecnologia for funding her scholarship (SFRH/BD/121673/2016). Carla Silva is an investigator FCT (SFRH/IF/00186/2015). ...

The laccase polymerization of catechol was performed using different reactors namely a water bath (WB), an ultrasonic bath (US) and a high-pressure homogenizer (HPH). The total content of free OH and the MALDI-TOF spectra of polymers obtained demonstrated that reactions are favored in the presence of high-energy environments. Higher conversion yields and polymerization degrees (DP) were obtained after polymerization using US or HPH. Molecular dynamic simulation studies supported these findings by revealing a more open enzyme active site upon environments with high molecular agitation. The higher mass transport generated by US and HPH is the main feature responsible for a higher substrate accessibility to the enzyme which contributed to produce longer polymers. ; This study was supported by Chinese Government Scholarship under China Scholarship Council (No. 201606790036) and Chinese Foundation Key projects of governmental cooperation in international scientific and technological innovation (No. 2016 YFE0115700) and by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI-01-0145-FEDER-006684) and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 – Programa Operacional Regional do Norte. Tarsila Castro thanks the senior position funded by the European Union through the European Regional Development Fund (ERDF) under the Competitiveness Operational Program (COP-A1.1.4-E-2015 nr.30/01.09.2016). Access to computing resources funded by the Project "Search-ON2: Revitalization of HPC infrastructure of UMinho" (NORTE-07-0162-FEDER-000086), cofundedbytheNorth Portugal RegionalOperationalProgramme (ON.2– O Novo Norte), under the National Strategic Reference Framework (NSRF), through the European Regional Development Fund (ERDF), is also gratefully acknowledged. Jennifer Noro also thanks to FCTFundação para a Ciência e a Tecnologia for funding her ...

Coloured and conductive fabrics were obtained through in situ laccase polymerization of catechol and p-phenylenediamine under high-pressure homogenization. Both monomers, catechol and p-phenylenediamine, were polymerized by different laccase forms, namely native, PEGylated and Epoxy-PEGylated. All the catalysts were placed inside a textile fabric bag which served simultaneously as enzyme support and as substrate for coating with the newly produced polymers. The PEGylated laccase forms gave rise to higher amount of oligomers/polymers and higher colouration level of polyethylene terephthalate (PET), cotton and wool fabrics compared to native laccase. Both functional polymers were able to confer conductivity to the substrates however in a different extent. Fabrics coated with poly(p-phenylenediamine) present higher conductivity, rather due to its polymerized structure than to the amount of polymer produced by enzyme catalysis. Herein a green approach was presented to produce polyphenols with increased fixation onto different textile substrates. These substrates reach high levels of colouration and good fastness behaviour after washing. ; Chinese Government Scholarship under China Scholarship Council [grant No. 201606790036]; and by the Chinese Foundation Key projects of governmental cooperation in international scientific and technological innovation [grant No. 2016 YFE0115700]; and by the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/04469/2013 unit and COMPETE 2020 (POCI-01-0145-FEDER-006684) and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 - Programa Operacional Regional do Norte. This work was also supported by the European Union through the European Regional Development Fund (ERDF) under the Competitiveness Operational Program [grant COP-A1.1.4-E-2015nr.30/01.09.2016]; and by the Project "Search-ON2: Revitalization of HPC infrastructure of UMinho" [grant ...

Supplementary data to this article can be found online at https:// doi.org/10.1016/j.reactfunctpolym.2018.11.015. ; Textile fabrics made up of cotton, wool, and polyethylene terephthalate (PET) were coated with poly(catechol) and poly(p-phenylenediamine) through the in situ enzymatic polymerization of catechol and p-phenylenediamine, assisted by laccase under high-pressure homogenization. All coated fabrics showed antimicrobial activity against both gram-positive (Staphylococcus aureus) and gram-negative (Escherichia coli) strains and revealed antioxidant character, measured in terms of (ABTSâ¢+)-scavenging activity. The coating of PET and cotton fabrics with both polymers did not affect the viability of foreskin fibroblasts. The methodology proposed for the in situ coating of textile materials assisted by laccase showed to be a promising approach to produce colored antimicrobial textiles with vast potential applications, namely, clothing and medical devices, among others. ; This study was supported by the Chinese Government Scholarship under China Scholarship Council [grant no. 201606790036], the Chinese Foundation Key Projects of Governmental Cooperation in International Scientific and Technological Innovation [grant no. 2016 YFE0115700], and the Portuguese Foundation for Science and Technology (FCT) under the scope of the strategic funding of UID/BIO/ 04469/2013 unit and COMPETE 2020 (POCI-01-0145-FEDER-006684), and BioTecNorte operation (NORTE-01-0145-FEDER-000004) funded by European Regional Development Fund under the scope of Norte2020 – Programa Operacional Regional do Norte. The work was also supported by the FCT – Fundação para a Ciência e a Tecnologia [grant nº SFRH/BD/121673/2016, SFRH/BPD/98388/2013, and IF/00186/ 2015]. ...