Technology Innovation Program Research Articles

The impact of investor sentiment on stock liquidity of listed companies in China

Researchers have scrutinized the link between investor sentiment and stock market liquidity globally, yet few have delved into this dynamic in emerging markets, especially China. Utilizing a sample of 1,839 publicly listed companies in China from 2010 to 2019, this study applies firm- and year-fixed-effects models to explore the nexus between investor sentiment and stock illiquidity, employing the Amihud measure for stock illiquidity assessment. The outcomes of these fixed-effect regressions illustrate a significantly positive relationship between investor sentiment and stock liquidity in the Chinese market. The positive link is more evident in scenarios characterized by high firm leverage, rapid revenue growth, larger corporations, greater institutional ownership, higher stock volatility, and lower book-to-market ratios. Intriguingly, this analysis incorporates the quadratic term of investor sentiment to examine the potential for a nonlinear dynamic between stock illiquidity and investor sentiment. The findings elucidate that the effect of investor sentiment on stock liquidity diminishes at elevated levels of sentiment, revealing a nonlinear inverse U-shaped relationship. The positive correlation between investor sentiment and stock liquidity persists across the three divisions of the Chinese Shenzhen Stock Exchange and remains robust using alternative liquidity measures, such as Roll’s impact and zeros impact. Addressing causality concerns, current investor sentiment appears to influence subsequent liquidity levels. These results provide valuable perspectives for policymakers, business executives, and investors in the stock market. Acknowledgment This research was funded by the Department of Education of Zhejiang Province General Program [Y202353438], the Wenzhou Association for Science and Technology—Service and Technology Innovation Program [jczc0254], the Wenzhou-Kean University Student Partnering with Faculty Research Program [WKUSPF2023004], and the Wenzhou-Kean University International Collaborative Research Program [ICRP2023002].

ESG ratings and stock performance in the internet industry

Amidst the escalating emphasis on sustainable development, numerous corporations and organizations have intensified their environmental, social, and governance (ESG) efforts. The internet sector, intrinsically linked to the ESG domain, has consequently garnered amplified scrutiny. This study delves into the correlation between ESG ratings and the stock performance of publicly listed Chinese companies in the internet sector from 2016 to 2020. The findings reveal that initiatives in the ESG sphere significantly and negatively influence stock performance in these firms, assessed through raw stock returns, stock excess returns relative to the market index, Jensen’s one-factor alpha, and the Fama-French three-factor alpha. This inverse correlation between ESG ratings and stock performance is nonlinear and convex, indicating a lessening negative impact at elevated ESG levels. Moreover, this adverse effect is more pronounced in value stocks compared to growth stocks. Predominantly manifesting before 2018, this negative trend diminishes amidst the COVID-19 period. The reverse causality analysis employing lagged ESG ratings suggests that higher ESG ratings precipitate reduced stock performance, as opposed to vice versa. This study bridges a gap in the existing literature concerning ESG and stock performance specific to the Chinese internet industry and proposes recommendations for its sustainable evolution. AcknowledgmentThis research was supported by the Department of Education of Zhejiang Province General Program (Y202249981, Y202353438), the Wenzhou Association for Science and Technology – Service and Technology Innovation Program (jczc0254), the Wenzhou-Kean University Student Partnering with Faculty Research Program (WKUSPF2023004), the Wenzhou-Kean University International Collaborative Research Program (ICRP2023002, ICRP2023004), and the Wenzhou-Kean University Internal Research Support Program (IRSPG202205, IRSPG202206).

Camrelizumab combined with apatinib and nanoparticle albumin-bound paclitaxel in lung adenocarcinoma (CAPAP-lung): a single-arm phase II study

Platinum-doublet chemotherapy plus immunotherapy has been the standard of care for the first-line treatment of advanced non-small cell lung cancer lacking actional driver mutations. However, optimization of drug combinations is still needed to find a better balance between therapeutic efficacy and safety in the immunotherapy era. We aimed to investigate the efficacy and safety of platinum-free albumin bound paclitaxel (nab-paclitaxel) combined with camrelizumab and apatinib as first-line treatment for patients with advanced lung adenocarcinoma. In this multicenter open-label, single-arm phase II trial, patients with systemic treatment-naïve advanced lung adenocarcinoma without epidermal growth factor receptor (EGFR) or anaplastic lymphoma kinase (ALK) mutations received a rational-based combination of camrelizumab (200mg intravenously, day one), apatinib (250mg, q.d., five continuous days per week), and nab-paclitaxel (135mg/m2 intravenously, days one and eight) every three weeks for four to six cycles in China. Patients with controlled disease were maintained with camrelizumab and apatinib. The primary end point was progression-free survival (PFS). This trial is registered with ClinicalTrials.gov (No. NCT04459078). Between August 26, 2020 and May 20, 2022, 64 patients were enrolled. The median PFS was 14.3 (95% CI: 9.9, not reached) months. The confirmed objective response rate was 64.1% (95% CI: 51.1, 75.7). The grade 3-4 hematologic treatment-related adverse events (TRAEs) were decreased neutrophil count (14.1%), decreased white blood cell count (7.8%), and anemia (3.1%). The most common non-hematologic TRAEs of grade 3-4 were increased alanine transaminase (18.8%) and aspartate transaminase (15.6%). No treatment-related death occurred. The quality of life was on average not clinically meaningful worse through treatment cycle14. Nab-paclitaxel plus camrelizumab and apatinib showed clinically meaningful anti-tumor activity and manageable safety, with few hematologic toxicities, and might be a potential treatment option in patients with advanced lung adenocarcinoma lacking EGFR/ALK mutations. Heath Research Foundation of Chinese Society of Clinical Oncology, Hunan Provincial Natural Science Foundation of China, Hunan Cancer Hospital Climb Plan, Sister Institution Network Fund of The University of Texas MD Anderson Cancer Center, The Science and Technology Innovation Program of Hunan Province, and Suzhou Sheng Diya Biomedical Co., Ltd, a subsidiary of Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Shanghai, China).

Development of a technological innovation and social entrepreneurship training program to generate services in a Mexican public entity

Technology is driving innovation in social entrepreneurship, where access to information, education, mobile connectivity, artificial intelligence (AI), and cryptocurrencies have made it possible to modify the social impact. Our research focuses on the formation, integration, and execution of ideal training programs that contribute to positive results in economic axes defined in terms of Technological Innovation, Social Entrepreneurship, Innovative Solutions for Social Challenges, efficiency, scalability, and financial sustainability. This research needs to solve the problem of developing a training program in technological innovation and social entrepreneurship because currently, these programs face several problems partially solved in the literature; these problems are mostly: lack of alignment with organizational objectives, lack of relevance and applicability, deficiencies in program design, lack of top management support, and inadequate performance evaluation. Technological innovation and social entrepreneurship in vocational training are implemented as processes that introduce new technologies, methodologies, and approaches to improve the learning and performance of an organization's workers. In this research, measures and metrics were implemented that allowed various aspects to evaluate and improve the performance of the training program, metrics were implemented that made it possible to assess multiple aspects and enhance the performance of the training programs. Our research axes show that quantitative feedback surveys established our performance indicators were conducted to evaluate the relevance and applicability of the program. Due to their characteristics, the results obtained in this research allows to solve this problem and empower the participating people and organizations to create social and environmental impact; they also allowed to increase productivity and define more efficient processes. For this reason, this research work identified the factors that intervene in using training programs within a public entity by collecting qualitative and quantitative data

Novel Wet Etchant for Highly Selective Etching of Si1-XGex-Film to Si-Film with Sodium Periodate Oxidant

As the technology node of complementary-metal-oxide-semiconductor (CMOS) transistor has been scaled down to 3 nm, CMOS transistor’s structure has been changed from fin field-effect transistors to gate-all-around field-effect transistors (GAAFETs) to improve the short-channel effects by enhancing gate controllability. In addition, dynamic random-access memory (DRAM) also has been faced the limitation in scaling-down of a capacitor having high aspect ratio and in migrating from 6 to 4F2 cell increasing floating body effects. To overcome the limitation, 3-dimensional (D) DRAM structure having GAA structure has been researched as an alternative structure to the conventional 6F2 cell structure. In fabricating GAAFETs and 3-D DRAM, two major fabrication processes are needed, i) epitaxial growth of Si1-xGex/Si multi-stacks, and ii) selective etching of Si1-xGex films to Si films. For process i), low Ge concentration (<30%) is desirable for reducing stacking faults and defects at the interfaces between Si1-xGex and Si. In addition, for process ii), considerably high etch rate (>30nm/min) and etch selectivity of Si1-xGex films to Si films (>300:1) are required. In particular, for etching Si1-xGex grown on Si layer of a sacrificial layer, a high selectivity, high etch rate and isotropy of wet chemical etching are strongly required. In general, among the components of wet chemical etchant consisting of oxidant, etching accelerator (i.e., HF), selectivity enhancing agent (i.e., acetic acid), and deionized water, the higher standard reduction potential (SRP) of oxidant leads the higher selectivity and higher etch rate of Si1-xGex films to Si films due to the increase in the potential differences of SRP and Si1-xGex valence band edge. For the case of a conventional wet etchant using peracetic acid (PAA) or hydrogen peroxide (H2O2) as an oxidant, their SRP are ~1.75 and ~0.69 eV, respectively. However, its selectivity and etch rate of Si1-xGex films to Si films are insufficient at low Ge concentration of Si1-xGex despite the high SRP value of PAA and H2O2 because the bandgap energy of Si1-xGex increase with decreasing Ge concentration.In our research, therefore, we suggested a novel oxidant, sodium periodate (NaIO4) to enhance the etch rate and the selectivity of wet etchant based on the concept of radical generation. We investigated the dependencies of Si-, Si0.7Ge0.3-film etch rate and selectivity on oxidant species, and dependencies of lateral etch rate of Si0.7Ge0.3/Si multi-stack structures on oxidant species. This was motivated by that NaIO4 generates radicals in acidic medium, such as iodyl (IO3 •) and reactive oxygen species (i.e., the superoxide radical (O2 •–) and hydroxyl (•OH) radical), as shown in Fig. 1. SRP of NaIO4 itself has relatively low (~1.60 eV) compared to PAA (~1.75 eV), IO3 •, O2 •– and •OH radicals generated from NaIO4 have higher SRP (O2 •–: ~2.80 eV and •OH: ~2.42 eV), which resulted in a higher etch rate at lower Ge concentration less than 30%.For the experiments, the Si0.7Ge0.3 layer grown on Si and 3-layer Si0.7Ge0.3/Si multi-stack wafers were grown by using ultra-high-vacuum chemical vapor deposition (EUREKA, JUSUNG ENGINEERING). Coupon wafers with 1.5 × 1.5 cm2 of Si0.7Ge0.3 and Si substrate (reference group), and patterned wafers of 3-layer Si0.7Ge0.3/Si multi-stack layers with a line width of 10 μm were prepared and then all samples were dipped in the etchant solutions for 1 min at room temperature. The thickness of the samples was characterized by using spectroscopic ellipsometry (V-VASE, J.A. Woollam). In addition, after etching of the 3-layer Si0.7Ge0.3/Si multi-stack structures, a lateral etch rate were characterized by using field-emissive scanning electron microscope (Helios 5 CX, Thermofisher).It was confirmed that our novel etchant using NaIO4 as an oxidant demonstrated extremely high etch rate for Si0.7Ge0.3 film (140 nm/min), whereas conventional etchant using oxidant PAA and H2O2 demonstrated the etch rate of 5.7 and 2.4 nm/min respectively. In addition, the selectivity between the Si0.7Ge0.3- and Si films etched by using the NaIO4 oxidant was much higher (318:1) than that etched by PAA and H2O2 oxidant (29:1 and 6:1), as shown in Fig. 2, which sufficiently satisfied the requirement of etch rate (>30nm/min) and selectivity (300:1) for fabricating GAAFETs. The lateral etch rate of 3-layer Si0.7Ge0.3/Si multi-stack, mechanism on radical generation of NaIO4, and the characterization method to quantify radicals will be presented in detail. Acknowledgement This work was supported by the Technology Innovation Program (20022467, Development of Wet Etchant and Core Materials for Next Generation Semiconductor Manufacturing Process below 10 nm) funded by the Ministry of Trade, Industry & Energy (MOTIE, Korea) Figure 1

Characterization of a Waveguide with 45 Degrees Reflectors for the Detection of Carbon Dioxide

This paper investigates the characteristics of the angle of incidence of a waveguide with 45 degrees reflectors. Non-dispersive infrared (NDIR) gas sensors consist of an infrared source, a waveguide, and an infrared detector. The waveguide especially plays a part in an infrared path and gas cell. According to the Beer-Lambert law, the NDIR sensor with longer ray traveling path shows a higher response to the target gas. Also of particular interest is that the normal incidence ratio toward an infrared detector enhances the NDIR sensor selectivity for the target gases as well as the sensitivity. While there has been significant research on the effect on sensitivity by designing waveguide structures or ray traveling distance, this paper focuses on understanding the incidence of light toward the infrared detector by the waveguide with 45 degrees reflector and how this affects the selectivity of the sensor. A Ray tracing simulation is adopted to analyze the effect of the number of 45 degrees reflectors on the distribution of the incidence. Furthermore, a non-dispersive infrared gas sensor is applied to measure how the number of the reflectors affect to the selectivity for the target gas. The results reveal the enhancement of the selectivity by the reflectors.AcknowledgementsThis work was supported by the Korea Innovation Foundation(INNOPOLIS) grant funded by the Korea government(MSIT) (2020-DD-UP-0348). This study has been conducted with the support of the Korea Institute of Industrial Technology as "Development and commercialization for clean hydrogen production/storage and CO2 monitoring system in the field of industrial complex" (Kitech EH-23-0012) This work was supported by the Technology Innovation Program (155736, Development of Miniaturized Sensor Module Technology for Non-invasive Arterial Blood Carbon Dioxide Real-time Monitoring) funded By the Ministry of Trade, Industry & Energy(MOTIE, Korea). Figure 1

Liquidity spillover from carbon emission trading markets to stock markets in China

This study delves into China’s carbon emissions trading markets, investigating the interplay between carbon price liquidity and stock liquidity. Focusing on 338 companies listed in the national and eight pilot markets of the carbon emissions trading system from August 2013 to October 2023, the empirical finding reveals a positive impact of carbon price liquidity on stock liquidity. Notably, this positive association manifests more robustly in industries characterized by low carbon intensity compared to those with high carbon intensity, is more prominent during the COVID-19 period than in preceding times, and is particularly accentuated in the Hubei Province and Chongqing, as opposed to the remaining seven regions. Intriguingly, both carbon price liquidity and stock liquidity display positive autocorrelations in vector autoregression analysis. The endogeneity concern is alleviated by the two-stage least squares regressions, using lagged carbon price liquidity as instrumental variables. This study contributes to an enhanced comprehension of the dynamic interaction between carbon price liquidity and stock liquidity contextualized within China’s evolving carbon market landscape. The insights garnered herein hold substantial value for investors and government stakeholders seeking to navigate this evolving financial terrain. AcknowledgmentThis research was supported by the Summer Student Partnering with Faculty Research Program of Wenzhou-Kean University (WKUSSPF202304), the Wenzhou Association for Science and Technology – Service and Technology Innovation Program (jczc0254), and the Department of Education of Zhejiang Province – General Program (Y202353438).

Changes in heavy-weight impact sound isolation by construction stage in new residential buildings

In Korea, 63% of the population lives in residential buildings. Due to the prevalence of residential buildings, there are constant disputes and complaints related to floor impact sound. To address the floor impact sound problems, the Ministry of Land, Infrastructure, and Transport (MOLIT) announced strong legal regulations from 2022. The law holds construction companies liable for compensation if they fail to meet the minimum sound insulation standard. The existing construction methods for floor structures were unable to meet the required minimum sound insulation standards, leading to the need for improvements. The evaluation process was enhanced by changing the source from bang-machine to impact ball, leading to more accurate assessments of floor impact sound insulation. In response to the challenges faced with existing methods, the research paper developed and applied a composite floor structure using a new material with increased area density. The performance of each construction stage in the new composite floor structure was measured and evaluated according to the ISO 16283-2 (testing) and ISO 717-2 (evaluation) standards. The implementation of the new composite floor structure with increased area density resulted in a noise reduction of up to 10 compared to the bare slab. [Work supported by the Industrial Technology Innovation Program (20023556, Development of personalized noise mitigation technology and service based on noise simulation to solve the noise problem in personal space) funded By MOTIE, Korea.]

Prospects of CP violation in Λ decay with a polarized electron beam at the STCF* *Supported by the National Key R&D Program of China (2022YFA1602200), the Science and Technology Innovation Program of Hunan Province, China (2020RC3054) and the International Partnership Program of the Chinese Academy of Sciences (211134KYSB20200057)

Based on Monte Carlo (MC) events produced from a longitudinally-polarized electron beam, the sensitivity of the violation of Λ decay is studied using fast simulation software. In addition, the decay can be used to optimize the detector response using the interface provided by the fast simulation software. In the future, the STCF is expected to obtain 3.4 trillion events, and the statistical sensitivity of the violation of Λ decay via the process is expected to reach when the electron beam polarization is 80%.

Erratum: “Robotic Tensegrity Structure with a Mechanism Mimicking Human Shoulder Motion” [ASME J. Mech. Rob. 14(2), p. 025001; DOI: 10.1115/1.4052124

Abstract The acknowledgment in the publication is incorrect. The correct acknowledgment is given as follows: Acknowledgment This work was supported in part by the National Research Foundation of Korea under Grant No. 2019R1A2C1088375, in part by the Technology Innovation Program funded by the Korean Government (MOTIE) under Grant No. 20008908, and in part by the National Natural Science Foundation of China under Grant No. 62073108.

Contribution of Madrasah Head: Building Quality School Culture at MAN 2 Cirebon

This paper describes one of the contributions of the madrasah head at MAN 2 Cirebon as an effort to create competitive education by building a quality school culture. A qualitative approach was used, by collecting primary data sources from observations and interviews; while secondary data was obtained by digging from books, articles related to the discussion, from internet searches. The finding is that there is a new culture that is now built by the madrasah head as a form of his contribution by integrating technological innovation in learning as well as promoting institutions and student robotic extracurricular activities. The novelty of this research is the technological innovation program implemented at MAN 2 Cirebon. The limitations of this research are a review of other similar studies.

Impedance-Based Online Estimation of Nodal Inertia and Primary Frequency Regulation Capability

Accurate estimation of inertia and primary frequency regulation (PFR) capability is important to ensure frequency stability in low-inertia power systems. This paper investigates how the inertia and PFR capability of a power source node can be evaluated using a non-invasive online estimation method from the impedance perspective. Based on small perturbation injection, a novel approximate relationship between the impedance and corresponding frequency response transfer function (FR(s)) is deduced. The features of the FR(s)&#x2019;s magnitude response curve, i.e., resonance frequency and DC gain, are then used to develop an overall implementation framework for nodal inertia and PFR capability estimation in real time. This method provides new insights with respect to obtain the synchronous and non-synchronous converter interfaced generator&#x0027;s inertia constant and PFR capability for grid operators via impedance calculation and measurements. Case studies on a modified 9-bus system and NETS-NYPS 68-bus system demonstrate the effectiveness of the proposed impedance-based estimation approach.<fn id="fn4" fn-type="other"> This work was supported in part by the National Natural Science Foundation of China (52077066), in part by the Hunan Provincial Natural Science Foundation for Excellent Young Scholars (2020JJ3011), and in part by the Huxiang Young Talents Science and Technology Innovation Program (2020RC3015). (<i>Corresponding author: Yunfeng Wen</i>) W. Zhang and Y. Wen are with the College of Electrical and Information Engineering, Hunan University, Changsha 410082, China (e-mail: ; ). C. Y. Chung is with the Department of Electrical Engineering, The Hong Kong Polytechnic University, Hong Kong 999077, China (e-mail: C.Y.). </fn>

Engaging Highschool Students to Hospitality Technology Innovation Program with Technology in Hospitality Industry Online Training

Engaging Highschool Students to Hospitality Technology Innovation Program with Technology in Hospitality Industry Online Training

PP153 The Economic And Fiscal Impact Of Public Health Programs For Diabetic Patients In Italy

IntroductionTechnological innovations in the health sector have economic implications that go beyond their effects on health expenditure, expanding into other areas of the state budget (e.g., the social security system). Furthermore, innovation can affect the production of wealth by workers and companies, which in turn affects tax revenues. In addition, the presence of chronic diseases tends to reduce the propensity to consume and changes the allocation of consumption between the different sectors. Allocative decisions in the health system are rarely supported by an analysis that combines the health effects of innovations and their consequences in the economic system.MethodsThe objective of this study was to estimate the value of management programs for patients suffering from type 2 diabetes mellitus that involved different levels of use of innovative technologies and drugs. A tax impact assessment methodology was adopted in the context of chronic conditions to analyze the effect of adopting alternative management models for patients with diabetes on the broader economic system.ResultsAssuming a policy that reduces annual complications by 0.42 percent, there was an increase in tax revenue (cumulative value) of approximately EUR 28,175 and a reduction in productivity losses (cumulative value) of EUR 4,049,890. Projecting the impact on the age trend of the population up to 65 years of age with these estimates, it is possible to have an increase in tax revenue (cumulative value) equal to approximately EUR 7,050,598 and a reduction in productivity losses (cumulative value) equal to EUR 140,235,923.ConclusionsIn light of this work, providing remote patient support (telemedicine) and expanding the provision of innovative oral antidiabetic drugs to family physicians could improve care for patients with type 2 diabetes mellitus. This study provides decision makers with an immediately usable model to broaden the information base for planning and regulatory choices. In addition, it supports the use of economic evaluations that calculate the entire value of a technological innovation or health program.

In vivo maternal haploid induction based on genome editing of DMP in Brassica oleracea.

In vivo maternal haploid induction based on genome editing of DMP in Brassica oleracea.

Effects of microbiota on anticancer drugs: Current knowledge and potential applications.

SummaryOver the last decade, mounting evidence has revealed the key roles of gut microbiota in modulating the efficacy and toxicity of anticancer drugs, via mechanisms such as immunomodulation and microbial enzymatic degradation. As such, human microbiota presents as an exciting prospect for developing biomarkers for predicting treatment outcomes and interventional approaches for improving therapeutic effects. In this review, we analyze the current knowledge of the interplays among gut microorganisms, host responses and anticancer therapies (including cytotoxic chemotherapy and targeted therapy), with an emphasis on the immunomodulation function of microbiota which facilitates the efficacy of immune checkpoint inhibitors. Moreover, we propose several microbiota-modulating strategies including fecal microbiota transplantation and probiotics, which can be pursued to optimize the use and development of anticancer treatments. We anticipate that future clinical and preclinical studies will highlight the significance of human microbiome as a promising target towards precision medicine in cancer therapies.FundingNational Key Research and Development Program of China (2020YFA0907800), Shenzhen Science and Technology Innovation Program (KQTD20200820145822023) and National Natural Science Foundation of China (31900056 and 32000096).

The telomere-to-telomere gap-free genome of four rice parents reveals SV and PAV patterns in hybrid rice breeding.

The telomere-to-telomere gap-free genome of four rice parents reveals SV and PAV patterns in hybrid rice breeding.

29P Plasma tumor-derived small extracellular vesicles microRNAs plus CA-125 objectively detect residual disease risk after surgical debulking in advanced ovarian cancer

29P Plasma tumor-derived small extracellular vesicles microRNAs plus CA-125 objectively detect residual disease risk after surgical debulking in advanced ovarian cancer

An Improved Genome Sequence Resource of Bipolaris maydis, Causal Agent of Southern Corn Leaf Blight.

An Improved Genome Sequence Resource of Bipolaris maydis, Causal Agent of Southern Corn Leaf Blight.

Targeted generation of Null Mutants in ZmGDIα confers resistance against maize rough dwarf disease without agronomic penalty.

Targeted generation of Null Mutants in ZmGDIα confers resistance against maize rough dwarf disease without agronomic penalty.