It is widely accepted that quid pro quo or favoritism exists in bookbuilding IPOs where the securities underwriter has share allocation discretion, and that auctioned IPOs should be largely free from quid pro quo because the underwriter does not have share allocation discretion. Using proprietary data on IPO auctions from China and a regulatory regime change on share allocation, we show that when the share allocation rule shifts from pro rata to lottery draw (that makes quid pro quo valuable to (...) a bidder), mutual fund families having stronger pre-shift brokerage commission ties with the underwriter submit bids later, place more strategic bids, have more bids qualified for the allocation round, and are more likely to receive share allocation than other fund families. These patterns are not apparent in fund families that possess a robust business culture. The evidence is consistent with the existence of quid pro quo in IPO auctions facilitated by the underwriter’s leakage of confidential bidding information in some fund family and underwriter pairs. This unethical practice not only creates conflicts of interest, jeopardizes fair play, but also discourages information production and affects accurate valuation. (shrink)

Plant cytokinesis results in the formation of the cell plate by the phragmoplast which contains dynamic microtubules serving as the track for the delivery of cell wall builders included in Golgi vesicles. During the centrifugal process of cell plate assembly, new microtubules are assembled and bundled at the leading edge to prepare for vesicle transport while older microtubules are disassembled at the lagging edge upon the completion of vesicle delivery. The turnover of phragmoplast microtubules in this process is thought to (...) be regulated by phosphorylation of the key microtubule bundling factor MAP65. A recent study revealed a surprising role of the α‐Aurora kinase, which is typically known for its role in governing the formation of the bipolar spindle apparatus, in phosphorylating the primary microtubule bundler MAP65‐3 in Arabidopsis. This phosphorylation positively contributes to the expansion of the phragmoplast. The phragmoplast midzone is also the hub for other cytokinesis‐important kinases. It is intriguing how these kinases are targeted and how they may crosstalk with each other to orchestrate the expansion of the phragmoplast. (shrink)

Drawing on the theory of cognitive-affective processing system and that of construal level, we propose a moderated mediation model illustrating the relationship among abusive supervision, shame, construal level, and work withdrawal. We tested this model with a two-source time-lagged survey of 387 employees from 129 work teams in central and East China. Results revealed that abusive supervision had a positive association with the emotion of shame and supported the mediating role of shame linking abusive supervision to work withdrawal. Besides, our (...) findings supported the buffering effect of construal level on the shame-work withdrawal relationship as well as the indirect relationship between abusive supervision and work withdrawal channeled through the emotion of shame. (shrink)

本书以系统辨证思维方式为导向,运用现代系统科学方法论,从“广角镜”式的多维立体视野出发,综合考察了囊括天体、地球、生物、人类在内的广阔世界之现状和未来。.