Pub Date : 2023-06-23DOI: 10.1017/s0022109023000819
Sabrina T. Howell, Ramana Nanda
Abstract We find that male participants in Harvard Business School’s New Venture Competition who were randomly exposed to more venture capital (VC) investors on their panel were substantially more likely to start a VC-backed startup post-graduation, indicating that access to investors impacts fundraising independent of the quality of ideas. However, female participants experience no benefit from exposure to male or female venture capitalists (VCs), which appears related to a reduced propensity to reach out to VCs to whom they were exposed. Our results therefore also demonstrate gender-based differences in the degree to which increased exposure to investors can address networking frictions in venture capital.
{"title":"Networking Frictions in Venture Capital, and the Gender Gap in Entrepreneurship","authors":"Sabrina T. Howell, Ramana Nanda","doi":"10.1017/s0022109023000819","DOIUrl":"https://doi.org/10.1017/s0022109023000819","url":null,"abstract":"Abstract We find that male participants in Harvard Business School’s New Venture Competition who were randomly exposed to more venture capital (VC) investors on their panel were substantially more likely to start a VC-backed startup post-graduation, indicating that access to investors impacts fundraising independent of the quality of ideas. However, female participants experience no benefit from exposure to male or female venture capitalists (VCs), which appears related to a reduced propensity to reach out to VCs to whom they were exposed. Our results therefore also demonstrate gender-based differences in the degree to which increased exposure to investors can address networking frictions in venture capital.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135904722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Background: Breast cancer (BC) is the major cause of cancer-related death in women. Some studies have indicated the cytotoxic effects of vanadyl oxide sulfate (VOSO4). This study aimed to evaluate the anti-cancer effect of VOSO4 in the treatment of MCF-7 cell lines.
Materials and methods: The MCF-7 cell line was treated with different concentrations of VOSO4 for 24 and 48 hours. Cell death was measured using the MTT assay. The cell apoptosis rate was measured using Annexin V/Propidium Iodide assay through flow cytometry. Also, the expression levels of p53, P21, Caspase8, superoxide dismutase type 1 (SOD1), Sod2, and Bcl2 mRNAs were assessed, and Western blotting was performed for Sod1 protein.
Results: The results showed that the half-maximal inhibitory concentration (IC50) for VOSO4 was 25 and 20 μg/ml for 24 and 48 hours, respectively. Indeed, VOSO4 has dose-dependent cytotoxic effects on the MCF-7. Also, after exposure to VOSO4 for 24 hours, cell apoptosis reached 52% compared with untreated cells. Moreover, after 24 hours of exposure to VOSO4 with IC50 concentration, the expression of p53, P21, Caspase8, Sod1, and Sod2 mRNAs increased (P0.05), and the expression of Bcl2 mRNA was decreased (P0.05). Also, the Western blotting revealed Sod1 protein level markedly increased following exposure to VOSO4 (P0.05).
Conclusion: Our results demonstrated that VOSO4 has an apoptotic and cytotoxic effect on BC cells. Therefore, it could be considered a complementary agent for the medical treatment of patients with BC.
{"title":"Cytotoxic and Apoptotic Effects of Vanadyl Sulfate on MCF-7 Breast Cancer Cell Line.","authors":"Maryam Dehdashti, Zahra Abbasy, Hamid Zaferani Arani, Hesam Adin Atashi, Seyed Alireza Salimi-Tabatabaee, Afsaneh Ghasemi, Zhila Fereidouni, Hadi Zare Marzouni, Habib Zakeri, Seyed Abbas Mirmalek","doi":"10.31661/gmj.v12i.3050","DOIUrl":"10.31661/gmj.v12i.3050","url":null,"abstract":"<p><strong>Background: </strong>Breast cancer (BC) is the major cause of cancer-related death in women. Some studies have indicated the cytotoxic effects of vanadyl oxide sulfate (VOSO4). This study aimed to evaluate the anti-cancer effect of VOSO4 in the treatment of MCF-7 cell lines.</p><p><strong>Materials and methods: </strong>The MCF-7 cell line was treated with different concentrations of VOSO4 for 24 and 48 hours. Cell death was measured using the MTT assay. The cell apoptosis rate was measured using Annexin V/Propidium Iodide assay through flow cytometry. Also, the expression levels of p53, P21, Caspase8, superoxide dismutase type 1 (SOD1), Sod2, and Bcl2 mRNAs were assessed, and Western blotting was performed for Sod1 protein.</p><p><strong>Results: </strong>The results showed that the half-maximal inhibitory concentration (IC50) for VOSO4 was 25 and 20 μg/ml for 24 and 48 hours, respectively. Indeed, VOSO4 has dose-dependent cytotoxic effects on the MCF-7. Also, after exposure to VOSO4 for 24 hours, cell apoptosis reached 52% compared with untreated cells. Moreover, after 24 hours of exposure to VOSO4 with IC50 concentration, the expression of p53, P21, Caspase8, Sod1, and Sod2 mRNAs increased (P0.05), and the expression of Bcl2 mRNA was decreased (P0.05). Also, the Western blotting revealed Sod1 protein level markedly increased following exposure to VOSO4 (P0.05).</p><p><strong>Conclusion: </strong>Our results demonstrated that VOSO4 has an apoptotic and cytotoxic effect on BC cells. Therefore, it could be considered a complementary agent for the medical treatment of patients with BC.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"51 1","pages":"1-7"},"PeriodicalIF":0.5,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC11512431/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78753389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-20DOI: 10.1017/s0022109023000789
Tetyana Balyuk, Sergei Davydenko
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{"title":"Reintermediation in FinTech: Evidence from Online Lending","authors":"Tetyana Balyuk, Sergei Davydenko","doi":"10.1017/s0022109023000789","DOIUrl":"https://doi.org/10.1017/s0022109023000789","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135138741","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-20DOI: 10.1017/s0022109023000832
Tinghua Duan, Frank Weikai Li, Quan Wen
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{"title":"Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?","authors":"Tinghua Duan, Frank Weikai Li, Quan Wen","doi":"10.1017/s0022109023000832","DOIUrl":"https://doi.org/10.1017/s0022109023000832","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135091049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-16DOI: 10.1017/s0022109023000777
Thorsten Martin, Clemens A. Otto
Abstract We study how U.S. manufacturing firms’ investment responds to tariff reductions in supplier industries. Our estimates, based on tariff reductions following multinational trade agreements, suggest that a hypothetical 10% reduction of all upstream tariffs would increase downstream investment by 4% to 6%. This estimate is not explained by decreasing uncertainty and stems from tariff reductions for homogeneous and low-R&D inputs, consistent with the investment response resulting from cost reductions rather than superior foreign technology embodied in imported inputs. Evidence from an instrumental variable estimation using the sudden increase in Chinese import penetration suggests that import competition also increases downstream investment.
{"title":"The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains","authors":"Thorsten Martin, Clemens A. Otto","doi":"10.1017/s0022109023000777","DOIUrl":"https://doi.org/10.1017/s0022109023000777","url":null,"abstract":"Abstract We study how U.S. manufacturing firms’ investment responds to tariff reductions in supplier industries. Our estimates, based on tariff reductions following multinational trade agreements, suggest that a hypothetical 10% reduction of all upstream tariffs would increase downstream investment by 4% to 6%. This estimate is not explained by decreasing uncertainty and stems from tariff reductions for homogeneous and low-R&D inputs, consistent with the investment response resulting from cost reductions rather than superior foreign technology embodied in imported inputs. Evidence from an instrumental variable estimation using the sudden increase in Chinese import penetration suggests that import competition also increases downstream investment.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135571832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-15DOI: 10.1017/s0022109023000534
I. Filippou, Mark P. Taylor, Zigan Wang
{"title":"Media Sentiment and Currency Reversals","authors":"I. Filippou, Mark P. Taylor, Zigan Wang","doi":"10.1017/s0022109023000534","DOIUrl":"https://doi.org/10.1017/s0022109023000534","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":" ","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48164293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The cross section of options holds great promise for identifying return distributions and risk premia, but estimating dynamic option valuation models with latent state variables is challenging when using large option panels. We propose a particle Markov Chain Monte Carlo framework with a novel filtering approach and illustrate our method by estimating index option pricing models. Estimates of variance risk premiums, variance mean reversion, and higher moments differ from the literature. We show that these differences are due to the composition of the option sample. Restricting the option sample’s maturity dimension has the strongest impact on parameter inference and option fit in these models.
{"title":"Fast Filtering with Large Option Panels: Implications for Asset Pricing","authors":"Arnaud Dufays, Kris Jacobs, Yuguo Liu, Jeroen Rombouts","doi":"10.1017/s0022109023000753","DOIUrl":"https://doi.org/10.1017/s0022109023000753","url":null,"abstract":"Abstract The cross section of options holds great promise for identifying return distributions and risk premia, but estimating dynamic option valuation models with latent state variables is challenging when using large option panels. We propose a particle Markov Chain Monte Carlo framework with a novel filtering approach and illustrate our method by estimating index option pricing models. Estimates of variance risk premiums, variance mean reversion, and higher moments differ from the literature. We show that these differences are due to the composition of the option sample. Restricting the option sample’s maturity dimension has the strongest impact on parameter inference and option fit in these models.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136066002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-13DOI: 10.1017/s0022109023000807
Redouane Elkamhi, Chanik Jo, Marco Salerno
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{"title":"Measuring “State-level” Economic Policy Uncertainty","authors":"Redouane Elkamhi, Chanik Jo, Marco Salerno","doi":"10.1017/s0022109023000807","DOIUrl":"https://doi.org/10.1017/s0022109023000807","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136017352","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-13DOI: 10.1017/s0022109023000790
Kee-Hong Bae, Sadok El Ghoul, Zhaoran (Jason) Gong, Omrane Guedhami
Abstract In this study, we investigate whether and how trust between board members and the CEO (board–CEO trust) affects the performance of mergers and acquisitions. Contrary to conventional wisdom, we find that firms with higher levels of board–CEO trust exhibit poor M&A performance. High trust is associated with low acquisition announcement returns, long-term stock return performance, and post-deal operating performance. This negative effect of board–CEO trust is more pronounced among acquiring companies prone to agency problems. Our results suggest that, in the institutional setting of corporate boards, high trust can be too much of a good thing.
摘要本文研究董事会成员与CEO之间的信任(board - CEO trust)是否影响企业并购绩效，以及如何影响企业并购绩效。与传统观点相反，我们发现董事会- ceo信任程度较高的公司表现出较差的并购绩效。高信任与低收购公告回报、长期股票回报绩效和交易后运营绩效相关。这种董事会- ceo信任的负面影响在容易出现代理问题的收购公司中更为明显。我们的研究结果表明，在公司董事会的制度设置中，高度信任可能是一件好事。
{"title":"In the CEO We Trust: Negative Effects of Trust between the Board and the CEO","authors":"Kee-Hong Bae, Sadok El Ghoul, Zhaoran (Jason) Gong, Omrane Guedhami","doi":"10.1017/s0022109023000790","DOIUrl":"https://doi.org/10.1017/s0022109023000790","url":null,"abstract":"Abstract In this study, we investigate whether and how trust between board members and the CEO (board–CEO trust) affects the performance of mergers and acquisitions. Contrary to conventional wisdom, we find that firms with higher levels of board–CEO trust exhibit poor M&A performance. High trust is associated with low acquisition announcement returns, long-term stock return performance, and post-deal operating performance. This negative effect of board–CEO trust is more pronounced among acquiring companies prone to agency problems. Our results suggest that, in the institutional setting of corporate boards, high trust can be too much of a good thing.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"453 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136066974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-05DOI: 10.1017/s0022109023000741
Benjamin Golez, A. Rizzo, Rafael Zambrana
{"title":"Friendly Investing and Information Sharing in the Asset Management Industry","authors":"Benjamin Golez, A. Rizzo, Rafael Zambrana","doi":"10.1017/s0022109023000741","DOIUrl":"https://doi.org/10.1017/s0022109023000741","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":" ","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47652885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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