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"Yang, S"
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Trade Credit, Risk Sharing, and Inventory Financing Portfolios
As an integrated part of a supply contract, trade credit has intrinsic connections with supply chain coordination and inventory management. Using a model that explicitly captures the interaction of firms’ operations decisions, financial constraints, and multiple financing channels (bank loans and trade credit), this paper attempts to better understand the risk-sharing role of trade credit—that is, how trade credit enhances supply chain efficiency by allowing the retailer to partially share the demand risk with the supplier. Within this role, in equilibrium, trade credit is an indispensable external source for inventory financing, even when the supplier is at a disadvantageous position in managing default relative to a bank. Specifically, the equilibrium trade credit contract is net terms when the retailer’s financial status is relatively strong. Accordingly, trade credit is the only external source that the retailer uses to finance inventory. By contrast, if the retailer’s cash level is low, the supplier offers two-part terms, inducing the retailer to finance inventory with a portfolio of trade credit and bank loans. Further, a deeper early-payment discount is offered when the supplier is relatively less efficient in recovering defaulted trade credit, or the retailer has stronger market power. Trade credit allows the supplier to take advantage of the retailer’s financial weakness, yet it may also benefit both parties when the retailer’s cash is reasonably high. Finally, using a sample of firm-level data on retailers, we empirically observe the inventory financing pattern that is consistent with what our model predicts.
This paper was accepted by Vishal Gaur, operations management.
Journal Article
Americanizing Latino politics, latinoizing American politics
\"Using the most extensive and currently available survey opinion data, this book empirically supports the argument that Latinos have emerged as a convergent panethnic political group, beyond the individual national origin identities dating to the time of the 1990 Latino National Political Survey when Mexican-Americans, Puerto Ricans, and Cuban Americans were treated conceptually as politically distinct groups. Replete with data and supplemented by an extensive online resource, this book offers scholars, students, and sophisticated general readers evidence and inspiration for understanding the dynamics of Latino politics in the US today\"-- Provided by publisher.
Book
Femtosecond electron-phonon lock-in by photoemission and x-ray free-electron laser
The interactions that lead to the emergence of superconductivity in iron-based materials remain a subject of debate. It has been suggested that electron-electron correlations enhance electron-phonon coupling in iron selenide (FeSe) and related pnictides, but direct experimental verification has been lacking. Here we show that the electron-phonon coupling strength in FeSe can be quantified by combining two time-domain experiments into a “coherent lock-in” measurement in the terahertz regime. X-ray diffraction tracks the light-induced femtosecond coherent lattice motion at a single phonon frequency, and photoemission monitors the subsequent coherent changes in the electronic band structure.Comparison with theory reveals a strong enhancement of the coupling strength in FeSe owing to correlation effects. Given that the electron-phonon coupling affects superconductivity exponentially, this enhancement highlights the importance of the cooperative interplay between electron-electron and electron-phonon interactions.
Journal Article
A peculiarly short-duration gamma-ray burst from massive star core collapse
Gamma-ray bursts (GRBs) have been phenomenologically classified into long and short populations based on the observed bimodal distribution of duration
1
. Multi-wavelength and multi-messenger observations in recent years have revealed that in general long GRBs originate from massive star core collapse events
2
, whereas short GRBs originate from binary neutron star mergers
3
. It has been known that the duration criterion is sometimes unreliable, and multi-wavelength criteria are needed to identify the physical origin of a particular GRB
4
. Some apparently long GRBs have been suggested to have a neutron star merger origin
5
, whereas some apparently short GRBs have been attributed to genuinely long GRBs
6
whose short, bright emission is slightly above the detector’s sensitivity threshold. Here, we report the comprehensive analysis of the multi-wavelength data of the short, bright GRB 200826A. Characterized by a sharp pulse, this burst shows a duration of 1 second and no evidence of an underlying longer-duration event. Its other observational properties such as its spectral behaviours, total energy and host galaxy offset are, however, inconsistent with those of other short GRBs believed to originate from binary neutron star mergers. Rather, these properties resemble those of long GRBs. This burst confirms the existence of short-duration GRBs with stellar core-collapse origin
4
, and presents some challenges to the existing models.
A gamma-ray burst (GRB) is reported to show a sharp 1-second spike, characteristic of short GRBs, but with other observational properties resembling those of long GRBs. This burst may belong to a class of core-collapse-origin GRBs with genuinely short durations.
Journal Article
Asymptotic inference of causal effects with observational studies trimmed by the estimated propensity scores
Causal inference with observational studies often relies on the assumptions of unconfoundedness and overlap of covariate distributions in different treatment groups. The overlap assumption is violated when some units have propensity scores close to 0 or 1, so both practical and theoretical researchers suggest dropping units with extreme estimated propensity scores. However, existing trimming methods often do not incorporate the uncertainty in this design stage and restrict inference to only the trimmed sample, due to the nonsmoothness of the trimming. We propose a smooth weighting, which approximates sample trimming and has better asymptotic properties. An advantage of our estimator is its asymptotic linearity, which ensures that the bootstrap can be used to make inference for the target population, incorporating uncertainty arising from both design and analysis stages. We extend the theory to the average treatment effect on the treated, suggesting trimming samples with estimated propensity scores close to 1.
Journal Article
More or complex actions? Effects of supply networks on firms' competitive aggressiveness
PurposeThis study investigates the extent to which a firm’s centrality and autonomy in its supply network are associated with the intensity and complexity of its competitive actions.Design/methodology/approachUtilizing social network analysis and dynamic panel data models, this study analyzes a comprehensive panel dataset with 10,802 firm-year observations across various industries between 2011 and 2018 to test the hypotheses.FindingsOur findings show that a firm’s level of centrality in its supply network has an inverted U-shaped relationship with both competitive intensity and competitive complexity. In addition, the turning points of these two inverted U-shaped relationships differ in that firms with a lower level of centrality tend to compete aggressively by launching more actions within fewer categories, while firms with a higher level of centrality tend to compete aggressively by launching fewer actions that cover a larger range of categories. Finally, we find that a firm’s structural autonomy has a positive relationship with competitive complexity.Originality/valueThis study bridges the gap between the supply chain management literature and strategic management literature and investigates how supply networks shape competitive aggressiveness. In particular, this research investigates how a firm’s structural position in its supply network affects its competitive actions, an important intermediate mechanism for competitive advantage that has been overlooked in the supply chain management literature.
Journal Article
Trade Credit Insurance: Operational Value and Contract Choice
Trade credit insurance (TCI) is a risk management tool commonly used by suppliers to guarantee against payment default by credit buyers. TCI contracts can be either
cancelable
(the insurer has the discretion to cancel this guarantee during the insured period) or
noncancelable
(the terms cannot be renegotiated within the insured period). This paper identifies two roles of TCI: the (cash flow)
smoothing
role (smoothing the supplier’s cash flows) and the
monitoring
role (tracking the buyer’s
continued
creditworthiness after contracting, which enables the supplier to make efficient operational decisions regarding whether to ship goods to the credit buyer). We further explore which contracts better facilitate these two roles of TCI by modeling the strategic interaction between the insurer and the supplier. Noncancelable contracts rely on the deductible to implement both roles, which may result in a conflict: a high deductible inhibits the smoothing role, whereas a low deductible weakens the monitoring role. Under cancelable contracts, the insurer’s cancelation action ensures that the information acquired is reflected in the supplier’s shipping decision. Thus, the insurer has adequate incentives to perform its monitoring function without resorting to a high deductible. Despite this advantage, we find that the insurer may exercise the cancelation option too aggressively; this thereby restores a preference for noncancelable contracts, especially when the supplier’s outside option is unattractive and the insurer’s monitoring cost is low. Noncancelable contracts are also relatively more attractive when the acquired information is verifiable than when it is unverifiable.
This paper was accepted by Vishal Gaur, operations management.
Journal Article
Long noncoding RNA BC032469, a novel competing endogenous RNA, upregulates hTERT expression by sponging miR-1207-5p and promotes proliferation in gastric cancer
Long noncoding RNAs (lncRNAs) are emerging as new players in gene regulation and are associated with the development of cancers. To investigate the important role and mechanism of lncRNAs in the progression of gastric cancer, we screened lncRNAs in gastric cancer tissues and corresponding adjacent tissues, and assessed the effects on gastric cancer. Here, we report that BC032469, a novel lncRNA, expressed highly in gastric cancer tissues, and the upregulation was clinically associated with larger tumor size, poor differentiation and shorter survival of gastric cancer patients. Downregulation of BC032469 resulted in a significant inhibition of proliferation
in vitro
and
in vivo
. Mechanistically, BC032469 could directly bind to miR-1207-5p and effectively functioned as a sponge for miR-1207-5p to modulate the derepression of hTERT. Thus, BC032469 may function as a ceRNA to impair miR-1207-5p-dependent hTERT downregulation, suggesting that it may be clinically valuable as a poor prognostic biomarker of gastric cancer.
Journal Article
No pulsed radio emission during a bursting phase of a Galactic magnetar
Fast radio bursts (FRBs) are millisecond-duration radio transients of unknown physical origin observed at extragalactic distances
1
–
3
. It has long been speculated that magnetars are the engine powering repeating bursts from FRB sources
4
–
13
, but no convincing evidence has been collected so far
14
. Recently, the Galactic magnetar SRG 1935+2154 entered an active phase by emitting intense soft γ-ray bursts
15
. One FRB-like event with two peaks (FRB 200428) and a luminosity slightly lower than the faintest extragalactic FRBs was detected from the source, in association with a soft γ-ray/hard-X-ray flare
18
–
21
. Here we report an eight-hour targeted radio observational campaign comprising four sessions and assisted by multi-wavelength (optical and hard-X-ray) data. During the third session, 29 soft-γ-ray repeater (SGR) bursts were detected in γ-ray energies. Throughout the observing period, we detected no single dispersed pulsed emission coincident with the arrivals of SGR bursts, but unfortunately we were not observing when the FRB was detected. The non-detection places a fluence upper limit that is eight orders of magnitude lower than the fluence of FRB 200428. Our results suggest that FRB–SGR burst associations are rare. FRBs may be highly relativistic and geometrically beamed, or FRB-like events associated with SGR bursts may have narrow spectra and characteristic frequencies outside the observed band. It is also possible that the physical conditions required to achieve coherent radiation in SGR bursts are difficult to satisfy, and that only under extreme conditions could an FRB be associated with an SGR burst.
An 8-hour radio observational campaign of the Galactic magnetar SGR 1935+2154, assisted by multi-wavelength data, indicates that associations between fast radio bursts and soft γ-ray bursts are rare.
Journal Article