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Anxiety prevails in financial markets. In accordance with psychological research, anxious traders' hesitant behavior differs from the frequently dissected herding and speculative behaviors. This paper examines the interactions between agent anxiety and price inertia in an artificial financial market. We incorporate an evolutionary mechanism to analyze the strategic benefit of the boundedly rational anxious agent. According to our simulation results, deviations in asset prices from their fundamentals increase with the behavioral hesitation of the anxious agent. The investment rigidity from the anxious agent's lack of confidence mitigates the possibility of price reversal. Moreover, the average strategic benefit of the anxious agent is close to zero. To ensure the reliability of our finding, we further include the irrationality of the anxious agent in our evolutionary setting. Such an endeavor again demonstrates that the strategic benefit of the fundamentalist agent is inferior to that of the anxious agent. Since the anxious agent is characterized by an intolerance for uncertainty, we also investigate the artificial market under various degrees of risk aversion. We perceive that it is less possible for price reversal to emerge when considering higher levels of hesitation. The behavioral hesitation of the anxious agent enables the agent to cleverly evade the risk raised by the speculator. [ABSTRACT FROM AUTHOR]

Background: The RESORCE trial reported that regorafenib was effective as the second-line treatment for patients with hepatocellular carcinoma (HCC) after progression on sorafenib. Real-world data are needed to assess clinical outcomes and adverse events in the setting of daily practice. Objective: We aimed to evaluate the efficacy and safety of regorafenib after disease progression with sorafenib in Chinese patients with advanced HCC. Patients and Methods: A total of 41 patients with advanced HCC who did not respond to sorafenib and followed a regorafenib regimen were enrolled in this retrospective study. Overall survival (OS), progression-free survival (PFS), radiological responses, and adverse events (AEs) were evaluated. Survival curves were compared by using the log-rank test and constructed with the Kaplan–Meier method. Results: The median PFS with regorafenib was 6.6 months (range: 5.0–8.2 months), and the median OS with regorafenib was not reached. The 1-year OS rate of regorafenib was 66.4%. The median OS of sequential sorafenib to regorafenib treatment was 35.3 months [95% confidence interval (CI), 24.3–46.3], and the 2-year OS rate of sequential sorafenib to regorafenib treatment was 74.4%. The most common AEs of regorafenib treatment were elevated aspartate aminotransferase [17/41 patients (41.5%)], elevated alanine aminotransferase [16/41 patients (39%)] and hand-foot syndrome [14/41 patients (34.1%)]. Conclusion: Regorafenib appears to be safe and clinically effective in patients with advanced HCC who progressed on first-line sorafenib. [ABSTRACT FROM AUTHOR]

This paper digests the influences of financial transparency and media coverage in the Chinese stock market. In China, media performs under a regulatory system and media information is regarded as the direction of news. In addition, the Chinese market is dominated by retail investors and financial information is always manipulated, so the reliability of financial information is quite intriguing. The effect of ostensible financial information on the stock market through the media hype is a crucial issue. We employ media and transparency to analyze over 3,000 stocks in China. First of all, the Chinese stock market is characterized by significantly negative momentum profit and thus exhibits price reversal. However, when high media coverage and high transparency jointly come into play, the significantly negative momentum profit turns to be significantly positive. This dramatic change alters the price reversal to be price momentum. By contrast, low media coverage and low transparency still result in price reversal. [ABSTRACT FROM AUTHOR]

We show the effect of investor anxiety on momentum in the Chinese stock market. In this market dominated by retail investors, we examine the momentum profits in 900 types of daily testing periods. We find prevalent price reversals in the long formation and holding periods in the Chinese A-share market. Compared to Goyal and Wahal (2015), Wang and Xie (2010), and Kang et al. (2002) who found no momentum, our novel finding from a daily basis is that the A-share market presents price momentum within the short formation and holding periods. We first test the momentum profits under different strengths of anxiety in the A-share market. The stocks held by the least anxious investors elicit the strongest price momentum, whereas the stocks held by the most anxious investors encounter much weaker price momentum in the A-share market. According to our empirical outcomes, the A-share market overall exhibits higher anxiety and weaker momentum, whereas the B-share market embodies milder anxiety and stronger momentum. From the results of single market and cross-market comparisons, the intrinsic anxiety of retail investors is an essential factor stimulating the Chinese stock market to be prone to price reversals. [ABSTRACT FROM AUTHOR]

The Chinese stock market has a large ratio of retail investors, which is significantly different from the stock markets in the US and Europe. We have known that momentum profits exist in the latter by applying Jegadeesh and Titman's (J Financ 48:65-91, 1993) model with 6-month formation and holding periods. However, there are only a few studies on momentum profits in China. Therefore, this study examines whether the Shanghai and Shenzhen stock markets produce momentum profits. We find that these two markets have significant contrarian but not momentum profits. We also create an 'artificial momentum' portfolio and follow Bhattacharya et al. (Account Rev 78:641-678, 2003) to compute the transparency indices. Our outcomes show that the corporate transparencies of the winners (losers) in the artificial momentum portfolios are close to those in the commonly-defined momentum portfolios. The averages of the decile transparencies are between 4.5 and 6.5, not only for the top 10% of winners but also for the bottom 10% of losers. According to these results, we suggest that financial transparency is irrelevant to the inertia and reversal of stock prices in the Shanghai and Shenzhen stock markets. [ABSTRACT FROM AUTHOR]

The ERF (ethylene responsive factor) family is composed of transcription factors ( TFs) that are critical for appropriate A rabidopsis thaliana responses to biotic and abiotic stresses. Here we identified and characterized a member of the ERF TF group IX, namely ERF96, that when overexpressed enhances A rabidopsis resistance to necrotrophic pathogens such as the fungus B otrytis cinerea and the bacterium P ectobacterium carotovorum. ERF96 is jasmonate ( JA) and ethylene ( ET) responsive and ERF96 transcripts accumulation was abolished in JA-insensitive coi1-16 and in ET-insensitive ein2-1 mutants. Protoplast transactivation and electrophoresis mobility shift analyses revealed that ERF96 is an activator of transcription that binds to GCC elements. In addition, ERF96 mainly localized to the nucleus. Microarray analysis coupled to chromatin immunoprecipitation- PCR of A rabidopsis overexpressing ERF96 revealed that ERF96 enhances the expression of the JA/ ET defence genes PDF1.2a, PR -3 and PR -4 as well as the TF ORA59 by direct binding to GCC elements present in their promoters. While ERF96- RNAi plants demonstrated wild-type resistance to necrotrophic pathogens, basal PDF1.2 expression levels were reduced in ERF96-silenced plants. This work revealed ERF96 as a key player of the ERF network that positively regulates the A rabidopsis resistance response to necrotrophic pathogens. [ABSTRACT FROM AUTHOR]

This paper digests the relationship between the manipulation of losses and price reversals in the Chinese stock market. Timely loss recognition is involved in detecting the manipulation of losses, while price reversals are investigated by momentum profit. In addition, two-way sorting momentum portfolios are employed to connect manipulating losses with price reversals. Companies with low timely loss recognition aggressively manipulate their losses, and our results indicate that they generate much more significantly negative momentum profits. As a consequence, they cannot build up any immunity against reversal risks and encounter much higher reversal risks than other companies. Such findings still hold after the risk adjustments using asset pricing models come into play and when controlling for the calendar effect. This research indeed suggests that investors should exercise caution when dealing with companies whose financial information is too positive. Such companies may dress up their financial reports, thereby significantly increasing the risks associated with price reversals. [ABSTRACT FROM AUTHOR]