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We find a positive association between institutional ownership and social capital. The social norms in a region, while not imposed by businesses or laws, play a monitoring role that disciplines managers from self‐serving behaviors. The resulting trustworthiness, through its mitigation of agency problems, drives the investment preferences of institutions. Our subsample analyses based on information asymmetry and financial performance support this inference. Further, the positive association is evident for transient investors and quasi‐indexers but not for dedicated institutional investors. Overall, our study underscores the impact of informal governance on institutions' investment decisions. [ABSTRACT FROM AUTHOR]

We examine the relevance of informal contracting mechanisms for corporate innovation. Using social capital to capture the social costs imposed on opportunistic behavior by management, we report evidence that firms headquartered in states with higher levels of social capital are associated with more innovation. This result is more pronounced when employees are more susceptible to holdup (e.g., firms with low labor union coverage, firms located in states with weak legal protections for employees, and firms surrounded by few external employment opportunities) and when employees face higher levels of information asymmetry. Our study highlights the importance of informal contracts for innovation. [ABSTRACT FROM AUTHOR]

The objective of this study was to determine the different effects of the arrow-pointing augmented reality head-up display (AR-HUD) interface, virtual shadow AR-HUD interface, and non-AR-HUD interface on autonomous vehicle takeover efficiency and driver eye movement characteristics in different driving scenarios. Thirty-six participants were selected to carry out a simulated driving experiment, and the eye movement index and takeover time were analyzed. The arrow pointing AR-HUD interface and the virtual shadow AR-HUD interface could effectively reduce the driver's visual distraction, improve the efficiency of obtaining visual information, reduce the number of times the driver's eyes leave the road, and improve the efficiency of the takeover compared with the non-AR-HUD interface, but there was no significant difference in eye movement indexes between the arrow pointing AR-HUD interface and the more eye-catching virtual shadow AR-HUD interface. When specific scenarios were considered, it was found that in the scenario of emergency braking of the vehicle in front, the arrow pointing AR-HUD interface and the virtual shadow AR-HUD interface had more advantages in takeover efficiency than the non-AR-HUD interface. However, in the scenarios of a rear vehicle overtaking the vehicle ahead and non-motor vehicles running red lights, there was no significant difference in takeover efficiency. For the non-motor vehicle invading the line, emergency U-turn of the vehicle in front, and pedestrian crossing scenarios, the virtual shadow AR-HUD interface had the highest takeover efficiency. These research results can help improve the active safety of autonomous vehicle AR-HUD interfaces. [ABSTRACT FROM AUTHOR]

We show an inverse relation between the use of short-term debt and stock market liquidity. This finding is robust to a battery of control variables, alternative measures of the key variables, and various identification strategies. A difference-in-difference (DiD) approach suggests that the relation between debt maturity structure and stock liquidity may be causal. The impact of stock liquidity on debt maturity is stronger in the presence of large institutional holdings and when borrowers are subject to greater refinancing risk. We also provide evidence that firms with liquid stock tend to issue longer-term bonds and enjoy lower bond yield spreads. Overall, our results support the view that the governance function of stock market liquidity reduces the necessity of debt market monitoring, which allows firms to shift toward longer-term debt to avoid the costs and risk of frequent refinancing. [ABSTRACT FROM AUTHOR]

Well‐known anomalies and stable patterns in equity returns are widely employed to guide stock selection. The use of overlapping multifactor models built on these patterns induces correlated trade across investors. A stock with a strong signal from a parsimonious multifactor stock selection model exhibits changes in trade activity, net order imbalances, lower volatility, lower liquidity level, and changes in liquidity comovement consistent with correlated trade. These results illustrate that correlated trading among investors can affect the liquidity and risk of the securities they trade, and imply that measures of portfolio liquidity risk that ignore these changes can understate risk. [ABSTRACT FROM AUTHOR]

Background: Patients with pelvic inflammatory disease (PID) are at an increased risk of ectopic pregnancy, infertility, and varying degrees of chronic pelvic pain. The aims of this study were to establish a rat model of PID and characterize its progression in order to assist in the study of pathophysiological mechanisms and to provide animal model for future studies of PID treatments., Methods: Fifty Sprague-Dawley rats (female, 6-weeks-old) were divided into a model group (n=28) and a control group (n=22). The rat endometrium was mechanically injured by a needle which moved back and forth 3 times on the endometrial tissue, and a mixed bacterial solution (6×10 8 CFU) of equal concentrations of Escherichia coli and Staphylococcus aureus was injected into both horns of the rat uterus. Physiological characteristics including weight, temperature, blood, and inflammatory factors were compared, and immunohistochemistry and transmission electron microscopy were used to evaluate the progress and sequela of PID., Results: The model rats experienced acute PID in the first 14 days and exhibited higher body temperatures and decreased body weight. Infection-related factors in the blood were also significantly changed compared with the normal group, with obviously increased serum levels of C-reactive protein (CRP), interferon gamma (IFN-γ), and interleukin-4 (IL-4). Congestion and edema were observed in the uteri of the model rats, followed by infiltration of numerous inflammatory cells and ultrastructural morphology changes. Histological examination of the uterus showed that adhesion initially appeared at approximately 21 days. In addition to the increased collagen fibers biomass, the expression of transforming growth factor-beta 1 (TGF-β1) was elevated, which might have contributed to pelvic tissue adhesion formation in the PID sequela., Conclusions: This study clearly described the characteristics and progression of PID in a rat model. The detailed evidence increased our understanding of the pathogenesis and progression of PID and may be useful for future studies of PID treatments., Competing Interests: Conflicts of Interest: All authors have completed the ICMJE uniform disclosure form (available at https://dx.doi.org/10.21037/atm-21-3345). The authors have no conflicts of interest to declare., (2021 Annals of Translational Medicine. All rights reserved.)