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Articles 61 - 90 of 1733
Full-Text Articles in Economics
Do Search Costs Explain Persistent Investment In Active Mutual Funds?, Aljoscha Janssen, Jurre Thiel
Do Search Costs Explain Persistent Investment In Active Mutual Funds?, Aljoscha Janssen, Jurre Thiel
Research Collection School Of Economics
Active funds, though losing market share since the 1990s, make up nearly half of all mutual funds but charge more without better performance. We analyze fund data and a search model, highlighting the impact of search costs and active fund preferences. From 1993 to 2018, reduced search costs expanded the market and heightened competition, while a preference shift from active to passive funds increased the latter's market share. However, investors who choose active funds, facing higher search costs, and continue to show a strong preference for them, allow these funds to keep charging higher fees.
One-Sided Limited Commitment And Aggregate Risk, Yoshiki Ando, Dirk Krueger, Harald Uhlig
One-Sided Limited Commitment And Aggregate Risk, Yoshiki Ando, Dirk Krueger, Harald Uhlig
Research Collection School Of Economics
In this paper we study the neoclassical growth model with idiosyncratic income risk and aggregate risk in which risk sharing is endogenously constrained by one sided limited commitment. Households can trade a full set of contingent claims that pay off depending on both idiosyncratic and aggregate risk, but limited commitment rules out that households sell these assets short. The model results, under suitable restrictions of the parameters of the model, in partial consumption insurance in equilibrium. With log-utility and idiosyncratic income shocks taking two values one of which is zero (e.g., employment and unemployment) we show that the equilibrium can …
The Rising Returns To R&D: Ideas Are Not Getting Harder To Find, Yoshiki Ando, James Bessen, Xiupeng Wang
The Rising Returns To R&D: Ideas Are Not Getting Harder To Find, Yoshiki Ando, James Bessen, Xiupeng Wang
Research Collection School Of Economics
R&D has grown robustly, yet aggregate productivity growth has stagnated. Is this because “ideas are getting harder to find”? Using microdata from the US Census Bureau this paper estimates R&D effectiveness in the manufacturing sector from 1976 to 2018. We find that the marginal effect of R&D on output and the gross marginal returns to R&D have risen sharply. But rivals’ R&D has also gotten more effective, raising expected obsolescence. But firm productivity growth rises with growth in the R&D stock. Higher obsolescence slows the accumulation of R&D capital, reducing the contribution to productivity growth and shortening innovation lives.
Do Government Benefit Programs Reduce Child Labor?: Causal Evidence From The Midday Meal Scheme In India, Vardaan Chawla, Tomoki Fujii, Arpita Khanna, Ray Rohan
Do Government Benefit Programs Reduce Child Labor?: Causal Evidence From The Midday Meal Scheme In India, Vardaan Chawla, Tomoki Fujii, Arpita Khanna, Ray Rohan
Research Collection School Of Economics
This study evaluates the impact of the midday meal program in India on the prevalence of child labor for upper primary school going children. The staggered implementation of the largest school feeding program in the world across states provides exogenous variation in exposure. Using the nationally representative National Sample Survey Office (NSSO) data, we find that exposure to the program reduced prevalence of child labor by 47 percent relative to children in never-treated states, with no significant difference in impact between boys and girls. The effects were primarily driven by a decline in household labor supply, especially performance of household …
Efficient Bilateral Trade With Interdependent Values: The Use Of Two-Stage Mechanisms, Takashi Kunimoto, Cuiling Zhang
Efficient Bilateral Trade With Interdependent Values: The Use Of Two-Stage Mechanisms, Takashi Kunimoto, Cuiling Zhang
Research Collection School Of Economics
Efficient, voluntary bilateral trades are generally not implementable in an interdependent values environment with two-sided asymmetric information. To obtain more positive results, we consider two-stage mechanisms in which (i) the outcome (e.g., allocation of the goods) is determined first; (ii) the agents partially learn the state via their own outcome-decision payoffs; and (iii) transfers are finally made. We propose the approximate shoot-the-liar (AS) mechanism and identify Assumption 1, under which “approximately” efficient, voluntary trades are implementable. We further illustrate the permissiveness of the assumption, and characterize it in terms of the nature of interdependence in valuation functions—delineating the boundary between …
Is Subjective Well-Being Insured Against Income Shocks? Evidence From 20-Year Panel Data In South Korea, Jiyeon An, Taehyun Ahn, Kim
Is Subjective Well-Being Insured Against Income Shocks? Evidence From 20-Year Panel Data In South Korea, Jiyeon An, Taehyun Ahn, Kim
Research Collection School Of Economics
Using 20 years of nationally representative panel data in South Korea, we estimate how life satisfaction responds to income shocks. We document that unexpected income changes significantly impact an individual's life satisfaction, and the magnitudes depend on the persistence of income shocks. We find that permanent income shocks substantially penetrate life satisfaction, while transitory income shocks have minimal impact. We also find that life satisfaction regarding external factors such as family income and leisure activities is more sensitive to income shocks than life satisfaction related to social relationships. Our findings imply that it is critical for the government to address …
Strategizing Towards The Future Hospital: A Systems Thinking Approach, Ashish Kumar, Sean Shao Wei Lam, Sze Ling Chan, Yingqi Xu, Yao Ge, Geoffrey Kah Tack Gui, Hiang Khoon Tan
Strategizing Towards The Future Hospital: A Systems Thinking Approach, Ashish Kumar, Sean Shao Wei Lam, Sze Ling Chan, Yingqi Xu, Yao Ge, Geoffrey Kah Tack Gui, Hiang Khoon Tan
Research Collection School Of Economics
Background: The complex systemic nature of Future Hospital design in the rapidly ageing city-state of Singapore calls for systems thinking. We apply this approach to answer two research questions: (i) What are the variables that drive the present and future dynamics of the Future Hospital system? (ii) How are these driving variables related? Methods: Causal loop diagrams (CLDs) were developed collaboratively by a cross-functional system modelling team through group modelling discussions and reviews, totalling 20 sessions. Network analysis of the resulting CLDs was used to identify dominant variables. Results: Seven interlocking CLDs (national view, cluster view, and study hospital top …
Valuation Of Crypto Assets On Blockchain With Deep Learning Approach, Xi Zhou, Yin Pang, Esther Ying Yang, Jing Rong Goh, Shaun Shuxun Wang
Valuation Of Crypto Assets On Blockchain With Deep Learning Approach, Xi Zhou, Yin Pang, Esther Ying Yang, Jing Rong Goh, Shaun Shuxun Wang
Research Collection School Of Economics
With the rapid expansion of the blockchain ecosystem, crypto asset valuation has become an essential area of study for investors and institutions. Here, we introduce a deep learning framework that was designed to predict the value index of crypto assets by integrating intrinsic value variables and decomposing market prices into value and sentiment components. The Crypto Asset Value-indexing Model (CAVM) was applied to Ethereum’s cryptocurrency ETH to demonstrate its effectiveness. Four econometric tests were conducted to verify the informativeness, predictiveness, and reasonability of the generated value indices, as well as the efficiency of price decomposition. Our findings suggested that the …
Limit Theory For Local Polynomial Estimation Of Functional Coefficient Models With Possibly Integrated Regressors, Ying Wang, Peter C. B. Phillips
Limit Theory For Local Polynomial Estimation Of Functional Coefficient Models With Possibly Integrated Regressors, Ying Wang, Peter C. B. Phillips
Research Collection School Of Economics
Limit theory for functional coefficient cointegrating regression was recently found to be considerably more complex than earlier understood. The issues were explained and correct limit theory derived for the kernel weighted local level estimator in Phillips and Wang (2023b). The present paper provides complete limit theory for the general kernel weighted local th order polynomial estimators of the functional coefficient and the coefficient derivatives. Both stationary and nonstationary regressors are allowed. Implications for bandwidth selection are discussed. An adaptive procedure to select the fit order is proposed and found to work well. A robust -ratio is constructed following the new …
The Impact Of Nafta On Prices And Competition: Evidence From Mexican Manufacturing Plants, Felipe Brugués, Ayumu Ken Kikkawa, Yuan Mei, Pablo Robles
The Impact Of Nafta On Prices And Competition: Evidence From Mexican Manufacturing Plants, Felipe Brugués, Ayumu Ken Kikkawa, Yuan Mei, Pablo Robles
Research Collection School Of Economics
This paper assesses the impact of the North American Free Trade Agreement on Mexican manufacturing plants’ output prices and markups. We distinguish between Mexican goods that are exported and those sold domestically, and decompose their prices separately into markups and marginal costs. We then analyze how these components were affected by the reductions in Mexican output tariffs, intermediate input tariffs, and U.S. tariffs on Mexican exports. We find that domestically sold products saw a decline in prices as Mexican plants faced more competition and gained access to cheaper inputs. Prices of exported goods fell only slightly as plants increased their …
Estimation And Inference In A Possibly Multicointegrated System With A Fixed Number Of Instruments, Yixiao Sun, Peter C. B. Phillips, Igor L. Kheifets
Estimation And Inference In A Possibly Multicointegrated System With A Fixed Number Of Instruments, Yixiao Sun, Peter C. B. Phillips, Igor L. Kheifets
Research Collection School Of Economics
This paper shows that the mixed normal asymptotic limit of the trend IV estimator with a fixed number of deterministic instruments (fTIV) holds in both singular (multicointegrated) and nonsingular cointegration systems, thereby relaxing the exogeneity condition in (Phillips and Kheifets, 2024, Theorem 1(ii)). The mixed normality of the limiting distribution of fTIV allows for asymptotically pivotal F and t tests about the cointegration parameters and for simple efficiency comparisons of the estimators for different numbers K of instruments, as well as comparisons with the trend IV estimator when K→∞ with the sample size.
Statistical Inference For Noisy Matrix Completion Incorporating Auxiliary Information, Shujie Ma, Po-Yao Niu, Yichong Zhang, Yinchu Zhu
Statistical Inference For Noisy Matrix Completion Incorporating Auxiliary Information, Shujie Ma, Po-Yao Niu, Yichong Zhang, Yinchu Zhu
Research Collection School Of Economics
This article investigates statistical inference for noisy matrix completion in a semi-supervised model when auxiliary covariates are available. The model consists of two parts. One part is a low-rank matrix induced by unobserved latent factors; the other part models the effects of the observed covariates through a coefficient matrix which is composed of high-dimensional column vectors. We model the observational pattern of the responses through a logistic regression of the covariates, and allow its probability to go to zero as the sample size increases. We apply an iterative least squares (LS) estimation approach in our considered context. The iterative LS …
On Strategy-Proofness And The Salience Of Single-Peakedness In A Private Goods Allotment Problem, Shurojit Chatterji, Jordi Masso, Shigehiro Serizawa
On Strategy-Proofness And The Salience Of Single-Peakedness In A Private Goods Allotment Problem, Shurojit Chatterji, Jordi Masso, Shigehiro Serizawa
Research Collection School Of Economics
We consider strategy-proof rules operating on a rich domain of preference profiles in a set up where multiple private goods have to be assigned to a set of agents with entitlements and where preferences display satiation. We show that if the rule is in addition tops-only, same-sided and individually rational with respect to the entitlements, then the preferences in the domain have to satisfy a variant of single-peakedness (referred to as multi-dimensional single-peakedness relative to the entitlements). We also provide a converse of this main finding. It turns out that this domain coincides with the one already identified in a …
Food Self-Sufficiency And Building-Integrated Urban Agriculture: Lessons From Singapore, Tomoki Fujii, Christoph Waibel, Xinyi Du, Zhongming Shi
Food Self-Sufficiency And Building-Integrated Urban Agriculture: Lessons From Singapore, Tomoki Fujii, Christoph Waibel, Xinyi Du, Zhongming Shi
Research Collection School Of Economics
Singapore aims to achieve 30 percent food self-sufficiency by 2030, known as the 30-by-30 target, and this paper reviews Singapore’s changing landscape for urban agriculture and its recent progress towards the 30-by-30 goal, highlighting key challenges such as land constraints, high production costs, and resource limitations. Building-integrated agriculture (BIA), which utilizes building surfaces such as rooftops, façades, and balconies for food production within urban environments, is examined as a potential way to increase self-sufficiency through a simulation. Despite the BIA’s potential, practical issues—including regulatory concerns and infrastructure limitations—must be addressed before it can be implemented at scale. Insights from Singapore’s …
Fintech’S Rise Reshaping Asean’S Financial Future, Swee Liang Tan
Fintech’S Rise Reshaping Asean’S Financial Future, Swee Liang Tan
Research Collection School Of Economics
Fintech can offset the diminishing effects of bank lending on economic growth. By leveraging innovative technologies, fintech companies can reduce transaction costs, address information asymmetry issues and streamline processes such as customer evaluation and risk assessment. This strategic collaboration between banks and fintech firms can lead to improved efficiency and effectiveness in financial services, such as pressuring traditional banks to innovate in areas such as customer interface and processes, ultimately boosting economic growth.
Subway, Collaborative Matching, And Innovation, Yumi Koh, Li Jing, Jianhuan Xu
Subway, Collaborative Matching, And Innovation, Yumi Koh, Li Jing, Jianhuan Xu
Research Collection School Of Economics
Using rapid expansion of the Beijing subway from 2000 to 2018, we analyze its impact on collaborative matches in innovations. We find that an hour reduction in travel time between a pair of locations in Beijing brought 14.85% to 37.69% increase in collaborated patents. Far-apart location pairs were more affected, and the local average causal response is approximately 34.92% to 82.29%. The effect is mainly driven by increased matches among highly productive innovators. The entry of new innovators, relocation of existing innovators, and collaborations among low-productive innovators also contribute to the increase in collaborative matches, especially in the long run.
How Do Insurance Companies Manage Reserves? Evidence From Reserve Errors Across Lines Of Business And Accident Years, Jing Rong Goh, Shinichi Kamiya, Pingyi Lou
How Do Insurance Companies Manage Reserves? Evidence From Reserve Errors Across Lines Of Business And Accident Years, Jing Rong Goh, Shinichi Kamiya, Pingyi Lou
Research Collection School Of Economics
We study the question of how insurance companies manage reserves. Specifically, we investigate how managerial incentives affect insurers’ reserving practice across lines of business (LOBs) and accident years (AYs). Because the tax discount factor the tax authority assigns varies across LOBs and AYs, insurers with stronger tax-saving incentives will be inclined to manage reserves across both LOBs and AYs. In contrast, since the Risk Based Capital (RBC) regime specifies different industry worst-case factors across LOBs, insurers with stronger incentives to increase their RBC ratio will be inclined to manage reserves across LOBs. Regarding income-smoothing incentives, only the overall level (and …
Consumption Responses To Income Shocks Through Lottery Winning, Seonghoon Kim, Kanghyock Koh
Consumption Responses To Income Shocks Through Lottery Winning, Seonghoon Kim, Kanghyock Koh
Research Collection School Of Economics
We study the effects of lottery winning on consumption spending using newly available household survey data in Singapore. We find strong consumption responses to a transitory income shock via lottery wins. Lottery winners spend about half of their prizes within 12 months of winning. We show that consumption responses are stronger among households with more binding liquidity constraints and less risk aversion, which is consistent with the standard life-cycle model. The strong consumption response suggests that fiscal stimulus policies or other public transfer programs could be an effective means of boosting consumption spending of the economy in the short run.
Young Women In Cities: Urbanization And Gender-Biased Migration, Yumi Koh, Jing Li, Yifan Wu, Junjian Yi, Hanzhe Zhang
Young Women In Cities: Urbanization And Gender-Biased Migration, Yumi Koh, Jing Li, Yifan Wu, Junjian Yi, Hanzhe Zhang
Research Collection School Of Economics
Young women outnumber young men in cities in many countries during periods of economic growth and urbanization. This gender imbalance among young urbanites is more pronounced in larger cities. We use the gradual rollout of Special Economic Zones across China as a quasi-experiment to establish the causal impact of urbanization on gender-differentiated incentives to migrate. We highlight the role of the marriage market in increasing rural women’s chance of marrying and marrying up in urban areas during rapid urbanization.
Redesigning Home Reversion Products To Empower Retirement For Singapore's Public Flat Owners, Koon Shing Kwong, Jing Rong Goh, Jordan Jie Xin Lee, Ting Lin Collin Chua
Redesigning Home Reversion Products To Empower Retirement For Singapore's Public Flat Owners, Koon Shing Kwong, Jing Rong Goh, Jordan Jie Xin Lee, Ting Lin Collin Chua
Research Collection School Of Economics
This paper introduces an innovative sell-type home reversion product aimed at monetizing Singapore’s public flats, serving as a new alternative to the existing Singapore Lease Buyback Scheme (LBS). This new product not only retains the LBS’s guaranteed period of residence in the property along with life annuity incomes but also enhances the product features to meet specific homeowner needs, including the ability to age in place, flexibility in retaining part of the property, options for bequests, and guaranteed principal return. By incorporating these additional features, the new product seeks to stimulate greater demand for monetizing public flats among asset-rich but …
Gauging Growth Risk In An International Financial Centre: Some Evidence From Singapore, Hwee Kwan Chow
Gauging Growth Risk In An International Financial Centre: Some Evidence From Singapore, Hwee Kwan Chow
Research Collection School Of Economics
This paper applies the growth-at-risk framework proposed by Adrian et al. (2019) to Singapore, an international financial centre whereby financial shocks are intermediated away quickly. We gauge near-term risks around growth projections taken from the survey of professional forecasters by accounting for financial stress in both local and global financial markets, as well as worldwide economic uncertainty. The conditioning variables are first linked to future growth through quantile regressions, and the estimated quantiles are fitted with skew t-distributions to produce full predictive distributions. Scenario analysis reveals that greater local financial strain tends to widen the uncertainty of growth outlook, higher …
On The Decomposability Of Fractional Allocations, Shurojit Chatterji, Peng Liu
On The Decomposability Of Fractional Allocations, Shurojit Chatterji, Peng Liu
Research Collection School Of Economics
A common practice in dealing with the allocation of indivisible objects is to treat them as infinitely divisible and specify a fractional allocation, which is then implemented as a lottery on integer allocations that are feasible. The question we study is whether an arbitrary fractional allocation can be decomposed as a lottery on an arbitrary set of feasible integer allocations. The main result is a characterization of decomposable fractional allocations, that is obtained by transforming the decomposability problem into a maximum flow problem. We also provide a separate necessary condition for decomposability.
Is Subjective Well-Being Insured Against Income Shocks? Evidence From 20-Year Panel Data In South Korea, Jiyeon Ahn, Taehyun Ahn, Kim
Is Subjective Well-Being Insured Against Income Shocks? Evidence From 20-Year Panel Data In South Korea, Jiyeon Ahn, Taehyun Ahn, Kim
Research Collection School Of Economics
Using 20 years of nationally representative panel data in South Korea, we estimate how life satisfaction responds to income shocks. We document that unexpected income changes significantly impact an individual's life satisfaction, and the magnitudes depend on the persistence of income shocks. We find that permanent income shocks substantially penetrate life satisfaction, while transitory income shocks have minimal impact. We also find that life satisfaction regarding external factors such as family income and leisure activities is more sensitive to income shocks than life satisfaction related to social relationships. Our findings imply that it is critical for the government to address …
Optimal Har Inference, Liyu Dou
Optimal Har Inference, Liyu Dou
Research Collection School Of Economics
This paper addresses the problem of deriving heteroskedasticity and autocorrelation robust (HAR) inference for a scalar parameter of interest, under the assumption of a known upper bound on data persistence. Finite-sample optimal tests are derived within the Gaussian location model, revealing that robustness-efficiency tradeoffs are primarily determined by the maximal persistence. With a suitable adjustment to the critical value, the equal-weighted cosine (EWC) test emerges as nearly optimal, wherein the long-run variance is estimated through projections onto q type II cosines. This approach establishes a direct link between the choice of q and persistence assumptions, accompanied by adjustments to the …
Evaluation Of Unplanned Reattendances To The Pediatric Emergency Department: A Five-Year Study, Liying Toh, Jin Wee Lee, Siok Hoon Ang, Sashikumar Ganapathy, Janani D/O Nadarajan, Shu-Ling Chong
Evaluation Of Unplanned Reattendances To The Pediatric Emergency Department: A Five-Year Study, Liying Toh, Jin Wee Lee, Siok Hoon Ang, Sashikumar Ganapathy, Janani D/O Nadarajan, Shu-Ling Chong
Research Collection School Of Economics
Background: Unplanned reattendances (UR) are an important quality indicator in the emergency department (ED). Understanding the risk factors associated with UR can aid clinicians in optimizing the allocation of time and resources, as well as targeted counselling for this specific group of patients. In this study, we aimed to compare patient characteristics between children who attended a pediatric emergency department (ED) with unplanned reattendances (UR) and those without UR. We also aimed to study the association between healthcare delivery factors such as timing of the attendance, patient load, changeover months for rotating junior doctors, presence of supervision, and rate of …
Estimating Firm-Level Production Functions With Spatial Dependence, Pao-Li Chang, Ryo Makioka, Bo Lin Ng, Zhenlin Yang
Estimating Firm-Level Production Functions With Spatial Dependence, Pao-Li Chang, Ryo Makioka, Bo Lin Ng, Zhenlin Yang
Research Collection School Of Economics
This paper proposes a three-stage efficient GMM estimation algorithm for estimating firm-level production functions given spatial dependence across firms due to supplier-customer relationships, sharing of input markets, or knowledge spillover. The procedure builds on Ackerberg, Caves and Frazer (2015) and Wooldridge (2009), but in addition, allows the productivity process to depend on the lagged output levels and lagged input usages of related firms, and spatially correlated productivity shocks across firms, where the set of related firms can differ across the three dimensions of spatial dependence. We establish the asymptotic properties of the proposed estimator, and conduct Monte Carlo simulations to …
Social Institutions And Low Birth Rates, Christine Ho, Yutao Wang
Social Institutions And Low Birth Rates, Christine Ho, Yutao Wang
Research Collection School Of Economics
We document three cross-sectional stylized facts on labor supply and family formation. First, female labor force participation (FLFP) and total fertility rates (TFRs) are much lower in Eastern societies compared to Western economies. Second, labor hours and the gender pay gap are much higher in the East than in the West. Third, parents invest more in schooling in Eastern societies compared to Western economies. To account for these features, we develop and estimate a rich heterogeneous-agent model with endogenous marriage, fertility, labor supply, and time and money investment in children. Estimates using data from South Korea and the United States …
Granulocyte Colony Stimulating Factor Promotes Scarless Tissue Regeneration, Jianhe Huang, Satish: Murphy Sati, Casey A. Spencer, Emmanuel Rapp, Stephen M. Prouty, Scott Korte, Olivia Ahart, Emily Sheng, Anna E. Kersh, Denis Leung, Thomas H. Leung, Leung, Denis H. Y.
Granulocyte Colony Stimulating Factor Promotes Scarless Tissue Regeneration, Jianhe Huang, Satish: Murphy Sati, Casey A. Spencer, Emmanuel Rapp, Stephen M. Prouty, Scott Korte, Olivia Ahart, Emily Sheng, Anna E. Kersh, Denis Leung, Thomas H. Leung, Leung, Denis H. Y.
Research Collection School Of Economics
Mammals typically heal with fibrotic scars, and treatments to regenerate human skin and hair without a scar remain elusive. We discovered that mice lacking C-X-C motif chemokine receptor 2 (CXCR2 knockout [KO]) displayed robust and complete tissue regeneration across three different injury models: skin, hair follicle, and cartilage. Remarkably, wild-type mice receiving plasma from CXCR2 KO mice through parabiosis or injections healed wounds scarlessly. A comparison of circulating proteins using multiplex ELISA revealed a 24-fold higher plasma level of granulocyte colony stimulating factor (G-CSF) in CXCR2 KO blood. Local injections of G-CSF into wild-type (WT) mouse wound beds reduced scar …
(Trade) War And Peace: How To Impose International Trade Sanctions, Gustavo De Souza, Naiyuan Hu, Haishi Li, Yuan Mei
(Trade) War And Peace: How To Impose International Trade Sanctions, Gustavo De Souza, Naiyuan Hu, Haishi Li, Yuan Mei
Research Collection School Of Economics
What is the most cost-efficient way to impose trade sanctions against Russia? We build a quantitative model of international trade with input–output connections. Sanctioning countries choose import tariffs to simultaneously maximize their income and minimize Russia's income, with different weights placed on these objectives. We find, first, that for countries with low willingness to pay for sanctions against Russia, the most cost-efficient sanction is an approximately 20% tariff on all Russian products. Second, if countries are willing to pay at least US$0.70 for each US$1 drop in Russian welfare, an embargo on Russia's mining and energy products is the most …
Recruitment Of Cxcr4+ Type 1 Innate Lymphoid Cells Distinguishes Sarcoidosis From Other Skin Granulomatous Diseases, Satish Sati, Jianhe Huang, Anna E. Kersh, Parker Jones, Olivia Ahart, Christina Murphy, Stephen M. Prouty, Matthew L. Hedberg, Vaibhav Jain, Simon G. Gregory, Leung, Denis H. Y., John T. Seykora, Misha Rosenbach, Thomas H. Leung
Recruitment Of Cxcr4+ Type 1 Innate Lymphoid Cells Distinguishes Sarcoidosis From Other Skin Granulomatous Diseases, Satish Sati, Jianhe Huang, Anna E. Kersh, Parker Jones, Olivia Ahart, Christina Murphy, Stephen M. Prouty, Matthew L. Hedberg, Vaibhav Jain, Simon G. Gregory, Leung, Denis H. Y., John T. Seykora, Misha Rosenbach, Thomas H. Leung
Research Collection School Of Economics
Sarcoidosis is a multiorgan granulomatous disease that lacks diagnostic biomarkers and targeted treatments. Using blood and skin from patients with sarcoid and non-sarcoid skin granulomas, we discovered that skin granulomas from different diseases exhibit unique immune cell recruitment and molecular signatures. Sarcoid skin granulomas were specifically enriched for type 1 innate lymphoid cells (ILC1s) and B cells and exhibited molecular programs associated with formation of mature tertiary lymphoid structures (TLSs), including increased CXCL12/CXCR4 signaling. Lung sarcoidosis granulomas also displayed similar immune cell recruitment. Thus, granuloma formation was not a generic molecular response. In addition to tissue-specific effects, patients with sarcoidosis …