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Throughout the 21st century, US households have experienced unprecedented levels of leverage. This dynamic has been exacerbated by income shortfalls during the COVID-19 crisis. Leveraging and deleveraging decisions affect household consumption. This study investigates the effect of the dynamics of household leverage and consumption on the stock market.

The authors explore the relation between household leverage and consumption in the context of the consumption capital asset pricing model (CCAPM). The authors test the model's implication that leverage has a negative risk premium by transforming the asset pricing restriction into an unconditional linear factor model and estimate the model using the general method of moments procedure. The authors run time-series regressions to estimate individual stocks' exposures to leverage, and cross-sectional regressions to investigate the leverage risk premium.

The authors show that shocks to household debt have strong and lasting effects on consumption growth. The authors extend the CCAPM to accommodate this effect and find, using various test assets, a negative risk premium associated with household deleveraging. Looking at individual stocks the authors show that the deleveraging risk premium is not explained by well-known risk factors.

This paper contributes to the literature on the role of leverage in economics and finance by establishing a relation between household leverage and spending decisions. The authors provide novel evidence that households' leveraging and deleveraging decisions can be a fundamental and influential force in determining asset prices. Further, this paper argues that household leverage might explain the small, persistent, and predictable component in consumption growth hypothesised in the long-run risk asset pricing literature.

The study aims to propose a conceptual Bhartiya (Indian) model of workplace spirituality (WPS) in non-profit organisations (NPOs) in the context of burnout and resilience by synthesising the concepts of the east and the west. The researchers have kept an open approach by exploring various dimensions of WPS by reviewing the extant literature of both the east and the west. The researchers delved into Bhartiya (Indian) scriptures to identify the concepts that have similarity with the dimensions of WPS so that it may further assist in facilitating those dimensions in NPOs. Furthermore, to propose a conceptual Bhartiya model for NPOs, the researchers synthesised the literature pool of Bhartiya studies on WPS. They examined how WPS decreases burnout and leads to resilience. The study’s findings reveal that concepts from Bhartiya scriptures such as Karm Yog (Nishkam Karm, self-abnegation, swadharm), parasparam bhavayantaha, loksangrah, daivi sampat and kritagyata are instrumental in facilitating the constructs of WPS. Meaningful work is facilitated through karm yog; sense of community is facilitated through parasparam bhavayantaha and loksangrah; and alignment with organisational values is facilitated through daivi sampat and kritagyata. The findings further suggest that WPS is an antidote to burnout and an enabler of resilience.

The authors of this study aim to investigate possible explanations of the prevalence of price clustering in the final offer prices of mergers and acquisitions (M&A).

The authors use final offer price in M&A deals to investigate the price clustering phenomena. The authors used regressions and logistic regressions to examine potential factors that might affect pricing strategy by looking into one-time acquirers and experienced serial acquirers.

Price clustering increases with negotiation uncertainties characterized as competitive bidding, number of bidders, challenged deals and duration. Moreover, the authors find persistent price clustering in experienced serial acquirers that are more experienced and better equipped with handling uncertainties, suggesting a preference of using round numbers regardless of levels of uncertainties. The authors' evidence shows that price clustering results from a combination of Harris' (1991) costly negotiation hypothesis where round prices may be used to lower search costs and psychological bias and preference.

The authors appear to be the first to investigate alternative theories that support M&A offer price clustering behavior, finding that both the costly negotiation and psychological bias and preference theories apply to M&A final price formation. Thus, the authors' major contribution, specific to the M&A process, is a clarification of physical and psychological factors associated with bidding and negotiation behavior. The authors are confident that the authors' study impacts conventional knowledge regarding M&A deal negotiation strategies, including bidding behavior, contract negotiation, financial analysis, management practices and risk management.

This paper aims to investigate the differences in hot corrosion behavior of the GTD222 superalloy and TiC/GTD222 composite in a mixed salt of 75% Na₂SO₄ and 25% K₂SO₄ at 900°C.

The GTD222 superalloy and TiC/GTD222 nickel-based composite were prepared using selective laser melting (SLM). Subsequently, the hot corrosion behavior of the two alloys was systematically investigated in a salt mixture consisting of 75% Na₂SO₄ and 25% K₂SO₄ (Wt.%) at 900°C.

The TiC/GTD222 composite exhibited better hot corrosion resistance compared to the GTD222 superalloy. First, the addition of alloying elements led to the formation of a protective oxide film on the TiC/GTD222 composites 20 h before hot corrosion. Second, TiC/GTD222 composite corrosion surface has a higher Ti content, after 100 h of hot corrosion, the composite corrosion surface Ti content of 10.8% is more than two times the GTD222 alloy 4% Ti. The Ti and Cr oxides are tightly bonded, effectively resisting the erosion of corrosive elements.

The hot corrosion behavior of GTD222 superalloy and TiC/GTD222 composites prepared by SLM in a mixed salt of 75% Na₂SO₄ and 25% K₂SO₄ was studied for the first time. This study provides insights into the design of high-temperature alloys resistant to hot corrosion.

Drawing on the social identity theory, this paper explores the impact of rider–driver ethnicity match on the driver’s expected ride satisfaction and willingness to perform, and rider’s trust on the driver.

The study relies on scenario-based online experiments with 291 ride-hailing drivers and 282 riders in the USA.

The findings indicate that ethnicity match between ride-hailing drivers and riders positively impact driver’s ride satisfaction and willingness to perform, and rider’s trust in the driver. The study also revealed a significant positive moderation effect of ethnic identity on the relationship of ethnicity match and those constructs.

While it may be challenging to influence an individual’s level of ethnic identity, managers can take steps to educate and train their employees regarding the impact of ethnic identity and discrimination, with a particular focus on those individuals who possess a strong sense of ethnic identity.

The findings of this research provide theoretical contributions to the existing literature on ride-hailing services and adds to the limited stream of logistics research that examines the impact of ethnicity on ride-hailing operations.

This study aims to examine the relationship between CEO characteristics and the value of excess cash holdings from the perspective of resource-based view (RBV) theory in the context of Malaysia.

The analyses were made using ordinary least squares across 173 non-financial firms listed in Bursa Malaysia over the period of 2015–2021. The authors address potential endogeneity through the generalized method of moments. The results are also robust to alternative measures of excess cash holdings.

The results showed that female CEOs and CEOs’ educational level are significantly positively related to the value of excess cash holdings. In contrast, CEO tenure and CEO age negatively affect a firm’s excess cash valuation. The results are robust to measurement error and endogeneity issues.

The empirical results have useful policy implications. For practitioners, firms are recommended to prioritize the selection of female CEOs and CEOs with high education levels within their top management, as this initiative can result in improved value associated with excess cash holdings. In addition, policymakers are recommended to guide programs that attempt to improve educational attainment and gender diversity in business leadership. This study also provides investors with insightful information about the possible relationship between CEO traits and company performance, especially with regard to measures for managing surplus capital.

To the best of the authors’ knowledge, this study is the first to explore the role of CEO characteristics in the value of excess cash holdings based on the RBV theory.

The few previous researches on the impact of calf compression garments (CG) on running performance while assessing physiological and perceptual factors. Therefore, this study investigated how the clothing pressure of two types of Calf CG, CG1 and CG2, affects muscle fatigue and activation during running.

Five healthy amateur runners(three female and two male)were recruited for a 30-min running trial. They wear a Calf CG on their right leg (CG group), but not on their left leg(CON group). After obtaining the clothing pressure of Calf CG on the gastrocnemius lateral head (GL), gastrocnemius medial head (GM) and tibialis anterior(TA) of the right leg, surface electromyography (sEMG)of four muscles of GL, GM, TA and rectus femoris (RF) of the left and right legs were measured during running, and heart rate, cardiopulmonary rate, and human RPE were also measured. Blood bleed oxygen before and after the running trial were measured. The root mean square (RMS) of the characteristic values was selected as an index for the analysis of sEMG signals, and the data were analyzed using statistical and computational methods.

The results showed that the indexes of heart rate, blood oxygen, and RPE were significantly increased, indicating that the subjects had reached the fatigue level. The comparison of mean clothing pressure at GL, GM and TA locations reveals that the TA location consistently exhibits the highest pressure for both types of CG. When wearing CG1, the mean clothing pressure at the GL and GM test points is greater than that of CG2(CG1-GL = 0.2059 kPa > CG2-GL = 0.148 kPa; CG1-GM = 0.1633 kPa > CG2-GM = 0.127 kPa). This is attributed to the double-layered fabric on the sides of CG1, which precisely covers the GL and GM areas, thereby resulting in higher mean clothing pressure at these locations compared to CG2. Conversely, the mean clothing pressure at the TA location for CG1 is lower than that for CG2(CG1-TA = 0.3852 kPa < CG2-TA = 0.426 kPa). The pressure exerted by the CG1 on the lower limb test areas has both positive and negative effects, though neither are statistically significant. The pressure exerted by CG2 alleviates fatigue at the directly affected locations GL and GM, but exerts excessive pressure on TA, resulting in a negative effect. Additionally, CG2 pressure alleviates fatigue at the indirectly affected location RF on the same side. Based on the specific clothing pressure data, it is concluded that when the pressure at the GM location is 0.127 kPa, 30 min of running has a fatigue-relieving effect. However, the pressure should not be excessively high, at 0.1633 kPa it exhibits an insignificant adverse effect. At the TA location, a garment pressure mean between 0.3852 and 0.426 kPa does not alleviate fatigue after 30 min of running, and the negative effect becomes more pronounced as the pressure increases. The pressure exerted by the CG at GL, GM, TA and RF locations shows significant changes from the previous time period during the 15–18 min interval after running. Therefore, in the design of CG, attention should be paid to the changes in clothing pressure effects on muscles during this specific time period.

The few previous researches on the impact of calf compression garments (CG) on running performance while assessing physiological and perceptual factors. Therefore, this study investigated how the clothing pressure of two types of Calf CG, CG1 and CG2, affects muscle fatigue and activation during running.

Machine learning (ML), and deep learning in particular, is gaining traction across a myriad of real-life applications. Portfolio management is no exception. This paper provides a systematic literature review of deep learning applications for portfolio management. The findings are likely to be valuable for industry practitioners and researchers alike, experimenting with novel portfolio management approaches and furthering investment management practice.

This review follows the guidance and methodology of Linnenluecke et al. (2020), Massaro et al. (2016) and Fisch and Block (2018) to first identify relevant literature based on an appropriately developed search phrase, filter the resultant set of publications and present descriptive and analytical findings of the research itself and its metadata.

The authors find a strong dominance of reinforcement learning algorithms applied to the field, given their through-time portfolio management capabilities. Other well-known deep learning models, such as convolutional neural network (CNN) and recurrent neural network (RNN) and its derivatives, have shown to be well-suited for time-series forecasting. Most recently, the number of papers published in the field has been increasing, potentially driven by computational advances, hardware accessibility and data availability. The review shows several promising applications and identifies future research opportunities, including better balance on the risk-reward spectrum, novel ways to reduce data dimensionality and pre-process the inputs, stronger focus on direct weights generation, novel deep learning architectures and consistent data choices.

Several systematic reviews have been conducted with a broader focus of ML applications in finance. However, to the best of the authors’ knowledge, this is the first review to focus on deep learning architectures and their applications in the investment portfolio management problem. The review also presents a novel universal taxonomy of models used.

Motivated by concerns and the ongoing debate regarding auditors’ independence and impartiality, this paper aims to examine the impact of the financial crisis on non-audit services (NAS) provision and audit quality (main and robust variables) in the four largest Eurozone countries together during the global financial crisis (GFC).

The authors used a time trend OLS model with a dummy variable as well as a baseline model with a dummy and control variables accounting for multicollinearity, considering the characteristics of the GFC.

It documented a positive (negative) relationship between NAS provision (audit quality) and crisis in four Eurozone countries, Germany, France, Italy and Spain, in the context of a baseline approach, supporting the hypotheses that there are higher non-audit fees and a lower audit quality. Moreover, it is revealed that NAS provision and audit quality behave similarly, using a time trend approach, during the GFC. Considering the role of the auditor specialization or not (Big4 vs non-Big4) in companies, a significant effect from crisis on non-audit fees and audit quality for the four countries under the baseline approach is found. In general, the findings persist for NAS provision and audit quality using the robust methods of the time trend and panel OLS approaches. Multicollinearity was not found to affect the findings of the regressions.

The study provides important implications for firm managers, auditors and regulatory authorities.

To the best of the author’s knowledge, it is the first time that the impact of the crisis on non-audit fees and audit quality is investigated during the GFC with two sets of OLS models (a time trend OLS with a dummy and a panel OLS with a dummy and control variables) in four largest Eurozone countries together.

Safety management plays an important part in coal mine construction. Due to complex data, the implementation of the construction safety knowledge scattered in standards poses a challenge. This paper aims to develop a knowledge extraction model to automatically and efficiently extract domain knowledge from unstructured texts.

Bidirectional encoder representations from transformers (BERT)-bidirectional long short-term memory (BiLSTM)-conditional random field (CRF) method based on a pre-training language model was applied to carry out knowledge entity recognition in the field of coal mine construction safety in this paper. Firstly, 80 safety standards for coal mine construction were collected, sorted out and marked as a descriptive corpus. Then, the BERT pre-training language model was used to obtain dynamic word vectors. Finally, the BiLSTM-CRF model concluded the entity’s optimal tag sequence.

Accordingly, 11,933 entities and 2,051 relationships in the standard specifications texts of this paper were identified and a language model suitable for coal mine construction safety management was proposed. The experiments showed that F1 values were all above 60% in nine types of entities such as security management. F1 value of this model was more than 60% for entity extraction. The model identified and extracted entities more accurately than conventional methods.

This work completed the domain knowledge query and built a Q&A platform via entities and relationships identified by the standard specifications suitable for coal mines. This paper proposed a systematic framework for texts in coal mine construction safety to improve efficiency and accuracy of domain-specific entity extraction. In addition, the pretraining language model was also introduced into the coal mine construction safety to realize dynamic entity recognition, which provides technical support and theoretical reference for the optimization of safety management platforms.