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We explore the impact of equity liquidity on a firm’s dynamic leverage adjustments and the moderating impacts of leverage deviation and target instability on the link between equity liquidity and dynamic leverage in the UK market.

In applying the two-step system GMM, we estimate our model by exploring suitable instruments for the dynamic variable(s), i.e. lagged values of the dynamic term(s).

Our analyses document that a firm’s equity liquidity has a positive impact on the speed of adjustment (SOA) of its leverage ratio back to the target ratio in the UK market. We also demonstrate that the positive relationship between liquidity and SOA is more pronounced for firms whose current position is relatively close to their target leverage ratio and whose target ratio is relatively stable.

This study provides important implications for both firms’ managers and investors. Particularly, firms’ managers who wish to increase the leverage SOA to enhance firms’ value need to give great attention to their equity liquidity. Investors who want to evaluate firms’ performance could also consider their equity liquidity and leverage SOA.

We are the first to enrich the literature on leverage adjustments by identifying equity liquidity as a new determinant of SOA in a single developed country with many differences in the structure and development of capital markets, ownership concentration and institutional characteristics. We also provide new empirical evidence of the joint effect of equity liquidity, leverage deviation and target instability on leverage SOA.

This study illustrates the economic and financial dynamics of the sector, analysing the evolution of the main ratios of profitability and financial structure of 1,559 Italian real estate companies divided into the three macro-regions: North, Centre and South, in the period 2011–2020. In this way, it is also possible to verify the responsiveness to the 2020 pandemic crisis.

The analysis uses descriptive statistics tools and the ANOVA method of analysis of variance, supplemented by the Tukey–Kramer test, to identify significant differences between the three Italian macro-regions.

The study shows the increase in profitability after the 2008 crisis, despite its reverberation in the years 2012–2013. The financial structure of companies improved almost everywhere. The pandemic had modest effects on performance.

In the future, other indices should be considered to gain a more comprehensive view. This is a quantitative study based on financial statements data that neglects other important economic and social factors.

Public policies could use this study for better interventions to support the sector. In addition, internal management can compare their company's performance with the industry average to identify possible improvements.

The research analyses an economic field that employs a large number of people, especially when considering the construction and real estate services covered by this analysis.

The study contributes to the literature by providing a quantitative analysis of industry dynamics, with comparative information that can be deduced from financial statements over the years.

We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in aggregate investment can reduce the informational value of investment, depressing firms' recovery values. Therefore, policies boosting investment can decrease debt and firm values by reducing the informational value of investment. The presence of debt overhang may enhance firm value by making firms' investment decisions more informative. We present suggestive empirical evidence consistent with model predictions on the relation between firms' investments and recovery rates.

This study aimed to explore the determining factors for green bond markets in ASEAN plus three countries. In contrast to previous publications that primarily examined the incentives for green bonds and institutional differences among economies, the analysis focused on the role of competition among sub-financial sectors in fostering the growth of green bond markets.

This study adopted Driscoll and Kraay fixed effect panel methods to account for country-level heterogeneity and enhance efficiency, using quarterly data from 2016 to 2022.

The findings showed that healthy competition among sub-financial sectors was crucial for the growth of green bond markets. Growth in specific sub-financial sectors such as brown corporate bond and stock markets as well as banks contributed positively to these markets. Variables related to market microstructure also had no significant impact on green bonds but macroeconomic factors did.

The findings suggested that governments should promote healthy competition among sub-financial sectors and implement diverse policies to ensure the sustainable growth of green bond markets.

This study further pioneered the importance of competition among sub-financial sectors for the development of green bond markets.

This paper aims to unravel the puzzle that the United Kingdom’s high-quality government accounting and fiscal architecture is associated with low-quality outcomes, including poor productivity growth, high public debt, public services which do not meet citizen expectations and historically high levels of taxation. It contributes to public sector accounting research in the fields of fiscal transparency and governance.

This paper uses Miller and Power’s (2013) economization framework and Dunsire’s (1990) concept of collibration to explain why being a global leader in public sector accounting reform and in fiscal and monetary architecture has not protected the UK from weak governance. The intersection of economization’s roles of accounting with modes of government accounting clarifies the puzzle.

Whereas accruals government accounting contributes to fiscal transparency, this is not a sufficient condition for well-judged policy and its effective application. Collibration is the dominant mechanism for mediation in the fiscally centralized UK, but it has failed to deliver stable outcomes, in part because Parliament is limited in its ability to hold back inappropriate behaviour by the Executive. Subjectivization has disrupted adjudication because governments at all levels resist constraints on their behaviour, with unpredictable and often damaging consequences.

This paper provides insights through the combined lens of economization and modes of government accounting, demonstrating the practical value of this conceptualization. Although some causes for unsatisfactory outcomes are specific to the UK, there are cautions for accounting and fiscal reformers in other countries, such as Member States of the European Union.

The purpose of this study is to re-evaluation fuselage design when the main wing’s has the ability to fulfill stability requirements without the need for a tailplane. The aerodynamic requirements of the fuselage usually involve a trade-off between reducing drag and providing enough length for positioning the empennage to ensure stability. However, if the main wing can fulfill the stability requirements without the need for a tailplane, then the fuselage design requirements can be re-evaluated. The optimisation of the fuselage can then include reducing drag and also providing a component of lift amongst other potential new requirements.

A careful investigation of parameterisation and trade-off optimisation methods to create such fuselage shapes was performed. The A320 Neo aircraft is optimised using a parameterised 3D fuselage model constructed with a modified PARSEC method and the SHERPA optimisation strategy, which was validated through three case studies. The geometry adjustments in relation to the specific flow phenomena are considered for the three optimal designs to investigate the influencing factors that should be considered for further optimisation.

The top three aerodynamic designs show a distinctive characteristic in the low aspect ratio thick wing-like aftbody that has pressure drag penalties, and the aftbody camber increased surface area notably improved the fuselage’s lift characteristics.

This work contributes to the development of a novel set of design requirements for a fuselage, free from the constraints imposed by stability requirements. By gaining insights into the flow phenomena that influence geometric designs when a lift requirement is introduced to the fuselage, we can understand how the fuselage configuration was optimised. This research lays the groundwork for identifying innovative design criteria that could extend into the integration of propulsion of the aftbody.

Carbon emissions commonly serve as an indicator for environmental friendliness, and so more and more carbon emission calculators (CECs) are offered that allow an estimation of the environmental footprint of freight transport operations. Unfortunately, their exact measurement is challenging due to the availability or poor quality of necessary input data and a multitude of possible calculation methods that may result in highly inaccurate to very misleading figures.

A structured online search was conducted to identify suitable online carbon emission calculators (OCECs) for further assessment in the form of a benchmark case that includes different modes of transport from road and rail to air and sea between China and Europe. Further comparison resulted in a ranking of OCECs along the categories of transparency (routing system, data sources and calculation method), completeness (input options) and accuracy (data output).

Different predefined inputs and calculation methods employed by the OCECs assessed inevitably result in a wide spread of more or less reliable carbon footprint measurement results.

All potential users of CECs, including policymakers, actors from the transport industry and other stakeholders, are well advised to question greenhouse gas (GHG) emission statements that are not backed by transparent procedures and internationally recognized calculation standards.

This study, including a benchmark case and a ranking, offers a guideline for potential users of CEC to avoid major pitfalls coming along with the present carbon footprint measurement of freight transport operations.

The primary objective of this paper is to explore the robust determinants influencing the infection rate and case mortality rate of COVID-19 in both developing and developed economies. The analysis is conducted using a dataset encompassing 148 countries.

To achieve this goal, empirical testing utilizes the Sala-i-Martin version of extreme bounds analysis, a method grounded in the cumulative density function. This approach allows for a comprehensive exploration of potential determinants.

The analysis results reveal that, to a large extent, distinct factors contribute to the infection and mortality rates in developed and developing countries. Notwithstanding these differences, certain common factors emerge, such as the risk environment, the number of tests conducted per million people and the percentage of the population over 65.

Despite acknowledging the potential limitations inherent in official data, this study concludes that the presented results offer valuable insights. The identified determinants, both unique and common, contribute to understanding the dynamics of COVID-19 in diverse economic settings. The information gleaned from this research holds significance for decision-makers involved in combating the ongoing pandemic.