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This study aims to investigate the impact of local windfall gains from the Spanish Christmas lottery on household consumption behavior.

The study applies differences-in-differences to assess permanent income hypothesis (PIH) validity, examining pre- and postlottery consumption effects. Additionally, it also uses an instrumental variable regression, using the lottery shock as an instrument for total expenditures, to estimate the Engel curves.

The paper finds a PIH violation; households in winning region notably increase consumption on durable and nondurable goods compared to nonwinning ones. Moreover, durable goods consumption is responsive to lottery winnings, while nondurable goods consumption are unit-elastic to expenditure shocks.

To the best of the author’s knowledge, this is the first paper analyzing the effects of winning regions of the Spanish Christmas lottery in all types of consumption goods, testing its consequences in the PIH and estimating its effects in the Engel curves.

A debate on whether new ventures should be supported with public funding is taking place. Adopting a position on this discussion requires rigorous assessments of implemented programs. However, the few existing efforts have mostly focused on regional cases in developed countries. To fill this gap, this paper aims to measure the effects of a regional acceleration program in a developing country (Medellin, Colombia).

The economic notion of capabilities is used to frame the analysis of firm characteristics and productivity, which are hypothesized to be heterogeneous within the program. To test these relationships, propensity score matching is used in a sample of 60 treatment and 16,994 control firms.

This paper finds that treated firms had higher revenue than propensity score-matched controls on average, confirming a positive impact on growth measures. However, such financial growth is mostly observed in service firms rather than other economic sectors.

Further evaluations, with a longer period and using more outcome variables, are suggested in the context of similar publicly funded programs in developing countries.

These findings tip the balance in favor of the literature suggesting supportive programs for high-growth firms as opposed to everyday entrepreneurship. This is an insight, especially under the context of an emerging economy, which has scarce funding to support entrepreneurship.

This paper aims to examine whether China's grain price support policy has distorted the grain market price.

The time-varying differences-in-differences (DID) model is used to study the impact of support policies on grain prices, and it is combined with the event study method to explore the dynamic effects of price support policy. Panel data model is used to study the effect of the price support policy on price formation for national grain market prices. In addition, we apply the smooth transformation (STR) model to verify whether there is a distortion in the transmission of grain prices among different markets in China and from the international market to China’s market.

China’s grain price support policy plays a significant role in rising grain market prices, weakens the decisive role of the market mechanism in the formation of grain prices, hinders the spatial transmission of market price signals and decreases the effect of price transmission from the world market to China’s market.

In order to ensure both the stability of grain production as well as the market stability, and also to ensure that intervention policies do not distort the food market, the minimum purchase price of grain and market regulation policies should be adjusted as follows: (1) price support policy should be shifted to an income support policy and (2) reasonably determine the scale of reserves and implement a grain minimum purchase price policy in limited areas.

Our findings are relevant for understanding the effect of China's grain price support policies on the implementation regions and the price transmission effect, which provide reference experience for developing countries to implement food price policies.

This paper aims to examine the effect of corporate social responsibility (CSR) on firm performance (FP) of companies listed on the Tunis Stock Exchange.

This paper reports on two empirical studies. The first was an exploratory qualitative study carried out on a sample of 30 Tunisian companies operating in different sectors. The second empirical study used a panel data regression analysis, to examine data from 46 companies listed on the Tunis Stock Exchange during the 2017 to 2021 period.

The results of the exploratory qualitative study pointed out the specificities of the Tunisian context as to the importance of CSR. The results highlighted also the importance of the 2018 CSR law in Tunisia, yet it drew attention to the non-implementation of its applying texts, meaning that CSR is not always enforced in the Tunisian context. Moreover, in this qualitative study, most companies confirmed that CSR is a key factor behind good governance practices. By studying the impact of CSR on various FP proxies, the results highlight that CSR has a positive and significant impact on FP measured by ROA as an accounting variable and stock returns as a market-measure variable. In addition, the authors confirm the moderating effect of innovation on the CSR and FP relationship. Indeed, innovation affects corporate FP differently. It hinders accounting-based FP while fostering the market-based one.

The study provides insights for managers into how CSR approaches can be used to maximize profits, improve its FP and reputation, while considering the corporate innovative capacities. CSR is a real performance lever for companies, a means of improving their economic, environmental and social efficiency. It enables companies to anticipate constraints and prevent risks, reduce certain operational costs, optimize resources, communicate a good image and stand out from the competition, gain easier access to innovation, strengthen their competitive edge, gain easier access to financing and strengthen their territorial and social roots.

The main contribution of this paper is the adoption of two empirical approaches. These two methods are complementary. The first is an exploratory qualitative approach aimed at better understanding the current state of CSR implementation by Tunisian companies. The second one is quantitative, a panel data regression analysis. Furthermore, the authors test the moderating effect of innovation on the studied link. To the best of the authors’ knowledge, this is the first paper that investigates the moderating effect of innovation on CSR FP in the Tunisian context. Finally, robustness tests were conducted to test the reliability of this study’s results.

This study aims to fill a gap in the literature by providing evidence for a “greenium” in the primary Sukuk market. The term “greenium” is defined in the study as the lower cost of capital or reduced yields that green Sukuk may offer compared to non-green Sukuk, reflecting investor willingness to accept lower returns for green investments. Therefore, the main aim of this study is to investigate the potential role of “greenium” as an incentive for issuers to fund eco-friendly projects, contributing to a sustainable environment.

This study uses propensity score matching techniques to provide an accurate comparison of pricing differences between green and non-green Sukuk issued in global primary markets during the period 2017–2022.

The results reveal that green Sukuk signify a “greenium” effect. This suggests that investors find green Sukuk attractive, willing to accept lower returns. Given the positive investor response to green initiatives in the market, issuers can capitalize on the growing demand for green Sukuk, leading to low-cost funding.

This study makes an important contribution to the literature at the interface of Islamic finance and environmental sustainability. In particular, it stands out by focusing on the pricing dynamics in the green Sukuk market and highlights the potential benefits of issuing green Sukuk to help achieve sustainability goals while providing access to lower cost of capital for the transition to a low-carbon economy.

This study aims to assess the impact of participation in self-help group (SHG) on the psychological empowerment of rural tribal women.

Primary data was collected using multistage random sampling from the rural women of Jharkhand, India. The propensity score matching method was adopted using the psmatch2 command in STATA.

The results show a significant positive change in women’s self-esteem, self-confidence, self-efficacy, autonomy, knowledge and skills, reduction in agony and quality of life after participation in SHG. This reveals that participation in SHG has a significant positive impact on the psychological empowerment of rural tribal women.

Despite the numerous studies on rural women’s empowerment, there is little evidence of literature focusing on the impact of participation in SHG on psychological empowerment, specifically in the tribal context. This study primarily focuses on women belonging to the scheduled tribe category of Jharkhand, one of the poorest states of India.

Prior research on meeting or beating earnings thresholds documents that firms with earnings momentum are awarded with valuation premiums. However, it is unclear from this strand of literature why this is the case. Therefore, this study aims to investigate the effects of time-varying earnings persistence on earnings momentum and their pricing effects.

This study exploits a firm that reports earnings momentum as research setting to examine whether earnings persistence is significantly higher for firms with consecutive earnings increases. In addition, it investigates a relation between earnings momentum and fundamentals-driven earnings persistence and estimates return associations of earnings momentum conditional on economic-based persistence of earnings.

The empirical evidence suggests that firms with earnings momentum reflect higher time-varying earnings persistence. It further reveals that longer duration of earnings momentum is associated with higher fundamentals-driven earnings persistence. More importantly, valuation premiums are exclusively assigned to earnings momentum determined by strong firm fundamentals, not momentum itself.

This study provides new empirical evidence that valuation premiums accrued to firms with earnings momentum are conditional on time-varying earnings persistence. The research implications are relevant to investors, regulators and auditors, as the results bring conclusions that earnings momentum reflects successful business models not poor accounting quality. This leads to a more complete view of earnings momentum and helps allocate resources when evaluating earnings-momentum firms.

Material extrusion-based additive manufacturing is a prominent manufacturing technique to fabricate complex geometrical three-dimensional (3D) parts. Despite the indisputable advantages of material extrusion-based technique, the poor surface and subsurface integrity hinder the industrial application of this technology. The purpose of this study is introducing the hot air jet treatment (HAJ) technique for surface treatment of additive manufactured parts.

In the presented research, novel theoretical formulation and finite element models are developed to study and model the polishing mechanism of printed parts surface through the HAJ technique. The model correlates reflow material volume, layer width and layer height. The reflow material volume is a function of treatment temperature, treatment velocity and HAJ velocity. The values of reflow material volume are obtained through the finite element modeling model due to the complexity of the interactions between thermal and mechanical phenomena. The theoretical model presumptions are validated through experiments, and the results show that the treatment parameters have a significant impact on the surface characteristics, hardness and dimensional variations of the treated surface.

The results demonstrate that the average value of error between the calculated theoretical results and experimental results is 14.3%. Meanwhile, the 3D plots of Ra and Rq revealed that the maximum values of Ra and Rq reduction percentages at 255°C, 270°C, 285°C and 300°C treatment temperatures are (35.9%, 33.9%), (77.6%,76.4%), (94%, 93.8%) and (85.1%, 84%), respectively. The scanning electron microscope results illustrate three different treatment zones and the treatment-induced and manufacturing-induced entrapped air relief phenomenon. The measured results of hardness variation percentages and dimensional deviation percentages at different regimes are (8.33%, 0.19%), (10.55%, 0.31%) and (−0.27%, 0.34%), respectively.

While some studies have investigated the effect of the HAJ process on the structural integrity of manufactured items, there is a dearth of research on the underlying treatment mechanism, the integrity of the treated surface and the subsurface characteristics of the treated surface.

This study aims to examine the relationship between medication for opioid use disorder (MOUD) among pregnant individuals, referral source, mental health, political affiliation and substance use policies in all 50 states in the USA.

This study describes MOUD receipt among pregnant people with an opioid use disorder (OUD) in 2018. The authors explored sociodemographic differences in MOUD receipt, referrals and co-occurring mental health disorders. The authors included a comparison of MOUD receipt among states that have varying substance use policies and examined the impact of these policies and the political affiliation on MOUD. The authors used multilevel binary logistic regression to examine effects of individual and state-level characteristics on MOUD.

Among 8,790 pregnant admissions with OUD, the majority who received MOUD occurred in the Northeast region (71.52%), and 14.99% were referred by the criminal justice system (n = 1,318). Of those who were self-referred, 66.39% received MOUD, while only 30.8% of referrals from the criminal justice system received MOUD. Those referred from the criminal justice system or who had a co-occurring mental health disorder were least likely to receive MOUD. The multilevel model showed that while policies were not a significant predictor, a state’s political affiliation was a significant predictor of MOUD.

The study has some methodological limitations; a state-level analysis, even when considering the individual factors, may not provide sufficient description of community-level or other social factors that may influence MOUD receipt. This study adds to the growing literature on the ineffectiveness of prenatal substance use policies designed specifically to increase the use of MOUD. If such policies are consistently assessed as not contributing to substantial increase in MOUD among pregnant women over time, it is imperative to investigate potential mechanisms in these policies that may not facilitate MOUD access the way they are intended to.

Findings from this study aid in understanding the impact that a political affiliation may have on treatment access; states that leaned more Democratic were more likely to have higher rates of MOUD, and this finding can lead to research that focuses on how and why this contributes to greater treatment utilization. This study provides estimates of underutilization at a state level and the mechanisms that act as barriers, which is a stronger assessment of how state-specific policies and practices are performing in addressing prenatal substance use and a necessary step in implementing changes that can improve the links between pregnant women and MOUD.

To the best of the authors’ knowledge, this is the first study to explore individual-level factors that include mental health and referral sources to treatment that lead to MOUD use in the context of state-level policy and political environments. Most studies estimate national-level rates of treatment use only, which can be useful, but what is necessary is to understand what mechanisms are at work that vary by state. This study also found that while substance use policies were designed to increase MOUD for pregnant women, this was not as prominent a predictor as other factors, like mental health, being referred from the criminal justice system, and living in a state with more Democratic-leaning affiliations.

Stereolithography (SLA) additive manufacturing (AM) technique has enabled the production of inconspicuous and aesthetically pleasing orthodontics that are also hygienic. However, the staircase effect poses a challenge to the application of invisible orthodontics in the dental industry. The purpose of this study is to implement chemical postprocessing technique by using isopropyl alcohol as a solvent to overcome this challenge.

Fifteen experiments were conducted using a D-optimal design to investigate the effect of different concentrations and postprocessing times on the surface roughness, material removal rate (MRR), hardness and cost of SLA dental parts required for creating a clear customized aligner, and a container was constructed for chemical treatment of these parts made from photocurable resin.

The study revealed that the chemical postprocessing technique can significantly improve the surface roughness of dental SLA parts, but improper selection of concentration and time can lead to poor surface roughness. The optimal surface roughness was achieved with a concentration of 90 and a time of 37.5. Moreover, the dental part with the lowest concentration and time (60% and 15 min, respectively) had the lowest MRR and the highest hardness. The part with the highest concentration and time required the greatest budget allocation. Finally, the results of the multiobjective optimization analysis aligned with the experimental data.

This paper sheds light on a previously underestimated aspect, which is the pivotal role of chemical postprocessing in mitigating the adverse impact of stair case effect. This nuanced perspective contributes to the broader discourse on AM methodologies, establishing a novel pathway for advancing the capabilities of SLA in dental application.