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Fabrics with photothermal conversion functions were developed based on the introduction of shape stable composite phase change materials (CPCMs).

Acidified single-walled carbon nanotubes (SWCNTs) were selected as support material to prepare CPCMs with n-octadecane to improve the thermal conductivity and shape stability. The CPCMs were finished onto the surface of cotton fabric through the coating and screen-printing method. The chemical properties of CPCMs were characterized by Fourier transform infrared spectrometer, XRD and differential scanning calorimetry (DSC). The shape stability and thermal conductivity were also evaluated. In addition, the photothermal conversion and temperature-regulating performance of the finished fabrics were analyzed.

When the addition amount of acidified SWCNTs are 14% to the mass of n-octadecane, the best shape stability of CPCMs is obtained. DSC analysis shows that the latent heat energy storage of CPCMs is as high as 183.1 J/g. The thermal conductivity is increased by 84.4% compared with that of n-octadecane. The temperature-regulating fabrics coated with CPCMs have good photothermal conversion properties.

CPCMs with high latent heat properties are applied to the fabric surface through screen printing technology, which not only gives the fabric the photothermal conversion performance but also reflects the design of personalized patterns.

CPCMs and polydimethylsiloxane (PDMS) are mixed to make printing paste and printed cotton fabric with temperature-regulating functional is developed.

SWCNTs and n-octadecane are composited to prepare CPCMs with excellent thermal properties, which can be mixed with PDMS to make printing paste without adding other pastes. The fabric is screen-printed to obtain a personalized pattern and can be given a thermoregulatory function.

This paper aims to investigate the economic consequence of the tax reductive strategy on stock price. The authors’ theory, empirically reinforced, suggests managerial tax aggressiveness endangers the corporation through a heightened risk in stock price crashing. Information opacity worsens the situation by reinforcing the relationship. Policymakers should emphasize two aspects: market openness and tighter institutional monitoring. The evidence shown in this paper demonstrates that these two weaken the tax aggressiveness impact on risk of a crashing stock price.

The sample in this paper consists of 9,702 observations from listed firms from 2008 to 2013 in China. The tax rate is manually collected and all the other original data used in this study are sourced from Wind and China Capital Market and Accounting Research databases. Both logistic regression and ordinary least squares regression methods are used to test the hypothesis in this paper.

One key insight is in tax aggressiveness to be strongly correlated with a greater risk of future stock price crashing. The authors also found information opacity to exert a positive moderating effect. That is, the higher the information opacity, the stronger and more positive the correlation between tax aggression and stock price crash risk. However, the market process and an institutional investor have opposite, negative impacts. An open market environment reduces their correlativeness. Similarly, stronger institutional vigilance leads to an attenuation of such a co-relationship.

The findings of this paper have wide policy implications for management and control by authorities of listed corporations. Aggressiveness in management of corporate taxes accentuates the risks borne by stockholders. If so, internally within the corporation, such aggression shown by management, if not proscribed, could be subject to scrutiny, possibly by an independent committee. Externally, this may be countered by the authority in emphasizing three key factors: openness in information sharing, the market environment and tighter institutional monitoring.

This study provides a consequential theory of aggressive management of tax, rigorously analyzed and strongly, empirically supported. Overall, aggressiveness in tax management is related with assumption of higher risks in the crashing of stock price. The relationship is enhanced through information opacity, but reduced via market environment and institutional monitoring.