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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.

Biotech companies stand as key actors in pharmaceutical innovation. The high risk and long timelines inherent with their R&D investments might hinder their access to funding, potentially stifling innovation. This study aims to explore into the appeal of biotech companies to capital market investors, whose financial backing could bolster the growth of the biotechnology sector.

This paper uses a dataset of 774 US publicly listed biotech firms to investigate their risk and return characteristics by comparing them to pharmaceutical firms and a sample of matched non-biotech R&D-intensive firms over the sample period 1980–2021. Tests show that the conclusions remain consistent across diverse methodological approaches.

The paper shows that biotech companies are riskier than the average firm in the market index but outperform on a risk-adjusted basis both the market and a matched group of R&D-intensive firms. This is particularly true for large capitalization biotech, which is also shown to provide a diversification benefit by reducing the downside risk in past crisis periods.

This paper provides insight relevant to the current debate about the overall performance of the biotech industry in terms of policy changes and their impact on small, early-stage biotech firms. While small and early-stage biotech firms are playing an increasing role in scientific innovation, this study confirms their greater vulnerability to financial risks and the importance of access to capital markets in enabling those companies to survive and evolve into larger biotech.

Despite extensive academic research related to digital technologies (DT), their integration into architecture, engineering and construction (AEC) projects lags in practice. This paper aims to discover DT deployment patterns and emerging trends in real-life AEC projects.

A case study methodology was adopted, including individual case analyses and comparative multiple-case analyses.

The results revealed the temporal distribution of DT in practical AEC projects, specific DT products/software, major project types integrated with digital solutions, DT application areas and project stages and associated project performance. Three distinct patterns in DT adoption have been observed, reflecting the evolution of DT applications, the progression from single to multiple DT integration and alignment with emerging industry requirements. The DT adoption behavior in the studied cases has been examined using the technology-organization-environment-human (TOE + H) framework. Further, eight emerging trend streams for future DT adoption were identified, with “leveraging the diverse features of certain mature DT” being a shared recognition of all studied companies.

This research offers actionable insights for AEC companies, facilitating the development of customized DT implementation roadmaps aligned with organizational needs. Policymakers, industry associations and DT suppliers may leverage these findings for informed decision-making, collaborative educational initiatives and product/service customization.

This research provides empirical evidence of applicable products/software, application areas and project performance. The examination of the TOE + H framework offers a holistic understanding of the collective influences on DT adoption. The identification of emerging trends addresses the evolving demands of the AEC industry in the digital era.

The purpose of this paper is to contribute to science communication literature by further highlighting the underexplored role of organizational and corporate perspectives in science communication.

The paper takes the form of a conceptual article that uses two illustrative vignettes to highlight the power of corporate science communication.

The key argument is that corporate science communication is a compound ideology that results from merging the hegemonic corporate voice with the ultimate/god-term science (see the work of Kenneth Burke) to form a mega-ideological construct and discourse. Such communication can be so powerful that vulnerable publics and powerful advocates speaking on their behalf have little to no recourse to effectively challenge such discourse. While critiques of corporate science communication in practice are not new, what the authors offer is a possible explanation as to why such discourse is so powerful and hard to combat.

The value of this paper is in the degree to which it both sets an important applied research agenda for the field and fills a critical void in the science communication literature. This conceptual article, in the form of a critical analysis, fills the void by advocating for the inclusion of organizational perspectives in science communication research because of the great potential that organizations have, via science communication, to shape societal behavior and outcomes both positively and negatively. It also coins the terms “compound ideology” and “mega-ideology” to denote that while all ideologies are powerful, ideologies can operate in concert (compound) to change their meaning and effectiveness. By exposing the hegemonic power of corporate science communication, future researchers and practitioners can use these findings as a foundation to combat misinformation and disinformation campaigns wielded by big corporate science entities and the public relations firms often hired to carry out these campaigns.

This study explored the tax evasion and corruption–economic development nexus in Ghana and the moderating role of institutional quality in this relationship.

To achieve this objective, this study employed the structural equation modelling (SEM) strategy and maximum likelihood (ML) estimation method on selected quarterised data from 1996 to 2020.

The study found that tax evasion has a positive impact on GDP per capita and urbanisation but a negative impact on the Economic Freedom of the World Index (EFWI). The study revealed that corruption has a positive relationship with GDP per capita but relates with EFWI inversely. Finally, the study found that institutional quality moderates the nexus between tax evasion and corruption and economic development.

The findings imply that the quality of state institutions has a significant impact on the government's ability to control tax evasion and corruption in order to drive economic development.

One novelty of the study is the examination of the combined effects of tax evasion and corruption as exogenous variables in a single econometric model. Again, to moderate the multivariate relationships of the study, the principal component analysis (PCA) was used to create an institutional quality index. The study recommends that policymakers implement comprehensive tax evasion and corruption reduction strategies simultaneously in order to increase tax revenues for economic development and SDGs achievement.

Some African policymakers have turned their attention towards electronic transaction levy (e-levy) to maximise tax revenues in recent years due to the inability to meet revenue targets. However, some argue that the implementation of an e-levy will increase the tax burden (TB) and the currency outside banks (COB). Primarily, this paper examined the effects of the TB and COB on economic development as well as the impact of institutional quality on moderating the nexus.

This paper used structural equation modelling (SEM) and maximum likelihood (ML) estimation techniques on quarterised data from 1996 to 2020.

The results show that the TB negatively impacts gross domestic product (GDP) per capita and urbanisation but positively affects the Economic Freedom of the World Index (EFWI). The COB impacts EFWI, GDP per capita and urbanisation positively. Institutional quality moderates the TB and the COB, establishing positive relationships with the economic development indicators.

The findings strongly imply that the arguments that TB and COB are catalysts for tax evasion and corruption lack substantial empirical evidence.

The examination of the econometric impact of the COB on economic development is one of the first studies in the field. The paper recommends that to drive economic development and accelerate sustainable development goals (SDGs) achievement, tax revenues should be channelled into the productive sectors of the Ghanaian economy.

This study examines the connection between investor sentiment and corporate innovation in the United States, considering the magnitude of corporate information asymmetry, the implied cost of capital and the financial constraints.

The authors employ a two-step GMM framework to examine the hypotheses of this study by utilizing annual data from 2001 to 2021 for US corporations.

The empirical evidence demonstrates a significant impact of investor sentiment on corporate innovation for firms with a lower information asymmetry and implied cost of capital than those with a higher information asymmetry and cost of capital. Although the financial constraint channel remained positive, it had little impact on the innovations of US corporations. Overall, the study's results show that companies make more valuable and high-quality patents when investors are optimistic.

This research has policy implications for all managers, investors, analysts and state officers, particularly in the USA and other developed countries. Managers and investors of all types should predict the role of corporate innovation in increasing shareholder wealth.

To the authors' knowledge, this is the first study to examine the relationship between investor sentiment and corporate innovation in the United States, considering the extent of corporate information asymmetry, the implied cost of capital and the financial limitations. The study's empirical findings uniquely contribute to the existing literature on corporate innovation and investor sentiment in the current context.

The construction industry is an industry which has gained notoriety when it comes to both physical and mental health problems. Compared to other industries, the construction sector has a higher prevalence of many stressors and mental health concerns. This calls for mechanisms to cope with these concerns. One coping mechanism propounded to help cope and adapt in the face of pressures and challenges is “Mental Toughness (MT)”. While mental toughness has been widely studied in various fields, there is a paucity of comprehensive research examining its significance among construction professionals. Thus, the motivation of this study is to establish the mental toughness characteristics among construction professionals in Ghana.

The construction industry is an industry which has gained notoriety when it comes to both physical and mental health problems. Compared to other industries, the construction sector has a higher prevalence of mental health concerns. One coping mechanism propounded to help cope and adapt in the face of pressures and challenges is “Mental Toughness (MT)”. While mental toughness has been widely studied in various fields, there is a paucity of comprehensive research examining its significance among construction professionals. Thus, the motivation of this study is to establish the mental toughness characteristics among construction professionals.

the study's findings revealed 13-factor model characteristics of mental toughness with 43 variables for mentally tough performers in the construction environment. These 13-factor models include Pressure Management (PM), Motivation (M), Emotional Intelligence (EI), Interpersonal self-belief (SB), Tough Attitude (TA), Job-related self-belief (SBB), Ethical Values (EV), Commitment (C), Focus (F), Optimism (OP), Expertise and Competence (EC), Imagery Control (IC) and Resilient (R).

The outcome of this study has significant practical implications for various stakeholders. For construction professionals the identified factors provide valuable insights into the psychological attributes and behaviours that contribute to mental toughness among construction professionals. Understanding these characteristics can empower professionals to develop strategies for coping with stress, maintaining focus, and fostering resilience in challenging construction environments to achieve optimum performance levels consistently.

The originality of this study's findings stems from the fact that it is among the first to provide greater insight into mental toughness characteristics considered by professionals (quantity surveyors, construction managers, engineers, project managers, architects, estate managers) in the construction industry.

This research seeks to provide methodological bases for the identification, documentation and critical reflection of good practices of architectural design in built heritage. These are applied explicitly to the School of Porto architects, which express a high sense of pedagogy and community practice in this field. The methodological approach defines the selection criteria for a georeferenced inventory and the procedures for in-depth analysis of adaptive reuse strategies.

The works included in the inventory were selected according to geographical, chronological, typological, qualitative and quantitative criteria. The cases chosen for in-depth analysis have been studied along four thematic axes to dissect all the intervention processes (previous state, design/construction and final state). This approach is supported by a cross-analysis of different sources (oral, written, graphic) and using drawing as a fundamental research tool.

The research has collected and disseminated up to 150 works by 44 architects, providing a comprehensive portrait of heritage intervention by the School of Porto over the past decades. The selection of 22 buildings for in-depth documentation reveals a particular sensibility toward the cultural values through a case-by-case approach based in deep knowledge of the preexisting context and the introduction of contemporary additions in continuity and harmonious relation with the environmental and sociocultural context.

This work provides a novel methodology suitable for further extension and adaptation to other case studies, as a first contribution to a more comprehensive “Atlas of Architectural Design in Built Heritage” with European case studies. The research aims to introduce new and deeper perspectives on reference works that may constitute pedagogy for the future practice of architects within contextual, inclusive and sustainable approaches.

This paper investigates the short-term market impact of the beginning of the military conflict between Russia and Ukraine (February 24, 2022) on a set of airline stocks listed.

This study uses an event study methodology, cross-section analyses and interaction effects to study the effect of the war on airline stock prices and firm-specific characteristics that explain the cumulative abnormal return.

The authors observe a negative and statistically significant stock price reaction at and around the beginning of the military conflict between Russia and Ukraine, for 74 listed airlines. These results are consistent with investment portfolio rebalancing and asset pricing perspective. Moreover, this study's results show a higher negative stock market reaction for airlines based in Europe. Empirical evidence suggests the existence of a “proximity penalty” for European companies. Finally, this study's results provide insights into which airline-specific characteristics emerge as value drivers. Larger, well-capitalized (high liquidity and low debt) and profitable airlines firms with less institutional ownership have superior stock market returns and show more able to handle with the losses resulting from the war.

This paper fills a gap in the literature about the impact of the Russia–Ukraine war on the airline industry.