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We examine the stock market reaction to the Tax Cuts and Jobs Act (TCJA) of 2017 during its enactment process, focusing on its international provisions. Consistent with extant evidence, we find lower returns for high-foreign-activity firms, indicating a negative market reaction to the international provisions overall. Considering specific international provisions, we find that the market reaction was more positive (negative) for firms likely most affected by the shift to a quasi-territorial system for taxing foreign earnings (the transition tax on existing unrepatriated earnings, the tax on global intangible low-taxed income, and/or the base erosion and antiabuse tax) than for other firms. Our findings imply that investors are able to disentangle the economic implications of complex and interactive tax law changes.

Misconduct allegations have been found to not only affect the alleged firm but also other, unalleged firms in form of reputational and financial spillover effects. It has remained unexplored, however, how the number of prior allegations against other firms matters for an individual firm currently facing an allegation. Building on behavioral decision theory, we argue that the relationship between allegation prevalence among other firms and investor reaction to a focal allegation is inverted U-shaped. The inverted U-shaped effect is theorized to emerge from the combination of two effects: In the absence of prior allegations against other firms, investors fail to anticipate the focal allegation, and hence react particularly negatively (“anticipation effect”). In the case of many prior allegations against other firms, investors also react particularly negatively because investors perceive the focal allegation as more warranted (“evaluation effect”). The multi-industry, empirical analysis of 8,802 misconduct allegations against US firms between 2007 and 2017 provides support for our predicted, inverted U-shaped effect. Our study complements recent misconduct research on spillover effects by highlighting that not only a current allegation against an individual firm can “contaminate” other, unalleged firms but that also prior allegations against other firms can “contaminate” investor reaction to a focal allegation against an individual firm.

Using social network theory (SNT), this study empirically examines the impact of digital supply chain announcements disclosing corporate social responsibility (CSR) information on stock market value.

Based on 172 digital supply chain announcements disclosing CSR information from Chinese A-share listed companies, this study uses event study method to test the hypotheses.

First, digital supply chain announcements disclosing CSR information generate positive and significant market reactions, which is timely. Second, strategic CSR and value-based CSR disclosed in digital supply chain announcements have a more positive impact on stock market, however there is no significant difference when the CSR orientation is either towards internal or external stakeholders. Third, in terms of digital supply chain network characteristics, announcements reflecting higher relationship embeddedness and higher digital breadth and depth lead to more positive increases of stock value.

First, the authors consider the value of CSR information in digital supply chain announcements, using an event study approach to fill the gap in the related area. This study is the first examination of the joint impact of digital supply chain and CSR on market reactions. Second, compared to the previous studies on the single dimension of digital supply chain technology application, the authors innovatively consider supply chain network relationship and network structure based on social network theory and integrate several factors that may affect the market reaction. This study improves the understanding of the mechanism between digital supply chain announcements disclosing CSR information and stock market, and informs future research.

The purpose of this study was to examine the influence of adding a small amount of Ti to a Cu-based alloy, specifically the commercial Hyper Titanium Copper alloy (C1990 HP), which contains Cu-3.28 wt.% Ti, on its interfacial reaction with Sn-9.0 wt.% Zn (SnZn) solder, using the liquid/solid reaction couple technique.

The SnZn/C1990 HP couples were subjected to a reaction temperature of 240–270°C for a duration of 0.5–5 h. The resulting reaction couple was characterized using a scanning electron microscope, energy dispersive spectrometer, electron probe microanalyzer and X-ray diffractometer.

It was observed that the scallop-shaped CuZn5 and planar Cu5Zn8 phases were formed in almost all SnZn/C1990 HP couples. With increased reaction duration and temperature, the Cu-rich intermetallic compound (IMC)-Cu5Zn8 phase became a dominant IMC formed at the interface. The total thickness of the IMCs was increased with the increase in the reaction duration and temperature. The IMC growth obeyed the parabolic law, and the IMC growth mechanism was diffusion controlled. The activation energy of the SnZn/C1990 HP couple was 64.71 kJ/mol.

This article presents an analysis of the IMC thickness in each sample using ImageJ software, followed by kinetic analysis using Origin software at various reaction temperatures of SnZn/C1990 HP in liquid/solid couples. The study also includes detailed reports on the morphology, interface composition and X-ray diffraction analysis, as well as the activation energy. The findings can serve as a valuable reference for electronic packaging companies that utilize C1990 HP substrates.

This study aims to investigate the market reaction to the Russian invasion of Ukraine, specifically in the banking sector.

The research uses an event study and cross-sectional analysis, with market reaction measured by cumulative abnormal return (CAR). The sample comprised 1,126 banks.

The results show that the market reacted negatively to the invasion both before and after its announcement. Developed and emerging markets saw a negative impact from the invasion, while frontier markets experienced only a slight impact. The authors also find that the banking markets of North Atlantic Treaty Organization (NATO) members reacted significantly and negatively both before and after the invasion was announced. This demonstrates that the negative market reaction of NATO members was more impactful than that of other markets. Overall, this study shows that investors in the banking market are very sensitive to war.

This is the first study to provide international evidence, specifically on the banking sector's reaction during the Russian invasion of Ukraine.

The purpose of this study is to provide a highly efficient method to obtain the kinetics of the hydrogen evolution reaction (HER) on metal electrodes in an alkaline solution and to analyze the effect of thiourea addition on HER under the same cathodic overpotential.

A novel method based on hydrogen permeation tests, potentiodynamic polarization tests and electrochemical impedance spectroscopy was put forward to characterize the HER kinetics on metal electrode.

The study found that adding thiourea accelerated the Volmer, Heyrovsky and Tafel reactions associated with HER. In addition, it reduced the hydrogen surface coverage and increased the hydrogen permeation steady-state current density. As a result, thiourea facilitated HER, promoted the diffusion of hydrogen atoms into iron and reduced the number of hydrogen atoms in the adsorbed state.

This work provides novel insights into the influence of thiourea on HER kinetics, demonstrating that thiourea addition can significantly enhance HER efficiency by altering reaction dynamics and promoting hydrogen atom diffusion into iron. This has implications for hydrogen energy applications, cathodic protection and understanding hydrogen embrittlement mechanisms.

As a disruptive technology, blockchain technology brings new opportunities and challenges to operations management. We aim to examine the influences of blockchain cooperation project announcements (BCPAs) on firms’ stock market reactions in an emerging market. From 2016 to 2021, a total of 113 BCPAs of listed firms from the Chinese A-share market are selected as samples.

This study is based on the loose coupling theory and uses the event study method and probit regression analysis.

We find BCPAs positively affect the firm’s stock price on the day they are released. Compared with vertical BCPAs in a supply chain, horizontal BCPAs exert a more positive market reaction. Moreover, a BCPA with a partner within a shorter geographical distance exerts a more positive influence on market reaction. Contrary to the intuition of the decentralized blockchain feature that one-to-many cooperation leads to better benefits, one-to-one BCPAs exert a more positive effect on market reaction than one-to-many BCPAs. We further find that (1) industry type has a certain impact on cooperation mode selection, and (2) manufacturing firms are more inclined to choose one-to-one cooperation than those in service industry.

We focus on the impact of blockchain cooperative announcements and additionally use the probit regression models to analyze the influencing factors of cooperation mode selection and find the critical role of the industry type, which complements the existing empirical research on blockchain announcements and is conducive to provide decision-making reference for managers.

This paper aims to study the direct synthesis of imino methyl ether amino resin using commercially available formaldehyde, melamine and methanol through one-step two-stage catalysis.

Initially, melamine undergoes a reaction with formaldehyde to form hydroxylmethylation melamine in a basic setting. Subsequently, hydrochloric acid is incorporated to facilitate the etherification process. The study delves into the impact of various factors during the etherification phase, including the quantity of methanol, the temperature at which etherification occurs, the number of etherification cycles and the amount of catalyst used, on the synthesis of imino methyl-etherified amino resins. Ultimately, the most favorable conditions for etherification are identified through comparative analysis to evaluate the resulting synthesized products.

The methyl-etherified amino resin, characterized by a stable structure and consistent performance, was efficiently synthesized through a one-step, two-stage catalytic process. Optimal conditions for the etherification stage were determined to be a reaction temperature of 35°C, a melamine to methanol ratio of 1:24 and an addition of hydrochloric acid ranging from 2.2 mL to 2.5 mL. Remarkably, the resulting resin notably enhanced the water resistance, salt resistance and gloss of the canned iron printing varnish coatings.

Amino resins, known for their broad applications across numerous industries, face sustainability and operational efficiency hurdles when produced through traditional methods, which predominantly involve the use of a 37% formaldehyde solution. To tackle these issues, our research introduces an innovative method that add 37% formaldehyde to facilitate industrial production. The use of 37% liquid formaldehyde in this paper has two benefits: first, it is convenient for industrial application and production; Second, it is convenient to provide mild reaction conditions at lower concentrations because the amino group is relatively active, which is convenient for the preservation of the amino group and integrates it with a one-step, two-stage catalytic process. The primary objective of our study is threefold: to reduce the environmental footprint of amino resin synthesis, to optimize the use of resources and to improve the economic viability for its large-scale production. By employing this new strategy, we try to provide a more sustainable and efficient manufacturing process for amino resins.