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This study investigates the paradox of lotteries in financial markets, challenging traditional utility models predicated on rational behavior amid uncertainty. It explores why investors are drawn to lotteries despite the potential trade-off between risk-adjusted returns and sporadically substantial gains.

Employing a multifaceted approach, the study first scrutinizes diverse theories elucidating the perplexing behavior of lottery investors. Subsequently, it assesses the premium attached to lottery stock shares in the Brazilian financial market using distinct methodologies, thereby offering a comprehensive analysis of this phenomenon. Finally, the study estimates the risk premium associated with the lottery stocks applying an extended Fama–French multifactor model and searching for evidence of overlap with other risk-based anomalies.

This research unveils theories underpinning seemingly irrational investor behavior vis-à-vis lotteries, revealing the motivations propelling investors to willingly exchange risk-adjusted returns for the allure of substantial but infrequent gains. Empirical evidence delineates the extent of the premium paid for lottery stocks in the Brazilian market.

The study’s novelty lies in its amalgamation of theoretical exploration, empirical analysis and the application of the Fama–French factor model to gauge the risk premium associated with lottery-related behavior. Furthermore, its investigation of lottery stocks within the Brazilian market introduces a distinctive dimension, elucidating market dynamics and investor behaviors unique to the region.

This study aims to understand the influence of raceway surface topography on the temperature rise characteristics of silicon nitride (Si₃N₄) full ceramic ball bearing and improve its service life.

The arithmetic average height S_a, skewness S_sk and kurtosis S_ku in the three-dimensional surface roughness parameters are used to quantitatively characterize the surface topography of the raceway after superfinishing. The bearing life testing machine is used to test the Si₃N₄ full ceramic ball bearing using polytetrafluoroethylene (PTFE) cage under dry friction conditions, and the self-lubricating full ceramic ball bearing heat generation model is established.

With the decrease of S_a and S_sk on the raceway surface and the increase of S_ku, the average height of the raceway surface decreases, and the peaks and valleys tend to be symmetrically distributed on the average surface, and the surface texture becomes tighter. This kind of raceway surface topography is beneficial to form a thin and uniform filamentous PTFE transfer film with a wide coverage area on the raceway surface based on consuming less cage materials and improving the temperature rise characteristics of hot isostatic pressing silicon nitride full ceramic ball bearings.

The research results provide a theoretical basis for the reasonable selection of Si₃N₄ ring raceway processing technology and have important significance for improving the working characteristics and service life of Si₃N₄ full ceramic ball bearings under dry friction conditions.

Economic evaluations often utilise individual-patient data (IPD) to calculate probabilities of events based on observed proportions. However, this approach is limited when interest is in the likelihood of extreme biomarker values that vary by observable characteristics such as blood glucose in gestational diabetes mellitus (GDM). Here, instead of directly calculating probabilities using the IPD, we utilised flexible parametric models that estimate the full conditional distribution, capturing the non-normal characteristics of biomarkers and enabling the derivation of tail probabilities for specific populations. In the case study, we used data from the Born in Bradford study (N = 10,353) to model two non-normally distributed GDM biomarkers (2-hours post-load and fasting glucose). First, we applied fully parametric maximum likelihood to estimate alternative flexible models and information criteria for model selection. We then integrated the chosen distributions in a probabilistic decision model that estimates the cost-effective diagnostic thresholds and the expected costs and quality-adjusted life years (QALYs) of the alternative strategies (‘Testing and Treating’, ‘Treat all’, ‘Do Nothing’). The model adopts the ‘payer’ perspective and expresses results in net monetary benefits (NMB). The log-logistic and Singh-Maddala distributions offered the optimal fit for the 2-hours post-load and fasting glucose biomarkers, respectively. At £13,000 per QALY, maximum NMB with ‘Test and Treat’ (−£330) was achieved for a diagnostic threshold of fasting glucose >6.6 mmol/L, 2-hours post-load glucose >9 mmol/L, identifying 2.9% of women as GDM positive. The case study demonstrated that fully parametric approaches can be implemented in healthcare modelling when interest lies in extreme biomarker values.

This study examines the influence of stock liquidity on stock price crash risk and the moderating role of institutional blockholders in Vietnam’s stock market.

Crash risk is measured by the negative coefficient of skewness of firm-specific weekly returns (NCSKEW) and the down-to-up volatility of firm-specific weekly stock returns (DUVOL). Liquidity is measured by adjusted Amihud illiquidity. The two-stage least squares method is used to address endogeneity issues.

Using firm-level data from Vietnam, we find that crash risk increases with stock liquidity. The relationship is stronger in firms owned by institutional blockholders. Moreover, intensive selling by institutional blockholders in the future will positively moderate the relationship between liquidity and crash risk.

Since stock liquidity could exacerbate crash risk through institutional blockholder trading, firm managers should avoid bad news accumulation and practice timely information disclosures. Investors should be mindful of the risk associated with liquidity and blockholder trading.

We contribute to the literature by showing that the activities of blockholders could partly explain the relationship between liquidity and crash risk. High liquidity encourages blockholders to exit upon receiving private bad news.

The purpose of this paper is to study the correlation between the thicknesses of the C–Ni films that have been prepared by RF-magnetron sputtering on quartz substrates and their three-dimensional (3D) micro morphology. In this work by AFM images, this paper studied stereo metric analysis of these films.

The C–Ni films have been prepared by RF-magnetron sputtering on quartz substrates using a mosaic target consisting of pure graphite and strips of pure nickel approximately 2 cm² attached to the graphite race track. The field emission scanning electronic microscopy (FESEM) images were used for the morphological characterization.

The histogram peaks are zero for all samples and the histograms are almost symmetric around zero. Temperature did not have much effect on the degree of isolation, so all four diagrams have similar results. The qualitative observations through statistical parameters of the 3D surface texture revealed that the smoothest surface has been obtained for C-Ni films annealed at 500 °C (Sa, Sq, Sz and Sv have the lower values), while the most irregular topography has been found for C-Ni films annealed at 300 °C (the fractal dimension D = 2.01 ± 0.131).

As shown in FESEM images, the size of the particles was increased for films deposited from 300 ºC to 800ºC; however, at 1000ºC, it decreased significantly. The histogram peaks are zero for all samples and the histograms were almost symmetric around zero. Also, the largest and lowest root mean heights (Sq) belong to films at 300 °C and 500 °C. Furthermore, the more irregular surface was found at 300 °C, and the more regular surface was found at 500 °C. As the temperature was increased to 800 °C, the values of the IAPSD function increased systematically, and then the values of the IAPSD function was decreased in the fourth sample. The surface skewness of samples annealed at 1000 °C was positive which confirms the lack of dominance of cavities on their surface with the highest amount of C-Ni films at 800 °C.

Civil service workers are valuable resources for any nation and play a crucial role in driving their country’s economic development. Per the supervisor, this research examines the impact of mindfulness, proactive personality, and career competencies on employee job performance. The study also analyzes the effects of career adaptability and identity on this aspect.

To test the model of this study, questionnaires were administered to a sample of 500 civil service employees whose career-based knowledge and skills were measured in various cities in the province of Punjab, Pakistan.

Mindfulness and career competencies significantly impact supervisor-rated task performance, whereas a proactive personality does not substantially relate to supervisor-rated task performance. Research indicated that the two hypotheses about mediation were accepted. However, career adaptability does not play a significant role in the link between mindfulness and how well a supervisor rates task performance. Regarding moderation, career identity did not significantly moderate the relation between proactive personality and supervisor-rated task performance. However, the other two moderate hypotheses have been proven to be significant.

The findings offer compelling support for career construction theory (CCT) in this study area by analyzing the connections related to career adaptability and identity within the framework. In the future, researchers can build on this model by adding theories like conservation of resources (COR), looking into possible moderators that might change specific pathways in this network of relationships and using longitudinal designs to find stronger causal relationships.

Considering the evolving workplace due to the COVID-19 pandemic, the study offers fresh perspectives on the post-COVID situation, understanding and integrating various variables. For future studies, more variables can be explored in this model with the expansion of sample size and change of context.

The present study aims to identify how firms positioned their corporate reputation (i.e. impressiveness vs respectability) in their initial public offering (IPO) communication based on the impression formation model. Further, the study examined whether this presentation of corporate reputation was related to IPO success (i.e. stock price and volume of trading).

The present study analyzed 248 IPO prospectuses that were submitted to the major US stock markets. Specifically, various substantive and symbolic information and cues in IPO prospectuses were content analyzed.

The results suggest that bigger (in terms of revenue) IPO companies featured more “impressiveness” in their IPO prospectus, leading to greater IPO success. Bigger (in terms of both revenue and number of employees) IPO companies featured more “respectability” impressions in the IPO prospectus, although they did not achieve direct IPO success on the first day of IPO. Different types of industry used different information cues to feature “impressiveness” and/or “respectability,” suggesting that different types of firms view different cues to be important to IPO communication.

The results also suggest some practical guidelines for the strategic use of contents, tables and illustrations. Using more charts, tables and illustrations in IPO prospectus summaries was associated with a higher volume of trading on the first day. The more illustrations included in the IPO prospectus summaries, the less investors were willing to pay for initial stock prices.

IPO communication is a generally understudied area in corporate communication and strategic communication scholarship. The results should help to explain which communicative aspects and PR strategies effectively manage the firm’s impression to maximize the chances of an IPO success as well as initially build the financial reputation of a company. By doing so, the findings contribute to the broader advancement of financial communication within the strategic communications domain.

The purpose of this study is to examine the variables affecting college students’ consumption behaviour in the context of the internet celebrity economy and the We Media environment.

In this study, five independent variables − perceived ease of use, perceived usefulness, attitude, We Media environment and internet celebrity marketing, as well as one mediating variable, consumption intention, are used to analyse college students’ consumption behaviour.

This study concluded that all five independent variables have positive relationships with the consumption intention and that the consumption intention also has a positive relationship with the consumption behaviour.

This study expanded the technology acceptance model and theory of planned behaviour model, which could provide insights for future research on consumption intention and behaviour. In addition, this study gives guidance for businesses considering to join this new industry in the internet celebrity economy.

We explore the effect of selective schooling, where students are assigned to different schools by ability, on adult health, well-being and labour market outcomes. We exploit the 1960s transition from a selective to a non-selective secondary schooling system in England and Wales. The introductio3n of mixed-ability schools decreased average school quality and peer ability for high-ability pupils, while it increased them for low-ability pupils. We therefore distinguish between two treatment effects: that of high-quality school attendance for high-ability pupils and that of lower-quality school attendance for low-ability pupils, with mixed-ability schools as the alternative. We address selection bias by balancing individual pre-treatment characteristics via entropy balancing, followed by ordinary least squares (OLS) regression. Selective schooling does not affect long-term health and well-being, while it marginally raises hourly wages, compared to a mixed-ability system, and school aspirations for high-ability pupils. Cognitive and non-cognitive abilities measured prior to secondary school are significantly and positively associated with all adult outcomes.

The purpose of this study was to explore the current transformative leadership values and beliefs of Cooperative Extension leaders. Specific research objectives included, (1) characterize Extension leaders’ beliefs regarding transformative leadership, and (2) determine differences in transformative leadership beliefs based on selected characteristics.

This exploratory study applied transformative leadership theory to examine the values and beliefs regarding equity, justice, and leading change held by leaders in the Cooperative Extension System. A sample of 138 administrators across the U.S. completed the Transformative Leadership Scale (TLS), which presents 32 contrasting statements representing dimensions of transformative leadership.

Results found the mean TLS score was 70.61 out of 100, indicating nascent awareness of equity concerns but substantial room for growth in fully embracing transformative leadership principles like social activism and egalitarian distribution of power. The score distribution skewed slightly left, with 16% possessing a highly transformative belief system, 71% demonstrating moderate awareness of equity issues, and 13% focused more on organizational efficiency over justice. Differences emerged based on diversity leadership roles and years of experience.

The findings establish an important baseline for aligning leadership development with Extension's mandate to champion inclusion and confront systemic barriers as social change agents. This research kicks off a vital dialogue regarding transformative leadership's implications for guiding community-engaged institutions like Extension pursuing democratic engagement.

This represents the first study to apply transformative leadership to a national assessment of values and beliefs among Extension education leadership.