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The authors of this study aim to investigate possible explanations of the prevalence of price clustering in the final offer prices of mergers and acquisitions (M&A).

The authors use final offer price in M&A deals to investigate the price clustering phenomena. The authors used regressions and logistic regressions to examine potential factors that might affect pricing strategy by looking into one-time acquirers and experienced serial acquirers.

Price clustering increases with negotiation uncertainties characterized as competitive bidding, number of bidders, challenged deals and duration. Moreover, the authors find persistent price clustering in experienced serial acquirers that are more experienced and better equipped with handling uncertainties, suggesting a preference of using round numbers regardless of levels of uncertainties. The authors' evidence shows that price clustering results from a combination of Harris' (1991) costly negotiation hypothesis where round prices may be used to lower search costs and psychological bias and preference.

The authors appear to be the first to investigate alternative theories that support M&A offer price clustering behavior, finding that both the costly negotiation and psychological bias and preference theories apply to M&A final price formation. Thus, the authors' major contribution, specific to the M&A process, is a clarification of physical and psychological factors associated with bidding and negotiation behavior. The authors are confident that the authors' study impacts conventional knowledge regarding M&A deal negotiation strategies, including bidding behavior, contract negotiation, financial analysis, management practices and risk management.

This paper aims to study the feasibility of using machine learning in hot corrosion prediction of Inconel 617 alloy.

By examination of the experimental studies on hot corrosion of Inconel 617, a data set was built for machine learning models. Apart from the alloy composition, this paper included the condition of hot corrosion like time and temperature, and the composition of the saline medium as independent features, while the specific mass change is set as the target feature. In this paper, linear regression, random forest and XGBoost are used to predict the specific mass gain of Inconel 617.

XGBoost yields the coefficient of determination (R²) of 0.98, which was highest among models. Also, this model recorded the lowest value of mean absolute error (0.20). XGBoost had the best performance in predicting specific mass gain of the alloy in different times at temperature of 900°C. In sum, XGBoost shows highest accuracy in predicting specific mass gain for Inconel 617.

Using machine learning to predict hot corrosion in Inconel 617 marks a substantial progress in this domain and holds promise for simplifying the development and evaluation of novel materials featuring enhanced hot corrosion resilience.

The qualitative approach was applied the discover the optimum answers to the research objectives, which are (1) to understand the cultural and hedonistic characteristics of the (Lanna) Songkran festival; and (2) to examine the dilemma between cultural rituals and hedonistic activity for tourism.

This study used a case study of the Songkran festival in Chiang Mai to examine the dilemma between cultural rituals and hedonism for tourism, which brings lost or misperceived cultural values and identities. The semi-structured interview (SSI) with senior locals and participant observation during the festival was conducted in Chiang Mai, Thailand, to obtain the in-depth phenomena of the existing celebration pattern at the festival.

The study findings show three crucial phenomena that explain characteristics of unsynchronized cultural rituals and hedonistic activities for tourism: (1) the parallel phenomenon between cultural values and celebration practice, (2) the movement of local culture and(3) the hedonistic characteristics of the festival.

The study extends the knowledge on the interplay phenomena between cultural festivals and tourism; also, the involved stakeholders, such as local communities, public sectors and private sectors, can use the study findings in creating policies for using cultural festivals to promote a destination and urban economic development that will minimise cultural values distort while increase tourism economic values.

This study was conducted qualitatively, including SSIs and participant observation at the Songkran festival in Chiang Mai. The study findings were analysed, based on the empirical data, into significant themes representing the characteristics of dilemma phenomena within the festival.

This paper aims to study the default risk of small and medium-sized enterprises in the construction sector.

An unbalanced sample of 2,754 Portuguese companies from the construction sector, from 2008 to 2020, is analysed. Companies are classified in default or compliant following an ex-ante criterion. Then, using the stepwise analysis, the most relevant variables are selected, which are later used in the logit model. To verify the robustness of the results, a sample of legally insolvent companies is added (mixed criterion) and the initial sample is split into two subperiods.

Financial variables are the most relevant to predict the pattern for this sample. The main conclusions show that smaller and older companies, more indebted, with more liquidity and with higher EBIT have a higher probability of default. These conclusions are confirmed using a mixed criterion to classify companies as default or compliant and including a macroeconomic dummy.

This work not only contributes to enlarging the literature review but also makes relevant contributions to practice. Companies from the construction sector can understand which indicators must control to avoid financial problems. The government also has relevant information that can help in adapting or creating regulations for recovering or revitalizing companies.

This study proposed an ex-ante criterion that can be used for all types of companies. Most works use a legal or a mixed criterion that does not allow for detecting signs of financial problems in advance. Moreover, the sample used is almost unexplored – SMEs from a sector with great mortality rate.

This paper examines the relationship between poison pills, real earnings management and initial public offering (IPO) failure.

The authors sampled 2,997 IPO firms that went public during 1993-2015.

The authors find that IPO firms manipulate earnings upward using real earnings management. The authors also find that IPO firms exhibiting a higher level of real earnings management have a higher probability of IPO failure. In addition, the authors find that weak shareholders' governance is positively associated with IPO failure.

These results suggest that poor governance structures in failed firms open the door to manipulating real activities and increasing operational risk.

The study findings are of most significant interest to potential investors and other stakeholders affiliated with a firm going public, an auditor, an underwriter, the lawyers who consult with the firm and employees or executives who might consider joining that firm.

This paper aims to design a novel TiC/GTD222 nickel-based high-temperature alloy with excellent hot corrosion resistance by incorporating appropriate amounts of C, Al and Ti elements into GTD222 alloy.

The composite material was prepared using the selective laser melting (SLM) technology, followed by a hot isostatic pressing (HIP) treatment. Subsequently, the composite underwent a hot corrosion test in a 75% Na₂SO₄ + 25% NaCl mixed salt environment at 900 °C.

The HIP-SLMed TiC/GTD222 composite exhibits a relatively low weight loss rate. First, the addition of alloying elements facilitates the formation of multiple protective oxide films rich in Al, Ti and Cr. These oxide films play a crucial role in enhancing the material’s resistance to hot corrosion. Second, the HIP treatment results in a reduction of grain size in the composite and an increased number of grain boundaries, which further promote the formation of protective films.

The hot corrosion behavior of the TiC/GTD222 nickel-based composite material prepared through SLM and HIP processing has not been previously studied. This research provides a new approach for designing nickel-based superalloys with excellent hot corrosion resistance.

The development of new advanced materials, such as photopolymerizable resins for use in stereolithography (SLA) and Ti6Al4V manufacture via selective laser melting (SLM) processes, have gained significant attention in recent years. Their accuracy, multi-material capability and application in novel fields, such as implantology, biomedical, aviation and energy industries, underscore the growing importance of these materials. The purpose of this study is oriented toward the application of new advanced materials in stent manufacturing realized by 3D printing technologies.

The methodology for designing personalized medical devices, implies computed tomography (CT) or magnetic resonance (MR) techniques. By realizing segmentation, reverse engineering and deriving a 3D model of a blood vessel, a subsequent stent design is achieved. The tessellation process and 3D printing methods can then be used to produce these parts. In this context, the SLA technology, in close correlation with the new types of developed resins, has brought significant evolution, as demonstrated through the analyses that are realized in the research presented in this study. This study undertakes a comprehensive approach, establishing experimentally the characteristics of two new types of photopolymerizable resins (both undoped and doped with micro-ceramic powders), remarking their great accuracy for 3D modeling in die-casting techniques, especially in the production process of customized stents.

A series of analyses were conducted, including scanning electron microscopy, energy-dispersive X-ray spectroscopy, mapping and roughness tests. Additionally, the structural integrity and molecular bonding of these resins were assessed by Fourier-transform infrared spectroscopy–attenuated total reflectance analysis. The research also explored the possibilities of using metallic alloys for producing the stents, comparing the direct manufacturing methods of stents’ struts by SLM technology using Ti6Al4V with stent models made from photopolymerizable resins using SLA. Furthermore, computer-aided engineering (CAE) simulations for two different stent struts were carried out, providing insights into the potential of using these materials and methods for realizing the production of stents.

This study covers advancements in materials and additive manufacturing methods but also approaches the use of CAE analysis, introducing in this way novel elements to the domain of customized stent manufacturing. The emerging applications of these resins, along with metallic alloys and 3D printing technologies, have brought significant contributions to the biomedical domain, as emphasized in this study. This study concludes by highlighting the current challenges and future research directions in the use of photopolymerizable resins and biocompatible metallic alloys, while also emphasizing the integration of artificial intelligence in the design process of customized stents by taking into consideration the 3D printing technologies that are used for producing these stents.

This study aims to explore the impact of controversial firms’ corporate sustainability assessments on their risk exposure according to the environmental, social and governance (ESG) paradigm.

This study conducts a cross-sectional study using the ordinary least squares approach to test how corporate social responsibility practices affect firms’ risk exposure, testing the three single impacts of ESG components and the impact of an overall ESG assessment. This study considers the largest Standard & Poor’s (S&P) 500 stock market index companies and focus on a double-risk measurement – systematic and idiosyncratic – developing an empirical study on 132 controversial companies listed on the S&P index.

Empirical findings indicate that the overall ESG assessment and the environmental and social sub-dimensions decrease idiosyncratic firm risk. At the same time, no significant results are found according to the systematic risk component.

This study fits into the domain of risk management research, investigating whether additional and non-financial disclosures regarding sustainability issues decrease information asymmetries, improving investors’ decision-making and stakeholders’ relations. Prior literature has shown limited evidence on the relationship between corporate social performance (CSP) and firm risk based on controversial companies. The main contribution is to consider the controversy as an independent factor from the industry sector, given that the implications of CSP actions and practices are mainly firm-specific.

This study aims to investigate window dressing as practiced by commercial banks in Kuwait, using monthly aggregate balance sheet data covering the period January 1993 to December 2017.

This study applies the structural time series model to decompose an observed time series into unobserved components based on monthly data covering January 1993 to December 2017 on the consolidated balance sheet of commercial banks in Kuwait.

The empirical results indicate that Kuwaiti commercial banks indulge in upward window dressing to boost size and liquidity. This kind of behaviour is indicated by a statistically significant rise in assets under the control of banks in December, followed by a statistically significant decline in January. The operation is funded by borrowing, leading to a December rise and a January fall in foreign and other liabilities, which are also under the control of commercial banks.

This study uses a novel methodology to detect window dressing based on the seasonal behaviour of balance sheet items. This study suggests a unified framework for the motives, targets, types and consequences of window dressing and how they are related.

Based on the learning and attitudinal theories, this study aims to investigate the direct effect of two type of experiences, attitude and the indirect impact of fashion innovativeness, materialism and financial pressure on Generation Z’s secondhand clothing (SHC) purchase intention.

A total of 180 usable surveys were gathered from Generation Z participants and analyzed by a partial least-square-structural equation model.

The results show that attitude (SHC hygiene vs SHC fashion style) and past experiences (daily use occasion vs particular use occasion) directly affect SHC purchase intention. Furthermore, materialism, financial pressure and innovativeness drive attitudes toward SHC fashion style.

This study extends the current SHC literature by integrating two dimensions of experience (daily use occasion vs particular use occasion) and attitude (attitude toward SHC hygiene vs attitude toward SHC style).