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This paper attempts to examine the impact of merger on the stock returns and economic value added (EVA) of acquiring firms to know if the mergers are successful corporate restructuring strategies for the firms.

In total, 108 Indian firms are studied using paired sample t-test and Wilcoxon signed rank test for comparing the EVA of acquiring firms in short, medium and long term after merger. The effect of merger announcements on stock returns is analyzed by way of event study. An event window of −20 to +20 is taken and an estimation window of 256 (-276 -20) days is used in the study.

The authors find that mergers lead to significant improvement in the EVA of acquiring firms. However, the increase in financial performance and EVA is witnessed only in long term. The authors did not find any significant impact of merger announcement on the stock returns of acquiring firms.

The study is a first of study's kind, which evaluates both short-term (using event study methodology) and long-term (using EVA) impact of value addition to an acquirer after Merger & Acquisition (M&A). The study contributes to existing literature on the signaling theory of announcement of M&As and synergy gain theory of completed M&As by providing evidence from the context of an emerging market like India.

The purpose of this study is to test the effect of entrepreneurship education programs (EEPs) on the individual entrepreneurial orientation (IEO) by considering the innovativeness, proactiveness and risk-taking dimensions of undergraduate students and the role of these dimensions on the relationship between program inspiration (PI) and entrepreneurial intention (EI).

This study uses a pre- and post-test analysis with data from 1,423 undergraduate students from two emerging countries in Latin America: Colombia and Ecuador. To verify the effect of the EEP on innovativeness, proactiveness and risk-taking at two-time points, the analysis of median for the difference of two paired populations (Sign Test and the Wilcoxon signed-rank test) was used. In addition, structural equation modeling analysis under the covariance and multigroup approach was applied to test the relationship between PI, IEO and EI.

The results of this study show that the EEP enhances innovativeness, proactiveness and risk-taking whose effects are more prominent in Ecuadorian students. Equally importantly, the EEP benefits represented in PI translate into higher EI through the mediating effect of the IEO dimensions for both the Colombian and Ecuadorian contexts, where the findings suggest no significant differences between two groups.

The findings of this study contribute to a better understanding of entrepreneurship education's role in entrepreneurial competence's development and intention by revealing the role of IEO dimensions. This study is one of the first studies that applies the IEO to contribute to the literature on the relationship between entrepreneurship education and intention from an emotional entrepreneurial perspective.

In recent years, the frequency and severity of cybersecurity incidents have prompted customers to seek out specialized insurance products. However, this has also presented insurers with operational challenges and increased costs. The assessment of risks for health systems and cyber–physical systems (CPS) necessitates a heightened degree of attention. The significant values of potential damages and claims request a solid insurance system, part of cyber-resilience. This research paper focuses on the emerging cyber insurance market that is currently in the process of standardizing and improving its risk analysis concerning the potential insured entity.

The authors' approach involves a quantitative analysis utilizing a Likert-style questionnaire designed to survey cyber insurance professionals. The authors' aim is to identify the current methods used in gathering information from potential clients, as well as the manner in which this information is analyzed by the insurers. Additionally, the authors gather insights on potential improvements that could be made to this process.

The study the authors elaborated it has a particularly important cyber and risk components for insurance area, because it addresses a “niche” area not yet proper addressed in specialized literature – cyber insurance. Cyber risk management approaches are not uniform at the international level, nor at the insurer level. Also, not all insurers can perform solid assessments, especially since their companies should first prove that they are fully compliant with international cyber security standards.

This research has concentrated on analyzing the current practices in terms of gathering information about the insured entity before issuing the cyber insurance policy, level of details concerning the cyber security posture of the insured entity and way such information should be analyzed in a standardized and useful manner. The novelty of this research resides in the analysis performed as detailed above and the proposals in terms of information gathered, depth of analysis and standardization of approach made. Future work on the topic can focus on the standardization process for analyzing cyber risk for insurance clients, to improve the proposal based also on historical elements and trends in the market. Thus, future research can further refine the standardization process to analyze in more depth the way this can be implemented and included in relevant legislation at the EU level.

Proposed improvements include proposals in terms of the level of detail and the usefulness of an independent centralized approach for information gathering and analysis, especially given the re-insurance and brokerage activities. The authors also propose a common practical procedural approach in risk management, with the involvement of insurance companies and certification institutions of cyber security auditors.

The study investigates the information gathered by insurers from potential clients of cyber insurance and the way this is analyzed and updated for issuance of the insurance policy.

This study aims to explore the impact of carbon neutral announcements on “stock market value” of publicly listed companies in China.

The event study approach is adopted. Market, market-adjusted, Carhart four-factor model and a cross-sectional regression model are employed to examine the impacts of carbon neutral announcements on “stock market value” of Chinese companies based on data from 188 carbon neutral announcements.

Carbon neutral announcements positively impact Chinese shareholder value. Carbon neutral announcements at the strategic level have a more positive and significant impact on Chinese stock market value. Innovative carbon neutral announcements do not significantly cause Chinese stock market reactions. Companies have more positive and significant stock market reactions when the companies make carbon neutral announcements that reflect high supply chain network resilience and heterogeneity and strong supply chain network relationships.

The findings uncover the business value of carbon neutral activities and provide operations managers in developing countries insights into how to improve enterprises' market value by actively implementing carbon neutral activities.

This paper is the first trial to apply an event study to examine the relationship between carbon neutral announcements and Chinese stock market value from the perspective of announcement level and type and supply chain networks. This paper introduces corporate reputation theory and enriches the application of corporate reputation theory in the field of low-carbon environmental protections and supply chains.

The purpose of this study is to see if the affirmative results seen in the pilot study of the positive addiction recovery therapy (PART) programme are replicable and durable given a new cohort of participants. PART is a programme of work designed to improve the recovery and well-being of people in early addiction recovery. Its foundation is in the G-CHIME (growth, connectedness, hope, identity, meaning in life and empowerment) model of addiction recovery. It also uses the values in action character strengths and includes a set of recovery protection techniques.

This study uses a mixed method experimental design, incorporating direct replication and a follow-up study. Measures for recovery capital, well-being and level of flourishing are used to collect pre-, post- and one-month follow-up data from participants. The replication data analysis uses the non-parametric Wilcoxon test, and the follow-up analysis uses the Friedman test with pairwise comparison post hoc analysis. The eligibility criteria ensure participants (n = 35) are all in early addiction recovery, classified as having been abstinent for between three and six months.

This study found a statistically significant improvement in well-being, recovery capital and flourishing on completion of the PART programme. These findings upheld the hypotheses in the pilot study and the successful results reported. It also found these gains to be sustained at a one-month follow-up.

This study endorses the efficacy of the PART programme and its continued use in a clinical setting. It also adds further credibility to adopting a holistic approach when delivering interventions which consider important components of addiction recovery such as those outlined in the G-CHIME model.

This study adds to the existing evidence base endorsing the PART programme and the applied use of the G-CHIME model.

This paper aims to illustrate by means of a case study how HKT-R Spider reference profiles of recidivists and non-recidivists may be supportive in leave decisions.

The authors describe what is known for recidivists and non-recidivists about changes in risk factors during treatment. The HKT-R Spider is introduced. By comparing a case study to group profiles, the authors illustrate how discussions about leave may be rationalised. From a study among 278 patients to explore the profiles, the authors report the inter agreement, and differences between recidivists and non-recidivists of the clinical HKT-R factors. Intra correlation coefficients, Wilcoxon signed ranks test and independent and paired t-tests are applied. To explore which combination of factors are discriminating between both groups, the authors also performed logistic regression analyses at six treatment stages.

The inter agreement reliability and internal consistency of the clinical HKT-R scale were acceptable to good in all six stages studied. The HKT-R Spider and profiles can be used to assist in evidence-informed decision-making about leave.

Globally recidivists had somewhat higher levels of clinical risk factors at all six decision moments, but the interpretation of HKT-R Spiders profiles should always be adapted to the individual’s context.

Applying the HKT-R Spider reference profiles on individual cases may structure and rationalize discussions lead to decisions based on clinical facts.

The identification (listing) and classification (grading) of urban heritage buildings for conservation is a challenging task for urban planners and conservation architects. Most of the world's cities depend on the expert-based evaluation method (EBEM) for listing and grading heritage buildings. The Panaji city in India provided a unique opportunity to assess the performance of the EBEM as two independent agencies carried out the heritage listing and grading process. Considering the case of Panaji, this research aims to measure the performance of EBEM used for listing and grading heritage buildings and identify the issues associated with the existing methodology.

This research presents a comparative analysis of the building listed and graded by the two agencies. The buildings that both agencies graded were identified and analysed using a confusion matrix. The grading classification was tested for accuracy, precision, sensitivity and F-score.

The result shows a low accuracy and F-score, which reflects the level of buildings misclassified. The misclassification is the product of the lack of standardisation of methodology and the subjectivity level involved in the EBEM.

Heritage listing and grading is a time-consuming process, and no city has the time and resource to conduct studies to check the accuracy. The cities in India and across the world, which follow a similar EBEM process, should consider this study's finding and revisit their methodology and develop a more reliable methodology for listing and grading heritage buildings.

The purpose of this study is to compare market reactions to the change in the demand by index funds between large and small company stocks by examining the transition of the S&P 500, S&P 400 MidCap and S&P 600 SmallCap indexes from market capitalization to free-float weighting. This unique information-free event allows not only avoiding confounding information signaling and investor awareness effects but also comparing the effect of the decrease in demand on stocks of different sizes.

This study uses the event study methodology to calculate abnormal returns and trading volume around the full-float adjustment day. It also tests for significant changes in institutional ownership and liquidity. Multivariate regressions are used to examine the relation of liquidity changes and price elasticity of demand to the cumulative abnormal returns around the full-float adjustment day.

This study finds significant decreases in stock price accompanied with significant increases in trading volume on the full-float adjustment day, and significant gains in quasi-indexer institutional ownership and liquidity. The main finding is that cumulative abnormal returns around the event period are related to changes in the number of quasi-indexer and transient institutional shareholders, not to changes in liquidity or price elasticity of demand.

This study provides the first comprehensive comparison analysis of stock market reactions to the decline in demand between large and small company stocks. As an important implication for future studies of the index effect, changes in institutional ownership should be considered in the analysis.

This preliminary investigation aims to examine the psychological impact of the COVID-19 pandemic on patients and staff within a high secure service.

To discern the connection between COVID-19-related distress and multiple factors, the study involved 31 patients and 34 staff who completed assessments evaluating coping strategies, resilience, emotional reactivity, ward atmosphere and work-related aspects.

Results demonstrated that around a third of staff (31.2%) experienced COVID-19-related distress levels that met the clinical cut-off for possible post-traumatic stress disorder. Emotional reactivity, staff shortages, secondary traumatic stress and coping strategies were all positively correlated with COVID-19-related-distress. Resilience was negatively associated with distress, thus acting as a potential mitigating factor. In comparison, the prevalence of distress among patients was low (3.2%).

The authors postulate that increased staff burdens during the pandemic may have led to long-term distress, while their efforts to maintain minimal service disruption potentially shielded patients from psychological impacts, possibly lead to staff “problem-focused coping burnout”. This highlights the need for in-depth research on the enduring impacts of pandemics, focusing on mechanisms that intensify or alleviate distress. Future studies should focus on identifying effective coping strategies for crisis situations, such as staff shortages, and strategies for post-crisis staff support.

The authors postulate that the added burdens on staff during the pandemic might have contributed to their distress. Nonetheless, staff might have inadvertently safeguarded patients from the pandemic’s psychological ramifications by providing a “service of little disruption”, potentially leading to “problem-focused coping burnout”. These findings underscore the imperative for further research capturing the enduring impacts of pandemics, particularly scrutinising factors that illuminate the mechanisms through which distress is either intensified or alleviated across different groups. An avenue worth exploring is identifying effective coping styles for pandemics.

The aim of this study is to understand the effect of class configurations in an active learning classroom (ALC) on students' self-perception of experiences and learning outcomes, namely participation, performance, motivation and creativity.

A self-administered survey (N = 131) was conducted in seven classes from the varied disciplines of communication, interior design and architecture. During the first half of the semester, all selected courses were conducted in traditional classrooms, whereas those in the second half were conducted in an ALC. ALC was designed to be used with several furniture configurations which could be easily set up by members of the learning community themselves. The survey was conducted at the end of semester before final exams, when students have a clear idea of the experiences in both the traditional and the new (ALC) classrooms, having spent equal time in each of these learning environments.

The main finding of the study is that students were eager to have future classes in the ALC rather than in traditional settings since the students experienced better learning outcomes in the ALC. During the second half of the semester, students who were in classes conducted following active learning (AL) pedagogies, with its supportive spatial configurations, were more aware of the learning outcomes facilitated by the physical environment. Further, the authors found that the increase in the number of furniture configurations has a statistically significant positive impact on learning outcomes.

AL pedagogy is often studied as a way of teaching and rarely with its associated classroom environments. In most of the existing studies, the configuration of furniture has often been overlooked within an AL environment by a learning community. This study fills the gap in emphasising the spatial aspects of the ALC by focusing on the specific pedagogy being followed.