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Promoting low-carbon in the construction industry is important for achieving the overall low-carbon goals. Public–private partnership is very popular in public infrastructure projects. However, different perceptions of low-carbon and behaviors of public and private sectors can hinder the realization of low-carbon in these projects. In order to analyze the willingness of each stakeholder to cooperate towards low-carbon goals, an evolutionary game model is constructed.

An evolutionary game model that considers the opportunistic behavior of the participants is developed. The evolutionary stable strategies (ESSs) under different scenarios are examined, and the factors that influence the willingness to cooperate between the government and private investors are investigated.

The results illustrate that a well-designed system of profit distribution and subsidies can enhance collaboration. Excessive subsidies have negative impact on cooperation between the two sides, because these two sides can weaken income distribution and lead to the free-riding behavior of the government. Under the situation of two ESSs, there is also an optimal revenue distribution coefficient that maximizes the probability of cooperation. With the introduction of supervision and punishment mechanism, the opportunistic behavior of private investors is effectively constrained.

An evolutionary game model is developed to explore the cooperation between the public sector and the private sector in the field of low-carbon construction. Based on the analysis of the model, this paper summarizes the conditions and strategies that can enable the two sectors to cooperate.

Au stud bump bonding technology is an effective means to realize heterogeneous integration of commercial chips in the 2.5D electronic packaging. The purpose of this paper is to study the long-term reliability of the Au stud bump treated by four different high temperature storage times (200°C for 0, 100, 200 and 300 h).

The bonding strength and the fracture behavior are investigated by chip shear test. The experiment is further studied by microstructural characterization approaches such as scanning electron microscope, energy dispersive spectrometer and so on.

It is recognized that there were mainly three typical fracture models during the chip shear test among all the Au stud bump samples treated by high temperature storage. For solder bump before aging, the fracture occurred at the interface between the Cu pad and the Au stud bump. As the aging time increased, the fracture mainly occurred inside the Au stud bump at 200°C for 100 and 200 h. When aging time increased to 300 h, it is found that the fracture transferred to the interface between the Au stud bump and the Al Pad.

In addition, the bonding strength also changed with the high temperature storage time increasing. The bonding strength does not change linearly with the high temperature storage time increasing but decreases first and then increases. The investigation shows that the formation of the intermetallic compounds because of the reaction between the Au and Al atoms plays a key role on the bonding strength and fracture behavior variation.

This study aims to explore the effect of chief executive officer education on firms’ action timing and acquisition performance in industry merger waves. In addition, this study investigated the moderating influence of CEO duality and firm cash flow on the relationship between education and entry timing.

Following the methodology for determining merger waves in previous studies, the authors identified 16 industry merger waves of Chinese listed firms from 2008 to 2019. Multiple linear regression was employed to examine the hypotheses.

The results showed that higher CEO education was associated with early participation in merger waves. CEO duality negatively moderated the education-entry timing relation. The effect of CEO education on entry timing was more pronounced when firms had higher cash flow. Moreover, more educated CEOs materially enhanced acquisition performance in merger waves.

Entry timing in industry merger waves has important implications, as early movers establish competitive advantages and achieve higher acquisition performance. However, the managerial characteristics determining entry timing have not received adequate attention. Meanwhile, studies examining the effect of CEO education on acquisitions are limited. This study explored the effect of CEO education on firms’ entry timing and acquisition performance in merger waves, thereby contributing to the literature on merger waves and managerial characteristics. This study’s findings regarding the moderators of the education-entry timing relation enrich the literature on corporate governance and agency theory.