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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.

The increased interest among academicians to explore more about tax management behavior is evident in the literature on corporate tax avoidance. This paper aims to illustrate the multiple aspects that influence the tax avoidance behavior of corporations and its impacts through the systematic review method.

This study used “Tax Avoidance” OR “Tax Aggressiveness” OR “Tax Planning” as search strings to extract the relevant literature from the Scopus database. This study is a comprehensive analysis of existing literature on corporate tax avoidance behavior. Further, the keyword network analysis has been used to find out the most explored and dry research areas related to corporate tax avoidance behavior using VOSviewer software.

The study finds that taxation decision is an important managerial decision. Managers adopt tax avoidance tactics to boost postax profits to meet the shareholders’ expectations, particularly of risk-averse shareholders, and sometimes for their benefit also. With this, this study also finds that firms’ characteristics, political connections and corporate social responsibility activities also impact taxation decisions. In addition, the study identifies that tax-avoiding behavior has a contradictory impact on firm value, market growth and corporate transparency disclosure decisions.

The study assists the researchers by providing a brief overview of tax avoidance behavior, for corporates in understanding the implications of tax avoidance, and for policymakers to fix the taxation loopholes and bring necessary tax reforms.

This study adds to the existing literature by providing a thorough overview of theories, determinants and outcomes of corporate tax avoidance behavior.

While there is a general belief that a defective institutional environment will lead to higher compliance risk, the current state of knowledge about how the institutional environment affects enterprises' compliance is equivocal. This study aims to explore how does the host country's institutional environment affect the compliance risk perception of international engineering contractors and how to mitigate this impact.

This study empirically tests the impact of the institutional environment from the two dimensions of the institutional environment: legal completeness reflects whether the formal regulations are clear, detailed and comprehensive and legal effectiveness reflects whether rules and policies can be implemented effectively when the proper legal codes are provided. Based on 213 questionnaire data, this study uses partial least squares structural equation model (PLS-SEM) and Smart PLS software to test the hypothesis.

This study finds a negative relationship between the host country's legal completeness (LC) or legal effectiveness (LE) and a contractor's compliance risk perception. Further, the results show potential absorptive capacity (PAC) and realized absorptive capacity (RAC) of a contractor are critical for mitigating the impact of low LC in the host country, but not when LE is low.

The findings will be useful for international engineering contractors to respond to the compliance risk of the host country, both in choices of overseas investment locations and compliance capacity building.

This study reveals the impact of the host country's institutional environment on the compliance risk perception of international contractors, and provides theoretical guidance for how to alleviate the compliance barriers brought by the host country's institutional environment to international engineering contractors.

A flexible manufacturing system (FMS) helps improve the system’s performance, thus increasing its overall competitiveness. FMS is an essential component of Industry 4.0 (I4.0), which has revolutionized the way firms manufacture their products. This study aims to investigate the diverse focus of the research being published over the years and the direction of scholarly work in applying FMSs in business and management.

A total of 1,096 bibliometric data were extracted from the Scopus database from the years 2001 to 2021. A systematic review and bibliometric analysis were performed on the data and related articles for performance measurement and scientific mapping on the FMS themes.

Based on co-keyword, the study reveals four major themes in the FMS field: mathematical models and quantitative techniques, scheduling and optimization techniques, cellular manufacturing and decision-making in FMSs. Based on bibliometric coupling on 2018–2021 bibliometric data, four themes emerged for future research: scheduling problems in FMS, manufacturing cell formation problem, interplay of FMS with other latest technologies and I4.0 and FMS.

The originality lies in answering the following research questions: What are the most highlighting themes in FMS, and how have they evolved over the past 20 years (2001–2021)? What topics have been at the forefront of research in FMS in the past five years (2016–2021)? What are the promising avenues of research in FMS?

The collection and use of personal medical information for mobile health (mHealth) service raise significant privacy concerns. In this context, this study aims to explore the privacy paradox and its impact from the perspective of paradox resolution.

Based on social support theory and privacy calculus theory, this study first studies the effect of social support on perceived benefits, and explores the moderating effect of perceived health status on the privacy trade-off process. Secondly, the study examines the path of “privacy concerns – disclosure intention – disclosure behavior” to verify the existence of the privacy paradox. Following this, based on rational choice theory, the rationality degree is introduced as a moderating variable to investigate both its impact on the central route and the strength of this impact on the privacy paradox.

Empirical results show that informational support and emotional support influence perceived benefits significantly. Perceived benefits significantly influence privacy concerns, and perceived health status has a significant positive moderating effect. The authors further find that there is a privacy paradox within the mHealth context, and the privacy paradox is moderated negatively by rationality degree. The findings indicate that the impact strength of the privacy paradox will decrease with increases in rationality degree.

The findings indicate that it is crucial to evaluate the privacy paradox and its impact from the perspective of paradox resolution.

This study offers a complete comprehension of the privacy paradox in mHealth and provides several valuable recommendations for enhancing both mHealth services and privacy controls.

This study aims to evaluate the efficacy of a digital medical library, including department-based electronic journal access, library training course participation and scholarly publications.

The data on full-text electronic journal access, participants of library training courses and scholarly publications were exported from a digital medical library database during 2017–2021. In addition, electronic journal access and library training courses were divided into high-level and low-level groups, while scholarly publications were divided into physician and non-physician groups.

The scholarly publications had a positive correlation to library training courses and electronic journal access. Furthermore, scholarly publications showed a significant difference between the high-level and low-level electronic journal access groups but not between the high-level and low-level library training course groups. Scholarly publications and electronic journal access had positive correlations for both the physician and non-physician groups. Scholarly publications and library training courses, and electronic journal access and library training courses had positive correlations only in the non-physician group.

The importance of electronic journal access for scholarly publications is suggested based on the findings of the present study. The training courses held by the medical library had a positive effect on scholarly publications for the non-physician group.

The current study provides insights relevant to the electronic journal access of library-supported scholarly publications among medical departments. These results can serve as a reference for medical library development planning and decision-making in the future.

Since most of the existing literature do not disclose the node coordinate data of its fixed-wing aircraft airfoil, in order to develop and obtain a practical and suitable deformation airfoil for fixed-wing micro air vehicle (MAV), this paper proposes an improved airfoil design method of fixed-wing MAV based on the profile data of S5010 airfoil.

Combined with the body shape variation of the stingray in the propulsion process, the parametric study of the aerodynamic shape of the original design airfoil is carried out to explore the influence of a single parameter change on the aerodynamic performance of the airfoil. Then, according to the influence law of single parameter variation on the aerodynamic performance of the airfoil, the original airfoil is synthetically deformed by changing multiple parameters.

By comparing the aerodynamic performance of the multi-parameter deformed airfoil with the original airfoil, it is found that the lift coefficient of the multi-parameter deformed airfoil changes from negative to positive value when AOA = 0°. When AOA = 2°, the lift coefficient growth rate is the largest, which is 47.27%, and the lift-to-drag ratio is increased by 50.00%. At other angles of attack, the lift, drag, and torque coefficients of the multi-parameter deformed airfoil are optimized to some extent.

Combined the body shape variation of the stingray in the propulsion process, the parametric study of the aerodynamic shape of the original design airfoil is carried out to explore the influence of a single parameter change on the aerodynamic performance of the airfoil.

Currently, the Tang tomb mural cultural relic resources are presented in a multi-source and heterogeneous manner, with a lack of effective organization and sharing between resources. Therefore, this study aims to propose a multidimensional knowledge discovery solution for Tang tomb mural cultural relic resources.

Taking the Tang tomb murals collected by the Shaanxi History Museum as an example, based on clarifying the relevant concepts of Tang tomb mural resources and considering both dynamic and static dimensions, a top-down approach was adopted to first construct an ontology model of Tang tomb mural type cultural relics resources. Then, the actual case data was imported into the Neo4J graph database according to the defined pattern hierarchy to complete the static organization of knowledge, and presented in a multimodal form in knowledge reasoning and retrieval. In addition, geographic information system (GIS) technology is used to dynamically display the spatiotemporal distribution of Tang tomb mural resources, and the distribution trend is analysed from a digital humanistic perspective.

The multi-dimensional knowledge discovery of Tang tomb mural cultural relics resources can help establish the correlation and spatiotemporal relationship between resources, providing support for semantic retrieval and navigation, knowledge discovery and visualization and so on.

This study takes the murals in the collection of the Shaanxi History Museum as an example, revealing potential knowledge associations in a static and intelligent way, achieving knowledge discovery and management of Tang tomb murals, and dynamically presents the spatial distribution of Tang tomb murals through GIS technology, meeting the knowledge presentation needs of different users and opening up new ideas for the study of Tang tomb murals.

The tender documents, an essential data source for internet-based logistics tendering platforms, incorporate massive fine-grained data, ranging from information on tenderee, shipping location and shipping items. Automated information extraction in this area is, however, under-researched, making the extraction process a time- and effort-consuming one. For Chinese logistics tender entities, in particular, existing named entity recognition (NER) solutions are mostly unsuitable as they involve domain-specific terminologies and possess different semantic features.

To tackle this problem, a novel lattice long short-term memory (LSTM) model, combining a variant contextual feature representation and a conditional random field (CRF) layer, is proposed in this paper for identifying valuable entities from logistic tender documents. Instead of traditional word embedding, the proposed model uses the pretrained Bidirectional Encoder Representations from Transformers (BERT) model as input to augment the contextual feature representation. Subsequently, with the Lattice-LSTM model, the information of characters and words is effectively utilized to avoid error segmentation.

The proposed model is then verified by the Chinese logistic tender named entity corpus. Moreover, the results suggest that the proposed model excels in the logistics tender corpus over other mainstream NER models. The proposed model underpins the automatic extraction of logistics tender information, enabling logistic companies to perceive the ever-changing market trends and make far-sighted logistic decisions.

(1) A practical model for logistic tender NER is proposed in the manuscript. By employing and fine-tuning BERT into the downstream task with a small amount of data, the experiment results show that the model has a better performance than other existing models. This is the first study, to the best of the authors' knowledge, to extract named entities from Chinese logistic tender documents. (2) A real logistic tender corpus for practical use is constructed and a program of the model for online-processing real logistic tender documents is developed in this work. The authors believe that the model will facilitate logistic companies in converting unstructured documents to structured data and further perceive the ever-changing market trends to make far-sighted logistic decisions.

The purpose of this paper is to obtain a constitutive model of cement-based material in the rheological stage, which owns the different water-cement ratio (w/c) and temperature and have a significant impact on the workability of concrete materials.

It is introduced a modified Arrhenius equation into the Herschel–Bulkley model, which is widely applied in rheological analysis and constructed an ordinary differential equation (ODE) of w/c from the Navier–Stokes equation. By solving the ODE, an approximate constitutive relation of cement-based materials included w/c and temperature is derived. Compared with the experimental results, the present model is validated.

The shear stress and shear rate curves with different w/c and temperature are simulated by the present method, and the present model can be applied to analyze the changes of apparent viscosity in cement-based material slurry as the w/c and temperature varying.

This work gives a mathematical model, which can effectively approximate the shear stress–shear rate relation with different w/c and temperature in the rheological stage of cement-based material.