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The purpose of this paper is to examine the misvaluation hypothesis using a relative reference point (RRP) in mergers and acquisitions (M&A) market.

The paper studies 1,878 M&A deals in the US market announced between January 1985 and December 2014.

The paper finds that bidders prefer stock payments when the RRP increases. The RRP is positively related to the offer premium and the target announcement returns. Although the RRP is negatively related to the bidder announcement returns, it is positively related to the long-run performance of bidders who time the market with overvalued stocks. The results are consistent with the predictions of the misvaluation hypothesis and reference point (RP) theory.

The authors construct a dynamic valuation framework to explain the misvaluation hypothesis by linking M&As’ misvaluation with RP theory. This paper provides direct evidence that the reference-dependence bias is prevalent for more experienced investors in major corporate investment decisions and offers fresh insights into the method of payment hypothesis.

Unconventional machining processes, particularly ultrasonic vibration cutting (UVC), can overcome such technical bottlenecks. However, the precise mechanism through which UVC affects the in-service functional performance of advanced aerospace materials remains obscure. This limits their industrial application and requires a deeper understanding.

The surface integrity and in-service functional performance of advanced aerospace materials are important guarantees for safety and stability in the aerospace industry. For advanced aerospace materials, which are difficult-to-machine, conventional machining processes cannot meet the requirements of high in-service functional performance owing to rapid tool wear, low processing efficiency and high cutting forces and temperatures in the cutting area during machining.

To address this literature gap, this study is focused on the quantitative evaluation of the in-service functional performance (fatigue performance, wear resistance and corrosion resistance) of advanced aerospace materials. First, the characteristics and usage background of advanced aerospace materials are elaborated in detail. Second, the improved effect of UVC on in-service functional performance is summarized. We have also explored the unique advantages of UVC during the processing of advanced aerospace materials. Finally, in response to some of the limitations of UVC, future development directions are proposed, including improvements in ultrasound systems, upgrades in ultrasound processing objects and theoretical breakthroughs in in-service functional performance.

This study provides insights into the optimization of machining processes to improve the in-service functional performance of advanced aviation materials, particularly the use of UVC and its unique process advantages.

The purpose of this paper is to study how the market correlation changes in Chinese stock market and how the market correlation affects stock returns.

The authors first examine the relationship between the market correlation and the market return. Then, the authors run formal multiple regressions to see whether correlation risk is priced in security returns.

The authors find that market correlation increases when the market index falls down. Though market correlation risk is partly influenced by macroeconomic shocks, volatility risk, liquidity risk and higher moment risk, market correlation contains unique information that measures the benefit investors gain from diversification strategies. The market correlation risk is negatively priced. This conclusion remains valid even if the authors have considered the influence of other risk factors and the impact of conditional information.

Subjected to the limited history of the Chinese stock market, the authors cannot use more accurate and specific empirical methodology to fulfill the empirical research. And this renders further study.

This research provides empirical evidence in a new data sample and it sheds lights on correlation strategies for institutional investors in China.

The purpose of this paper is to investigate the surface integrity features, including surface roughness (SR), recast layer (RL), material migration, topography and wire wear pattern in rough and trim-cut wire electric discharge machine (WEDM) of hybrid composite (Al6061-90%/SiC-2.5%/TiB₂-7.5%).

Effects of four important factors, namely, rough-cut history (RCH), pulse on time (T_on), peak current (IP) and wire offset (WO) have been assessed on the responses of interest for trim-cut WEDM. Box–Behnken design (RSM) was used to formulate the experimentation plan. Quantitative indices of surface integrity, namely, SR and RL, and selected samples have been investigated for qualitative analysis, namely, surface topography, material migration and wire wear pattern.

T_on and IP are found to be most significant, whereas RCH and WO are found insignificant for SR. T_on and WO were found to be the most significant factors affecting RL. After trim cut, an RL of thickness 8.26 µm is observed if the initial rough cut has been accomplished at high discharge energy setting. Whereas the best value of RL thickness, i.e. 5.36 µm, can be realized with low level of RCH. A significant decrease in the presence of foreign materials is recorded, indicating its strong correlation with the discharge energy used during machining.

Investigation on surface integrity features for machining of hybrid composite through rough and trim-cut WEDM has been reported by only a limited number of researchers in the past. This study is attempted at fulfilling few vital gaps by addressing the issues such as evaluation of the efficacy of trim cutting under different discharge energy conditions (using RCH), analysis of wire wear pattern in both rough and trim-cut modes and investigation of the wire breakage phenomenon during machining.

This research explores the finite element modeling of the crater and material removal rate (MRR) in micro-electrical discharge machining (micro-EDM) with and without vibration of the workpiece. The application of workpiece vibration in the micro-EDM process improved flushing efficiency and enhanced material removal rate (MRR).

In this work, the two-dimensional axisymmetric finite element method (FEM) has been developed to predict the shape of the crater with and without vibration. The temperature distribution on the workpiece surface with and without vibration has been obtained in the form of the contour plot.

The MRR obtained from the numerical model revealed that there was an enhancement in MRR in micro-EDM with vibration as compared to without vibration. The effect of process parameters on MRR in micro-EDM with and without is also presented in this work.

In this work, the two-dimensional axisymmetric FEM model has been developed to predict the shape of the crater with and without vibration.

The purpose of this paper is to study the effect of ultrasonic machining process parameters on surface quality while machining titanium alloy Ti-6Al-4V.

Effect of cryogenic treatment (CT) of tool and work material was also explored in the study. Taguchi’s L18 orthogonal array was chosen for design of experiments and average surface roughness was measured.

Different modes of fracture were detected at work surface corresponding to varied input process parameters. Slurry grit size, power rating and tool material along with CT of work material were found to be the significant parameters affecting surface quality.

The results obtained have been modelled using artificial neural network approach.