Perks and the informativeness of stock prices in the Chinese market

While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data on perks from Chinese listed firms, we find that firms with lower perks are associated with higher informativeness of stock prices (or lower R-square). Moreover, the positive association between perks and R-square is shown to be weaker for firms with higher financial reporting quality through audit and earnings quality measures.

Numerical investigation of austenite grain size distribution in square-diamond pass hot bar rolling

In this study, the austenite grain size (AGS) for hot bar rolling of AISI4135 steel was predicted based on two different AGS evolution models available in the literature. In order to predict the AGS more accurately, both models were integrated with a three-dimensional non-isothermal finite element program by implementing a modified additivity rule. The predicted results based on two models for the square-diamond (S-D) and round-oval (R-O) pass bar rolling processes were compared with the experimental data available in the literature. Then, numerical predictions depending on various process parameters such as interpass time, temperature, and roll speed were made to compare both models and investigate the effect of these parameters on the AGS distributions. Such numerical results were found to be beneficial to understand the effect of the microstructure evolution model on the rolling processes better and control the processes more accurately.