Search results

This study aims to investigate a chromium-free sealing treatment process to replace the chromate sealing process in response to the environmental hazards caused by chromate in the Phosphate chemical conversion (PCC) coating post-treatment sealing process.

In this paper, chromium-free sealing technology was used to post-treat PCC coatings. Scanning electron microscopy was used to investigate the structure of the surface of the PCC coatings after the sealing treatment, and the corrosion resistance, hydrophobicity and bonding were tested using an electrochemical workstation, a copper sulfate spot-drop test, a lacquer bonding test, a contact angle meter and a neutral salt spray test.

Chromium-free closure makes the grain distribution on the surface of the PCC coating more uniform and dense, and forms an organic film on the surface of the coating, which significantly improves the corrosion resistance and hydrophobicity of the PCC coating, does not affect the coating film bonding force and has similar performance with potassium dichromate solution.

The results show that the corrosion resistance of PCC coatings after chromium-free sealing treatment is improved, and chromium-free sealing has the potential to replace chromium sealing.

This study aims to identify mutually exclusive risk categories and determine whether these categories effectively capture the potential impact of risk disclosures on the initial returns of initial public offerings (IPOs) in the financial and non-financial sectors.

Data were collected from 131 Indian IPO prospectuses (104 non-financial and 27 financial) issued between 2015 and 2021. Content analysis was performed to identify mutually exclusive risk categories, and the effects of these categories on initial IPO returns were assessed by regression analysis

The findings revealed that risk factor disclosures have a significant impact on underpricing, but not all risk factors are relevant. In the current study, in the financial sector, IPO underpricing was mostly driven by technological and competitive risk factors. In the non-financial sector, underpricing was predominantly influenced by operating risk and compliance risk factors.

The limitations of this study include the use of sentence-based context analysis, which does not assess the quality of risk disclosures. The statistical data reduction technique used to generate mutually exclusive risk categories may also be a limitation.

This research has the potential to assist companies in standardizing the disclosure of risks within IPO prospectuses. The insights gained can inform market regulators in designing policies aimed at aiding investors in formulating investment strategies, ultimately enhancing transparency and clarity regarding information disclosure. Moreover, the findings offer valuable guidance to investors in selecting IPOs aligned with their risk tolerance levels.

From a societal perspective, this study represents advancements by guiding regulators towards developing and regulating standardized, mutually exclusive risk factors. Such measures can aid investors in enhancing their decision-making perspectives regarding IPOs, promoting a more informed and confident investment environment.

This study is a pioneering attempt to address knowledge gaps by identifying distinct categories of risk disclosures in IPO prospectuses and examining their potential influence on IPO underpricing in the financial and non-financial sectors in India.