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We study the wealth effects of 177 domestic and cross‐border acquisitions announced by Spanish corporations between 1990 and 2004. Our findings show that domestic transactions significantly outperform international transactions. However, controlling for several firm and transaction characteristics, we do not find any cross‐border effect for acquisitions of Spanish firms. Short‐term valuation is driven by three factors in particular. Target size and bidder’s profitability negatively affect announcement returns, whereas transactions in related industries have a positive effect. Our results may indicate that in contrast to prior empirical findings, international diversification incurs higher costs than synergies and is, among others, driven by managerial and ownership factors.

Education for sustainable development (ESD) is a developing educational concept that aims to achieve economic, social and environmental sustainability through education. Cultural sustainability education aims to cultivate awareness and protection of cultural assets, promote sustainable development and foster environmental responsibility. This study establishes a cyber-physical metaverse of cultural sustainability learning to cultivate students' motivation, multicultural identity, critical thinking and sustainability thinking.

In this study, virtual reality (VR) and 3D printing technologies were utilized to create a cyber-physical metaverse learning environment. This learning environment is designed to allow elementary school children to learn about indigenous cultures and the architecture of slate houses, as well as socio-architectural issues. Learners will be able to experience first-hand the plight of the indigenous tribal areas and the exploration of related cultural knowledge.

The study collected pre- and post-test data through questionnaires, using covariates to analyze learners' perceptions of learning. The results of this study showed that cyber-physical metaverse learning environment had a significant impact on learning motivation, multicultural identity and sustainability thinking for culturally sustainable education. However, this study’s impact on critical thinking skills in students remains to be confirmed.

This is a quasi-experimental study of a single country’s elementary school children in the indigenous area, so its findings cannot be extrapolated to other areas or to learners of different ages.

This study introduces a framework for incorporating both virtual and real cultures to promote sustainable learning. The cyber-physical metaverse learning is used to supplement teaching activities to enhance learners' motivation in learning multicultural knowledge. Students were able to recognize and protect cultural assets, as well as emphasize the importance of sustainable development.

The object of this research is the reconstruction of the existing legal response by European Union states to the phenomenon of immigration. It seeks to analyse the process of conferral of protection.

One main dimension is selected and discussed: the case law of the national courts. The study focuses on the legal status of immigrants resulting from the intervention of these national courts.

The research shows that although the courts have conferred an increasing protection on immigrants, this has not challenged the fundamental principle of the sovereignty of the states to decide, according to their discretionary prerogatives, which immigrants are allowed to enter and stay in their territories. Notwithstanding the differences in the general constitutional and legal structures, the research also shows that the courts of the three countries considered – France, Germany and Spain – have progressively moved towards converging solutions in protecting immigrants.

The research contributes to a better understanding of the different legal orders analysed.