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In an effort to make audit reports more informative to users, the Public Company Accounting Oversight Board and the International Auditing and Assurance Standards Board adopted a standard that requires auditors to disclose key audit matters (KAMs). This paper aims to explore the impact of the risk information provided by KAMs on corporate debt contracting.

In China, the KAM standard went into effect for A + H cross-listing companies in 2017 and became mandatory for all listed companies in 2018. This study takes this as an exogenous shock to examine the impact of the KAM disclosures on debt contracting. This study also designs a path analysis to open the “black box” between the risk information in KAMs and the risk perception of creditors. Moreover, This study conducts a textual analysis on the KAMs information based on samples after the release of the KAM standard.

This study conducts difference-in-difference tests and find that the KAM disclosures decrease interest rates and increase the proportion of long-term debt. Path analyses reveal that the KAM disclosures lead to more favorable debt characteristics through decreasing information asymmetry. This study also finds that the more KAMs are disclosed, the more favorable debt characteristics are and that different categories of KAMs have different effects on debt contracting.

This paper highlights the benefits of KAM disclosures, which are consistent with the convergence argument of risk information disclosures. Investors’ reactions to KAMs are mixed because of the differences in how professional investors and nonprofessional investors interpret information. This study provides evidence of incrementally informative nature of KAMs from the perspective of debt holders, who are professional information users.

The profound impact of the COVID-19 pandemic on the film industry has underscored the growing significance of online movies. However, there is limited research available on the factors that influence the viewership of online films. Therefore, this study aims to use the signaling theory to investigate how signals of varying qualities affect online movie viewership, considering both signal transmission costs and prices.

This study uses a sample of 1,071 online movies released on the iQiyi from July 2020 to July 2022. It uses OLS regression and instrumental variable method to examine the impact of various quality indicators on the viewership of online movies, as well as the moderating effect of price.

After conducting a thorough analysis of this study, it can be deduced that the varying impacts on online movie viewership are attributed to disparities in signal transmission costs. Specifically, star influence and rating exhibit a positive effect on the viewership of online movies, whereas the number of raters has a detrimental impact. Furthermore, there exists an “inverted U-shaped” relationship between the number of reviews and online movie viewership. Additionally, within the consumer decision-making process, both price-cost and price-quality relationships coexist. This is evident as prices negatively affect online movie viewership but positively moderate the relationship between rating, number of reviews and online movie viewership.

The research findings of this study offer valuable insights for online film producers to effectively leverage quality signals and pricing, thereby capturing market attention and enhancing film profitability.

The purpose of this paper is to use a simple method to enhance the ability of lower limb exoskeletons to restore balance under large interference conditions and to solve the problem that biped robot stability criterion cannot be fully applied to the underactuated lower limb exoskeletons.

The method used in this paper is to construct an underactuated lower extremity exoskeleton ankle joint with a torsion spring. Based on the constructed exoskeleton, the linear inverted torsion spring pendulum model is proposed, and the traditional capture point (CP) concept is optimized.

The underactuated exoskeleton ankle joint with torsion springs, combined with the improved CP concept, can effectively reduce the forward stepping distance under the same interference condition, which is equivalent to enhancing the balance ability of the lower extremity exoskeleton.

The contribution of this paper is to enhance the balance ability of the exoskeleton of the lower limbs under large interference conditions. The torsion spring is used as the exoskeleton ankle joint, and the traditional CP concept is optimized according to the constructed exoskeleton.

The performance of corporations in sustainable development is not only a concern of investors, but has also captured ever-increasing attention from consumers. However, the evidence on how these good practices would ultimately benefit brands economically remains insufficient. This study tests the causal effect between corporate Environmental, Social, and Governance (ESG) performance, media coverage, and brand value to reveal the underlying mechanisms of how consumers would react to high ESG performance.

This study uses panel data regression analysis with a sample of Chinese A-share non-financial listed companies from 2010 to 2021. ESG performance, brand value, and media coverage are assessed with Huazheng ESG Rating, the rankings from the China’s 500 Most Valuable Brands' list published by the World Brand Lab, and media index compiled by the Chinese Research Data Services Platform (CNRDS) respectively.

This research confirmed that ESG performance positively impacted brand value in terms of profitability, and that media coverage played a role as a megaphone in this relationship. Large-scale corporates, compared to small ones, benefited more from good ESG ratings due to increased media coverage.

The findings provide evidence of the megaphone effect of media coverage on the relationship between firms’ ESG engagements and brand value in the product market, which has extended the knowledge of media’s monitoring role in the financial market. And this megaphone effect is strengthened by firm size in which larger firms have spotlight effect in draw public attention due to higher expectations in terms of social responsibility.

The purpose of this paper is to improve the automation of selective disassembly sequence planning (SDSP) and generate the optimal or near-optimal disassembly sequences.

The disassembly constraints is automatically extracted from the computer-aided design (CAD) model of products and represented as disassembly constraint matrices for DSP. A new disassembly planning model is built for computing the optimal disassembly sequences. The immune algorithm (IA) is improved for finding the optimal or near-optimal disassembly sequences.

The workload for recognizing disassembly constraints is avoided for DSP. The disassembly constraints are useful for generating feasible and optimal solutions. The improved IA has the better performance than the genetic algorithm, IA and particle swarm optimization for DSP.

All parts must have rigid bodies, flexible and soft parts are not considered. After the global coordinate system is given, every part is disassembled along one of the six disassembly directions –X, +X, –Y, +Y, –Z and +Z. All connections between the parts can be removed, and all parts can be disassembled.

The disassembly constraints are extracted from CAD model of products, which improves the automation of DSP. The disassembly model is useful for reducing the computation of generating the feasible and optimal disassembly sequences. The improved IA converges to the optimal disassembly sequence quickly.

To improve the high-temperature wear properties of the SiCp/A359 composite, foamed iron-reinforced SiCp/A359 composite (A359–SiCp/Fe) is prepared. The purpose of this study is to investigate the tribological behavior and mechanism of the A359–SiCp/Fe composites at different temperatures (100–500 °C) and loads (7 N, 10 N and 12 N).

The A359–SiCp/Fe composite was fabricated by vacuum-assisted infiltration. The dry sliding tribological behaviors of A359–SiCp/Fe composite were investigated using the ball-on-disc-type tribometer. The worn surface and wear morphology of the longitudinal section were examined using field emission scanning electron microscopy and metallographic microscope.

The critical transition temperature for severe wear in A359–SiCp/Fe composite was 50–100 °C higher than in SiCp/A359 composite. Foamed iron prevents exfoliation cracks from penetrating deeper into the matrix. The friction coefficient stability of the A359–SiCp/Fe composite was higher than the unreinforced composite at elevated temperatures. With the increase in temperature, the friction-affected layer was severely worn, and the wear mechanism transferred from abrasion and delamination to oxidation and plastic flow, respectively.

The preparation procedure for aluminum matrix composites reinforced with foamed metal has been less reported, and the research on the tribological behavior and mechanism of A359–SiCp/Fe composite at various temperatures is insufficient. The foamed iron structure considerably enhances the wear properties of SiCp/A359 composite in elevated temperature conditions.