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To discuss how two recent court decisions applied the materiality standard concerning information disclosed to investors and the definition of a “reasonable investor”.

Explains the origins and evolution of the materiality standard and the “reasonable investor” paradigm, discusses the difficulty in applying the materiality standard in the absence of a clear definition of the “reasonable investor”, and addresses potential implications of two 2016 cases, Flannery v. SEC and United States v. Litvak, on whether materiality should be applied on a subjective, rather than objective, basis and evidentiary burdens in proving materiality.

Flannery and Litvak suggest that, in assessing what information is material to a “reasonable investor”, courts may place increasing weight on the relative sophistication of investors, the types of securities and the nature of the markets in which they are investing, and types of information investors in those securities and markets typically consider to be material.

Informed analysis by experienced practitioners in capital markets, financial services and securities litigation.

Multilayer aircore inductors fabricated in a range of interconnection technologies which are MCM compatible are presented and compared. These consist of thick‐film, low temperature cofired ceramic (LTCC), printed circuit board (PCB) and fine‐line plated copper on ceramic (copper plating). From a comparison of simulated and measured results, it can be concluded that a predictive design capability has been achieved for inductance and self‐resonant frequency (SRF). Modelling of AC resistance and Q requires further investigation.

The digitization process has increased the pressure on large firms to transform. However, current frameworks on digital transformation are not well explaining what factors contribute to, or hinder, a firm's digital transformation. Innovation diffusion theories could complement existing frameworks, and for this reason, the purpose of this paper is to expand the existing body of knowledge on what contributes to, or hinders, an industrial firm's digital transformation by applying a validated framework based on innovation diffusion theories on two pioneer cases: General Electric and Siemens EHR/Health Services.

The framework used in this paper is based on several years' empirical studies and iterative literature reviews on innovation diffusion theories. Further, each use case is based on literature reviews and unique empirical data, collected by the authors of this paper as a result of taking active part of respective company's multi-years transformation.

Common drivers of, and clear inhibitors to the two firms' transformation, were identified. The innovation diffusion framework was found to work very well in identifying those factors.

The implications are that researchers better can analyze/explain a digital transformation of a firm, and business managers can better plan or improve their firms' transformation processes.

The theoretical contributions of this paper are two: first, complement existing frameworks with a validated framework for innovation diffusion; second, provide an extension of our body of knowledge on factors that contributes to, or hinders, industrial firm's digital transformation.

The objective of this systematic literature review (SLR) is to outline the existing research in the field of infrastructure project finance (IPF). This paper aims to summarise the academic and practitioner research to highlight the benefits of adopting IPF structures in uncertain environments. By highlighting all conceptual and applied implications of IPF, the study identifies future research directions to develop a holistic understanding of IPF.

The SLR is based on 125 articles published in peer-reviewed journals during 1975–2019. After providing a brief overview of IPF, research methodology and citation, publication and author analysis, the SLR presents the various domains around which existing research in IPF is focussed and provides future research propositions in each domain.

The study found that despite the increased usage of IPF, academic and practitioner research in the field is lagging. Also, with increased usage of IPF in emerging and under-developed economies, IPF structure presents a perfect setting to understand how investment and financing are interlinked and how to overcome the institutional voids, socio-economic risks and inter-partner differences by IPF structures.

This literature review paper is based on the research in IPF between 1975 and 2019. To the best of the authors’ understanding, the SLR is the first focussed study detailing a methodical and thorough compendium of existing studies in the IPF domain. By focussing on various domains of IPF research, this paper presents future research avenues in the field.

Companies with global ambitions need to pay close attention to how innovation is achieved in India. In particular, corporate leaders still have much to learn about how this economic powerhouse is likely to develop in the coming decades and what strategy and innovation plays are most likely to be successful.

This “Masterclass” examines the lessons from three important recent books that offer valuable insights on how Indian businesses are addressing the innovation challenge: Conquering the Chaos by Ravi Venkatesan, former Chairman of Cummins India and Microsoft India, identifies the leadership blueprint for creating most value in this and similar emerging “VUCCA” markets. India Inside by Nirmalya Kumar and Phanish Puranam discovers a significant opportunity and challenge – India's rapid emergence as a global hub of innovation. Reverse Innovation by Vijay Govindarajan and Chris Trimble presents an alternative strategy to “glocalization” as a more promising way to drive global growth, using emerging markets like India as the innovation platform.

The article looks at why only 25 to 30 of the more than 1,300 major multinationals currently operating in India have made it into the “high-growth trajectory, market leadership” category within that country.

Every company with global ambitions would now be well advised to make to make innovation in India central to their own ambitions, so that they might become the global disruptors of the future not the victims.

While most of today's multinational CEOs see pursuing significant market participation in China as a “no-brainer,” rising, or failing to rise, to the challenge of India, with at least as much urgency and commitment, may turn out to be their most “defining” strategic legacy.

The purpose of this research paper is to clarify why shareholders should be prudent when managers promise value gains from a synergetic merger.

The paper proposes a simple two‐state model of stochastic firm cash flows which allows for a discussion of wealth redistribution in conglomerate mergers, both under perfect information and moral hazard.

It is found that shareholders regularly lose in non‐synergetic mergers, and will not necessarily gain if synergies are positive. In the model, a corresponding critical level of synergies is calculated explicitly. It is shown that there are also new value effects induced by moral hazard, which constitute genuine financial synergies of their own.

The positive synergies are due to the mitigation of asset substitution problems after the merger, and they are an interesting question for generalization in future research.

As one of its practical implications, the findings suggest that managers should provide shareholders with concrete ideas of where promised synergies might come from, and why there should exist any bargaining range for equilibrium exchange ratios which leaves all shareholders better off.

The paper shows that these questions can be answered on a rigorous basis which might improve the pre‐merger decision process between managers, shareholders and the affected groups of stakeholders, respectively.

To address safety risks, worker well-being concerns and productivity losses in construction due to substance misuse, this study aims to explore awareness and usage levels of various substances among Nigerian construction professionals. The findings aim to inform targeted interventions and policy development to tackle these industry-specific challenges.

A comprehensive literature review identified several substances and intoxicants commonly used in construction, which informed the development of a well-structured questionnaire. This questionnaire was distributed to both construction professionals and nonprofessionals. The Shapiro-Wilk test assessed the normality of awareness and utilization scores for each substance, while the Kruskal-Wallis H-test explored significant differences in awareness and usage scores among different respondent groups.

Despite reporting low awareness of substances commonly used in construction, a significant proportion (over 60%) of respondents admitted to using several of these substances in their construction activities. This highlights a concerning disconnect, with more than half (62.5%) exceeding a predefined threshold (3.5) for significant substance use. Ten out of the 16 substances surveyed fell into this category, indicating a widespread issue within the industry.

The findings of this study highlight the need for increased education and awareness programs about the dangers of substance misuse in the construction industry. Construction companies should implement regular training sessions and workshops to educate workers on the risks associated with substance use. Additionally, there should be stricter enforcement of substance use policies and routine substance testing to deter misuse. These measures can enhance safety, improve worker well-being and boost overall productivity in the construction industry.

The insights from this study can inform the development of international policies and best practices for substance use prevention and worker well-being in the construction industry. Sharing these findings with international organizations, policymakers and industry stakeholders can help create broader guidelines and frameworks adaptable for implementation in various countries.

The equity premium of the S&P 500 index is explained in this paper by several variables that can be grouped into fundamental, behavioral, and macroeconomic factors. We hypothesize that the statistical significance of these variables changes across economic regimes. The three regimes we consider are the low‐volatility, medium‐volatility, and high‐volatility regimes in contrast to previous studies that do not differentiate across economic regimes. By using the three‐state Markov switching regime econometric methodology, we confirm that the statistical significance of the independent variables representing fundamentals, macroeconomic conditions, and a behavioral variable changes across economic regimes. Our findings offer an improved understanding of what moves the equity premium across economic regimes than what we can learn from single‐equation estimation. Our results also confirm the significance of momentum as a behavioral variable across all economic regimes