47 research outputs found

    Market Reactions to Zero or Small Positive Sales Surprise

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    This paper studies how the stock market reacts to zero or small positive sales surprise. Using data from firms listed in the U.S., the paper shows that before 2003 investors react more to positive earnings surprises while after 2003 they react more to the opposite. When sales forecasts are first reported, investors believe in sales numbers and favor firms that meet or beat sales forecasts, but after 2003, investors grow skeptical, realize the possibility of sales management and trust more in negative sales surprises. One thing in common for both two samples is that Sales Response Coefficients of extreme sales surprises are smaller than those of moderate sales surprises

    Cobalt phosphosulfide nanoparticles encapsulated into heteroatom-doped carbon as bifunctional electrocatalyst for Zn−air battery

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    The design of non‐noble electrocatalysts with low overpotential, high effectiveness, and good cycling stability for oxygen evolution reaction (OER) and oxygen reduction reaction (ORR) is highly desirable for high-performance Zn–air batteries. Herein, CoPS nanoparticles encapsulated with S, P, N tri-doped carbon material (SPNC) is proposed as bifunctional electrocatalyst of ORR and OER derived from zeolitic imidazolate framework-67. Density functional theory calculations consistently reveal that P element in CoPS@SPNC improve the electrical conductivity and reduce OH* hydrogenation energy barrier on Co sites, thereby facilitating the overall ORR/OER activities. A flexible Zn–air battery with CoPS@SPNC delivers an overpotential of 0.49 V, an energy efficiency above 80%, and a discharge voltage of 1.29 V at 2 mA cm−2 for 80 h. Such strategy could provide numerous possibilities for the design of highly efficient electrocatalysts