The effects of mandatory ESG disclosure on price discovery efficiency around the world

We examine the effect of mandatory environmental, social and governance (ESG) disclosure on firms' price discovery efficiency around the world. Using data from 45 countries between 2000 and 2020 and a difference-in-differences method, we find that mandatory ESG disclosure increases firm-level stock price non-synchronicity and timeliness of price discovery, suggesting more firm-specific information is incorporated into stock prices in a more timely manner. Mandatory ESG disclosure improves price discovery efficiency more in countries with strong demands for ESG information and in firms with poor disclosure incentives. Mandatory ESG disclosure also leads to other real market changes, such as lower stock returns, greater changes in institutional ownership and higher firm valuation.</p

sj-pdf-1-art-10.1177_02762374241245917 - Supplemental material for A Cross-Cultural Comparison of Aesthetic Preferences for Neatly Organized Compositions: Native Chinese- Versus Native Dutch-Speaking Samples

Supplemental material, sj-pdf-1-art-10.1177_02762374241245917 for A Cross-Cultural Comparison of Aesthetic Preferences for Neatly Organized Compositions: Native Chinese- Versus Native Dutch-Speaking Samples by Eline Van Geert, Rong Ding and Johan Wagemans in Empirical Studies of the Arts</p

Societal trust and information timeliness: international evidence

We investigate the association between societal trust and the timeliness with which value-relevant information is incorporated into stock price with a large sample of observations collected from 38 countries between 2000 and 2019. We find that in high trust countries, positive (negative) value-relevant information is impounded into stock price in a less (more) timely manner, mitigating imbalanced optimistically biased information timeliness (IOBIT). Results from robustness checks lend strong support to our inferences. Further analyses suggest that the relation between trust and IOBIT is more pronounced in emerging countries and in countries with weak investor protection, and lower levels of religiosity. The relation between trust and IOBIT is less pronounced in firms with strong corporate governance and lower managerial ability. Taken together, our study highlights the significant role that trust plays in affecting the efficiency of capital markets.</p

The effects of mandatory ESG disclosure on price discovery efficiency around the world

We examine the effect of mandatory environmental, social and governance (ESG) disclosure on firms' price discovery efficiency around the world. Using data from 45 countries between 2000 and 2020 and a difference-in-differences method, we find that mandatory ESG disclosure increases firm-level stock price non-synchronicity and timeliness of price discovery, suggesting more firm-specific information is incorporated into stock prices in a more timely manner. Mandatory ESG disclosure improves price discovery efficiency more in countries with strong demands for ESG information and in firms with poor disclosure incentives. Mandatory ESG disclosure also leads to other real market changes, such as lower stock returns, greater changes in institutional ownership and higher firm valuation.</p

Gradient Hierarchical Hollow Heterostructures of Ti₃C₂T_<i>x</i>@rGO@MoS₂ for Efficient Microwave Absorption

Heterostructure engineering has emerged as a promising approach for creating high-performance microwave absorption materials in various applications such as advanced communications, portable devices, and military fields. However, achieving strong electromagnetic wave attenuation, good impedance matching, and low density in a single heterostructure remains a significant challenge. Herein, a unique structural design strategy that employs a hollow structure coupled with gradient hierarchical heterostructures to achieve high-performance microwave absorption is proposed. MoS2 nanosheets are uniformly grown onto the double-layered Ti3C2Tx MXene@rGO hollow microspheres through self-assembly and sacrificial template techniques. Notably, the gradient hierarchical heterostructures, comprising a MoS2 impedance matching layer, a reduced graphene oxide (rGO) lossy layer, and a Ti3C2Tx MXene reflective layer, have demonstrated significant improvements in impedance matching and attenuation capabilities. Additionally, the incorporation of a hollow structure can further improve microwave absorption while reducing the overall composite density. The distinctive gradient hollow heterostructures enable Ti3C2Tx@rGO@MoS2 hollow microspheres with exceptional microwave absorption properties. The reflection loss value reaches as strong as −54.2 dB at a thin thickness of 1.8 mm, and the effective absorption bandwidth covers the whole Ku-band, up to 6.04 GHz. This work provides an exquisite perspective on heterostructure engineering design for developing next-generation microwave absorbers