Earnings Management for Second-time IPOs: Evidence from China

In China’s IPO market, firms that fail in their first IPO application make considerable adjustments before making their second IPO application. Examining firms that applied for IPOs during 2004-2018, we find that failed IPO applicant firms “package” themselves to obtain approval of the China Securities Regulatory Commission (CSRC) by reducing accrual earnings management and increasing real earnings management. In addition, after a successful second IPO application, these firms relax their vigilance vis-à-vis the CSRC and increase both accrual and real earnings management. This pre-IPO “packaging” behavior deceives investors, leading to higher IPO prices and higher post-IPO returns

An efficient one-pot approach to selenides: CuI-catalyzed reactions of magnesium selenolate with aryl or alkyl halides

787-793An efficient one-pot route to symmetrical selenides in GC with yields from 13 to 94% has been developed by CuI catalyzing reactions of magnesium organoselenolates with aryl or alkyl halides under mild conditions. It is suggested that selenium could leave from PhSeMgBr to form other RSeMgBr with RMgBr based on experimental results. Although the leaving selenium causes low yield of unsymmetrical selenides and complex products, it offers a slowly releasing selenium source in preparation of nano metal selenides, and a potential leaving group in nucleophilic substitution. The role of excess magnesium is proposed

Effects of the CNTs content and plating solution pH after purified on the performance of Ni-P/CNTs composite coating

After CNTs were purified, Ni-P/CNTs composite coating were prepared at different CNTs contents and plating solution pH values by univariate experimental method. Besides, the surface appearance, hardness, corrosion resistance and wear-resisting property of the coating were tested and analyzed by X-ray Diffractometer (XRD), scanning electronic microscope (SEM), microhardness tester, electrochemical workstation, tribometer and other means. The results suggest that fibers on the surface of purified CNTs are clear and well-dispersed. During dummy-plating, purified CNTs were more likely to deposit on Ni-P coating. a proper amount of CNTs could reasonably improve the structure of Ni-P/CNTs composite coating; different pH values would lead to different specific gravities of alloying elements and CNTs deposition, and a reasonable pH value would help the coating reach the optimal hardness, wearability and corrosion resistance. In general, Ni-P/CNTs composite coating has the best comprehensive performance when the CNTs content is 40mg/L and pH value is 6