Search

We utilize the environmental protection tax law as an exogenous shock to the tax of environmental protection to investigate the relationship between environmental issues and corporate capital structure. Our findings show that, following the adoption of this tax law, polluting firms are more likely to reduce their leverage. This phenomenon is more pronounced in polluting firms with excess cash, financially constrained firms, or financially distressed firms. Overall, we find that the environmental protection tax reduces corporate leverage by increasing corporate outlays and crowding out debt interest expenses. [ABSTRACT FROM AUTHOR]

Zirconium (Zr) is a potential orthopaedic and dental implant material because of excellent mechanical properties and biocompatibility. However, it is difficult to integrate Zr with biomaterials because it is bioinert. In this study, a rough and porous zirconium oxide (ZrO2) coating containing calcium phosphate was prepared on pure Zr by plasma electrolytic oxidation. The microstructure, surface topography, and elemental and phase composition of the coating were investigated by scanning electron microscopy, atomic force microscopy, energy-dispersive X-ray spectroscopy and X-ray diffraction crystallography. The thickness of the coating was measured using an eddy current thickness gauge. The results indicate that the coating mainly comprised c-ZrO2and m-ZrO2crystal phases, and calcium phosphate was successfully incorporated into the ZrO2coating. In conclusion, the formation of a rough and porous ZrO2coating made Zr bioactive, and thus a promising coating was obtained for orthopaedic implants. [ABSTRACT FROM PUBLISHER]

This article examines causality in volatility spillover (causality-in-variance) for the six major European government bond markets. Using tests of temporal causality and directed acyclic graphs, we find evidence of contemporaneous causality-in-variance, indicating that volatility spillover in the government bond markets is a short-lived phenomenon. However, we find no evidence of contemporaneous causality-in-mean for bond index returns. The tests reveal that the markets are bidirectionally linked, and reasonably well integrated. [ABSTRACT FROM AUTHOR]