In this review, we discuss the use of binary and multi-component metal oxides as independent electrocatalysts, co-catalysts and supports for various anode oxidation and cathode reduction reactions in polymer electrolyte fuel cells.

In recent years, free-floating bike sharing (FFBS) has become a significant travel mode to satisfy urban residents' travel demands in China. This paper was designed to better understand the characteristics and influential factors of different travel patterns in FFBS. Firstly, travel patterns were divided into three categories: Origin to Destination Pattern (ODP), Travel Cycle Pattern (TCP) and Transfer Pattern (TP). Then, the characteristics of these patterns were analyzed based on a survey of 4939 valid questionnaires in Nanjing, China. A multinomial logit (MNL) model was established to explore the influential factors associated with the three patterns. The results showed the following. (1) Employees and students were more inclined to choose TP and ODP, and the selection probability of employees was larger than that of students. (2) The evening peak was more significant than the morning peak. (3) Residents with short travel distances were more likely to choose TCP and ODP, and when the travel distance reached 4 km, there was a significant transfer to TP. (4) Price had an impact on residents' travel patterns, with residents showing an inclination toward FFBS when making short distance trips, if they were quickly found. Malfunctioning bicycles were an important factor restricting FFBS development. Several policy recommendations are proposed based on these results, for government and FFBS businesses to improve their management of FFBS systems.

The SEC's Disclosure Effectiveness Initiative (December 2013) highlights a difference between accounting regulators and academics in their perceptions of Item 1A risk factor disclosure effectiveness. Because most academic evidence relies on pre‐financial crisis data, we compare changes in risk factor disclosure informativeness before and after the crisis as a possible explanation for this disconnect. We further explore this discrepancy by considering (i) three classes of market participants, (ii) new, discontinued, and repeated disclosures, and (iii) nonmarket outcomes. Our results confirm previous findings but indicate that those results no longer hold in the subsequent period. Specifically, we find that although equity, option, and bond markets react to unexpected risk factor disclosures in the period leading up to the financial crisis (2006–2008), the market reactions decline significantly in the post‐crisis period (2009–2014). Perhaps surprisingly, the documented changes in informativeness are not driven by disclosures repeated from one year to the next but instead result from new disclosures initiated in the current year and, in the option and debt markets, also from disclosures discontinued from the previous year. Finally, using the Altman Z‐score as an objective bankruptcy risk measure, we find that the association between risk factor disclosures and companies’ future bankruptcy risk declines significantly in the post financial crisis period. Taken together, these findings contribute to the current disclosure effectiveness debate by highlighting that risk factor disclosures, which were informative in the preceding period, become less reflective of the underlying economic risks and thus less informative to investors in the post‐crisis period. La déclaration des facteurs de risque est‐elle toujours pertinente ? Données tirées des réactions du marché à la déclaration des facteurs de risque avant et après la crise financière

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This paper employs a firm-level collective bargaining dataset to investigate the effect of labor, as an important stakeholder of a firm, on debt contracting. I conjecture and provide evidence that firms with strong organized labor prefer bank loans to public bonds because, by communicating with banks privately, unionized firms can reduce the adverse selection costs while preserving the information asymmetry with organized labor. Furthermore, I show that organized labor influences the structure of syndicated loans. When firms with strong unions withhold public disclosures, but communicate privately with lead lenders, heightened information asymmetry between the lead lenders and the participant lenders induces the lead lenders to retain larger shares of the loans and form more concentrated syndicates. Overall, this study demonstrates that the proprietary costs of disclosure related to organized labor significantly influence firms' debt contracting decisions and outcomes. Data Availability: Data are available from sources identified in the text.