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The paper examines whether the structure of the risk factor disclosure in an IPO prospectus helps explain the cross-section of first-day returns in a sample of Chinese initial public offerings. This paper analyzes the semantics and content of risk disclosure based on an unsupervised machine learning algorithm. From both long-term and short-term perspectives, this paper explores how the information effect and risk effect of risk disclosure play their respective roles. The results show that risk disclosure has a stronger risk effect at the semantic novelty level and a more substantial information effect at the risk content level. A novel aspect of the paper lies in the use of text analysis (semantic novelty and content richness) to characterize the structure of the risk factor disclosure. The study shows that initial IPO returns negatively correlate with semantic novelty and content richness. We show the interaction between risk effect and information effect on risk disclosure under the nature of the same stock plate. When enterprise information transparency is low, the impact of semantic novelty and content richness on the IPO market is respectively enhanced. [ABSTRACT FROM AUTHOR]

This study delves into the strategies employed by small and medium-sized enterprises (SMEs) to embed digital technology into their business models, aiming to reach carbon neutrality. We offer a comprehensive analysis of five high technology SMEs, unveiling an evolutionary process model that highlights their journey toward integrating technology. The integration process is delineated into three progressive stages. Initially, digital technology is seen as an 'enabler' that promotes the birth of an innovative business model, essentially transforming the mechanisms of value creation, delivery, and capture. As SMEs evolve to an intermediate stage, digital technology becomes a 'disruptor', reshaping and reinventing the business model in terms of how value is created, delivered, and captured. Entering the maturity stage, digital technology is elevated to the role of 'expertise', leading to a sophisticated business model that refines and optimizes these aspects of value. The influence of these business model innovations on carbon neutrality is complex and varies distinctly with each stage, reflecting the dynamic interplay between digital technology and business model evolution. • This study explores the unique strategies SMEs implement to weave DT into their business model innovation (BMI) with an aim to achieve carbon neutrality. • The paper presents an evolutionary process model that sheds light on this integration journey, using an in-depth analysis of five high-tech SMEs. • The paper elaborates the relationship between DT and BMI, delving into the integration of DTs and the roles they perform - as enablers, disruptors, and areas of expertise. • The paper provides insights for businesses seeking to leverage digital technologies to drive innovation and growth. [ABSTRACT FROM AUTHOR]

This correction notice addresses an error in the original article titled "Cross-influence of information and risk effects on the IPO market: exploring risk disclosure with a machine learning approach" published in the Annals of Operations Research. The correction pertains to the authors' affiliations, which were mistakenly indicated in the original article. The correct author affiliations are Huosong Xia, Juan Weng, Sabri Boubaker, Zuopeng Zhang, and Sajjad M. Jasimuddin. The correction has been made to the original article. The publisher, Springer Nature, maintains a neutral stance regarding jurisdictional claims and institutional affiliations. [Extracted from the article]