A study analyzed financial statements in the beer sectors of Italy and Spain during 2019-2021 using compositional data analysis (CoDa) to gauge pre- and post-pandemic financial health and aid sector-level decision-making. Geometric averages were employed to mitigate statistical issues, offering more accurate insights than arithmetic averages. The exploratory, quantitative methodology calculated key financial ratios and profitability metrics. Results indicated satisfactory short-term solvency. Returns and margins remained subpar despite pandemic policies. Geometric averages proved essential in portraying sector health accurately, underscoring the need for their use in classic brewing sector ratios. The study also showcased CoDa's efficacy in diagnosing sectoral financial health for informed decision-making. Furthermore, a web analysis revealed varying transparency levels in communicating non-financial indicators, with Spain excelling in waste, water, and energy disclosures, while Italy prioritized energy and waste with less transparency.

The review aims to examine how well numerical indicators of business bankruptcy can predict outcomes. The paper examines ten critical studies that concentrate on statistical models for bankruptcy predictions utilizing PRISMA criteria. The findings highlight the usefulness of numerical indicators in indicating financial hardship, particularly cash flow ratios. In order to connect theoretical knowledge with real-world corporate strategy applications, the study ends by reaffirming the importance of these indicators in strategic decision-making.

The purpose of this paper is to explore which financial performance indicators (FPIs) evaluate the level of supply chain capability (SCC) that explicitly touches all of the business functions and processes within and beyond the company. The authors investigated nine FPIs that were selected from the financial statements of 155 companies within nine industries. The authors find that suitable FPIs to measure SCC for shareholders’ value are return-on-assets (ROA), days-sales-outstanding (DSO), and current ratio (CR). This means that higher ROA, shortened DSO, and an appropriate level of CR could reach a sustainable supply chain. These results will help the industry to avert a major disruption in supply chain processes and activities using suitable financial performance indicators.

The changing of banking customer preferences after Covid-19 pandemic encourages banking transformation. Neobanks emerges as innovation in banking that enter the market to compete with the incumbent banks by offering new digital experience for customer. This paper analyzes the neobanks which transformed from traditional bank, specifically its efficiency after they implement digital transformation. Efficiency is measured by using Stochastic Frontier Analysis (SFA). This study also uses Pooled Mean Group (PMG) of Panel ARDL (Autoregressive Distributed Lagged) to investigate digital transformation as one of determinants neobank’s efficiency, as well as to examine the existence of short-term and long-term relationship between digital transformation and efficiency. The SFA results show that the efficiency of the neobanks increase after they carry out digital transformation. Furthermore, from PMG Panel ARDL, it can be concluded that digital transformation is one of determinant of efficiency and there is longevity relationship between digital transformation and efficiency. In the short run, digital transformation has a significant and negative correlation with efficiency and in the long run, it has a significant positive relationship because initially digital transformation cost for operational and risk management innovation decreases the profit efficiency, but afterwards it increases the profit efficiency.

Managing a portfolio whose value closely tracks an index by trading only in a subset of the index constituents involves an NP-hard optimisation problem. In the prior literature, it has been suggested to solve this problem using sequential Monte Carlo (SMC, a.k.a. particle filter) methods. However, this literature does not take transaction costs into account, although transaction costs are the primary motivation for attempting to replicate the index by trading in a subset, rather than the full set of index constituents. This paper extends the SMC approach to index tracking to allow for proportional transaction costs and implements this extended method on empirical data for a variety stock indices. In addition to providing a more practically useful tracking strategy by allowing for transaction costs, we find that including a penalty for transaction costs in the optimisation objective can actually lead to better tracking performance.

The Solvency II regulatory framework specifies procedures and parameters for determining solvency capital requirements (SCRs) for insurance companies. The proposed standard SCR calculations involve two steps. The Value–at–Risk (VaR) of each risk driver is measured and, in a second step, all components are aggregated to the company’s overall SCR, using the Standard Formula. This formula has two inputs: the VaRs of the individual risk drivers and their correlations. The appropriate calibration of these input parameters has been the purpose of various Quantitative Impact Studies that have been conducted during recent years. This paper demonstrates that the parameter calibration for the equity–risk module—overall, with about 25%, the most significant risk component—is seriously flawed, giving rise to spurious and highly erratic parameter values. As a consequence, an implementation of the Standard Formula with the currently proposed calibration settings for equity–risk is likely to produce inaccurate, biased and, over time, highly erratic capital requirements.

With the increased global attention to environmental protection, social responsibility and corporate governance (ESG) standards, integrating ESG into supply chain management (SCM) is becoming a strategic requirement for companies to achieve competitiveness and sustainable development. This study reviews the impact factors of ESG practices on supply chain competitiveness, and empirically examines the mechanism of ESG performance on supply chains through a questionnaire survey with a sample of Chinese SMEs. It was found that normative pressure, coercive pressure and imitative pressure in SMEs have a significant positive effect on cognition and attitude and perceived behavioral control; good corporate cognition and attitude, perceived behavioral control and corporate pressure also enhance the level of ESG practices. Further analysis shows that cognition and attitude and perceived behavioral control play a mediating role in the impact of ESG practices, and ESG performance promotes sustainable development of SMEs. The article puts forward the following suggestions: (1) close supply chain partnerships to enhance green innovation; (2) the government should give more resource support to ESG-invested enterprises and support the development of advantageous enterprises; (3) improve the corporate disclosure mechanism and strengthen the supervision; and (4) strengthen the training of professionals in supply chain ESG management.

In the evolving landscape of Portfolio Management (PM), the fusion of advanced machine 1 learning techniques with traditional financial methodologies has opened new avenues for innovation. 2 Our study introduces a cutting-edge model combining Deep Reinforcement Learning (DRL) with 3 a Non-stationary Transformer architecture. This model is specifically designed to decode complex 4 patterns in financial time series data, enhancing portfolio management strategies with deeper insights 5 and robustness. It effectively tackles the challenges of data heterogeneity and market uncertainty, 6 key obstacles in PM. Our approach integrates key macroeconomic indicators and targeted news 7 sentiment analysis into its framework, capturing a comprehensive picture of market dynamics. This 8 amalgamation of varied data types addresses the multifaceted nature of financial markets, enhancing 9 the model’s ability to navigate through the complexities of asset management. Rigorous testing 10 demonstrates the model’s efficacy, highlighting the benefits of blending diverse data sources and 11 sophisticated algorithmic approaches in mastering the nuances of PM.12

This study uses machine learning to identify key factors influencing the cost-effectiveness of over-the-counter (OTC) medications. By developing a novel cost-effectiveness rating (CER) from user ratings and prices, we analyzed data from Amazon. The findings indicate that FSA/HSA eligibility, symptom treatment range, safety warnings, special effects, active ingredients, and packaging size significantly impact cost-effectiveness across cold, allergy, digestion, and pain relief medications. Medications eligible for FSA or HSA funds, treating a broader range of symptoms, and having smaller packaging are perceived as more cost-effective. Cold medicines with safety warnings were found to be cost-effective due to their lower average price and effective ingredients like phenylephrine and acetaminophen. Allergy medications with kid-friendly features showed higher cost-effectiveness, and ingredients like calcium, famotidine, and magnesium boosted the cost-effectiveness of digestion medicines. These insights help consumers make informed purchasing decisions and assist manufacturers and retailers in enhancing product competitiveness. Overall, this research supports better decision-making in the pharmaceutical industry by highlighting factors that drive cost-effective medication purchases.

The integration of deep learning models into financial risk prediction and analysis has significantly transformed traditional approaches. While conventional quantitative methods often rely on simplistic metrics like maximum drawdown, the advent of deep learning necessitates a more nuanced evaluation, emphasizing the model's generalization ability, especially during market crises such as stock market crashes. This paper explores the critical aspects of evaluating deep learning models' risk control capabilities in finance, underscoring the importance of understanding both statistical metrics and generalization abilities, particularly in adverse market conditions. By examining deep learning models' performance in scenarios like stock market crashes and highlighting the significance of cross-validation techniques, this study aims to offer practitioners insights into constructing robust risk management systems. It advocates for a comprehensive approach integrating quantitative analysis with macroeconomic factors to enhance financial risk prediction and analysis in volatile markets. The experimentation reveals that different deep generative models excel in various aspects of financial time series analysis, with generative adversarial networks (GANs) demonstrating superior performance in predicting Value at Risk (VaR) and variational autoencoders (VAEs) excelling in return rate prediction. Moreover, integrating multiple models further enhances predictive performance, leveraging the strengths of each model to compensate for individual weaknesses. Overall, this paper underscores the potential and significance of deep generative models in financial time series analysis, offering a roadmap for improved risk management and decision-making in financial markets.

Serum biochemical indicators serve as vital proxies that reflect the physiological state and functions of different organs. The genetic parameters and molecular mechanisms underlying serum biochemical indicators of sheep (Ovis aries) have not been well understood. Therefore, the aim of the present study was to identify genetic architecture and genomic loci underlying ten serum biochemical indicators in sheep, including alanine transaminase, aspartate transferase, lactate dehydrogenase, cholesterol, glucose, phosphorus, calcium, creatinine, urea concentrations and total protein levels. We implemented genetic parameter estimations and GWAS for each trait in 422 Akkaraman lambs. Overall, low to moderate heritability estimates were found, in the range 0.14–0.55. Additionally, low to high genetic correlations were observed among traits. In total, 23 SNP loci were associated with serum biochemical indicators leading to 19 genes . These are SPTA1, MGST2, CACUL1, IGFBP7, PARD3, PHB1, SLC15A5, TRIM35, RGS6, NUP93, CNTNAP2, SLC7A11, B3GALT5, DPP10, HST2ST1, NRP1, LRP1B, MAP3K9, ENSOARG00020040484.1 as well as LOC101103187, LOC101117162, LOC105611309 and LOC101118029. To our knowledge, these data provide the first association between SPTA1 and serum cholesterol and between ENSOARG00020040484.1 and serum glucose. The current findings provide a comprehensive inventory of the relationships between serum biochemical parameters, genetic variants, and disease-relevant characteristics. This information may facilitate the identification of therapeutic targets and fluid biomarkers and establish a strong framework for comprehending the pathobiology of complex diseases as well as providing targets for sheep genetic improvement programmes.

This paper draws upon the theory of turbulence in physics to explore the similarities and differences between volatility in financial markets and turbulent phenomena at a statistical physics level. By analogizing the dynamics of financial markets with fluid turbulence, we have developed an innovative analytical framework aimed at deepening the understanding of the complexity inherent in financial markets. Our research methodology includes a comparative analysis of simulated time series data for the Standard & Poor's 500 Index and fully developed turbulent velocity time series. We focus on the similarities in key statistical physical properties, including probability distributions, correlation structures, and power spectral densities. Furthermore, we have established a model of capital flow in financial markets and proposed corresponding solutions. Through computational simulations and data analysis, we find that while financial market volatility shares some statistical characteristics with turbulent phenomena, significant differences exist in the shapes of probability distributions and the temporal scales of correlations. This suggests that although financial markets exhibit patterns akin to turbulence, the behavior of this complex, multi-variable driven system does not completely correspond to natural turbulence, highlighting the limitations of directly applying turbulence theory to financial market analysis. Our study offers a new perspective for the theories of financial markets and the field of econophysics, providing fresh insights into the complexity of financial markets and contributing to the prevention and management of financial risk.

With the digital transformation of the logistics industry, smart logistics algorithms have become a core technology to improve efficiency and reduce costs. This paper reviews the development history of traditional logistics technology and discusses the key role of technologies such as the Internet of Things, big data analysis, artificial intelligence, and automation in logistics technology innovation. It focuses on the application of intelligent logistics algorithms in path optimization, intelligent scheduling, data mining and prediction, and intelligent warehousing. To solve the problem of inconsistency between training and testing objectives, this paper proposes DRL4Route, a deep reinforcement learning-based path optimization framework, and designs the DRL4Route-GAE model. Validated through extensive offline experiments and online deployments, the model significantly outperforms existing optimal benchmark methods on real datasets, improving the location deviation squared metrics and the top-three location prediction accuracy metrics. These research results provide important support to further promote the intelligent development of the logistics industry.

For this research we are selected three indicators of wheat: yield (t/ha), producer price (USD/t) and share of the harvested area under wheat in relation to the total land area of country (%). The mentioned indicators were analyzed for the period 2006-2021 in thirty-two European countries. The purpose of the research is to determine which of the mentioned indicators achieve average annual growth/decrease rates, what is the correlation between them, how European countries are grouped with their similarities and differences. The research examines the impact of the COVID-19 pandemic on the mentioned indicators in a two time phases: Phase I, before the pandemic (2006-2019); Phase II, during the pandemic (2020-2021). The methodological approach to the research topic involved the application of descriptive statistics, as the method of principal components analysis (abbr. PCA) with graphics. A positive correlation exists only between the yield of wheat and the share of the harvested area under wheat in the total area of the land (0.291). PCA method showed that countries are grouped differently depending on the observed indicator and the analyzed time phase.

Matters relating to preservation of environmental resources and climate change, social inclusion and diversity, and open and sound governance have rapidly gained global attention. However, little is known about the construction industry in meeting the environmental, social and governance (ESG) criteria towards sustainable development. In this study, the purpose is to identify the key ESG indicators for construction development. A systematic literature review was undertaken using data from Scopus, PubMed, Google Scholar, JSTOR, ProQuest, and Web of Science. The results show some of the key ESG indicators as climate resilience and green construction activities (at the project level), and active stakeholder engagement and effective project governance (at the firm level) and meeting environmental and social regulation requirements (industry/national level). The limitation of the article is in the sample size of twenty-six journal articles with future expectation of increment as ESG gain more acceptance in the construction industry. This study will be significant for the design of practice framework and policies on ESG in the construction industry. Comprehensively, this study presents relevant ESG indicators for construction management and presents essential information for future research.

The knowledge in chemical composition of propolis is crucial for understanding the characteristics of products of different origin, but also for quality control and regulatory purposes. To date, offical monographs or official analyses that allow to evaluate propolis in a proper way have not yet been released. This study focuses on the characterization of twenty-seven Italian propolis and the identification of chemical markers that define its geographical provenance. Total polyphenol (TP) and total flavonoid (TF) content, alongside the quantification of pinocembrin, chrysin, galangin, and caffeic acid phenethyl ester (CAPE), were identified as as potential markers. Additionally, DPPH assays was conducted to evaluate antiradicalic activity of propolis samples. Our findings demonstrated that TP, TF and pinocembrin differed in propolis of different origin, especially in samples from the islands. However, the quantification of the sum of chrysin and galangin and CAP provided a clear distinction of the geographical origin of the propolis samples. In contrast, the DPPH assay did not prove useful for this purpose, as most results were similar and, therefore, not significant. This study lays the groundwork for future research on propolis. These findings could contribute to the development of more refined methods for distinguishing propolis origins, enhancing the understanding, valuation and quality control of this natural product in various applications.

Heat stress (HS) is a strong stress factor that significantly affects the metabolism of dairy cows. The aim of the present study was to investigate how HS affects some biochemical indicators in the blood of dairy cows reared in Bulgaria. The study was conducted on a cattle farm with a capacity of 500 Holstein cows, loose housed in a free stall barn shed type. The research was carried out in three seasons - summer, autumn and winter, and a total of 77 samples were taken from the cows of the farm - 30 blood samples for each season. The cows included in the study were from 30 to 60 days in milk (DIM). Temperature and humidity data were taken from the closest to the farm weather station. Based on the conducted research, it was found that the HS reported during the summer season had a significant impact on the following blood parameters: glucose, urea, total protein and cortisol. In summer, blood glucose values were low and ranged from 1.32 to 1.63 mmol/l in cows on different lactations. Probably because of these low glucose levels, high levels of total protein, ranging from 76.92 to 86.10 g/l, were reported in cows from the first to third lactation. This protein was used by cows to provide energy from non-carbohydrate sources and as a residual product, higher blood urea levels were reported in summer, ranging from 4.79 to 5.23 mmol/l. As proof of the stressful influence of heat on the metabolism of the examined cows, the cortisol values in the summer were in the upper reference norms - 38.44 nmol/l or higher and reached 59.09 nmol/l.

In today's highly digitized and globalized financial environment, the need to protect payment systems from risk is more urgent than ever. Artificial intelligence (AI) technology is rapidly becoming a key tool in this space, with machine learning algorithms, big data analytics, and real-time monitoring enabling AI to effectively detect and prevent fraudulent activity, optimize risk management processes, and deliver intelligent services. AI not only improves the security and efficiency of payment systems, but also significantly improves customer satisfaction and loyalty. With the continuous development of AI technology and financial payment technology, the financial payment industry will usher in more innovations and changes in the future, further optimizing the payment process, improving payment efficiency, and ensuring payment security.

This paper aims to assess whether the financial performance of Portuguese companies that publish sustainability reports (SR) differs from the financial performance of companies that do not publish SR. We use two methodological procedures. First, we conducted a univariate analysis to test the differences in the financial performance according to the disclosure of SR. Second, we conducted a multivariate analysis using a multiple linear regression that explains financial performance by the disclosure of SR, as well as control variables such as sector, size, leverage, growth, and liquidity. Findings indicate that financial performance of companies that disclose SR does not significantly differ from the financial performance of companies that do not disclose SR. The results are robust to both methodological procedures, as well as to the sample split by sectors.

Melioidosis is an endemic infectious disease caused by Burkholderia pseudomallei bacteria, which contaminates soil and water. To better understand the environmental changes that have contributed to melioidosis outbreaks, this study used spatiotemporal analyses to clarify the distribution pattern of melioidosis and the relationship between melioidosis morbidity rate and local environmental indicators (land surface temperature, normalised difference vegetation index, normalised difference water index) and rainfall. A retrospective study was conducted from January 2013 to December 2022, covering data from 219 sub-districts, with each exhibiting varying morbidity rate of melioidosis on a monthly basis. Spatial autocorrelation was determined using local Moran’s I, and the relationship between melioidosis morbidity rate and the environmental indicators was evaluated using geographically weighted Poisson regression. The results revealed clustered spatiotemporal patterns of melioidosis morbidity rate across sub-districts, with hotspots predominantly observed in the northern region. Furthermore, we observed a range of coefficients for the environmental indicators, varying from negative to positive, which provided insights into their relative contributions to melioidosis in each local area and month. These findings highlight the presence of spatial heterogeneity driven by environmental indicators and underscore the importance of public health offices implementing targeted monitoring and surveillance strategies for melioidosis in different locations.

While financial literacy is crucial in improving the population's financial well-being, its effectiveness can be enhanced by exposure to financial information. This paper investigates the nexus between financial literacy, financial information consumption, and financial well-being in rural Ghana. The study employed cross-sectional data from a survey of 663 rural households using simple random and cluster sampling with reflective-reflective constructs. The data was analyzed using Structural Equation Modelling-Partial Least Squares. The findings reveal that financial literacy and financial information consumption significantly enhance financial well-being among rural households in Ghana. Financial Literacy also promotes Financial Information Consumption. Notably, financial literacy's impact on financial well-being is stronger when mediated by the consumption of financial information. These findings underscore the importance of improving financial literacy and information access to uplift financial well-being in rural areas. Moreover, the study highlights that financial literacy education is crucial as it plays a mediating role; recipients of financial education experience a more substantial impact. Such findings emphasize the importance of acquiring financial knowledge and effectively processing financial information to achieve financial prosperity, particularly in rural areas. These findings should motivate individuals, especially those in rural areas, to process financial information successfully rather than merely acquiring financial knowledge to attain financial prosperity.

This paper utilizes the 2020 financial data of A-share listed companies, both ST and non-ST, as the data sample. The model is constructed employing the Factor-Logistic fusion algorithm. Eight key indicator factors were selected from the frameworks of profitability, solvency, operating capacity, development potential, shareholder retained earnings, cash flow and asset growth. An independent indicator system was subsequently established to address the issue of collinearity among risk indicators. The results of model are presented in the form of probabilities, enhancing the interpretability of model. The weights of the features indicate the influence of different features on the final outcome. The model achieves a prediction accuracy of over 89%, with an AUC score exceeding 95%. Finally, by applying the principles of interval estimation theory in statistical hypothesis testing, the risk levels are categorized as A-level representing significant risk, B-level representing moderate risk, C-level representing minor risk and D-level representing no risk. This paper aims to provide a comprehensive definition of a universal financial risk management warning model for enterprises, applicable to all enterprises in China.

This article delves into the complex landscape of Bitcoin halving events, analyzing the historical context and implications of these pivotal occurrences within the cryptocurrency ecosystem and on its sustainability within the landscape of financial technologies. Through an examination of past halving events in 2012, 2016, and 2020, this study meticulously scrutinizes the conditions and prices of Bitcoin before and after each halving. By synthesizing data and trends from previous events, this article aims to uncover patterns and insights that illuminate the impact of Bitcoin halving on market dynamics and sustainability, movement of the price level, reached peaks and price troughs. Furthermore, this research presents a comparative analysis of past halving events, drawing parallels and distinctions to elucidate the evolving nature of Bitcoin's price movements and market sentiment surrounding these milestone events. Looking towards the future, this study estimates predictions and expectations for the upcoming Bitcoin halving. By unraveling the intricate relationship between Bitcoin halving events and market behavior, this article seeks to provide a comprehensive understanding of the broader implications for Bitcoin's trajectory and the evolving landscape of the cryptocurrency market and its sustainability.

With the fintech industry growing at an unprecedented rate, it is critical to protect cybersecurity and ensure data privacy. The research presented here offers a thorough examination of the challenges faced by financial technology companies, highlighting the growing risks posed by malware, phishing, and network vulnerabilities. As essential components of a proactive defense plan, the report promotes strong cybersecurity measures like frequent security assessments, encryption, and stringent access controls. The findings highlight how important it is for fintech companies to give cybersecurity equal importance with open and honest data privacy policies in order to win over customers. In order to protect the industry from cybersecurity risks regulatory compliance, intrusion detection systems, and collaborative information sharing are considered essential components. The article advises businesses to include cybersecurity and data privacy into their core business operations and customer relations, highlighting the critical role these factors play in sustaining success in the rapidly evolving fintech industry.

Accurate measurement of systemic financial risk is critical to maintaining the stability of financial markets. Taking China as the subject of investigation, the Chinese Financial Stress Index (CFSI) indicator system was con-structed by integrating six dimensions and employing Gray Relation Analysis (GRA) for dimensionality reduction of the indicators. The CFSI was derived using the Attribute Hierarchy Model (AHM) method with the Criteria Importance Through the Intercriteria Correlation (CRITIC) method, and an Improved Gravitational Search Algorithm (IGSA) optimized Radial Basis Function Neural Network (RBFNN) was proposed for out-of-sample prediction of CFSI trends from 2024 to 2026. By analyzing the trend of financial pressure indicators, the relationship between financial pressure and economic activity can be effectively identified. The research findings indicate that: (1) The CFSI is capable of accurately reflecting the current financial stress situation in China; (2) The IGSA-RBFNN demonstrates good robustness and generalization capabilities, predicting that the CFSI index will reach a peak value of 0.543 by the end of 2024, and there exists a regular pattern of stress rebound towards the end of each year. The novel methodology benefits policymakers and regulatory authorities to formulate preventive measures and risk management by identifying potential risks and vulnerabilities in advance.

Establishing systemic communications between the project plan, stakeholders, and the organization through integrated management meets stakeholders' demands and managerial expectations in project-oriented organizations. Performance assessment can be defined as a control system in any company that reviews its daily operations and evaluates how well it has achieved its goals. This study aims to investigate the impact of an integrated project management system on the financial performance of the Organization for Renovation, Development, and Equipment of Schools. This applied research is descriptive-analytical. The statistical population comprises 2,700 employees of the organization, with a sample size of 340 individuals examined. The reliability of the designed questionnaire was confirmed by experts in the organization using Cronbach's alpha (α=0.91). Data were analyzed using SPSS version 20 and AMOS 18 software through descriptive statistics and confirmatory factor analysis. The results indicate that the seven dimensions of the integrated project management system (cost management, quality management and continuous control, change management, systems and information management, human resources management, interaction and communication management, procurement management) have a positive and significant impact on the financial performance of the Organization for Renovation, Development, and Equipment of Schools.

This paper performs a comprehensive analysis of the wind energy potential of onshore regions in Greece with emphasis on quantifying the volume risk and the spatial covariance structure. Optimization techniques are employed to derive efficient wind capacity allocation plans (also known as generation portfolios) incorporating different yield aspirations. The generation profile of minimum variance and other optimal portfolios along the efficient frontier are subject to rigorous evaluation using a fusion of descriptive and statistical methods. In particular, principal component analysis is employed to estimate factor models and investigate the spatiotemporal properties of wind power generation, providing valuable insights into the persistence of volume risk. The overarching goal of the study is to employ a set of statistical and mathematical programming tools guiding investors, aggregators and policy makers in their selection of wind energy generating assets. The findings of this research challenge the effectiveness of current policies and industry practices, offering a new perspective on wind energy harvesting with a focus on the management of volume risk.

This paper systematically discusses the application and development of federated learning in data privacy protection and data value sharing. With the rapid development of global information technology, especially the explosive growth of data from Internet of Things devices, data security and privacy protection are facing unprecedented challenges. This paper first analyzes the growth trend of global data volume and its importance to next generation technologies such as artificial intelligence technologies such as deep learning. Second, the paper provides an in-depth look at the impact of current data privacy regulations on data flows and value creation, particularly the EU's GDPR and China's Data Security and Personal Information Protection Law. Then, this paper introduces in detail federated learning, as a new distributed machine learning paradigm, which effectively solves the contradiction between existing data sharing and privacy protection by protecting individual data privacy and realizing global model collaborative construction. Finally, this paper discusses the combination of blockchain technology and federated learning, and proposes BeFL architecture as a new secure, decentralized and trusted federated learning system, which is expected to provide a comprehensive solution for large-scale data processing and value creation in multi-party scenarios. The research in this paper not only deepens the understanding of federation learning in theory, but also provides important reference and enlightenment for future research and application in related fields.

The goal is to reduce poverty, the method used is a literature study to see the effect of using Financial Technology (Fintech) on financial inclusion, method to see the effect of financial inclusion on poverty. From the results of the tests, the use of Fintech can increase financial inclusion, thereby encouraging poverty alleviation. It can be seen that the Financial Inclusion variable has a significant and negative effect on the poverty variable. This shows that countries that have high levels of financial inclusion are generally estimated to have low poverty rates. Increasing a country's financial inclusion can reduce poverty.

The rapid expansion of Bangladesh's financial infrastructure, coupled with the increasing digitization of banking services, underscores the critical importance of cybersecurity. Machine learning and deep learning methodologies have emerged as potent tools in combating cyber threats such as intrusion, malware, and fraud. By harnessing artificial intelligence and data-driven analysis, these techniques enable real-time scrutiny of vast banking data, facilitating proactive defense against cyberattacks. Bangladesh's evolving financial landscape, characterized by governmental digitalization initiatives and a national financial inclusion strategy, heightens the imperative for robust cybersecurity measures. This paper explores the application of machine learning and deep learning techniques in bolstering banking cybersecurity within the context of Bangladesh's burgeoning digital economy.

This study investigates the transformative impact of ChatGPT, a cutting-edge AI language model developed by OpenAI, on the financial sector. We explore ChatGPT's applications in financial analysis, focusing on its ability to perform tasks traditionally handled by human analysts. By creating a set of multi-step and advanced reasoning financial tasks, and establishing several task-specific evaluation metrics, our experimental results demonstrate that ChatGPT-4o can effectively perform both basic and some complex financial analysis tasks comparable to those executed by humans. However, our empirical evaluation reveals limitations in its performance on complex tasks that require comprehensive understanding and critical thinking. The study highlights the necessity for meticulous task formulation and robust evaluation to achieve consistent functionality. While ChatGPT enhances efficiency in financial analysis, its integration with human expertise remains crucial for effective decision-making. This study contributes to the understanding of AI's role in finance and provides insights into its potential and constraints, guiding future integration of AI technologies in financial practices.

This study explores the impact of financial inclusions on financial resilience. In doing so, we utilize the World Bank’s data on global financial inclusions. Our study confirms that the respondents with financial accounts are more resilient than those without accounts. The chances of being financially resilient are around 1.4 times higher for the account holders than their counterparts. We find a significant relationship between gender and financial resilience; males are 1.4 times more resilient than females when other covariates are considered in the regression model.

This paper investigates empirically the effect of export diversification (i.e., both export product diversification and services export diversification) on financial openness, using a sample of 119 countries (including both developed and developing countries) over the period 1985-2014. Based on the Blundell and Bond's two-step system Generalized Methods of Moments, the analysis has revealed that both export product diversification and services export diversification influence positively financial openness. However, this outcome hides differentiated effects across countries in the full sample. Specially, countries with a very high real per capita income experience a positive effect of export concentration on financial openness, while for countries with a relatively lower per capita income, it is rather export diversification that drives positively financial openness. Interestingly, the effect of export diversification on financial openness depends on the size of external shocks that affect domestic economies, as well as countries' economic growth performance. Overall, these findings add to the empirical literature on the effect of international trade on financial openness by showing that both export product diversification and services export diversification matter for financial openness.

Polycystic Ovarian Syndrome (PCOS) is a common endocrine condition that affects 8–13% of women of reproductive age and is one of the leading causes of anovulation and infertility. In Kazakhstan, the prevalence of this syndrome is particularly high compared to other countries and the global average. Currently, the diagnosis of polycystic ovarian syndrome is based on internationally established Rotterdam criteria, using hyperandrogenism, i.e. high testosterone levels, as a key parameter. These criteria are applied to diagnose PCOS in all female patients, although obese patients may have excess testosterone produced by adipose tissue. To avoid possible false PCOS diagnoses, an additional criterion could be considered to diagnose PCOS among obese women. Anti-Müllerian hormone (AMH) is promising as a more effective diagnostic criterion, since its level represents the state of the ovarian reserve and adipose tissue does not produce AMH. Therefore, the use of AMH instead of hyperandrogenism as a diagnostic criterion for PCOS among obese women might improve diagnostic precision and patient treatment. In this study, data on the levels of various hormonal indicators such as estrogen, progesterone, and others were analyzed for a large cohort of female patients with and without PCOS to explore possible correlations between these indicators, AMH, and testosterone. The findings suggest that the absence of a negative correlation between AMH and follicle-stimulating hormone (FSH), and a positive correlation of AMH with testosterone could support the use of AMH as a reliable additional criterion for PCOS diagnosis among obese women.

The impacts of inflation on international finance are generally reflected in the decline of buying power, risks of investment and deposit loss from currency devaluation. For the purpose of optimized allocation and management of asset values, i.e., annual income or research grants, a framework of a three-level model for static financial management is presented to maximize banking interests, bonuses, and the remaining balance after spending necessary expenditures. Meanwhile, in retrospect to higher-level financial inflation, strategies of dynamic investment, i.e., posing regular tests of flipping coins, exploiting variations of the currency exchange rate, as well as applying the theory of broad money, are presented to increase the appreciation rate of net assets in and post the era of COVID-19. Quantitative evaluations in case studies verify the feasibility of improving the financial situation, indicating broader applications for budgeting and investing when US inflation rate is below 3.0%. Besides, combining approaches of static and dynamic strategies, the expected annual growth rate of individual zero-risk asset investment is predicted as within the range of 8.30~9.62% according to budgeted appreciation on net assets in 12 months, which is capable of overcoming negative impacts from higher level annual inflation, i.e., those as highest as 8.01% in the Year 2022.

Corporate Diagnosis is now recognized as an important tool by decision makers to predict and correct burgeoning problems that a corporation may face. Methods based on this model stem from the use of mathematics and are increasingly being applied in the analysis of production processes. The goal of this paper is to use a logistic regression to design a scoring model for non-financial corporations in industry. Based on the data obtained from the Registry of the Slovak Republic for 738 non-financial corporations, according to SK NACE 26, SK NACE 27, the proportional financial metrics, using the logistic regression method, were calculated. By applying these methods, two logistic regression models were found to reliably estimate the probability of bankruptcy for a firm.

Contemporary financial systems, despite their inherent complexity and resilience, face significant challenges related to transparency, efficiency, and security. Notable deficiencies in transparency and emerging security vulnerabilities underscore the pressing need for innovative solutions in current financial practices. Hence, this paper introduces a financial distribution system based on a consortium blockchain. Given organizations’ preference for keeping sensitive data private, the partially decentralized nature of consortium blockchains plays a pivotal role in the proposed system’s architecture. Moreover, within this system, the proposed smart contract serves a dual role. It functions not only as a transactional tool but also as a specialized solution designed to improve transactional procedures. Its multifaceted capabilities include ensuring data accuracy, facilitating swift execution, and ensuring adherence to regulatory requirements within the dynamic financial distribution landscape. Through rigorous testing and empirical analysis utilizing the Hyperledger Besu platform, it has been observed that the performance of the proposed system surpasses traditional blockchain frameworks. The results unequivocally demonstrate the proposed system’s proficiency in handling high-frequency financial transactions with minimal computational burden.

Alternative fertilizations are essential to minimize the deteriorating effects of chemical fertilizers on soil and water quality/health. Accordingly, the present work investigated the effects of combined organic-inorganic fertilization (COIF) on wheat and rice yields, soil nutrients, and soil Cd accumulation. Hence, seven different treatments were set up: control (CK); conventional fertilization (CF); optimized fertilization (OF); organic fertilizer replacing 25% (T1) and 50% (T2) of OF; and organic nitrogen (N) replacing 25% (M1) and 50% (M2) of OF-N. Overall, significant increases occurred in the yields of COIF crops. Compared with the CF, the highest wheat and rice yields happened in M1 treatment (approximately by18.5%) (P < 0.05). COIF slightly alleviated soil acidification, and improved the cation exchange capacity (CEC) of the study soils. Besides, COIF treatments significantly increased the contents of total phosphorus, total potassium, available phosphorus, and available potassium by 6.35 to 16.9 %, 3.17 to 10.9 %, 5.53 to 28.7 %, and 2.6 to 12 %, respectively (P <0.05). Nevertheless, negligible increases took place in Cd content of COIF soils compared with the CK. Altogether, our results concluded on 25% replacement of OF-N by organic N (M1) to effectively improve the fertility/ecological sustainability of the study soils.

Corporate governance is widely suggested by economists and regulators as a solution to reduce agency problems and improve firm performance. However previous studies have failed to generate consistent results. Using a dynamic panel system GMM estimator to alleviate endogeneity concerns we determine the effect of corporate board structure on the performance of a panel of 1265 Chinese firms listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2016. We compare the dynamic system GMM estimator to some commonly used estimators; ordinary least squares (OLS), fixed effects (FE) and the dynamic OLS, and show that these estimates are biased due to endogeneity. The dynamic system GMM estimator incorporates the dynamic nature of internal governance choices to provide valid and powerful instruments that address unobserved heterogeneity and simultaneity. Our results show support for the board model corporate governance mechanism. We find that board size is positive and significantly related to both return on assets and total net profit margin. In addition board independence is positive and significantly related to return on assets but insignificantly related to total net profit margin. Duality was found to have a negative but statistically insignificant relation with firm performance.

A robust bank industry is a major player in the stability of an economy. The operational efficiency and stability of banks are therefore paramount. By way of financial ratios and Z-score, this study analysed UT Bank’s financial performance prior to the 2017 bank sector reforms in Ghana. Annual financials over a ten year period (2007-2016) were used. Debt management practices of UT Bank per the results obtained were quite on the hind side and unimpressive. This was reflected in the poor leverage and risk management variables. UT Bank would have been unable to meet creditors’ claims considering the mean average values of debt-to-assets and debt-to equity ratios of 0.76 and 0.90 respectively. The entire bank sector will benefit if credit management practices of individual banks are refreshed and worked on. The bank industry regulator should tighten its supervisory and monitoring role over banks to help detect early signs of non-performing banks. The study further recommends that statutory lending limits of banks be re-enforced to uphold the threshold of 10 percent for unsecured loans and 25 percentage for secured loans of net owned funds of the bank.

This study examines the effect of market risk on the financial performance of 31 non-financial companies listed on the Casablanca Stock Exchange (CSE) over the period 2000-2016. We utilize three alternative variables to assess financial performance, namely return on assets, return on equity and profit margin. Next, we use the degree of financial leverage, the book-to-market ratio, and the gearing ratio as market risk variables. Besides, we employ the pooled OLS model, the fixed effects model, the random-effects model, the difference GMM and the system GMM models. The results show that market risk indicators have a negative and significant influence on the companies' financial performance. The elasticities are greater following the book-to-market ratio compared to the degree of financial leverage and the gearing ratio, respectively. In most cases, the firm size, the tangibility ratio, and the cash holdings ratio have a positive effect on financial performance, whereas the firms' age, the debt-to-income ratio, stock turnover, and leverage hurt the performance of these non-financial companies. Therefore, decision-makers and managers should mitigate market risk through appropriate strategies of risk management, such as derivatives and insurance techniques.

The purpose of this article is to address two questions that will aid researchers in understanding FinTech’s inception, development, and potential impact on the stability of the financial system. First, it explains why financial technology is a current phenomenon. While many of the underlying technology for FinTech breakthroughs have been around for some time, it is only recently that financial institutions and entrepreneurs have begun to apply them to financial goods and services. Supply and demand factors in "conventional" financial innovation have been studied, and they have been found to converge, leading to a high rate of innovation. And second, this article explains why FinTech is being covered in greater depth than other types of innovation. This study introduces the concept of "depth" of innovation as a means of answering this question. The more fundamental the innovation, the more it will affect the financial sector. In this paper, we demonstrate that many recent developments in the field of financial technology (FinTech) are truly revolutionary advances, with far-reaching implications for the financial services industry. In addition to the benefits of more adaptability, higher transformational potential might bring increased risk to economic security.

A more sustainable society and economy also implies a more sustainable behavior in the consumption of financial products. A possible change in focus can come from the demand side, so that more sustainable consumption of financial products have to go hand to hand with financial literacy. However, financial literacy, potential favoring of this sustainable behavior, is far from reaching an international consensus about its definition, object and scope. Two objectives are analyzed; the different interpretations of financial literacy in the academic literature, as well as its evolution and how, in what context and with what other concepts the term is used in social networks. Scientometric techniques and content analysis have been used to carry out a systematic review of literature and also NLP to analyze the comments on Social Networks. Critical moments are identified in the definition of financial literacy. Also ten sentiments are analyzed in social networks in wich positivity, trust, and anticipation predominate. Greater attention to this issue is necessary both from the private initiative and from public policies, so that financial literacy is an effective tool for a more sustainable behavior by consumers. Finally, a new definition is proposed based on our findings.

The paper examines the various uncertainties encountered in high-frequency trading (HFT) environments and delves into the multiple challenges faced by HFT firms in navigating the Dodd-Frank Wall Street Reform and Consumer Protection Act (referred to as the "Dodd-Frank Act"), particularly during the initial stages of its enactment. These challenges include the ambiguity surrounding the definition of HFT, the lack of clarity regarding regulatory requirements and boundaries, inconsistencies in enforcement resulting from deviations in understanding the content, and the absence of detailed descriptions of the Act’s provisions. These hurdles significantly impact not only the daily operations of HFT firms but also pose higher demands on their long-term strategic planning and risk management. Drawing upon the Data, Information, Knowledge, Wisdom, and Purpose (DIKWP) model, this study employs an innovative analytical framework. Through the comprehensive application of conceptual space, cognitive space, and semantic space, it provides a systematic methodology for identifying and analyzing the aforementioned issues. This approach not only aids firms in better comprehending and adhering to complex regulatory requirements but also enables them to explore new business opportunities and competitive advantages while ensuring compliance.

The abstract should be a total of about 250 words and structured to contain the following headings: Background/Objectives, Methods, Results, Conclusions. Background/Objectives: Place the question addressed in a broad context and highlight the purpose of the study; Methods: Describe briefly the main methods or treatments applied. Include any relevant preregistration numbers, and species and strains of any animals used; Results: Summarize the article’s main findings; Conclusions: Indicate the main conclusions or interpretations. The abstract should be an objective representation of the article: it must not contain results which are not presented and substantiated in the main text and should not exaggerate the main conclusions. Clinical trial abstracts should include items that the CONSORT group has identified as essential.

Distracted driving is a major cause of road traffic crashes in Yaoundé. Partly due to scarcity of enforcement, lack of evidence and investigation of distraction safety performance indicator (SPI), hindering evidence-based intervention. This study aimed to address this evidence gap by evaluating the distraction SPI using proven methodology. Data on distracted driving (handheld mobile device; interaction; eating/smoking/drinking) were collected from roadside observation on 36 randomly selected road sections carefully spread to cover the city. SPI were computed and weighted with traffic volume to ensure representativeness of values. A total of 41,004 drivers were observed (38,248 in car; 1,116 in van; 977 in truck; 663 in bus). The prevalence of distracted driving in Yaoundé is 13.69% for the three distractions type combined. The prevalence is 7.84% for interaction, 4.89% for handled mobile device usage and 0.96% for eating/smoking/drinking. Leveraging these insights, a seven year (2024 - 2030) fighting strategy aiming at halving the prevalence was developed. The strategy contains intervention including on legislation/enforcement, which have been proven effective. This study, pioneer in Yaoundé, provide stakeholders with evidence of the issue and measures to implement and can also serve when developing road safety strategy.Future research should consider investigation at national level.

In Yaoundé, Cameroon, excessive and inappropriate speeding remains a major public health concern. Part of the problem are the unsafe speed limits, lack of evidence, and effective evaluation of speeding safety performance indicators (SSPIs), and the absence of speed management, hindering the city's ability to mitigate the risks associated with speeding. This study aimed to address this knowledge gap by assessing SSPIs using a well-defined methodology and suggesting speed management strategies. Data on speed, traffic volumes and road attributes were collected from a random selection of 16 representative road sections in Yaoundé. Seven SSPIs were calculated, and weights were assigned to evaluate city-level SSPIs. The findings showed that 66.8% of drivers drive within the speed limit, generally operating at speeds of 54 km/h with a speed variation of 26 km/h. Based on the speed analysis, evidence-based strategies are proposed, and implementing these strategies could potentially reduce fatalities and serious injuries by 16% to 84% across study locations, as indicated by Elvik's model. These findings have significant policy implications for reducing speeding in Yaoundé, and the methodological approach can be replicated in other urban settings. Future research should extend SSPI evaluation to the national level and test the effectiveness of the recommended strategies.

With the rise of Blockchain technology, the cryptocurrency market has been gaining significant interest. In particular, the number of cryptocurrency traders and the market capitalization have grown tremendously. However, predicting cryptocurrency price is very challenging and difficult due to the high price volatility. In this paper, we propose a classification machine learning approach in order to predict the direction of the market (i.e., if the market is going up or down). We identify key features such as Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) to feed the machine learning model. We illustrate our approach through the analysis of Bitcoin close price. We evaluate the proposed approach via different simulations. Particularly, we provide a backtesting strategy. The evaluation results show that the proposed machine learning approach provides buy and sell signals with more than 86% accuracy.

Meteorological drought indicators are commonly used for agricultural drought contingency planning in Ethiopia. Agricultural droughts arise due to soil moisture deficits. While these deficits may be caused by meteorological droughts, the timing and duration of agricultural droughts need not coincide with the onset of meteorological droughts due to soil moisture buffering. Similarly, agricultural droughts can persist even after the cessation of meteorological droughts due to delayed hydrologic processes. Understanding the relationship between meteorological and agricultural droughts is therefore crucial. An evaluation framework was developed to compare meteorological and agricultural droughts using a suite of exploratory and confirmatory tools. Receiver operator characteristics (ROC) was used to understand the covariation of meteorological and agricultural droughts. Comparisons were carried out between SPI-2, SPEI-2 and Palmer Z-index to assess intra-seasonal droughts and between SPI-6, SPEI-6 and PDSI for full-season evaluations. SPI was seen to correlate well with selected agricultural drought indicators but did not explain all the variability noted in agricultural droughts. The relationships between meteorological and agricultural droughts exhibited spatial variability which varied across indicators. SPI is better suited to predict non-agricultural drought states more so than agricultural drought states. Differences between agricultural and meteorological droughts must be accounted for better drought-preparedness planning.

The rationale of this study is to explore underlying sustainability assessment constructs in the context of WCSM implementation as a key focus by manufacturing industries in the journey of achieving world-class status in their manufacturing operations. This study primarily intends to collect primary data from 143 plant managers and supervisors through the structured questionnaires at select manufacturing companies in south India on the basis of area-cum-purposive sampling technique. The survey questionnaire is designed exclusively to reflect the sustainability assessment dimensions in terms of social, economic and environmental issues to examine the impetus of WCSM implementation on the competitive advantage of manufacturing companies. The empirical findings of this study clearly revealed that sustainable manufacturing practices, sustainability programs, creation of sustainable products, safety for employee, community and product, operational efficiency and integration of sustainability goals in day-to-day manufacturing activities were considered to be the key indicators by the manufacturing firms in their never-ending journey towards becoming the world class. Moreover, the WCSM practices & techniques adopted by sample manufacturers have a substantial positive influence on the achievement of competitive advantage in their manufacturing and business operations.

Recovery of forest after logging can be tested in many ways: the presence of particular species of fauna or flora, the similarity of the biodiversity of the recovering forest to that on neighbouring areas of undisturbed forest; or the characteristics of soils and streams whose conditions may have drastically changed during logging. Three cases of rainforest recovery after logging and clearance from Australia and Borneo exhibit different starting and different goals for recovery. Faunal indicators of recovery vary with size and with species dependence of the rainforest. Endemic forest species may have difficulty in recovering. Tree species richness and abundance may recover in two decades, but canopy closure takes longer. Compacted soils may retain low infiltration capacities for many decades. This diversity in recovery rates is confirmed when compared with those used elsewhere. Because the starting points for recovery vary, from damage by tropical cyclones and landslides, to clearance for shifting cultivation, pasture or agriculture, to post-logging conditions, universal indicators may be inappropriate. The desired endpoints of recovery also range from a “wilderness” state to a National Park for human enjoyment, biodiversity preservation, safeguarding rights of traditional forest-dwelling peoples, or a second round of selective logging.

Building Country Resilience is a long-term process particularly in the hyper connected world we are living today; and depends on good governance and appropriate equilibrium of respect for people, planet and profits as well as avoiding depleting natural resources that end up affecting the biosphere. Hence represent a most needed Learning ability that may be seeing to be related to the process of Sustainable Development. So, this paper seeks to find best practices and a Ranking of Countries that may help as guides to foster Country Resilience. For this purpose, it was developed a World Resilience Index - WRI based on a Statistical Analysis with updated data from 108 Countries divided into 3 Groups: American Countries – AMER (20 Countries), Advanced Economies - AVECO (22 Countries) mostly from Europe and OTHER (66 Countries); and using a set of Synthetic Variables like the Social Progress Index – SPI, the Environmental Performance Index – EPI, and the Sustainable Development Goals Index – SDGI, besides some related to Governance and the World Risk Index – WRI.

In order to cope with the limited supply of feed for global animal production, there is a pressing need to explore alternative feed resources. Orange pulp, a by-product of agriculture and industry, has shown potential to positively or neutrally impact pig productive performance when included in their diet. However, there is a lack of research on the effects of fermented navel orange pulp (FNOP) on pig growth and productive performance. This study aimed to investigate the effects of FNOP as a dry matter substitute on pig’s growth performance, carcass characteristics, meat quality, meat nutrition, and serum biochemical indicators. The experiment involved 128 finishing Tibetan pigs, divided into four feed treatment groups, with varying levels (0%, 5%, 10% and 15%) of FNOP replacing dry matter in the basal diet. The results indicated that substituting 5% to 15% FNOP had no adverse effects on pig growth performance. However, at a 15% substitution rate, there was a decrease in serum growth hormone and IGF-1 levels, along with an increase in feed-to-gain ratio. A 10% FNOP replacement notably increased the eye muscle area of pigs. Additionally, 5% and 10% FNOP substitutions reduced the drip loss of pork. The study also found that substituting 5% to 15% FNOP increased unsaturated fatty acids and umami nucleotide contents in pork, as well as raised serum total protein and uric acid (nucleotide metabolism related-product) levels. These findings suggest that moderate FNOP substitution might enhance meat quality and maintain growth and productive performance in Tibetan pigs by improving protein synthesis and nucleotide metabolism, while also reducing feed costs. The optimal substitution ratio identified was 10%.

Currently, the Bangladeshi financial sector is undergoing significant transformations. With the expansion of the infrastructure and the increasing prevalence of digital banking services, it is essential to take measures to prevent cyberattacks. These threats can be effectively mitigated through the utilization of deep learning and machine learning techniques. Through the analysis of massive amounts of banking data in real-time, these methods make it possible to detect and prevent malicious software, fraud, and security breaches that are proactive. Because the government is actively pushing for financial inclusion and digitalization, strong cybersecurity measures are more important than they have ever been. It is the purpose of this study to investigate the application of deep learning and machine learning to improve the cybersecurity environment of Bangladesh’s banking sector in light of the country’s rapidly expanding digital economy.

This study aims to evaluate the financial performance of SOEs in Indonesia and compare it with private companies using financial ratio analysis and efficiency analysis approaches. Four construction sector SOEs were evaluated, and five private companies were compared using financial data from 2015 to 2022. The financial ratio analysis used the Peterson (2013) approach, while the efficiency analysis employed the data envelopment analysis (DEA) approach and the paired t-test. The study results show that the financial ratio performance of state-owned companies is relatively poor, with low profitability, critical liquidity, and a high debt ratio. Debt, as a source of capital in financing construction projects, makes companies face a greater debt risk. This study validates that SOEs have lower efficiency compared to private companies.

This paper focuses on the paradigm that explains the link between energy transitions and financial transformations. In particular, it attempts to shed some light on the following question: How did the transition from wood to coal affect financial development in late 18^th and early 19^th century Britain? The results demonstrate that the energy transition in Britain during the 1^st Industrial Revolution constituted an important moment in the country's financial development and can be used as an example of how an energy innovation can foster the financial development of particular countries or regions.

This paper examines the effect of chronotype on the delinquent credit card payments and stock market participation through preference channels. Using an online survey of 455 individuals who have been working for 3 to 8 years in companies in mainland China, the results reveal that morningness is negatively associated with delinquent credit card payments. Morningness also indirectly predicts delinquent credit card payments through time preference, but this relationship only exists when individuals’ monthly income is at low and average level. On the other hand, financial risk preference accounts for the effect of morningness on stock market participation. Consequently, an additional finding is that morningness is positively associated with financial risk preference, which contradicts previous finding in the literature. Finally, based on the empirical evidence, we discuss the plausible mechanisms that may drive these relationships and the implications for theory and practice. The current study contributes to the literature by examining the links between circadian typology and particular financial behaviours of experienced workers.

The paper explores using generative artificial intelligence (AI) in financial market data management and forecasting. By integrating multiple data sources and feature extraction techniques, such as fundamental analysis, technical indicators, global economic data, and sentiment analysis, generative AI constructs a comprehensive deep learning framework that significantly enhances financial data management efficiency and market forecasts' accuracy. Specifically, technologies like generative adversarial networks (Gans) and variational autoencoders (VAE) demonstrate substantial data augmentation and model optimisation potential. The application value of the model in real-time market prediction and trading strategy optimization is further amplified through reinforcement learning methods.

Quality of life (QoL) assessments are integral to cancer care, yet their effectiveness in providing essential information for supporting survivors varies. This study aimed to elucidate key indicators of QoL among colorectal cancer survivors from the perspective of healthcare professionals, and to evaluate existing QoL questionnaires in relation to these indicators. Two studies were conducted: a Delphi study to identify key QoL indicators and a scoping review of questionnaires suitable for colorectal cancer survivors. Fifty-four healthcare professionals participated in the Delphi study's first round, with 25 in the second. The study identified two primary QoL domains (Physical and Psychological) and 17 subdomains deemed most critical. Additionally, a review of 12 questionnaires revealed two instruments assessing the most important general domains. Findings underscored a misalignment between existing assessment tools and healthcare professionals' clinical priorities in working with colorectal cancer survivors. To enhance support for survivors' QoL, efforts are needed to develop instruments that better align with the demands of routine QoL assessment in clinical practice.

Drought monitoring and early detection have improved greatly in recent decades through the development and refinement of numerous indices and indicators. However, a lack of guidance, based on user experience, exists as to which drought monitoring tools are most appropriate in a given location. This review paper summarizes the results of targeted user engagement and the published literature to improve the understanding of drought across North America, and to enhance the utility of drought monitoring tools. Workshops and surveys were used to assess and make general conclusions about the perceived performance of drought indicators, indices and impacts information used for monitoring drought in the five main Köppen climate types (Tropical, Temperate, Continental, Polar Tundra, Dry) found across Canada, Mexico, and the United States. In Tropical, humid Temperate, and southerly Continental climates, droughts are perceived to be more short-term (less than 6 months) in duration rather than long-term (more than 6 months). In Polar Tundra climates, Dry climates, Temperate climates with dry warm seasons, and northerly Continental climates, droughts are perceived to be more long-term than short-term. In general, agricultural and hydrological droughts were considered to be the most important drought types. Drought impacts related to agriculture, water supply, ecosystem, and human health were rated to be of greatest importance. Users identified the most effective indices and indicators for monitoring drought across North America to be the U.S. Drought Monitor (USDM) and Standardized Precipitation Index (SPI) (or another measure of precipitation anomaly), followed by the Normalized Difference Vegetation Index (NDVI) (or another satellite-observed vegetation index), temperature anomalies, crop status, soil moisture, streamflow, reservoir storage, water use (demand), and reported drought impacts. Users also noted the importance of indices that measure evapotranspiration, evaporative demand, and snow water content. Drought indices and indicators were generally thought to perform equally well across seasons in Tropical and the colder Continental climates, but their performance was perceived to vary seasonally in Dry, Temperate, Polar Tundra, and the warmer Continental climates, with improved performance during warm and wet times of the year. The drought indices and indicators, in general, were not perceived to perform equally well across geographies. This review paper provides guidance on when (time of year) and where (climate zone) the more popular drought indices and indicators should be used. The paper concludes by noting the importance of understanding how drought, its impacts, and indicators are changing over time as the climate warms, and by recommending ways to strengthen the use of indices and indicators in drought decision-making.

Nowadays, the transparency of governments with respect to the sustainability of public services is a very interesting issue for stakeholders and academics. It has led to previous research and international organisations (EU, IMF, OECD, United Nations, IFAC, G-20, World Bank) to recommend promotion of the online dissemination of economic, social and environmental information. Based on previous studies about e-government and the influence of administrative cultures on governmental accountability, this paper seeks to identify political actions useful to improve the practices of transparency on economic, social and environmental sustainability in European local governments. We perform a comparative analysis of sustainability information published on the websites of 72 local governments in 10 European countries grouped into main three cultural contexts (Anglo-Saxon, Southern European and Nordic). Using international sustainability reporting guidelines, our results reveal significant differences in local government transparency in each context. The most transparent local governments are the Anglo-Saxon ones, followed by Southern European and Nordic governments. Based on individualized empirical results for each administrative style, our conclusions propose useful policy interventions to enhance sustainability transparency within each cultural tradition, such as development of legal rules on transparency and sustainability, tools to motivate local managers for online diffusion of sustainability information and analysis of information needs of stakeholders.

The article deals with human resource management and selected personnel indicators in 10 sustainable development. The main goal of this paper is to analyse and describe human resource 11 management focused on audit of workload, motivation of employees, the competence of staff, their 12 knowledge and experience. The article shows how the selected personnel indicators are examined 13 in selected establishments of multinational company in Slovakia, as an attractive employer inter-14 ested in growth of its employees, thus employer branding. For research methods, a case study meth-15 odology is used. Data collection was carried out through a questionnaire survey with employees in 16 the company as well as an interview with sale advisors and managers. The research aimed to point 17 out a case study of the investigation of selected personnel indicators in human resources manage-18 ment in a selected company and to examine the perception of the performance of employees in 19 connection with their financial evaluation and their satisfaction in the selected company with an 20 impact on employees´ performance. Furthermore, the research aimed to determine whether there 21 was a dependence between the subjectively perceived performance of the employees and selected 22 aspects. Further indicators were calculated, such as employment rate, proportion of wasted time 23 and labour productivity.

The article deals with human resource management and selected personnel indicators in sus-tainable development. The main goal of this paper is to analyse and describe human resource management focused on audit of workload, motivation of employees, the competence of staff, their knowledge and experience. The article shows how the selected personnel indicators are examined in selected establishments of multinational company in Slovakia, as an attractive em-ployer interested in growth of its employees, thus employer branding. For research methods, a case study methodology is used. Data collection was carried out through a questionnaire survey with employees in the company as well as an interview with sale advisors and managers. The research aimed to point out a case study of the investigation of selected personnel indicators in human resources management in a selected company and to examine the perception of the per-formance of employees in connection with their financial evaluation and their satisfaction in the selected company with an impact on employees´ performance. Furthermore, the research aimed to determine whether there was a dependence between the subjectively perceived performance of the employees and selected aspects. Further indicators were calculated, such as employment rate, proportion of wasted time and labour productivity.

The service sector, whose value has started to increase in recent years, has gained momentum with the acceleration of economic developments especially after the 2000s in Turkey. In a world where competition is increasing and social purchase perception is changing, companies started to differentiate in the service sector to create a competitive advantage. Companies that would like to grow in the industry and aspire to a greater proportion need credit to extend. There are many factors to consider in order to allocate the credit. Banks make financial and non-financial analysis to make credit decisions. This study has been prepared to assess the effect of financial and non-financial features of middle segment companies that need credit in the service sector on the credit decision to be allocated by banks. The group of variables that explain the credit decision at the highest level in these companies are non-financial variables.

The effectiveness of combining strength-specific training with endurance training to enhance the performance of endurance runners remains uncertain. This study aimed to analyze effect of practising maximum-strength (MAX), explosive strength (EXP) or both combined (COMB) on seven runners’ performance-indicators: vertical jump (VJ), one-repetition-maximum-squat (1RM), peak-velocity/peak-running-speed (PV), lactate-threshold (over incremental-test-protocols, LT), middle-distance-time-trial (TT), maximum-oxygen-consumption (VO2max), running-economy (RE). Systematic-review (Scopus, Wed of Science, Sports Discuss, PubMed) with meta-analysis was conducted following PRISMA standards. Inclusion-criteria (PICOS) were: recreational or well-trained athletes aged 18-45 performing concurrent-training ≥five-week. Used search-terms were related to different types of strength/endurance, participants’ age, sport-modality. 20 manuscripts were selected, quality-assessed with PEDro. MAX training is more effective than EXP, COMB in improving VJ, 1RM, PV, while COMB is more effective than MAX, EXP to enhance TT. MAX is more effective than EXP in improving LT. Concurrent-workouts do not provide additional benefits to VO2max. It is unknown which strength-modality (MAX, EXP or COMB) is more effective in improving RE. Concurrent-training is more effective than single-mode-endurance-training for enhancing specific performance-variables in adult-endurance-runners. Middle-, long-distance-runners may consider incorporating MAX-training to target specific goals, e.g., improving VJ, 1RM, LT, PV while utilizing COMB-training to enhance TT. Certain variables may benefit from EXP. New randomized-controlled-trials are required to confirm these findings.

Diaminomaleonitrile (DAMN) is an electron-rich ligand which is commonly used in the synthesis of purines, amides and Schiff base ligands. In the last case lies the interest in this molecule, given its symmetry and apparent facility to form various ligands and complexes of interest in fields such as organic solar cells and catalysis among others. Nevertheless, its bisubstitution with aldehydes displays certain difficulty due to the double conjugated presence of the nitrile group (C≡N) in its structure, which significantly affect its coordination behavior by modulating the chemical reactivity of its amines. In addition to presenting a practical resume of guidelines for the preparation of different bisubstituted compounds from DAMN, this paper reviews the possibility of attaining a precise characterization by simple spectroscopic techniques. We provide an additional discussion for one of these techniques (commonly reported but often overlooked), given its potential to provide both the symmetry and E/Z configuration of the product. We hope the comprehensive evidence discussed and shown in this review will be helpful to further develop and understand the products derived of this interesting molecule in their broad applications.

The oil and gas industry in Nigeria, a vital contributor to the nation's economy, has long been associated with significant environmental challenges. Pollution, habitat destruction, and greenhouse gas emissions have raised global concerns about sustainability and corporate responsibility. This empirical study explores the relationship between environmental accounting practices and the financial performance of listed oil and gas companies in Nigeria. We investigated eight oil and gas companies that are publicly traded on the Nigerian Stock Exchange Market (NGX) as of January 17, 2022, from 2011 to 2022. The study employs Driscoll-Kraay standard errors and reveals that environmental accounting had significant effects on returns on assets, earnings per share, and liquidity ratio. The study revealed that the implementation of environmental accounting practices had diverse effects on the performance of oil and gas companies in Nigeria. The findings encourage policymakers and stakeholders in the sector to utilise the insights and design more effective regulations and incentives that promote environmental corporate responsibility. Also, valuable insights into the potential benefits and challenges associated with adopting environmental accounting practices, and influencing the decision-making processes of corporate stakeholders were provided to ensure sustainability in terms of improved financial performance of the oil and gas sector in Nigeria.

This study examines whether information about the winners of the Sustainability Reporting Award (SRA) contributes to the usefulness of the information in the financial statements. This study used a sample consisting of 110 winners of SRA (SRA firms) and 110 companies that did not receive SRA (non-SRA firms) from 2008 to 2016. The study found that earnings per share (EPS), book value per share (BVPS), and earnings per share change (EPSC) are value relevant information. Results of comparison between SRA firms and non-SRA fimrs, this study found that EPS positive association with stock price and with returns for SRA firms is higher than that for non-SRA firms. Findings of this study also show that, value relevance of BVPS for non-SRA firms is higher than that for SRA firms. When mesures of Price and BVPS are transformed into natural logarithm, the value relevance of BVPS for SRA firms is higher than that for non-SRA firms. Thus, the results are sensitive to measures of the variables. The findings of this study indicate that information about the winners of SRA contributes to the usefulness of financial statements.

This article conceptualises the link between firms’ value chains and distribution networks and the requirements for double materiality assessments in contemporary reporting regulations worldwide. The new European Sustainability Reporting Standards (ESRS) and the standards for sustainability reporting issued by the International Sustainability Standards Board (ISSB), called IFRS S1 and IFRS S2, require companies to report their own direct (scope 1) and indirect (scope 2) greenhouse gas (GHG) emissions as well as GHG emissions in their value chains and distribution networks (both scope 3). However, GHG emissions comprise just one dimension of information that is relevant to understand when assessing, managing and reporting the footprints and impacts of a firm and are, therefore, only a fraction of the key performance indicators (KPIs) related to ESG that should be disclosed. Through a case study, this article demonstrates the connection between the due diligence analysis of firms’ value chains and distribution networks, the analysis of the competitive parameters of the business model, the identified impacts, risks and opportunities, and the double materiality perspective. The double materiality perspective prioritises actions based on probability and significance, creating a natural space to identify KPIs. The article concludes by applying the REGS model and illustrating how it can assist firms in identifying relevant KPIs based on double-materiality assessments.

As prominent oil producers, the Gulf Cooperation Council (GCC) countries have played a significant role in the global energy market. However, as the world's attention increasingly shifts towards environmental sustainability, understanding the implications of the GCC's economic activities on CO2 emissions becomes indispensable. This research paper investigates the relationship between specific economic indicators and their impact on CO2 emissions in the GCC from 2001 to 2021. The study employs quantile regression, a powerful statistical method that estimates the conditional quantiles of a response variable given a set of predictor variables. The findings reveal several important insights: Financial institution efficiency is significant and negative at a 1% level at the lower (10th) -83537.3 and the higher quantile (90th) -549002.3. The relationship between GDP per capita and CO2 emissions varies across quantiles, highlighting the complexity of the growth-environment nexus. Total patents exhibit a positive and significant relationship with emissions, underscoring the importance of directing innovation towards environmentally sustainable solutions. Renewable energy consumption displays a nuanced relationship with CO2 emissions, with a stronger negative impact observed at higher consumption levels. This underscores the potential of renewable energy to mitigate emissions when integrated at scale. The study's outcomes hold crucial policy implications for the GCC countries as they seek to align economic growth with environmental sustainability. The findings emphasize the importance of fostering financial institution efficiency, promoting green innovation, and expanding renewable energy sources to reduce emissions

Derivatives products have become essential in portfolio diversification, price discovery and risk hedging. Derivatives are complex instruments; their role is twofold, risk management and speculation, and their actual Impact on the underlying assets’ behaviours are not well understood. Little is documented empirically on how these instruments’ two-edged roles influence firms’ financing decisions, firm risk exposures, and stability. Given the growing interest in using derivatives in risk management and portfolio engineering, this study examines the practical impact of derivatives usage on the underlying firm’s financing policy and stability. The paper uses data from South African listed non-financial firms for the period 2000 to 2019. The study employs a dynamic panel model estimated with System Generalised Methods of Moments (GMM). The initial analysis shows that derivatives use reduces the cost of capital and increases firm stability. However, further in-depth analysis provides evidence that extensive use of derivatives increases firms’ capital costs and negatively impacts financial stability. These findings imply that the risk embedded in derivatives’ speculation dominates their risk management function. The results are subjected to numerous controls for robustness, including financial leverage, firm size, cashflows and asset tangibility.

Development of Halal Tourism in Indonesia is the focus of the Indonesian government and MSMEs have an important role in supporting the development of halal tourism in Indonesia. This study aims to examine the relationship between marketing communication and Islamic financial literacy on Islamic financial inclusion and MSMEs performance in the halal tourism sector. A covariance-based SEM technique utilizing LISREL software was used to analyze the data from this investigation. Non-probability sampling was employed to collect the data, and the sample consists of 152 halal tourism entrepreneurs. We find that positive and significant association between Islamic financial inclusion and business performance. We also find that there are a positive and significant association between Islamic Financial Literacy and Islamic Financial Inclusion. Marketing communication and Islamic financial inlcuon a positive relationship but insignificant. This studi implies that to establish a halal tourist ecosystem for long-term development in Indonesia, commercial actors must lend their full support. This study demonstrates that they can thrive when MSMEs in the halal tourist ecosystem are backed by Islamic banking and Islamic rural banks. As a result, a more accommodating approach from Islamic banking is required to provide access to halal finance for business actors in Indonesia’s halal tourism ecosystem.

The notion of potential-growth indicator came to being in the field of matrix population models long ago, almost simultaneously with the pioneering Leslie model for age-structured population dynamics, albeit the term has been given and the theory developed only recent years. The indicator represents an explicit function, R(L), of matrix L elements and indicates the position of the spectral radius of L relative to 1 on the real axis, thus signifying the population growth, or decline, or stabilization. Some indicators turned out useful in theoretical layouts and practical applications prior to calculating the spectral radius itself. The most senior (1994) and popular indicator, R0(L), is known as the net reproductive rate, and we consider two more ones, R1(L) and RRT(A), developed later on. All the three are different in what concerns their simplicity and the level of generality, and we illustrate them with a case study of Calamagrostis epigeios, a long-rhizome perennial weed actively colonizing open spaces in the temperate zone. While the R0(L) and R1(L) fail respectively because of complexity and insufficient generality, the RRT(L) does succeed, justifying the merit of indication.

Recently, more and more countries are entering the global race for university competitiveness. On the one hand, global rankings are a convenient tool for quantitative analysis. On the other hand, their indicators are often difficult to quickly calculate, they often contradict each other. We thought about using widely available indicators for a quick analysis of the University's publication strategy. We opted for the normalized citation indicators available in SciVal analytical tool, i.e. Source Normalized Impact per Paper (SNIP) and Field-Weighted Citation Impact (FWCI). We have demonstrated the possibility of applying the correlation analysis to the impact indicators of a document and a journal on the sample of the social and humanitarian fields at Peoples' Friendship University of Russia. Particular attention was paid to the application of the results in practice.

The financial performance of local governments is closely related to the economic growth of a region. Strong financial performance provides a solid foundation for sustainable economic development. This study analyses the relationship between local government financial performance, capital expenditure, and sustainable economic growth in Banten Province. A quantitative approach was employed, using secondary data from Regional Revenue and Expenditure Budgets and economic growth statistics. Purposive sampling was utilised, and data analysis was conducted using Path Analysis. The findings reveal that several financial ratio variables significantly impact economic growth directly and indirectly through capital expenditure as a mediating variable. Directly, the independence ratio, effectiveness ratio, efficiency ratio, fiscal decentralisation ratio, dependency ratio, and capital expenditure significantly influence economic growth. The independence and effectiveness ratios have a positive impact, indicating that improvements in these variables directly foster economic growth. However, the efficiency and fiscal decentralisation ratios have a negative impact, suggesting that increases in these variables may reduce economic growth. Indirectly, through capital expenditure, the independence, effectiveness, dependency, and compatibility ratios significantly affect economic growth, with the independence ratio being the most dominant. Conversely, the fiscal decentralisation and efficiency ratios do not show significant indirect effects, indicating that capital expenditure is not an effective mediator for these variables.

ADHD, one of the most prevalent diseases during childhood, we still do not know its precisely origin, although oxidative/nitrosative stress and the hypothalamic-pituitary-adrenal axis are suggested contributors. Methylphenidate, among others, is the main drug used in these patients, but its effects on relevant markers and structures remain unclear. This study, involving 59 patients diagnosed with ADHD according to DSM-5 criteria, aimed to assess changes in cortisol levels (using cortisol awakening response, CAR) and oxidative/nitrosative status with the treatment. Blood samples before and 3 months after treatment with methylphenidate were used to measure oxidative and inflammatory markers, and the endogenous antioxidant activity, while saliva samples tracked cortisol awakening response (CAR). The results show a treatment-related improvement in the redox profile, with the reduction of advanced oxidation protein products (AOPP), lipid peroxidation (LPO), and nitrite plus nitrate (NOx) levels, and the increase of the enzymatic activities of glutathione reductase (GRd) and catalase (CAT). Moreover, the area under the curve (AUC) of CAR increased significantly, indicating increased reactivity of the HPA axis. These result support by the first time the involvement of the endogenous antioxidant system in the pathophysiology of ADHD.

Correlations between the air permeability coefficient and various pore structure indicators in cementitious materials were examined to determine the pore structure indicator that best evaluated air permeability using data from previous studies of air permeabilities and pore structures. The determination coefficients of air permeability with total pore volume, critical pore diameter, and ordinary threshold pore diameter were low, although these have often been used as indicators. The median and threshold pore diameters obtained by percolation theory showed high determination coefficients. The equation using the threshold pore diameter better estimated the air permeability coefficient than the Katz–Thompson equation.

To understand the relationship between water permeability and the pore structure of cementitious materials, literature that studied both water permeability and the pore structure are reviewed, and their correlation is studied. Although the majority of this data is for cement paste, mortar, concrete, and cemented soil are also included. Based on this study, it is established the determination coefficient between water permeability and the total pore volume is very low; however, those between water permeability and the critical, threshold, and median pore diameters, respectively, are moderate. On the other hand, the threshold pore diameter, derived based on the percolation theory, exhibits a very high determination coefficient. The calculated water permeability, using the Katz and Thompson equation, agrees with the reported water permeability quantitatively to a certain level, but is overestimated.

This paper presents a novel approach to financial network analysis by leveraging PolyModel theory. Traditional financial networks often rely on correlation matrices to represent relationships between assets, but these fail to capture the complex, non-linear interactions prevalent in financial markets. In response, we propose a method that quantifies the relationship between financial time series by comparing their reactions to a broad set of environmental risk factors. This method constructs a network based on the inherent similarities in how assets respond to external risks, offering a more robust representation of financial markets. We introduce several network topological properties, such as eigenvalues, degree, and clustering coefficients, to measure market stability and detect financial instabilities. These metrics are applied to a real-world dataset, including the DOW 30, to predict market drawdowns. Our results indicate that this PolyModel-based network framework is effective in capturing downside risks and can predict significant market drawdowns with high accuracy. Furthermore, we enhance sensitivity to smaller market changes by introducing new time-series indicators, which further improve the predictive power of the model.

To support the decision making process of new investors, this paper aims to implement Machine Learning algorithms to generate investment indications. Three artificial intelligence techniques were implemented, namely: Multilayer Perceptron, Logistic Regression and Decision Tree, which performed the classification of investments. The results of the different algorithms were compared to each other using the metrics: accuracy, precision, recall, and F1-score. The Decision Tree was the algorithm that obtained the best classification metrics and an accuracy of 77%.

Financial literacy is a path to sustainability and has an important role in ensuring the financial sustainability of individuals, families, enterprises and national economies. The level of these economic indicators such as debt, payment discipline, savings and financial management all translate into prosperity or insolvency and bankruptcy and result partially from financial literacy. The higher the level of financial literacy, especially of young people, the more favorable the level of economic indicators, which translates into the economy and sustainable development. However, despite many years of research, there is still a lack of a uniform and coherent definition of financial literacy, as well as methods for measuring it. This study offers a small step forward, presenting the authors’ own view of the concept of financial literacy, the conceptualizations of financial literacy and methods used for investigating. Moreover, they present the results of a survey conducted on the financial behaviour, financial attitudes, and financial knowledge of the Polish youth and compare this to a PISA study on 15-year-old students. Results demonstrate a good, and partially very good, level of financial literacy among young Poles, showing that they are rational in their financial decision making.

The purpose of this original study is to critically analyze the emergence and development of the national models of financial regulation; international standards and codes; regional and national financial regulation and supervision (the case of UK, USA, Sweden, EU and Finland). The research raises both academic and regulatory concerns. It aims at shaping changes (innovations) in the supervisory practices of national and international regulators in response to new developments in FinTech markets, digital products, financial instruments and risks. Secondly, it will stimulate more systematic work on regulatory databases, registration and reporting procedures in various economies in different financial markets. The author identifies five main systems of national financial regulatory markets: the multi-tiered, multi-agency US system; the Twin Peaks model (UK); the mega-regulatory model (Sweden). There is a thorough review of international standards and institutions that work for the stability of financial systems. The analysis of regional and national systems of financial regulation and supervision is based on the examples of the EU and Finnish institutions. National macro and microeconomic regulation and supervision have been examined with a focus on the US Federal Reserve and the US Treasury. National and international regulatory institutions have been evolving along several lines. First, minimum capital and credit risk requirements for banks (80s of the 20th century) are complemented in the 21st century by buffer reserves, liquidity and leverage standards. Second, regulation focuses on ensuring the sustainability of the national economy. The regulatory focus is on ensuring the sustainability of national and global financial systems. Third, there is an increase in the number of supervised institutions. Fourth, there is a division of functions between central banks (macroeconomic regulation) and one or two mega-regulators (microeconomic regulation and supervision). Fifth, there is a division of labour between the international financial institutions (BIS, IMF, WB) and national regulators. Sixth, the focus is on protecting consumers and investors, and countering money laundering and the financing of terrorism. Seventh, there is an understanding for a common approach by central banks to new financial technologies and cybersecurity.

The impact of organizational accreditation and professional certification and the evidence-based measurable impact of those for both academic programs and affiliates is one of specific interest to universities and individuals in the healthcare management field [1]. The authors’ analysis examined the impact of hiring graduates from higher education programs that held external accreditation from the Commission on Accreditation of Healthcare Management Education (CAHME). Graduates’ affiliation with the American College of Healthcare Executives (ACHE) professional healthcare leadership organization was also assessed as an independent variable. Study outcomes focused on these graduates’ respective healthcare organization’s performance measures (cost, quality, and access) to assess the researchers’ inquiry into the perceived value of a CAHME-accredited graduate degree in healthcare administration and a professional ACHE affiliation [2]. The results from this study found no effect of CAHME accreditation or ACHE affiliation on healthcare organization performance outcomes. The study findings support the need for future research surrounding healthcare administration professional graduate degree program characteristics and leader development affiliations, as perceived by various industry stakeholders.

The paper proposes a human explainable artificial intelligence approach for mapping the status of environmental phenomena from multisource geo data. It is both knowledge and data driven: it exploits remote sensing expert’s knowledge to define the contributing factors from which partial evidence of the environmental status can be computed. Furthermore, it aggregates the partial evidences to compute a map of the environmental status by adapting to a region of interest through a learning mechanism exploiting Volunteered Geographic Information (VGI), both from in situ observations and photointerpretation. The approach is capable to capture the specificities of local context as well as to cope with the subjectivity and incompleteness of expert’s knowledge. The proposal is exemplified to map the status of standing water areas (i.e. water bodies and river, human driven or natural hazard flooding) by considering satellite data and geotagged observations. Results of the validation experiments were performed in three areas of Northern Italy, characterized by distinct ecosystems. Results of the proposed methodological framework showed better performances than traditional approaches based on single spectral indexes thresholding. The use of expert’s knowledge, possibly imprecise/uncertain and incomplete, the need of few ground truth data for learning, and finally the explainability of learned rules are the distinguishing characteristics of the proposal with respect to traditional machine learning methods.

The following article analyses the relationship between Non-Performing Loans and innovation systems at a global level. The analysed data were obtained from the World Bank and the Global Innovation Index for the period 2013-2022 for 149 countries. The analysis was conducted using clustering with the k-Means algorithm, optimized with the Silhouette coefficient and the Elbow method. Subsequently, econometric analysis was carried out using panel data with Random Ef-fects and Fixed Effects. The clustering results show that the optimal number of clusters is three. The econometric analysis highlights the positive relationship between Non-Performing Loans, the exports of cultural and creative services, and the Innovation Input Sub-Index. The results also show the negative relationship between Non-Performing Loans, the H-Index, and the exports and imports of ICT services.

This study examines the impact of executives implicated in fraud on firms' investment decisions using AAERs in the US, aiming to address the underexplored aspect of rationalization within the fraud triangle. Executives implicated in fraud often display abnormal attitudes to justify accounting irregularities, prompting an investigation into how abnormal investment decisions are used for rationalizing fraud, given their critical role in a firm's long-term sustainability. Analysis of AAERs spanning from 1981 to 2013 reveals that implicated executives, particularly CEOs and CFOs, tend to make abnormal investment decisions, and that collusive fraud exacerbates this behavior. Notably, such executives lean towards overinvestment, particularly in R&D expenditures, to hide or justify fraud; the duration of fraud amplifies its impact on investment decisions. By shedding light on the rationalization aspect of the fraud triangle, this research contributes valuable insights for investors, regulators, and academia emphasizing the significance of public disclosure of fraud to enhance transparency in capital markets and the importance of ethics-focused education in accounting to prevent corporate fraud.

We seek to examine effective collaboration when engaging in value cocreation with the customer for mobile financial services in EMs. Our study is a motivation for multi-stakeholder engagement in value cocreation with financial inclusion of all consumers including marginalized populations. Furthermore, our work discovers that social sustainability is a product of social creativity and results in financial inclusion. We apply a qualitative descriptive methodology utilizing exemplars from extant research and phenomenology to analyze the data from the contexts of Ghana and Kenya. The results show that value is co-created for mobile financial services in networks in emerging markets when actors integrate resources for social and environmental sustainability as essential elements for mobile financial inclusion.

This study investigates the impact of financial integration on international dynamics from the perspective of volatility shocks. To achieve this, I employ an IRBC model with time-varying volatilities, recursive preferences, and a global bank. The model demonstrates that volatility shocks trigger precautionary saving incentives, but the specific effects vary based on the type of shock. In the presence of productivity volatilities, countries with a higher level of financial integration exhibit greater divergence in their business cycles, while financial integration tends to result in more synchronized business cycles in the face of financial volatilities. Disregarding volatility shocks would underestimate the impact of financial integration on the comovement of business cycles across countries. Furthermore, welfare analysis also indicates that financial markets play a crucial role in enhancing social welfare, regardless of the type of volatility.

The study's motivation is to gauge the nexus between economic policy uncertainty and financial innovation for the period 2004M1 to 2018M12 in BRIC nations. For establishing a long-run cointegration study applied Autoregressive Distributed Lagged (ARDL) and asymmetry effects of economic policy uncertainty investigated following nonlinear framework known as NARDL. Furthermore, directional causality is established by performing a non-granger causality test. Cointegration test results of Fpss, Wpss, and tBDM confirmed the long-run association between EPU and financial innovation. On the other hand, the Wald test results proved asymmetry effects furring from EPU to financial innovation both in the long-run and short-run. Referring to asymmetry effects that positive and negative shocks in financial innovation, the study revealed that negative linkage between shocks in EPU and financial innovation in the long-run but short-run effects are insignificant. Furthermore, financial innovation measured by R&D investment exhibits positive linked with shocks in EPU, implying that uncertainty induces innovation in the economy. Refers to directional causality estimation, the study revealed evidence supporting the feedback hypothesis between EPU and financial innovation in all sample countries.

An application of deep convolutional neural network and recurrence plot for financial market movement prediction is presented. Though it is challenging and subjective to interpret its information, the pattern formed by a recurrence plot provide a useful insight into the dy- namical system. We used a recurrence plot of seven financial time series to train a deep neural network for financial market movement predic- tion. Our approach is tested on our dataset and achieved an average of 53.25% classification accuracy. The result suggests that a well trained deep convolutional neural network can learn a recurrence plot and pre- dict a financial market direction.

In this study, we explored the application of deep learning techniques for credit card fraud detection, aiming to improve the performance and reliability of anomaly detection methods in financial transactions. We first utilized the Isolation Forest algorithm, achieving a detection accuracy of 26% for the top 1000 transactions. Subsequently, we experimented with the Autoencoder algorithm, an unsupervised deep neural network model, which enhanced the detection accuracy to 33.6% in the best case despite some fluctuations. The results demonstrate deep learning models' strong feature extraction capability and adaptability, highlighting their potential to surpass traditional methods. However, the high imbalance in the dataset, with only 0.17% of transactions being fraudulent, poses a significant challenge. This study underscores the necessity for further experimentation and optimization of network structures and hyperparameters to achieve more stable and efficient fraud detection. The findings provide valuable insights and reference points for future research in financial fraud detection using deep learning methodologies.

Introduction: It may be feasible to detect episodic memory change in preclinical Alzheimer’s disease (AD) to indicate navigational risks and AD prior to mild cognitive impairment. The establishment of episodic memory signatures may allow for biomarker mapping to inform diagnostic research and practiceMethods: Retrospective longitudinal mixed methods and cross-sectional effect size, to compare group differences, are applied to the Craft-21 memory scores from the preclinical years of persons who later developed AD (pre-AD) dementia , n = 175 with 112 females and 63 males. Their scores are compared to cognitively normal controls (non-AD) n = 6,814 with 4,232 females and 2,582 males. Pre-AD and non-AD groups are further analyzed by biological sex. The dataset is from the National Alzheimer’s Coordinating Center funded by NIA/NIH Grant U24 AG072122. Results: The pre-AD episodic memory scores decreased an average of -.510, p < .001 versus (vs.) the non-AD annual increase by .127, p < .001. The first Cohen’s d = .482 and last Cohen’s d = 976, p < .001. The pre-AD females had an average annual decreased of -.762, p < .001 vs. non-AD females increase of .117, p < .001. The first Cohen’s d = .576 and last Cohen’s d = 1.133, p <.001. The pre-AD males increased every year by .185, p = .996 vs. the non-AD males annual increase of .185, p < .001. The first Cohen’s d = 1.054 decreased by the last year to Cohen’s d = .680, p <.001Discussion: Distinct decline in episodic memory occurs for pre-AD females, but there is not a significant change in pre-AD males. However, the effect size difference between both pre-AD and non-AD groups suggests biomarker mapping in conjunction with memory trajectories may be feasible to determine potential navigational risks as well as biological and cognitive preclinical AD.

Oral health surveys are essential to assess the dental caries experience and to influence national policies. This retrospective cross-sectional study aims to analysis dental caries experience who sought dental treatment in a reference university dental hospital at the Lisbon Metropolitan Area between January 2016 and March 2020. Full-mouth examination, sociodemographic, behaviors and medical information were included. Descriptive analyses and logistic regression analysis were applied to ascertain risk indicators associated with dental caries experience. A final sample of 9,349 participants (5,592 females/3,757 males) were included, aged 18 to 99 years old. In this population, caries experience was 91.1%, higher in female participants. Age (OR= 1.01, 95% CI [1.00-1.02], occupation (OR= 2.94, 95% CI [2.37-3.65], OR= 3.35, 95% CI [2.40-4.67], OR= 2.55, 95% CI [1.66-3.91], for employed, unemployed and retired, respectively), overweight (OR= 1.52, 95% CI [1.18-1.96]), reporting to never visited a dentist (OR= 0.38, 95% CI [0.23-0.64] and self-reported week teeth status (OR= 2.14, 95% CI [1.40-3.28]) were identified as risk indicators for the presence of dental caries, according to adjusted multivariable logistic analyses. These results highlight a substantial rate of dental experience in a Portuguese cohort and will pave the way for future tailored oral public health programs in Portugal.

An increasingly frail population in nursing homes accentuates the need for high quality care at the end of life and better access to palliative care in this context. Implementation of palliative care and its outcomes can be monitored by using quality indicators. Therefore, we developed a quality indicator set for palliative care in nursing homes and a tailored measurement procedure using a mixed-methods design. We developed the instrument in three phases: 1) literature search, 2) interviews with experts and 3) indicator and measurement selection by expert consensus (RAND/UCLA). Second, we pilot tested and evaluated the instrument in nine nursing homes in Flanders, Belgium. After identifying 26 indicators in the literature and expert interviews, 19 of them were selected through expert consensus. Setting-specific themes were advance care planning, autonomy and communication with family. The quantitative and qualitative analyses showed the indicators were measurable, had good preliminary face validity and discriminative power and were considered useful in terms of quality monitoring according to the caregivers. The quality indicators can be used in a large implementation study and process evaluation in order to achieve continuous monitoring of the access to palliative care for all residents in nursing homes.

The flux of opinions in newsletters and social media platforms significantly influences market perceptions regarding corporate entities and their financial instruments. This paper introduces an advanced model, the Sentiment Dynamics Analyzer (SDA), which leverages a refined hierarchical architecture of Transformers to effectively discern the sentiment embedded within financial texts, ranging from news headlines to microblogs. We have enhanced a RoBERTa model with specialized sentiment lexicons and an augmented layer of Transformer models tailored for nuanced sentence-level sentiment detection, aiming to assign a sentiment score from -1 to +1. Our evaluations demonstrate that SDA not only surpasses the previous best methods but also exhibits superior performance over robust baseline models. This success underscores the utility of integrating tailored contextual analyses with sector-specific sentiment insights in improving predictive accuracy.

This study introduces a sophisticated neural network structure for segmenting breast tumors. It achieves this by combining a pretrained Vision Transformer (ViT) model with a U-Net framework. The U-Net architecture, commonly employed for biomedical image segmentation, is further enhanced with Depthwise Separable Convolutional Blocks to decrease computational complexity and parameter count, resulting in better efficiency and less overfitting. The Vision Transformer, renowned for its robust feature extraction capabilities utilizing self-attention processes, efficiently captures the overall context within images, surpassing the performance of conventional convolutional networks. By using a pretrained ViT as the encoder in our U-Net model, we take advantage of its extensive feature representations acquired from extensive datasets, resulting in a major enhancement in the model’s ability to generalize and train efficiently. The suggested model has exceptional performance in segmenting breast cancers from medical images, highlighting the advantages of integrating transformer-based encoders with efficient U-Net topologies. This hybrid methodology emphasizes the capabilities of transformers in the field of medical image processing and establishes a new standard for accuracy and efficiency in activities related to tumor segmentation.

Real estate industry is related to the national economy and people's livelihood，characterized by a high degree of financial intensity. The enterprises in this industry need certain financial ability and large shareholder controlling ability to support their survival. However，due to the multiple adverse impacts of current state policies，banks and private capital，the credit crunch，the sudden decrease in withdrawn funds and the limitation of internal financing，the problem of capital restraint of real estate enterprises has become more and more serious. From the perspective of corporate governance，this paper studies the interaction among financial constraints，ownership concentration and corporate performance under different shareholding states by analyzing the quantitative characteristics of equity structure，and looks for the appropriate range of the largest shareholder holding ratio，which has considered the financial performance and risk. It is found that raising the ownership concentration can effectively ease the financing constraints and improve the performance of enterprises，both of which are significant under the state of high ownership concentration， while the financial constraints play a significant intermediary effect under the State of absolute holding， while in the decentralized state of ownership，there is a significant regulatory effect，and the interaction of the three will be different due to the size of the enterprise.

Key performance indicators are essential for any company to enhance its competitiveness. How-ever, a common issue is the manual collection of production data using record sheets, which are later digitized on desktop computers and processed in Excel sheets. Shockingly, 41% of companies in Mexico have no plans for digitalization. This work aims to develop a Real-time Productivity Indicator Monitoring System using Industry 4.0 technologies for a medium-sized manufacturing firm specializing in die-cutting automotive parts. The Advanced Quality Planning methodology was applied to develop the Conceptual, Product, and Process Engineering and its validation. The experimental tests demonstrated a reliability level of 99.98%, which exceeded initial expectations. The primary contributions presented in this work are related to the development of algorithms, communication protocols, data analysis, and general optimization of the calculation process. The study's only limitation was the short experimentation time.

Loess provides a valuable terrestrial record of past environmental conditions, including the dynamics of air mass circulation responsible for dust transport. Here we explore variations in the luminescence characteristics of sedimentary quartz and feldspar – dominant minerals in loess-palaeosol sequences (LPS) - as possible tools for identifying changes in source. We investigate luminescence sensitivity, a rapidly measurable index which is the product of interplay between source lithology and the history of the mineral in question. Variations in sensitivity down profile may therefore reflect, among other factors such as pedogenesis and reworking, changes in sediment provenance. We undertake an empirical investigation of the luminescence sensitivity of quartz and feldspar from different grain-size fractions from the climatically sensitive Schwalbenberg LPS in the German Rhine valley, comparing samples from a 30 m core spanning the last full glacial cycle with samples of oxygen isotope stage (OIS) 3-2 age exposed within a c. 6 m profile downslope. The temporal overlap enables comparison of luminescence characteristics with respect to possible provenance change during that timeframe. We find an overall inverse relationship between quartz and feldspar sensitivity, as well as variability in sensitivity between different quartz grain sizes. There is some indication that feldspar sensitivity increases during periods of soil formation down the core. In particular, measurements of IR50 sensitivity on unprocessed sediments show correlation with down-profile trends in more established indicators of provenance. This suggests it may be used to provide a reliable, rapid scan of sensitivity changes, and may suggest source variability over millennial timescales.

The primary objective of this study is to examine the extent of financial integration between Latin American and US financial markets, particularly in light of recent efforts to foster integration through trade agreements. Spanning from January 1, 1990, to December 31, 2019, the sample focuses on major market indices and key sectors. Financial integration is quantified using a DCC multivariate GARCH model, incorporating a smooth transition model, structural breaks, and regression-based approaches. Results indicate increased comovement with the US for main market indices in Argentina, Chile, Colombia, Mexico, and Peru, while Brazil shows a decrease. Similar trends are observed in sectoral analyses. The study also reveals heightened correlation post-trade agreements. Structural break analysis highlights significant shifts in dynamic correlations for countries with US free trade agreements. These findings support the argument of increased financial integration, bearing significance for portfolio diversification and international policy formulation.