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.

The profile of secondary metabolites occurring in apple cuticular layer is not only characteristic for particular apple cultivar, but also dynamically reflects various external factors in growing environment. In this study, the possibility to authenticate apple samples based on analysis of their cuticular layer extracts was investigated. Ultra-high-performance liquid chromatography coupled to high resolution tandem mass spectrometry (UHPLC-HRMS/MS) was employed for obtaining metabolomic fingerprints. In total, 274 authentic apple samples, four cultivars harvested within the seasons 2020 to 2022 in the Czech Republic and Poland were analysed. The generated complex data processed by univariate and multivariate statistical methods enabled to build classification models for discrimination of apple cultivars as well as their geographical origin. The models showed very good performance in differentiation of Czech and Polish samples for three of four cultivars: ‘Gala’, ‘Golden Delicious’ and ‘Idared’, moreover, the validity of the models was verified over harvest seasons. The diagnostic markers, besides metabolites of triterpene biosynthetic pathway, mainly represented wax esters. ‘Jonagold’, which is known to be susceptible to mutations, was the only cultivar for which the unambiguous classification of geographical origin was not possible.

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.

Plant cells' ability to withstand abiotic stress is strongly linked to modifications in their mechanical characteristics. Nevertheless, the lack of a workable method for consistently tracking plant cell mechanical properties severely restricts our comprehension of the mechanical alterations in plant cells under stress. With Polyethylene Glycol (PEG6000), we created a drought-like environment, and we used the Double Resonator Piezoelectric Cytometry (DRPC) method to dynamically and non-invasively track changes in the stress (ΔS) created and viscoelasticity (storage modulus G' and loss modulus G") of protoplasts and suspension cells of rice during drought stress. The findings demonstrate that, rice suspension cells and protoplasts react mechanically differently to 5%–15% PEG6000 stress, implying distinct resistance mechanisms. However, neither of them can withstand 25% PEG6000 stress, they respond mechanically similarly to 25% PEG6000 stress. The results of DRPC are further corroborated by the morphological alterations of rice cells and protoplasts observed under an optical microscope. To sum up, the DRPC technique functions as a precise cellular mechanical sensor and offers novel research tools for the evaluation of plant cell adversity and differentiating between the mechanical reactions of cells and protoplasts under abiotic stress.

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 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.

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.

The generation of forensic DNA profiles consisting of single nucleotide polymorphisms (SNPs) is now being facilitated by wider adoption of next-generation sequencing (NGS) methods in casework laboratories. At the same time, and in part because of this advance, there is an intense focus on the generation of SNP profiles from evidentiary specimens for so-called forensic or investigative genetic genealogy (FGG or IGG) applications. However, FGG methods are constrained by the algorithms for genealogical database searches, which were designed for use with single-source profiles, and the fact that many forensic samples are mixtures. To enable the use of two-person mixtures for FGG, we developed a workflow, MixDeR, for the deconvolution of mixed SNP profiles. MixDeR, a flexible and easy to use R package and Shiny app, processes ForenSeq Kintelligence® (QIAGEN, Inc.) SNP genotyping results and directs deconvolution of the profiles in EuroForMix (EFM). MixDeR then filters the EFM outputs to produce inferred single-source genotypes in reports formatted for use with GEDmatch® PRO. An optional MixDeR output includes metrics that assist with testing and validation of the workflow. As the Shiny app provides a graphical user interface and the software is designed to be run offline, MixDeR should be suitable for use by any laboratory developing FGG capabilities, no matter their bioinformatic resources or expertise.

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.

In this study, we investigate the growth of EV ownership among Swedish households. Through detailed socio-economic data and the Swedish vehicle register, we are able compare characteristics of households that bought an EV in 2016 with those that became EV owners in 2020. We are thus able to describe and analyse the transition from the early EV owners to the early majority. Unlike many prior studies in the field, which are based on surveys or interviews, this study relies on registry data, thereby encompassing all car owners in Sweden. In this study, we have also scrutinized the significance of ownership mode by distinguishing between households that have chosen to purchase a car and those that have chosen to lease one. The results show that the demand for EVs has reached new consumer groups, e.g. both younger and older car buyers, and that the option to lease a car privately has broadened the market for new cars in general, and for EV’s in particular.

Regulation of the diet in terms of the content of soluble and insoluble fibre is of great importance from the point of view of dietetics, microbiology of the gastrointestinal tract and immunology of the organism. Dietary fibre plays an important role in maintaining the balance between the con-tinuity of gut mucus production (intestinal mucosa), the stability of the intestinal microbiome composition, the regeneration of the intestinal epithelium and the immune status within the gut-associated lymphoid tissue (GALT) are played by pectin and their metabolic products in the form of pectin oligosaccharides. The main purpose of this review was to focus on pectin, their functions, their impact on the human's health and on some of the most promising prebiotics due to their solubility in the gastrointestinal tract in the form of pectin oligosaccharides. They have the properties of pectin, but have also additional features and postbiotics obtained in fermentation process can affect the intestinal microbiome and GALT-related immunity. They can be obtained from plant agro-wastes.

The temperature variations caused by the climate changes taking place in the Basilicata region, southern Italy - Ionian Seaside of the Gulf of Taranto - on the territory of the DOP Matera vineyard, were studied by means of an analysis of temperature trends considering both the period of the vegetative-productive season of the vineyards and the whole year. Two datasets were analyzed for this study: data from ERA5-Land of the C3S Climate Data Store -relative to the 1981-2022 window- and data from 5 weather stations belonging to the agrometeorological network of the Lucanian Agency for Development and Innovation in Agriculture (SAL-ALSIA), relative to the 2000-2023 window. From the results of this study, it can be deduced that, for the historical period analyzed, the Matera DOP area showed a clear and worrying trend of increasing temperatures and, in par-ticular, minimum temperatures. This increase, moreover, is more evident at higher elevations than at lower elevations close to the sea. At lower altitudes, in fact, temperatures are strongly “buffered” by the thermoregulatory activity of the bordering Ionian Sea. It follows that the DOP Matera viticultural areas, and in particular the areas furthest from the coastal strip, will already have to adapt to severe climatic conditions that will undoubtedly affect the quality and typicality of the wines.

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.

The paper presents the problem of damage detection in steel girders. Static displacements at the selected point of the structure play the role of measured variables. Structural response signal decomposition is performed according to the Mallat pyramid algorithm, which is used to perform the discrete wavelet transform (DWT). This procedure allows us to quite well determine the location of structural damage. The geometry and the placement of any defective part of the structure may have a random character. It can be assumed that the random processes occurring in the broadly understood structure mechanics are Gaussian in nature. The first four probabilistic moments are estimated using three approaches independent: semi-analytical (SAM), perturbative (SPT), and Monte-Carlo simulations (MCS). The semi-analytical random approach seems to be the most optimal due to the necessary computation time. The incorporation of the mathematical stochastic apparatus into the classical (deterministic) analysis of the statics of the structure makes it possible to estimate the reliability measures of the analyzed girder.

Previous high throughput screening studies indicated trans-eQTLs tend to be tissue specific. In this study, I probed if this feature can be used to identify tissue-specific gene regulatory networks. eQTL data (P<5e-8) for 16,259 genes were identified and their summary association statistics were obtained from the eQTLGen database. Next, eQTLs that display both cis and trans regulatory effects were selected and the association between their corresponding genes were examined by Mendelian randomization. 253 genes that exerted trans-regulatory impacts on 1,439 genes were identified. Majority of the identified gene-pairs aggregated into a gene regulatory network significantly enriched in hemo-immune processes. The robustness of finding was confirmed through simulation. Genes with higher gene expression heritabilities displayed broader regulatory impact in the network. The network displayed the scale-free topology, this provided the reason to examine the association of the network’s hub genes with the phenome. The outcome of analyses revealed GSDMB and ORMDL3 impact several disorders of immune origin and higher expression of HHEX is associated with lower triglycerides and risk of type 2 diabetes. This study reports trans-eQTLs can be used to identify tissue-specific gene regulatory networks and describes a workflow to achieve this purpose. The identified network displayed scale-free topology indicating the hub genes of a tissue-specific network could be targeted to prevent disease outcomes.

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 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.

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.

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.

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 effectiveness of a hybrid technique for identifying seismic damage in planar, multistory, steel X or V-braced frames is demonstrated here through an example of a six-story frame. This proposed technique, referred to as “M and P”, combines the instrumental Monitoring (M) with Pushover analysis (P). According to the methodology, the diagram of stepping eigenfrequencies of the frame in the inelastic region is initially plotted against seismic roof displacement. The fundamental natural frequency detected via the monitoring process is then utilized in this key diagram to reveal the inelastic roof displacement that corresponds to the damage state of the steel braced frame. This displacement is subsequently used as the target in the pushover analysis, facilitating the identification of seismic damage in the existing steel braced frame. Finally, the damage image is correlated with the damage stiffness matrix of the frame at the same inelastic roof displacement. The investigation results indicate that combining instrumental monitoring with pushover analysis enables accurate identification of seismic damage potential in existing steel braced frames.

Ferroptosis is a recently identified iron-dependent programmed cell death with lipid peroxides accumulation and condensation and compaction of the mitochondria. Recent study indicated that ferroptosis played a pivotal role in ischemic cardiac injury with the mechanisms remained largely unknown. This study demonstrated that iron overload occurred in the ischemia/reperfusion (I/R) cardiac tissues, which initiated myocardial ferroptosis. The expression levels of mitochondrial inner membrane protein MPV17 were reduced when ferroptosis occurred in cardiomyocytes treated with high levels of iron or in the ischemic cardiac tissues. Overexpression of MPV17 delivered via adenovirus significantly reduced ferroptosis in both cardiomyocytes subject to high levels of iron and cardiac I/R tissues. Mitochondrial glutathione (mtGSH), crucial for reactive oxygen species (ROS) scavenging and mitochondrial homeostasis maintenance, was depleted during myocardial ferroptosis caused by iron overload. The mechanistic study showed that MPV17 could increase mtGSH levels through maintaining the protein homeostasis of SLC25A10, which was a mitochondrial inner-membrane glutathione transporter. The absence of MPV17 during iron overload resulted in the ubiquitination-dependent degradation of SLC25A10, leading to impaired mitochondrial glutathione import. Moreover, we found that MPV17 was the targeted gene of Nrf2, which played a pivotal role in preventing lipid peroxides accumulation and ferroptosis. The decreased expression levels of Nrf2 led to the inactivation of MPV17 during iron overload-induced myocardial ferroptosis. In summary, this study demonstrated the critical role of MPV17 in protecting cardiomyocytes from ferroptosis and elucidated the Nrf2-MPV17-SLC25A10/mtGSH signaling pathway in the regulation of myocardial ferroptosis.

A new model for international bed numbers is applied to local area populations for English Clinical Commissioning Groups (CCGs) where the Age Standardized Mortality Rate (ASMR) is used as a measure of population health and hence for total occupied hospital bed demand (elective plus emergency admission types, including acute, rehabilitation, mental health, and maternity), rather than simple bed availability. A 100-unit increase in ASMR (European Standard population) leads to a 15.3 – 30.7 (feasible range) unit increase in occupied beds per 1,000 deaths. ASMR shows why the Australian states of the Northern Territory and Tasmania have an intrinsic higher bed demand than the other states – although in both cases the bed planning methodologies failed to indicate this need and both states show a large bed deficit. Due to the high volatility in bed demand the average bed demand for 2019 was determined by a linear trend using data for 2014/15 to 2019/20 — as the pre-COVID-19 baseline. The slope of the relationship between occupied beds per 1,000 deaths and deaths per 1,000 population shows a power law function. As is to be expected there is scatter around the trend line which will partly arise from uncertainty in the expected occupied beds in 2019, fluctuations in both ASMR and deaths per 1,000 population from one year to another, changes in the number of persons on the elective, outpatient and diagnostic waiting lists, and local area variation in births and consequently upon maternity, neonatal and pediatric bed demand. Additional variation in bed demand will arise from differences in the level of funding for social care, especially elderly care, and to a lesser extent upon patients using private health care, and charitable hospices for palliative care. However, after including the change in bed demand arising from ASMR the model is sufficiently accurate to identify gross differences in bed demand as a prelude to further investigation. The model requires further extension to cover specialty-level demand, and perhaps segregation between elective and emergency types of inpatient demand. A method for benchmarking the whole hospital’s average bed occupancy is given which enables them to run at optimum efficiency and safety. Using this method English hospitals can be shown to operate at highly disruptive and unsafe levels of bed occupancy leading to deleterious ‘turn-away’. Turn-away implies bed unavailability for the next arriving patient. The problems associated with crafting effective bed planning are illustrated using the English NHS as an example.

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 explores fault-tolerant consensus in leader-following heterogeneous multi-agent systems, focusing on actuator failures in uncrewed aerial vehicles (UAVs) and uncrewed ground vehicles (UGVs). An optimization-based fault-tolerant consensus algorithm is proposed. The algorithm utilizes the Euler-Lagrange formula to ensure system consistency under actuator failures, with the Lyapunov stability theory proving the asymptotic stability of the consistency error. The algorithm is applied to heterogeneous multi-agent systems of UAVs and UGVs to derive optimal fault-tolerant consensus control laws for each vehicle type. Simulation experiments give evidence for the feasibility of the proposed control strategy.

The accurate detection of clouds is an important first-step in the processing of remotely sensed satellite data analyses and subsequent cloud model predictions. While initial cloud retrieval technology began with the exploitation of one or two bands of satellite imagery, it has accelerated rapidly in recent years as sensor and retrieval technology have exploded, creating a new era in space exploration. Additionally, initial emphasis in satellite retrieval technology focused on cloud detection for cloud forecast models, more recently cloud screening in satellite acquired data is playing an increasingly critical role in the investigation of cloud free data for the retrieval of soil moisture, vegetation cover, ocean colour concentration and sea surface temperatures, as well as environmental monitoring of a host of products, e.g. atmospheric aerosol data, to study the Earth’s atmospheric and climatic systems. With about 60% of the Earth covered by clouds, on average, it is necessary to both accurately detect clouds in remote sensing data to screen cloud contaminate data in remote sensing analyses. In this paper, the evolution of cloud detection technology is highlighted with advancement in sensor hardware technology and possible AI algorithmic advances. Additionally, a discussion is presented on methods to obtain the cloud truth data needed to determine the accuracy of these cloud detection approaches.

In today’s rapidly evolving digital landscape, the significance of password guessing techniques in both offensive and defensive strategies is paramount. Passwords serve as a crucial line of defense for both individuals and corporations, safeguarding their sensitive systems and data. Therefore, assessing the effectiveness of these access credentials is a critical task. However, existing research in this field often encounters limitations, such as a lack of sufficient training data and extended model training times. Current methods often struggle with limited training data and lengthy training times. This paper introduces BBPE-AE, a novel Auto Encoder Network (AE) designed for password guessing. BBPE-AE utilizes Byte-level Byte Pair Encoding (BBPE) to extract frequent tokens from password datasets without length restrictions, employing a dynamic window technique to capture complex patterns. Experimental results on Hotmail and Myspace datasets demonstrate exceptional performance, achieving high similarity rates (BLEU-Unigram: 0.90, BLEU-Bigram: 0.82 for Hotmail; BLEU-Unigram: 0.90, BLEU-Bigram: 0.81 for Myspace). BBPE-AE generates realistic passwords that meet HIBP (Have I Been Pwned) standards, minimizing duplication. These findings highlight the effectiveness of BBPE-AE in enhancing security by generating realistic passwords, ultimately safeguarding sensitive systems and data.

The paper delves into the critical issue of damage detection within the guy cable of a truss steel mast, a pivotal component in structural integrity. It introduces a model wherein damage manifests as a localized cross-section reduction in a single element of the cable. Employing Discrete Wavelet Transform (DWT), a pioneering methodology, the study scrutinizes the behavior of the affected elements through static structural analyses. Signal decomposition via the Mallat pyramid algorithm facilitates comprehensive examination. Static displacements at the connection point between the cable and the truss mast serve as the measured variables. Through systematic investigation, the paper evaluates the impact of damage size and location, external loading force, and cable tension force on the efficacy of the proposed approach. Utilizing data derived from Finite Element Method (FEM) computations for wavelet analysis the authors substantiate the findings with numerical examples, thus offering valuable insights into damage detection strategies for structural health monitoring and engineering applications.

The study aims to explain the relationship of financial literacy with spending habits and behavior. Financial behavior is a mediator of Generation Z. Financial literacy is a very important dimension in making financial decisions, and this research highlighted the direct and indirect impacts that financial literacy exerts on spending behavior. Data is collected from 317 respondents using a structured questionnaire measuring financial literacy, financial behavior, and spending behavior. Correlation, regression, mediation analysis, and Structural Equation Modeling have been used in evaluating these relationships. Financial literacy directly reflects a strong relationship with spending behavior, and its coefficient is 1.167. Financial behavior, therefore, exercises a strong mediation effect on this relationship with a mediation coefficient of 0.797, thus indicating that financial behavior is an essential tool in successfully translating financial knowledge into responsible spending. From these findings, greater financial literacy and responsible financial behavior may increase the aggregate financial efficacy of Generation Z. Although the current study heavily focuses on the fact that financial literacy and behavior are highly associated with financial well-being, it shows that targeted financial literacy education programs on either behavior or financial literacy enhance healthier spending behavior. The scope of future studies involves considering the role of income and personality characteristics as well as an elongation of the time horizon to uncover the impact of financial literacy on shifts in the individual's financial well-being.

Objective. To test the hypothesis that a session of unilateral tSMS over the dominant primary motor cortex (M1) in healthy subjects produces a transient decrease in manual dexterity. Methods. A triple-blinded randomized control trial was conducted in 40 healthy participants who were allocated to real- or sham-tSMS group. Each participant underwent one session of tSMS and were assessed before, immediately after, 15 minutes, and 40 minutes after stimulation. Outcome measures were Finger Tapping Test (FTT), 5-seconds FTT, nine Hole Peg Test, and the hand grip assessment. Results: Significant differences were found between groups 15 minutes after stimulation in favor of the tSMS group in the FTT (2.2 ± 0.99; CI= .18-4.22; d= .84p=.034), and 5-second FTT (4.2 ± 1.98; CI= .199-8.2, d= .68; p=.04). In the intragroup analysis, a significantly lower number of taps 15 minutes after stimulation was observed in sham group (3.3 ± 1.01; CI= .47-6.13; d= .42; p=.015), but not in the real stimulation group. Conclusion: A unilateral session of tSMS in the M1 of the dominant hemisphere of healthy individuals does not reduce manual dexterity or grip strength. This technique could have benefits on the motor performance of the arm contralateral to the stimulated motor cortex

The present-day financial system is being influenced by the rapid development of Fintech (financial technologies), which are technologies created to improve and automate traditional forms of finance for businesses and consumers. The topic of Fintech as a financial disruptor is gaining popularity in line with the swift spread of digitalization across the banking industry, whereby this paper contributes to the field by presenting a novel bibliometric analysis of academic literature related to Fintech as a financial disruptor. The analysis is based on metadata extracted from the Scopus database through the VOSviewer and Biblioshiny software. The bibliometric analysis of 363 documents identified the most impactful sources of publication, keywords, authors, and most cited documents on the topic of Fintech as a financial disruptor. As our analysis demonstrates the number of publications on the given topic increases, defining both the interest among academia and potential for future research.

This study examines the effects of working capital management strategies on firm’s financial performance of Indian cement companies using 11-year (2010-2020) financial data of 31 companies listed in Bombay Stock Exchange. It is intended to find out whether the strategies made by finance managers with respect to the components of working capital such as average receivable period, inventory conversion period, average payment period and cash conversion cycle, etc. affects the firm’s performances individually and in total. The results of Pearson’s correlation coefficient and random effect regression model shows that there exists a negative relationship between financial performance measured in terms of return on assets (ROA) and inventory turnover period (ITP) as well as accounts payable period (APP), whereas firm’s performance is not significantly affected by accounts receivable period (ARP) and cash conversion cycle (CCC). Similarly, it has been observed that the liquidity measures such as current ratio (CR) and quick ratio (QR) have a significant positive association with ROA. Moreover, the size of the firms and leverage are inversely related to ROA but the age of the firms is not significantly affecting their financial performances. Hence, it can be concluded that how an organisation designs its working capital strategy do have an impact on its performances.

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.

To decrease oral pathogens and increase the number of beneficial bacteria, probiotics and bioactive compounds made via microbial bioconversion are recently used. In addition, the interest regarding probiotics-mediated bioconversion with popular medicinal plants is increasing. These compounds produced during the process exhibit synergistic effect and enhance a variety of biological activities including pathogen inhibition in host. Therefore, we developed bioconverted milk with high inhibitory activity against oral pathogens and α-glucosidase. Lactiplantibacillus plantarum SMFM2016-RK was chosen as the probiotic due to its beneficial characteristics such as high acid and bile tolerance, antioxidant activity, and α-glucosidase inhibition. Based on the minimal bactericidal concentration against three oral pathogens, the following appropriate concentrations of Artemisia herba-alba extract were added to milk: 5 mg/mL of A. herba-alba ethanol extract and 25 mg/mL of A. herba-alba hot-water extract. Four bioconverted milks (BM), BM1, BM2, BM3, and BM4, were produced by combining L. plantarum SMFM2016-RK alone, L. plantarum SMFM2016-RK and ethanol extract, L. plantarum SMFM2016-RK and hot-water extract, and L. plantarum SMFM2016-RK with both extracts. As a result of antimicrobial activity, BM3 inhibited the growth of Aggregatibacter actinomycetemcomitans and Porphyromonas gingivalis the most, and BM4 suppressed the growth of Fusobacterium nucleatum the most. In addition, bioconverted milk containing A. herba-alba (BM2, BM3, and BM4) inhibited α-glucosidase more effectively than BM1. In conclusion, A. herba-alba-added milk bioconverted by L. plantarum SMFM2016-RK displayed the growth inhibitory effect on oral pathogens and the α-glucosidase inhibitory activity, thus it necessitates to evaluate the effects on the alleviation of oral diseases and glycemic control through future animal experiments.

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.

Alpha emitters like plutonium pose severe health risks when ingested, damaging DNA and potentially causing cancer. Traditional detection methods require proximity within millimeters of the contamination source, presenting safety risks and operational inefficiencies. Long-range detection through alpha radioluminescence (RL) offers a promising alternative. However, most of the previous experiments have been carried out under controlled conditions that preclude the overwhelming effect of ambient light. This study demonstrates successful detection of a 3 MBq alpha emitter in an open environment using a newly developed, lightweight compact alpha camera. This camera incorporates a deep-cooled CCD and a specially designed lens system with a low f-number to maximum the signal intensity. The lens was also designed to minimize blue shift effects of filters. Nighttime imaging was achieved with a dual-filter system using a sandwich filters assembly centered at 337 nm and 343 nm for capturing alpha RL and subtracting background light, respectively. At night, the alpha source was detected from 1 meter away within one minute. The system was also evaluated under simulated urban lighting conditions. For daytime imaging, a stack of tilted 276 nm short pass filters minimized sunlight interference, enabling clear detection of the alpha source at 70 cm within 10 minutes under indirect sunlight. This research not only underscores the viability of long-range optical detection of alpha emitters for environmental monitoring and scientific research but also highlights its ability to enhance nuclear safety and public health in real-world settings.

This study analyses regional development in one of the poorest provinces in China, Guizhou Province, between 2000 and 2012 using a multiscale and multi-mechanism framework. In general, regional inequality has been declining since 2000. In addition, economic development in Guizhou Province presented spatial agglomeration and club convergence, which shows how the development pattern of one core area, two-wing areas and a contiguous area at the edge of the province have been developed between 2006 and 2012. Multilevel regression analysis revealed that industrialization and investment level were the primary driving forces of regional economic disparity in Guizhou Province. The influences of marketization and decentralization on regional economic disparity were relatively weak. Investment level reinforced regional economic disparity and the development of core-periphery structure in the province. However, investment level actually weakened the regional economic disparity in Guizhou Province when the variable of time was considered. In addition, both the topography and urban–rural differentiation were the two main reasons for forming a core-periphery structure in Guizhou Province.

The field of financial literacy is intricate and developing. This systematic review of the literature provides a thorough overview of financial literacy. It examines the sample of 3182 papers of the period 1990 to 2023 from different databases such as Scopus, Web of Science, IEEE, Science Direct, and JSTOR and identifies important publications, knowledge gaps, and rising themes. The four major topics that emerged are the degree of financial literacy among various groups of people, gender disparity in financial literacy, the influence of financial literacy on financial behavior and planning, and the impact of financial education on day-to-day decisions. Groups with lower levels of financial literacy include adults, women, people in the lower-income band, rural people, etc. Financial planning and financial behavior are positively associated with financial literacy. Financial literacy could be enhanced with financial education; however, output depends upon program design and experimental group. The review also discusses financial literacy in the context of gender disparity, including its definition, difficulties encountered, and possible solutions. This systematic study will help researchers, practitioners, and policymakers by providing insightful information on financial literacy and its ramifications.

Hospitals are perpetually challenged by the dual requirements of concurrently improving the quality of healthcare and maintaining financial solvency. Both issues are among the top concerns for hospital executives across the United States, yet some have questioned if the efforts to enhance quality are financially sustainable. led us to examine if improving quality in the hospital setting impacts revenue. Using multivariate regression, we assessed if numerous quality measures were associated with our targeted measure of hospital profitability: the net patient revenue per adjusted discharge. The independent variables included the HCAHPS Summary Star Rating, Hospital Compare Overall Rating, All-Cause hospital-wide Readmission Rate, Total Performance Score, Clinical Outcomes Domain Score, Safety Domain Score, Person and Community Engagement Domain Score, and the Efficiency and Cost Reduction Score. Our results indicated that improving quality was significantly associated with improved net patient revenue per adjusted discharge for seven of the eight of these quality measures at the hospital level. It is clear that failing to address quality and patient safety issues is costly for US hospitals, thus we believe our findings support the premise that increased attention to the quality of care delivered as well as patients’ perceptions of care may allow hospitals to accentuate profitability and advance a hospital’s financial position.

It has been observed that most adult citizens, globally, are not enjoying financial services. They are financially excluded, especially rural dwellers. Monetary authorities initiated financial inclusion, with the aim of including all adult population who are excluded from financial services into the financial system at an affordable cost to meet their basic needs. Studies have shown that it encourages household savings and affects growth positively. Central Bank of Nigeria initiated financial inclusion in 2012 and commenced implementation in 2014. Given the short period of its implementation, this study ascertained the effect on economic growth in Nigeria. The study used time series data ranging from 2004 to 2021. The study covered the pre-inclusion period, through its implementation period. Ordinary Least Square technique was adopted for data estimation. Preliminary and post-estimation tests were also conducted. Despite the short period of the implementation of financial inclusion strategy, the OLS result affirmed that it positively affects economic growth. It was concluded that financial inclusion is a growth driver. It was recommended that Central Bank of Nigeria, in collaboration with commercial banks and microfinance banks, continue to enforce inclusion exercise in all rural communities, ensuring that women, youths, farmers, traders in the informal sector, are captured by the financial system. Also, Central Bank Nigeria should set up financial inclusion compliance committee at the Local Government levels, with a State Monitoring unit to ensure compliance.

The high costs of cancer treatment and lack of investment in health care are significant obstacles to public health on the African continent. The objective of this study was to estimate the financial cost of treating children suffering from cancer in Africa. We conducted a systematic review and meta-analysis of expert opinions between March 2000 and March 2020. The key search terms included ‘cost’, ‘cancer’ and ‘child’; we selected articles that specifically addressed the financial costs of childhood cancer in African countries. Of the 103 articles found, 18 met the inclusion criteria. Cancer care was a heavy financial burden in most of the countries studied, although costs varied from country to country; the average expenditure on healthcare was US$1017.39 ± US$319.1 per year. In countries without a health insurance system, the highest proportion of cancer care costs, 46.6%, was indirect, whereas in countries with a cancer financing system, the direct cost of treatment was low, 53.4%. The cost of treating childhood cancer is high in Africa in relation to the standard of living of individuals residing in this region.

This paper reveals some properties of the cumulative entropy of consecutive k-out-of-n:F system's lifetime. First, we introduce a method for calculating the cumulative entropy of their lifetime and explore its preservation properties using established stochastic orders. Ad- ditionally, we obtain useful bounds that can used in situations where the distribution function of the system's component lifetimes are complicated or systems have large components. To support practical applications, we present two nonparametric estimators for the cumulative entropy of these systems. The efficiency and performance of these estimators are illustrated with simulated datasets and further validated with real data sets.

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.

Densely urbanized areas, with a low percentage of green vegetation, are highly exposed to Heat Waves (HW) which nowadays are increasing in terms of frequency and intensity also in the middle-latitude regions, due to ongoing Climate Change (CC). Their negative effects may combine with those of the UHI (Urban Heat Island), a local phenomenon where air temperatures in the compact built up cores of towns increase more than those in the surrounding rural areas, with significant impact on the quality of urban environment, on citizens health and energy consumption and transport, as it has occurred in the summer of 2003 on France and Italian central-northern areas. In this context this work aims at designing and developing a methodology based on aero-spatial remote sensing (EO) at medium-high resolution and most recent GIS techniques, for the extensive characterization of the urban fabric response to these climatic impacts related to the temperature within the general framework of supporting local and national strategies and policies of adaptation to CC. Due to its extension and variety of built-up typologies, the municipality of Rome was selected as test area for the methodology development and validation. First of all, we started by operating through photointerpretation of cartography at detailed scale (CTR 1: 5000) on a reference area consisting of a transect of about 5x20 km, extending from the downtown to the suburbs and including all the built-up classes of interest. The reference built-up vulnerability classes found inside the transect were then exploited as training areas to classify the entire territory of Rome municipality. To this end, the satellite EO HR (High Resolution) multispectral data, provided by the Landsat sensors were used within a on purpose developed "supervised" classification procedure, based on data mining and “object-classification” techniques. The classification results were then exploited for implementing a calibration method, based on a typical UHI temperature distribution, derived from MODIS satellite sensor LST (Land Surface Temperature) data of the summer 2003, to obtain an analytical expression of the vulnerability model, previously introduced on a semi-empirical basis.

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.

This paper explores the application of machine learning in financial time series analysis, focusing on predicting trends in financial enterprise stocks and economic data. It begins by distinguishing stocks from stocks and elucidates risk management strategies in the stock market. Traditional statistical methods such as ARIMA and exponential smoothing are discussed in terms of their advantages and limitations in economic forecasting. Subsequently, the effectiveness of machine learning techniques, particularly LSTM and CNN-BiLSTM hybrid models, in financial market prediction is detailed, highlighting their capability to capture nonlinear patterns in dynamic markets. The study demonstrates the advancements in predictive accuracy and robustness achieved by deep learning methods through empirical analysis and model validation. The findings contribute significantly to academic discourse and offer practical insights for investors, financial analysts, and policymakers navigating market volatility and optimizing investment strategies. Finally, the paper outlines prospects for machine learning in financial forecasting, laying a theoretical foundation and methodological framework for achieving more precise and reliable economic predictions.

The pollution of the bays in Abidjan is a major concern for the Ivorian policy makers. In fact, the pollution of the bays induce high costs to the society while impacting population health dramatically. As a result, pollution reduction management of production activities has been undertaken in the Cocody Bay area. To our knowledge, no study has yet proposed a model to evaluate the cost-effectiveness of these pollution management strategies. A cost-effectiveness model, based on Monte Carlo simulation, was developed to assess the economic and environmental impacts of various scenarios characterized by a set of production practices, both in the short term and in the long term. The authors discuss the steps and input parameters of the model presented. The proposed model may serve as the basis for identifying an optimal production scenario defined as the scenario with the best incremental cost-effectiveness ratio considering a willingness to pay (WTP) threshold. The WTP, to be estimated based on the gross domestic product of Côte d’Ivoire, represents the opportunity costs associated with selecting the optimal scenario. The current framework can also be applied to other settings facing similar challenge.

This paper presents a comprehensive analysis of the financial factors and risk management strategies essential for optimizing disaster resilience within the Serbian defence industry's critical infrastructure. The significance of this sector is multi-faceted, impacting national security, economic stability, and technological advancement. Primarily, the Serbian defence industry ensures the preservation of vital defence interests, maintaining Serbia's independence from foreign sources for weapons and military equipment in both peacetime and wartime. Economically, it is a significant employer of the working-age population, directly affecting local employment rates, fostering economic development, and ensuring the sustainable growth of this crucial sector. This, in turn, stimulates broader economic activity and enhances social cohesion while strengthening the national balance of payments through increased export potential. From a technological perspective, the defence industry drives scientific, technological, and industrial development, reinforcing Serbia's global political and military standing within the Western Balkans and on the international stage. Consequently, the paper aims to examine the risk management and protection of the Serbian defence industry's critical infrastructure, offering concrete and actionable measures to improve and develop these systems with a particular emphasis on security. The research's utility and contribution lie in identifying similarities and differences in the operational performance of defence industry companies, a vital segment of the national economy. The presentation of these findings focuses on the protection of critical infrastructure. The results will form the basis for further investigation into the underlying causes of business performance and the effective management of critical infrastructure security.

The research analysed the publications metric of literature regarding the impact of socially responsible investing (SRI) and environmental, social, and governance (ESG) on portfolio and financial performance. The study aimed to determine the latest trends, key themes, authors, and influential journals. Data from the SCOPUS database was used in this study. A total of 1377 research articles from academic journals related to this topic and published from 2013 to 2022, they data was cleaned to remove duplicate, and documents that do not meet the criteria of this study. For this bibliometric analysis, a total of 260 articles were chosen in order to summarise the collective knowledge and emerging patterns in ESG, SRI, ethical, and impact investing, a bibliometric analysis was employed. The thematic map classified the ESG, SRI, and performance relationship themes into four categories of themes: niche themes, motor themes (corporate financial performance, corporate social performance, ESG, ESG factors, sustainability, performance, integrated reporting, gender diversity, and board size), emerging or declining themes (social responsibility, environmental performance, socially responsible investment, ethical investment, and SRI), and basic or transversal themes (financial performance, corporate social performance, ESG performance, environmental, social, and governance). Social responsible investing, engagement, and ESG, implies a position between niche themes and highly developed topic/emerging or decreasing theme, and covid, ROA, while, tobin’s Q, implies a position between highly developed topic/emerging or decreasing theme and basic theme. The findings contribute to the enhanced understanding of ESG, SRI, ethical, and impact investing, which are crucial for an efficient capital market in promoting sustainability and sustainable development. The study offers vital practical implications and future research directions.

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.

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.

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 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.

It is well known that that there is an intrinsic link between the financial and energy sectors, which can be analyzed through their spillover effects, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility in both spot and futures markets. Financial derivatives, which are not only highly representative of the underlying indices, but can also be traded on both the spot and futures markets, include Exchange Traded Funds (ETFs), a tradable spot index whose aim is to replicate the return of an underlying benchmark index. When ETF futures are not available to examine spillover effects, “generated regressors” are useful for constructing both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the co-volatility spillovers within and across the US energy and financial sectors in both spot and futures markets, by using “generated regressors” and a multivariate conditional volatility model, namely Diagonal BEKK. The daily data used are from 1998/12/23 to 2016/4/22. The data set is analyzed in its entirety, and are also subdivided into three distinct subsets. The empirical results show there is a significant relationship between the Financial ETF and Energy ETF in the spot and futures markets. Therefore, financial and energy ETFs are suitable for constructing a financial portfolio from an optimal risk management perspective, and also for dynamic hedging purposes.

This study introduces a novel, robust, and efficient method for the simultaneous quantitative determination of three sunscreen filters namely 4-methylbenzylidene camphor, octyl methoxycinnamate, and avobenzone, in a moisturizing sunscreen cream specifically designed for acne-prone skin. The method employs high performance liquid chromatography with photodiode-array detection, providing reliable separation of the analytes. Chromatographic separation was achieved using a Fortis Phenyl analytical column (150.0 x 2.1 mm, 5 μm), with isocratic elution at a flow rate of 0.4 mL/min. The mobile phase was composed of a 57/43 (v/v) mixture of acetonitrile/45 mM aqueous ammonium formate solution, ensuring sufficient resolution and peak symmetry for the target compounds. The method was validated comprehensively for critical performance parameters, including linearity, precision, accuracy, and robustness. Linearity was established across a suitable range for all three analytes, with high correlation coefficients. Precision was confirmed with intra-run and total precision coefficients of variation of ≤ 4.6 %, while accuracy assessments yielded a percent recovery between 98.6 and 100.4, for all quality control levels. Additionally, the method was able to effectively separate the sunscreen filters from other cosmetic ingredients, such as [β-(1.3), (1.6)-D-glucan], Low Molecular Weight (LMW) hyaluronic acid and plant extracts ensuring specificity in complex formulations. This straightforward and time efficient sample preparation process, involving methanol extraction followed by serial dilution, makes the method suitable for routine quality control in cosmetic laboratories. The method was successfully applied to the analysis of two different lots of a commercial sunscreen cream, achieving excellent recovery for all filters, ranging between 94.6% and 99.8%, thus demonstrating its reliability and applicability for the quality control of cosmetics.

In exploring the intricacies of financial analysis, this study delves into the efficacy of traditional financial ratios versus cash flow ratios in foreseeing a company's fiscal well-being. By harnessing the PRISMA 2020 framework, an exhaustive and systematic dissection of diverse scholarly articles was embarked upon. The quest was to unearth the more reliable predictor of financial stability among these two sets of ratios. With a methodical examination of academic writings, this inquiry juxtaposed various models, scrutinizing their foresight capabilities. The revelations were telling; cash flow ratios emerged as more potent forecasters compared to their traditional counterparts. Intriguingly, models that blend both ratio types showed a marked improvement in predictive accuracy, hinting at a synergistic effect. This underscores the insight that while traditional ratios are informative, their amalgamation with cash flow ratios yields a richer, more rounded grasp of a company’s fiscal state. Conclusively, for stakeholders, especially investors, adopting this dual-ratio approach is pivotal for enlightened decision-making. This research enriches the financial analysis domain by spotlighting the salience of cash flow ratios, advocating for their integration with conventional methods for a sharper financial health appraisal.

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.

In this paper we suggest a first ever construction of fractional integral and differential operators based on signed measures including a vector-valued case. The study focuses on constructing the fractional power of the Riemann-Stieltjes integral with a signed measure, using semigroup theory. The main result is a theorem that provides the exact form of a semigroup for the Riemann-Stieltjes integral with a measure having a countable number of extrema. The article provides examples of semigroups based on integral operators with signed measures and discusses the fractional powers of differential operators with partial derivatives.

In this paper, the transmutation operator method is used to construct an exact solution to the initial boundary value problem for the equation of multidimensional free transverse vibration of a thin elastic plate with a singular Bessel operator acting on geometric variables. We emphasize that multidimensional Erdélyi–Kober operators of fractional order have the property of a transmutation operator, allowing one to transform more complex multidimensional partial differential equations with singular coefficients acting over all variables into simpler ones. If formulas for solutions are known for a simple equation, then we also obtain representations for solutions to the first complex partial differential equation with singular coefficients. In particular, it is successfully applied to the singular differential equations, especially with Bessel-type operators. Using this operator, the considered problem is reduced to a similar problem without the Bessel operator. Based on the solution to the auxiliary problem, an exact solution to the original problem is constructed and analyzed.

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.

Nowadays, many Muslim-majority countries have implemented a dual banking system, namely the sharia and conventional systems. The development of Islamic banks is to fulfill the Muslims' need for the existence of halal transactions in financial institutions. However, in some countries, it turns out that conventional banks still dominate the country's economy. Because of that, it is necessary to see whether there are differences in financial risk and Earnings management between Islamic and conventional banks. The samples are conventional and Islamic banks in Southeast Asia, analyzed by the purposive sampling method from 2010-2019. The analytical tool used is the statistical difference test and economometrics analysis using generalized least square (GLS) regression with panel data (time series and cross-sectional data). These models are intended to forecasting the macroeconomics effects in applying dual banking system in one country or region. The results using non parametrics means difference test showed that the first hypothesis is accepted It means that Earnings management in conventional banks is greater than in Islamic banks. The Random Model Effect (REM) for second and third hypotheses testing on Conventional banks shows the Bankruptcy Risk and NPL do not affect the dependent variable Earnings Management (LLP). While fixed effect model testing on Islamic banks, the second and third hypothesis testing is rejected. Therefor Islamic Banks the value of Bankruptcy Risk (z-score) and the value of Non-Performing Loans (NPL) do not affect Earnings management. It also means that hypothesis 2 and 3 are rejected both in conventional as well as Islamic Banking. Sensitivity analysis for conventional as well as Islamic banking altogether using fixed effect model shows that the second and third hypotheses show that the independent variables (Bankruptcy Risk and NPL) do not affect the dependent variable Earnings Management (LLP). These results can be concluded that Islamic bank are enganged in less earnings management. Therefor in the the long run there are still more research that should conduct in comparing dual banking system in one region.

Based on the seminal paper of Case, Quigley and Shiller (2013), we investigate the effects of financial and housing wealth on consumption. Using quarterly data from 1975 to 2016, for all States of U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption. Specifically, in our basic utilized model, the calculated elasticity for financial wealth is 0.060, while for housing is 0.045. The results are not in agreement with the ones obtained by Case, Quigley and Shiller. In an attempt to investigate the disparity we proceed by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments. Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth we investigate the effects of wealth for 8 states that include the Metropolitan areas comprising of the well known Case-Shiller 10-City Composite Index. Now the housing effect on consumption is much stronger and larger than the financial effect. Additionally, we forecast the consumption changes at the time of the high rise and large drops in house prices for these states. Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011. These forecasts were not verified. Probably, the new techniques used by politics played an important role. We also find that extreme behaviors cannot be predicted.

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.

Effectively mapping and monitoring rubber plantation is still changing. Previous studies have explored the potential of phenology features for rubber plantation mapping through a pixel-based approach (pixel-based phenology approach). However, in fragmented mountainous Xishuangbanna, it could lead to noises and low accuracy of resultant maps. In this study, we investigated the capability of an integrated approach by combining phenology information with an object-based approach (object-based phenology approach) to map rubber plantations in Xishuangbanna. Moderate Resolution Imaging Spectroradiometer (MODIS) data were firstly used to acquire the temporal profile and phenological features of rubber plantations and natural forests, which delineates the time windows of defoliation and foliation phases. Landsat images were then used to extract a phenology algorithm comparing three different approaches: pixel-based phenology, object-based phenology, and extended object-based phenology to separate rubber plantations and natural forests. The results showed that the two object-based approaches achieved higher accuracy than the pixel-based approach, having overall accuracies of 96.4%, 97.4%, and 95.5%, respectively. This study proved the reliability of a phenology-based rubber mapping in fragmented landscapes with a distinct dry/cool season using Landsat images. This study indicated that the object-based phenology approaches can effectively improve the accuracy of the resultant maps in fragmented landscapes.

In this paper we describe a method which combines sentiment analysis with machine learning techniques and/or multivariate statistical analysis. By applying this methodology it is possible to classify a collection of texts into two or more groups or clusters. On the basis of a number of previously defined clusters, the novelty of the outlined approach is the use of the sentiment analysis results as input to the machine learning model or multivariate statistical analysis. Once the classifier has been obtained, we can assign a given text into one of the pre-established clusters. The groups or clusters can represent different time periods, classes of texts transcribed from different conversations, etc. The method is illustrated through an example taken from one of the two studies in which we have applied this methodology. In one of the studies, the method was used to classify press news of a volcanic eruption, while in the other study it was used to classify the conversations recorded between a chatbot with different kinds of speakers (humans or chatbots). This last study was the seminal work in which we introduced this methodology.

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.

The prediction of stock prices is a challenging task, particularly for retail investors who may lack the resources and expertise to perform sophisticated quantitative trading. This study focuses on enhancing stock price prediction for retail investors by employing advanced machine learning techniques on data from the stock exchange market. We utilize a comprehensive methodology that includes data preprocessing to handle missing values and outliers, feature engineering, cross-validation, and parameter tuning. The techniques applied include Keras Deep Neural Networks (DNN), LightGBM, LSTM, GRU, and linear regression (LR). Our proposed ensemble model, which combines time series and deep learning models, demonstrates superior performance compared to individual models. This integration of methods leads to significant improvements in prediction accuracy, providing a robust solution for retail investors.

Earnings management and financial distress are two critical facets of financial management in corporations that have lately been the focus of thorough research from both scholars and practitioners. The purpose of the research is to evaluate the influence of financial distress on the earnings management of companies listed at the NSE during the pre- and post-COVID eras. Multiple linear regression was applied in this study to examine the causal association between earnings management and financial distress. To assess the effect of financial distress on earnings management, the study analyzed data from 37 listed companies during the pre-COVID and post-COVID periods. The methodology also takes into account control factors like firm size, GDP, and inflation. The pre-COVID research indicates a significant positive correlation between financial strain and earnings management. In contrast, the correlation between financial distress and earnings management is not statistically significant in the post-COVID analysis. However, research shows that firm size has a statistically significant negative influence on managing earnings. The results of this study show that smaller firms are more inclined to engage in earnings management during the post-COVID era than bigger ones.

This paper highlights the impact of financial inclusion on individuals’ borrowing and saving decisions in the United States and the United Arab Emirates. It does so, using data from the 2014 Global Financial Inclusion database, and an empirical strategy consisting of first testing the significance of the joint bivariate model over its binary conterparts using the Lagrange multiplier test, followed by a contrast between the fully-parametric and semi-parametric specifications of the saving and borrowing equations. Based on model performance measures, the semi-parametric bivariate probit specification is identified as a better framework for describing the two processes of saving and borrowing, with a correlation coefficient of 12.3%. Although no significant difference exists between UAE and US residents in borrowing behavior, we find that US residents are 31.4% more likely to save than their UAE counterparts. In addition, and in line with the Permanent Income Hypothesis, the results reveal the absence of an income based saving or borrowing gradient in the two countries. Conversely, we found the prevalence of a gender based saving (12.4%) and borrowing (13.8%) inequality in favor of the male gender. Furthermore, access to a bank account and a debit card, companies policy of direct wage and salary transfer, and government transfer programs with direct deposit options are all financial inclusion strategies that are found to significantly raise the likelihood of saving and borrowing. As such, companies with payroll practices based on cash or physical paycheck issuing, especially in the US, should revise such policy to create more financial inclusion, and thereby more saving potential which in turn would contribute to further borrowing, investment and growth of the national economy.

The studied solar pot is a recent invention, which gained a utility model protection in 2021 from the Hungarian Intellectual Property Office under patent number 5489. The device is made for environmentally friendly cooking or heating (by utilizing solar energy) of foods and liquids. Its structure is similar to a double pipe heat exchanger, it has an outer mantle and an inner cooking tank. The goals of the paper are proposing a new physically-based mathematical model describing the solar pot and carrying out computer experiments with it, assembling an experimental system of the pot connected with a solar collector and performing measurements on it. Based on the results, the solar pot can successfully be used for cooking or sterilizing foods or liquids during the studied time period, in Hungary.

Financial statements depict the condition of a company and need to be analyzed and evaluated to assess its performance. This research aims to analyze financial statements to describe the financial condition, measure business development over time, and evaluate the achievement of the com-pany's objectives. An optimization analysis of financial ratios is performed using the Weighted Goal Programming (WGP) model, which addresses multiple objectives by applying weights based on their priorities. The Analytical Hierarchy Process was used to determine the priority weights of deviation variables from each financial ratio target. Financial ratios were selected based on their impact on profit using factor analysis. The constructed WGP model aims to minimize deviations in Return on Assets, Operating Ratios, Operating Income Ratio, Total Assets Turnover, and Current Ratio. Computational calculations to solve the WGP model are per-formed using Python, with pseudocode provided. A case study on a company in the garment and textile sector was conducted and found that the Operating Ratio, Return on Assets, Operating Income Ratio, and Current Ratio still need improvement by developing strategies to achieve the targets. Sensitivity analysis was also employed to assess the resilience of the model in response to alterations in data.

The concept of public financial accountability, often associated with account-rendering, lacks a clear and comprehensive definition in the realm of accounting literature. Disentanglement the true essence of a phenomenon is essential, as formal definitions can only provide a superficial understanding. This study seeks to delve into the core principles of public financial accountability and their implications for financial reporting in the public sector. Applying a qualitative approach, data was gathered through in-depth interviews with 25 Nigerian scholars, professionals, and public affairs experts. The analysis reveals that the essence of public financial accountability lies in upholding citisens' trust in public officials, ensuring the responsible management of public financial resources for the greater public good, and effectively communicating financial decisions, actions, and outcomes to the public through a transparent reporting mechanism. This study sheds light on the fundamental nature of financial accountability in the public sector, enhancing our understanding of its significance in governance and financial reporting.

This research was conducted with the aim of knowing how to compare the financial performance of the oil and gas trading industry with cross-sectional analysis techniques. The type of research conducted in this research is qualitative research with research objects at several companies, namely PT Radiant Utama Interinsco Tbk, PT Elnusa Tbk, PT AKR Corporindo Tbk, and PT Aneka Gas Industri Tbk. The data used in this study comes from secondary data, namely the internet in the form of company financial reports for the 2019-2021 period obtained from the Indonesia Stock Exchange. The results of this study indicate that PT Radiant Utama Interinsco Tbk has the best financial performance on inventory turnover ratio and average age, PT Elnusa Tbk has good inventory performance on current ratio, quick ratio, DAR, and DER., PT AKR. Corporindo Tbk has performed well on the ratios of TIE, FCC, Dividend Payout, Dividend Yield, and PER. PT Aneka Gas Industri Tbk has performed well on the ratio of Receivables Turnover Ratio and Average Age of Receivables.

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.

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 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.

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.

Cortex Periplocae, as a traditional Chinese herbal medicine, has been widely used for autoimmune diseases, especially rheumatoid arthritis. Due to its potential pharmaceutical values, more studies about the biological activities of Cortex Periplocae have been conducted recently. Meanwhile, the adverse reaction of Cortex Periplocae is not a negligible problem in clinic. In this article, we reviewed a series of articles and summarized the recent studies of Cortex Periplocae in the areas of phytochemistry and pharmacology. More than 100 constituents have been isolated and identified from Cortex Periplocae, including steroids, cardiac glycosides, terpenoids, and fatty acid compounds. The crude extracts of Cortex Periplocae and its active compounds exhibit various biological activities, such as cardiotonic effect, anticancer action, and anti-inflammatory effect. This paper aims to provide an overall review on the bioactive ingredients, pharmacological effect, and toxicity of this plant. Furthermore, this review suggests investigating and developing new clinical usages according to the above pharmacological effects.

The monitoring of coastal waters using satellite data, from sensors including Sentinel-3 OLCI, has become a vital tool in the management of these water environments; especially when it comes to improving our understanding of the effects of climate change on these regions. In this study, Level-2 water products derived from different OLCI Sentinel-3 processors were validated against a comprehensive in situ dataset from the NW Baltic Sea proper region. The products validated were those of the regionally adapted Case-2 Regional Coast Colour (C2RCC) OLCI processor (v1.0 and v2.1), as well as the latest standard Level-2 OLCI case 2 (Neural Network) products from Sentinel-3’s processing baseline: Baseline Collection 003 (BC003), including “CHL_NN”, “TSM_NN”, and “ADG443_NN”. Furthermore, the effect of the current EUMETSAT system vicarious calibration (SVC) on the Level-2 water products was also validated. Results showed that the system vicarious calibration (SVC) reduces the reliability of the Level-2 OLCI products. For example, the application of these SVC gains to the OLCI data for the regionally adapted v2.1 C2RCC products resulted in RMSD increases of 36% for “conc_tsm”; 118% for “conc_chl”; 33% for “iop_agelb”; 50% for “iop_adg”; and 10% for “kd_z90max” using a ±3h validation window. The findings indicate that the current EUMETSAT SVC gains should be applied and interpreted with caution in the region of study at present. A key outcome of the paper recommends the development of a regionally specific SVC against AERONET-OC data for the region.

Supplementation with 200% of the recommended daily dietary quantity of copper modified vascular contraction and relaxation through increased reactive oxygen species (ROS) and prostaglandin formation, which modified the antioxidant status of middle–aged rats. In this study, young (1 month old) male Wistar rats (n/group = 10) received a diet supplemented with 6.45 mg copper/kg (100%—Group A) for 8 weeks. The experimental group received 12.9 mg copper/kg of diet (200%—Group B). Experimental supplementation with 200% copper increased the copper concentration in the blood, liver, and kidneys; increased the ROS concentration in the aortic rings; and enhanced the sensitivity of the aortic rings to acetylcholine. We observed increased participation of nitric oxide (NO) derived from inducible NO synthase (iNOS) in vascular contraction and a decreased net effect of vasodilator prostanoids derived from cyclooxygenase–2 (COX–2) in vascular relaxation. Supplementation with 200% copper was less significant than expected after previous studies conducted with middle–aged rats.

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.

In a business environment that is constantly changing, intellectual capital stands out as the most valuable asset for companies. Those who invest in developing their employees, especially their Chief Financial Officers (CFOs), tend to outperform their competitors. This study explores the relationship between the intellectual Capital of CFOs and the financial performance of companies listed on B3. The 100 companies with the largest capitalization listed on B3 in 2022 were analyzed, with available data on the CFO. A statistical model was applied in a cross-section analysis, considering two of the three subdivisions of Intellectual Capital: Human Capital ( experience, education, and certifications) and Relational/Social Capital ( network and reputation of the CFO). The results indicated a statistically significant relationship between CFOs' Human Capital level and the performance of the companies they manage, measured by EPS, ROA, and ROE. However, no statistical significance was found for Relational/Social Capital. This study contributes to the literature on intellectual capital and corporate finance in the Brazilian context, providing new evidence on the importance of CFOs' intellectual capital for company performance. It was observed that there are few equivalent studies in Brazil on the topic, especially about the Intellectual Capital of CFOs of companies listed on the stock exchange (BOVESPA).

The Ghana Venture Capital Trust Fund (VCTF), a government-sponsored initiative, plays a pivotal role in providing patient capital to foster entrepreneurship and spur economic development, particularly in emerging markets where traditional funding avenues may be limited. This study aims to conduct a comprehensive assessment of the VCTF's financial robustness, growth trajectory, and sustainability over a seven-year period from 2016 to 2022. Through an examination of critical financial metrics, growth indicators, and sustainability benchmarks, we scrutinize the fund's financial health, investment strategies, and capacity to bolster the Ghanaian entrepreneurial ecosystem.The analysis reveals nuanced insights into the VCTF's financial performance over the study period. Despite encountering challenges such as negative net profit margins and subdued asset turnover ratios in previous years, the fund showcases resilience and sustainability, particularly as evidenced by notable improvements in 2022. These findings carry implications for management, policymakers, and various stakeholders within the Ghanaian venture capital landscape, offering valuable insights to inform strategic decision-making and policy formulation.

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.

Public-private partnership (PPP) is a prominent tool for sustainable infrastructure development. However, the positive contributions of PPPs towards attainment of sustainable, climate resilience and zero carbon infrastructure projects are hampered by poor financial risk management. This problem is more prevalent in developing countries like Ghana where private investment inflow has plummeted due to COVID-19 recession and poor project performance. Thus, this study aims at assessing the key financial risk management strategies in ensuring sustainable PPP infrastructure projects in Ghana. The study utilised primary data from PPP practitioners in Ghana solicited through survey questionnaires. Factor analysis, mean scores and fuzzy synthetic analysis are the data analysis techniques for this study. The results revealed sustainable and green funding models, effective cost reduction initiatives, competent team with committed leadership, and emerging technologies and regulations constitute the key strategies to manage financial risks of sustainable PPP infrastructure projects. Although, future studies must expand the scope of data gathering, the findings of the study enrichen the theoretical understanding of financial risks in sustainable investments in PPP infrastructures. Relevant remedies that will aid the development of practical financial risk management guidelines are provided in this study for PPP practitioners.

In resent years, China’s digital economy has achieved significant global recognition for its instrumental role in supporting sustainable economic and social development. Based on the panel data from China's provinces between 2013-2021, this paper investigates the impact and transmission mechanism of financial deepening on digital economy development. The study finds that financial deepening significantly improves digital economy development. Heterogeneity analysis indicates that financial deepening offers greater support to digital economy development in central and western regions than in the east. Further analysis shows that financial deepening improves technological innovation, which in turn promotes the digital economy development. After applying a test of robustness, the results proved significant.

The progress in markerless technologies is bringing clinicians tools to rapidly evaluate tests such as Timed Up and Go (TUG) without compromising the time of the assessment, yet it raises questions about the potential trade-off in accuracy compared to traditional marker-based systems, suggesting that the precision of these evaluations is not yet conclusively established. The OpenCap system is an easy tool to process 3D kinematics with two iPhone cameras placed in front of the subject. Previous research has primarily focused on walking and movement towards the cameras with the subject facing the cameras (WF) and thus has been unable to disentangle the differences in the movement directions. We have compared the OpenCap system with a standard marker-based system for both walking directions. In OpenCap, we found significantly worse results capturing walking facing away from the cameras (RW). Compared to the marker-based system, our findings indicate troubles measuring kinematic parameters but provide good accuracy in measuring spatial-temporal parameters. These insights pave the way for refining markerless assessment technologies, potentially enhancing their utility in clinical settings.

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.