Search Results (111)

This study focuses on Hohhot (the capital city of Inner Mongolia Autonomous Region, northern China), a representative arid-semi-arid town in northern China. Against the backdrop of concurrent rapid urbanization and ecological constraints, it undertakes a systematic investigation into the spatiotemporal evolution and driving mechanisms of ecological asset utilization efficiency, aiming to furnish scientific evidence for sustainable development in ecologically fragile urban areas. Employing a “technology-scale-structure” analytical framework and constructing an “input-output-benefit” evaluation system, this research integrates the super-efficiency slack-based measure (SBM) model with spatial analysis methodologies to conduct multidimensional assessments of ecological asset utilization efficiency across all administrative districts and counties from 2000 to 2020. Empirical results demonstrate an overall upward trajectory in Hohhot’s ecological asset utilization efficiency, with comprehensive efficiency increasing from 1.132 in 2000 to 1.397 in 2020. However, pure technical efficiency and scale efficiency exhibit significant asynchrony, reflecting inherent tensions between technological advancement and scale expansion. Spatially, efficiency distribution manifests substantial spatial clustering and heterogeneity, with identified hotspots demonstrating temporal migration patterns. Peripheral counties exhibit distinct “technological isolation” phenomena and diseconomies of scale. Mechanism analysis reveals that industrial structure optimization constitutes the primary driver of efficiency enhancement, while the catalytic effects of economic development and governmental investment exhibit diminishing marginal returns. Urbanization maintains a moderate influence, transitioning from extensive spatial expansion toward intensive functional upgrading. This study recommends a synergistic enhancement of ecological asset utilization efficiency through strategic pathways, including the following: First, advancing green industrial transformation. Second, establishing regional technology-sharing platforms. Third, implementing systematic ecological compensation mechanisms. Fourth, adopting spatially differentiated governance approaches. These measures are projected to foster coordinated environmental and economic development. This research provides theoretical underpinnings and policy implications for urban ecological asset management in arid and semi-arid regions globally. Full article

Multi-criteria decision-making models are very useful tools for use in the process of land consolidation project choice. However, they can lead to wrong or suboptimal choices. Under limited budgetary conditions (where the available budget does not cover all project candidates’ requirements for their realization), it is necessary to make a proper choice regarding financial asset distribution. This process should lead to the best possible budget distribution, i.e., to the choice of land consolidation projects that promises the maximal return on the assets invested. In this research, the authors have conducted theoretical research based on real data to determine the sensitivity of the choice of land consolidation projects with regard to the influence of the chosen criteria for decision-making. The utilized data were obtained via four multi-criteria decision-making (MCDM) methods (AHP, VIKOR, SAW and TOPSIS). The method used for investigating the influence of certain criteria on decision-making was based on a multidimensional linear regression method where the rank of a land consolidation project is a dependent variable, while the values of criteria are independent variables. Full article

This study analyzes the volatility of Bitcoin using stochastic volatility models fitted to one-minute transaction data for the BTC/USDT pair between 1 April 2023, and 31 March 2024. Bernstein polynomial terms were introduced to accommodate intraday and intraweek seasonality, and flexible return distributions were used to capture distributional characteristics. Seven return distributions—normal, Student-t, skew-t, Laplace, asymmetric Laplace (AL), variance gamma, and skew variance gamma—were considered. We further incorporated explanatory variables derived from the trading volume and price changes to assess the effects of order flow. Our results reveal structural market changes, including a clear regime shift around October 2023, when the asymmetric Laplace distribution became the dominant model. Regression coefficients suggest a weakening of the volume–volatility relationship after September and the presence of non-persistent leverage effects. These findings highlight the need for flexible, distribution-aware modeling in 24/7 digital asset markets, with implications for market monitoring, volatility forecasting, and crypto risk management. Full article

This study proposes a novel Deep Reinforcement Learning (DRL) policy network structure for portfolio management called PortRSMs. PortRSMs employs stacked State-Space Models (SSMs) for the modeling of multi-scale continuous regime shifts in financial time series, striking a balance between exploring consistent distribution properties over short periods and maintaining sensitivity to sudden shocks in price sequences. PortRSMs also performs cross-asset regime fusion through hypergraph attention mechanisms, providing a more comprehensive state space for describing changes in asset correlations and co-integration. Experiments conducted on two different trading frequencies in the stock markets of the United States and Hong Kong show the superiority of PortRSMs compared to other approaches in terms of profitability, risk–return balancing, robustness, and the ability to handle sudden market shocks. Specifically, PortRSMs achieves up to a 0.03 improvement in the annual Sharpe ratio in the U.S. market, and up to a 0.12 improvement for the Hong Kong market compared to baseline methods. Full article

This study examines the influence of ethical leadership on corporate sustainability and financial performance, highlighting the moderating effect of firms’ commitment to the United Nations Sustainable Development Goals (SDGs). Utilizing panel data from 420 automotive companies spanning 2015 to 2024, the analysis applies the System Generalized Method of Moments (GMM) to control for endogeneity and unobserved heterogeneity. All data were gathered from the Refinitiv Eikon Platform (LSEG) and annual reports. Panel GMM regression is used to estimate the relationship to deal with the endogeneity problem. The results reveal that ethical leadership significantly improves corporate sustainability performance—measured by ESG scores from Refinitiv Eikon and Bloomberg—as well as financial indicators like Return on Assets (ROA) and Tobin’s Q. Additionally, firms that demonstrate breadth (the range of SDG-related themes addressed), concentration (the distribution of non-financial disclosures across SDGs), and depth (the overall volume of SDG-related information) in their SDG disclosures gain greater advantages from ethical leadership, resulting in enhanced ESG performance and higher market valuation. This study offers valuable insights for corporate leaders, policymakers, and investors on how integrating ethical leadership with SDG alignment can drive sustainable and financial growth. Full article

This paper introduces a novel multi-objective optimization framework for sustainable portfolio rebalancing under uncertainty. The model simultaneously targets return maximization, downside risk control, and liquidity preservation, addressing the complex trade-offs faced by investors in volatile markets. Unlike traditional static approaches, the framework allows for dynamic asset reallocation and explicitly incorporates nonlinear transaction costs, offering a more realistic representation of trading frictions. Key financial parameters—including expected returns, volatility, and liquidity—are modeled using interval arithmetic, enabling a flexible, distribution-free depiction of uncertainty. Risk is measured through semi-absolute deviation, providing a more intuitive and robust assessment of downside exposure compared to classical variance. A core innovation lies in the behavioral modeling of investor preferences, operationalized through three strategic configurations, pessimistic, optimistic, and mixed, implemented via convex combinations of interval bounds. The framework is empirically validated using a diversified cryptocurrency portfolio consisting of Bitcoin, Ethereum, Solana, and Binance Coin, observed over a six-month period. The simulation results confirm the model’s adaptability to shifting market conditions and investor sentiment, consistently generating stable and diversified allocations. Beyond its technical rigor, the proposed framework aligns with sustainability principles by enhancing portfolio resilience, minimizing systemic concentration risks, and supporting long-term decision-making in uncertain financial environments. Its integrated design makes it particularly suitable for modern asset management contexts that require flexibility, robustness, and alignment with responsible investment practices. Full article

Water, an essential asset for life and growth, is under growing pressure due to climate change, overpopulation, pollution, and industrialization. At the same time, water distribution within cities relies on piping networks that are over 30 years old and thereby prone to leaks, cracking, and losses. Taking this into account, non-revenue water (i.e., water that is distributed to homes and facilities but not returning revenues) is estimated at almost 50%. To this end, intelligent water management via computational advanced tools is required in order to optimize water usage, to mitigate losses, and, more importantly, to ensure sustainability. To address this issue, a case study was developed in this paper, following a step-by-step methodology for the city of Heraklion, Greece, in order to introduce an intelligent water management system that integrates advanced technologies into the aging water distribution infrastructure. The first step involved the digitalization of the network’s spatial data using geographic information systems (GIS), aiming at enhancing the accuracy and accessibility of water asset mapping. This methodology allowed for the creation of a framework that formed a “digital twin”, facilitating real-time analysis and effective water management. Digital twins were developed upon real-time data, validated models, or a combination of the above in order to accurately capture, simulate, and predict the operation of the real system/process, such as water distribution networks. The next step involved the incorporation of a hydraulic simulation and modeling tool that was able to analyze and calculate accurate water flow parameters (e.g., velocity, flowrate), pressure distributions, and potential inefficiencies within the network (e.g., loss of mass balance in/out of the district metered areas). This combination provided a comprehensive overview of the water system’s functionality, fostering decision-making and operational adjustments. Lastly, automatic meter reading (AMR) devices could then provide real-time data on water consumption and pressure throughout the network. These smart water meters enabled continuous monitoring and recording of anomaly detections and allowed for enhanced control over water distribution. All of the above were implemented and depicted in a web-based environment that allows users to detect water meters, check water consumption within specific time-periods, and perform real-time simulations of the implemented water network. Full article

While digital transformation in e-commerce receives the most publicity, applications in energy and water utilities have been ongoing for decades. Using a methodology based on a systematic review, the paper offers a model of how it occurs in water utilities, reviews experiences from the field, and derives lessons learned to create a road map for future research and implementation. Innovation in water utilities occurs more in the field than through organized research, and utilities share their experiences globally through networks such as water associations, focus groups, and media outlets. Their digital transformation journeys are evident in business practices, operations, and asset management, including methods like decision support systems, SCADA systems, digital twins, and process optimization. Meanwhile, they operate traditional regulated services while being challenged by issues like aging infrastructure and workforce capacity. They operate complex and expensive distribution systems that require grafting of new controls onto older systems with vulnerable components. Digital transformation in utilities is driven by return on investment and regulatory and workforce constraints and leads to cautious adoption of innovative methods unless required by external pressures. Utility adoption occurs gradually as digital tools help utilities to leverage system data for maintenance management, system renewal, and water loss control. Digital twins offer the advantages of enterprise data, decision support, and simulation models and can support distribution system optimization by integrating advanced metering infrastructure devices and water loss control through more granular pressure control. Models to anticipate water main breaks can also be included. With such advances, concerns about cyber security will grow. The lessons learned from the review indicate that research and development for new digital tools will continue, but utility adoption will continue to evolve slowly, even as many utilities globally are too stressed with difficult issues to adopt them. Rather than rely on government and academics for research support, utilities will need help from their support community of regulators, consultants, vendors, and all researchers to navigate the pathways that lie ahead. Full article

We propose the financial generative adversarial network–bidirectional long short-term memory (FINGAN-BiLSTM) model to accurately reproduce the complex statistical properties and stylized facts, namely, heavy-tailed behavior, volatility clustering, and leverage effects observed in the log returns of the foreign exchange (FX) market. The proposed model integrates a bidirectional LSTM (BiLSTM) into the conventional FINGAN framework so that the generator, discriminator, and predictor networks simultaneously incorporate both past and future information, thereby overcoming the information loss inherent in unidirectional LSTM architectures. Experimental results, assessed using metrics such as the Kolmogorov–Smirnov statistic, demonstrate that FINGAN-BiLSTM effectively mimics the distributional and dynamic patterns of actual FX data. In particular, the model significantly reduces the maximum cumulative distribution discrepancy in assets with high standard deviations and extreme values, such as the Canadian dollar (CAD) and the Mexican Peso (MXN), while precisely replicating dynamic features like volatility clustering and leverage effects, thereby outperforming conventional models. The findings suggest that the proposed deep learning–based forecasting model holds significant promise for practical applications in financial risk assessment, derivative pricing, and portfolio optimization, and they highlight the need for further research to enhance its generalization capabilities through the integration of exogenous economic variables. Full article

This study investigates the multifractal behavior of four leading semiconductor stocks—Intel (INTC), Advanced Micro Devices (AMD), Nvidia (NVDA), and Broadcom (AVGO)—in relation to key financial assets, including the Dow Jones Industrial Average (DJI), the Euro–U.S. Dollar exchange rate (EUR), gold (XAU), crude oil (WTI), and Bitcoin (BTC), using Multifractal Asymmetric Detrended Cross-Correlation Analysis (MF-ADCCA). The analysis is based on daily price return time series from January 2015 to January 2025. Results reveal consistent evidence of multifractality across all asset pairs, with the generalized Hurst exponent exhibiting significant variability, indicative of complex and nonlinear stock price dynamics. Among the semiconductor stocks, NVDA and AVGO exhibit the highest levels of multifractal cross-correlation, particularly with DJI, WTI, and BTC, while AMD consistently shows the lowest, suggesting comparatively more stable behavior. Notably, cross-correlation Hurst exponents with BTC are the highest, reaching approximately 0.54 for NVDA and AMD. Conversely, pairs with EUR display long-term negative correlations, with exponents around 0.46 across all semiconductor stocks. Multifractal spectrum analysis highlights that NVDA and AVGO exhibit broader and more pronounced multifractal characteristics, largely driven by higher fluctuation intensities. Asymmetric cross-correlation analysis reveals that stocks paired with DJI show greater persistence during market downturns, whereas those paired with XAU demonstrate stronger persistence during upward trends. Analysis of multifractality sources using surrogate time series confirms the influence of fat-tailed distributions and temporal linear correlations in most asset pairs, with the exception of WTI, which shows less complex behavior. Overall, the findings underscore the utility of multifractal asymmetric cross-correlation analysis in capturing the intricate dynamics of semiconductor stocks. This approach provides valuable insights for investors and portfolio managers by accounting for the multifaceted and asset-dependent nature of stock behavior under varying market conditions. Full article

Coastal areas have been the target of interdisciplinary research aiming to support studies related to their socio-economic and ecological value and their role in protecting backshore ecosystems and assets from coastal erosion and flooding. Some of these studies focus on either onshore or inshore areas using sensors and collecting valuable information that remains unknown and untapped by other researchers. This research demonstrates how satellite, aerial, terrestrial and marine remote sensing techniques can be integrated and inter-validated to produce accurate information, bridging methodologies with different scope. High-resolution data from Unmanned Aerial Vehicle (UAV) data and multispectral satellite imagery, capturing the onshore environment, were utilized to extract underwater information in Coral Bay (Cyprus). These data were systematically integrated with hydroacoustic including bathymetric and side scan sonar measurements as well as ground-truthing methods such as drop camera surveys and sample collection. Onshore, digital elevation models derived from UAV observations revealed significant elevation and shoreline changes over a one-year period, demonstrating clear evidence of beach modifications and highlighting coastal zone dynamics. Temporal comparisons and cross-section analyses displayed elevation variations reaching up to 0.60 m. Terrestrial laser scanning along a restricted sea cliff at the edge of the beach captured fine-scale geomorphological changes that arise considerations for the stability of residential properties at the top of the cliff. Bathymetric estimations derived from PlanetScope and Sentinel 2 imagery returned accuracies ranging from 0.92 to 1.52 m, whilst UAV reached 1.02 m. Habitat classification revealed diverse substrates, providing detailed geoinformation on the existing sediment type distribution. UAV data achieved 89% accuracy in habitat mapping, outperforming the 83% accuracy of satellite imagery and underscoring the value of high-resolution remote sensing for fine-scale assessments. This study emphasizes the necessity of extracting and integrating information from all available sensors for a complete geomorphological and marine habitat mapping that would support sustainable coastal management strategies. Full article

Finite mixture regression identifies homogeneous groups within a sample and computes the regression coefficients in each group. Groups and group coefficients are jointly estimated using an iterative approach. This work extends the finite mixture estimator to the tails of the distribution, by incorporating quantiles and expectiles and relaxing the constraint of constant group probability adopted in previous analysis. The probability of each group depends on the selected location: an observation can be allocated in the best-performing group if we look at low values of the dependent variable, while at higher values it may be assigned to the poorly performing class. We explore two case studies: school data from a PISA math proficiency test and asset returns from the Center for Research in Security Prices. In these real data examples, group classifications change based on the selected location of the dependent variable, and this has an impact on the regression estimates due to the joint computation of class probabilities and class regressions coefficients. A Monte Carlo experiment is conducted to compare the performances of the discussed estimators with results of previous research. Full article

A significant share of many commercial banks’ portfolios consists of residential mortgage loans provided to individuals and families. This paper examines the default and rational prepayment risk of single-borrower (residential) mortgage loans based on an option pricing model that captures the skewness and kurtosis of the house prices returns’ distribution via the shifted lognormal distribution. Equilibrium option-adjusted credit spreads are obtained from the implementation of the model under plausible values of the relevant parameters. The methodology involves numerical experiments, using a shifted binomial tree model by Haathela and Camara and Chung, to evaluate the effects of the loan-to-value (LTV) ratio, asset volatility, interest rates, and recovery costs on mortgage valuation. Findings indicate prepayment risk significantly influences loan value, as it limits upside potential, while LTV and volatility directly impact default risk. The shifting parameter (θ) in the asset distribution proves essential for accurate risk assessment. Conclusions emphasize the need for mortgage underwriting to consider specific asset characteristics, optimal loan structures, and prevailing risk-free rates to avoid underestimating risk. This model can aid in the more robust pricing and management of mortgage portfolios, especially relevant in regions with substantial mortgage-backed exposure, such as the European banking system. Full article

This study investigates the relationship between listed Ghanaian banks’ financial performance and corporate social responsibility (CSR), given the anticipated increase in businesses’ social duties. This study utilizes a panel autoregressive distributive lag model (Panel ARDL) to examine the impact of CSR on bank financial performance, as well as the moderating effect of bank size on CSR and financial performance, using return on assets as the measure of financial performance. All banks listed on the Ghana Stock Exchange (GSE) whose financial statements are readily accessible online, in print, or on their websites are chosen using convenience sampling. The sample spans 14 years, from 2010 to 2023. The results are shown for both the long and short run. Contrary to the expectations of many proponents of CSR, we find that firms incorporating CSR in their undertakings have negative financial performance. Additionally, the study finds that, relative to smaller banks, larger banks are able to alleviate this negative effect of CSR on performance by a certain magnitude. Therefore, not only should banks be strategic in their CSR implementation, but they should strive to grow their assets to the level where the negative effects of undertaking CSR could be reduced, if not entirely eliminated. To achieve this growth, the level of assets to keep is found to be above GHC 3922.52 million. Full article

Mainstream strategies for protecting wealth from inflation involve diversification into traditional assets like common stocks, gold, fixed-income securities, and real estate. However, a significant contributor to inflation has been the rising energy prices, which have been the main underlying cause of several past recessions and high inflation periods. Investments in distributed generation with solar photovoltaics (PV) present a promising opportunity to hedge against inflation, considering non-taxed profits from PV energy generation. To investigate that potential, this study quantifies the return on investment (ROI), internal rate of return (IRR), payback period, net present cost, and levelized cost of energy of PV by running Solar Alone Multi-Objective Advisor (SAMA) simulations on grid-connected PV systems across different regions with varying inflation scenarios. The case studies are San Diego, California; Boston, Massachusetts; Santiago, Chile; and Buenos Aires, Argentina. Historical inflation data are also imposed on San Diego to assess PV system potential in dynamic inflammatory conditions, while Boston and Santiago additionally analyze hybrid PV-battery systems to understand battery impacts under increasing inflation rates. Net metering credits vary by location. The results showed that PV could be used as an effective inflation hedge in any region where PV started economically and provided increasingly attractive returns as inflation increased, particularly when taxes were considered. The varying values of the ROI and IRR underscore the importance of region-specific financial planning and the need to consider inflation when evaluating the long-term viability of PV systems. Finally, more capital-intensive PV systems with battery storage can become profitable in an inflationary economy. Full article