Search Results (24)

Determining the optimal portfolio is important in the investment process because it includes the selection of appropriate fund allocation to manage financial risk effectively. Although risk cannot be entirely eliminated, it is managed through strategic allocation based on investor preferences. Therefore, this research aimed to use mathematical models, including the power utility function, the natural logarithm utility function, and a combination of both, to capture varying degrees of risk aversion. The optimal allocation was obtained by analytically maximizing the expected end-of-period wealth utility under each specification, where the investor level of risk aversion was derived by determining the constant. The utility function that failed to produce closed-form solutions was solved through the use of a numerical method to approximate the optimal portfolio weight. Furthermore, numerical simulations were performed using data from two stocks in the e-commerce sector to prove the impact of parameter changes on investment decisions. The result showed explicit analytical values for each utility function, providing investors with a structured framework for determining optimal portfolio weights consistent with their risk profile. Full article

Based on the typical positions of S&P 500 option market makers, we derive a funding illiquidity measure from quoted prices of S&P 500 derivatives. Our measure significantly affects the returns of leveraged managed portfolios; hedge funds with negative exposure to changes in funding illiquidity earn high returns in normal times and low returns in crisis periods when funding liquidity deteriorates. The results are not driven by existing measures of funding illiquidity, market illiquidity, and proxies for tail risk. Our funding illiquidity measure also affects leveraged closed-end mutual funds and, to an extent, asset classes where leveraged investors are marginal investors. Full article

This article examines church–state relations in the early period of the People’s Republic of China (PRC) by scrutinising the thoughts and the administration of Chao Tzu-chen—a prominent Chinese Christian leader—at Yenching University’s School of Religion and its successor organisation. This article largely relies on the archives of the Hong Kong Sheng Kung Hui, delving into Chao’s psychological conflicts and the role of the Anglican churches in Chao’s plan for the separation of the School of Religion from the university. It argues that Chao Tzu-chen’s self-contradictions in his public versus private expressions after 1949 signify his disillusionment in fostering the convergence between Christianity and Communism, as demonstrated in his dilemma regarding church–state relations. Although Chao tried to adapt to the new political order by urging Chinese churches to offer practical and concrete social services, he continued his independent, critical theological reflections on the indigenisation of Christianity, as reflected in his private portrayal of the incompatibility between Christianity and Communism, and in his close connection with foreign churches in his fund-raising campaign. Moreover, apart from highlighting the importance of the Hong Kong Anglican church in financially supporting the Yenching School of Religion, this article seeks to contribute to academic research of Chinese higher education in the 1950s through examining how the Chinese Communist Party’s remolding of the School put an end to the emerging public sphere of a civil society. It reveals that this liberal Christian institute, which lost its control over curriculum design and the right to accept foreign funds, was quickly converted into a government-funded, socialist theological college in service of two masters: the Party and the Church. Full article

National health services in Ireland and the UK fund the majority of social prescribing services and have issued recommendations for evaluation. However, it is not known what outcomes are prioritised for evaluation within individual services and what evaluation methods are used to capture recommended outcomes. A survey was carried out to examine evaluation practices of social prescribing services on the island of Ireland. This study used a cross-sectional observational design. The sample was all the staff involved in delivering and/or managing SP services on the island of Ireland. Questionnaires were distributed at a national SP conference and online. Closed-response questions were analysed using descriptive statistics. Content analysis was used for open-ended questions. Eighty-four usable surveys were returned (50% from the Republic of Ireland and 50% from Northern Ireland). All respondents (100%) agreed on the importance of measuring SP outcomes. The most frequently measured outcomes were health and well-being (89.2%) and loneliness (84%). The least frequently measured outcome was the satisfaction of healthcare professionals referring to SP: 78.4% of respondents never measured this outcome. The most frequently used measurement tool was the Short Warwick Edinburgh Mental Well-Being Scale, with 38/76 (50%) respondents using this measure. There was a lack of standardised measures identified for some outcomes. For example, 70% of respondents reported always measuring physical activity (PA), but only four respondents identified a specific PA measure. In open-ended questions, respondents recommended flexibility in evaluation methods to reflect the complexity and individualised focus of SP. They also identified the need for protected time to complete evaluations and recommended a national strategy to inform priorities in evaluations. This study demonstrates a wide variation on the island of Ireland on how SP services are measuring outcomes, with many outcomes rarely or never measured using standardised measures. Agreement is needed on a core outcome set for social prescribing in order to guide service delivery and evaluations. Full article

Background: Paediatric palliative medicine (PPM) is a holistic approach to care for children and their families. Services are growing and developing worldwide but significant disparity in service provision remains. The Paediatric Supportive and Palliative Care Team (PSPCT) at the Royal Hospital for Children in Glasgow was established in 2019, but there is still no clear integrated role within the paediatric intensive care unit (PICU) at present. Through analysing the attitudes, meaning, knowledge and understanding of PPM in the PICU environment, we hoped to explore the experiences of those providing paediatric palliative care and to identify any barriers to or facilitators of integrated working to gain a better understanding of providing this care. Methods: This qualitative study used a survey composed of five open-ended and five closed questions. Sixteen out of a possible thirty-two responses (50%) were accrued from PICU healthcare professionals, including consultants (n = 19), advanced nurse practitioners (n = 4) and band-seven nurses (n = 9). The data were comprehensively studied and analysed by two coders using summative content analysis with assistance from data management software. Codes were further developed to form categories and subcategories. Results: Two categories were found: (1) the role of palliative care and (2) experiences of providing palliative care. A total of five subcategories were found, demonstrating that the PSPCT can enhance care in PICU through collaborative working. Barriers identified included staffing, funding and stigma around palliative care. Conclusions: This study shows that PICU professionals have a good understanding of the concepts of PPM and view it as an essential part of PICU work. Barriers related to resources and misperceptions of palliative care can be overcome through improved education, funding and staff retention, but this would require buy-in from policymakers. The perspective from our relatively small team increases generalizability to growing teams across the country. Full article

In the Small Island Developing States (SIDS), public sector infrastructure projects (PSIPs) fail to both meet targeted performance metrics and deliver on the intended benefits to society. In terms of the cost performance metric, cost overruns (COs) beyond the initial contract value are more of a norm than a unique occurrence. Therefore, to ensure economic sustainability for SIDS, and value for money on PSIPs, there is a need to investigate and evaluate the risk impacts on COs. The purpose of this research was to identify and evaluate the perceived cost overrun risk factors that are within the primary project stakeholders’ sphere of control, and to reduce the ongoing ambiguities that exist in the prioritization of these risks. This was achieved by extracting critical risk factors from selected comparative studies in developing countries to formulate a closed-ended questionnaire to be administered to construction professionals in Trinidad and Tobago. Thereafter, the process of fuzzy synthetic evaluation (FSE) was used to develop a risk model based on three tiers of risks: 11 critical risk factors, 3 critical risk groupings (CRGs) and an overall risk level (ORL). The results showed that the two highest-ranked critical risks were project funding problems and variations by client. The leading critical risk grouping was client-related risk (5.370), followed by professional-related risk (4.815) and physical risk (4.870). The ORL was 5.068. Based on the FSE’s linguistic scaling, the CRGs and the ORL are perceived to be high risks in PSIPs. This research adds to the CO body of knowledge in primarily three ways. Firstly, the study extends the comparative assessment previously undertaken in scholarship into the context of SIDS to build on the generalizability of this context-specific phenomenon. Secondly, the FSE evaluation undertaken provides a practical tool to be promoted for use in SIDS’ construction industry among practitioners to focus and prioritize the critical risks in the planning phases and improve on contemporary risk practices in the execution phases of projects. Finally, this quantitative model approach is recommended to supplement the traditional qualitative risk management practices adopted in SIDS, thus contributing towards the overall improved economic sustainability and viability of PSIPs. Full article

International research and development projects (or grand challenge projects) consist of multicultural, multi-country, multi-sectoral, and multi-stakeholder initiatives aimed at poverty reduction. They are usually conceived as partnerships between actors in the global north–south. The COVID-19 pandemic was a major unexpected disruption to ongoing projects and challenged their already complex management. The aim of this paper is to present evidence on how international development projects were impacted by COVID-19 with a particular focus on the relationship between research institutions in the north and south. We conducted a mixed-methods research study, combining a reflective exercise with the co-author team and a survey with principal investigators, project managers, and capacity development leads drawn from 31 Global Challenges Research Fund (GCRF) projects funded through the UK government’s Official Development Assistance (ODA) and focused on social–ecological system research. The survey contained closed- and open-ended questions in order to (i) demonstrate how those involved in managing projects adapted to risks, including both threats and opportunities, presented by the COVID-19 pandemic, and (ii) consider the implications for tailoring adaptive management approaches in international research projects amidst uncertainties, with a special focus on enhancing equities in global north–south partnerships. The paper offers the following recommendations on designing, planning, and implementing international research and development projects: (i) devolve project management in order to enhance project resilience and improve north–south equities; (ii) allocate dedicated resources to enable equitable north–south research partnerships; (iii) rely more on hybrid and agile approaches for managing a project’s life cycle; and (iv) improve resource flexibility, transparency, and communication through enhanced funder–implementer collaboration. Full article

This manuscript reviews the current trends in the recovery of Platinum Group Metals (PGMs) from end-of-life autocatalysts and the aims of the recently funded Marie Sklodowska-Curie Project “Chemistry of Platinum Group Metals-CHemPGM” towards the greening of PGMs recovery processes and the reusing of recovered PGMs for preparation of new catalysts. Together with the analysis of the state of the art recovery of PGMs from spent autocatalysts through pyrometallurgical and hydrometallurgical routes and the recent trends in reducing their environmental impact, also emerging sustainable and green technologies are analyzed. Particular focus is given on the mechanochemical processing as a promising sustainable route not only for the pretreatment of waste materials but also for direct PGMs leaching. The present review identifies also the trends in catalysts for carbon neutrality and the few recent efforts in developing PGM-based catalysts starting directly from the liquor of the leach solutions of spent catalysts envisaging therefore a possible key to close PGMs loop in a more efficient and sustainable way. Full article

This paper empirically tests the determinants of closed-end fund (CEF) prices by employing cointegration and error-correction modeling with an advanced ARDL framework. Since CEF shares generally trade at discounts to their net asset value (NAV), we modeled CEF prices, including volatility and economic policy indices along with their NAVs. The present study consists of 31 monthly frequency CEF discount data from January 1999 to April 2018 and economic policy uncertainty (EPU) with ten subindices. This paper finds evidence for cointegration in many of the series and statistically significant coefficients in the short- and long-run estimates of the included subindices. Full article

The global expansion of urbanization is posing associated environmental and socioeconomic challenges. The capital city of Ethiopia, Addis Ababa, is also facing similar threats. The development of urban green infrastructures (UGIs) are the forefront mechanisms in mitigating these global challenges. Nevertheless, UGIs in Addis Ababa are degrading and inaccessible to the city residents. Hence, a 56 km long Addis River Side Green Development Project is under development with a total investment of USD 1.253 billion funded by Chinese government aid. In phase one of this grand project, Friendship Square Park (FSP), was established in 2019 with a total cost of about USD 50 million. This paper was initiated to describe the establishment process of FSP and assess its social, economic, and environmental contributions to the city. The establishment process was described in close collaboration with the FSP contractor, China Communications Construction Company, Ltd. (CCCC). The land use changes of FSP’s development were determined by satellite images, while its environmental benefits were assessed through plant selection, planting design, and seedling survival rate. Open and/or close ended questionnaires were designed to assess the socioeconomic values of the park. The green space of the area has highly changed from 2002 (8.6%) to 2019 (56.1%) when the park was completed. More than 74,288 seedlings in 133 species of seedlings were planted in the park. The average survival rate of these seedlings was 93%. On average about 500 people visit the park per day, and 400,000 USD is generated, just from the entrance fee, per annum. Overall, 100% of the visitors were strongly satisfied with the current status of the park and recommended some additional features to be included in it. In general, the park is contributing to the environmental and socioeconomic values of the city residents, and this kind of park should be developed in other sub-cities of the city as well as regional cities of Ethiopia to increase the aesthetic, environmental and socioeconomic values of the country, at large. Full article

Cyanobacterial Blooms (CBs) are an ecological and public health problem since they may be followed by the production of secondary metabolites, which are toxic for humans and other animals. This threatens the life of multiple species and prevents the use of water resources for recreational and consumption purposes. Therefore, their proper management is essential to minimize the exposure of the population and ecosystems to the harmful effects of CBs. The ability to predict the formation of CBs in a specific water body is limited by the difficulty of acquiring enough data to determine their state with the appropriate temporal and spatial granularity. Moreover, as CBs are complex phenomena that are influenced by many factors, the conclusions derived for a certain water body are hard to extrapolate to others. IA-GES-BLOOM-CM is a synergy project funded by the Community of Madrid, Spain, for boosting the collaboration of researchers from different fields (including biology, automation, and information and communication technologies) to develop disruptive solutions for CB prediction and management. Its aim is to develop a comprehensive and reliable system to automatically and efficiently characterize continental water bodies, predict where and when the CBs are expected to occur, determine their potential risks, and provide the authorities with early warnings of CB breakouts. To this end, we are conceiving a system, supported by Autonomous Surface Vehicles (ASVs, a kind of robotized boats), Modeling and Simulation (M&S) tools, and the Internet of Things (IoT). More specifically, on one hand, the ASVs, which are equipped with probes, will be (1) responsible for capturing information related to the CBs from any point of the water column and surface and will be (2) intelligently guided to the points of interest to make relevant observations in order to optimize the monitoring efforts. On the other hand, M&S tools, including dynamical models and machine learning, will be in charge of predicting the CB temporal and spatial evolution in order to guide the ASVs (whose data, in turn, will be used to fine-tune the models) and warn the authorities about relevant CBs. Finally, an IoT infrastructure will support the communications and deployment of the system, closing the gap between the authorities in charge of the water bodies and the information provided by the different elements of the system. In this paper, we will provide an overview of the main ideas of the project and of its initial developments. Full article

Numerous technology start-ups end up shutting down their operations. The present study aims to answer the following research questions: can entrepreneurs who closed their previous ventures bring their new venture to a successful exit through M&A and to what extent does this positive outcome correspond to whether investors funded their start-up? We examine 9723 technology start-ups established by 19,458 entrepreneurs. About half of the start-ups were funded, and 3463 of them had entrepreneurs with closure or with M&A experience. We find that entrepreneurs with closure experience are negatively associated with the probability of M&A as a main effect, in line with the theory that indicates imprinting. Nevertheless, entrepreneurs with closure experience are positively associated with the probability of M&A when their co-founders have M&A experience. We suggest that entrepreneurs with closure experience can compensate for their lack of M&A experience by learning from their peers who possess this experience. We discuss implications for theory, investors, and entrepreneurs. Full article

During the COVID-19 pandemic, significantly fewer of New York City’s (NYC’s) 1.1 million public school children participated in emergency grab-and-go meals—heightening the risk of inadequate nutrition security for many of NYC’s most vulnerable residents. This study sought to examine student families’ facilitators and barriers to participation in the grab-and-go meal service and their experiences with pandemic-electronic benefit transfer (P-EBT) funds, a cash benefit distributed when schools were closed. We recruited 126 parents of children in NYC public schools who had participated in the grab-and-go service. Using opened-ended questions, we interviewed 101 parents in 25 1-h online focus groups. We identified four main themes which broadly impacted school meal participation: communication, logistics, meal appeal, and personal circumstances. Key facilitating subthemes included clear communication, ease of accessing sites, and high variety. Key sub-themes negatively impacting participation included limited communication and low meal variety. Accurate, timely communication; easily accessible distribution locations; and convenient distribution times could have increased participation and satisfaction. For P-EBT, parents welcomed the funds and used them readily, but some experienced difficulties obtaining payments. The simultaneous inclusion of community-based research in the evaluation of emergency feeding programs could improve future outcomes for school meal participation and electronic benefits. Full article

Modern technologies are penetrating all fields of human activity, including agriculture, where they significantly affect the quantity and quality of agricultural production. Precision agriculture can be characterised as an effort to improve the results of practical farming, achieving higher profits by exploiting the existing spatial unevenness of soil properties. We aim to evaluate precision agriculture technologies’ practical use in agricultural enterprises in the Czech Republic. The research was based on a questionnaire survey in which 131 farms participated. We validated the hypothesis through a Chi-squared test on the frequency of occurrence of end-use technology. The results showed that precision farming technologies are used more in crop than livestock production. In particular, 58.02% of enterprises use intelligent weather stations, 89.31% use uncrewed vehicles, and 61.83% use navigation and optimisation systems for optimising journeys. These technologies are the most used and closely related to autonomous driving and robotics in agriculture. The results indicate how willing are agricultural enterprises to adopt new technologies. For policy makers, these findings show which precision farming technologies are already implemented. This can make it easier to direct funding towards grants and projects. Full article

Effective implementation of nutrition standards in publicly funded institutions can facilitate healthy food and beverage consumption by communities and populations, which can enable improvements in dietary intake and reduce disease burden. This study aimed to understand stakeholder perspectives on the implementation of government nutrition standards in publicly funded institutions in the Australian state of Victoria, as well as to determine enablers and barriers to successful implementation. Pre-interview questionnaires and semi-structured interviews were administered to stakeholders involved in the implementation of nutrition standards in publicly funded institutions in Victoria. The Interactive Systems Framework, which allows understanding of the infrastructure and systems needed to implement policies, was used to design the survey instruments and guide the data analysis. Forty-four stakeholders were interviewed, including program implementers, support personnel and food providers, across public sector hospitals and health services, workplaces, sport and recreation centres and schools. Though translated materials and resources have been developed for end-users to facilitate uptake and implementation, current nutrition standards were perceived to be long and complex, which hindered implementation. The existence of a government-funded implementation support service enabled action by providing technical support, troubleshooting and capacity-building. A specific pathway for successful guideline implementation was determined through the analysis. Opportunities to close the policy-implementation gap were identified. This will be crucial to maximising the impact of nutrition standards on population diets and reducing diet-related disease. Strengthening the guidelines and their governance, streamlining the support system and overcoming barriers within and outside of implementing organisations, are urgently required to propel statewide progress. Full article