Search Results (930)

Artificial intelligence (AI) use has become a major emerging trend in corporate finance and governance. AI is used for a variety of business tasks, such as assessing credit risk, document analysis, corporate default forecasting, and detecting fraud. This study first provides an overview of the development of AI applications related to financial reporting and corporate governance and then examines the financial performance of firms rated highly for their use of AI. AI applications can improve risk management, auditing processes, financial distress, fraud detection, and board performance. The findings can help directors, managers, financial personnel, and others interested in AI. Full article

Background: Esophageal achalasia increasingly affects elderly patients, in whom frailty and comorbidity complicate management and heighten procedural risk. Minimally invasive Heller–Dor myotomy remains the reference surgical treatment, while the advent of robotics has renewed interest in its potential advantages. Whether these refinements translate into meaningful benefits for older adults remains unclear. This gap is clinically significant given the distinct physiological vulnerabilities of older adults. Methods: A narrative review of the literature was conducted to examine current evidence on robotic Heller–Dor myotomy for achalasia, with specific focus on its applicability in elderly and frail patients. Comparative studies between robotic and laparoscopic approaches were analyzed and integrated with available data on achalasia management in older individuals. Results: Robotic Heller–Dor myotomy demonstrates equivalent efficacy to laparoscopic surgery, with reduced mucosal perforation rates, improved ergonomics, and comparable operative times once the learning curve is achieved. However, no published series has specifically analyzed outcomes in geriatric cohorts. Available evidence from laparoscopic studies confirms that surgery remains safe and effective in geriatric patients, suggesting that the precision of robotics could potentially further enhance safety and recovery in this subgroup. Conclusions: Robotic Heller–Dor myotomy represents a promising evolution of minimally invasive therapy for achalasia, potentially aligning technological refinements with the physiological needs of older adults. Prospective studies incorporating frailty assessment, patient-centered outcomes, and cost analyses are required to determine its true value and guide evidence-based use in the aging population. Full article

Objectives: Lifestyle behaviors such as physical activity, cognitive engagement, social interaction, diet, sleep, and vascular risk management are increasingly recognized as contributors to cognitive aging and dementia risk. Although many middle-aged and older adults express interest in maintaining brain health, less is known about their beliefs about brain-healthy behaviors or their preferences for receiving multicomponent brain health interventions. This study examined adults’ ratings of the usefulness of a wide range of lifestyle activities for brain health and their preferred formats for receiving support. Methods: A 60-item online survey was administered to compensated volunteers aged 40 years and older through a commercial provider. The questionnaire assessed perceived usefulness of lifestyle-based brain health activities and preferred intervention delivery formats. The analytic sample included 761 respondents. Descriptive statistics were computed for all ratings and differences by age group and gender were tested using MANOVA with post hoc comparisons adjusted for multiple testing. Results: Participants endorsed many lifestyle activities as helpful for brain health. Mentally stimulating activities, good sleep, stress management, and creative activities received the highest ratings, whereas strength training, meditation, language learning, and computer-based cognitive training were rated lower. Aerobic exercise and mentally stimulating activities were most frequently selected as the single most important activity. Significant effects of age, gender, and their interaction were observed, with younger men and older women generally rating activities more favorably. With respect to desire for services, over half of participants preferred receiving a cognitive assessment, and many favored online education or app-based tools. Conclusions: Middle-aged and older adults recognize a wide range of lifestyle factors as potentially beneficial for brain health and express strong interest in structured support, particularly assessments and digital resources. These findings can inform the design of flexible, multicomponent brain health interventions aligned with adults’ preferences and priorities. Full article

Understanding the forces that shape farmland rental prices in major agricultural regions such as the U.S. Corn Belt is essential for evaluating the economic and environmental resilience of agricultural regions. This study develops an integrated framework that combines spatial modelling with uncertainty-aware spatial analysis to examine how macroeconomic conditions influence rental dynamics across the core Corn Belt. Using geographically weighted regression, the analysis captures spatial variation in the sensitivity of rental prices to oil prices, interest rates, and economic activity, revealing substantial geographic heterogeneity in macroeconomic exposure. The results reveal pronounced spatial heterogeneity in rental price responses, with geographically weighted models consistently outperforming global linear specifications. Despite strong spatial variation in rental sensitivities, neither prediction uncertainty nor maize yield volatility displays a clear regional pattern, indicating that production stability and model reliability are highly localised. By linking spatially varying rent sensitivities with indicators of economic pressure and production instability, this study provides new insights into agricultural sustainability risk. The findings highlight the importance of place-based policy and region-specific risk management under increasing macroeconomic volatility. Full article

In this study, we develop a stochastic optimal control model for corporate carbon management that synergistically combines emission reduction initiatives with carbon trading mechanisms. The model incorporates two control variables: the autonomous emission reduction rate and initial carbon allowance purchases, while accounting for both deterministic and stochastic carbon pricing scenarios. The solution is obtained through a two-step optimization procedure that addresses each control variable sequentially. In the first step, the problem is transformed into a Hamilton–Jacobi–Bellman (HJB) equation in the sense of viscosity solution. A key aspect of the methodology is deriving the corresponding analytical solution based on this equation’s structure. The second-step optimization results are shown to depend on the relationship between the risk-free interest rate and carbon price dynamics. Furthermore, we employ daily closing prices from 16 July 2021, to 31 December 2024, as the sample dataset to calibrate the parameters governing carbon allowance price evolution. The marginal abatement cost (MAC) curve is calibrated using data derived from the Emissions Prediction and Policy Analysis (EPPA) model, enabling the estimation of the emission reduction efficiency parameter. Additional policy-related parameters are obtained from relevant regulatory documents. The numerical results demonstrate how enterprises can implement the model’s outputs to inform carbon emission reduction decisions in practice and offer enterprises a decision-support tool that integrates theoretical rigor and practical applicability for achieving emission targets in the carbon market. Full article

This study investigates how U.S. Federal Reserve interest rate cuts during the 2019–2020 easing cycle influenced the performance of equity mutual funds, with a particular emphasis on contrast between growth and value investment styles. Using an event study framework, we examine abnormal returns, cumulative abnormal returns, and risk-adjusted performance metrics, including those based on both 30 days static and rolling Jensen’s alpha and Sharpe ratios, across short-term (30-day) and long-term (6-month and 1-year) windows surrounding three major rate cut events. Our empirical results show that growth funds significantly outperform value funds following rate reductions, especially over longer horizons. This performance advantage is more pronounced in risk-adjusted measures and strengthens when incorporating rolling dynamics, indicating that and asymmetric sensitivity of fund styles to interest rate changes, shaped by differences in duration exposure and investor sentiment. Overall, this study offers novel insights into how monetary policy influences fund-level dynamics beyond broad market movements and deepens the understanding of monetary transmission in asset management by incorporating time-varying performance metrics. Full article

Objectives: To assess risk factors for post-extubation stridor in children and its impact on clinical outcomes. Methods: Prospective cohort study with children aged from 0 to 13 years who were intubated or underwent orotracheal intubation in the pediatric intensive care units (PICU) of two tertiary public hospitals. The outcome of interest was the occurrence of post-extubation stridor. The information collected included patient characteristics, comorbidities, history of airway manipulation, and factors related to orotracheal intubation. A logistic regression was used to identify potential risk factors for post-extubation stridor; data were analyzed until hospital discharge, death, or referral to another facility. Results: A total of 239 children were included, with a median age of 1.3 years and a duration of intubation of three days. Post-extubation stridor was observed in 57.3% of children. A multivariate analysis included prehospital or non-specialized hospital intubation, trauma or complications during intubation, and orotracheal intubation longer than seven days as risk factors for stridor. Children with stridor had a longer PICU length of stay, longer duration of invasive mechanical ventilation, and were often managed with non-invasive ventilation (p < 0.05). Most children with extubation failure (p = 0.001) and cardiorespiratory arrest (p = 0.03) presented with stridor. Conclusions: Risk factors for post-extubation stridor included intubation performed in prehospital or non-specialized hospitals, orotracheal intubation longer than seven days, and trauma or complications during intubation. Children with stridor had a worse prognosis, with longer stays in the PICU and on mechanical ventilation and higher rates of extubation failure. Full article

Background and Objectives: Chronic kidney disease is characterized by the progressive loss of functioning nephrons due to structural and functional alterations in the kidneys. It is clinically defined through the presence of a glomerular filtration rate below 60 mL/min/1.73 m² or persistent kidney damage lasting at least three months. Patients undergoing haemodialysis frequently present with sarcopenia and frailty. The aim of this study was to evaluate the effects of intradialytic exercise on sarcopenia and frailty in individuals with chronic kidney disease. Materials and Methods: A systematic review was conducted in accordance with PRISMA guidelines. Electronic searches were executed in PubMed, PEDro, Scopus, and Dialnet. Eligible studies included adults (≥18 years) on haemodialysis who engaged in exercise interventions compared with passive control groups. Exclusion criteria included any conditions conflicting with the inclusion criteria, systematic reviews, study protocols, and articles not meeting the PICO framework or contradictory to the inclusion criteria. Outcomes of interest were sarcopenia and frailty, assessed through measures of physical function and muscle strength. Methodological quality was appraised using the PEDro scale, and risk of bias was evaluated with the Cochrane Risk of Bias tool. Results: Fifteen studies met the inclusion criteria. Most interventions consisted of aerobic training, resistance training, or combined exercise programs. Across studies, exercise interventions consistently improved physical function and muscle strength, although no significant effects on body composition were observed. Conclusions: This systematic review provides evidence that intradialytic exercise may produce clinically relevant improvements in sarcopenia by enhancing muscle strength and functional performance, as measured by tests such as the sitting-to-standing test. These results suggest that intradialytic exercise could be beneficial for patients with chronic kidney disease. Full article

Wild boars, widely distributed across natural, agricultural, and urban landscapes, represent an ideal sentinel species for monitoring the emergence and spread of antimicrobial resistance (AMR) at the human–wildlife–livestock interface within the One Health framework. This review summarizes current knowledge on the prevalence, diversity, AMR, and epidemiological significance of major enteric pathogens isolated from wild boars in the European Union, with particular attention to their potential role in AMR dissemination. Numerous studies have reported variable prevalence rates for Salmonella spp., Yersinia enterocolitica, Shiga toxin-producing Escherichia coli (STEC), and Campylobacter spp. High prevalence rates has been observed in fecal samples—35% for Salmonella, 27% for Y. enterocolitica and STEC, and 66% for Campylobacter—highlighting the role of wild boars as carriers and the associated risk of carcass contamination during slaughter. Tonsils represent a key niche for Y. enterocolitica, with prevalence reaching 35%. Several studies have identified resistance to antimicrobials classified by the World Health Organization as critically important or high priority for human medicine, including fluoroquinolone-resistant non-typhoidal Salmonella spp. and third-generation cephalosporin-resistant Y. enterocolitica, raising notable public health concerns. Despite increasing interest, most available studies remain descriptive and geographically limited, providing limited insight into AMR acquisition and transmission pathways in wild boars. New approaches—such as resistome analyses and epidemiological cut-off values—offer added value to distinguish wild-type from acquired-resistant strains and to better understand AMR dissemination dynamics. Integrating wildlife into One Health surveillance systems is essential to capture the full complexity of AMR spread. Full article

This study examines how sovereign risk shapes the financial performance of sustainable investments, using the MSCI Emerging Markets ESG Index as a reference. The analysis covers 24 emerging and frontier economies from Latin America, Asia, the Middle East, and Eastern Europe during 2016–2025, a period marked by major global disruptions such as the COVID-19 crisis and post-2022 financial tightening. Sovereign risk dimensions are extracted through Principal Component Analysis (PCA) applied to sovereign CDS spreads, identifying a systemic component linked to global shocks and a structural component associated with domestic fundamentals and governance quality. These factors are integrated into a quantile regression framework alongside control variables—oil prices, interest rates, and global equity indices—capturing key macro-financial transmission channels. Results show a nonlinear, quantile-dependent relationship: systemic risk intensifies ESG losses under adverse conditions, while structural improvements support gains in upper quantiles. Control variables behave as expected, confirming the macro-financial sensitivity of ESG performance. The findings reveal that ESG returns are state-dependent and strongly influenced by sovereign credit dynamics, especially in emerging markets where external shocks and institutional fragility intersect. Strengthening sovereign governance and integrating risk diagnostics into ESG assessments are essential steps to enhance resilience and credibility in sustainable finance. Full article

This paper analyzes how the agricultural insurance market is adapting to climate change, particularly as extreme weather events become more frequent and severe. We focus on the optimal decision faced by a risk-averse farmer who wants to insure their crop while making savings. They can choose between a traditional loss-based insurance, index-based insurance or a mix of both. By maximizing the farmer’s CARA utility function, we show that in some cases, a mixed insurance strategy is more advantageous than a single contract. In our model, the farmer insures only part of the crop when the market interest rate is strictly positive. Demand for traditional and index insurance depends on their respective prices. Highly risk-averse farmers prefer traditional insurance. A numerical application to the French agriculture sector indicates that mean spring temperature primarily affects winter barley yield and could therefore be the main indicator for index-based insurance design. Insurance simulations using the theoretical model and the estimated results further illustrate these findings. Full article

In a situation where the number of non-performing loans (NPLs) increases, lenders may raise interest rates to compensate for potential losses, and the amount of credit granted in the market may decrease, leading to credit rationing. Such actions may become vital based on their potential consequences for the economy, entrepreneurs and consumers, which makes this topic extremely important. This study, by using an empirical VAR analysis, has strived to determine whether credit rationing by banks operating in the Polish banking sector is driven by risky loans (which are the main determinant of credit rationing and are represented by the ratio of NPLs to total loans). According to the results, it has been found that credit rationing, made by Polish banks, is not statistically significant when the risk in the credit market rises due to non-performing loans. Therefore, it can be claimed that the risky structure due to NPL in the credit market may not be one of the determinant factors of credit rationing in the Polish banking sector. The low sensitivity of the Polish banking sector to the risky structure of the credit market may result from the relatively low share of loans in total assets compared to debt instruments. Furthermore, restrictive lending policies and the predominance of mortgage loans secured directly by real estate limit portfolio risk, which may reduce the need for a risk-sensitive lending strategy. Full article

This study investigates the volatility dynamics of the Bahrain All Share Index (BAX) between 2010 and 2025, a period marked by COVID-19 and regional geopolitical shocks. Using ARMA (1,1) to model returns and four GARCH-family models (ARCH, GARCH, EGARCH, GJR-GARCH) to capture volatility, we provide new evidence from a bank-based frontier market that has received limited empirical attention. The results reveal that returns are stationary and exhibit volatility clustering. Among the competing models, EGARCH (1,1) provides the best fit—exhibiting the lowest AIC and SIC values and the highest log-likelihood—revealing a significant leverage effect whereby negative shocks generate stronger volatility than positive shocks. This asymmetric volatility pattern contradicts earlier findings for Bahrain but aligns with theoretical expectations for bank-based financial systems. The findings carry implications for investors in terms of portfolio risk management, derivative pricing, and asset allocation. They also have important implications for regulators and policymakers, suggesting that counter-cyclical buffers and interest rate adjustments could be applied to stabilize the market in anticipation of negative shocks. These insights enrich the scarce literature on volatility in small frontier markets and contribute to a more nuanced understanding of the volatility dynamics in the MENA region. Full article

European Union legislation, particularly Council Directive 2004/113/EC, mandates gender neutrality in credit scoring to prevent discrimination. However, this creates a regulatory paradox if gender is a statistically relevant predictor of default risk. This study investigates this “fairness-through-unawareness” approach by empirically testing for systematic mispricing. We employ a twofold econometric analysis on a dataset of consumer loans from a Lithuanian peer-to-peer platform. After data preparation for the regression, the sample consists of 9707 loans. First, logistic regression is used to model actual default risk, controlling for credit rating, age, loan amount, and education. Second, Ordinary Least Squares (OLS) regression is used to model the interest rate set by the platform. The Logit model finds that gender is a highly significant predictor of default (p < 0.001), with male borrowers associated with a higher probability of default. Conversely, the OLS model finds that gender is not a statistically significant factor in loan pricing (p = 0.263), confirming the platform’s compliance with EU law. The findings empirically demonstrate the regulatory paradox: the legally compliant, gender-blind pricing model fails to account for a significant risk differential. This leads to systematic risk mispricing and an implicit cross-subsidy from lower-risk female borrowers to higher-risk male counterparts, highlighting a critical tension between regulatory intent and outcome fairness. The analysis is limited to observed loan-level characteristics; it does not incorporate household composition or the internal structure of the platform’s proprietary scoring model. Full article

Background and Objectives: Acne vulgaris is a prevalent chronic inflammatory skin condition affecting adolescents and young adults worldwide. Increasing concern regarding antimicrobial resistance has renewed interest in microbiome-modulating therapies, including oral probiotics. This systematic review and meta-analysis evaluated the efficacy and safety of oral probiotic supplementation for acne vulgaris using contemporary random-effects methods. Materials and Methods: Following PRISMA 2020 guidelines, we searched PubMed, Embase, Web of Science, and ClinicalTrials.gov through November 2025 without language restrictions. Eligible studies were double-blind randomized controlled trials (RCTs) comparing oral probiotics with placebo or standard therapy for ≥4 weeks and reporting quantitative acne severity outcomes. Risk of bias was assessed using RoB 2.0. Standardized mean differences (SMDs) were pooled using restricted maximum likelihood (REML) with Hartung–Knapp adjustment. Heterogeneity was summarized using I², τ² (95% CI), and 95% prediction intervals. Adverse events were extracted. Results: Three RCTs (n = 231) met eligibility criteria. Pooled analysis suggested a modest reduction in inflammatory lesion counts favoring probiotics (SMD −0.57; 95% CI −0.94 to −0.21), although heterogeneity was substantial (I² = 72%; τ² = 0.11). The 95% prediction interval (−1.25 to 0.11) indicated that future studies may plausibly observe no meaningful effect. Sensitivity analyses using the DerSimonian–Laird estimator produced comparable results. All trials reported good short-term tolerability with no serious adverse events. Risk of bias was low in two trials and of some concern in one. Certainty of evidence was rated low to moderate. Conclusions: Oral probiotics may modestly reduce acne severity as a generally safe, antibiotic-sparing adjunct; however, the current evidence base is small and heterogeneous, and the certainty of effect remains low-to-moderate. Larger, standardized RCTs are required before firm clinical recommendations can be made. Registration: PROSPERO CRD420251181388. Funding: This research received no external funding. Full article