Search Results (190)

To investigate the slope stability of the north bank anchorage of the Yellow River Three Gorges Bridge during foundation pit excavation and operational stages, a true three-dimensional geological model was established using Rhino6 and numerical simulations were performed using FLAC3D7.0, supplemented by stereographic projection kinematic analysis and the shear strength reduction (SSR) method. Systematic simulations were conducted for foundation pit excavation, main cable load application, heavy rainfall, and two seismic loading conditions, and the deformation characteristics and plastic zone evolution patterns of the slope under different conditions were analyzed. The stereographic projection kinematic analysis indicates that the dominant discontinuity sets do not constitute kinematically admissible planar sliding, wedge sliding, or toppling failure modes, confirming the validity of adopting a continuum model. The numerical simulation results show that the maximum slope displacement after foundation pit excavation is 13.13 mm, with the plastic zone exhibiting a discontinuous scattered distribution, and the slope is overall stable. After the application of the main cable load, the maximum displacement decreases to 7.86 mm; the counterweight effect of the anchorage self-weight significantly improves the deep stability, while the horizontal cable force generates a wedge-shaped shear plastic zone at the slope toe. Under heavy rainfall conditions, rock mass saturation leads to an increase in the maximum displacement to 11.76 mm with expanded plastic zone volume, where the deterioration of strength parameters and the increase in pore water pressure are the primary causes of reduced stability. Under seismic conditions, the maximum displacements under the natural and artificial seismic waves are 15.83 mm and 17.29 mm, respectively, exhibiting a significant elevation amplification effect with extensive plastic zone development in the shallow surface layer. The shear strength reduction analysis yields factors of safety of 2.4 and 2.27 for the heavy rainfall and seismic conditions, respectively, both significantly exceeding the code requirements, demonstrating that the slope possesses an adequate safety margin under extreme loading conditions. Full article

The transition from cash to digital payment instruments is reshaping retail commerce across Europe unevenly, with Central and Eastern European (CEE) countries exhibiting both some of the fastest growth and some of the lowest baseline levels in online shopping participation. This study examines whether the development of digital payment infrastructure proxied by the share of individuals using internet banking (NetBank) is associated with e-commerce adoption across eleven CEE EU member states over the period 2014–2023, yielding a balanced panel of 110 country-year observations. Drawing on harmonised data from Eurostat, the World Bank, and the ITU, we estimate a two-way fixed-effects model with kernel-robust standard errors and a dynamic specification with a lagged dependent variable. The results indicate that a one-standard-deviation improvement in internet banking penetration is associated with a 6.2 percentage point increase in the share of online shoppers once country and year fixed effects are controlled for, a finding that is precisely estimated under kernel standard errors (p < 0.001). Income-group heterogeneity analysis suggests that this association may be substantially larger in lower-income CEE countries (β = 6.9, p = 0.006) compared to higher-income ones (β = 2.3, p = 0.554), consistent with the hypothesis that payment infrastructure improvements generate the highest marginal returns where baseline access is lowest. Romania, despite recording the steepest absolute growth in online shopping in the EU over the sample period (+33 percentage points), remains persistently below the CEE median, illustrating how payment infrastructure constraints can slow convergence even during periods of rapid digitisation. The findings should be interpreted as robust conditional associations rather than causal effects, given the limitations of macro-panel identification. Full article

Bank performance depends not only on capital strength but on the governance environment in which that capital operates. Yet existing studies treat capital buffers and institutional quality as parallel, additive drivers, thereby underexploiting their interaction. This study examines how capital adequacy and governance quality jointly shape bank performance across five Asian banking systems, Hong Kong, South Korea, Taiwan, Malaysia, and Vietnam, using 1628 bank-year observations from 123 deposit-taking institutions between 2010 and 2022. Return on assets, net interest margins, non-performing loans, and loan-to-deposit ratios capture performance. System GMM estimation with Bayesian diagnostics addresses endogeneity and dynamic persistence. Stronger Tier 1 capital reliably enhances profitability while compressing margins, consistent with a resilience–spread trade-off. Governance quality exhibits conditional and non-linear effects, beneficial in mid-capacity systems such as Malaysia and Vietnam, but plateauing or attenuating in mature regimes. Islamic banks demonstrate weaker responsiveness to governance reforms, reflecting contractual distinctiveness that standard prudential frameworks overlook. Post-COVID-19 interventions further attenuate capital’s profitability effect, underscoring the context-dependence of regulatory mechanisms. Integrating the Resource-Based View with Institutional Theory, the study advances a contingent resource-in-context framework in which capital functions as a portable safeguard while governance acts as an institution-dependent multiplier, offering regulators a basis for calibrating capital and governance policy asymmetrically. Full article

Industrial isolated power systems are highly sensitive to load disturbances due to their limited inertia and absence of large-grid support. This article analyzes the dynamic stability of an isolated system with a current available generation contribution of approximately 24 MW, evaluating the integration of a new production plant planned to be integrated in two construction phases of 2 MW each (total 4 MW). The system operates with local generation at 13.8 kV and distribution at 34.5 kV; therefore, demand expansion requires a detailed assessment to maintain safe operating conditions. In addition, the study verifies compliance with spinning reserve requirements for Phase 1 and Phase 2 in accordance with applicable industrial power system criteria, including IEEE 3007.1 and IEEE C37.106, as part of the N−1 security assessment. The developed stability analysis is based on time-domain dynamic simulations using IEEE AC8C excitation models and a UG-8 governor. The results show that, under severe contingencies, the frequency nadir can reach deviations close to 1.5 Hz and RoCoF values above 4 Hz/s. The results indicate that Phase 1 (2 MW) can be incorporated while maintaining acceptable spinning reserve margins, whereas the additional 2 MW corresponding to Phase 2 cannot be integrated under the current operating conditions without violating reserve criteria. However, the system remains stable when generators operate under automatic voltage control, while fixed power factor mode produces less robust responses. Based on this result, the dynamic analysis is focused on the Phase 1 condition under critical contingencies, particularly the sudden outage of the 5 MW and 8 MW generating units, with special emphasis on the outage of the largest generator, mitigated through spinning reserve support and a RoCoF-based load shedding scheme of approximately 4.4 MW. Likewise, the energization of the new plant through the 8 km line requires the evaluation of the available reactive compensation resources, including the use of capacitor banks/reactive support, to prevent underexcitation and maintain acceptable voltage conditions. Full article

Cross-age face analysis has emerged as an important topic in biometric recognition due to substantial facial appearance variations caused by aging. Nevertheless, most existing approaches primarily focus on face verification (1:1 matching) and frequently rely on explicit age annotations, which limit their applicability in large-scale retrieval scenarios. In this study, large-scale cross-age face retrieval (1:N matching) is investigated, and a Hybrid Metric Learning Framework (HMLF) is proposed to learn age-invariant and retrieval-oriented facial representations without requiring age labels. The proposed framework integrates Additive Angular Margin Loss (ArcFace) with supervised contrastive learning to enhance feature discriminability. Furthermore, a mixed triplet mining strategy is introduced to improve the effectiveness of hard sample selection. A memory bank-based InfoNCE formulation is incorporated to provide a large number of negative samples, and an uncertainty-based adaptive weighting scheme is designed to automatically balance multiple loss components during optimization. To better simulate realistic retrieval scenarios, an extended cross-age retrieval evaluation protocol is established. Extensive experimental results demonstrate that the proposed framework achieves superior retrieval performance across different backbone architectures. The results further provide systematic insights into the influence of backbone design, loss formulation, and optimization strategies on cross-age retrieval accuracy. Full article

This study investigates the impact of revenue diversification on the performance and stability of listed Tunisian banks over the period 2008–2023, with the objective of assessing whether diversification strategies enhance bank performance and promote financial stability in an emerging-market context. The analysis relies on a panel dataset of Tunisian listed banks and employs a two-stage least squares (2SLS) estimation approach to address potential endogeneity issues, using ownership structure as an instrumental variable. Bank performance is measured by Return on Assets (ROA) and Net Interest Margin (NIM), while financial stability is captured by the Z-score. The empirical results show that revenue diversification has a positive and significant effect on bank performance, as measured by ROA, and on financial stability. However, it exerts a negative and significant impact on NIM, indicating that although diversification improves overall performance and strengthens stability, it may weaken traditional intermediation income. This study contributes to the limited literature on banking in emerging markets by jointly examining performance and stability effects while addressing endogeneity concerns through robust econometric techniques, and by providing new evidence from the Tunisian banking sector, which has experienced significant political and economic disruptions during the study period. Full article

The fig tree (Ficus carica L.) is one of the oldest cultivated fruit trees in the Mediterranean region and represents an important genetic resource for both traditional and emerging production systems. Despite its agronomic and economic relevance, modern fig breeding remains limited, and large-scale phenotypic evaluations across Mediterranean germplasms are still scarce. The objective of this study was to assess phenotypic diversity and identify key agronomic traits relevant for fig breeding. A total of 257 female fig genotypes conserved in germplasm banks located in Spain, Turkey, and Tunisia were used. Over two consecutive seasons (2021 and 2022), a total of 27 morphological, phenological, and pomological traits were assessed according to the International Union for the Protection of New Varieties of Plants (UPOV) descriptors for fig (TG265/1), with 23 phenotypic traits retained for statistical analyses. Linear mixed models were used to estimate marginal means and to partition genetic and environmental variance, while multivariate analyses and trait correlations were employed to explore the structure of phenotypic diversity. The germplasm exhibits remarkable variation in productive type, reproductive behaviour, harvesting date, and fruit quality traits. Harvesting date spans nearly three months. Fruit weight ranges from 11.7 to 134.5 g, total soluble solids from 9 to 39 °Brix, and maturation index values reached high levels, indicating pronounced sweetness during fruit ripening. Most genotypes showed high skin scratch resistance, absence of cracking at maturity, and medium or small ostiole size, highlighting the presence of ideotypes specifically suited for fresh market production. Heritability estimates indicate strong genetic control of key traits, such as fruit weight, fruit size, and total soluble solids, highlighting their suitability for selection in breeding programs. Stakeholder prioritisation further confirmed the relevance of fruit size, sweetness, firmness, and ostiole characteristics, helping to identify best genotypes for breeding and agronomic purposes. Overall, this study demonstrates the value of Mediterranean fig germplasm as a reservoir of valuable agronomic and commercial traits and provides a robust phenotypic framework to support future breeding, conservation, and cultivar selection strategies. Full article

Submarine canyon-channel systems play a critical role as potential conduits for warm-water upwelling around Antarctica, potentially influencing ice-sheet stability. Integrating multibeam bathymetry, seismic profiles, and morphometric analysis, this study identifies 29 canyon-channel systems along the Adélie Land margin and reveals clear morphological contrasts between the Adélie Depression and the Adélie Bank. Systems in the Depression are elongated, slightly sinuous, and dendritic, with downstream increases in width-to-depth ratio, whereas those on the Bank are shorter, isolated, and single-branched, with irregular along-thalweg variations. Mann–Whitney U tests show significant differences in sinuosity and thalweg gradient (p < 0.01). These contrasts reflect the combined effects of shelf-slope topography, sediment supply, and ice-sheet dynamics. In the Depression, steep slopes, focused glacial sediment input from the Wilkes Subglacial Basin, and associated progradational wedges and mass transport deposits promote mass failures and turbidity-current incision. Strong correlations among canyon-channel length, width, and depth indicate coherent scaling under concentrated sediment supply. In contrast, gentler slopes and lower sediment input on the Bank produce simpler systems. These results highlight how glaciated-margin canyon morphology records coupled sedimentary and ice-sheet–ocean processes. Full article

Financial inclusion is widely regarded as an important driver of economic development and social well-being, yet existing evidence often treats inclusion as a uniform process. This study examines how different channels of financial inclusion relate to regional economic activity across Mexican states between 2018 and 2023. Distinguishing among traditional banking infrastructure, card-based financial products, and digital inclusion through mobile banking, the analysis finds that digital adoption is the most robust margin associated with higher economic activity, even after accounting for persistent regional differences. Dynamic evidence further suggests a sequential, mobile-first pattern of financial deepening, in which the expansion of mobile banking precedes improvements in economic performance and the later diffusion of credit-based instruments. In contrast, traditional access indicators display weaker short-run associations with regional output. Overall, the findings highlight the importance of technological channels and timing in shaping the economic impact of financial inclusion, particularly in regions where physical financial infrastructure remains limited. Full article

Coral reefs in the South China Sea (SCS) are critical for regional marine biodiversity and ecosystem services but face escalating threats from climate change and anthropogenic stressors. However, a holistic evaluation of habitat suitability spanning the distinct environmental gradients from low-latitude deep-water atolls to high-latitude marginal reefs remains limited. This study utilized high-resolution remote sensing data and the MaxEnt (Maximum Entropy) model combined with Principal Component Analysis (PCA) to systematically map potential habitat suitability and elucidate the multi-scale environmental drivers shaping the realized niche of SCS corals. The results revealed significant spatial heterogeneity characterized by a distinct “High South, Low North” latitudinal gradient, with Unsuitable areas dominating 85.5% of the study region, followed by Marginally Suitable habitats at 5.0%, while the northern Nansha Islands were identified as the core distribution area with the highest suitability and continuity. Minimum Phosphate (Min. Phos.) concentration and Sea Surface Temperature (SST) were identified as the core environmental factors determining the spatial distribution of coral reefs in the South China Sea. The optimal environmental ranges were identified as: SST between 28.52 °C and 29.41 °C, water depth shallower than 34 m, extremely low phosphate (0–0.005 mmol/m³), and low cumulative thermal stress (DHW < 0.83 °C-weeks). Crucially, PCA further quantified two potential climate refugia: low-latitude thermal refugia in the southern Nansha Islands, characterized by high environmental stability, and high-latitude marginal refugia in the Beibu Gulf, which offer physical buffering against warming, while necessitating targeted efforts to mitigate the risks of habitat degradation and eutrophication driven by intensifying anthropogenic activities These findings challenge the traditional conservation view relying solely on high-latitude migration, advocating for a climate-resilient spatial planning strategy that prioritizes strict protection of southern biodiversity source banks while enhancing the connectivity of northern marginal stepping stones. Full article

We examine whether speculative bubbles in shadow banking institutions contribute to the buildup and materialization of systemic risk. Using the Phillips–Shi–Yu (BSADF) bubble detection methodology and market-based systemic risk measures (ΔCoVaR and Marginal Expected Shortfall), we analyze daily data for 17 publicly listed U.S. shadow banking firms over the period 2010–2026. We document a pronounced pro-cyclical measurement puzzle. During bubble periods, firms exhibit higher market exposure and greater tail risk—Beta increases by 4.9% and Expected Shortfall by 7.9%—yet widely used systemic risk measures decline, with ΔCoVaR falling by 6.6%. This pattern suggests that conventional systemic risk metrics may underestimate vulnerabilities during speculative expansions. However, when bubbles burst, systemic risk materializes rapidly. During burst windows, ΔCoVaR increases by 7.9% and MES by 8.6%, indicating that vulnerabilities accumulated during bubble phases translate into significant systemic spillovers once speculative dynamics collapse. Our findings highlight a pro-cyclical bias in commonly used systemic risk indicators: these measures capture realized financial stress but fail to detect the buildup of fragility during expansion phases. Monitoring bubble dynamics in shadow banking may therefore provide valuable complementary signals for macroprudential surveillance. Full article

Advancing hydropower development is crucial for supporting China’s “Dual Carbon” strategy and ensuring energy security. A key safety challenge in this endeavor is the stability of arch dam abutments under the combined action of high in situ stress and reservoir water loads. This study addresses this issue by proposing an integrated methodology that links detailed geological characterization, in situ stress quantification, and mechanical stability analysis. Using the Guxue high-arch dam as a case study, we first established a three-dimensional geological model to identify controlling discontinuities and delineate potential sliding blocks. A finite difference model was then developed to simulate the in situ geo-stress field and operational water pressures. Through stress tensor transformation, the stress state on potential slip surfaces was accurately determined, and safety factors were calculated based on the Mohr–Coulomb strength criterion. The results show that the critical left and right abutment rock blocks exhibit safety factors of 1.30 and 1.24, respectively, meeting design specifications while indicating a relatively lower safety margin on the right bank. The proposed approach, grounded in precise stress analysis, provides a reliable framework for assessing abutment stability under complex loading conditions, offering practical support for the safety evaluation and targeted reinforcement of high-arch dam projects in similar geological settings. Full article

Financial literacy represents a fundamental competence in contemporary knowledge-based economies, particularly in the context of increasingly complex corporate financing instruments. Insufficient financial literacy may lead to suboptimal debt decisions, inefficient capital structures, and heightened financial vulnerability of firms. The aim of this paper is to assess the level of financial literacy of university students in the field of corporate debt financing and to identify key determinants influencing the correctness of their responses. The empirical analysis is based on a quantitative questionnaire survey conducted among university students in the Slovak Republic (n = 403) using a convenience sampling approach. The questionnaire included 16 knowledge-based items focused on debt financing instruments, interest mechanisms, leasing, bonds, and alternative sources of financing. Data were analysed using descriptive statistics and inferential methods, primarily Pearson’s χ² test of independence and Cramer’s V. The results reveal considerable variability in students’ performance across thematic areas. Higher success rates were observed for basic concepts of debt financing and traditional bank products, while lower performance was recorded for analytically demanding tasks, particularly those related to interest rate comparisons, capital market instruments, and alternative financing forms. Field of study emerged as the most significant determinant of financial literacy, followed by the level of study, whereas gender and region showed only marginal effects. The findings highlight the need to strengthen application-oriented financial education in higher education, with a stronger focus on practical aspects of corporate debt financing. Full article

This paper examines the connection between Environmental, Social, and Governance (ESG) factors and the risk of geopolitics, as defined by the Geopolitical Risk (GPR) index. The concept of geopolitical risk is conventionally defined as the direct result of political incidents, war, and international tensions. The current study argues that the concept should be understood in a more structural and sustainable manner, relating to the underlying forces driving geopolitical risk. The main research question is whether and how the three pillars of ESG factors contribute to explaining and understanding cross-country and over-time variations in geopolitical risk. In an effort to avoid information loss associated with the ESG index’s aggregate nature, the three factors are considered separately and the three pillars are analyzed individually. The empirical context is a balanced cross-country panel dataset including 42 countries over the 2000–2023 time period. Data for the three factors are obtained from the World Bank dataset to standardize and compare data across countries and over time. The GPR index measures the level of geopolitical risk and is defined by Dario Caldara and Matteo Iacoviello. The GPR index captures the level of geopolitical tensions by analyzing media signals. The combination of the three sources enables direct connections and correlations among the three factors and the internationally recognized GPR index. The paper uses an integrated methodological approach that combines results from three distinct methods. The first method uses panel data analysis to estimate average marginal effects while controlling for unobserved heterogeneity. The second method uses clustering to identify structural patterns and divide countries into groups based on their unique characteristics and risk profiles. The third method uses machine learning regressions and nonparametric analysis to capture the complex relationships and interactions in the data. The three-step method is used for each pillar to ensure consistency and comparability. The results suggest that the three factors contribute to the GPR index in a unique manner. The environment and energy structure contribute to the GPR index as a risk multiplier; the social factor relates to exposure to instability; and the governance factor is a central stabilizing factor. The paper makes a unique contribution to the literature by defining the three factors and their relationship to the GPR index in a clear, sustainable manner. Full article

This study examines the impact of key governance dimensions on public budget rationalization in Palestine from 2002 to 2023. Utilizing Legitimacy Theory, the research assesses how institutional quality affects fiscal outcomes, including revenues, expenditures, net lending, and budget balance. Time-series data from the Palestinian Ministry of Finance and the World Bank’s Worldwide Governance Indicators were analyzed using multiple regression techniques. The results indicate that Rule of Law exhibits statistically significant effects across multiple fiscal dimensions, while Government Effectiveness shows a significant positive impact on public revenues and a marginal effect on budget balance. In contrast, Political Stability, Control of Corruption, Voice and Accountability, and Regulatory Quality do not demonstrate statistically significant effects within the multivariate framework. These findings underscore the importance of strengthening administrative capacity and legal enforcement mechanisms to improve fiscal discipline, particularly in politically fragile environments. Policy implications emphasize enhancing institutional effectiveness and reinforcing legal predictability while supporting broader structural reforms for sustainable public finance management in Palestine. Full article