Search Results (154)

High-dimensional prediction problems with complex non-linear feature interactions present significant algorithmic challenges in machine learning, particularly when dealing with imbalanced datasets and multicollinearity issues. This study proposes an innovative Shapley Additive Explanations (SHAP)-enhanced machine learning framework that integrates SHAP with advanced ensemble methods for interpretable financialization prediction. The methodology simultaneously addresses high-dimensional feature selection using 40 independent variables (19 CSR-related and 21 financialization-related), multicollinearity issues, and model interpretability requirements. Using a comprehensive dataset of 25,642 observations from 3776 Chinese A-share companies (2011–2022), we implement nine optimized machine learning algorithms with hyperparameter tuning via the Hippopotamus Optimization algorithm and five-fold cross-validation. XGBoost demonstrates superior performance with 99.34% explained variance, achieving an RMSE of 0.082 and R² of 0.299. SHAP analysis reveals non-linear U-shaped relationships between key predictors and financialization outcomes, with critical thresholds at approximately 10 for CSR_SocR, 1.5 for CSR_S, and 5 for CSR_CV. SOE status, EPU, ownership concentration, firm size, and housing prices emerge as the most influential predictors. Notable shifts in factor importance occur during the COVID-19 pandemic period (2020–2022). This work contributes a scalable, interpretable machine learning architecture for high-dimensional financial prediction problems, with applications in risk assessment, portfolio optimization, and regulatory monitoring systems. Full article

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical function as portfolio diversifiers. Investing in Hospitality REITs exposes one to the hospitality sector; however, these investments carry notable risks and provide little protection, particularly during economic upheavals. Furthermore, the study reveals that Hospitality REITs underperform on a risk-adjusted basis relative to benchmark indexes. The monthly returns of REITs show significant volatility during the post-COVID-19 era, which causes return-to-risk ratios to be below those of benchmark indexes. Estimates from multi-factor models indicate negative alpha values across conditional models, indicating that macroeconomic variables cause unremunerated risks. This industry shows great sensitivity to market beta and size and value determinants. Hospitality REITs’ susceptibility comes from their showing the most possibility for exceptional losses across asset classes under Value at Risk (VaR) and Conditional Value at Risk (CvaR) downside risk assessments. The findings have implications for investors and portfolio managers, suggesting that Hospitality REITs may not offer consistent diversification benefits during downturns but can serve a tactical role in procyclical investment strategies. Full article

In an ever-evolving digital environment, organizations must adopt advanced technologies for real-time big data processing to maintain their competitiveness and growth. However, selecting appropriate technologies is a challenge, particularly for small and medium-sized enterprises (SMEs). This study develops a literature review to analyze the methodologies used in the selection of technologies, with a special focus on those associated with the Industry 4.0. Knowledge Development Process-Constructivist (ProKnow-C) method, which was used to build a bibliographic portfolio, examining approximately 3400 articles published between 2005 and 2024, from which 80 were selected for a detailed analysis. The main methodological contributions come from research articles, the ScienceDirect database, the Expert Systems with Applications Journal, studies conducted in Turkey, and publications from the year 2023. The results highlight the predominant use of multi-criteria techniques, emphasizing hybrid approaches that combine various decision-making methodologies. In particular, the analytic hierarchy process (AHP) and TOPSIS methods were employed in 51.25% of the analyzed cases, either individually or in combination. It is concluded that technology selection should be based on flexible and adaptive approaches tailored to the organizational context, aligning long-term strategic objectives to ensure business sustainability and success. Full article

Marine–continental transitional shale is a promising unconventional gas reservoir, playing an increasingly important role in China’s energy portfolio. However, compared to marine shale, research on marine–continental transitional shale’s fractal characteristics of pore structure and complete pore size distribution remains limited. In this work, high-pressure mercury intrusion, N₂ adsorption, and CO₂ adsorption techniques, combined with fractal geometry modeling, were employed to characterize the pore structure of the Shanxi Formation marine–continental transitional shale. The shale exhibits generally high TOC content and abundant clay minerals, indicating strong hydrocarbon-generation potential. The pore size distribution is multi-modal: micropores and mesopores dominate, contributing the majority of the specific surface area and pore volume, whereas macropores display a single-peak distribution. Fractal analysis reveals that micropores have high fractal dimensions and structural regularity, mesopores exhibit dual-fractal characteristics, and macropores show large variations in fractal dimension. Characteristics of pore structure is primarily controlled by TOC content and mineral composition. These findings provide a quantitative basis for evaluating shale reservoir quality, understanding gas storage mechanisms, and optimizing strategies for sustainable of oil and gas development in marine–continental transitional shales. Full article

Over the past decade, multifactor models have shown enhanced capability compared to single-factor models in explaining asset return variability. Given the common assertion that higher risk tends to yield higher returns, this study empirically examines the augmented human capital six-factor model’s performance on thirty-two portfolios of non-financial firms sorted by size, value, profitability, investment, and labor income growth in the Indian market over the period July 2010 to June 2023. Moreover, the current study extends the Fama and French five-factor model by incorporating a human capital proxy by labor income growth as an additional factor thereby proposing an augmented six-factor asset pricing model (HC6FM). The Fama and MacBeth two-step estimation methodology is employed for the empirical analysis. The results reveal that small-cap portfolios yield significantly higher returns than large-cap portfolios. Moreover, all six factors significantly explain the time-series variation in excess portfolio returns. Our findings reveal that the Indian stock market experienced heightened volatility during the COVID-19 pandemic, leading to a decline in the six-factor model’s efficiency in explaining returns. Furthermore, Gibbons, Ross, and Shanken (GRS) test results reveal mispricing of portfolio returns during COVID-19, with a stronger rejection of portfolio efficiency across models. However, the HC6FM consistently shows lower pricing errors and better performance, specifically during and after the pandemic era. Overall, the results offer important insights for policymakers, investors, and portfolio managers in optimizing portfolio selection, particularly during periods of heightened market uncertainty. Full article

Background: The increasing complexity of global supply chains and environmental expectations has highlighted the strategic importance of digital transformation in the transport, forwarding, and logistics (TFL) sector. Despite a growing portfolio of available tools, adoption rates—particularly among small and medium-sized enterprises (SMEs) in Central and Eastern Europe—remain low. This study investigates the barriers and motivations related to the implementation of digital planning tools supporting intermodal transport planning. Methods: A structured online survey was conducted among 80 Polish TFL enterprises, targeting decision-makers responsible for operational and digital strategies. The questionnaire included 17 closed and semi-open questions grouped into three thematic sections: tool usage, implementation barriers, and digital readiness. Results: The findings indicate that only 20% of respondents use dedicated route planning tools, and merely 10% report satisfaction with their performance. Key barriers include lack of awareness, organizational inertia, and the prioritization of other initiatives, with financial cost cited less frequently. While environmental sustainability is declared as a priority by most enterprises, digital support for emission tracking is limited. The results highlight the need for targeted education, integration support, and differentiated platform functionalities for SMEs and larger firms. Conclusions: This study offers evidence-based recommendations for developers, policymakers, and logistics managers aiming to accelerate digital adoption in the intermodal logistics landscape. Full article

This paper examines the extent of stock-returns’ co-movements among firms in different countries and explores how various measures of closeness affect those co-movements by estimating a spatial autoregressive (SAR) convex combination model that merges four weight matrices—geographical distance, bilateral trade, sector similarity, and company size—into one global matrix. Our results reveal strong spatial stock-market dependence, show that spatial proximity is better captured by financial-distance measures than by pure geographical distance, and indicate that the weight matrix based on sector similarities outperforms the other linkages in explaining firms’ co-movements. Extending the traditional SAR model, the study simultaneously evaluated cross-country and within-country dependencies, providing insights valuable to investors building optimal portfolios and to policymakers monitoring contagion and systemic risk. Full article

This paper addresses the problem of constructing optimal equity portfolios under volatile market conditions by minimizing realized volatility—an alternative risk quantifier that more accurately captures short-term market fluctuations than traditional variance-based approaches. This issue is particularly relevant for investors seeking robust risk management strategies in dynamic and uncertain environments. We propose a mathematical optimization framework that determines portfolio weights by minimizing realized volatility, subject to expected return constraints. The model is empirically validated using historical data from stocks listed in the Stock Exchange of Thailand 50 (SET50) index. Through a comparative analysis of realized volatility and variance-based optimization across multiple portfolio sizes and return levels, we find that portfolios constructed using realized volatility consistently achieve higher Sharpe ratios, indicating superior risk-adjusted performance. We further introduce an efficiency metric based on the Euclidean distance between optimal portfolio weight vectors to evaluate the stability of allocations under extended investment horizons. The findings underscore the practical advantages of realized volatility in portfolio construction, offering enhanced responsiveness to market dynamics and improved performance outcomes. The novelty of this study lies in integrating realized volatility into a constrained portfolio optimization model and empirically demonstrating its superiority, thereby extending traditional mean-variance methods in both scope and effectiveness. Full article

I show that house prices can be modeled using machine learning (kNN and tree-bagging) and a small dataset composed of macroeconomic factors (MEF), including an inflation metric (CPI), US Treasury rates (10-yr), Gross Domestic Product (GDP), and portfolio size of central banks (ECB, FED). This set of parameters covers all the parties involved in a transaction (buyer, seller, and financing facility) while ignoring the intrinsic properties of each asset and encompassing local (inflation) and liquidity issues that may impede each transaction composing a market. The model here takes the point of view of a real estate trader who is interested in both the financing and the price of the transaction. Machine learning allows for the discrimination of two periods within the dataset. First, and up to 2015, I show that, although the US Treasury rates level is the most critical parameter to explain the change of house-price indices, other macroeconomic factors (e.g., consumer price indices) are essential to include in the modeling because they highlight the degree of openness of an economy and the contribution of the economic context to price changes. Second, and for the period from 2015 to today, I show that, to explain the most recent price evolution, it is necessary to include the datasets of the European Central Bank programs, which were designed to support the economy since the beginning of the 2010s. Indeed, unconventional policies of central banks may have allowed some institutional investors to arbitrage between real estate returns and other bond markets (sovereign and corporate). Finally, to assess the models’ relative performances, I performed various sensitivity tests, which tend to constrain the possibilities of each approach for each need. I also show that some models can predict the evolution of prices over the next 4 quarters with uncertainties that outperform existing index uncertainties. Full article

Small to medium-sized shipyards play a crucial role in the European naval industry. However, the globalization of technology has increased competition, posing significant challenges to shipyards, particularly in domestic markets for short sea, work, and inland vessels. Many shipyard operations still rely on manual, labor-intensive tasks performed by highly skilled operators. In response, the adoption of new tools is essential to enhance efficiency and competitiveness. This paper presents a methodology for developing a human-centric portfolio of advanced technologies tailored for shipyard environments, covering processes such as shipbuilding, retrofitting, outfitting, and maintenance. The proposed technological solutions, which have achieved high technology readiness levels, include 3D modeling and digitalization, robotics, augmented and virtual reality, and occupational exoskeletons. Key findings from real-scale demonstrations are discussed, along with major development and implementation challenges. Finally, best practices and recommendations are provided to support both technology developers seeking fully tested tools and end users aiming for seamless adoption. Full article

Aiming at the problem of the low collaborative efficiency of outsourced processing of wallboard parts of a coating machine under a network collaborative manufacturing mode, this paper proposes a wallboard manufacturing resource composition optimization method based on the Improved Polar Bear Optimization (IPBO) algorithm. The processing process of the wallboard is analyzed, and the process-level splitting of the wallboard manufacturing task is completed; the required manufacturing resource service portfolio is determined, and the resource evaluation indicator system for key performance indicators of wallboard manufacturing resources is established; non-cooperative game decision-making is used to construct a wallboard manufacturing resource composition optimization model from two aspects, namely, quality indicators and flexibility indicators; an adaptive vision and mutation strategy is introduced to carry out the Polar Bear Optimization (PBO) algorithm. Finally, the improved algorithm is used to solve the wallboard manufacturing resource composition optimization model. The experimental results show that the IPBO algorithm reduces the average convergence time by 6.51% and the optimal convergence time by 9.26% compared with the suboptimal Dung Beetle Optimization (DBO) algorithm, and 65%–72% of the test points of the IPBO algorithm are more in line with the preference criteria of the Pareto frontier. Meanwhile, it demonstrates both validity and superiority in solving the problem of expanding the size of wallboards for coating machines. Full article

The past years have seen semiconductors become increasingly important across various sectors, and technological advancements have driven this phenomenon. Nanometer-sized semiconductor chips are not only efficient in reducing power consumption but are also environmentally friendly. Our research analyzes the technological rivalry among leading global corporations in semiconductor production technology, specifically atomic layer deposition (ALD) technology, which is pivotal for nanoscale manufacturing. We conducted a comprehensive examination of 5460 ALD patents of 40 premier companies. The first part is a longitudinal study to perform a leadership change study upon six countries and three subindustries. The second part is a comparative study on companies, countries, and subindustries, respectively, to analyze ALD patent portfolios. This longitudinal study has revealed that fierce patent leadership changes have happened among the three leading countries and that leadership is shifting from chipmakers to equipment companies. The comparative study used five two-dimensional patent matrices for competence analysis to elucidate ALD patent competition among companies and extend the level of analysis for companies to countries and subindustries. The research results provide insights for managers and policymakers regarding the dynamics of the ALD patent race, the importance of high-impact patent competence, and the evolving competitive landscape between chipmakers and equipment companies. Full article

Market liberalization and the growth of renewable energy sources have enabled the rise of generation companies (GENCOs) managing diverse generation portfolios, creating a dynamic market environment that necessitates innovative energy management strategies to enhance operational efficiency and economic viability. Investing in the energy storage system (ESS), which, in addition to participating in the energy and ancillary services markets and in joint operations with other GENCO facilities, can mitigate the fluctuation level from renewables and increase profits. Besides the optimal operation and bidding strategy, determining the optimal size of the ESS aligned with the GENCO’s requirements is significant for its market success. The purpose of the ESS impacts both the sizing criteria and the sizing techniques. The proposed sizing method of ESS for a GENCO daily operation mode is based on the developed optimization operation model of GENCO with utility-scale energy storage and a cost-benefit analysis. A GENCO operates in a market-oriented power system with possible penalties for undelivered energy. The proposed method considers various stochastic phenomena; therefore, the optimization calculations analyze the GENCO operation over a long period to involve multiple potential combinations of uncertainties. Numerical results validate the competencies of the presented optimization model despite many unpredictable parameters. The results showed that both the battery storage system and the pumped storage hydropower plant yield a higher net income for a specific GENCO with a mixed portfolio, regardless of the penalty clause. Considering the investment costs, the optimal sizes for both types of ESS were obtained. Full article

Cities host over 50% of the world’s population and account for nearly 75% of the world’s energy consumption and 80% of the global greenhouse gas emissions. Consequently, ensuring a smart way to organize cities is paramount for the quality of life and efficiency of resource use, with emphasis on the use and management of energy, under the context of the energy trilemma, where the objectives of sustainability, security, and affordability need to be balanced. Electrification associated with the use of renewable energy generation is increasingly seen as the most efficient way to reduce the impact of energy use on GHG emissions and natural resource depletion. Electrification poses significant challenges to the development and management of the electrical infrastructure, requiring the deployment of Smart Grids, which emerge as a key development of Smart Cities. Our review targets the intersection between Smart Cities and Smart Grids. Several key components of a Smart City in the context of Smart Grids are reviewed, including elements such as metering, IoT, renewable energy sources and other distributed energy resources, grid monitoring, artificial intelligence, electric vehicles, or buildings. Case studies and pilots are reviewed, and metrics concerning existing deployments are identified. A portfolio of 16 solutions that may contribute to bringing Smart Grid solutions to the level of the city or urban settings is identified, as well as 11 gaps existing for effective and efficient deployment. We place these solutions in the context of the energy trilemma and of the Smart Grid Architecture Model. We posit that depending on the characteristics of the urban setting, including size, location, geography, a mix of economic activities, or topology, the most appropriate set of solutions can be identified, and an indicative roadmap can be built. Full article

Background/Objectives: Evidence suggests that food insecurity (FI) is a risk factor for eating disorder (ED) symptoms, especially binge eating (BE), yet research focusing on the psychosocial effects among midlife/older women is lacking. Midlife/older women living with FI experience intersectional disadvantage, thus highlighting the need for an independent investigation of the cultural and contextual factors of this population. The current study examined the difference in psychological health and quality of life (QOL) among women living with BE and FI (BE + FI) versus FI without BE. Method: Female clients of a food bank, aged 50+ (N = 295; M age = 62.1 years, SD = 8.2) living with FI completed measures of BE and psychosocial comorbidities. The measures were provided in English and Spanish. Results: A multivariate analysis of covariance compared women living with BE and FI (BE + FI) versus FI without BE on outcomes related to mental health and wellbeing. Covarying for age, FI severity, and ethnicity, the results indicated that women living with BE + FI reported worsened anxiety, depression, ED-related psychosocial impairment, internalized weight stigma, and QOL versus women living with FI without BE (all ps < 0.001). Effect sizes ranged from small to medium to large. Conclusions: Midlife/older women living with BE + FI report poorer psychological health and QOL than those living with FI without BE, demonstrating a critical need for mental healthcare in this population. Innovative solutions—and likely a portfolio of interventional approaches with various entry points and delivery modalities—are warranted, if we are to make significant strides in addressing ED symptoms in this population. Full article