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Search Results (379)

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Keywords = revealed risk preferences

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19 pages, 790 KiB  
Article
How Does the Power Generation Mix Affect the Market Value of US Energy Companies?
by Silvia Bressan
J. Risk Financial Manag. 2025, 18(8), 437; https://doi.org/10.3390/jrfm18080437 (registering DOI) - 6 Aug 2025
Abstract
To remain competitive in the decarbonization process of the economy worldwide, energy companies must preserve their market value to attract new investors and remain resilient throughout the transition to net zero. This article examines the market value of US energy companies during the [...] Read more.
To remain competitive in the decarbonization process of the economy worldwide, energy companies must preserve their market value to attract new investors and remain resilient throughout the transition to net zero. This article examines the market value of US energy companies during the period 2012–2024 in relation to their power generation mix. Panel regression analyses reveal that Tobin’s q and price-to-book ratios increase significantly for solar and wind power, while they experience moderate increases for natural gas power. In contrast, Tobin’s q and price-to-book ratios decline for nuclear and coal power. Furthermore, accounting-based profitability, measured by the return on assets (ROA), does not show significant variation with any type of power generation. The findings suggest that market investors prefer solar, wind, and natural gas power generation, thereby attributing greater value (that is, demanding lower risk compensation) to green companies compared to traditional ones. These insights provide guidance to executives, investors, and policy makers on how the power generation mix can influence strategic decisions in the energy sector. Full article
(This article belongs to the Special Issue Linkage Between Energy and Financial Markets)
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26 pages, 1697 KiB  
Review
Integrating Climate Risk in Cultural Heritage: A Critical Review of Assessment Frameworks
by Julius John Dimabayao, Javier L. Lara, Laro González Canoura and Steinar Solheim
Heritage 2025, 8(8), 312; https://doi.org/10.3390/heritage8080312 - 4 Aug 2025
Abstract
Climate change poses an escalating threat to cultural heritage (CH), driven by intensifying climate-related hazards and systemic vulnerabilities. In response, risk assessment frameworks and methodologies (RAFMs) have emerged to evaluate and guide adaptation strategies for safeguarding heritage assets. This study conducts a state-of-the-art [...] Read more.
Climate change poses an escalating threat to cultural heritage (CH), driven by intensifying climate-related hazards and systemic vulnerabilities. In response, risk assessment frameworks and methodologies (RAFMs) have emerged to evaluate and guide adaptation strategies for safeguarding heritage assets. This study conducts a state-of-the-art (SotA) review of 86 unique RAFMs using a Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA)-guided systematic approach to assess their scope, methodological rigor, alignment with global climate and disaster risk reduction (DRR) frameworks, and consistency in conceptual definitions of hazard, exposure, and vulnerability. Results reveal a growing integration of Intergovernmental Panel on Climate Change (IPCC)-based climate projections and alignment with international policy instruments such as the Sendai Framework and United Nations Sustainable Development Goals (UN SDGs). However, notable gaps persist, including definitional inconsistencies, particularly in the misapplication of vulnerability concepts; fragmented and case-specific methodologies that challenge comparability; and limited integration of intangible heritage. Best practices include participatory stakeholder engagement, scenario-based modeling, and incorporation of multi-scale risk typologies. This review advocates for more standardized, interdisciplinary, and policy-aligned frameworks that enable scalable, culturally sensitive, and action-oriented risk assessments, ultimately strengthening the resilience of cultural heritage in a changing climate. Full article
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24 pages, 3559 KiB  
Article
Advancing Online Road Safety Education: A Gamified Approach for Secondary School Students in Belgium
by Imran Nawaz, Ariane Cuenen, Geert Wets, Roeland Paul and Davy Janssens
Appl. Sci. 2025, 15(15), 8557; https://doi.org/10.3390/app15158557 (registering DOI) - 1 Aug 2025
Viewed by 194
Abstract
Road traffic accidents are a leading cause of injury and death among adolescents, making road safety education crucial. This study assesses the performance of and users’ opinions on the Route 2 School (R2S) traffic safety education program, designed for secondary school students (13–17 [...] Read more.
Road traffic accidents are a leading cause of injury and death among adolescents, making road safety education crucial. This study assesses the performance of and users’ opinions on the Route 2 School (R2S) traffic safety education program, designed for secondary school students (13–17 years) in Belgium. The program incorporates gamified e-learning modules containing, among others, podcasts, interactive 360° visuals, and virtual reality (VR), to enhance traffic knowledge, situation awareness, risk detection, and risk management. This study was conducted across several cities and municipalities within Belgium. More than 600 students from school years 3 to 6 completed the platform and of these more than 200 students filled in a comprehensive questionnaire providing detailed feedback on platform usability, preferences, and behavioral risk assessments. The results revealed shortcomings in traffic knowledge and skills, particularly among older students. Gender-based analysis indicated no significant performance differences overall, though females performed better in risk management and males in risk detection. Furthermore, students from cities outperformed those from municipalities. Feedback on the R2S platform indicated high usability and engagement, with VR-based simulations receiving the most positive reception. In addition, it was highlighted that secondary school students are high-risk groups for distraction and red-light violations as cyclists and pedestrians. This study demonstrates the importance of gamified, technology-enhanced road safety education while underscoring the need for module-specific improvements and regional customization. The findings support the broader application of e-learning methodologies for sustainable, behavior-oriented traffic safety education targeting adolescents. Full article
(This article belongs to the Special Issue Technology Enhanced and Mobile Learning: Innovations and Applications)
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17 pages, 266 KiB  
Article
“More than Hunger”: Experiences of Food Insecurity Among South Asian International Graduate Students at a U.S. University
by Lisa Henry, Doug Henry and Eva Perez Zepeda
Nutrients 2025, 17(15), 2508; https://doi.org/10.3390/nu17152508 - 30 Jul 2025
Viewed by 264
Abstract
Background/Objectives: International students pursuing higher education in the United States face unique challenges that increase their risk of food insecurity, including limited financial resources, employment restrictions, and cultural barriers. While food insecurity among domestic students has been widely studied, limited research focuses on [...] Read more.
Background/Objectives: International students pursuing higher education in the United States face unique challenges that increase their risk of food insecurity, including limited financial resources, employment restrictions, and cultural barriers. While food insecurity among domestic students has been widely studied, limited research focuses on the lived experiences of international graduate students. This study explores the challenges, perceptions, and coping strategies related to food insecurity among international graduate students at a large public university in North Texas. Methods: This qualitative, ethnographic study involved 20 semi-structured interviews with international graduate students who were clients of the university’s food pantry. Participants were recruited using purposive convenience sampling. Interviews focused on students’ experiences with food access, financial constraints, campus resources, and cultural food preferences. Data were analyzed using thematic coding in MAXQDA. Two standardized food insecurity measures—the USDA and FAO scales—were also administered and analyzed using SPSS. Results: Findings revealed that 85% of participants experienced limited access to nutritious and culturally appropriate foods, with 70% reporting hunger due to financial constraints. Themes included lack of cooking skills, limited campus food options, difficulty accessing familiar groceries, and limited job opportunities. Students expressed that food insecurity significantly impacted their physical health, mental well-being, and social lives, though many continued to prioritize academics over personal nourishment. Conclusions: Food insecurity among international graduate students is multifaceted, shaped by financial, cultural, and institutional barriers. Addressing this issue requires culturally sensitive interventions, improved access to diverse food options, tailored student support services, and institutional efforts to better understand and meet the needs of international students. Full article
31 pages, 4963 KiB  
Article
Individual Action or Collaborative Scientific Research Institutions? Agricultural Support from Enterprises from the Perspective of Subsidies
by Ziyi Zhang, Yantong Zhong, Guitao Zhang, Tianyu Zhai, Zongru Li and Shuaicheng Lin
Sustainability 2025, 17(15), 6873; https://doi.org/10.3390/su17156873 - 29 Jul 2025
Viewed by 201
Abstract
Under China’s “Rural Revitalisation” strategy, contract farming faces challenges including farmers’ limited access to advanced technologies and high operational risks for agricultural support enterprises. The collaborative involvement of scientific research institutions offers potential solutions but remains underexplored. This study employs Stackelberg game theory [...] Read more.
Under China’s “Rural Revitalisation” strategy, contract farming faces challenges including farmers’ limited access to advanced technologies and high operational risks for agricultural support enterprises. The collaborative involvement of scientific research institutions offers potential solutions but remains underexplored. This study employs Stackelberg game theory to model a contract farming supply chain under two agricultural assistance modes: enterprise-led (EL) and collaborative assistance with scientific research institutions (CI). We further propose two government subsidy mechanisms: subsidies to enterprises and subsidies to scientific research institutions. The models analyze optimal decisions, supply chain performance, and subsidy efficiency, validated through numerical experiments. Key findings reveal the following: (1) The CI mode enhances agricultural output and farmer revenue but may reduce enterprise profits, deterring collaboration. (2) Government subsidies incentivize enterprise–institution collaboration. Subsidizing scientific research institutions typically improves agricultural productivity and economic benefits more effectively than subsidizing enterprises. (3) Synergistic effects exist among the government subsidy coefficient, cost coefficient of technical assistance, consumer preferences for agricultural quality, and profit-sharing ratio. The latter three parameters significantly influence subsidy model selection. This research provides policy insights for enhancing agricultural assistance efficiency and sustainable contract farming development. Full article
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16 pages, 13113 KiB  
Article
Ambient Particulate Matter Exposure Impairs Gut Barrier Integrity and Disrupts Goblet Cell Function
by Wanhao Gao, Wang Lin, Miao Tian, Shilang Fan, Sabrina Edwards, Joanne Tran, Yuanjing Li and Xiaoquan Rao
Biomedicines 2025, 13(8), 1825; https://doi.org/10.3390/biomedicines13081825 - 25 Jul 2025
Viewed by 329
Abstract
Background: As a well-known environmental hazard, ambient fine particulate matter (PM2.5, aerodynamic diameter ≤ 2.5 µm) has been positively correlated with an increased risk of digestive system diseases, including appendicitis, inflammatory bowel disease, and gastrointestinal cancer. Additionally, PM2.5 exposure [...] Read more.
Background: As a well-known environmental hazard, ambient fine particulate matter (PM2.5, aerodynamic diameter ≤ 2.5 µm) has been positively correlated with an increased risk of digestive system diseases, including appendicitis, inflammatory bowel disease, and gastrointestinal cancer. Additionally, PM2.5 exposure has been shown to alter microbiota composition and diversity in human and animal models. However, its impact on goblet cells and gut mucus barrier integrity remains unclear. Methods: To address this, 8-week-old male and female interleukin-10 knockout (IL10−/−) mice, serving as a spontaneous colitis model, were exposed to concentrated ambient PM2.5 or filtered air (FA) in a whole-body exposure system for 17 weeks. Colon tissues from the PM2.5-exposed mice and LS174T goblet cells were analyzed using H&E staining, transmission electron microscopy (TEM), and transcriptomic profiling. Results: The average PM2.5 concentration in the exposure chamber was 100.20 ± 13.79 µg/m3. PM2.5 exposure in the IL10−/− mice led to pronounced colon shortening, increased inflammatory infiltration, ragged villi brush borders, dense goblet cells with sparse enterocytes, and lipid droplet accumulation in mitochondria. Similar ultrastructure changes were exhibited in the LS174T goblet cells after PM2.5 exposure. Transcriptomic analysis revealed a predominantly upregulated gene expression spectrum, indicating an overall enhancement rather than suppression of metabolic activity after PM2.5 exposure. Integrated enrichment analyses, including GO, KEGG, and GSEA, showed enrichment in pathways related to oxidative stress, xenobiotic (exogenous compound) metabolism, and energy metabolism. METAFlux, a metabolic activity analysis, further substantiated that PM2.5 exposure induces a shift in cellular energy metabolism preference and disrupts redox homeostasis. Conclusions: The findings of exacerbated gut barrier impairment and goblet cell dysfunction following PM2.5 exposure provide new evidence of environmental factors contributing to colitis, highlighting new perspectives on its role in the pathogenesis of colitis. Full article
(This article belongs to the Section Molecular and Translational Medicine)
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20 pages, 1153 KiB  
Article
Economic Attitudes and Financial Decisions Among Welfare Recipients: Considerations for Workforce Policy
by Jorge N. Zumaeta
J. Risk Financial Manag. 2025, 18(8), 407; https://doi.org/10.3390/jrfm18080407 - 22 Jul 2025
Viewed by 247
Abstract
This study investigates economic decision-making behaviors among welfare recipients in Miami, Florida, by leveraging well-established experimental protocols: the Guessing Game, the Prudence Measurement Task, the Risk Aversion Task, and the Stag Hunt Game. For this purpose, our study defines financial decisions as the [...] Read more.
This study investigates economic decision-making behaviors among welfare recipients in Miami, Florida, by leveraging well-established experimental protocols: the Guessing Game, the Prudence Measurement Task, the Risk Aversion Task, and the Stag Hunt Game. For this purpose, our study defines financial decisions as the underlying individual preferences that serve as validated proxies for savings behavior, debt management, job-search intensity, and participation in cooperative finance. A central objective is to compare the behavior of welfare recipients to that of undergraduate students, a cohort typically used in experimental economics research. The analysis reveals significant differences between the two groups in strategic thinking and coordination, particularly across ethnic and gender lines. Non-Hispanic/Latino participants in Miami displayed significantly higher average guesses in the Guessing Game compared to their counterparts in Tucson, indicating potential discrepancies in the depth of strategic reasoning. Additionally, female participants in Tucson exhibited higher levels of coordination in the Stag Hunt Game compared to females in Miami, suggesting variance in cooperative behavior between these groups. Despite these findings, regression models demonstrate that location, gender, and ethnicity collectively account for only a small fraction of the observed variance, as evidenced by low R2 values and substantial mean squared errors across all games. These results suggest that individual heterogeneity, rather than broad demographic variables, may be more influential in shaping economic decisions. This study underscores the complexity of generalizing findings from traditional student samples to more diverse populations, highlighting the need for further investigation into the socioeconomic factors that drive financial decision-making. Full article
(This article belongs to the Special Issue Behavioral Influences on Financial Decisions)
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20 pages, 7636 KiB  
Article
Assessing Older Adults’ Walkability in the Surroundings of Primary Care Centers: A Three-Case Study from Barcelona
by Enrico Porfido, Cynthia Pérez, Pablo Martínez, Beatriz Puértolas-Gracia, Aida Ribera and Laura Mónica Pérez
Sustainability 2025, 17(15), 6658; https://doi.org/10.3390/su17156658 - 22 Jul 2025
Viewed by 333
Abstract
This study aims to explore the walkability of three small areas (basic healthcare areas) of Barcelona city (Catalonia, Spain) for frail older adults. A mixed methods study design was conducted with 132 frail older adults in three primary care centers of Barcelona: Larrard, [...] Read more.
This study aims to explore the walkability of three small areas (basic healthcare areas) of Barcelona city (Catalonia, Spain) for frail older adults. A mixed methods study design was conducted with 132 frail older adults in three primary care centers of Barcelona: Larrard, Barceloneta, and Vila Olímpica. A literature review was conducted to identify urban design indicators related to walkability and the aging population. These were then reflected in the surveys administered to the program participants, capturing information on their preferred routes, usual destinations, and walkability perceptions. Findings reveal significant mobility challenges for older adults, particularly the ones related to safety issues, the adequacy of sidewalk widths, greenery and urban furniture maintenance, and the presence/absence of commercial activities. This research underscores the importance of age-sensitive urban design in healthcare environments and provides a framework for enhancing walkability and accessibility for populations at greater risk of mobility-related health problems, such as frail older adults. Full article
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16 pages, 1624 KiB  
Article
Neurobehavioral and Oxidative Stress Effects of SiO2 Nanoparticles in Zebrafish and the Protective Role of N-Acetylcysteine
by Viorica Rarinca, Irina-Luciana Gurzu, Mircea Nicusor Nicoara, Alin Ciobica, Malina Visternicu, Catalina Ionescu, Ioana Miruna Balmus, Gabriel-Ionut Plavan, Elena Todirascu-Ciornea and Bogdan Gurzu
Biomedicines 2025, 13(7), 1762; https://doi.org/10.3390/biomedicines13071762 - 18 Jul 2025
Viewed by 435
Abstract
Background/Objectives: Silicon dioxide nanoparticles (SiO2NPs) do not exist in isolation in the environment but can interact with other substances, thus influencing their toxic effects on aquatic organisms. We assessed the combined impact of SiO2NPs and N-acetylcysteine (NAC), an antioxidant [...] Read more.
Background/Objectives: Silicon dioxide nanoparticles (SiO2NPs) do not exist in isolation in the environment but can interact with other substances, thus influencing their toxic effects on aquatic organisms. We assessed the combined impact of SiO2NPs and N-acetylcysteine (NAC), an antioxidant with the potential to counteract nanoparticle-induced oxidative stress (OS). Methods: Behavioral assessments, including the social interaction test and color preference test, were performed to evaluate neurobehavioral changes. OS biomarkers, including malondialdehyde (MDA) levels for lipid peroxidation and the activity of key antioxidant enzymes such as glutathione peroxidase (GPx), catalase (CAT), and superoxide dismutase (SOD), were assessed to evaluate the extent of cellular damage. Results: The results indicate that prolonged exposure to SiO2NPs induces significant behavioral disruptions, including reduced exploratory behavior and increased anxiety-like responses. Furthermore, biochemical analysis revealed increased OS, suggesting nanoparticle-induced cellular toxicity. NAC co-treatment partially reversed these effects, particularly improving locomotor outcomes and antioxidant response, but was less effective on social behavior. Conclusions: These findings highlight the ecological and health risks posed by SiO2NPs and point toward the need for further toxicological studies on their long-term biological effects. Full article
(This article belongs to the Section Neurobiology and Clinical Neuroscience)
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31 pages, 1938 KiB  
Article
Evaluating Perceived Resilience of Urban Parks Through Perception–Behavior Feedback Mechanisms: A Hybrid Multi-Criteria Decision-Making Approach
by Zhuoyao Deng, Qingkun Du, Bijun Lei and Wei Bi
Buildings 2025, 15(14), 2488; https://doi.org/10.3390/buildings15142488 - 16 Jul 2025
Viewed by 458
Abstract
Amid the increasing complexity of urban risks, urban parks not only serve ecological and recreational functions but are increasingly becoming a critical spatial foundation supporting public psychological resilience and social recovery. This study aims to systematically evaluate the daily adaptability of urban parks [...] Read more.
Amid the increasing complexity of urban risks, urban parks not only serve ecological and recreational functions but are increasingly becoming a critical spatial foundation supporting public psychological resilience and social recovery. This study aims to systematically evaluate the daily adaptability of urban parks in the context of micro-risks. The research integrates the theories of “restorative environments,” environmental safety perception, urban resilience, and social ecology to construct a five-dimensional framework for perceived resilience, encompassing resilience, safety, sociability, controllability, and adaptability. Additionally, a dynamic feedback mechanism of perception–behavior–reperception is introduced. Methodologically, the study utilizes the Fuzzy Delphi Method (FDM) to identify 17 core indicators, constructs a causal structure and weighting system using DEMATEL-based ANP (DANP), and further employs the VIKOR model to simulate public preferences in a multi-criteria decision-making process. Taking three representative urban parks in Guangzhou as empirical case studies, the research identifies resilience and adaptability as key driving dimensions of the system. Factors such as environmental psychological resilience, functional diversity, and visual permeability show a significant path influence and priority intervention value. The empirical results further reveal significant spatial heterogeneity and group differences in the perceived resilience across ecological, neighborhood, and central park types, highlighting the importance of context-specific and user-adaptive strategies. The study finally proposes four optimization pathways, emphasizing the role of feedback mechanisms in enhancing urban park resilience and shaping “cognitive-friendly” spaces, providing a systematic modeling foundation and strategic reference for perception-driven urban public space optimization. Full article
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12 pages, 1646 KiB  
Systematic Review
Quantitative Flow Ratio-Guided vs. Angiography-Guided Percutaneous Coronary Intervention: A Systematic Review and Meta-Analysis of One-Year Clinical Outcomes
by Viet Nghi Tran, Amreen Dhindsa, Kuchalambal Agadi, Hoang Nhat Pham, Hong Hieu Truong, Chau Doan Nguyen, Hanad Bashir, Huan Dat Pham, Thanh Vien Truong, Phillip Tran and Thach Nguyen
J. Clin. Med. 2025, 14(14), 5015; https://doi.org/10.3390/jcm14145015 - 15 Jul 2025
Viewed by 332
Abstract
Background: Quantitative Flow Ratio (QFR) is a novel, wire-free, and hyperemia-free physiological assessment for guiding Percutaneous Coronary Intervention (PCI), which may offer advantages over traditional angiography-guided PCI. This systematic review with meta-analysis compares clinical outcomes after one year in patients who underwent QFR-guided [...] Read more.
Background: Quantitative Flow Ratio (QFR) is a novel, wire-free, and hyperemia-free physiological assessment for guiding Percutaneous Coronary Intervention (PCI), which may offer advantages over traditional angiography-guided PCI. This systematic review with meta-analysis compares clinical outcomes after one year in patients who underwent QFR-guided versus angiography-guided PCI. Methods: This study was conducted following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines and was registered on 4 November 2024 in PROSPERO (ID: CRD42024609799). A systematic search was performed across multiple databases to identify clinical trials comparing QFR-guided and angiography-guided PCI. Random-effects models were used to assess one-year outcomes of major adverse cardiovascular events (MACEs), revascularization, and rehospitalization, with heterogeneity measured using I2, H2, and Cochran’s Q statistics. Study quality was evaluated using the Cochrane Risk of Bias 2 (RoB 2) tool. Results: Compared to traditional angiography-guided PCI, QFR-guided PCI was associated with numerically lower but statistically non-significant risks of MACEs (risk difference: −0.08, 95% CI: −0.20 to 0.04), revascularization (risk difference: −0.02, 95% CI: −0.08 to 0.03), and rehospitalization (risk difference: −0.02, 95% CI: −0.08 to 0.04) over one year. Substantial heterogeneity was observed for MACEs (I2 = 84.95%, H2 = 6.64) and revascularization (I2 = 94.18%, H2 = 17.18), whereas rehospitalization exhibited low heterogeneity (I2 = 17.17%, H2 = 1.21). The risk of bias was assessed by the RoB 2 tool, which revealed low to some concern risk of bias across key domains. Conclusions: Quantitative Flow Ratio (QFR) has demonstrated comparable one-year clinical outcomes to traditional angiography for PCI guidance, with a trend toward improved results. However, the high heterogeneity among studies and the risk of bias necessitate the need for larger, high-quality trials to validate these findings. Full article
(This article belongs to the Special Issue Interventional Cardiology—Challenges and Solutions)
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15 pages, 280 KiB  
Article
From Risk Preferences to Portfolios: Comparing SCF Risk Scales and Their Predictive Power for Asset Ownership
by Shane Heddy, Congrong Ouyang and Yu Zhang
J. Risk Financial Manag. 2025, 18(7), 387; https://doi.org/10.3390/jrfm18070387 - 12 Jul 2025
Viewed by 371
Abstract
This study compares two risk tolerance scales used in the Survey of Consumer Finances (SCF), namely the long-standing 4-point scale and the newer 11-point scale, to determine which better captures an individual’s investment risk preferences. The analysis includes exploring how each scale relates [...] Read more.
This study compares two risk tolerance scales used in the Survey of Consumer Finances (SCF), namely the long-standing 4-point scale and the newer 11-point scale, to determine which better captures an individual’s investment risk preferences. The analysis includes exploring how each scale relates to household demographics, socioeconomic factors, and ownership of risky versus conservative investments. By utilizing prospect theory, the findings reveal that while both scales effectively measure risk tolerance, the 11-point scale provides a more detailed understanding of differences in asset ownership across risk levels. For financial professionals, these results highlight the value of using a more granular risk assessment tool to better align investment strategies with client preferences, leading to improved client relationships and outcomes. Full article
(This article belongs to the Section Risk)
26 pages, 2939 KiB  
Article
Research on Investment Decisions and the Coordination of Emission Reduction in the Logistics Service Supply Chain Considering Technical Innovation Output Uncertainty
by Guangsheng Zhang and Zhaomin Zhang
Systems 2025, 13(7), 572; https://doi.org/10.3390/systems13070572 - 11 Jul 2025
Viewed by 203
Abstract
In the face of economic, social, and environmental pressures, the issue of sustainable development has garnered widespread attention in the Logistics Service Supply Chain (LSSC) with risk attitudes under Technical Output Uncertainty. In this regard, this paper first constructs an optimal emission reduction [...] Read more.
In the face of economic, social, and environmental pressures, the issue of sustainable development has garnered widespread attention in the Logistics Service Supply Chain (LSSC) with risk attitudes under Technical Output Uncertainty. In this regard, this paper first constructs an optimal emission reduction investment game model for an LSSC composed of Logistics Service Integrators (LSIs) and Logistics Service Providers (LSPs) against the backdrop of Technical Output Uncertainty. To this end, it quantifies the participants’ risk attitudes using a mean-variance model to analyze optimal emission reduction investment decisions for centralized and decentralized LSSC under different levels of risk tolerance. Subsequently, it designs a joint contract with altruistic preferences for sharing emission reduction costs in the LSSC. This contract analyzes the parameter constraints for achieving Pareto optimization within the supply chain. Finally, the study employs a case simulation to analyze the changes in expected revenues for centralized LSSC and joint contracts under different risk tolerance levels. The study reveals that (1) in a centralized LSSC, under risk-neutral attitudes, there exists a unique optimal emission reduction investment, which yields the highest expected return from emission reduction. However, under risk-averse attitudes, the expected return is always lower than the optimal expected return under risk neutrality. (2) In a decentralized LSSC, the emission reduction investment decisions of the Logistics Service Providers are similar to those in a centralized LSSC. (3) Under risk-neutral attitudes, the cost-sharing and altruistic preference-based joint contract can also coordinate the risk-averse LSSC under certain constraints, and by adjusting the cost-sharing and altruistic preference parameters, the expected returns can be reasonably allocated. Full article
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14 pages, 296 KiB  
Article
Determinants of Capital Structure: Does Growth Opportunity Matter?
by Ndonwabile Zimasa Mabandla and Godfrey Marozva
J. Risk Financial Manag. 2025, 18(7), 385; https://doi.org/10.3390/jrfm18070385 - 11 Jul 2025
Viewed by 413
Abstract
This study explores the impact of growth opportunities on the capital structure of South African banks, utilising panel data from registered banking institutions covering the period from 2014 to 2023. While a substantial body of literature examines the relationship between growth prospects and [...] Read more.
This study explores the impact of growth opportunities on the capital structure of South African banks, utilising panel data from registered banking institutions covering the period from 2014 to 2023. While a substantial body of literature examines the relationship between growth prospects and corporate leverage, limited attention has been paid to this interaction within the banking sector, particularly in emerging economies. By employing the dynamic panel Generalised Method of Moments (GMM) estimator to address endogeneity concerns, the analysis reveals a statistically significant positive relationship between growth opportunities and both the total debt ratio (TDR) and the long-term debt ratio (LTDR). In contrast, a significant negative association is found between growth opportunities and the short-term debt ratio (STDR). The findings suggest that banks with stronger growth prospects are more inclined to utilise long-term financing, possibly reflecting shareholder preferences for institutions with favourable future outlooks and lower refinancing risks. These results highlight the importance of aligning capital structure decisions with an institution’s growth trajectory, while indicating that this relationship shifts depending on the maturity of the debt considered. This study contributes to the existing literature by contextualising capital structure decisions within the framework of growth opportunities. Structure theory within the context of the banking sector in a developing market offers practical insights for strategic financial planning and regulatory policy. Full article
(This article belongs to the Section Financial Markets)
16 pages, 1128 KiB  
Systematic Review
The Influence of Diabetes on Orthodontic Treatment: A Systematic Review of the Clinical Considerations and Challenges in Response
by Paula García-Rios, Francisco Javier Rodríguez-Lozano, Julia Guerrero-Gironés, Miguel R. Pecci-Lloret, Ricardo E. Oñate-Sánchez and Nuria Pérez-Guzmán
J. Clin. Med. 2025, 14(14), 4879; https://doi.org/10.3390/jcm14144879 - 9 Jul 2025
Viewed by 411
Abstract
Background/Objectives: Diabetes mellitus is defined as a group of metabolic diseases characterized by chronically elevated blood glucose levels. This condition influences the course of orthodontic treatment, as it affects various clinical aspects of the patient that must be taken into consideration prior to [...] Read more.
Background/Objectives: Diabetes mellitus is defined as a group of metabolic diseases characterized by chronically elevated blood glucose levels. This condition influences the course of orthodontic treatment, as it affects various clinical aspects of the patient that must be taken into consideration prior to initiation. Therefore, achieving adequate control and management of diabetic patients undergoing orthodontic therapy is essential. This article presents a qualitative synthesis of studies addressing how diabetes affects orthodontic treatments, emphasizing the importance of understanding the necessary considerations prior to initiating treatment and how to manage potential complications. Methods: This systematic review was conducted in accordance with the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) guidelines. A database search was performed on 5 May 2025, in PubMed, Scopus, Scielo, and The Cochrane Library, using terms related to “diabetes mellitus” and “orthodontic treatments”. Studies meeting the search criteria were included, particularly those that were published in the past ten years and reported on the influence of diabetes on orthodontic treatment. The quality of the case–control studies was assessed using the Newcastle–Ottawa Scale (NOS); for cross-sectional studies, the Joanna Briggs Institute (JBI) critical appraisal checklist was used; and for experimental studies, the SYRCLE’s Risk of Bias Tool was applied. Results: Fourteen studies ultimately met the inclusion criteria. The evidence showed that diabetes increases gingival bleeding due to elevated levels of advanced glycation end-products (AGEs) and pro-inflammatory cytokines; reduces the efficiency of tooth movement; increases root resorption and affects bone remodeling; and compromises both periodontal and pulpal responses, thereby hindering tissue regeneration. It was also observed that the use of insulin or antidiabetic agents such as metformin may partially mitigate these adverse effects. Conclusions: This systematic review reveals a clear relationship between diabetes and various clinical aspects that influence the progression of orthodontic treatments. Nonetheless, further studies are needed to better understand the impact of this systemic condition on dental treatment outcomes. Full article
(This article belongs to the Special Issue Orthodontics: State of the Art and Prospects)
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