Search Results (562)

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

This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years were analyzed using the bibliometric package. The results indicate an increase in the volume of publications following the 2008 financial crisis, focusing on analyzing the factors influencing bank profitability and economic growth. The Journal of Banking and Finance is the preeminent publication in this field. The literature reviewed shows that bank profitability depends on internal factors (size, credit risk, liquidity, efficiency, and management) and external factors (such as GDP, inflation, interest rates, and unemployment). In addition to the traditional determinants, the recent literature highlights the importance of innovation and technological factors such as digitalization, mobile banking, and electronic payments as relevant to bank profitability. ESG (environmental, social, and governance) and governance indicators, which are still emerging but have been extensively researched in companies, indicate a need for evidence in this area. This paper also provides relevant insights for the formulation of monetary policy and the strategic formulation of banks, helping managers and owners to improve bank performance. It also provides directions for future empirical studies and research collaborations in this field. Full article

Currently, most studies evaluating storm surges are conducted at the provincial level, and there is a lack of detailed research focusing on cities. This paper focuses on the urban scale, using some fine-scale data of coastal areas obtained through remote sensing images. This research is based on the Hazard–Exposure–Vulnerability (H-E-V) framework and PPRR (Prevention, Preparedness, Response, and Recovery) crisis management theory. It focuses on 52 Chinese coastal cities as the research subject. The evaluation system for the disaster response capabilities of Chinese coastal cities was constructed based on three aspects: the stability of the disaster-incubating environment (S), the risk of disaster-causing factors (R), and the vulnerability of disaster-bearing bodies (V). The significance of this study is that the storm surge capability of China’s coastal cities can be analyzed based on the results of the evaluation, and the evaluation model can be used to identify its deficiencies. In this paper, these storm surge disaster response capabilities of coastal cities were scored using the entropy weighted TOPSIS method and the weight rank sum ratio (WRSR), and the results were also analyzed. The results indicate that Wenzhou has the best comprehensive disaster response capability, while Yancheng has the worst. Moreover, Tianjin, Ningde, and Shenzhen performed well in the three aspects of vulnerability of disaster-bearing bodies, risk of disaster-causing factors, and stability of disaster-incubating environment separately. On the contrary, Dandong (tied with Qinzhou), Jiaxing, and Chaozhou performed poorly in the above three areas. Full article

Historical buildings are exposed to an increased risk of fire. The direct influence comes from the buildings’ structural design and the fire protection level. The fundamental principle for reducing the loss of heritage value in historical buildings due to fire is fire protection, as part of crisis management. This article focuses on selected castle buildings from Slovakia. Three castle buildings were selected based on their location in the country. All of them are currently used for museum purposes. Using an analytical form, we assessed fire hazards and fire safety measures in two parts, calculated the fire risk index, and proposed solutions. Qualitative research, which is more suitable for the issue at hand, was used to evaluate the selected objects. The main methods used in the research focused on visual assessment of the current condition of the objects and analysis of fire documentation and its comparison with currently valid legal regulations. Based on the results, we can conclude that Kežmarok Castle (part of the historical city center) has a small fire risk (fire risk index = 13 points). Trenčín Castle (situated on a rock above the city) and Stará Ľubovňa Castle (situated on a limestone hill outside the city, surrounded by forest) have an increased risk of fire (fire risk index = 50–63). Significant risk sources identified included surrounding forest areas, technical failures related to outdated electrical installations, open flames during cultural events, the concentration of highly flammable materials, and complex evacuation routes for both people and museum collections. Full article

Global financial markets have experienced significant volatility during crises, particularly COVID-19 and the Russia–Ukraine conflict, prompting questions about how regional markets respond to such shocks. Previous research highlights the influence of crises on stock market volatility, focusing on individual events or global markets, but less is known about the comparative dynamics within the Gulf Cooperation Council (GCC) markets. Our study investigated volatility and asymmetric behavior within GCC stock markets during both crises. Furthermore, the econometric model E-GARCH(1,1) was applied to the daily frequency data of financial stock market returns from 11 March 2020 to 31 July 2023. This study examined volatility fluctuation patterns and provides a comparative assessment of GCC stock markets’ behavior during crises. Our findings reveal varying degrees of market volatility across the region during the COVID-19 crisis, with Qatar and the UAE exhibiting the highest levels of volatility persistence. In contrast, the Russia–Ukraine conflict has had a distinct effect on GCC markets, with Oman exhibiting the highest volatility persistence and Kuwait having the lowest volatility persistence. This study provides significant insights for policymakers and investors in managing risk and enhancing market resilience during economic and geopolitical uncertainty. Full article

This study examines the long-term financial sustainability of commercial banks, emphasizing the crucial role of credit risk management. Given that the core function of credit creation inherently exposes banks to credit risk, this analysis evaluates how five key bank-specific risk variables, namely expected credit losses (ECL_BS), impairment gains or losses (ECL_IS), non-performing loans (NPLs), common equity tier 1 capital (CET1), and leverage (LEV) affect long-term financial sustainability. Applying a panel error correction model on data from listed South African banks spanning 2006 to 2023, the study reveals a stable long-term relationship, with approximately 74% of short-term deviations corrected over time, indicating convergence towards equilibrium. By taking into account the significance of major exogeneous shocks such as the 2009–2010 global financial crisis and the COVID-19 pandemic, as well as regulatory framework changes, the results reveal persistent relationships between credit risk factors and banks’ long-term financial sustainability in both short and long horizons. Notably, expected credit losses, and impairment gains and losses exert significant negative influence on long-term financial sustainability, while higher CET1 and NPLs exhibit positive effects. The study findings are framed within four complementary theoretical perspectives—the resource-based view, institutional theory, industrial organisation, and the dynamic capabilities framework—highlighting the multidimensional drivers of financial resilience. Thus, the study’s originality lies in its integrated approach to assessing credit risk, offering a holistic model for evaluating its influence on long-term financial sustainability. This integrated framework provides valuable, actionable insights for financial regulators, bank executives, policymakers, and banking practitioners committed to strengthening credit risk frameworks and aligning banking sector stability with broader sustainable development goals. Full article

The scientific measurement of corporate resilience is a prerequisite for identifying risk vulnerabilities, formulating targeted support policies, and enhancing the stability of the economic system. This paper utilizes data from 2054 listed companies on China’s A-share market from 2007 to 2023 to construct a corporate resilience evaluation system integrating three dimensions: risk resistance, adaptive adjustment, and recovery growth. Using a multi-level dynamic factor analysis, it depicts the multi-dimensional structure of resilience while introducing time series dynamic changes. This study found that corporate resilience has shown a steady upward trend overall, with phased fluctuations before and after major crisis events, which is highly consistent with macro- and microeconomic indicators. And fluctuations are primarily concentrated among low-resilience enterprises. The further analysis of low-resilience enterprises revealed the following: At the industrial level, compared with the primary industry, the secondary and tertiary industries have a higher proportion of low-resilience enterprises. At the regional level, the proportion of low-resilience enterprises in eastern and central regions decreased during shocks, while western regions showed a significant divergence, and northeastern regions consistently underperformed. This study offers empirical evidence and management insights for strengthening corporate resilience and enhancing the resilience of China’s economy. It also offers valuable insights for other countries in addressing external uncertainties and building economic resilience. Full article

This study examines the role of supervisory frameworks in shaping the risk management behavior of Greece’s four systemic banks during the period of 2015–2024. It explores how regulatory reforms under Capital Requirements Regulation II, Basel III, and European Central Bank oversight influenced capital adequacy, asset quality, and liquidity metrics. Employing a quantitative methodology, this study analyzes secondary data from Pillar III disclosures, annual financial reports, and supervisory statements. Key risk indicators (capital adequacy ratio, non-performing exposure ratio, liquidity coverage ratio, and risk-weighted assets) are evaluated in conjunction with regulatory interventions, such as International Financial Reporting Standards 9 transitional relief, the Hercules Asset Protection Scheme, and European Central Bank liquidity measures. The findings reveal that enhanced supervision contributed to improved resilience and regulatory compliance. International Financial Reporting Standards 9 transitional arrangements were pivotal in maintaining capital thresholds during stress periods. Supervisory flexibility and extraordinary European Central Bank support measures helped banks absorb shocks and improve risk governance. Differences across banks highlight the impact of institutional strategy on regulatory performance. This study offers a rare longitudinal assessment of supervisory influence on bank risk behavior in a high-volatility Eurozone context. Covering an entire decade (2015–2024), it uniquely links institutional strategies with evolving regulatory frameworks, including crisis-specific interventions such as International Financial Reporting Standards 9 relief and asset protection schemes. The results provide insights for policymakers and regulators on how targeted supervisory interventions and transitional mechanisms can enhance banking sector resilience during protracted crises. Full article

The modern workplace grapples with a human energy crisis, characterized by chronic exhaustion, disengagement, and emotional depletion among employees. Traditional well-being initiatives often fail to address this systemic challenge, particularly in industrial contexts. This study introduces the Human Energy Management System (HEMS), a strategic framework to develop, implement, and refine strategies for optimizing workforce energy. Grounded in Industry 5.0’s human-centric, resilient, and sustainable principles, HEMS integrates enterprise risk management (ERM), design thinking, and the Plan-Do-Check-Act (PDCA) cycle. Employing a qualitative Design Science Research (DSR) methodology, the study reframes human energy depletion as an organizational risk, providing a proactive, empathetic, and iterative approach to mitigate workplace stressors. The HEMS framework is developed and evaluated through theoretical modeling, literature benchmarking, and secondary case studies, rather than empirical testing, aligning with DSR’s focus on conceptual validation. Findings suggest HEMS offers a robust tool to operationalize human energy reinforcement strategies in industrial settings. Consistent with the European Union’s vision for human-centric industrial transformation, HEMS enables organizations to foster a resilient, engaged, and thriving workforce in both stable and challenging times. Full article

The management of public health projects in a BANI (brittle, anxious, non-linear, incomprehensible) environment, exemplified by the ongoing war in Ukraine, presents unprecedented challenges due to fragile systems, heightened uncertainty, and complex socio-political dynamics. This study proposes an AI-driven framework to enhance the resilience and effectiveness of public health interventions under such conditions. By integrating a coupled SEIR–Infodemic–Panicdemic Model with war-specific factors, we simulate the interplay of infectious disease spread, misinformation dissemination, and panic dynamics over 1500 days in a Ukrainian city (Kharkiv). The model incorporates time-varying parameters to account for population displacement, healthcare disruptions, and periodic war events, reflecting the evolving conflict context. Sensitivity and risk–opportunity analyses reveal that disease transmission, misinformation, and infrastructure damage significantly exacerbate epidemic peaks, while AI-enabled interventions, such as fact-checking, mental health support, and infrastructure recovery, offer substantial mitigation potential. Qualitative assessments identify technical, organisational, ethical, regulatory, and military risks, alongside opportunities for predictive analytics, automation, and equitable healthcare access. Quantitative simulations demonstrate that risks, like increased displacement, can amplify infectious peaks by up to 28.3%, whereas opportunities, like enhanced fact-checking, can reduce misinformation by 18.2%. These findings provide a roadmap for leveraging AI to navigate BANI environments, offering actionable insights for public health practitioners in Ukraine and other crisis settings. The study underscores AI’s transformative role in fostering adaptive, data-driven strategies to achieve sustainable health outcomes amidst volatility and uncertainty. Full article

Suzetrigine represents a groundbreaking advancement in acute pain management as the first FDA-approved selective Na_v1.8 inhibitor. This comprehensive review synthesizes data from clinical trials, pharmacological studies, and prescribing information to evaluate its mechanism, efficacy, safety, and clinical implications. With demonstrated superiority over placebo in pivotal trials (SPID48: 29.3–48.4; p < 0.0001) and a favorable safety profile devoid of opioid-like addiction risks, suzetrigine offers a much-needed alternative in the opioid crisis era. However, its modest effect size compared to full-dose opioids, CYP3A-mediated drug interactions, and limited long-term data warrant judicious use. This article provides a balanced perspective on suzetrigine’s role in modern pain management protocols. Full article

This paper explores the concept of evolutionary urban resilience by framing cities as complex, open, and adaptive Social-Ecological-Technological Systems (SETS), shaped by multi-scalar dynamics, systemic uncertainty, and interdependent crises. It challenges the reductionist view of resilience as a fixed capacity or linear sequence of risk management phases, and instead proposes a process-based paradigm rooted in learning, creativity, and the ability to navigate disequilibrium. The framework defines urban resilience as a continuous and iterative transformation process, supported by: (i) a combination of tangible and intangible qualities activated according to problem typology; (ii) cross-domain processes involving infrastructures, flows, governance, networks, and community dynamics; and (iii) the engagement of diverse agents in shared decision-making and coordinated action. These dimensions unfold across three incremental and interdependent scenarios—baseline, critical, and chronic crisis—forming a ladder of resilience that guides communities through escalating challenges. Special emphasis is placed on the role of Information and Communication Technologies (ICTs) as relational and adaptive tools enabling distributed intelligence and inclusive governance. The framework also outlines concrete operational and policy implications for cities aiming to build anticipatory and transformative resilience capacities. Applied to the case of Taranto, the approach offers insights into how structurally fragile communities facing conflicting adaptive trajectories can unlock transformative potential. Ultimately, the paper calls for a shift from government to governance, from control to co-creation, and from reactive adaptation to chaos generativity, recasting urban resilience as an evolving project of collective agency, systemic reconfiguration, and co-production of emergent urban futures. Full article

In this article, we explore the role of the media in highlighting an important yet often underestimated aspect of disasters: vulnerability. We use coverage of a disaster that occurred in Brazil’s southernmost state to demonstrate that the effects of a disaster extend far beyond the intensity of the extreme event itself. The concept of vulnerability is increasingly recognized in disaster literature, but the communication factors influencing this concept have not been thoroughly examined. We employ a modern conceptual framework that suggests disasters, such as the one that occurred in Brazil in 2024, stem from two interconnected threats: one natural and one anthropogenic. This second component, often not explicitly mentioned in reports, becomes evident when viewed through the lens of disaster risk. This understanding is beneficial for researchers, policy makers, and disaster experts in systematically identifying the socio-structural factors that affect the impact of extreme natural events. Furthermore, effective disaster reporting can transform how individuals and crisis managers understand hazards and respond to disasters. Full article

Security in public spaces has long been the subject of debate and extensive experimentation. With the exponential growth in risks (both expected and unexpected) that public spaces are exposed to, further exacerbated by the pandemic crisis, urban security management increasingly conflicts with the right to social interaction in space. To avoid creating overly controlled spaces that are unsuitable for generating sociality and spontaneous interactions, and which often reproduce discriminatory social dynamics, while at the same time ensuring users’ awareness of being in a safe environment, it is necessary for all three dimensions of public space security—policy, design, and governance—to converge. This study focuses on governance, exploring how security management shapes public life and how it can align with planning that supports vibrant, spontaneous interaction. Using a multi-method qualitative approach, including a critical literature review, EU policy analysis, and empirical research from the Horizon Europe SAFE CITIES project, the study introduces two tools: the Security and Vulnerability Assessment (SVA) framework and the Atlas for Safe Public Spaces Design. These were tested in pilot sites, including the Gorizia-Nova Gorica cross-border square. Results support a governance model integrating “security by design,” which aligns with Foucault’s view of governance as adaptable to uncertainty and flow. This mixed-method approach allowed for a comprehensive examination of the governance dynamics shaping urban security, ensuring that the study’s conclusions are grounded in theoretical insights and practical implementation, though necessarily limited in generalizability. By framing security as a process of negotiated governance rather than a set of technical constraints, the study offers a conceptual contribution to urban security discourse and practical guidance for planning secure, inclusive public spaces. Full article

Traffic crashes are a leading cause of death and injury worldwide, with far-reaching societal and economic consequences. To effectively address this global health crisis, researchers and practitioners rely on the analysis of crash data to identify risk factors, evaluate countermeasures, and inform road safety policies. This systematic review synthesizes the state of the art in road crash data analysis methodologies, focusing on the application of statistical and machine learning techniques to extract insights from crash databases. We systematically searched for peer-reviewed studies on quantitative crash data analysis methods and synthesized findings by using narrative synthesis due to methodological diversity. Our review included studies spanning traditional statistical approaches, Bayesian methods, and machine learning techniques, as well as emerging AI applications. We review traditional and emerging crash data sources, discuss the evolution of analysis methodologies, and highlight key methodological issues specific to crash data, such as unobserved heterogeneity, endogeneity, and spatial–temporal correlations. Key findings demonstrate the superiority of random-parameter models over fixed-parameter approaches in handling unobserved heterogeneity, the effectiveness of Bayesian hierarchical models for spatial–temporal analysis, and promising results from machine learning approaches for real-time crash prediction. This survey also explores emerging research frontiers, including the use of big data analytics, deep learning, and real-time crash prediction, and their potential to revolutionize road safety management. Limitations include methodological heterogeneity across studies and geographic bias toward high-income countries. By providing a taxonomy of crash data analysis methodologies and discussing their strengths, limitations, and practical implications, this paper serves as a comprehensive reference for researchers and practitioners seeking to leverage crash data to advance road safety. Full article