Search Results (2,001)

Generic and consistent formulations for measurement of the backscattering cross section $\left({\sigma }_{bs}\right)$ and the volume backscattering coefficient $\left(s_v\right)$ using broadband pulse compression and narrowband echo integration are derived, for small- and finite-amplitude sound propagation. The theory applies to backscattering operation of echosounders and sonars in general, with focus on fisheries acoustics. Formally consistent mathematical relationships for broadband and narrowband operation of such instruments are established that ensure consistency with the underlying power budget equations on average-power form, bridging a gap in prior literature. The formulations give full flexibility in choice of transmit signals and reference signals for pulse compression. Generic and general criteria for quantitative consistency between broadband and narrowband operation are derived, establishing new knowledge and analysis tools. These criteria become identical for small- and finite-amplitude sound propagation. In addition to general criteria, two special cases are considered, relevant for actual operation scenarios. The criteria serve to test and evaluate the extent to which the methods used in broadband pulse compression and narrowband echo integration operating modes are correct and consistent, and to identify and reduce experienced discrepancies between such methods. These are topics of major concern for quantitative acoustic stock assessment, underlying national and international fisheries quota regulations. Full article

This study assesses the quality of financial reporting in ten Central and Eastern European countries using a methodology based on natural language processing (NLP) techniques. 570 annual reports of companies listed on the main index on the stock exchanges of 10 Central and Eastern European (CEE) countries, over the period 2019–2023, were evaluated to determine the degree of convergence of the following four measurable qualitative characteristics: relevance, exact representation, comparability and understandability. The main objective is to identify consistency in the quality of accounting information based on the application of an international financial reporting framework. The applied methodology eliminates subjective variability by implementing a standardized scoring system, aligned with the criteria developed by NiCE, using libraries such as spaCy and NLTK for term extraction, respective sentiment analysis and word frequency evaluation. The results reveal significant heterogeneity in all characteristics examined, with statistical tests confirming substantial differences between countries. The investigation of relevance revealed partial convergence, with three dimensions achieving complete uniformity, while the exact representation showed the highest variability. The assessment of comparability showed a significant difference between countries’ extreme values, and in terms of comprehensibility a formalistic approach was evident, with technical dimensions outweighing user-oriented aspects. The overall quality index varied significantly across countries, with a notable average deterioration in 2023, indicating structural vulnerabilities in financial reporting systems. These findings support initial hypotheses on the lack of homogeneity in the quality of financial reporting in the selected region, despite the implementation of international standards. Full article

This study investigates the predictive performance of financial indicators in forecasting stock prices within the automotive sector using an adaptive neuro-fuzzy inference system (ANFIS). In light of the growing complexity of global financial markets and the increasing demand for automated, data-driven forecasting models, this research aims to identify those financial ratios that most accurately reflect price dynamics in this specific industry. The model incorporates four widely used financial indicators, return on assets (ROA), return on equity (ROE), earnings per share (EPS), and profit margin (PM), as inputs. The analysis is based on real financial and market data from automotive companies, and model performance was assessed using RMSE, nRMSE, and confidence intervals. The results indicate that the full model, including all four indicators, achieved the highest accuracy and prediction stability, while the exclusion of ROA or ROE significantly deteriorated model performance. These findings challenge the weak-form efficiency hypothesis and underscore the relevance of firm-level fundamentals in stock price formation. This study’s sector-specific approach highlights the importance of tailoring predictive models to industry characteristics, offering implications for both financial modeling and investment strategies. Future research directions include expanding the indicator set, increasing the sample size, and testing the model across additional industry domains. Full article

The ten-year fishing ban on the Yangtze River aims to restore aquatic biodiversity and rebuild fishery resources. Megalobrama skolkovii, a key species in the basin, was investigated using 2024 data to provide a preliminary assessment of its population structure, stock dynamics, and early recovery. Age analysis (n = 243) showed that 1–6-year-olds were dominated by fish aged 3 (35%), with few older than 4, indicating moderate structural truncation. Growth parameters modeled by the von Bertalanffy Growth Function yielded L_∞ = 61.89 cm and k = 0.25 year⁻¹, with a weight–growth inflection age of 4.4 years. Natural mortality (M = 0.48 year⁻¹) was estimated using Pauly’s empirical formula, and total mortality (Z = 0.55 year⁻¹) was estimated from the catch curve analysis. While fishing mortality (F) was statistically indistinguishable from zero, a plausible low-intensity fishing scenario was explored to assess potential impacts of residual activities. Length-based indicators (LBIs) showed P_mat = 46.05%, P_opt = 9.51%, and P_mega = 6.88%, suggesting reproductive recovery but incomplete structural restoration. These preliminary findings reveal an asymmetrical recovery trajectory, whereby physiological improvements and enhanced recruitment have occurred, yet full structural restoration remains incomplete. This underscores the need for continued, long-term conservation and monitoring to support population resilience. Full article

This study investigates the spatial heterogeneity of carbon pools in young Betula sp. stands on former arable lands in the southern Moscow region, Russia. The findings could be useful for the current estimates and predictions of the carbon balance in such forest ecosystems. The research focuses on understanding the interactions between plant cover and the environment, i.e., how environmental factors such as stand density, tree diameter and height, light conditions, and soil properties affect ecosystem carbon pools. We also studied how heterogeneity in edaphic conditions affects the formation of plant cover, particularly tree regeneration and the development of ground layer vegetation. Field measurements were conducted on a permanent 50 × 50 m sampling plot divided into 5 × 5 m subplots, in order to capture variability in vegetation and soil characteristics. Key findings reveal significant differences in carbon stocks across subplots with varying stand densities and light conditions. This highlights the role of the spatial heterogeneity of soil properties and vegetation cover in carbon sequestration. The study demonstrates the feasibility of indirect estimation of carbon stocks using stand parameters (density, height, and diameter), with results that closely match direct measurements. The total ecosystem carbon stock was estimated at 80.47 t ha⁻¹, with the soil contribution exceeding that of living biomass and dead organic matter. This research emphasizes the importance of accounting for spatial heterogeneity in carbon assessments of post-agricultural ecosystems, providing a methodological framework for future studies. Full article

Accurate above-ground biomass (AGB) quantification is confounded by signal saturation and data fusion challenges, particularly in structurally complex ecosystems like bamboo forests. To address these gaps, this study developed a two-stage framework to map the AGB of Dendrocalamus giganteus in a subtropical mountain environment. This study first employed Empirical Bayesian Kriging Regression Prediction (EBKRP) to spatialize sparse GEDI and ICESat-2 LiDAR metrics using Sentinel-2 and topographic covariates. Subsequently, a stacked ensemble model, integrating four machine learning algorithms, predicted AGB from the full suite of continuous variables. The stacking model achieved high predictive accuracy (R² = 0.84, RMSE = 11.07 Mg ha⁻¹) and substantially mitigated the common bias of underestimating high AGB, improving the predicted observed regression slope from a base model average of 0.63 to 0.81. Furthermore, SHAP analysis provided mechanistic insights, identifying the canopy photon rate as the dominant predictor and quantifying the ecological thresholds governing AGB distribution. The mean AGB density was 71.8 ± 21.9 Mg ha⁻¹, with its spatial pattern influenced by elevation and human settlements. This research provides a robust framework for synergizing multi-source remote sensing data to improve AGB estimation, offering a refined methodological pathway for large-scale carbon stock assessments. Full article

This paper reports a statistical analysis of a database archiving information on the strengths of the materials in existing Italian bridges having pre- and post-tensioned concrete beams. Data were collected in anonymous form by analyzing a stock of about 170 bridges built between 1960 and 2000 and located in several Italian regions. To date, the database refers to steel reinforcing bars, concrete, and prestressing steel, whose strengths were gathered from design nominal values, acceptance certificates, and in situ test results, all derived by consulting the available documents for each examined bridge. At first, this paper describes how the available data were collected. Then, the results of a statistical analysis are presented and commented on. Moreover, goodness-of-fit tests are carried out to verify the assumption validity of a normal distribution for steel reinforcing bars and prestressing steel, and a log-normal distribution for concrete. The database represents a valuable resource for researchers and practitioners for the assessment of existing bridges. It may be applied for the use of prior knowledge within a framework where Bayesian methods are included for reducing uncertainties. The database provides essential information on the strengths of the materials to be used for a simulated design and/or for verification in the case of limited knowledge. Goodness-of-fit tests make the collected information very useful, even if probabilistic methods are applied. Full article

This study investigates the influence of corporate governance on reducing financial statement fraud (FSF) in Jordanian service and industrial companies listed on the Amman Stock Exchange from 2018 to 2022. To achieve this, the study employed the Beneish M-score model to assess the likelihood of FSF and logistic regression to examine the influence of corporate governance structure on fraud mitigation. The study identified 13 independent variables, including board size, board director’s independence, board director’s compensation, non-duality of CEO and chairman positions, board diversity, audit committee size, audit committee accounting background, number of annual audit committee meetings, external audit fees, board family business, the presence of women on the board of directors, firm size, and market listing on FSF. The study included 74 companies from both sectors—33 from the industrial sector and 41 from the service sector. Primary data was collected from financial statements and other information published in annual reports between 2018 and 2022. The results of the study revealed a total of 295 cases of fraud during the examined period. Out of the 59 companies analyzed, 21.4% demonstrated a low probability of fraud, while the remaining 78.6% (232 observations) showed a high probability of fraud. The results indicate that the following corporate governance factors significantly impact the mitigation of financial statement fraud (FSF): independent board directors, board diversity, audit committee accounting backgrounds, the number of audit committee meetings, family business involvement on the board, and firm characteristics. The study provides several recommendations, highlighting the importance for companies to diversify their boards of directors by incorporating different perspectives and experiences. Full article

Ecosystem services—the benefits humans derive from nature—are foundational to environmental sustainability and economic well-being, with carbon sequestration and storage standing out as critical regulating services in the fight against climate change. This study presents a comprehensive financial valuation of the carbon sequestration, storage and product substitution ecosystem services provided by the Hungarian forest-based sector. Using a multi-scenario framework, four complementary valuation concepts are assessed: total carbon storage (biomass, soil, and harvested wood products), annual net sequestration, emissions avoided through material and energy substitution, and marketable carbon value under voluntary carbon market (VCM) and EU Carbon Removal Certification Framework (CRCF) mechanisms. Data sources include the National Forestry Database, the Hungarian Greenhouse Gas Inventory, and national estimates on substitution effects and soil carbon stocks. The total carbon stock of Hungarian forests is estimated at 1289 million tons of CO₂ eq, corresponding to a theoretical climate liability value of over EUR 64 billion. Annual sequestration is valued at approximately 380 million EUR/year, while avoided emissions contribute an additional 453 million EUR/year in mitigation benefits. A comparative analysis of two mutually exclusive crediting strategies—improved forest management projects (IFMs) avoiding final harvesting versus long-term carbon storage through the use of harvested wood products—reveals that intensified harvesting for durable wood use offers higher revenue potential (up to 90 million EUR/year) than non-harvesting IFM scenarios. These findings highlight the dual role of forests as both carbon sinks and sources of climate-smart materials and call for policy frameworks that integrate substitution benefits and long-term storage opportunities in support of effective climate and bioeconomy strategies. 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

Background: Lower limb lymphedema (LLL) is a frequent complication after gynecological cancer treatment, with a significant impact on quality of life. Despite the common use of compression therapy in managing established lymphedema, its role in prevention remains insufficiently explored. Methods: In this prospective randomized study, 64 women treated for gynecological malignancies were assigned to either a compression group (CG) using medium-pressure stockings (23–32 mmHg) or a no-compression group (NCG). All participants received standard education and physical activity guidance. Limb volume, symptom burden, and quality of life were assessed over 12 months. Results: The incidence of LLL was significantly lower in the CG (3.4%) compared to the NCG (38%, p = 0.003). Compression use resulted in significant reductions in limb volume and symptom severity, as well as improved physical functioning. Compliance with compression therapy was high, and patients reported good comfort and usability. Conclusions: Medium-pressure compression stockings combined with education and physical activity are effective and well-tolerated in preventing LLL following gynecological cancer treatment. Full article

Accurate assessments of aboveground biomass (AGB) stocks and their changes in extensive Miombo forests are challenging due to the lack of site-specific allometric equations (AEs). Terrestrial Laser Scanning (TLS) is a non-destructive method that enables the calibration of AEs and has recently been validated by the IPCC guidelines for carbon accounting within the REDD+ framework. TLS surveys were carried out in five non-contiguous 1-ha plots in two study sites in the wet Miombo forest of Katanga, in the Democratic Republic Congo. Local wood densities (WD) were determined from wood cores taken from 619 trees on the sites. After a careful checking of Quantitative Structure Models (QSMs) output, the individual volumes of 213 trees derived from TLS data processing were converted to AGB using WD. Four AEs were calibrated using different predictors, and all presented strong performance metrics (e.g., R² ranging from 90 to 93%), low relative bias and relative individual mean error (11.73 to 16.34%). Multivariate analyses performed on plot floristic and structural data showed a strong contrast in terms of composition and structure between sites and between plots within sites. Even though the whole variability of the biome has not been sampled, we were thus able to confirm the transposability of results within the wet Miombo forests through two cross-validation approaches. The AGB predictions obtained with our best AE were also compared with AEs found in the literature. Overall, an underestimation of tree AGB varying from −35.04 to −19.97% was observed when AEs from the literature were used for predicting AGB in the Miombo of Katanga. Full article

The ecosystem services (ESs) of forests are the benefits that people derive from forest ecosystems. Their precise recognition is important for differentiating and determining the optimal principles of multifunctional forest management. The aim of this study is to identify some important ESs based on a site classification system at the lowest level—i.e., forest stands, at the forest owner level—as a tool for differentiated management. ESs were assessed within the Czech Republic and are expressed in units in accordance with the very sophisticated Forest Site Classification System. (1) Biomass production: The vertical differentiation of ecological conditions given by vegetation tiers, which reflect the influence of altitude, exposure, and climate, provides a basic overview of biomass production; the highest value is in the fourth vegetation tier, i.e., the Fageta abietis community. Forest stands are able to reach a stock of up to 900–1200 m³·ha⁻¹. The lowest production is found in the eighth vegetation tier, i.e., the Piceeta community, with a wood volume of 150–280 m³·ha⁻¹. (2) Soil conservation function: Geological bedrock, soil characteristics, and the geomorphological shape of the terrain determine which habitats serve a soil conservation function according to forest type sets. (3) The hydricity of the site, depending on the soil type, determines the hydric-water protection function of forest stands. Currently, protective forests occupy 53,629 ha in the Czech Republic; however, two subcategories of protective forests—exceptionally unfavorable locations and natural alpine spruce communities below the forest line—potentially account for 87,578 ha and 15,277 ha, respectively. Forests with an increased soil protection function—a subcategory of special-purpose forests—occupy 133,699 ha. The potential area of soil protection forests could be up to 188,997 ha. Water resource protection zones of the first degree—another subcategory of special-purpose forests—occupy 8092 ha, and there is potentially 289,973 ha of forests serving a water protection function (specifically, a water management function) in the Czech Republic. A separate subcategory of water protection with a bank protection function accounts for 80,529 ha. A completely new approach is presented for practical use by forest owners: based on the characteristics of the habitat, they can obtain information about the fulfillment of the habitat’s ecosystem services and, thus, have basic information for the determination of forest categories and the principles of differentiated management. Full article

This study applies Gradient Boosting Machines (GBMs) and principal component regression (PCR) to forecast the closing price of the Johannesburg Stock Exchange (JSE) All-Share Index (ALSI), using daily data from 2009 to 2024, sourced from the Wall Street Journal. The models are evaluated under three training–testing split ratios to assess short-term forecasting performance. Forecast accuracy is assessed using standard error metrics: mean absolute error (MAE), root mean square error (RMSE), mean absolute percentage error (MAPE), and mean absolute scaled error (MASE). Across all test splits, the GBM consistently achieves lower forecast errors than PCR, demonstrating superior predictive accuracy. To validate the significance of this performance difference, the Diebold–Mariano (DM) test is applied, confirming that the forecast errors from the GBM are statistically significantly lower than those of PCR at conventional significance levels. These findings highlight the GBM’s strength in capturing nonlinear relationships and complex interactions in financial time series, particularly when using features such as the USD/ZAR exchange rate, oil, platinum, and gold prices, the S&P 500 index, and calendar-based variables like month and day. Future research should consider integrating additional macroeconomic indicators and exploring alternative or hybrid forecasting models to improve robustness and generalisability across different market conditions. Full article

In the past two decades, little information has been updated to understand the resource status of the crab species Ovalipes punctatus in the East China Sea Region. In this study, we conducted surveys in 2018 and 2019 to identify the seasonal spatial distribution patterns of the economically important sand crab Ovalipes punctatus (De Haan 1833) in the southern Yellow and East China Seas. In the study area, the largest biomass of crabs was observed in the fishing grounds of Dasha and the Yangtze River mouth, and the second largest biomass was detected in the Jiangwai-Zhouwai area. Seasonally, the total biomass order in these areas was summer > autumn & winter > spring, and the mean average individual weight order was spring & summer > winter > autumn. These findings provided maps of the seasonal spatial distribution pattern of the species across seasons, which were then used in climate-change scenario models. Model predictions suggested that O. punctatus might migrate northward and offshore under climate warming conditions, and that the climate scenario SSP585-2100 might be the most negative case, respectively, for the habitat area of gain% minus loss%. These data can be used to develop robust and systematic regional fisheries resource management policies that consider adaptation measures to address the impact of environmental and climate change along China’s coasts and other areas in the world. Full article