Search Results (5)

Understanding the psychological factors that influence investment decisions is crucial for predicting stock investment retention. This study investigates the mediating role of the Big Five personality traits in stock investment retention, utilizing a modified version of the theory of planned behavior. By examining the influence of investors’ perceived risk and attitudes toward stock investment, data collected via an online survey with The Association of Thai Securities Companies (ASCO) were analyzed using Structural Equation Modeling (SEM). The findings reveal that extraversion, openness, and conscientiousness significantly impact attitudes toward stock investing, which in turn affects investment retention. However, personality traits do not directly influence risk perception. This research provides unique empirical evidence of the independence between the Big Five personality traits and risk perception among Thai stock investors, underscoring the importance of personality in shaping investment behavior through its effect on attitudes. Full article

Wetland ecosystem service function provides and maintains the Earth’s life system, which supports human and social development. However, in recent years, with the intensification of human social activities, the wetland area in northeast China has been reduced, and wetland ecosystem service function has been damaged. This paper evaluates the ecosystem service function of wetlands in northeast China based on the InVEST model, taking 40 prefecture-level cities as the evaluation unit, calculating the carbon stock, soil retention, and habitat quality of the wetlands in the study area and analyzing the drivers of changes in ecosystem service function using the PLUS model. The following results were obtained: temporally, the wetland carbon stock decreased from 754 Tg in 2000 to 688 Tg in 2020; the wetland soil retention increased from 24,424 Tg in 2000 to 33,160 Tg in 2010, and then decreased to 28,765 Tg in 2020; and the quality of wetland habitats was roughly unchanged. The wetland habitats in the study area were categorized into 5 types, classified as I, II, III, IV, or V, and the spatial changes in the 40 prefecture-level cities in northeast China were analyzed. The driving factors affecting the change in the wetland ecosystem service function were further analyzed, mainly focusing on changes in the wetland area itself. The influence of other land-use types and the influence of related policies were analyzed in three aspects, among which the GDP and spatial density of the population are social factors, and the elevation and slope are natural factors that provide larger contributions to the change in wetland area. The reduction in forest and grassland areas and the increase in cultivated land and construction land areas have a negative effect on the ecosystem service function of wetlands, and the implementation of relevant wetland protection policies promotes the ecosystem service function of wetlands. According to the problems faced by wetlands in different regions, the government formulates strategies that are in line with local development, with a view to implementing wetland ecological development in the northeast region in the new context, which will help to realize intensive land use and stimulate the vitality of the region. Full article

Understanding the dynamics of ecosystem services (ESs) in arid landscapes and socio-ecological systems is crucial for sustainable development and human well-being. This study uses the Invest model to quantify the spatio-temporal changes in four key ecosystems services in Altay from 1990 to 2020: water yield (water yield), carbon stock (carbon stock), soil retention (soil retention), and habitat quality (habitat quality). The trade-offs/synergies between different ESs were investigated via Spearman’s correlation analysis. Ecosystem service bundles (ESBs) were mapped using self-organizing mapping (SOM), and the key drivers of ES relationships and the spatio-temporal dynamics of ESBs were revealed through redundancy analysis. The results showed that water yield increased by 33.7% and soil retention increased by 1.2%, while carbon stock and habitat quality decreased by 3.5% and 1.24%, respectively. The spatial distribution pattern had a clear zonal pattern, with the northern mountainous areas higher than the southern desert areas. The six pairs of ESs, in general, showed mainly low trade-off and high synergistic relationships, with trade-offs between water yield and carbon stock, soil retention and habitat quality, and a decreasing trend of trade-offs over time. Four types of ESBs were distinguished, and the compositional differences and spatial distribution within each ESB were determined by interactions between ESs and landscape types. There are complex non-linear relationships between the drivers and the four ESBs in different years. Before 2010, ecological factors were the key drivers influencing the spatio-temporal changes in ESBs, whereas social and environmental factors combined to drive changes in ESB allocations after 2010. Additionally, this study found that the implementation of conservation measures, such as reforestation and sustainable land management practices, positively influenced the provision of ecosystem services in the Altay region. These findings underscore the importance of integrating conservation efforts into land use planning and decision-making processes to ensure the sustainable delivery of ecosystem services in arid landscapes. Full article

In this paper, we work with a diffusion-perturbed risk model comprising a surplus generating process and an investment return process. The investment return process is of standard a Black–Scholes type, that is, it comprises a single risk-free asset that earns interest at a constant rate and a single risky asset whose price process is modelled by a geometric Brownian motion. Additionally, the company is allowed to purchase noncheap proportional reinsurance priced via the expected value principle. Using the Hamilton–Jacobi–Bellman (HJB) approach, we derive a second-order Volterra integrodifferential equation which we transform into a linear Volterra integral equation of the second kind. We proceed to solve this integral equation numerically using the block-by-block method for the optimal reinsurance retention level that minimizes the ultimate ruin probability. The numerical results based on light- and heavy-tailed individual claim amount distributions show that proportional reinsurance and investments play a vital role in enhancing the survival of insurance companies. But the ruin probability exhibits sensitivity to the volatility of the stock price. Full article

Ecosystem services are highly vulnerable to a number of impacts due to the complex effects of human use of natural resources and subsequent land use change. Assessment of the impact of change in land use with respect to ecosystem services is necessary in order to implement appropriate land uses that enhance ecosystem services. This study analysed the impact of change in land use on ecosystem services using the Integrated Valuation of Ecosystem Services and Trade-offs (InVEST) model to map and quantify a set of ecosystem services, namely sediment retention, water yield, carbon stock, and habitat quality, in northern Thailand, which has experienced substantial policy induced land use change. The study also assessed the changes in land use from 1989 to 2013 and their impact on overall ecosystem services using GIS. Increased rubber plantation cultivation and built-up areas resulting in reduced forest cover were the major changes found in land use in the area. The results of the study show a general decrease in ecosystem services for the study period in the watershed, in particular, a negative impact on ecosystem services was observed in agricultural areas. The study findings on spatial and temporal distribution of ecosystem services can help guide the development of appropriate land use options to enhance ecosystem services. Full article