Search Results (2,433)

As a semi-pelagic fish with commercial value, Mediterranean horse mackerel, Trachurus mediterraneus (Steindachner, 1868), is highly important both for the ecosystem, as a link between trophic levels, and for fisheries and local livelihoods. This study investigates the T. mediterraneus stock along the Romanian coast for more than 10 years (2014–2024), reporting the following data on its bio-ecological characteristics and stock status: size, age, sex ratio, and estimated biomass. Horse mackerel at the Romanian coast revealed an initially slower growth rate followed by acceleration in later years, which may reflect local ecological influences such as resource availability, environmental conditions, or selective pressure. The spatial distribution of the species along the Romanian shelf indicates a clear pattern of coastal aggregation, highlighting the need for targeted and precautionary fisheries management measures, aiming to ensure a sustainable stock. Full article

In this study, we investigate the return propagation mechanism, hedging effectiveness, and portfolio performance across several common agricultural commodities, crude oil, and S&P 500 index, ranging from July 2000 to June 2024 by using a time-varying parameter vector autoregression (TVP-VAR) connectedness approach and three common multiple assets portfolio optimization strategies. The empirical results show that, the total connectedness peaked during the 2008 global financial crisis, followed by the European debt crisis and the COVID-19 pandemic, while it remained relatively lower at the onset of the Russia-Ukraine conflict. In the transmission mechanism, commodities and S&P 500 index exhibit distinct and dynamic characteristics as transmitters or receivers. Portfolio analysis reveals that, with exception of the COVID-19 pandemic, all three dynamic portfolios outperform the S&P 500 benchmark across major global crises. Additionally, the minimum correlation and minimum connectedness strategies are superior than transitional minimum variance method in most scenarios. Our findings have implications for policymakers in preventing systemic risk, for investors in managing portfolio risk, and for farmers and agribusiness enterprises in enhancing economic benefits. Full article

This study proposes a novel Deep Reinforcement Learning (DRL) policy network structure for portfolio management called PortRSMs. PortRSMs employs stacked State-Space Models (SSMs) for the modeling of multi-scale continuous regime shifts in financial time series, striking a balance between exploring consistent distribution properties over short periods and maintaining sensitivity to sudden shocks in price sequences. PortRSMs also performs cross-asset regime fusion through hypergraph attention mechanisms, providing a more comprehensive state space for describing changes in asset correlations and co-integration. Experiments conducted on two different trading frequencies in the stock markets of the United States and Hong Kong show the superiority of PortRSMs compared to other approaches in terms of profitability, risk–return balancing, robustness, and the ability to handle sudden market shocks. Specifically, PortRSMs achieves up to a 0.03 improvement in the annual Sharpe ratio in the U.S. market, and up to a 0.12 improvement for the Hong Kong market compared to baseline methods. Full article

Redwood (Sequoia sempervirens (Lamb. ex D. Don) Endl.) is a fast-growing, long-lived conifer native to a narrow coastal zone along the western seaboard of the United States. Redwood can accumulate very high amounts of carbon in plantation settings and continuous cover forestry (CCF) represents a highly profitable option, particularly for small-scale forest growers in the North Island of New Zealand. We evaluated the profitability of conceptual CCF regimes using two case study forests: Blue Mountain (109 ha, Taranaki Region, New Zealand) and Spring Creek (467 ha, Manawatu-Whanganui Region, New Zealand). We ran a strategic harvest scheduling model for both properties and used its results to guide a tactical-spatially explicit model harvesting small 0.7 ha units over a period that spanned 35 to 95 years after planting. The internal rates of return (IRRs) were 9.16 and 10.40% for Blue Mountain and Spring Creek, respectively, exceeding those considered robust for other forest species in New Zealand. The study showed that small owners could benefit from carbon revenue during the first 35 years after planting and then switch to a steady annual income from timber, maintaining a relatively constant carbon stock under a continuous cover forestry regime. Implementing adjacency constraints with a minimum green-up period of five years proved feasible. Although small coupes posed operational problems, which were linked to roading and harvesting, these issues were not insurmountable and could be managed with appropriate operational planning. 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

An important element in the Constitution of the People’s Republic of China is the guarantee of gender equality in all fields. The principle is not reflected in terms of corporate governance and senior management, however. A study of the largest 400 companies listed on Chinese stock exchanges shows far fewer female board members and senior managers than male counterparts and only a small improvement over the course of a decade. A comparison of gender balances in terms of a range of variables, including stock exchange listing, industry type, and ownership type, reveals better balances in wholly privately owned firms than in those with controlling state interests. Subject to intervening government policies to promote state-owned enterprises over private sector counterparts, the pattern over the decade studied suggests there is a possibility privately owned enterprises may gradually displace state-owned companies in the largest 400 group and gender balances in senior roles in the largest 400 group will consequently improve. 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

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

Housing affordability is a major determinant of quality of life. Despite the relatively high GDP per capita in Hong Kong (HK) (USD 460,000), about one-third of the population lives in public rental housing (PRH) because they cannot afford private housing. Existing research estimating the benefits of PRH or direct housing supports faces methodological limitations. Addressing this research gap, our study adopts an “in-kind subsidy” approach to estimate the monetary value of PRH, quantifying how much less PRH households might save monthly if they resided in private rental units, after controlling for confounding factors. This paper examines the association of housing types and household savings by applying ordinary least squares (OLS) regression to compare savings among PRH tenants, non-PRH tenants, and mortgage-free homeowners, based on seven rounds of the Household Expenditure Survey data (1989/1990 to 2019/2020). PRH tenants saved significantly more than private housing tenants. In terms of household savings, the value of HK PRH has steadily increased from HKD 4483 in 1999/2000, to HKD 9187 in 2019/2020. For every dollar increase in income, a household would have the propensity to save 0.7 dollars in 2019/2020. Given limited public resources, our findings offer robust evidence regarding the value of public housing. The results underscore the importance of the equitable allocation and effective management of current PRH stock to enhance the upward mobility of low- to middle-income households amid limited housing resources in HK. Full article

Mangrove forests are widely recognized for their effectiveness as carbon sinks and serve as critical ecosystems for mitigating the effects of climate change. Current research lacks comprehensive, large-scale carbon storage datasets for wetland ecosystems, particularly across Mexico and other understudied regions worldwide. Therefore, the objective of this study was to develop a high spatial resolution map of carbon stocks, encompassing both aboveground and belowground components, within the Marismas Nacionales system, which is the largest mangrove complex in northeastern Pacific Mexico. Our approach integrates primary field data collected during 2023–2024 and incorporates some historical plot measurements (2011–present) to enhance spatial coverage. These were combined with contemporary remote sensing data, including Sentinel-1, Sentinel-2, and LiDAR, analyzed using Random Forest algorithms. Our spatial models achieved strong predictive accuracy (R² = 0.94–0.95), effectively resolving fine-scale variations driven by canopy structure, hydrologic regime, and spectral heterogeneity. The application of Local Indicators of Spatial Association (LISA) revealed the presence of carbon “hotspots,” which encompass 33% of the total area but contribute to 46% of the overall carbon stocks, amounting to 21.5 Tg C. Notably, elevated concentrations of carbon stocks are observed in the central regions, including the Agua Brava Lagoon and at the southern portion of the study area, where pristine mangrove stands thrive. Also, our analysis reveals that 74.6% of these carbon hotspots fall within existing protected areas, demonstrating relatively effective—though incomplete—conservation coverage across the Marismas Nacionales wetlands. We further identified important cold spots and ecotones that represent priority areas for rehabilitation and adaptive management. These findings establish a transferable framework for enhancing national carbon accounting while advancing nature-based solutions that support both climate mitigation and adaptation goals. Full article

In recent decades, fishery stock enhancement has been increasingly utilized as a restoration tool to mitigate population declines and enhance the resilience of marine fisheries. Nevertheless, persistent enhancement efforts risk eroding the evolutionary potential of wild populations via genetic homogenization and maladaptive gene flow. Using long-term monitoring data (2017–2023), we quantified the effects of large-scale Penaeus penicillatus stock enhancement (~10⁸ juveniles/yr) on wild population dynamics and genetic integrity in the Beibu Gulf ecosystem. Temporal genetic changes were assessed using eight highly polymorphic microsatellite loci, comparing founder (2017) and enhanced (2024) populations to quantify stocking impacts. Insignificantly lower expected heterozygosity was observed in the stocked population (He = 0.60, 2024) relative to natural populations (He = 0.62–0.66; p > 0.1), indicating genetic dilution effects from enhancement activities. No significant erosion of genetic diversity was detected post-enhancement, suggesting current stocking practices maintain short-term population genetic integrity. Despite conserved heterozygosity, pairwise Fst analysis detected significant genetic shifts between temporal cohorts (pre-enhancement—2017 vs. post-enhancement—2024; Fst = 0.25, p < 0.05), demonstrating stocking-induced population restructuring. Genetic connectivity analysis revealed that while the enhanced Beihai population (A-BH) maintained predominant self-recruitment (>90%), it experienced substantial stocking-derived gene flow (17% SW → A-BH). The post-stocking period showed both reduced genetic exchange with adjacent populations and increased asymmetric dispersal from A-BH (e.g., 5% to YJ), indicating that hatchery releases simultaneously enhanced population isolation while altering regional genetic structure. Our findings revealed the paradoxical dual effects of stock enhancement and allelic diversity while disrupting natural genetic architecture. This underscores the need for evolutionary-impact assessments in marine resource management. Full article

Prenatal and postnatal skeletal muscle development in ruminants is coordinated by interactions between genetic, nutritional, epigenetic, and endocrine factors. This review focuses on the influence of maternal nutrition during gestation on fetal myogenesis, satellite cell dynamics, and myogenic regulatory factors expression, including MYF5, MYOD1, and MYOG. Studies in sheep and cattle indicate that nutrient restriction or overnutrition alters muscle fiber number, the cross-sectional area, and the transcriptional regulation of myogenic genes in offspring. Postnatally, muscle hypertrophy is primarily mediated by satellite cells, which are activated via PAX7, MYOD, and MYF5, and regulated through mechanisms such as CARM1-induced chromatin remodeling and miR-31-mediated mRNA expression. Hormonal signaling via the GH–IGF1 axis and thyroid hormones further modulate satellite cell proliferation and protein accretion. Genetic variants, such as myostatin mutations in Texel sheep and Belgian Blue cattle, enhance muscle mass but may compromise reproductive efficiency. Nutritional interventions, including the plane of nutrition, supplementation strategies, and environmental stressors such as heat and stocking density, significantly influence muscle fiber composition and carcass traits. This review provides a comprehensive overview of skeletal muscle programming in ruminants, tracing the developmental trajectory from progenitor cell differentiation to postnatal growth and maturation. These insights underscore the need for integrated approaches combining maternal diet optimization, molecular breeding, and precision livestock management to enhance muscle growth, meat quality, and production sustainability in ruminant systems. Full article

Coastal blue carbon ecosystems (traditional types such as mangroves, salt marshes, and seagrass meadows; emerging types such as tidal flats and mariculture) play pivotal roles in capturing and storing atmospheric carbon dioxide. Reliable assessment of the spatial and temporal variation and the carbon storage potential holds immense promise for mitigating climate change. Although previous field surveys and regional assessments have improved the understanding of individual habitats, most studies remain site-specific and short-term; comprehensive, multi-decadal assessments that integrate all major coastal blue carbon systems at the national scale are still scarce for China. In this study, we integrated 30 m Landsat imagery (1992–2022), processed on Google Earth Engine with a random forest classifier; province-specific, literature-derived carbon density data with quantified uncertainty (mean ± standard deviation); and the InVEST model to track coastal China’s mangroves, salt marshes, tidal flats, and mariculture to quantify their associated carbon stocks. Then the GeoDetector was applied to distinguish the natural and anthropogenic drivers of carbon stock change. Results showed rapid and divergent land use change over the past three decades, with mariculture expanded by 44%, becoming the dominant blue carbon land use; whereas tidal flats declined by 39%, mangroves and salt marshes exhibited fluctuating upward trends. National blue carbon stock rose markedly from 74 Mt C in 1992 to 194 Mt C in 2022, with Liaoning, Shandong, and Fujian holding the largest provincial stock; Jiangsu and Guangdong showed higher increasing trends. The Normalized Difference Vegetation Index (NDVI) was the primary driver of spatial variability in carbon stock change (q = 0.63), followed by precipitation and temperature. Synergistic interactions were also detected, e.g., NDVI and precipitation, enhancing the effects beyond those of single factors, which indicates that a wetter climate may boost NDVI’s carbon sequestration. These findings highlight the urgency of strengthening ecological red lines, scaling climate-smart restoration of mangroves and salt marshes, and promoting low-impact mariculture. Our workflow and driver diagnostics provide a transferable template for blue carbon monitoring and evidence-based coastal management frameworks. Full article

China’s internal control framework follows the Committee of Sponsoring Organizations (COSO) framework, emphasizing enterprise risk management and encompassing financial reporting, operations, compliance, and strategies. The authors review research that uses the COSO-based Internal Control Index to assess internal control quality among all publicly listed firms in China. Unlike the binary classification of internal control weaknesses under the Sarbanes-Oxley Act Section 404, this continuous index captures more nuanced variations in internal control effectiveness and provides two key advantages over traditional assessment of internal control over financial reporting (ICFR). First, while financial reporting can enhance a firm’s monitoring and decision-support systems, the underlying information is determined by operations. Thus, internal control over operations has a greater impact on a firm’s performance than ICFR. While U.S.-based research argues that the effects of ICFR extend to operations, the COSO-based index includes operational controls, allowing for a more direct study of internal control effects. Second, many U.S. corporations fail to report internal control weaknesses, particularly during misstatement years. In contrast, the COSO-based index, compiled by independent scholars, avoids managerial incentives to withhold negative internal control information. Covering institutional background and research evidence from China, the authors survey a wide range of internal control studies related to various aspects of enterprise risk management, such as earnings quality, crash risk, stock liquidity, resource extraction, cash holdings, mergers and acquisitions, corporate innovation, receivable management, operational efficiency, tax avoidance, and diversification strategy. Full article