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15 pages, 5220 KB  
Article
Multi-Objective Optimization of the Physical Design of a Horizontal Flow Subsurface Wetland
by Jhonatan Mendez-Valencia, Carlos Sánchez-López, Eneida Reyes-Pérez, Rocío Ochoa-Montiel, Lucila Marquez-Pallares, Juan Aguila-Muñoz, Fredy Montalvo-Galicia, Miguel Angel Carrasco-Aguilar, Jorge Alberto Sánchez-Martínez and Jorge Arellano-Hernández
Hydrology 2025, 12(11), 303; https://doi.org/10.3390/hydrology12110303 - 14 Nov 2025
Abstract
Decontamination of wastewater, industrial effluents, stormwater, and graywater can be carried out through the use of natural or constructed wetlands. In either case, the natural functions of soil, vegetation, and organisms are widely applied for the treatment of contaminated water. In particular, in [...] Read more.
Decontamination of wastewater, industrial effluents, stormwater, and graywater can be carried out through the use of natural or constructed wetlands. In either case, the natural functions of soil, vegetation, and organisms are widely applied for the treatment of contaminated water. In particular, in the physical design of a constructed wetland, several operational factors must be adjusted with the aim of reducing pollution levels. Although various fully customized design methodologies have been developed and reported in the literature, they often fail to meet the required decontamination objectives. In this context, the application of the NSGA-II evolutionary algorithm is adequate to optimize the physical design of a horizontal subsurface flow wetland for graywater treatment, focusing specifically on the removal of biodegradable organic matter (BOD5). Four competing objectives are considered: minimizing physical volume and total design cost, while maximizing contaminant removal efficiency and graywater flow rate. Five constraint functions are also incorporated: removal efficiency greater than 95%, physical volume below 1000 m3, flow rate above 10 m3/d, a limit on total construction cost of MXN 1,000,000, and maintaining a length-to-width ratio greater than or equal to 2 but less than or equal to 4. The proposed methodology generates a wide set of non-dominated solutions, visualized through Pareto surfaces, which highlight the trade-offs among different objectives. This approach offers the possibility of selecting optimal designs under specific conditions, which underscores the limitations of conventional single-solution models. The results show that the methodology consistently achieved removal efficiencies above 95%, with construction costs within budget and physical volumes below the established limit, offering a more versatile and cost-effective alternative. This work demonstrates that the integration of NSGA-II into wetland design is an effective and adaptable strategy, capable of providing sustainable alternatives for graywater treatment and constituting a valuable decision-making tool. Full article
25 pages, 3531 KB  
Article
A Physics-Guided Optimization Framework Using Deep Learning Surrogates for Multi-Objective Control of Combined Sewer Overflows
by Tianyu Li, Jiabin Gao, Mengge Wang and Yongwei Gong
Water 2025, 17(22), 3255; https://doi.org/10.3390/w17223255 - 14 Nov 2025
Abstract
Combined sewer overflow (CSO) pollution threatens urban water environments, yet optimizing integrated green–grey infrastructure solutions remains computationally intensive, often making robust, large-scale multi-algorithm comparisons impractical. This study’s primary contribution is the development of an innovative physics-guided optimization framework that overcomes this computational barrier. [...] Read more.
Combined sewer overflow (CSO) pollution threatens urban water environments, yet optimizing integrated green–grey infrastructure solutions remains computationally intensive, often making robust, large-scale multi-algorithm comparisons impractical. This study’s primary contribution is the development of an innovative physics-guided optimization framework that overcomes this computational barrier. By coupling a deep learning surrogate (trained on 60,000 scenarios generated in 7.7 h) with evolutionary algorithms, this framework provides a 6.2- to 7.7-fold acceleration in total project time (approximately 13 h vs. 80–100 h) compared to direct SWMM optimization. This significant speedup enabled a comprehensive comparative analysis of four multi-objective evolutionary algorithms (MOEAs), which established NSGA-II’s superiority in discovering a larger and more diverse set of optimal trade-off solutions. The physics-guided surrogate achieved an R2 of 0.9965 and a Mean Absolute Error (MAE) corresponding to 0.5% of the baseline overflow volume. The validated framework successfully identified Permeable Pavement as the dominant control variable and a critical knee-point scenario. This solution, requiring a 426 million CNY investment, achieved a 67.0% overflow volume reduction and a 74.4% COD load reduction under the 5-year design storm. Furthermore, the optimized system demonstrated high resilience to extreme events, contrasting sharply with the failure of a cost-minimized approach, which underscores the importance of designing for resilience. This framework provides urban planners with a validated, efficient, and reliable methodology for designing resilient, cost-effective CSO control systems. Full article
(This article belongs to the Special Issue Urban Drainage Systems and Stormwater Management)
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22 pages, 5584 KB  
Review
Rare-Earth-Free Exchange-Coupled Nanocomposites Based on M-Type Hexaferrites
by Simona Gabriela Greculeasa and Ovidiu Crișan
Magnetochemistry 2025, 11(11), 99; https://doi.org/10.3390/magnetochemistry11110099 - 11 Nov 2025
Viewed by 173
Abstract
Efficient permanent magnets that are concomitantly economically viable are of paramount importance for allowing industrial stakeholders to maintain a growing and competitive advantage. This study provides a comprehensive overview of recent developments in the field of rare-earth-free nanocomposite permanent magnets based on hexaferrites. [...] Read more.
Efficient permanent magnets that are concomitantly economically viable are of paramount importance for allowing industrial stakeholders to maintain a growing and competitive advantage. This study provides a comprehensive overview of recent developments in the field of rare-earth-free nanocomposite permanent magnets based on hexaferrites. The basic phenomenology of exchange-spring-coupled nanocomposites, comprising hard and soft magnetic components, is thoroughly explained. The use of hexaferrites as a hard phase, serving as a viable alternative to rare-earth-based permanent magnets, is extensively discussed, taking economical, accessibility-related, and environmental aspects into consideration. State-of-the-Art architectures of hard–soft magnetic nanocomposites based on hexaferrites as the hard magnetic phase, ranging from typical nanocomposites to nanowire arrays and special core–shell-like morphologies, are explored in detail. The maximum energy product (BH)max, representing the quality indicator for permanent magnets, is investigated by taking into consideration various degrees of freedom, such as substitutions, geometry, size, shape, preparation, and processing conditions (annealing), volume fraction of magnetic phases, and interfaces. Promising strategies to overcome the present challenges (e.g., size control, coercivity–remanence trade-off, and optimization for large-scale production) are provided within the framework of future permanent magnet design. Full article
(This article belongs to the Special Issue Fine Tuning of Magnetic Iron Oxide Nanostructures)
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18 pages, 794 KB  
Article
Disrupting Path Dependence: Tariff-Induced Import Substitution in China’s Soybean Market
by Wenhao Song, Liang Chi, Jianzhai Wu, Mengshuai Zhu and Chen Shen
Agriculture 2025, 15(21), 2312; https://doi.org/10.3390/agriculture15212312 - 6 Nov 2025
Viewed by 340
Abstract
Soybeans are of strategic importance to China, yet the country’s heavy reliance on imports leaves it highly exposed to policy and market disruptions. Existing studies have largely focused on the initial 2018 tariff episode, while the evolving impacts of subsequent and intensified tariff [...] Read more.
Soybeans are of strategic importance to China, yet the country’s heavy reliance on imports leaves it highly exposed to policy and market disruptions. Existing studies have largely focused on the initial 2018 tariff episode, while the evolving impacts of subsequent and intensified tariff measures remain insufficiently explored. This study investigates how tariff shocks transmit through import reduction, structural reallocation, and price pass-through by employing a multi-phase difference-in-differences (DID) framework in combination with a continuous-intensity DID model. Using monthly data from January 2015 to June 2025, the analysis evaluates the effects of tariff escalation on import volumes, source-country shares, and landed import prices, thereby capturing both stage-specific dynamics and intensity-dependent responses. Robustness is verified through event-study parallel trend tests and placebo validations. The results show that (1) import volumes from the United States declined sharply and did not fully revert, indicating that tariffs disrupted long-standing trade path dependence; (2) source-country shares reallocated away from the U.S. toward South American suppliers, reinforcing diversification in China’s supply structure; and (3) tariff costs were asymmetrically passed through to prices, with U.S. soybean prices rising by approximately 43 percent, while non-U.S. prices remained relatively stable. Overall, the findings demonstrate that tariff shocks functioned as structural catalysts rather than temporary disturbances, accelerating China’s transition toward a more diversified and resilient soybean import architecture under heightened geopolitical uncertainty. Full article
(This article belongs to the Section Agricultural Economics, Policies and Rural Management)
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28 pages, 2466 KB  
Article
Insights from Hydro-Economic Modeling for Climate Resilience in the Nazas–Aguanaval Watershed in Mexico
by David-Eduardo Guevara-Polo, Carlos Patiño-Gomez, Josué Medellin-Azuara and Benito Corona-Vasquez
Water 2025, 17(21), 3183; https://doi.org/10.3390/w17213183 - 6 Nov 2025
Viewed by 571
Abstract
Agriculture uses 80% of global water resources, driving several water management challenges across the world. These challenges require the exchange of effective practices. We found that California’s Tulare Lake Basin (TLB) and Mexico’s Nazas–Aguanaval watershed share key features, leading us to propose the [...] Read more.
Agriculture uses 80% of global water resources, driving several water management challenges across the world. These challenges require the exchange of effective practices. We found that California’s Tulare Lake Basin (TLB) and Mexico’s Nazas–Aguanaval watershed share key features, leading us to propose the TLB as a model of climate resilience. After contrasting the policies for TLB with those for Nazas–Aguanaval, we found that no constrained pricing policy proposal exists for the Nazas–Aguanaval watershed. We apply a hydro-economic model using Positive Mathematical Programming to support an incentive structure for reducing water use in agriculture while maximizing profits. The optimal crop policy could reduce water demand by 20%, with a trade-off of an 11% reduction in profits. This would save 185.4 hm3/year, which represents 90% of the volume required for an ongoing infrastructure project for urban water supply in the watershed. Additionally, implementing a price of 14 USD/dam3 could increase the irrigation district’s revenue, boosting farmers’ profits by up to 16% and district revenue by up to 134%. Our results demonstrate the benefits of applying Positive Mathematical Programming in a semiarid watershed to support water and agriculture policy. This research is a starting point for increasing the climate resilience of watersheds under water and financial stress. Full article
(This article belongs to the Special Issue Optimization–Simulation Modeling of Sustainable Water Resource)
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28 pages, 571 KB  
Article
A New Puzzle Piece for the “Sell in May, and Go Away” Anomaly: Regulatory Disclosures
by Jan L. Schroeder
Int. J. Financial Stud. 2025, 13(4), 208; https://doi.org/10.3390/ijfs13040208 - 5 Nov 2025
Viewed by 387
Abstract
We propose a new puzzle piece for the Halloween effect (“Sell in May and Go Away”) by identifying a seasonal pattern in SEC regulatory disclosures that aligns with the effect’s summer and winter periods. From 2004 to 2023, SEC filing volumes were 17% [...] Read more.
We propose a new puzzle piece for the Halloween effect (“Sell in May and Go Away”) by identifying a seasonal pattern in SEC regulatory disclosures that aligns with the effect’s summer and winter periods. From 2004 to 2023, SEC filing volumes were 17% higher in winter (November–April) than in summer (May–October). Winter also sees a 22% rise in insider trading, 13% more private securities offerings, 12% more activist investor activity, a 96% increase in shareholder meetings, and 473% more annual reports. February consistently shows the highest number of disclosures, while September shows the lowest. Similar patterns across European markets suggest global consistency. As regulatory filings contain material price-relevant information, this seasonal disclosure pattern offers a new contributing factor to the Halloween effect puzzle. Full article
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17 pages, 3887 KB  
Article
Compact Design of a 50° Field of View Collimating Lens for Lightguide-Based Augmented Reality Glasses
by Wen-Shing Sun, Yi-Lun Su, Ying-Shun Hsu, Chuen-Lin Tien, Nai-Jen Cheng and Ching-Cherng Sun
Micromachines 2025, 16(11), 1234; https://doi.org/10.3390/mi16111234 - 30 Oct 2025
Viewed by 487
Abstract
Designing a compact collimating lens system for augmented reality (AR) applications presents significant optical challenges. This paper presents a compact, 50-degree field-of-view collimating lens system explicitly designed for lightguide-based AR glasses. The compact collimating lens is designed for a 0.32-inch microdisplay and consists [...] Read more.
Designing a compact collimating lens system for augmented reality (AR) applications presents significant optical challenges. This paper presents a compact, 50-degree field-of-view collimating lens system explicitly designed for lightguide-based AR glasses. The compact collimating lens is designed for a 0.32-inch microdisplay and consists of four plastic aspherical lenses. The optical design results in a collimating lens with a F-number of 2.17 and an entrance pupil diameter of 4 mm. Optical distortion is less than 0.29%, and the modulation transfer function (MTF) is greater than 0.23 at 250 cycles/mm. The overall lens diameter, including the lens barrel, measures 10.16 mm, while the lens length is 11.48 mm. The lens volume is 0.93 cm3, and its mass is 1.08 g. Compared to existing collimator designs, this approach significantly improves the trade-off between field of view, optical quality, and device miniaturization. The proposed design supports integration with 0.32-inch microdisplays, making it a practical and manufacturable solution for next-generation AR eyewear. This paper presents innovative contributions to the optical design of AR glasses, demonstrating considerable potential in reducing size and weight, and optimizing optical performance. Full article
(This article belongs to the Special Issue Photonic and Optoelectronic Devices and Systems, Third Edition)
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19 pages, 985 KB  
Article
Geopolitical Conflict and Resource Trade Flows: A Study on the Impact of the Russia–Ukraine Conflict on China’s Timber Imports from Russia
by Panpan Dou, Zhenghuang Shi and Fangmiao Hou
Forests 2025, 16(11), 1643; https://doi.org/10.3390/f16111643 - 28 Oct 2025
Viewed by 424
Abstract
Russia is an important supplier of timber to China, and the outbreak of the Russia–Ukraine conflict has had a significant impact on China’s timber imports. Based on the provincial-level timber import trade data in China from January 2020 to December 2024, three-dimensional panel [...] Read more.
Russia is an important supplier of timber to China, and the outbreak of the Russia–Ukraine conflict has had a significant impact on China’s timber imports. Based on the provincial-level timber import trade data in China from January 2020 to December 2024, three-dimensional panel data of time–province–export country were constructed, and the difference-in-differences model was used to analyze the impact of the Russia–Ukraine conflict on China’s timber imports from Russia. The results show that (1) the outbreak of the Russia–Ukraine conflict significantly reduced the volume of timber imports from Russia across Chinese provinces; (2) the Russia–Ukraine conflict adversely affected China’s timber imports from Russia by increasing price volatility and constraining Russia’s timber supply capacity; (3) based on the heterogeneity test results, the negative impact of the Russia–Ukraine conflict on timber imports from Russia was more pronounced in regions with a high degree of industrialization and greater dependence on imported timber; (4) the Russia–Ukraine conflict raised China’s timber import prices and intensified price volatility. Therefore, it is essential to enhance the overall risk management capacity of the timber industry supply chain by building a diversified timber supply system, strengthening the strategic reserves of timber resources, and improving price risk management instruments, in order to effectively respond to the impact of geopolitical conflicts. Full article
(This article belongs to the Section Forest Economics, Policy, and Social Science)
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17 pages, 13385 KB  
Article
Femtosecond Laser Ablation of Copper-Hydroxyphosphate-Modified CFRP
by Denys Baklan, Oleksiy Myronyuk, Anna Bilousova, Paulius Šlevas, Justinas Minkevičius, Orestas Ulčinas, Sergej Orlov and Egidijus Vanagas
Materials 2025, 18(21), 4879; https://doi.org/10.3390/ma18214879 - 24 Oct 2025
Viewed by 326
Abstract
Carbon-fiber-reinforced plastic (CFRP) machining by ultrashort-pulse lasers promises high precision but is limited due to the heterogeneous epoxy–carbon fiber structure, which creates heat-affected zones and variable kerf quality. This work investigates synthesized copper hydroxyphosphate as a laser-absorbing additive to improve femtosecond (1030 nm) [...] Read more.
Carbon-fiber-reinforced plastic (CFRP) machining by ultrashort-pulse lasers promises high precision but is limited due to the heterogeneous epoxy–carbon fiber structure, which creates heat-affected zones and variable kerf quality. This work investigates synthesized copper hydroxyphosphate as a laser-absorbing additive to improve femtosecond (1030 nm) laser ablation of CFRP. Copper hydroxyphosphate particles were synthesized hydrothermally and incorporated into an epoxy matrix to produce single-ply CFRP laminates. Square patterns (0.5 × 0.5 mm) were ablated with a pulse energy of 0.5–16 μJ. Then, ablated volumes were profiled and materials characterized by SEM and EDS. In neat epoxy the copper additive reduced optimum ablation efficiency and decreased penetration depth, while producing smoother, less porous surfaces. In contrast, CFRP with copper hydroxyphosphate showed increased efficiency and higher penetration depth. SEM and EDS analyses indicate more uniform matrix removal and retention of resin residues on fibers. These results suggest that copper hydroxyphosphate acts as a local energy absorber that trades volumetric removal for improved surface quality in epoxy and enhances uniformity and process stability in CFRP femtosecond laser machining. Full article
(This article belongs to the Section Advanced Composites)
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15 pages, 1456 KB  
Article
Analysis of Big Data on New Technologies for Port Safety Management in Preparation for Eco-Friendly and Digital Paradigm Transformation
by Min-Seop Sim, Chang-Hee Lee and Yul-Seong Kim
Appl. Sci. 2025, 15(20), 11269; https://doi.org/10.3390/app152011269 - 21 Oct 2025
Viewed by 411
Abstract
Ports serve as key nodes in eco-friendly and digital logistics networks, and the volume of cargo handled continues to increase in response to growing international trade. However, the increased workload within limited spaces heightens the risk of safety accidents, and the number of [...] Read more.
Ports serve as key nodes in eco-friendly and digital logistics networks, and the volume of cargo handled continues to increase in response to growing international trade. However, the increased workload within limited spaces heightens the risk of safety accidents, and the number of casualties in port stevedoring operations has continued to rise. As the era of transition toward eco-friendly and digital paradigms unfolds, the adoption of new technologies in ports presents a strategic opportunity to enhance safety management. As of 13 May 2025, the study conducted a text-mining analysis based on research abstracts related to the keyword “New technology and port safety,” in the context of internal and external environmental changes. Specifically, a total of 639 research abstracts were collected, but 138 abstracts, which were unrelated to port safety, were excluded, and 501 abstracts from the Clarivate Web of Science database were analyzed, focusing on 2676 words that appeared at least twice. The study applied Term Frequency (TF) analysis, TF–Inverse Document Frequency analysis, Semantic Network Analysis, and Topic Modeling. The results indicate that Internet of Things emerged as a core solution for strengthening port safety management. However, challenges remain, including the prevention of security breaches, high infrastructure implementation costs, and limitations in battery life. Full article
(This article belongs to the Special Issue Risk and Safety of Maritime Transportation)
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15 pages, 2271 KB  
Technical Note
Resource-Constrained 3D Volume Estimation of Lunar Regolith Particles from 2D Imagery for In Situ Dust Characterization in a Lunar Payload
by Filip Wylęgała and Tadeusz Uhl
Remote Sens. 2025, 17(20), 3450; https://doi.org/10.3390/rs17203450 - 16 Oct 2025
Viewed by 483
Abstract
Future lunar exploration will depend on a clearer understanding of regolith behavior, as underscored by adhesion issues observed during Apollo. The Lunaris Payload, a compact instrument developed in Poland, targets in situ assessment of lunar regolith adhesion to engineering materials using a resource-constrained [...] Read more.
Future lunar exploration will depend on a clearer understanding of regolith behavior, as underscored by adhesion issues observed during Apollo. The Lunaris Payload, a compact instrument developed in Poland, targets in situ assessment of lunar regolith adhesion to engineering materials using a resource-constrained optical approach. Here we introduce and validate six lightweight 2D-to-3D geometric models for estimating particle volume from planar images, benchmarked against the high-resolution micro-computed tomography (micro-CT) ground truth. The tested methods include spherical, cylindrical, fixed-aspect-ratio ellipsoid, adaptive ellipsoid, and Feret-based models and an empirically scaled voxel proxy. Using micro-CT scans of adhered simulant particles, we evaluate accuracy across >8000 particles segmented from 2D projections. Ellipsoid-based models consistently outperform the alternatives, with absolute percentage errors of 30–35%, while fixed-aspect-ratio variants offer strong accuracy–complexity trade-offs suitable for mass- and power-limited payloads. To our knowledge, this is the first comprehensive benchmarking of six 2D-to-3D volume models against micro-CT for bulk-adhered lunar regolith analogs. The results provide a validated, efficient framework for in situ dust characterization and reliable particle mass estimation, advancing Lunaris’ capability to quantify regolith adhesion and supporting broader goals in dust mitigation, ISRU, or habitat construction. Full article
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29 pages, 756 KB  
Article
The Role of Institutional and Innovation Ecosystem in Moderating the Impact of Green Practices on Export Performance: Evidence from European Countries
by Chatchai Khiewngamdee and Somsak Chanaim
Sustainability 2025, 17(20), 9146; https://doi.org/10.3390/su17209146 - 15 Oct 2025
Cited by 1 | Viewed by 559
Abstract
As global merchandise exports reached $22 trillion in 2023 and environmental standards have become increasingly stringent, understanding how green practices influence export competitiveness has become critically important. Although existing research documents positive associations between environmental practices and trade outcomes, the conditions that enhance [...] Read more.
As global merchandise exports reached $22 trillion in 2023 and environmental standards have become increasingly stringent, understanding how green practices influence export competitiveness has become critically important. Although existing research documents positive associations between environmental practices and trade outcomes, the conditions that enhance or constrain these relationships remain underexplored, particularly at the macro level across different export performance segments. Using panel data from 30 European countries for the period 2012–2022, this study examines how institutional and innovation ecosystem factors moderate the relationship between green practices and export performance. Employing panel quantile regression alongside conventional panel methods, we investigate whether regulatory quality, research and development expenditure, and financial market development influence the export benefits derived from ISO14001 certification and environmental patents. Our baseline findings reveal that both environmental management systems and green innovations show positive associations with exports, with ISO14001 certification demonstrating stronger effects in countries with lower export volumes. Notably, regulatory quality and financial market development significantly amplify the export benefits of environmental management systems. However, robustness checks employing instrumental variable estimation and System GMM to address potential endogeneity reveal that these direct effects weaken substantially when reverse causality is explicitly addressed, though point estimates remain consistently positive. These results suggest that while positive associations between environmental practices and export performance appear robust across multiple specifications, establishing definitive causal effects requires cautious interpretation and future quasi-experimental research. The findings highlight the importance of coordinated policy approaches integrating environmental, financial market, and regulatory dimensions, while underscoring that institutional moderators may provide more robust insights than direct effect estimates for understanding how environmental practices enhance competitiveness in international markets. Full article
(This article belongs to the Section Economic and Business Aspects of Sustainability)
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33 pages, 528 KB  
Article
Accounting Manipulation and Value Creation: An Empirical Study of EVA and Accounting Quality in NYSE and NASDAQ Companies
by Szilárd Hegedűs, Ervin Denich and Áron Lajos Baracsi
J. Risk Financial Manag. 2025, 18(10), 584; https://doi.org/10.3390/jrfm18100584 - 15 Oct 2025
Viewed by 1225
Abstract
Accounting manipulation undermines the integrity of financial reporting and can distort key performance indicators, yet its quantitative effects on accounting quality (AQ) and value-related metrics remain underexplored. This study analyses U.S. publicly traded firms involved in accounting manipulation between 2017 and 2019, comparing [...] Read more.
Accounting manipulation undermines the integrity of financial reporting and can distort key performance indicators, yet its quantitative effects on accounting quality (AQ) and value-related metrics remain underexplored. This study analyses U.S. publicly traded firms involved in accounting manipulation between 2017 and 2019, comparing them with matched non-manipulative industry peers to assess differences in AQ. It also examines potential links between manipulation-related AQ distortions and changes in Economic Value Added (EVA), stock prices, trading volumes, and dividend payouts. The sample includes 57 manipulation-affected firms and 57 matched controls, identified through SEC enforcement filings and the Violation Tracker database. Financial and stock data were sourced from EDGAR, ORBIS, and Morningstar. AQ was measured using discretionary accruals estimated via the Kasznik model. Correlation analysis tested associations between AQ and the selected performance indicators. Results show that firms involved in accounting manipulations had significantly lower AQ than their peers. However, no consistent correlations were found between AQ and EVA, dividends, stock prices, or volumes during the manipulation period. These findings suggest that the performance effects of manipulations are case-specific and shaped by additional factors, underscoring the importance of strong regulatory oversight and high-quality accounting practices. Ethically, our evidence underscores that misreporting corrodes investor trust and the public-interest mandate of financial reporting; accordingly, we stress the duties of boards, executives, auditors, and regulators to uphold faithful representation and timely disclosure, and to remediate misreporting when detected. Full article
(This article belongs to the Special Issue Accounting Ethics and Financial Management)
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18 pages, 3010 KB  
Article
Enhancing Sustainable Fisheries Trade and Food Security Through CPEC in Pakistan
by Ali Mumtaz Dahri and Mu Yongtong
Sustainability 2025, 17(20), 9121; https://doi.org/10.3390/su17209121 - 15 Oct 2025
Viewed by 527
Abstract
Pakistan’s fisheries sector is vital for livelihoods, exports, and food security, yet growth has been constrained by weak infrastructure, limited compliance with sanitary standards, and underinvestment. The China–Pakistan Economic Corridor (CPEC) has been promoted as a driver of trade facilitation, but its actual [...] Read more.
Pakistan’s fisheries sector is vital for livelihoods, exports, and food security, yet growth has been constrained by weak infrastructure, limited compliance with sanitary standards, and underinvestment. The China–Pakistan Economic Corridor (CPEC) has been promoted as a driver of trade facilitation, but its actual effect on fisheries exports remains unclear. This study analyzes export performance to five leading Asian markets—China, Thailand, Vietnam, Saudi Arabia, and Japan—over 2005–2024 using Interrupted Time Series (ITS) and Difference-in-Differences (DiD) models. Results show that overall fisheries exports averaged 1.25 million metric tons (USD 728.7 million) annually, with Asia absorbing 59% of trade. ITS results show that after 2015, there are considerable structural discontinuities in export paths, mainly for China (coefficient = −1.42, p < 0.001) and Thailand (0.95, p = 0.071). DiD analysis confirmed that CPEC had a statistically significant positive impact: the treatment × post-2015 effect was 0.55 (p = 0.050), showing that exports to China and Thailand grew disproportionately compared with control markets (Malaysia, Indonesia). Importantly, value growth outpaced volume growth, suggesting early evidence of value-chain upgrading. By contrast, Vietnam and Saudi Arabia showed contraction, and Japan remained stable with weak significance (−1.16, p = 0.088). These results provide the first causal evidence that CPEC’s operational phase altered Pakistan’s fisheries export dynamics, though benefits remain uneven. The conclusions indicate the necessity to invest specifically in cold chains, certification, and aquaculture to generate corridor-led benefits in sustainable trade, food security, and long-term sectoral resiliency. Full article
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17 pages, 5561 KB  
Article
Swimming Pools in Water Scarce Regions: A Real or Exaggerated Water Problem? Case Studies from Southern Greece
by G.-Fivos Sargentis, Emma Palamarczuk and Theano Iliopoulou
Water 2025, 17(20), 2934; https://doi.org/10.3390/w17202934 - 11 Oct 2025
Cited by 1 | Viewed by 827
Abstract
Swimming pools, symbols of luxury in tourism-driven Greece, raise concerns about water consumption in water-scarce regions. This study assesses their hydrological impact in two regions of Southern Greece, West Mani (Peloponnese) and Naxos Island (Cyclades), within the water–energy–food nexus framework, evaluating the resulting [...] Read more.
Swimming pools, symbols of luxury in tourism-driven Greece, raise concerns about water consumption in water-scarce regions. This study assesses their hydrological impact in two regions of Southern Greece, West Mani (Peloponnese) and Naxos Island (Cyclades), within the water–energy–food nexus framework, evaluating the resulting trade-offs. Using satellite imagery, we identified 354 pools in West Mani (11,738 m2) and 556 in Naxos (26,825 m2). Two operational scenarios were evaluated: complete seasonal emptying and refilling (Scenario 1) and one-third annual water renewal (Scenario 2). Annual water use ranged from 39,000 to 51,000 m3 in West Mani and 98,000 to 124,000 m3 in Naxos—equivalent to the needs of 625–2769 and 1549–6790 people in West Mani and Naxos, respectively. In Naxos, this volume could alternatively irrigate 27–40 hectares of potatoes, producing food for 700–1500 people. Energy requirements, particularly where desalination is used, further increase the burden, with Naxos pools requiring 384–846 MWh annually. Although swimming pools are highly visible water consumers, their overall contribution to water scarcity is modest compared to household and agricultural uses. Their visibility, however, amplifies public concern. Rainwater harvesting, requiring collection areas 10–24 times larger than pool surface areas, especially in residential and hotel settings, could make pools largely self-sufficient. Integrating such measures into water management and tourism policy can help balance luxury amenities with resource conservation in water-scarce Mediterranean regions. Full article
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