Search

Funds investing in illiquid assets report returns with spurious autocorrelation. Consequently, investors need to unsmooth these funds' returns when evaluating their risk exposures. We show that funds with similar investments share a common source of spurious autocorrelation not fully resolved by traditional unsmoothing methods and thereby leading to underestimation of systematic risk. Thus, we propose a generalized unsmoothing technique and apply it to hedge funds and private commercial real estate funds. Our method significantly improves the measurement of funds' risk exposures and risk-adjusted performance, especially for highly illiquid funds. Overall, the average illiquid fund alpha is lower than previously thought. (JEL G11, G12, G23) [ABSTRACT FROM AUTHOR]

This paper investigates the psychological effects from stock market returns. Using an FBI database of over 55 million daily reported crime incidents across the United States, crime is proposed as a measure of psychological well-being. The evidence suggests that stock returns affect the well-being of not only investors but also noninvestors. Specifically, a contemporaneous negative (positive) relationship between daily stock market returns and violent crime rates is found for investors (noninvestors). A similar relationship is also found between local earnings surprises and violent crime. The contrasting relationships for investors and noninvestors suggests that relative wealth may influence well-being. [ABSTRACT FROM AUTHOR]

Financial markets reveal information that firm managers can utilize when making equity value-enhancing investment decisions. However, for firms with risky debt, such investments are not necessarily socially efficient. Despite this friction, we show that learning from prices improves investment efficiency. This effect is asymmetric, however, as investors learn less about projects that decrease the riskiness of cash flows: efficiency is lower for diversifying investments than for focusing (risk-increasing) investments. This also implies that investors' endogenous learning further attenuates risk shifting but amplifies debt overhang. Our model provides a novel channel through which learning from financial markets affects agency frictions between stakeholders. [ABSTRACT FROM AUTHOR]

We examine the value of due diligence recommendations on Reddit's Wallstreetbets (WSB) platform. Before the Gamestop (GME) short squeeze, recommendations are significant predictors of returns and cash-flow news. This predictability is eliminated post-GME. Post-GME, the fraction of reports emphasizing price-pressure or attention-grabbing stocks dramatically increases, and the decline in informativeness is concentrated in these reports. Similarly, retail trade informativeness is particularly strong following DD reports in the pre-GME period, but not post-GME. Our findings are consistent with the view that the Gamestop event altered the culture of WSB , leading to a deterioration in investment quality that adversely affected smaller investors. [ABSTRACT FROM AUTHOR]

We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm's market-to-book ratio. Our identity reconciles existing influential market-to-book decompositions and facilitates novel insights from three empirical applications: (1) Both investment and profitability are important contributors to the value spread and stock return news variance. (2) Any cross-sectional return predictability has a mirror image in cash-flow fundamentals, providing asset pricing theories with additional moments to match. (3) The investment spread significantly improves the predictability of time-series variation in the value premium and justifies the poor performance of value in recent years. [ABSTRACT FROM AUTHOR]

The literature provides conflicting arguments and mixed results regarding whether capital markets punish managerial myopia. Using managers cutting research and development (R&D) investments to meet short-term earnings goals as a research setting, this study reveals that capital markets penalize managerial myopia, especially for firms with high investor sophistication. Moreover, the negative market reactions to managerial myopia are weaker for firms with overinvestment problems than for those without such problems. Overall, the results support the notion that security markets are not shortsighted. In further analysis, we document that compensation, especially earnings-based compensation, may cause managers to behave myopically. Our study contributes to the literature, reconciling previously mixed findings by capturing managers' myopic behavior in a more targeted way and showing that markets punish myopic R&D cutting. [ABSTRACT FROM AUTHOR]

We exploit the staggered introduction of liability waivers when investors hold stakes in conflicting business opportunities as a shock to venture capital (VC) investment and director networks. After the law changes, we find increases in within-industry VC investment and common directors serving on startup boards. Despite the potential for rent extraction, same-industry startups inside VC portfolios benefit by raising more capital, failing less, and exiting more successfully. VC directors serving on other startup boards are the primary mechanism associated with positive outcomes, consistent with common VC investment facilitating informational exchanges in VC portfolios. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Exploiting demand shocks from changes in federal government spending, we examine how the organizational structure of a firm affects its investment behavior. Government spending shocks affect the investment of government-dependent conglomerate segments less than matched stand-alone firms. Investment also increases in lower government-dependent segments when other segments within the same firm experience positive demand shocks, indicating cross-subsidization between segments. We further show that this cross-subsidization leads to worse operating performance and increases the diversification discount. Our findings are robust after addressing the endogeneity of government spending. [ABSTRACT FROM AUTHOR]

This article examines the effect of board governance on investment efficiency. I use the staggered enactment of board reforms in 41 countries as a shock to board structure that exogenously improves the quality of board oversight of managers. I find that investment-Q sensitivity improves by roughly half post-reform. This effect is more pronounced for firms that are more exposed to the reforms or when external governance mechanisms are less likely to discipline managers. These findings suggest that increased board oversight strengthens managers' incentives to make investment decisions that are more in line with their firms' growth opportunities. [ABSTRACT FROM AUTHOR]

Data that influence policy and major investment decisions risk entrenching social and political inequities.

Insiders must disclose indirect trades made through accounts they control, including family, trust, retirement, and foundation accounts. Indirect trades through these accounts are more profitable than direct trades in the insider's own account. They are also more likely to be made by "opportunistic" insiders who make nonroutine trades, or who trade profitably before earnings announcements, or who have a short investment horizon. These trades contain more predictive information about earnings surprises and large price changes, and they tend to be made by insiders at firms with high information asymmetry. Insiders also make fewer indirect trades following periods of intense regulatory scrutiny. [ABSTRACT FROM AUTHOR]

In a sample of non-U.S. regulatory regime shifts, we find that expanded short selling is associated with stock price declines, reductions in capital expenditure, and lower asset growth. In a reversal of results found for U.S. stocks in a study of Regulation SHO by Grullon, Michenaud, and Weston (2015), our results are stronger for large firms than for small firms. We also show that this investment effect is stronger for firms that previously relied on outside financing. Our results suggest that short-sale policies affect corporate investment and that this effect is not driven by capital constraints. [ABSTRACT FROM AUTHOR]

We examine diseconomies of scale for two different investment approaches: quantitative and fundamental. Using separate account (SA) data where the investment approach is self-identified, we find that fundamental SAs exhibit greater diseconomies of scale than quantitative SAs. Looking at liquidity costs, we find that quantitative SAs hold more diversified portfolios of higher liquidity stocks than fundamental SAs, thereby reducing their expected liquidity costs. We also find that consistent with lower information processing/hierarchy costs, the speed of information diffusion is higher for quant SAs. Accounting for these differences helps to explain the differences in diseconomies of scale. [ABSTRACT FROM AUTHOR]

We study how the U.S. government's anti-counterfeiting enforcement actions through Special 301 Reports influence U.S. businesses. We show that anti-counterfeiting enforcement in foreign countries improves U.S. firms' sales, profitability, and valuations. Firms significantly reduce capital and research and development investments when their brands and products are protected from counterfeiting activities. Anti-counterfeiting enforcement measures also improve brand asset value, brand profitability, brand inventiveness, market penetration, and customer loyalty. [ABSTRACT FROM AUTHOR]

We study the role of state controlling shareholders in corporate payout policy. The State Capital Operation Program in China requires parent central state-owned enterprises (CSOEs) to contribute part of their consolidated income to a new fiscal fund. We find that listed CSOEs, partially controlled by parent CSOEs, experience significant reductions in dividend payouts as the income-contribution ratio increases. The dividend reductions are concurrent with increases in intragroup resource transfers— listed CSOEs' loans to, and commercial trades with, group peers. The program yields adverse consequences for listed CSOEs' investment and employment, yet being mitigated by group-level dividend reductions. [ABSTRACT FROM AUTHOR]

We identify a novel way of evergreening loans in India. A low-quality bank lends to a related party of an insolvent borrower, and the loan recipient transfers the funds to the insolvent borrower using internal capital markets. Incremental investments, interest rates charged, and loan delinquency rates collectively indicate evergreening. These loans are unlikely to represent arm's length transactions or rescue of troubled related firms by stronger firms to prevent group-wide spillover effects. Indirect evergreening is less likely to be detected by regulatory audits. It has significant real consequences at the firm and industry levels. [ABSTRACT FROM AUTHOR]

Corporations have accumulated record amounts of cash. We study whether firms' cash retention has been excessive by examining a Korean reform that introduced a new tax on earnings retained as cash. Difference-in-differences tests show that treated firms reduce cash retention and instead increase payouts and investments. Market participants react favorably to the reform, consistent with excessive cash retention. The valuation effects and the alternative uses of the cash are associated with behavioral and agency frictions. Firms that are more subject to behavioral biases increase payouts and experience higher valuations, while poorly governed firms allocate more to investment and experience relatively lower valuations. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

We investigate the effects of financial risk cycles on business cycles, using a panel spanning 73 countries since 1900. Agents use a Bayesian learning model to form their beliefs about risk. We construct a proxy of these beliefs and show that perceived low risk encourages risk-taking, augmenting growth at the cost of accumulating financial vulnerabilities, and, therefore, a reversal in growth follows. The reversal is particularly pronounced when the low-risk environment persists and credit growth is excessive. Global risk cycles have a stronger effect on growth than local risk cycles via their impact on capital flows, investment, and debt-issuer quality. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Introduction Simulation-based medical training has been shown to be effective and is widely used in civilian hospitals; however, it is unclear how widely and how effectively simulation is utilized in the U.S. Military Health System (MHS). The current operational state of medical simulation in the MHS is unknown, and there remains a need for a system-wide assessment of whether and how the advances in simulation-based medical training are employed to meet the evolving needs of the present-day warfighter. Understanding the types of skills and methods used within simulation programs across the enterprise is important data for leaders as they plan for the future in terms of curriculum development and the investment of resources. The aim of the present study is to survey MHS simulation programs in order to determine the prevalence of skills taught, the types of learners served, and the most common methodologies employed in this worldwide health care system. Materials and Methods A cross-sectional survey of simulation activities was distributed to the medical directors of all 93 simulation programs in the MHS. The survey was developed by the authors based on lists of critical wartime skills published by the medical departments of the US Army, Navy, and Air Force. Respondents were asked to indicate the types of learners trained at their program, which of the 82 unique skills included in the survey are trained at their site, and for each skill the modalities of simulation used, i.e. mannequin, standardized patients, part task trainers, augmented/virtual reality tools, or cadaver/live tissue. Results Complete survey responses were obtained from 75 of the 93 (80%) MHS medical simulation training programs. Across all skills included in the survey, those most commonly taught belonged predominantly to the categories of medic skills and nursing skills. Across all sites, the most common category of learner was the medic/corpsman (95% of sites), followed by nurses (87%), physicians (83%), non-medical combat lifesavers (59%), and others (28%) that included on-base first responders, law enforcement, fire fighters, and civilians. The skills training offered by programs included most commonly the tasks associated with medics/corpsmen (97%) followed by nursing (81%), advanced provider (77%), and General Medical Officer (GMO) skills (47%). Conclusion The survey demonstrated that the most common skills taught were all related to point of injury combat casualty care and addressed the most common causes of death on the battlefield. The availability of training in medic skills, nursing skills, and advanced provider skills were similar in small, medium, and large programs. However, medium and small programs were less likely to deliver training for advanced providers and GMOs compared to larger programs. Overall, this study found that simulation-based medical training in the MHS is focused on medic and nursing skills, and that large programs are more likely to offer training for advanced providers and GMOs. Potential gaps in the availability of existing training are identified as over 50% of skills included in the nursing, advanced provider, and GMO skill categories are not covered by at least 80% of sites serving those learners. [ABSTRACT FROM AUTHOR]

Introduction The U.S. Army Telemedicine and Advanced Technology Research Center Advanced Medical Technology Initiative (AMTI) demonstrate key emerging technologies related to military medicine. AMTI invites researchers to submit proposals for short-term funding opportunities that support this goal. AMTI proposal selection is guided by a time-intensive peer review process, where proposals are rated on innovation, military relevance, metrics for success, and return on investment. Utilizing machine learning (ML) could assist in proposal evaluations by learning relationships between proposal performance and proposal features. This research explores the viability of artificial intelligence/ML for predicting proposal ratings given content-based proposal features. Although not meant to replace experts, a model-based approach to evaluating proposal quality could work alongside experts to provide a fast, minimally biased estimate of proposal performance. This article presents initial stages of a project aiming to use ML to prioritize research proposals. Materials and Methods The initial steps included a literature review to identify potential features. Then, these features were extracted from a dataset consisting of past proposals submissions. The dataset includes 824 proposals submitted to the AMTI program from 2010 to 2022. The analysis will inform a discussion of anticipated next steps toward developing a ML model. The following features were created for future modeling: requested funds; word count by section; readability by section; citations and partners identified; and term frequency—inverse document frequency word vectors. Results This initial process identified the top ranked words (data, health, injury, device, treatment, technology, etc.) among the abstract, problem to be solved, military relevance, and metrics/outcomes text proposal fields. The analysis also evaluated the text fields for readability using the Flesch readability scale. Most proposals text fields were categorized as "college graduate," indicating a challenging readability level. Finally, citations and partners were reviewed as an indicator of proposal successfulness. Conclusions This research was the first stage of a larger project to explore the use of ML to predict proposal ratings for the purpose of providing automated support to proposal reviewers and to reveal the preferences and values of AMTI proposal reviewers and other decision-makers. The result of this work will provide practical insights regarding the review process for the AMTI program. This will facilitate reduction in bias for AMTI innovators and a streamlined and subjective process for AMTI administrators, which benefits the military health system overall. [ABSTRACT FROM AUTHOR]

L'objectif de cet article consiste à présenter l'analyse historique et épistémologique des différents courants psychologiques à l'origine de la création des épreuves projectives de jeu durant le XXe siècle en Europe. L'analyse psychodynamique des mobiles du jeu chez l'enfant, leurs traces chez l'adolescent et l'adulte permettent d'étudier les différents modes d'appréhension de l'analyse du jeu selon les créateurs. La mise au jour des liens entre les différents créateurs et chercheurs est examinée à partir du socle commun, le jeu, avec ses différences de traitements et de mises en œuvre. L'apport pour chacune des versions des épreuves de jeu est consigné dans l'analyse de la diversification des méthodes. Les résultats obtenus par cette recherche historique et épistémologique des épreuves de jeu attestent de l'hétérogénéité des théories des créateurs. Néanmoins, ces épreuves conservent des buts communs centrés sur le mode de traitement spatial des constructions, la projection de la qualité de l'image du corps et des représentations de l'inconscient enfouies chez chacun. Les traces mnésiques des traumatismes sont peu analysées à partir des processus de jeu bien que la construction du jeu et les récits associés en livrent des traces. Les recherches actuelles concernant l'autisme et le grand âge en traduisent des approfondissements. L'éclairage apporté par cette étude historique et épistémologique contribue à préciser l'évolution de l'analyse des épreuves de jeu centrée sur l'étude de l'investissement de l'espace et du temps. Penser les dispositifs diagnostiques et thérapeutiques pertinents à partir de cet éclairage augure de futures recherches. The objective of this article consists in presenting the historical and epistemological analysis of the various psychological currents at the origin of the creation of the various play-based projective tests during the 20th century in Europe. The historical and conceptual sources of these proofs being fragmentary, an analysis of the archives proved necessary in order to grasp the nature of their differences and their common elements. The psychodynamic analysis of the child's motives for playing, along with their traces in the adolescent and in the adult, make it possible to think about the different modes of apprehension of the analysis of play according to the tests' creators. The different objectives of these creators are analyzed in order to perceive the theoretical background that motivated their creations. The presentation of the Scenotest to autistic children and the various interpretative possibilities led me to return to the historical sources of the different contexts of the creation of play-based tests: The World Test, The Village Test, The Imaginary Village Test, The Scenotest. The quest for expression through play is constantly questioned according to different concepts in order to access humans' modes of psychic and perceptual functioning. However, we can observe common elements in the approach to the investment of space and time, which we propose to analyze. The updating of the links between the various creators and researchers leads to an examination of a shared foundation for the various play-based projective tests under discussion, differences in treatment of the material, as well as their implementation. The contribution for each version of the play tests is recorded in the analysis of the diversification of methods. The results attest to a common goal centered on the spatial treatment of constructions and what they reveal of the unconscious of each one as well as their links to the collective. Admittedly, research projects take on different colors depending on the creators. There is no shared method: each creator deploys his personal method of analyzing the creation of individual and collective living spaces, circulation spaces. However, we have grouped together several common elements: - None of the test creators make a link with Freudian infantile sexuality. - The focus is on the action of the game, which is used to decipher the qualities of constructions, even strategies to distribute the constructions. - The observation and analysis of the modes of projection of spatial representations are common. However, the motor expression of affect is not noted as an index of psychic economy. The qualities of the affects present in the modes of assembly of the constructions, from the child to the adult, are not analyzed. - The superposition of the diagnostic and therapeutic approach is one of the common elements; the same tools are used in different settings. - No creator mentions the quality of the environment and the major traumatic upheavals, as well as their traces, to which the population was subjected during this period of the 20th century. Jung's works are frequently quoted and taken up as a basis for reflections in these two frameworks; the influence of Jungian theories appears relatively extensive at this time. The memory traces left by the traumas linked to the two World Wars are little taken into account among populations who were exposed to their damage, although the games reveal traces of it. Current research on autism and old age reflects ongoing in-depth studies. A reflection comes up several times in the writings of G. von Staabs that also crosses the two fields concerned by the Scenotest, that of psychotherapy and diagnostic investigation. The reference to construction is interesting to remember, in this period of destruction of the environment; on the contrary, the game and the analysis of its free associativity in children are left in the shadows. The work of Monika Boekholt concerning the Scenotest has made it possible to present a new method of interpreting acting processes by favoring the analysis of the different modes of representation of the body in thought, from perceptual sensory traces to the work of primary and secondary identifications. During our research with children and adolescents with autism using the Scenotest, we were surprised by the attention paid by the patients to the elements to be built which, are immediately invested in building a double bottom and/or reinforcing the edges of the playing area. This historical study sheds light on the new fields of epistemological and therapeutic research, which could be useful in designing relevant diagnostic and therapeutic devices. [ABSTRACT FROM AUTHOR]

Purpose To explore factors influencing career goals and goal attainment for pharmacy learners (eg, students, residents, fellows) who identify as part of the Black, Indigenous, and People of Color (BIPOC) community. Methods In late 2021 and early 2022, US-based pharmacy learners were invited to participate in two focus groups. In the first focus group, participants were asked to reflect on career goal influences, barriers, and facilitators. In the second focus group, participants were asked to provide suggestions for educational institution and healthcare organization improvement to support career goal attainment for learners in the BIPOC community. Focus group transcripts were coded using both deductive and inductive coding and thematic analysis. Results Fifteen learners were included in the first focus group, and 10 learners were included in the second. The most common career goal motivators were self-efficacy factors. Barriers and facilitators were often closely related. The most common barriers were financial, lack of representation, and lack of support. Common facilitators included mentorship and informal networking opportunities. Participants suggested multiple strategies for educational institutions and healthcare organizations to support BIPOC learner success, including genuine investment, representation, financial support, improved access to professional development opportunities, partnering with other professional organizations, and prioritizing diversity, equity, and inclusion (DEI) initiatives. Conclusion Institutions should prioritize effective, positive mentoring relationships and exposure to BIPOC professionals. Training programs and associations should consider improving financial support and lowering the cost of involvement to reduce barriers. All stakeholders should prioritize DEI in their organizational culture to promote career advancement of BIPOC learners and professionals. [ABSTRACT FROM AUTHOR]

Online platforms have transformed gambling into a daily activity for many, raising concerns about its potential harm. Notably, marketing strategies play a crucial role in influencing gambling behaviors and normalizing gambling. This study aims to explore the relationship between monthly marketing expenditure by the gambling industry, the online amount of money bet, and the number of online accounts (active and new) in Spain. A secondary goal is to assess the impact of marketing restrictions under the Spanish Royal Decree 958/2020 on the relationship between marketing and online gambling behavior. Longitudinal study. Data covering January 2013 to December 2023. Dependent variables included: new accounts, active accounts, gambler deposits, and the total money bet. Independent variables included: expenditure on advertising, bonuses, affiliate marketing, and sponsorship. A Seasonal Autoregressive Integrated Moving Average (SARIMA) model was employed to assess marketing's impact on online gambling behavior. Findings show that investment in advertising (P ≤ 0.025), promotions (P < 0.001), and sponsorships (P ≤ 0.004) significantly increase the number of new and active accounts, deposits, and total money bet. For instance, it has been estimated that, for every €1 invested in bonuses and sponsorship, gamblers deposit €1.6 and €4 into their accounts, respectively. Moreover, the Spanish law regulating gambling advertising has seemingly weakened the link between marketing expenditure and gambling behavior, with the notable exception of bonuses, where the impact has intensified. These results underline the importance of ongoing monitoring and regulation of gambling behavior in Spain, emphasizing the need for strict adherence to regulations. [ABSTRACT FROM AUTHOR]

Early childhood education and care (ECEC) centres have historically been overlooked and undervalued globally. However, recent economic investments and numerous changes have significantly impacted the role of ECEC centre leaders and their requirements. Moreover, recent research on educational leadership highlights its importance for both child development and employee well-being, as well as for maintaining pedagogical quality. Despite this recognition, ECEC centre leaders still lack systematic leadership education and adequate working structures. This study aimed to review research evidence to understand how Finnish ECEC centre leaders position themselves within the realm of leadership as a profession. Specifically, the focus was on identifying the key components of leader competence. We conducted a narrative structural analysis, following the framework developed by using data from 20 short writings by ECEC centre leaders. Four types of narrative were constructed to capture the essence of ECEC centre leaders' competence. Subsequently, these narrative types were analysed using levels of narrative positioning to gain insights into how these different narratives relate to leadership as a profession. Through this two-step narrative analysis, we identified four types of narratives among ECEC centre leaders: professional leader, contextual leader, teacher leader, and leader persona. The findings underscore the importance of pedagogical understanding and competence as central themes in the narratives of ECEC centre leaders. However, a comprehensive understanding of general leadership competence as a learnable practice was not consistently evident across the narrative types. The reflection on these findings suggests that ECEC leadership as a profession is still an emerging phenomenon. Moving forward, there is a need for systematic leadership education and the development of functional leadership structures to clarify the concept of leadership as a shared practice and to ensure its effective implementation in ECEC centres. [ABSTRACT FROM AUTHOR]

Secure children's homes are locked institutions that deprive children of their liberty. The government are investing significantly in these homes, yet there remains a lack of clarity about their nature and purpose. Drawing on data generated through a substantial ethnography in one secure children's home in England, this paper uses Goffman's (1961) theorising as a conceptual lens to view the institution. It concludes that ambiguity and confusion about what these institutions are, and what they seek to achieve, impacts negatively on the experience of everyday life within. Clarity is needed urgently to improve experiences and to enable the assessment of outcomes. [ABSTRACT FROM AUTHOR]

(Open) strategic autonomy (OSA) has quickly become the dominant concept in European Union (EU) trade policy strategy. This article aims to better understand how the concept plays out in policy practice by focusing on its discursive use in the rise and fall of the EU-China Comprehensive Investment Agreement (CAI). We start from the assumption that OSA as an 'empty signifier' is sufficiently malleable to account for diverging interpretations. Building on existing literature, we then construct an analytical framework that distinguishes between trade policy paradigms. Subsequently, we utilize Fairclough & Fairclough's 'scheme of practical argument' to analyze how the three signifiers of OSA – openness, sustainability and assertiveness – are connected in EU trade policy debates for or against CAI between May 2020 and September 2021. Our findings reveal that the concept of OSA can be utilized in both economics and foreign policy oriented arguments. While the Trade instead of Foreign Policy' (TiFP) paradigm was initially co-opted by the neoliberal paradigm, the Trade steered by Foreign Policy (TsFP) paradigm became gradually more dominant. These findings also contribute to explaining, respectively, the rise and fall of the CAI. [ABSTRACT FROM AUTHOR]

Our study explores how managerial compensations are associated with both R&D investment and operating efficiency, which are pillars of competitive advantage for Taiwanese listed companies. Additionally, it investigates how firm size and corporate risk moderate this relationship. Our study's findings validate these two hypotheses, revealing a positive correlation between managerial compensation and both R&D investment and operating efficiency. Moreover, we observe that firm size enhances this connection, while corporate risk acts as a weakening factor. These results indicate that managerial compensation in Taiwanese companies is crafted with consideration for both immediate financial performance and enduring contributions to company development. The study contributes contemporary evidence on the interplay between factors fostering long-term competitive advantages and the structures of managerial compensation. JEL Codes: G32, M12 [ABSTRACT FROM AUTHOR]

Periods of crisis prompt investors to look out for means of making returns even in uncertain market conditions. Investors are using stocks selected on an environmental, social, and governance (ESG) basis to mitigate the unavoidable risks of investing in assets during these times of pandemic and war. In an integrated global financial system, we sought to explore the connectedness, if any, between the returns on the Bourse Régionale des Valeurs Mobilières (BRVM) and ESG-based stocks. Using a time-varying parameter vector autoregression (TVP-VAR) to analyze daily returns from 12 March 2013 to 4 April 2022, we find categorically that ESG-based stocks and BRVM stocks are connected, with ESG-based stocks dominating the network connectedness. Furthermore, using dynamic connectedness correlations from dynamic conditional correlation generalized autoregressive conditional heteroscedasticity (DCC-GARCH), we show that ESG stocks could be used as a safe haven or weak hedge for BRVM stocks in times of crisis. We test for the robustness of our findings using quantile causality. The causality test further shows that ESG-based stocks cause movements in BRVM stocks mostly at the lower quantiles—enhancing the findings of dominancy from the TVP-VAR estimates and offer diversification and safe haven benefits from the DCC-GARCH in extreme conditions. The implication of these findings for investors is that they could benefit from using ESG-based stocks in their portfolios, particularly in times of crisis. JEL Codes: G01, G11 [ABSTRACT FROM AUTHOR]

Logistics is presently undergoing a transformative phase driven by rapid digitalization. This trend has spurred an in-depth exploration of the industry's theoretical potential and practical challenges. This comprehensive review focuses on practical applications, delving deeply into the increasing interest in digital technologies within logistics. The primary objective of this study is to conduct a bibliometric analysis to unravel the growth and academic development of the concept of logistic digitalization. The investigation examines academic literature from the Web of Science database spanning 2020-2024. Using VOS Viewer, an intellectual structure and bibliographic analysis are performed on selected articles. The cluster that concentrates on articles about the Internet of Things (IoT) technology and its impact on the logistics economy (the fourth cluster) is most closely related to the digital theme. The study combines theoretical framework, including Michael Porter's and the Resource-Based View, to illustrate the connections that improve business competitiveness. The examination of investments in digital technology sheds light on the logistics sector's experiences during the years when these investments impact labor productivity. Descriptive analysis results suggest that companies implementing technology can achieve a workforce productivity increase of up to 20%, underscoring the significance of technology investments for enhancing business competitiveness. These findings shed light on how various logistics sub-sectors respond to investments in software and computers and the rate at which these technologies influence labor productivity metrics. These empirical findings substantially reinforce the theoretical framework, providing practical implications and emphasizing the critical necessity for logistics firms to integrate digital technologies into their operational frameworks seamlessly. In conclusion, as the logistics landscape hovers on the brink of a digital revolution, businesses must adeptly navigate and wholeheartedly embrace digital solutions to ensure competitiveness. [ABSTRACT FROM AUTHOR]

Financing patterns should minimize the weighted average of capital and maximize shareholder value. This study aimed to evaluate the factors affecting the financing model through a capital increase and its effect on abnormal stock returns. This mixed study was conducted based on interviews with 16 experts. Factors such as investment purposes of the capital increase, sources of the capital increase, and differences in the rules of the Tehran Stock Exchange, such as the scope of oscillation and characteristics of the company, are the essential components affecting the pattern of capital increase. In addition, the results of the qualitative analysis were measured by using the questionnaire tool and asking the opinions of 400 financial managers and university professors using the structural equation analysis method. The results showed that the investment objectives of the capital increase, the methods of increasing cash from shareholders and stock premium, and stock dilution significantly affected capital increase and, consequently, abnormal and negative stock returns. [ABSTRACT FROM AUTHOR]

Nowadays, product recovery and waste recycling are receiving more attention in order to reduce environmental pollution and production costs in the form of a closed-loop and sustainable supply chain. Also, designing a supply chain by considering resilience approaches can protect buyers against disruptions such as natural, human or technological disasters. On the other hand, efficient and effective financial supply chain management (FSCM) way is known as one of the main structures in line with the continuity and stability of the chain’s performance, and budget restrictions are of great importance considering the issue of scarcity of resources in the economy. This study has presented a multi-objective mixed integer linear programming (MOMILP) model of a single-period, multi-product and multi-level closed-loop supply chain, taking into account the dimensions of sustainability and resilience, emphasizing the balance between the initial budget and the cost of establishing facilities under uncertainty. subsequently, to eliminate the uncertainty of the demand parameters and costs, its robust counterpart was presented based on Pishvaee’s robust possibilistic programming (RPP) model. The augmented Epsilon Constraint method (AEC) and Non-dominated Sorting Genetic Algorithm (NSGA-II) were used to solve and evaluate it. [ABSTRACT FROM AUTHOR]

The article is dedicated to exploring the theoretical foundations of public-private partnership (PPP) as one of the key instruments for post-war economic reconstruction in Ukraine. A deep analysis of the genesis and evolution of PPP both globally and domestically is conducted. The position of PPP in the system of administrative and legal regulation is determined, along with its significant potential for stimulating economic development and the restoration of war-damaged infrastructure. The war in Ukraine inflicted dreadful damage to the country's economy, requiring substantial investments for its recovery and further development. In this context, PPP is considered as one of the promising sources of investment capable of stimulating economic growth and infrastructure modernization. A retrospective analysis of the evolution of PPP from ancient times to its active implementation in the 20th century is carried out. Emphasis is placed on the experience of foreign countries where PPP is successfully utilized for project implementation in various spheres such as infrastructure, healthcare, education, energy, etc. The formation and development of PPP in Ukraine are thoroughly analyzed. Key stages, legislative steps taken for its regulation, and factors hindering its dynamic growth are identified. The system of regulatory acts defining the legal framework for the functioning of PPP in Ukraine, the main principles and mechanisms for implementing PPP projects, as well as the powers of state bodies and the private sector in this sphere are disclosed. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper analyzes Kazakh-European trade and economic relations from 2012 to 2021, aiming to elucidate the dynamics, trends, and strategic implications of these bilateral interactions. The primary purpose of this research is to scrutinize the dynamics of Kazakhstan's trade and economic interactions with European countries, assessing the trends, challenges, and opportunities within this framework. Employing a methodology that combines analysis and synthesis, inductive and deductive reasoning, and statistical methods including ABC analysis in MS Excel, the study provides a comprehensive examination of Kazakhstan's trade volumes, exports, imports, and foreign direct investments with European countries. It was revealed that for the countries of Europe, the indicators of the volume of trade, exports, and imports, gross investments showed a greater drop than in the economy. Summarized information characterizing the institutional aspect of the formation of relations between Kazakhstan and European states highlights Kazakhstan's active participation in international organizations as a key driver in developing these relationships. The findings offer valuable insights for policymakers and business stakeholders, highlighting the need for strategic approaches in optimizing trade and investment relations between Kazakhstan and Europe. [ABSTRACT FROM AUTHOR]