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The digitalization of classic power systems enables the monitoring of diverse processes and occurrences in power electric systems and big data collection. Manipulating data is a key role in decision-making and planning, and machine learning (ML) algorithms can mimic human-like reasoning and automate decision processes. This manuscript centers on applying ML algorithms to create maintenance schedules for power generators, primarily based on stator winding testing. The investigation showcases the implementation of multiple ML algorithms, encompassing fuzzy logic (FL), adaptive neuro-fuzzy inference system (ANFIS), artificial neural network (ANN), autoencoder neural network (AENN), and decision tree (DT). This research's primary objective is to investigate and determine the most acceptable ML algorithm that fits the most with the assessments made by human experts. Based on real data from power plants of Serbia best prediction correlation to the human expert shows DT algorithms with 69.45%, then ANN 68.05%, ANFIS 59.56%, FL 47.81% and at the end AENN 6.83%. The presented ML algorithms results with risk maps prove to be a valuable instrument for condition and risk-based maintenance. The presented methodology for decision making can be used to optimize power plants maintenance schedules, minimize downtime, and maximize operational efficiency in one power system. This investigation contributes to the progress of the electrical power industry by showcasing the capabilities of ML in facilitating informed decision-making processes and enabling proactive maintenance strategies. [ABSTRACT FROM AUTHOR]

This article examines the transformation of public employee pension investment in the United States, from investing public funds in public infrastructure before the 1950s, to investing public funds in private securities in the years after. Three factors drove this change. First, motivated financial professionals convinced states to adopt the "prudent man rule," a legal investment standard that emphasized professional management and maximum financial returns. Second, declining bond yields during World War II led public pension managers to reconceptualize the political goals of pension investment, from balancing retiree returns against low-cost public infrastructure, to maximizing employee benefits by achieving maximum returns in financial markets. Third, public officials hired private asset managers to undertake new investment strategies. These professionals then used their influence to pursue further pension liberalization. Ultimately, US financialization was not a break, but a continuous process through which government officials intentionally used financial markets to enhance public social provision. [ABSTRACT FROM AUTHOR]

Asset managers – financial institutions like BlackRock, State Street, and Vanguard – manage trillions of dollars of US household financial assets, including public pension funds at the federal, state, and municipal level. The structural power of asset managers means they play a decisive role in corporate decision-making, while the conflicts of interest inherent in their business model and a short-term interpretation of their fiduciary duties means they do not serve the actual interests of their economic beneficiaries in a sustainable economy. I propose establishing a public asset manager in the United States to serve as the asset manager for public pension funds. This article situates this proposed institutional reform in the broader evolution of asset manager capitalism and explains how establishing a public asset manager is an institutional reform that would shift the financial system toward serving the actual interests of the people and social systems on which it depends. [ABSTRACT FROM AUTHOR]

Despite the significant advances in structural health monitoring (SHM) technology and the widespread use of monitoring in other industries, its use on bridges remains relatively limited. Bridge owners seem to consider that the cost and difficulty of installing and maintaining sensors and data acquisition equipment outweigh the potential benefits that might be gained. In addition, owners realise that monitoring and managing the data also requires resources. There is a difference in philosophy and approach when considering SHM on new complex bridges and on existing bridges. On new bridges, SHM can assist engineers validate design assumptions. On existing bridges, the use of SHM has typically been on a reactive, usually temporary basis, to address specific concerns. Some of the challenges surrounding the use of SHM, particularly on existing bridges, are examined in this paper and a new development in SHM that uses risk prioritisation as part of the wider asset management of bridges is described. [ABSTRACT FROM AUTHOR]

Limited research has been directed toward coastal protection infrastructure compared to other types of infrastructure, despite the increasing global population in low-elevated coastal regions and the threats posed by climate change. This paper presents a risk-based asset management framework for coastal protection structures that improves accuracy with each inspection. The framework consists of five components: the Coastal Asset Inventory (CAI), Inspection and Condition Assessment (ICA) module, Backward Markovian Deterioration Model (BMDM), Forward Markovian Deterioration Model (FMDM), and Intervention Policy Engine (IPE). The framework addresses challenges in accurately predicting coastal structure deterioration due to uncertainties in wave loading conditions and the need for frequent inspections. It is applied to rubble-mound breakwaters in Alexandria, Egypt. The BMDM and FMDM models are developed based on inspection data, and the IPE optimizes interventions considering structural condition, risk thresholds, and budget constraints. Results showed that long-term deterioration estimates occur at an accelerated rate with an increase in inspection points, triggering earlier interventions. However, the framework proves reliable even with only two inspection points, allowing asset managing agencies to implement the model based on the structural condition at the year of construction and a minimum of two inspections. The proposed risk-based asset management framework provided a comprehensive approach to managing coastal protection infrastructure, reducing risks to life and property. By accurately predicting deterioration and optimizing intervention decisions, the framework can greatly assist in the effective management and maintenance of coastal assets. This is vital in ensuring the safety of coastal populations facing global climate change and demographic growth. Coastal protection structures are crucial for safeguarding coastal populations in the face of climate change and demographic growth. This research paper introduces a risk-based asset management framework for coastal protection structures, with practical applications for coastal management agencies and practitioners. The framework addresses the challenges of predicting coastal structure deterioration and optimizing intervention decisions. The framework consists of five components: the Coastal Asset Inventory (CAI), Inspection and Condition Assessment (ICA), Backward Markovian Deterioration Model (BMDM), Forward Markovian Deterioration Model (FMDM), and Intervention Policy Engine (IPE). It has been successfully applied to rubble-mound breakwaters in Alexandria, Egypt. The practical implications are significant: The framework enables asset managers to make informed decisions on coastal infrastructure maintenance and interventions, reducing risks to life and property. It provides a comprehensive approach to managing coastal protection infrastructure and ensuring the safety of coastal populations. By accurately predicting deterioration and optimizing interventions, the framework supports effective management and maintenance of coastal assets. Its reliability and flexibility make it a valuable tool for coastal management practitioners, promoting sustainable development and safeguarding coastal areas. With its potential for broader application, this risk-based asset management framework offers practical solutions for coastal protection worldwide. [ABSTRACT FROM AUTHOR]

In today's world, effective management and the use of spatial data are of great importance in many sectors. Industries such as land management, asset management, and infrastructure management are areas where spatial data are heavily utilized. Advanced technologies such as Geographic Information Systems (GISs) and Building Information Modeling (BIM) are used in the processes of collecting, analyzing, and managing geographically enabled data (geo-data). These technologies enable the effective processing of large datasets, improve decision-making processes based on geographic information, and facilitate more efficient collaboration across sectors. This study conducts an in-depth examination of the existing literature on asset management, infrastructure management, and BIM-GIS integration using bibliometric analysis and systematic literature review methods. Bibliometric analysis is employed to determine statistical values such as current research trends, frequently cited authors, most used keywords, and country performances in the relevant field. This study's results highlight future research trends and significant gaps in the areas of asset management, infrastructure management, natural gas pipelines, and BIM-GIS integration. In particular, this study demonstrates the critical importance of asset management and BIM-GIS integration for sustainable infrastructure design, construction, and management. In this context, attention is drawn to the importance of data standardization, digitization, systematic integration, and contemporary land management requirements. [ABSTRACT FROM AUTHOR]

Constructing Bayesian networks (BN) for practical applications presents significant challenges, especially in domains with limited empirical data available. In such situations, field experts are often consulted to estimate the model's parameters, for instance, rank correlations in Gaussian copula-based Bayesian networks (GCBN). Because there is no consensus on a 'best' approach for eliciting these correlations, this paper proposes a framework that uses probabilities of concordance for assessing dependence, and the dependence calibration score to aggregate experts' judgments. To demonstrate the relevance of our approach, the latter is implemented to populate a GCBN intended to estimate the condition of air handling units' components—a key challenge in building asset management. While the elicitation of concordance probabilities was well received by the questionnaire respondents, the analysis of the results reveals notable disparities in the experts' ability to quantify uncertainty. Moreover, the application of the dependence calibration aggregation method was hindered by the absence of relevant seed variables, thus failing to evaluate the participants' field expertise. All in all, while the authors do not recommend to use the current model in practice, this study suggests that concordance probabilities should be further explored as an alternative approach for the elicitation of dependence. [ABSTRACT FROM AUTHOR]

This paper addresses errors in mean return estimates in continuous-time asset allocation models. A standard approach postulates that stochastic factors explain expected asset returns. The problem is then to estimate these factors from observed asset prices via filtering. Recent advances have also combined asset prices with expert opinions to improve the estimates. However, these methods have limitations: stocks prices favor momentum strategies, and expert opinions require careful debiasing. To resolve these issues, we propose a jump-diffusion risk-sensitive benchmarked asset management model in which investors estimate the factors from both traditional and alternative data. We show that this model admits a unique C 1 , 2 solution, and we derive the optimal investment policy in quasi-closed form. We find that investors construct their portfolios from a passive core and an active satellite. The passive core adds considerations for jump risk to a simple benchmark replication. The active satellite blends security selection, and factor tilts with event-driven strategies unique to jump-diffusion problems. Thus, our model explains the most popular investment strategies. Furthermore, the improved expert forecast model and the introduction of alternative data provide factor tilters with new tools to sharpen their asset allocation. [ABSTRACT FROM AUTHOR]

This paper presents a methodology capable of measuring, processing, and extracting contact resistance parameters that enable the identification of the contact degradation level inside arc extinction chambers in medium- and high-voltage circuit breakers (CB). To determine the contact degradation level, an algorithm was developed to extract the characteristic parameters from the results of dynamic resistance measurement (DRM). To analyze the dataset parameters, this work employs the combination of different statistical tools, such as boxplots and fuzzy logic, enabling the evaluation to be conducted without the subjectivity inherent in human decision. Therefore, a more objective and reliable diagnosis could be achieved. The DRM tests were performed on two types of minimum-oil CB (MOCB), 800 A/15 kV/12.5 kA (CB-A) and 2000 A/72.5 kV/31.5 kA (CB-B and CB-C). For CB-A and CB-B, three contacts were utilized for each CB, with significant contact degradation. For CB-C, a single contact was employed without significant degradation. The DRM curves of the CB-C contact were used as the reference for evaluation of the CB-B contacts. For this purpose, a new DRM system was developed. The proposed methodology can be defined as a complement for other diagnostic techniques, serving as a non-subjective asset management tool, supporting decisions regarding equipment interventions. [ABSTRACT FROM AUTHOR]

In this work we seek to enhance the frameworks practitioners in asset management and wealth management may adopt to asses how different screening rules may influence the diversification benefits of portfolios. The problem arises naturally in the area of Environmental, Social, and Governance (ESG) based investing practices as practitioners often need to select subsets of the total available assets based on some ESG screening rule. Once a screening rule is identified, one constructs a dynamic portfolio which is usually compared with another dynamic portfolio to check if it satisfies or outperforms the risk and return profile set by the company. Our study proposes a novel method that tackles the problem of comparing diversification benefits of portfolios constructed under different screening rules. Each screening rule produces a sequence of graphs, where the nodes are assets and edges are partial correlations. To compare the diversification benefits of screening rules, we propose to compare the obtained graph sequences. The method proposed is based on a machine learning hypothesis testing framework called the kernel two-sample test whose objective is to determine whether the graphs come from the same distribution. If they come from the same distribution, then the risk and return profiles should be the same. The fact that the sample data points are graphs means that one needs to use graph testing frameworks. The problem is natural for kernel two-sample testing as one can use so-called graph kernels to work with samples of graphs. The null hypothesis of the two-sample graph kernel test is that the graph sequences were generated from the same distribution, while the alternative is that the distributions are different. A failure to reject the null hypothesis would indicate that ESG screening does not affect diversification while rejection would indicate that ESG screening does have an effect. The article describes the graph kernel two-sample testing framework, and further provides a brief overview of different graph kernels. We then demonstrate the power of the graph two-sample testing framework under different realistic scenarios. Finally, the proposed methodology is applied to data within the SnP500 to demonstrate the workflow one can use in asset management to test for structural differences in diversification of portfolios under different ESG screening rules. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper was to understand the difficulties related to asset management observed by experts in Brazilian organizations in light of the requirements outlined in the ISO 55001:2014 standard. Design/methodology/approach: A survey was performed with asset management experts. The collected data were analyzed using frequency analysis, hierarchical cluster analysis and fuzzy technique for order preference by similarity to deal solution (TOPSIS). Findings: Based on data analysis, the most critical difficulties observed were related to managing and controlling the impact of changes in the company that affect asset management objectives; to the committing to and supporting the asset management system by the top management of the organization; to manage the processes for dealing with risks and opportunities for the asset management system and plans, and correcting failures in asset performance; and to plan and conduct actions in an integrated manner to identify and minimize adverse impacts associated with the asset management system, and afterwards verifying their effectiveness. Originality/value: The findings of this study have important theoretical and practical contributions, since they indicate the most critical points observed in asset management in Brazil, which can be used as a source for future research and by professionals to prioritize difficulties in future planning and develop action plans to overcome them. The step-by-step methodological approach presented in this study provides professionals and researchers with a replicable method of identifying potential asset management difficulties in a given specific reality. [ABSTRACT FROM AUTHOR]

With the rapid development of information technology, the Internet of Things (IoT) and big data have gradually become the core tools of modern enterprise management and decision-making. This study explores the application and potential value of IoT and big data in the field of enterprise assets and accounting. Through strategic questionnaire design and multi-channel data collection, a corresponding data model is constructed, and the effectiveness of the model is further verified. The results show that these technologies can not only improve the management efficiency of enterprises, but also provide more accurate and timely data support for corporate decision-making. However, in practical applications, enterprises also need to face data integrity, technology updates, and a host of other challenges. This study not only provides enterprises with an opportunity to gain an in-depth understanding of these technologies, but also provides valuable implications for future research and applications. [ABSTRACT FROM AUTHOR]

In April 2021 Stavå bridge, a main bridge on E6 in Norway, was abruptly closed for traffic. A structural defect had seriously compromised the bridge's structural integrity. The Norwegian Public Roads Administration (NPRA) closed it, made a temporary solution and reopened with severe traffic restrictions. The incident was alerted through what constitutes the bridge's Digital Twin processing data from Internet of Things sensors. The solution was crucial in online and offline diagnostics, the case demonstrating the value of technologies to tackle emerging dangerous situations as well as acting preventively. A critical and rapidly developing damage was detected in time to stop the development, but not in time to avoid the incident altogether. The paper puts risk in a broader perspective for an organization responsible for highway infrastructure. It positions online monitoring and Digital Twins in the context of Risk- and Condition-Based Maintenance. The situation that arose at Stavå bridge, and how it was detected, analysed, and diagnosed during virtual inspection, is described. The case demonstrates how combining physics-based methods with Machine Learning can facilitate damage detection and diagnostics. A summary of lessons learnt, both from technical and organisational perspectives, as well as plans of future work, is presented. [ABSTRACT FROM AUTHOR]

Despite the promising outcomes achieved over time in Asset Management, data accessibility, correlation, analysis, and visualization still represent challenges. The integration, readability, and interpretation of heterogeneous information by different stakeholders is a further concern, especially at the urban scale, where spatial data integration is required to correlate virtual information with the real world. The Geographic Information System (GIS) allows these connections, representing and digitizing extensive areas with significant benefits for asset analysis, management, and decision-making processes. Such benefits are central for managing large and widespread university campuses as they are comparable to small cities, covering a wide urban region and including resources highly integrated into the urban context. The paper presents how GIS integrated into Business Intelligence (BI) tools can support university Asset Management System (AMS) creation for the optimal use of resources, illustrating the University of Turin case study. The results discussion considers the relationship between the different elements of the assets and their synergy with the city. It focuses on four themes, dealing with the asset identification of buildings and resources, especially the educational ones, asset spatiotemporal evolution, and buildings' distances for proximity analysis. The benefits achievable through the AMS, related challenges, and possible future developments are highlighted. [ABSTRACT FROM AUTHOR]

European legislation on investment funds does not provide for a single coherent third country regime. The UCITS Directive 1985, as one of the earliest directives aiming at financial product harmonisation within the European Union, never contained a third country regime. By contrast, the much younger AIFMD contains an elaborate, staged third country regime: while the first stage is essentially based on access under national private placement regimes subject to certain harmonised minimum requirements, the second stage is based on a 'third country passport' obliging third country actors to become fully licensed in an EU member state of reference. Contrary to expectations at the outset of AIFMD, it is questionable whether and when the second phase will be implemented. In the light of the rather cumbersome third country access regime for non-EU fund products and asset managers, delegation of portfolio management by EU-regulated management companies to third country asset managers is an important access path for asset management services into the European Union. [ABSTRACT FROM AUTHOR]

Since the 1980s, U.S. finance has grown disproportionately in power and influence as American investment funds have become the largest shareholders of U.S. corporations, managing tens of trillions of dollars in investments. This paper provides a novel empirical analysis of the ascent of asset manager capitalism in the United States and explores the extent of its global spread by examining the SEC Form 13F filings of U.S. institutional investors along with an extensive global corporate ownership dataset provided by Orbis. This paper finds that U.S. finance owns approximately 60% of U.S. listed companies (an increase from 3% in 1945) and 28% of the equity of all globally listed firms. As the largest global shareholders and the exemplars of U.S. asset managers, the Big Three hold investments in 81% of U.S. listed companies and own 17% of the U.S. equity market, while also appearing as a shareholder in 20% of non-U.S. listed companies and owning 4% of the non-U.S. equity market. This paper illustrates that the ascent of the age of passive investment and universal ownership, exemplified by the activities of the Big Three, has produced a sectorally and geographically uneven landscape of capital flows, exacerbating the existing divides between the heartlands and hinterlands of global financial markets. With the ownership of listed companies being increasingly concentrated in the hands of a small number of increasingly powerful funds, this paper ultimately argues that it is in the ownership of the majority of global capital that the power of modern finance lies. [ABSTRACT FROM AUTHOR]

ESG metrics are increasingly important in the global investment management industry. Why this came to pass given the limited appetite for responsible investing in the industry is the subject of this paper. Although the business case for ESG provides an explanation for its increasing uptake whereby market actors are increasingly convinced of the merits of ESG as a profit centre, this explanation is insufficient. By contrast, the adoption the ESG programme offers a means of rewriting the terms of risk management and value creation that while grounded in the business case also serve to address challenges to the legitimacy of the global asset management industry. These developments are illustrated in a case study of the establishment and growth of TruCost and its purchase by S&P Global in 2016. [ABSTRACT FROM AUTHOR]

This article analyzes the development and growth of the administrative practices and structures necessary for leading asset management companies and other firms to create and sell their "product" of choice: investment funds. To investigate this problematic, I turn to the Grand Duchy of Luxembourg, which currently serves as the domicile for over $5 trillion in fund assets. Since the 1980s, Luxembourg's "offshore" financial center has become a leader in providing the "plumbing," to quote an interviewee of mine, for worldwide asset manager capitalism. On offer in Luxembourg to asset managers are the routine-but-essential tasks such as domiciliation, compliance, calculation of net-asset values, and distributions. After a brief history of the rise of asset manager capitalism and Luxembourg's role in it, I detail the strategies by which the Grand Duchy's financial-center professionals collaborate to devise ways to service the ever-increasing varieties of investment funds for sale today. Having used the Luxembourg financial center as a case study, I conclude the article by arguing that, in order to understand contemporary asset manager capitalism, researchers should pay as much attention to its "collaborating administrators" in locales like Luxembourg as they currently do to its "competing titans of industry" on Wall Street or in the City of London. [ABSTRACT FROM AUTHOR]

The city dashboard has become an integral component of smart city asset management systems. It leverages data collected from multiple sources to monitor performance and enable evidence‐based decision making. This article investigates the use of a design thinking framework to develop a functional and easy to understand city dashboard. The Smart Social Spaces project is used as a case study to illustrate how design thinking can be employed to develop an asset management dashboard, enabling efficient management of public space and infrastructure. The article profiles the unique collaboration between a local government, a multi‐disciplinary team of university academics, and a street furniture designer and manufacturer, all located in Sydney, Australia. We unpack some of the design practice nuances that led this project to receive national awards and international recognition, and most importantly, created a user‐friendly system to track and maintain public micro assets. We conclude with lessons learnt and recommendations for dashboard development through a design thinking process. Key messages: Presenting city performance as a readable dataset that can be clearly communicated, while being visually appealing to a lay audience, is a challenge.An interdisciplinary design thinking process applied to dashboard design puts people both at the centre of and in the design process, as well as being at the centre of the outcome. The Smart Asset Management Dashboard served as a catalyst to change data infrastructure and integrate other asset data into a centralized platform for a Sydney‐based local government council. [ABSTRACT FROM AUTHOR]

This research looks into a systemic impact factor (SIF) as a complement to enhance the prescriptive capabilities of electric substations with the objective of improving the reliability and robustness of components. As electrical networks become increasingly complex, prescriptive analytical tools are needed to ensure sustained power delivery. The purpose is to develop a framework for evaluating failure effects, including both direct and indirect effects on substation performance. The study makes use of a multi-criteria method that incorporates safety, environment protection, reliability, and network robustness among other factors like SAIDI and SAIFI to determine the actual impact of failures to make better decisions. The methodology is illustrated using a criticality model, and a case study, focusing on operational contexts of the failure. The SIF proposal provides a better understanding of different aspects and their contribution, when a failure event occurs under a given operational context. This factor improves maintenance management by identifying critical equipment and projecting the effects of failure through a specific operation network. A case study in an electrical substation estimates the SIF for each element used in daily operations to improve support services and increase substation dependability. Therefore, SIF is an essential factor to consider in electrical substations for their maintainability and reliability evaluation. [ABSTRACT FROM AUTHOR]

The application of artificial intelligence (AI) techniques may lead to significant improvements in different aspects of rail sector. Considering asset management and maintenance, AI can improve data analysis and asset status forecasting and decision-making processes, fostering predictive and prescriptive maintenance strategies. A prescriptive approach should be able to predict future scenarios as well as to suggest a course of actions. Nevertheless, the decision-making in rail asset management is often based on the classical asset-oriented approach, concentrating on the function of the asset itself as a main key performance indicator (KPI), whereas a user-oriented approach could lead to improved performance in terms of level of service. This paper is aimed at integrating the passengers' perspective in the decision-making process for asset management to mitigate the impact that service interruptions may have on the final users. A data-driven prioritisation framework is developed to prioritise maintenance interventions taking into account asset status and criticality. In particular, a three-step approach is proposed, which focuses on the analysis of passenger data to evaluate the failure impact on the service, the analysis of alarms and anomalies to evaluate the asset status, and the suggestion of maintenance interventions. The proposed approach is applied to the maintenance of the metro line M5 in the Italian city of Milan. Results show the usefulness of the proposed approach to support infrastructure managers and maintenance operators in making decisions regarding the priority of maintenance activities, reducing the risk of critical failures and service interruptions. [ABSTRACT FROM AUTHOR]

Municipalities possess a wide range of real estate. However, land, buildings, and premises must not only be managed individually, but also optimized and strategically developed as a comprehensive portfolio linked to the objectives of public administration activities and, of course, to the development plans of a particular municipality. Nevertheless, a comprehensive view of the issue of managing and building a real estate portfolio in public administration is missing. This is evidenced by the lack of a methodology that would help local authorities with the task. Thus, a quantitative analysis of scientific publications was conducted, dealing with the issue of strategic management of real estate portfolios at the city level, both within the Czech Republic and throughout the world. This article aims to present a qualitative search of the content of scientific publications, thereby contributing to the creation of a foundation for further systematic research into this issue. [ABSTRACT FROM AUTHOR]

Russia's 2022 invasion of Ukraine has sent shockwaves across the international community, not least the international investment community and the arbitration world. A flurry of disputes has arisen not only in connection to harm to the interests of foreign investors in Ukraine and Russia but also in relation to sanctions – including asset freezing measures – imposed by many western and aligned states. This article outlines the typology of arising cases, and discusses the principal arguments, outcomes and challenges of means of redress (typically, arbitration) that appear to be at play. [ABSTRACT FROM AUTHOR]

As the most powerful measure of economic sanctions against Russia which invaded Ukraine, the Western States froze the assets of the Russian Central Bank and the Oligarchs which are situated in their States. This article attempts to clarify the legality of the freezing, confiscation, and management of assets under international law. The freezing of assets is a legal countermeasure against aggression. Confiscation is lawful only if certain conditions are satisfied. Management is a realistic option which avoids the legal risks which might arise from confiscation. [ABSTRACT FROM AUTHOR]

Local governments inhabit a crowded ecosystem. Cities, counties, and school districts--and many more--share overlapping territorial jurisdictions. Overlapping jurisdiction goes hand-in-hand with redundant local power, defined as a scenario where multiple governments hold independent authority to take the exact same action in the exact same territorial space. In Maine, for example, state law empowers three local bodies to operate the same sewer infrastructure. In Detroit, two separate entities are equally tasked with managing the city's streetlights. And in communities across the country, local governments are broadly authorized to own the same parcels of public land, including in Oakland, California, where public properties are splintered between a grand total of fifteen different government bodies. How do localities navigate their shared powers in a shared governance ecosystem? In the absence of state guidance, local governments fashion ad hoc, largely circumstantial, and often informal regimes of interlocal power. Sometimes they compete with each other to control a public asset, while at other times they coordinate and exercise power in a joint manner. Sometimes they abstain from acting, on the hope or expectation that another local entity will take the lead, and at other times they bandwagon onto the governance decisions of another body. Rarely are these relationships set in stone. Instead, a relationship built on collaboration may devolve suddenly into competition, while even written agreements that delineate how two governments will exercise their redundant powers can prove illusory on the ground. Uncertainty reigns supreme in this interstitial universe, yielding an interlocal governance haze that this Article aims to highlight and moderate. The Article demonstrates why redundant and muddled power is so common, how it manifests in practice, and why state legislatures generally take a hands-off approach to the issue. Yet as it also demonstrates, legislatures sometimes do intervene, at times aggressively, to reorder interlocal power in pursuit of substantive policies or particular political goals. Intergovernmental power dynamics can thus lurch between the polar nodes of local indeterminacy and haphazard, state-imposed change. To break the impasse, this Article considers a counterintuitive strategy for local government officials: proactively asking the state to limit their power by creating an administrative oversight framework where none currently exists. Such a framework would enhance local democracy by shedding sunlight on conversations that today often occur in the shadows. It could also carve a middle-ground approach between the well-trod and often politically-fraught poles of state fiat and local autonomy, one where, instead, local actors can pursue a procedural initiative today to ward off unpredictable state interventions down the road. [ABSTRACT FROM AUTHOR]

This study examined the relationship between Positive Youth Development (PYD) Internal and External assets and life satisfaction among Albanian adolescents. Data were collected from a sample of 409 Albanian students aged 14-19 years using the Developmental Assets Profile and the Life Satisfaction Scale. The sample included the majority group (51%) and various minority groups in Albania. Statistical analyses were conducted to explore the association between PYD assets, demographic variables, and perceived life satisfaction. The results revealed significant differences in Internal and External assets across all groups, with life satisfaction reported at a moderate positive level. Gender and minority group differences were observed in the relationship between assets and life satisfaction. The findings of this study reveal that the ten Positive Youth Development (PYD) assets serve as predictors for life satisfaction. Additionally, it was observed that the same set of ten PYD assets acts as a predictor for life satisfaction. These results provide valuable insights into the implementation of PYD strategies and the impact they have on life satisfaction within an under-researched community. [ABSTRACT FROM AUTHOR]

Purpose: The Maintenance Management Framework for Asset Management (MMFAM) is a recently modeled framework to ensure the alignment of maintenance management with physical asset management based on the ISO 55000 series for asset management. In this context, the purpose of this paper is to discuss the applicability of the MMFAM considering the operational context of a hydroelectric power plant. Design/methodology/approach: The paper adopted the case study method for the discussion of the applicability of the MMFAM to a real operational context. A hydroelectric power plant was chosen as the scope of the case study due to its relevance since the electricity sector is an example of an asset-intensive industry in which asset management performance is fundamental. To gain a detailed understanding of the organization, data were collected through direct requests to the plant, informal meetings with technical collaborators, a technical visit to the hydroelectric plant and on-site data collection. Then, the MMFAM processes were demonstrated based on this information and the results supported the discussion of the MMFAM applicability. Findings: The case study provided a deeper understanding of the processes included in the MMFAM. In addition, the results suggested the applicability of the framework to other organizations besides the hydroelectric sector due to its generic approach and the possibility of choosing appropriate tools to support and implement the MMFAM processes. Practical implications: The case study is expected to contribute to the practical understanding of the MMFAM processes within an operational context and assist maintenance professionals and researchers in their implementation in other organizations. Originality/value: Although the literature provides different maintenance management frameworks, their practical discussion based on a real operational context is still a gap. Accordingly, this paper discusses the MMFAM under a case study method to expand its understanding beyond theory and contribute to practical comprehension in depth. [ABSTRACT FROM AUTHOR]

This paper compares the application of two recently published guidance documents for risk-based assessment of hydraulic actions on bridges, namely the UK Design Manual for Roads and Bridges and the Italian Ministry of Infrastructure and Transport's Guidelines, to two case study bridges (Staverton Bridge, UK; Borgoforte Bridge, Italy). This work is one of the first to illustrate how to apply these guidelines. Both documents present risk-based methods for the assessment of hydraulic actions, while exhibiting fundamental differences. For example, the UK method prescribes calculations for local and constriction scour, water depth, and velocity at several cross-sections; by comparison, the Italian method does not prescribe calculations to assess the risk level. For the case studies in this paper, the hydraulic risk obtained for Staverton Bridge resulted as 'High' using both methods. The scour score for the Borgoforte Bridge resulted higher using the Italian method (Medium-High), as compared to the UK approach (Medium). This difference is due to how the guidelines assess the vulnerability associated with the minimum clearance. The comparison of these two risk-based approaches and the resulting discussion may serve as a useful resource for those wishing to develop new risk-based methods for assessing hydraulic actions on bridges. [ABSTRACT FROM AUTHOR]

This paper presents an asset management framework for remote monitoring of traffic signal structures for fatigue damage under wind loads, using historical wind measurements from nearby weather stations. Estimate wind profiles developed from the wind data are used to calculate fatigue damage at welded connections for a wide variety of common traffic pole configurations. The analysis is embedded within a novel remote monitoring application that performs the fatigue life analysis in real time for a user defined location and traffic pole configuration. Such a framework is the first of its kind that allows operators to make real time asset management decisions though interactive explorations of the relationship between traffic pole configuration and fatigue life due to local wind conditions. Results are demonstrated using several traffic poles located around Logan, Utah, which has complex topography that creates drastic changes in wind conditions over short geographical distances. The results illustrate the ability of the remote monitoring application to detect small-scale differences in wind conditions that result in significant differences in the estimated fatigue life of traffic structures within communities. Such results highlight the need for, and feasibility of developing site-specific asset management frameworks at a much finer spatial resolution than previous attempts. [ABSTRACT FROM AUTHOR]

With the development of non-performing assets market and the requirement of maintaining national financial security and stability, asset management corporations (AMC) have set up in recent years, facing the dilemma of governance reform and competitiveness improvement. This paper puts forward the Governance-Performance-Competitiveness theory of asset management corporations, and constructs the comprehensive competitiveness evaluation index system of based on internal and external governance mechanisms, and studies the factors and degrees of internal and external governance affecting competitiveness by combining principal component analysis method and grey correlation analysis method. The empirical results show that the asset scale and profitability of asset management corporations directly determine their competitiveness level to a large extent, and the correlation between external governance mechanism and competitiveness is stronger than that of internal governance mechanism. Clustering and grouping are conducted based on the size of competitiveness, and China's local asset management corporation system presents a diamond structure. China's local financial asset management corporations should strengthen the top-level design of internal governance, attach importance to external governance, expand and strengthen the asset scale, and carry out full-chains business while implementing a differentiated development model to achieve sustainable development when adhering to the principal business of non-performing assets. [ABSTRACT FROM AUTHOR]

Asset management companies have emerged with the aim of purchasing the non-performing assets of financial institutions, providing liquidity to the institution and freeing these institutions from non-performing assets. The deterioration in the economies of countries from time to time and the consequent deterioration in the economic situation of citizens and financial institutions have led to the establishment of these companies. Although asset management companies emerged earlier in the world, they came to the agenda in our country after the 2001 crisis. Since asset management companies were established with the aim of purchasing non-performing assets from conventional banks at very low amounts and collecting these debts from the original owner, we cannot say that they take into account the prohibition of interest, which is not legitimate according to Islamic law. Therefore, it is not possible to state that the existing asset management companies are legitimate in terms of Islamic law. On the other hand, considering that participating banks may also have problematic assets, there should be a need for an Asset Management Company that conducts interest-free transactions and complies with the principles of Islamic law. In this context, it should be necessary to determine some principles for asset management companies that aim to operate within the framework of the principles of Islamic law. In the history of Islamic law, debt-sale practices have been widely discussed by scholars. The main source of the debate is the hadith narrated from the Prophet (p.b.u.h.), "The Prophet (p.b.u.h.) forbade the sale of debt for debt." As a matter of fact, many opinions have been expressed around this hadith, and it has been stated that the hadith is weak, and although it has been stated that it is weak, there are also opinions that it is true in terms of its meaning. On the other hand, there are also disagreements about which of the debt-selling practices the hadith covers. Some scholars accepted the hadith as absolute and did not allow any debt to be sold in any way. Some scholars, on the other hand, have narrowed the scope of the hadith and stated that it is not permissible to engage in debt-sale practices that create an interest transaction or where the transaction does not benefit people. The Hanafi madhhab has never authorised the sale of debt on the grounds that it is not deliverable. Although the Shafi'i madhab has such a view as a sect, it has experienced individual disagreements on the issue of purchasing the debt in cash in exchange for goods. The Maliki madhhab is more moderate than these two madhhabs in the practice of selling debt. As a matter of fact, it has adopted the view that it is possible to sell the debt to the debtor himself or to a third party in exchange for a good or benefit, with some conditions. The scholars who act most freely on this issue are Ibn Taymiyya and his student Ibn Qayyim al-Javziyye. According to these two scholars, the sale of debt forbidden by the aforementioned hadeeth is the sale of a new debt on a deferred basis without the parties having a previous debt in their possession. It is permissible to sell a debt that is fixed in the dhimma, either to the debtor himself or to a third party, in exchange for goods or the benefit of goods. In addition to the views mentioned above, among today's scholars or fatwa committees, some make ijtihad on the view of the Maliki madhab. For example, the Islamic Fiqh Academy and the Advisory Board of the Participation Banks Association of Turkey have expressed the opinion that practices that take place in the form of selling debt to third parties in cash in exchange for a property or the benefit of a property or a service may be permissible. In this article, since it is considered to be a current need, the issues of how an Asset Management Company can operate by the principles of participation finance should be and on the basis of which principles and with which methods it can purchase problematic assets are discussed. In this context, firstly, the practices in the classical fiqh works regarding debt sale practices are analysed and evaluated, and then an asset management company model that operates in accordance with Islamic law is proposed. [ABSTRACT FROM AUTHOR]

The purpose of the article is to create a concise nonlinear mathematical model for analyzing the growth of fixed assets in a specific industry. The emergence of chaotic behaviour in economic systems was explored, focusing on fluctuations. The study employed methods such as systems analysis, correlation analysis, nonlinear dynamics, and differential equations. It was identified that sharp technological innovations as the primary drivers of short-term fluctuations impacting fixed asset development. The resulting nonlinear dynamic model allowed for flexible operation, transitioning between equilibrium, periodic, and chaotic states based on coefficient values for asset growth rates and time constants reflecting economic system dynamics. [ABSTRACT FROM AUTHOR]

The concepts of real estate and asset management are gaining importance in public and private institutions, and corporate real estate management models are being developed. However, it is observed that the real estate and asset management structures in many public institutions, especially in municipalities, in Türkiye have not been fully functional so far. In this study, the subject of real estate and asset management in municipalities was first discussed in general and then, the current situation and problems of real estate assets and real estate management of Ankara Metropolitan Municipality were analyzed. The inventory of real estates under the ownership and management of Ankara Metropolitan Municipality and the structure of the real estate information system were examined, and in this framework, the acquisition, qualifications, share status, zoning and usage conditions of the real estates of the Municipality, as well as their possibilities for development, were evaluated. Based on the administrative records of the Real Estate and Expropriation Department and other relevant units of the municipality and the results of face-to-face interviews with the employees, real estate acquisition, holding and disposal transactions and problems were examined and solution proposals for the problems experienced in this area were presented with a participatory approach. Problems such as the lack of dynamic real estate inventory and information systems, the inability to establish the ownership-acquisition method-zoning-use-actual situation relationship, the inadequacy of human resources and lack of corporate real estate management models do not allow successful real estate management in municipalities. Based the results of the examination, the need for a real estate and asset management system and a corporate real estate management model has been established. [ABSTRACT FROM AUTHOR]

This article considers sensitivity readers—not as part of a woke mob controlling creative writers, but instead as a largely hidden, contingent, underpaid workforce. Based on interviews with sensitivity readers, it describes their understanding of their work as emotional labour that is badly compensated but rewarding in immaterial ways. It situates their practices within a broader economy of competition for dwindling resources, which encourages people to turn experiences and identities into monetizable assets. [ABSTRACT FROM AUTHOR]

The World Health Organization (WHO) estimated that worldwide road traffic crashes account for 1.35 million annual deaths in 2018. Most studies in road safety field have focused on studying road features effect on crash frequency and injury severity. However, limited studies use automatic road features detection methods to evaluate road safety. This research applies deep learning object detection to automatically identify roads features and Full Consistency Method (FUCOM) to rank the effect of road features on safety. A deep artificial network object detector is trained to efficiently detect road objects in a front-facing camera image, then FUCOM is applied to determine safety weights for ten Key Safety Indicators (KSIs). After determining final weights, the proposed approach is applied on a case study in Greater Cairo, in which 354 km of multi-class roads are divided to 1-km sections and assigned a road safety score (RSS). The resulting RSS identifies areas that exhibit low safety scores, enabling decision makers to focus their efforts on features that can attain highest improvement. This research contributes to supporting governments and roadway asset management agencies in prioritizing their efforts (and funding) in addressing roadway safety – especially where structured historical data collection programs are largely missing. [ABSTRACT FROM AUTHOR]

In 1999, Alberta Transportation and Economic Corridors (TEC) implemented the Geohazard Risk Management Program (GRMP) to identify, assess, monitor, and prioritize the mitigation of risk resulting from geohazard events at specific sites along the provincial highway network. The GRMP was developed to address a variety of geohazard types including rockfall hazards that occur at natural and constructed (cut) highway backslopes. An evaluation of various methods for the condition assessment of rockfall geohazards, including TEC's current GRMP risk rating system, has been completed with the intent of better understanding the suitability of each method as TEC transitions to a formalized GAM program. The GRMP risk rating values for selected rockfall geohazard sites along highway corridors in Alberta were compared to values developed from the results of five established rock mass and rock slope rating systems. The results of this study demonstrate that TEC's current GRMP risk rating system is a viable tool for the condition assessment and performance monitoring of rockfall geohazards, which could be utilized within a formalized GAM program, further benefitting from years of recorded application in Alberta. Of the other rating systems tested, the rockfall hazard rating system (RHRS) showed a strong correlation with the GRMP risk rating while Q-Slope, the Geological Strength Index (GSI) and Rock Mass Rating (RMR) correlation were marginal but displayed a potential for use as condition assessment tools. The work presented in this paper provides the first evaluation of rock slope rating systems for rockfall hazards along corridors in Alberta, directly comparing them to the slope performance as observed by TEC in a quantitative manner. [ABSTRACT FROM AUTHOR]

Abstract Social housing is an asset-intensive business, and the value of these assets globally runs into trillions of dollars. Although knowledge about social housing asset management practices is limited the evidence suggests assets may not be effectively managed. In social housing research asset management at the strategic level has been conceptualized but how strategy relates to tactics and operations has not attracted attention although the need for this to occur has been identified. This article provides a guide for social housing asset management as a comprehensive, integrated system, drawn from the relatively new field of Asset Management, filling a significant knowledge gap. The work draws on a collaboration between academics and industry stakeholders to develop a specialist asset management manual for social housing organizations. [ABSTRACT FROM AUTHOR]

The importance of stakeholder engagement in asset management is widely accepted and emphasised. Nonetheless, in asset management practice, stakeholder engagement is still often applied in an unsystematised and ad hoc manner. By proposing a framework of considerations for the deliberate design of stakeholder engagement, this study aims to contribute to the realisation of integrated asset management by offering a means to explicate the often implicit considerations regarding stakeholder engagement. By providing a conceptual exploration, as well as an analysis of three asset management cases in the Netherlands, this article provides building blocks for deliberate stakeholder engagement, guided by consideration of the mission, local context, and available time. Taking the daily reality of asset managers as a reference, this study develops a synthesis between literature on stakeholder engagement and asset management, hereby showing that both material and relational considerations should be made deliberately in all phases of an asset management project. [ABSTRACT FROM AUTHOR]

International trade frictions have changed the business environment of enterprises. However, how do these changes influence the behavioral decisions of enterprises, and will this further affect enterprise competitiveness? Exploring these questions will help determine the influencing mechanism of external negative impacts, such as international trade frictions, on the competitiveness of entity enterprises. In this study, the influences of China-U.S. trade friction, which served as an exogenous research event, on the competitiveness of entity enterprises were empirically analyzed via a difference-in-difference (DID) model with semiannual report information of Chinese nonfinancial A-share listed companies in 2016 to 2020 as research samples. Research results show that the China-U.S. trade friction promotes enterprises to enlarge their financial asset investment by changing the business environment of enterprises. Moreover, this friction further weakens the enterprise competitiveness, an essential element of industrial investments. As revealed by further heterogeneity analysis, the China-U.S. trade friction has generated heterogenous influences on enterprise competitiveness in the aspects of investment motives, industry, competition status, and internal governance mechanism. In this study, two types of enterprise competitiveness elements—environment and resources—were included into the same research framework, and the category of theoretical research on the connotation of enterprise competitiveness was expanded. Moreover, this research provided new scenes and evidence for identifying the causal relationships of the impacts of exogenous negative events with the financial behaviors and competitiveness of entity enterprises, Furthermore, it rendered countermeasure paths and policy suggestions for scientifically coping with international trade frictions and enhancing the competitiveness of entity enterprises. Subject Classification Codes: F51; G31; G32; L25 Plain Language Summary: International Trade Frictions and Competitiveness of Entity Enterprises from the Perspective of Financialization This study empirically analyzes the influences of Sino-US trade friction, which served as an exogenous research event, on the competitiveness of entity enterprises via a difference-in-difference model with semiannual report of Chinese nonfinancial A-share listed companies in 2016–2020 as research samples. The results show that the Sino-US trade friction has weakened the competitiveness of entity enterprises. To be specific, such a trade friction promotes enterprises to enlarge their financial asset investment by changing the business environment of enterprises and further weakens the enterprise competitiveness element–industrial investments. On this basis, we also make further heterogeneity analysis test from the perspective of industries, companies' behavioral motives, competitive status and internal governance mechanism. The study (1) enriches the research related to the economic consequences of international trade frictions, (2) expands the category of theoretical research on the connotation of enterprise competitiveness by integrating two types of enterprise competitiveness elements—environment and resources—into the same research framework, (3) expands the research scope of financialization studies of industrial companies, (4) provides new scenes and evidence for identifying the causal relationships of the impacts of exogenous negative events with the financial behaviors and competitiveness of entity enterprises, (5) renders countermeasure paths and policy suggestions for scientifically coping with international trade frictions and enhancing the competitiveness of entity enterprises. However, restricted by data sources and research perspectives, this study investigated the industrial competitiveness of enterprises on the basis of the presumption of their excessive attention to financial asset investments and neglect of industrial investments. And future research must further optimize the financialization measurement of entity enterprises. [ABSTRACT FROM AUTHOR]

Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Our research interest lies in those investment funds that are specifically developed for foundations in Germany. In this study, we answer two research questions: First, what are the characteristics of the market for foundation investment funds in Germany? Second, to what extent are foundation investment funds useful for foundations pursuing an SRI strategy? We build on a full sample comprising all 52 German foundation investment funds that are currently available and then use data from MSCI to apply a sustainability rating for these funds. With these data, we evaluate the financial performance of foundation investment funds in relation to their sustainability ratings. Multidimensional Scaling (MDS) was used to reduce complexity in the dataset and detect similarities among a set of objects. Our findings differentiate between two distinct clusters of foundation investment funds. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. Finally, we call for further research offer implications for both fund managers and foundation asset managers. Plain Language Summary: Shortcommings in sustainable investing through foundation investment funds Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Analyzing the performance of specific foundation investment funds in Germany we find two distinct clusters. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. This study highlights the need for foundations to develop their own SRI investment policies and thoroughly check the investment vehicles they use. [ABSTRACT FROM AUTHOR]

Recent developments in networked and smart sensors have significantly changed the way Structural Health Monitoring (SHM) and asset management are being carried out. Since the sensor networks continuously provide real-time data from the structure being monitored, they constitute a more realistic image of the actual status of the structure where the maintenance or repair work can be scheduled based on real requirements. This review is aimed at providing a wealth of knowledge from the working principles of sensors commonly used in SHM, to artificial-intelligence-based digital twin systems used in SHM and proposes a new asset management framework. The way this paper is structured suits researchers and practicing experts both in the fields of sensors as well as in asset management equally. [ABSTRACT FROM AUTHOR]

Outside of the rich world, international financial markets are thought to discipline borrowing governments by monitoring political and economic characteristics. But increasingly, asset managers do not assess individual country risk/return profiles. They replicate benchmark indexes, delegating investment decisions to index providers. This has two effects. First, it relocates market discipline into the hands of index providers. Second, it alters the constraints sovereigns face when accessing bond markets, conditioning the relationship between a sovereign's political-economic features and its ability to raise capital. Using a novel data set of index inclusion and weights, we show that country-specific factors traditionally associated with bond market access do not have the expected constraining effects on countries included in a major index but do continue to affect excluded countries. Index investment has profoundly restructured debt markets by circumscribing the disciplinary link between country characteristics and capital allocation, with wide-ranging implications for the political economy of debt and finance. [ABSTRACT FROM AUTHOR]

The article provides information on the 20th International Conference on Condition Monitoring and Asset Management that will take place from June 17-20, 2024 at Milton Hill House, Abingdon, Oxfordshire, United Kingdom.