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Preferred shares have high, fixed-dividend rates, often comparable to investment-grade bonds but have become a forgotten asset class for most investors. Preferred shares witnessed a surge of attention during the financial crisis of 2008. Because of their high and steady dividend rates, they should be considered as an asset class for portfolios that seek income. The current analysis shows that when added to a diversified portfolio, preferred shares can increase returns and reduce variance over standard equity/ fixed-income portfolios, including those that include some exposure to real estate investment trusts (REITs) for income production. [ABSTRACT FROM AUTHOR]

Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association 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.)

The portfolio selection problem has been a central focus in financial research. A complete portfolio selection process includes two stages: stock pre-selection and portfolio optimization. However, most existing studies focus on portfolio optimization, often overlooking stock pre-selection. To address this problem, this paper presents a novel two-stage approach that integrates deep learning with portfolio optimization. In the first stage, we develop a stock trend prediction model for stock pre-selection called the AGC-CNN model, which leverages a convolutional neural network (CNN), self-attention mechanism, Graph Convolutional Network (GCN), and k-reciprocal nearest neighbors (k-reciprocal NN). Specifically, we utilize a CNN to capture individual stock information and a GCN to capture relationships among stocks. Moreover, we incorporate the self-attention mechanism into the GCN to extract deeper data features and employ k-reciprocal NN to enhance the accuracy and robustness of the graph structure in the GCN. In the second stage, we employ the Global Minimum Variance (GMV) model for portfolio optimization, culminating in the AGC-CNN+GMV two-stage approach. We empirically validate the proposed two-stage approach using real-world data through numerical studies, achieving a roughly 35% increase in Cumulative Returns compared to portfolio optimization models without stock pre-selection, demonstrating its robust performance in the Average Return, Sharp Ratio, Turnover-adjusted Sharp Ratio, and Sortino Ratio. [ABSTRACT FROM AUTHOR]

Objective: This study was conducted to determine the effects of capsaicin (CAP) on productive performance, blood profile, intestinal morphology, carcass and meat quality of growingfinishing pigs. Methods: Two experimental diets were offered to 36 crossbred barrows: basal diet (0% CAP) and basal diet with CAP at 0.02%. Each experimental group consisted of 18 pigs, with six replications (three each). Results: Supplementation of CAP at 0.02% decreased average daily feed intake (p = 0.003) and feed cost/gain (p = 0.056), increased return on investment (p = 0.052) and increased gain:feed ratio (p = 0.037) during the growing period. There was no effect of CAP on the growth rate. The blood urea nitrogen and nitrogen (N) levels in faeces tended to decrease (p = 0.093 and p = 0.087), whereas the basophil level increased with CAP supplementation (p = 0.029). In addition, dietary CAP supplementation decreased crypt depth (p = 0.022) and tended to increase the villus height/crypt depth ratio in the segment of the jejunum (p = 0.084). Backfat (BF) thickness (p = 0.047) was reduced by supplementing CAP. Whereas the protein content increased with CAP supplementation (p = 0.021). Using CAP in the diet of growing pigs increased the pH at 6 h postmortem (p = 0.046) and tended to increase the springiness value (p = 0.078) of the meat. In terms of meat color, CAP supplementation increased the yellowness (p = 0.029). Conclusion: Supplemental CAP improves gut morphology and blood profiles, consequently promoting productive performance as well as carcass and meat quality. [ABSTRACT FROM AUTHOR]

Project bundling has been introduced as an innovative approach that groups several infrastructure projects into a single contract. Project bundling has numerous benefits such as expediting project delivery, capitalizing on economies of scale, and reducing the overall contract cost. However, agencies implementing project bundling also face some challenges, one of which is assessing the feasibility of a certain project delivery method (PDM) of interest. While different PDMs could be used for bundled projects, design-build (DB) has attracted particular interest from project owners as an alternative, innovative PDM due to its numerous benefits related to project performance. While previous research efforts examined different aspects of project bundling in terms of its decision-making factors, opportunities, and challenges, no previous research effort was devoted to studying the feasibility or applicability of the DB delivery method for bundled projects. To that extent, and to fill this gap, this paper develops a scoring framework that assesses the feasibility of the DB delivery for bundled projects. First, a questionnaire survey was distributed to industry experts to quantify the importance of 25 project bundling objectives. Second, principal component analysis (PCA) was implemented to calculate a weight for each project bundling objective. Third, a score for each project bundling objective was calculated and the DB feasibility tiers were identified using a series of statistical tests. Finally, a user-friendly feasibility scoring framework was developed to assign a feasibility score for the DB delivery method based on the user's inputs related to the bundled project of interest. The results showed that the key project bundling objectives that mostly increase the feasibility score of the DB delivery method for bundled projects are (1) Having specific scheduling, sequencing, staging, and phasing; (2) Meeting tight milestones or deadlines (timely completion of individual phases); and (3) Completing the overall project on schedule. Ultimately, this research adds to the body of knowledge by equipping agencies and project owners with a decision-support system that helps them make the go/no-go decision for the DB delivery method for their bundled projects. By making the right PDM decision, project owners can enhance their bundling practices (especially in relation to the PDM selection), reduce the associated risks and challenges, improve the overall schedule of the bundled program, and keep the cost within the identified budgets. [ABSTRACT FROM AUTHOR]

We develop a methodology to benchmark in-kind programs against cost-equivalent cash transfers. Our application compares a multi-dimensional child nutrition intervention to unconditional cash transfers, using randomised variation in transfer amounts and regression adjustment of expenditures to estimate impacts of cash transfers at identical cost as well as to estimate the return to increasing cash transfer amounts. While neither the in-kind program nor a cost-equivalent transfer costing $124 per household moves core child outcomes within a year, cash transfers create significantly greater consumption and asset accumulation. A larger cash transfer costing $517 substantially improves consumption and investment outcomes and drives modest improvements in dietary diversity and child growth. [ABSTRACT FROM AUTHOR]

This study explores the experience of in-person esports events from attendees' perspectives by integrating the co-creation concept into the experience economy framework. The study adopted a mixed-methods approach to investigate the underlying psychological mechanism of attendees to actively participate in experience co-creation. The quantitative results validated the experience economy scale within the esports event context. Facilitated by Leximancer, qualitative findings revealed that co-creation elements are key ingredients that contribute to the quality of event experiences. The co-created experience at in-person esports events involves interactions among multiple actors, the physical environment, and other contributing factors that shape the overall experience. The study identified four key dimensions as crucial factors in co-creating a high-quality esports experience: shared fantasy world, immersive experience, social-learning experience, and active engagement. The proposed framework sheds light on a better understanding of the quality of experiences in esports events and provides valuable insights for industry practitioners. [ABSTRACT FROM AUTHOR]

Institutional change has been identified as inherent to social innovation proposals, especially in developing contexts. However, it is still unclear how these changes occur in the social innovation process. Therefore, our study seeks to answer the following research question: How do attempts at institutional change occur in the social innovation process in an emerging context? We use the qualitative approach to investigate two Brazilian social innovation cases striving to change the institutional environment in which they operate. Our data reveals that institutional change may be necessary before the scalability stage of the social innovation process. We suggest that this finding is related to the developing context, which requires social entrepreneurs and their teams to break institutional barriers to expand their social innovation initiatives. We have also identified some mechanisms used for the attempts to institutional changes: competition with government organisations, influence in formulating laws, and support for the market growth and the entry of new participants. [ABSTRACT FROM AUTHOR]

This paper studies the effect of euro adoption on the shadow economies of a group of European Union member countries using pooled mean group estimation. Controlling for macroeconomic factors and conducting several robustness checks, our results indicate that euro adoption has a negative association with the size of the shadow economy for this particular group of EU countries. We speculate this relationship may be due to increased transparency in financial markets, more government regulation post-euro adoption, or more legal-sector opportunities post-euro adoption. European countries considering euro adoption may find the results useful in making their final decision regarding currency adoption. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to review the relationship between per capita income and aggregate emission in an economy populated by rational agents. According to the environmental Kuznets curve (EKC) hypothesis, pollution–income relationship is an inverted U-shaped curve. This paper aims to derive that relationship in an endogenous way and extends the relevant literature in an important way. Design/methodology/approach: This paper formulated a general equilibrium model of homogenous population with identical tastes and preferences. Production side is modelled with firms operating in a monopolistically competitive environment. The approach is modelling the economy in an analytical way so that closed form solutions can be achieved. Model simulations have also been performed to get a clear view of results. Findings: This study shows that increasing returns to scale in abatement technology ceases to be a sufficient condition for the generation of the EKC hypothesis. The general equilibrium structure of the model allows studying the endogenous evolution of income, emissions and prices of the abatement goods in a unified setting. Originality/value: The paper is novel and original in nature. The results are new in the literature. These results extend and generalise the previous research work in this area in an important way. The sufficient condition that is obtained in this study limits the applicability of EKC in an otherwise identical economy as used in previous literature. Therefore, this paper adds value to the ongoing research related to EKC. [ABSTRACT FROM AUTHOR]

Purpose: Online fashion retailers offer body measurement guidance, alongside their target consumer body size charts and fit information, to help consumers select the right size garment as the garment cannot be tried on. Its use by retailers suggests it can act as a means of mitigating garment returns as there has been a noted increase in returns due to incorrect size selection even though body measurement instructions are provided online. The purpose of this research is to determine how consumers interact with body measurement guidance, how they interpret it and use it, thereby interrogating its efficacy. Design/methodology/approach: An exploratory investigation was undertaken. Thirty participants were recruited and given a choice of fashion retailers' body measurement guidance and a tape measure. They took their body measurements over their clothes. A technician repeated the task, thereby providing two sets of body measurements. A paired t-test determined if there was a significant difference in both values in terms of their mean. Technicians also documented their observations of how the participants interacted with the task. The content of the fashion retailer measurement guidance was then compared to that of published anthropometric guidance for surveys. Findings: Participants were familiar with the guidance and tape-measure; they were able to self-measure. The fashion retailer measurement guidance, however, lacked detail/clarity in visuals and written content when compared to anthropometric guidance. Interpretation of the guidance differed between participant and technician. This resulted in a significant difference in circumference measurements for the bust/chest and hips, yet no significant difference in waist and inside-leg measurements. For measurements that were difficult to take unaided, participants devised novel practices which resulted in little divergence from the technician taken body measurements. The results question the guidance efficacy in its current form. Originality/value: There has been no study which addresses how consumers interpret and interact with fashion retailers' online measurement guidance. This is important as this can mitigate garment returns. This research provides insight to influence fashion retailers' measurement guidance policy. It also adds to the existing body of knowledge surrounding anthropometric practice for clothing. Research limitations/implications: The findings indicated that fashion retailers need to revise their body measurement guidance content. The content needs to be more comprehensive but still use accessible language and visuals. The broader implications of this study highlight that traditional anthropometrics for self-taken body measurement needs developing as an emerging concept through clothing-related academic study. Practical implications: Fashion retailers' measurement guidance needs to be more comprehensive but still use accessible language and visuals. The broader implications of this study highlight that traditional anthropometrics for self-taken body measurement needs further investigation and documentation as an emerging concept through clothing-related academic study. [ABSTRACT FROM AUTHOR]

This study examines corporate pension funds' search for yield through investments in private equity (PE). Using pension asset allocation data from 10‐K filings, we find that corporate pension funds significantly increase the PE share within their risky assets following underperformance relative to their expected return. This risk‐taking behavior is more pronounced for sponsoring firms that were more financially constrained with poorly funded plans in the previous year. Furthermore, we discover that pension asset allocation to PE does not significantly increase pension returns but does lower pension return volatility and tracking error relative to the expected return. [ABSTRACT FROM AUTHOR]

We study the effects of takeover feasibility on asset prices and returns in a unified framework. We show theoretically that takeover protections increase equity risk, stock returns, and bond yields by removing a valuable put option to sell the firm, notably for firms approaching distress. We investigate these claims empirically and find that distressed firms experience a significant decrease in value and increase in returns and market betas after the passage of antitakeover laws, in line with our predictions. At issue bond yields are also higher when an antitakeover law is in effect. Consistent with the model, the effects of antitakeover laws on stock returns, respectively, bond yields, are greater when shareholders, respectively, bondholders, have greater bargaining power. This paper was accepted by Lukas Schmid, finance. Funding: E. Morellec acknowledges financial support from the Swiss Finance Institute. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.03111. [ABSTRACT FROM AUTHOR]

Cities increasingly address climate change, e.g. by pledging city-level emission reduction targets. This is puzzling for the provision of a global public good: what are city governments' reasons for doing so, and do pledges actually translate into emission reductions? Empirical studies have found a set of common factors which relate to these questions, but also mixed evidence. What is still pending is a theoretical framework to explain those findings and gaps. This paper thus develops a theoretical public choice model. It features economies of scale and distinguishes urban reduction targets from actual emission reductions. The model is able to explain the presence of targets and public good provision, yet only under specified conditions. It is also able to support some stylized facts from the empirical literature, e.g. on the effect of city size, and resolves some mixed evidence as special cases. Larger cities chose more ambitious targets if marginal net benefits of mitigation rise with city size—if they set targets at all. Whether target setting is more likely for larger cities depends on the city type. Two types are obtained. The first type reduces more emissions than a free-riding city. Those cities are more likely to set a target when they are larger. However, they miss the self-chosen target. Cities of the second type reach their target, but mitigate less than a free-riding city. A third type does not exist. With its special cases, the model can thus guide further empirical and theoretical work. [ABSTRACT FROM AUTHOR]

The study brings new interpretations about the phenomenon of Brazilian deindustrialization. From a perspective that has been used recently, the Marxian analysis associated with the inter-regional input-output analysis, we sought to understand how manufacturing lost space in the dynamization of Brazil’s economy. Presenting a critique of the use of relative manufacturing employment as an indicator of deindustrialization and understanding deindustrialization as a loss of manufacturing participation in the process of reproduction of capital on an expanded scale in a national economy, the domestic and foreign components of manufacturing backward multipliers were analyzed. In line which the literature, the main results indeed point to the existence of deindustrialization in the period between 1995 and 2010. In turn, as a new element raised from the discussion of the results in light of current literature, the hypothesis raised was that the deindustrialization resulted from the productive restructuring process that occurred in Brazil from the 1990s onwards. [ABSTRACT FROM AUTHOR]

Anchored on the economies of scale of production theory, this study utilized Nigeria’s firm-level enterprise survey data of the World Bank collected through stratified random sampling of 2 676 firms and face-to-face interviews with the application of the multinomial logit model to examine how enterprise productivity influences the size of firms in Nigeria. It was found that raising enterprise productivity relates to about 0.0009261 insignificant fall in the relative log odds of running micro-sized firms, about 0.010299 significant rise in relative log odds of having medium-sized firms, and about 0.0201428 significant encouragement in relative log odds of running large-sized enterprises/firms when related with small-sized enterprises/firms. It is recommended that governments at all levels (state, federal, and local), should encourage micro-sized firms in a bid to make them increase their productivity level. This encouragement can come in the form of providing increased access to credit, the provision of raw material inputs, and constant electricity supplies. The original contribution of this research work is hinged on its empirical contribution in the study area since there is dearth of literature in the study area as no study has looked at firm size and enterprise productivity in Nigeria using evidence from firm-level data. [ABSTRACT FROM AUTHOR]

The scale and connectivity of marine resources make them more complex than land resource management. Although digitization has been recognized as an organizational change process that can effectively improve resource efficiency and enhance network resilience, however, gaps remain in establishing the theoretical links between digitization and marine economic performance. Based on a panel fixed-effects model, this study evaluates the interrelationships and potential mechanisms of different firms with data from annual reports of listed firms in the marine economy in the eastern coastal region of China. The results indicate that there is a 'U-shaped' relationship between digitalization and enterprise efficiency in the maritime sector, and significant heterogeneity exists in the characteristics of these enterprises. Notably, firms' technological innovation capability can modulate the 'U-shaped' relationship through the interaction of economies of scale and economies of scope. This paper highlights how digitization mitigates the fragmentation and sectionalization of marine information and addresses the digital overload and productivity paradox that firms may face in the early stages of digitization. The study suggests that institutional diversity shapes resilience. Governments need to promote top-down regulation and industry collaboration, while marine enterprises need to coevolve collaboratively with them through bottom-up internal communication and external interaction to enhance the value chain of marine enterprises. [ABSTRACT FROM AUTHOR]

Feiyun River (Rui’an section) is a tidal reach, and the design water levels within different return periods are difficult to determine. Peaks-over-threshold (POT) analysis methods were used to study the water level maximums of the river section. The study results indicate that skew surges have a measurable impact on extreme water levels and are characterized by a sharp increase in wind speeds at the estuary, followed by a sudden decrease, leading to a significant storm surge event. When the return periods are 50, 100 and 200 years, the corresponding water levels of Feiyun River (Rui’an section) are 5.59, 6.04 and 6.49 m, respectively. The proportion of skew surges in extreme water levels increases with the return period length, and it exceeds 50% when the return period is 200 years. The calculation results based on skew surges are often more reasonable in long return periods. [ABSTRACT FROM AUTHOR]

Polyhalite-based POLY4, a multi-nutrient source containing potassium, calcium, magnesium, and sulphur, is increasingly recognised for its potential to improve crop yields and soil health in agricultural systems. It is also been considered as a feasible approach for addressing the deficiency in potassium, calcium, and sulphur within a single application source. The present study aimed to investigate the impact of polyhalite-based POLY4 application, either as a complete or partial substitute for traditional potassium fertiliser and gypsum supplement, on the improvement of peanut (Arachis hypogaea) growth and soil quality. An extensive field study was conducted from 2021 and 2022, employing ten distinct nutrient management treatments with three replications in a randomised complete block design. The findings of the study indicated that the application of polyhalite (POLY4) in conjunction with only NP fertilisers resulted in a higher yield advantage (approximately 150-200 kg ha-1) than in plots treated with NPK + gypsum (at 500 kg ha-1) and control plots. The application of polyhalite-based fertiliser (POLY4) at a rate that was 100% equivalent to K along with NP fertilisers resulted in a significant increase in pod yield (5.3-12.8%) over NPK + gypsum and control plots. Thus, the increased crop yield led to an increase in gross returns of 4.88% and in net returns of 4.28% with the application of POLY4 (100%) + NP fertilisers over other treatments. Likewise, variable rates of conventional fertilisers along with POLY4 (100% recommended) + NP + gypsumat 310 kg/ha significantly increased the linoleic acid content (38.5%), oleic acid content, and oil content (48.1%) by reducing palmitic acid (11.96%) content in the groundnut seed. Interestingly, POLY4 use at the 50% recommended rate also resulted in yields that were comparable with those obtained with 100% NPK. Therefore, applying POLY4, a polyhalite fertiliser, in either a 100% or 50% equivalent of essential K can be an effective way of increasing the production of peanut crops and promoting agricultural sustainability. [ABSTRACT FROM AUTHOR]

Nuclear energy is increasingly being considered for such targeted energy applications as data centers in light of their high capacity factors and low carbon emissions. This paper focuses on assessing the tradeoffs between economies of scale versus mass production to identify promising reactor sizes to meet data center demands. A framework is then built using the best cost estimates from the literature to identify ideal reactor power sizes for the needs of the given data center. Results should not be taken to be deterministic but highlight the variability of ideal reactor power output against the required demand. While certain advocates claim that with the gigawatts of clean, firm energy needed, large plants are ideal, others advocate for SMRs that can be deployed in large quantities and reap the benefits from learning effects. The findings of this study showcase that identifying the optimal size for a reactor is likely more nuanced and dependent on the application and its requirements. Overall, the study does show potential economic promise for coupling nuclear reactors to data centers and industrial heat applications under certain key conditions and assumptions. [ABSTRACT FROM AUTHOR]

Copyright of GeSec: Revista de Gestao e Secretariado is the property of Sindicato das Secretarias e Secretarios do Estado de Sao Paulo (SINSESP) 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.)

Background: The management of blood supply depends, among other factors, on the effective remobilization of first‐time donors (FTDs). This study investigates the efficacy of telephone calls to increase second donation rates. Study Design and Methods: A randomized controlled trial was conducted on 418 first‐time blood donors. In the telephone group (TG, n = 206), men were contacted 9–10 and women 13–14 weeks after their first donation. They were asked about satisfaction and intention to return, and offered an appointment. The primary outcome was the return rate within 6 months after the first donation. Results: The mean age was 28.8 ± 10.0 years and 59.9% of FTDs were female. In the TG, 89.3% were reached. Approximately 50% of each group had donated a second time by 24.2 weeks for the control group (CG) and 14.8 weeks for the TG. The six‐month return rate was 65.0% in the TG and 54.3% in the CG (95%‐CI [0.9%; 20.6%]; p =.033). The restricted mean time to return within 6 months was 19.4 weeks in the CG compared to 17.2 weeks in the TG (95%‐CI [0.7; 3.7]; p =.004). The intervention effect tended to be larger in men than in women. Discussion: Contacting FTDs by phone after their first donation increases the six‐month return rate and reduces the interval to a second donation. Male donors appear to be more receptive to this intervention. Whether the effect of the intervention helps to establish a donor identity in the long term should be the subject of further studies. [ABSTRACT FROM AUTHOR]

Cotyledons play an important role in early seedling establishment. However, relative to primary leaves, cotyledons tend to have a different investment-on-return strategy. To detect the potential differences in the mass (M) versus area (A) scaling relationships between cotyledons and primary leaves in different light environments, a total of 75 Acer platanoides seedlings were sampled at an open site (n  = 52; light availability: 74 ± 5 %) and a shaded site (n  = 23; light availability: 4.2 ± 1.2 %). Reduced major axis regression protocols were used to fit the M versus A scaling relationships of primary leaves and cotyledons. The bootstrap percentile method was used to test the significance of the differences in the scaling exponents of M versus A between the two light environments. The scaling exponents of cotyledons at both two sites, as well as the primary leaves at the shade site, were greater than unity indicating 'diminishing returns', while the scaling exponent of primary leaves at the open site was smaller than unity indicating 'increasing returns'. The data collectively indicated light-dependent shifts in support investments and differences in the function of cotyledons and primary leaves. Average leaf structural traits displayed significant differences between the two light environments in accordance with the premium in enhancing photosynthetic capacity in high light and light interception in low light. Although the trait responses to light availability were similar for primary leaves and cotyledons, primary leaves were more responsive to light availability, indicating lower plasticity of cotyledons in response to light levels. These results advance our understanding of the roles of cotyledons and primary leaves in the life history of seedlings in different forest light environments. [ABSTRACT FROM AUTHOR]

Brand retailers are increasingly offering product personalization to accommodate the requests of individual customers. While prior research has examined product personalization from a customer's or a manufacturer's perspective, this study focuses on product personalization from a brand retailer's perspective. Under product personalization, brand retailers that outsource production to upstream suppliers face two significant challenges: product returns from downstream customers, and personalization costs charged by upstream suppliers. Employing an analysis of transaction data from an online women's wedding dress firm, this study finds that as product requests increase (i.e., more product features must be modified), personalization costs increase, but the likelihood of product returns decreases. Additionally, as time requests increase (i.e., delivery is more urgent), the likelihood of product returns increases. Furthermore, relationship‐specific process control exacerbates (i) the effect of product requests on personalization costs, and (ii) the effect of time requests on the likelihood of product returns. Finally, relationship‐specific outcome control and transaction‐specific control alleviate the impact of time requests on the likelihood of product returns while exacerbating the effect of product requests on personalization costs. The findings suggest that retailers can realize greater benefits from product personalization by selecting control mechanisms tailored to personalization requests. [ABSTRACT FROM AUTHOR]

Cloud computing has emerged as a pivotal technology that transforms business development, offering flexibility, scalability, and cost-efficiency. This research paper discusses how cloud computing is revolutionizing business models across industries. The paper examines the benefits of cloud adoption, reviews existing literature, and explores the challenges of integration and possible solutions. Additionally, key cloud technology resources are identified, and the paper provides a comprehensive outlook on the future of cloud computing in business growth. [ABSTRACT FROM AUTHOR]

Copyright of Journal of the Society of Plant Engineers Japan is the property of Society of Plant Engineers Japan 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.)

The practicality and substitutability of electric vehicles depend on there being a fast, reliable way to recharge on round trips beyond the range of a single charge. Grouping such infrastructure into charging hubs benefits developers and operators through economies of scale and electric vehicle drivers in terms of travel logistics and passed-through cost savings. The need for charging capacity at en-route charging hubs is impacted by the following four identifiable geo-social parameters: (a) highway travel volumes, reflecting the rate at which electric vehicles are expending energy in the area; (b) local population, reflecting both the increased needs of electric vehicle owners without dedicated home chargers and the reduced needs of those commuting into a metropolitan center; (c) the quantity of competing charging stations; and (d) being on a critical interprovincial route. Twelve charging stations located in diverse locations around Nova Scotia, Canada, were evaluated in terms of these four parameters, and their recorded use was investigated from a dataset of 26,000 charging events between April 2022 and April 2024. The regression reveals that there are strong positive correlations between demand for fast charging and (a) traffic volumes (45%) and (c) being on an interprovincial route (42%), while there is only a very weak correlation with (b) local population (2%). Interestingly, there is only a weak negative correlation with (c) the number and capacity of nearby competing chargers (−6%), suggesting that either in short-term route choice or longer-term vehicle choice, the presence of chargers encourages electric vehicles. [ABSTRACT FROM AUTHOR]

Sewage leakage, including uncollected, collected but exfiltrated, and collected but discharged with stormwater in combined sewer overflows, becomes a key challenge to clean water around the world. This study proposed a mass balance model to quantify sewage leakage and analyzed its influencing factors. Approximately 56% (53%–59%) of domestic total nitrogen loads in the Yangtze River basin of China leak out without treatment, two-thirds are exfiltrated or overflowed, significantly impacting receiving water quality. Cities with higher precipitation have greater leakage, indicating overflows are important. Pipe density has limited impact, showing higher importance of pipe quality over quantity. The per capita leakage rate first increases with city size and then decreases, showing the economies of scale. Yet uneven distribution of population and economy within megacities leads to greater leakage. Hence, separated sewage systems of rainwater and wastewater, regular maintenance and adapting centralized and decentralized systems are recommended, tailored to city-specific leakage characteristics. [ABSTRACT FROM AUTHOR]

With a classical trajectory Monte Carlo model, we systematically study the laser intensity and field amplitude ratio dependence of nonsequential double ionization by counter-rotating two-color circularly polarized fields (800 and 1600 nm). The results show that the optimized field amplitude ratio changes with the laser intensity, which is attributed to the shift of the most probable amplitude ratio of electron returning with the laser intensity. Moreover, the laser intensity-dependent double ionization probability curve shows a remarkable dip in the transition region between the nonsequential and sequential channels. It can be well explained by the reduction of the probability of electron returning with the increase of the laser intensity. [ABSTRACT FROM AUTHOR]

Simple Summary: This study addresses the effects of postoperative physiotherapy in dogs with intervertebral disc extrusion treated surgically. The animals were divided into two groups: the physiotherapy group (PG), which included those that underwent decompressive surgery and postoperative physiotherapy; and the control group (CG), which included dogs that did not undergo any physiotherapy after surgery. The physiotherapy protocol began immediately after surgery. A total of 51 dogs were included, with 30 in the PG and 21 in the CG. The functional recovery rate in dogs up to 21 days postoperatively was 10% (3/30) in the PG and 19% (4/21) in the CG. After 21 days postoperatively, the rates were 43.33% (13/30) in the PG and 61.9% (13/21) in the CG, with no observed difference between the groups (p = 0.258). Physiotherapy administered twice a week in paraplegic dogs with loss of nociception due to thoracolumbar intervertebral disc extrusion does not seem to influence functional recovery compared to the group without physiotherapy. Several authors have advocated for the role of physiotherapy in canine intervertebral disc extrusion, and it is routinely recommended by various veterinary neurologists. However, veterinary literature does not unanimously support the routine use of physiotherapy to ensure an increase in locomotor return in dogs with IVDE. The aim of the study was to investigate whether physiotherapy can influence the functional recovery of paraplegic dogs with loss of nociception (LN) affected by thoracolumbar IVDE (Hansen type I) and treated surgically. The animals were divided into two groups: the physiotherapy group (PG), which included those that underwent decompressive surgery and postoperative physiotherapy; and the control group (CG), which included dogs that did not undergo any physiotherapy after surgery. A total of 51 dogs were included, with 30 in the PG and 21 in the CG. The number of physiotherapy sessions ranged from 6 to 60. The rate of functional recovery in dogs within 21 days postoperatively (PO) was 10% (3/30) in the PG and 19% (4/21) in the CG. After 21 days PO, the recovery rate was 43.33% (13/30) in the PG and 61.9% (13/21) in the CG, with no significant difference observed between the groups (p = 0.258). Based on the findings of this study, it was concluded that physiotherapy in paraplegic dogs with LN due to thoracolumbar IVDE does not appear to influence functional recovery compared to the group without physiotherapy. [ABSTRACT FROM AUTHOR]

Background: Roughly 24–36% of people who are incarcerated in the U.S. are formally diagnosed with opioid use disorder (OUD). Once released, individuals involved with the criminal legal system (CLS) face increased risks of return to use and fatality and are 129 times more likely to die from an overdose within the first two weeks of release compared to those without CLS involvement. People who are CLS-involved and who are seeking a recovery living environment can access temporary stable housing through recovery homes. However, entering a recovery home can be difficult due to fragmentation among recovery housing organizations and their non-uniform application and screening procedures. A navigation pilot program was implemented to provide clients with recovery home placement advice, pre-screening, and referrals in Cook County, IL. Existing research on recovery homes has rarely examined the importance of recovery housing navigation for enhancing service engagement among CLS-involved individuals receiving medications for OUD. Methods: Semi-structured qualitative interviews were conducted with 22 clients and three recovery housing navigators as part of a program evaluation of the navigation program pilot. Qualitative software was used to organize and qualitatively analyze transcripts through several rounds of coding producing emergent themes, which were then triangulated, and expanded using navigator data. Results: Clients seeking recovery home services reported multiple prior challenges securing safe and supportive recovery living environments. Despite low initial expectations, clients described their interactions with housing navigators in favorable terms and felt navigators worked with them effectively to identify and meet their housing and substance use needs in a timely manner. Clients also commented on their partnerships with the navigator throughout the process. Interactions with navigators also calmed fears of rejection many clients had previously experienced and still harbored about the process, which bolstered client-navigator relationships and client motivation to engage with additional services. Conclusion: Evidence from this study suggests recovery home navigation can improve the speed and efficiency with which clients are connected to appropriate services that are tailored to their specific needs as well as increase client motivation to engage with a myriad of recovery services. [ABSTRACT FROM AUTHOR]

This article aims to highlight the importance of climate and environmental challenges for agricultural economics and policy. Empirical research based on the Data Envelopment Analysis (DEA) method determined the average technical efficiency and scale efficiency of farms in the European Union in total and in economic size classes in the period 2004–2020. The results indicate that agriculture is generally characterised by high technical efficiency and scale efficiency. Analysis by economic size classes of farms, defined by the standard sum of their agricultural output, shows that the relationship between the scale of production and technical efficiency of farms is U-shaped. The highest technical efficiency and scale efficiency are characterised by small, large and very large farms economic classes. Economies of scale shift the burden of food production to large farms, which provide food security and are technically efficient but excessively burdensome for the climate and the environment. Small farms produce environmentally friendly food but on a small scale. Therefore, increasing the technical efficiency of medium-sized farms can contribute to more sustainable food production that meets both food security and climate and environmental objectives. The Common Agricultural Policy 2023–2027 provides greater access to financial support for moderate-scale farms and farms undertaking ecosystem restoration activities. This may affect the strength and direction of the relationship between farm scale and productivity, including technical efficiency. [ABSTRACT FROM AUTHOR]

Digital transformation has become a cornerstone of innovation in pharmaceutical research and development (R&D). Pharmaceutical companies now have an imperative to embrace transformation, including mid-sized and small-sized companies despite resource limitations that do not allow economies of scale compared with larger organizations. This article describes the journey undertaken by Chiesi to develop an efficient framework to drive digital transformation along its R&D value chain with the objective of building and refreshing a clear roadmap and relevant priorities, together with identifying and enabling new digital capabilities and skills within R&D, defining tools and processes that will guide Chiesi activities in the space up to mid-long term. This work has led so far to five main achievements, which align with the steps in the framework: a strategically aligned roadmap with key focus areas for digital transformation and a dedicated team to lead the effort; a common language for data across the R&D value chain; an internal mindset that's open to innovation and participation in key external networks and consortia; a set of quick-win use cases for the new framework; and a defined set of Key Performance Indicators (KPIs) and monitoring tools for digital transformation. The work presented here demonstrates that R&D digital transformation should represent an ongoing process to enable cross-functional collaboration and integration within complex corporate environments that face an ever-growing volume of diverse data, to efficiently support business needs, and to ensure a positive impact on patient care. [ABSTRACT FROM AUTHOR]

Although statically designed experiments have been proved to have several advantages, one-factor-at-a-time (OFAT) experiments are still frequently used because of their attractive features, such as run size economy and flexibility. We propose in this work a modification of the standard OFAT design. In the modified OFAT (MOFAT) design, the projection into any two columns contains all the four combinations, (− , −) , (+ , −) , (+ , −) , and (+ , +) , which provide complete information to estimate the corresponding two-factor interaction. Furthermore, the MOFAT design is more balanced than a standard OFAT design and the precision of a main effect estimator increases accordingly. Under the framework of Bayesian model averaging, we propose a strategy to analyze MOFAT experiments. A series of simulation studies are then performed. The simulation results show that the MOFAT design can successfully identity active factors whether the factors are active due to having main effects or two-factor interactions. [ABSTRACT FROM AUTHOR]

Succinic acid is recognized as a key component in the production of various commercially important chemical commodities. Technical‐economic analysis can provide valuable insights into the feasibility of large‐scale biochemical production of succinic acid. In this study, the effects of scale on the design of a biorefinery using sugarcane bagasse were evaluated using a detailed process modeling methodology. Four processes were simulated and compared, three based on patents from biosuccinic acid (bio‐SA) manufacturing companies and one based on a process economic program report (PEP). This methodology allowed for the analysis of scale benefits for each technological route. A comprehensive economic evaluation was conducted by comparing the biochemical processes in terms of investment and production costs, as well as the minimum selling price (MSP) of bio‐SA. Results show that the MSP of more promising process designs ranged from 3105 to 2095 $ t−1, which is compatible with the cost of petrochemical‐based succinic acid. Moreover, for capacities above 90 kt year−1, the MSP remains virtually constant, and every process evaluated revealed a breakdown in the project economy of scale. A sensitivity and risk analysis was carried out to evaluate the impacts of several process parameters on the project's technoeconomic analysis, resulting in bio‐SA selling price and investment costs as parameters with the highest impact on economic viability. [ABSTRACT FROM AUTHOR]

The importance of masting for ecosystem processes is well established; now we need to understand its evolutionary and physiological drivers. Synchronous interannual variation in reproduction is driven by a combination of environmental variation, weather cues, and resource dynamics. These three major masting drivers, which span both proximate and ultimate factors, are not mutually exclusive and likely apply in all species, with varying importance. Masting improves plant fitness via well-documented density-dependent processes, but the costs of masting remain stubbornly understudied, preventing the integration required to fully understand masting variation across species. Improved understanding of masting drivers and links between weather variation and seed production will improve conservation outcomes, ecological forecasts, and guide management under climate change. Many perennial plants show mast seeding, characterized by synchronous and highly variable reproduction across years. We propose a general model of masting, integrating proximate factors (environmental variation, weather cues, and resource budgets) with ultimate drivers (predator satiation and pollination efficiency). This general model shows how the relationships between masting and weather shape the diverse responses of species to climate warming, ranging from no change to lower interannual variation or reproductive failure. The role of environmental prediction as a masting driver is being reassessed; future studies need to estimate prediction accuracy and the benefits acquired. Since reproduction is central to plant adaptation to climate change, understanding how masting adapts to shifting environmental conditions is now a central question. [ABSTRACT FROM AUTHOR]

Ecological crisis, massive inequality and war: our world is at a dangerous tipping point. Yet the present global crisis defies simple description and is difficult to explain. To clarify, it is argued that the character of the world crisis today is triple: ecological, economic and political. Underlying all three dimensions is the capitalist form of world society. The consolidation of this capitalist form was accompanied by the emergence of the concept of development within liberal philosophy. During the 20th century, development came to define geographical regions and legitimate capitalist political economy on a world scale. Capitalism came to be taken as development: I call this 'capitalism qua development'. Because of the triple crisis, capitalism qua development is beginning to undergo a profound change. In an era of rapid global heating and ecological crisis, the tie between capital and development is straining and likely to give way. Capital is becoming more closely attached to the concept of adaptation. I argue that, in the most likely scenario ('Climate Leviathan'), capitalism qua development will be recast as adaptation. Some signs of this shift are already apparent. Since this is only a likely prospect, three other possibilities – fates of the concept and practice of development – are proposed. [ABSTRACT FROM AUTHOR]

I estimate aggregate and industry-specific elasticities of scale and markups for the U.S. economy over the period from 1980 to 2019 using data on publicly traded companies. I apply Olley–Pakes and Ackerberg–Caves–Frazer estimation methods and find that the aggregate elasticity of scale for the U.S. economy is 1.1 and has been rising. The elasticity of scale in turn serves as an input for calculating industry markups. Increasing returns to scale help explain observed increases in markups over the last decades for broad sectors of the economy. My estimate of 1.2 for the aggregate markup is significantly lower than the estimate of 1.6 found in recent literature. The large disparity in markup estimates stems from differences in the treatment of fixed and variable costs and the methodological approach to the calculation of markups. • The U.S. economy has been experiencing increasing returns to scale. • The elasticity of scale is estimated at 1.1 and it has been rising. • I use Olley and Pakes (1996) and Ackerberg et al. (2015) estimation methods. • Increasing returns to scale can explain industry concentration and markups. • The aggregate U.S. markups have increased from 1.03 to 1.17 from 1980 to 2019. [ABSTRACT FROM AUTHOR]

• First, on the basis of theory and industrial development history, this paper puts forward the LASIS model, which can analyze the process of technological innovation promoting industrial upgrading. • Second, this paper may initially open the "dark box" of technological innovation. • Third, this paper holds that incremental technological innovation is universal, while radical innovation is sporadic; radical technological innovation is also based on incremental technological innovation. • Fourth, using the LASSIS model, this paper can analyze the mechanism of gradual technological innovation to promote industrial upgrading. • Fifthly, this paper may also have some contributions to the transformation of paradigms. Industrial upgrading driven by technological innovation follows the LASIS process, that is, technological innovation promotes industrial gradual upgrading through the leading-in of new technologies, architectural innovation, standardization, integration innovation, and paradigm shift. At different stages of technological innovation, there are different internal mechanisms for industrial upgrading. New technology and new products are introduced in the stage of leading-in. Architectural innovation mainly establishes dominant technology and products through design competition to form technical barriers. In the stage of two-way recursive standardization, industrial upgrading is promoted through four intermediate variables: cost saving, value chain upgrading, economies of scale, economies of scope and modularization, and technology diffusion. In the stage of integration innovation, industrial upgrading is driven by diffusive fusion innovation, absorptive fusion innovation, technology crossing integration innovation, and intra-industry technology integration innovation. The stage of paradigm shift is mainly the substitution of the new paradigm for the old one. [ABSTRACT FROM AUTHOR]

This paper proposes a theoretical model of voluntary intermunicipal cooperation and empirically tests its assertions through the French municipalities' choices of transferring their competences to the intermunicipal level. Using an original threshold models inference procedure, a probit model is estimated on shared competences. Two main results arise. Contrary to the decentralisation theorem prediction, citizens' preference heterogeneity does not hinder local cooperation, but fiscal potential heterogeneity does. Moreover, a zoo effect is at stake for some competences, for which a significant threshold effect in their transfer probability is identified. [ABSTRACT FROM AUTHOR]

This paper presents three simple models to study how prices, politics and persuasion may each play a role in environmental policy-making. Our conclusions are twofold. First, in the absence of increasing returns, requiring the polluting industry to purchase pollution permits can internalize the negative externality of pollution, and the optimal price of pollution permits should increase with the disutility of pollution. Second, with increasing returns in the industry using clean technologies, it is welfare enhancing to complement the pollution permits policy with a tax-funded subsidy to the clean industry, or with a tax-funded public campaign to persuade consumers to move away from pollution-generating goods. [ABSTRACT FROM AUTHOR]

This research aims to examine whether corporate Twitter messages and tone have an effect on corporate stock return (RET) for the Saudi Stock Exchange "Tadawul". The study also investigates whether the association differs across large- and small-sized firms. We used a sample of 11,099 firm-daily observations for non-financial firms that were traded on the Saudi Stock Exchange "Tadawul" across the period 1 April 2020 to 31 December 2020. Using panel ordinary least square (OLS) and two-stage least square (2SLS), we found that corporate Twitter (currently renamed 'X') messages is positively and significantly associated with stock return (RET). The findings also suggest that the message tone increases the stock returns. Furthermore, our results show different effects of Twitter messages and tone on stock return across small- and large-sized firms. In addition, our findings show that Twitter tone is positively associated with RET when the firm is large in size. However, when the firm is small, Twitter messages has a stronger effect on RET. Our findings provide policy implications for regulators and investors. Regulators might monitor the information in accurate ways. Also, investors might start to show interest in Twitter channels to follow the firm's news. [ABSTRACT FROM AUTHOR]

The operation of hydraulic projects within plain river networks to mitigate floods can alter river network connectivity patterns, subsequently affecting flood processes. This study employed the MIKE 11 model to simulate flood processes under three different river network connectivity scenarios. Based on the simulations, we propose a method to evaluate flood intensity severity by integrating three flood characteristic indices: Slope of the Flow Duration Curve (SFDC), Rising Climb Index (RCI), and Flashiness Index (FI). These indices assess the overall magnitude of change, the rate of rise, and process fluctuations, respectively. Results indicate that changes in river network connectivity significantly impact RCI and SFDC, more than FI. Compared to the natural river network connectivity mode, changes in urban or watershed river network connectivity resulted in a significant decrease in RCI values by 3–37% or 18–38% across various return periods, with the rate of change in RCI values increasing as the return period lengthened. The impact of urban river network connectivity changes on SFDC within the Changzhou urban area was more pronounced under high-magnitude storm conditions, causing a 61% reduction. Furthermore, changes in watershed river network connectivity had a larger effect on SFDC under low-magnitude storm conditions than under high-intensity storms. Over 80% of the rivers under natural connectivity conditions exhibited flood intensity severity of Level III or higher, particularly in the Chenshu–Qingyang area. The alterations in connectivity significantly decreased flood intensity severity, with 85% to 91% of rivers showing the lowest flood intensity severity of Level I. Under a 100-year rainstorm scenario, flood risk shifted from within the flood protection envelope to outside it in the Changzhou urban area. The results will provide an important scientific basis for regional flood management in plains with dense rivers. [ABSTRACT FROM AUTHOR]

Venture capital (VC) plays a vital role in fostering revolution and entrepreneurship in emerging economies. However, attracting VC investments remains a significant challenge for startups in these markets. This study investigates the macro and micro factors influencing VC attraction in the Bangladeshi startup ecosystem, employing a mixed‐methods approach. A systematic literature review was performed to recognize the key factors influencing VC attraction in emerging markets. Qualitative interviews with 20 stakeholders, including startup founders, investors, and policymakers, were undertaken to gain insights into the challenges and opportunities for VC attraction in Bangladesh. Quantitative analysis of secondary data on VC investments and startup characteristics was executed to examine the associations connecting the identified factors and VC investment amount. The findings reveal that government policies, human capital availability, and informal institutions are critical macro factors influencing VC attraction, while founder and team characteristics, business model and scalability, and traction and validation are key micro factors. The study contributes to the literature on VC in developing economies by providing a comprehensive examination of the interplay of institutional, human capital, cultural, and startup‐specific factors shaping VC investment decisions. The findings have important implications for policymakers, investors, and entrepreneurs seeking to foster a more vibrant and sustainable startup ecosystem in Bangladesh and beyond. The research underlines the need for a holistic approach to addressing the challenges and leveraging the opportunities for VC attraction in emerging markets. [ABSTRACT FROM AUTHOR]

This article studies the effect of return initiatives in rural regions of Germany on interregional return migration. The initiatives aim to increase return migration by, amongst other things, providing information on local employment opportunities and personal support to workers interested in returning to find a job in the former rural region of residence. Analysing administrative data on individual labour market trajectories through survival analysis and difference-in-differences estimation, we find that return initiatives, on average, promote interregional return migration. Among the considered workers, particularly those in the middle and at the top of the wage distribution are more likely to return. [ABSTRACT FROM AUTHOR]

A plethora of empirical work has aimed to investigate the determinants of the shadow economy over the last few years. The impacts of government spending on the shadow economy have been explored. However, the effect of a moderating factor that affects this nexus has been largely ignored in the existing literature. Hence, the purpose of this paper is to explore the moderating role of government effectiveness on public spending on the education–shadow economy nexus, in eight Southeast Asian countries from 2001 to 2017. This paper uses the dynamic ordinary least squares (DOLS), fully modified ordinary least squares (FMOLS), and the panel causality approach to analyze the data. Empirical findings from this paper indicate that public spending on education and government effectiveness negatively impacts the size of the shadow economy. Interestingly, government effectiveness serves as a critical catalyst in shaping the effect of government spending on education. We also observed that economic growth and foreign direct investment have significant negative effects, while unemployment and inflation have significant positive effects on the shadow economy. Additionally, the causality results confirmed the presence of bidirectional causality in public spending education, government effectiveness, economic growth, foreign direct investment, and unemployment in the shadow economy. This study recommends that governments and policymakers pursue policies and programs that invest more in education and enhance government effectiveness. [ABSTRACT FROM AUTHOR]

This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors. Compared to other newly appointed directors, these activist directors tend to be younger, more likely to have finance and accounting skills, and less likely to be female. We find that the likelihood of acquiring board representation is associated with weaker market performance or lower payout ratios. Following the appointment of an activist director, we find evidence of increased divestiture, decreased acquisition activity, higher CEO turnover, increased leverage, higher payouts, and reduced investment. Our analysis of data on activists' stated demands also shows that activist directors are effective in helping activists achieve their goals, consistent with the notion that board representation is an important mechanism for activists to bring about desired changes. Finally, we find positive abnormal returns of 1% when an activist director is appointed and a 3.2%-point increase in return on assets over the subsequent five years with an activist-affiliated director. [ABSTRACT FROM AUTHOR]

Cluster randomized experiments and estimator comparisons are well-documented topics. In this paper, using the datasets of the popular vote in the presidential elections of the United States of America (2012, 2016, 2020), we evaluate the properties (SE, MSE) of three cluster sampling estimators: Ratio estimator, Horvitz–Thompson estimator and the linear regression estimator. While both the Ratio and Horvitz–Thompson estimators are widely used in cluster analysis, we propose a linear regression estimator defined for unequal cluster sizes, which, in many scenarios, performs better than the other two. The main objective of this paper is twofold. Firstly, to indicate which estimator is most suited for predicting the outcome of the popular vote in the United States of America. We do so by applying the single-stage cluster sampling technique to our data. In the first partition, we use the 50 states plus the District of Columbia as primary sampling units, whereas in the second one, we use 3112 counties instead. Secondly, based on the results of the aforementioned procedure, we estimate the number of clusters in a sample for a set standard error while also considering the diminishing returns from increasing the number of clusters in the sample. The linear regression estimator is best in the majority of the examined cases. This type of comparison can also be used for the estimation of any other country's elections if prior voting results are available. [ABSTRACT FROM AUTHOR]

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