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Research in corporate financial reporting identifies two important roles of accounting accruals. First, accruals smooth fluctuations in operating cash flows. Second, accruals allow recognition of losses in an asymmetric timely manner. While these two roles imply different relations between individual accrual components and operating cash flow news, prior research often focuses on the properties of aggregate accruals. We investigate the role of individual accrual components and identify asymmetry in the relation of investment with operating cash flow news as a confounding factor. We show that this investment factor operates through depreciation and amortization accruals, which typically account for the bulk of aggregate accruals. Overall, our article demonstrates the importance of adopting a granular approach to identifying the different roles of individual accrual components. [ABSTRACT FROM AUTHOR]

This paper proposes a new bi-objective aircraft and crew recovery model. Unlike previous researches, the proposed model considers all individual flight legs in the recovery process. The objective functions minimize the recovery cost regarding crew swapping, flight cancellation, flight delay, and crew deadhead costs. Besides, the crew sit time is reduced considering the maximum legal working hours and the minimum essential rest time. Moreover, maintenance operations can be done during the ground time, not necessarily at the end of duty day. The model is never infeasible because flight cancelation is an alternative solution for recovering a schedule. A modified Tabu Search (TS) approach has been developed to solve the model. The performance of the model and solution approach is examined by several test problems in small, medium, and large scales. The results indicate that TS reaches optimal and close-optimal in a short computational time, especially in large scale problems. [ABSTRACT FROM AUTHOR]

We consider a continuous-review inventory control problem for a hybrid manufacturing and remanufacturing system with product recovery and setup costs. A pull policy has been proposed in the literature, however, finding its optimal parameters requires an exhaustive search and a single cost function evaluation is itself complex. We propose a tractable approach to finding these parameters using an interim policy called double (r, Q) with parameters (r m , Q m , r r , Q r) . When the inventory position of the serviceable item reaches rr, a remanufacturing lot size Qr is setup if recoverable inventory is sufficient. Otherwise, we allow the inventory position to decrease further. As it drops to rm, a manufacturing lot size Qm is placed. Unlike the pull policy, this interim policy suspends the remanufacturing option when the inventory position is less than rr. This facilitates an efficient approximation of the recoverable inventory which decouples the double (r, Q) problem into two standard (r, Q) problems. It can then be efficiently solved using a modification of existing (r, Q) algorithms for two instances. Numerical studies show that our approach performs well relative to the optimal pull policy with parameters estimated from an extensive Simulation-Optimization method and other heuristics found in the literature. The approach is also extended to correlated demand and return arrivals. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the asymmetric S-curve between the trade balances of Pakistan and China at the commodity level using disaggregated data. Design/methodology/approach: This study focuses on Pakistan and China bilateral trade based on commodity-level data. This study delves into the S-curve phenomena by examining time series data from 1980 to 2023 across 32 three-digit industries/commodities. Findings: The findings show significant evidence in favor of the "asymmetric S-curve" in 27 out of the 32 industries studied. This study confirms that the devaluation of home currency is not a viable solution always to improve trade balance. Research limitations/implications: This study considers 32 three-digit industries limiting the generalizability of findings. Due to data unavailability, the authors fail to consider other industries. In the absence of quarterly data on industry-level trade between Pakistan and China, annual data from 1980 to 2023 were used in generating the cross-correlation functions. Previous literature frequently resorted to the general consumer price index with its inherent aggregation issues, whereas this study has opted for commodity price indices to overcome the shortcomings in the estimation of S-curves at the commodity level. Practical implications: The findings have practical relevance in guiding policy decisions regarding commodity trade, whereas the industry-wise analysis enriches the understanding of the short-term effects of currency depreciation on trade balance dynamics. Originality/value: The S-curve hypothesis predicts a negative cross-correlation between a country's current exchange rate and its past trade balance and a positive cross-correlation between the current exchange rate and its future trade balance. Previous empirical S-curve studies had the limitation of assuming symmetry in cross-correlation with both current and future trade balance values. [ABSTRACT FROM AUTHOR]

Despite the billions of euros used as subsidies over recent decades, Portugal's water sector continues to struggle, being characterized by significant inefficiencies and differences between high- and low-performing water and sanitation services (WSSs). Current subsidy policies lack transparency and are not linked to performance results, undermining efforts to promote efficiency and sustainability in both environmental and financial dimensions. To address these issues, this article highlights relevant aspects to be taken into account in the redefinition of funding allocation in the Portuguese WSS sector. By implementing performance-based criteria for subsidy allocation and prioritization, regardless of the identity of beneficiaries or providers, we aim to instigate accountability and efficiency in this process. The analysis draws on empirical data to highlight the shortcomings of existing practices and demonstrates the potential benefits of adopting the "user-pays" principle. This principle is able to improve the definition of tariffs aiming for full cost recovery, while still providing for disadvantaged and vulnerable customers through social tariffs or assistance programs. Key findings indicate that coordinated efforts among government agencies, regulators, public and private utilities, and municipalities are essential to develop and promote effective financing strategies. This stakeholder's cooperation is essential for managing the urban water cycle sustainably and addressing the sector's long-term challenges. This research implies that a strategic shift in subsidy allocation is required, to develop accountability, efficiency, and equity in the WSS sector. The allocation of financial resources must be better justified to enhance overall performance in the sector. [ABSTRACT FROM AUTHOR]

This paper considers the design of the Bitcoin protocol from a monetary perspective. To this end, it relies heavily on the publications of the creator(s) of Bitcoin, Satoshi Nakamoto, on different mailing lists and forums. It first expounds the political and economic motives which led Nakamoto to build an electronic system of payment based on ‘proof’ rather than on ‘trust’. Then, it considers the predetermined nature of the issue of bitcoins and support the view that one consequence of this issuing rule is that the bitcoin has no ‘monetary standard’ in any of the senses that have been attributed to this term in the literature. Finally, it deals with the concept of ‘synthetic commodity money’ and the widespread comparison of bitcoin to the Iraqi Swiss dinar. The conception of the monetary standard as a measure of the appreciation or depreciation of money is then used to distinguish the bitcoin from the Iraqi Swiss dinar. [ABSTRACT FROM AUTHOR]

This Comment critiques current urban sanitation financing discourse and proposes sustainable cost recovery principles as a framework for more constructive conversations. The way we talk about financing matters, and a better conversation can lead to better outcomes. We contend that framing discussions around sustainable cost recovery principles can foster fairer, more sustainable financing arrangements that acknowledge sanitation as a critical public good while ensuring service provider viability and user affordability. [ABSTRACT FROM AUTHOR]

This manuscript proposes a probabilistic framework to quantitatively assess communities' resilience by simulating the state and serviceability of their infrastructure systems from the onset of a flood until the end of recovery. It comprises multiple interconnected models. Hazard model characterizes flood parameters (e.g., depth and velocity). Depth-damage curves estimate the damage to infrastructure systems' components. The HEC-FIA mortality model characterizes the flood-induced casualties. Serviceability models determine the ability of interdependent infrastructure systems to meet the demand during the recovery process. The recovery models estimate the recovery duration and cost of damaged components probabilistically. The Monte Carlo analysis is employed to consider multiple relevant uncertainties, generating distributions of the flood-induced losses under various scenarios. The ratio of total losses to the gross regional product characterizes the community's resilience. This framework facilitates the assessment of the impact of various resilience enhancement measures, guiding the selection of appropriate measures through a cost-benefit analysis. [ABSTRACT FROM AUTHOR]

This paper proposes a novel approach to quantitatively estimating the magnitude of China's capital flight through the travel channel from 2014 to 2019. We set 2014 as the break point to account for a change in the methodology of compiling outbound travel expenditure and adopt a counterfactual method to calculate the magnitude of China's capital flight through the travel channel. Our results show that, from 2014 to 2019, China's capital flight through the travel channel reached a total of US$602 billion, with a quarterly average of about US$25 billion, accounting for about 40% of the total Chinese outbound travel expenditure. We further construct a gravity model using data from the United Nations' World Tourism Organisation to empirically show that China's capital flight tends to flow to economies with a high degree of financial development and often appears when the RMB depreciates against the US dollar. [ABSTRACT FROM AUTHOR]

Internet rumors have no factual basis, lack credibility, and can easily trigger social panic and group attacks. Measures to effectively intervene in rumors play a crucial role in curbing the spread of rumors. However, government departments have limited resources, and optimizing the intervention of rumors under the premise of conserving resources is valuable research. Therefore, from the government's perspective, this paper takes the maximization of the effect of rumor intervention and the depreciation of the intervention cost as the decision-making goals. Then, based on the uncertainty of government influence, cost, environmental purification benefit, and other factors, the degree of intervention was used as the decision-making variable to establish an uncertain multi-objective rumor intervention model. In addition, the model is mathematically derived, and its equivalent form is given. Finally, the model's effectiveness is verified by experimental comparison of different rumor categories and comparison with the classical model. This study provides solid theoretical support for the government to save resources and effectively intervene in spreading of rumors. [ABSTRACT FROM AUTHOR]

This study compares the costs of a school-based online credit recovery model to more traditional teacher-directed credit recovery using rigorous cost analysis methods. Findings indicate that differences in the comprehensive costs for online and teacher-directed credit recovery classes are small. However, cost differences across the two models of specific types of resources are substantial and statistically significant. Online credit recovery classes resulted in higher district-incurred costs largely due to the purchase of online curricula and required technology. The online model incurred lower opportunity costs to teachers stemming from less out-of-class time devoted to grading, lesson planning, and developing course materials. [ABSTRACT FROM AUTHOR]

Purpose: The authors investigate the impact of the US stock market on the economies of the BRICS and major industrialized economies (G7). Design/methodology/approach: The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. Global vector autoregressive (GVAR) empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows. Findings: The authors summarize the results in four points: (1) financial integration variables increase the effect of the US stock market on the BRICS and G7, (2) the US shock produces similar responses in these groups regarding industrial production, stock markets and confidence but different responses regarding domestic currencies: in the BRICS, the authors detect appreciation of the currencies, while in the G7, the authors find depreciation, (3) G7 stock markets and policy rates are more sensitive to the US shock than the BRICS and (4) the estimates point out to heterogeneities such as the importance of industrial production to the transmission shock in Japan and China, the exchange rate to India, Japan and the UK, the interest rates to the Eurozone and the UK and confidence to Brazil, South Africa and Canada. Research limitations/implications: The results reinforce the importance of taking into account different levels of economic development. Originality/value: The authors construct the world economy and the vulnerability between economies using three economic integration variables: bilateral trade, bilateral direct investment and bilateral equity positions. GVAR empirical studies usually adopt trade integration to estimate models. The authors complement these studies by using bilateral financial flows. [ABSTRACT FROM AUTHOR]

As the Chinese government proposes ambitious plans to promote low-carbon transition, energy storage will play a pivotal role in China's future power system. However, due to the lack of a mature electricity market environment and corresponding mechanisms, current energy storage in China faces problems such as unclear operational models, insufficient cost recovery mechanisms, and a single investment entity, making it difficult to support the rapid development of the energy storage industry. In contrast, European and American countries have already embarked on certain practices in energy storage operation models. Through exploration of key issues such as investment entities, market participation forms, and cost recovery channels in both front and back markets, a wealth of mature experiences has been accumulated. Therefore, this paper first summarizes the existing practices of energy storage operation models in North America, Europe, and Australia's electricity markets separately from front and back markets, finding that perfect market mechanisms and reasonable subsidy policies are among the main drivers for promoting the rapid development of energy storage markets. Subsequently, combined with the actual development of China's electricity market, it explores three key issues affecting the construction of cost-sharing mechanisms for energy storage under market conditions: Market participation forms, investment and operation modes, and cost recovery mechanisms. Finally, in line with the development expectations of China's future electricity market, suggestions are proposed from four aspects: Market environment construction, electricity price formation mechanism, cost sharing path, and policy subsidy mechanism, to promote the healthy and rapid development of China's energy storage industry. [ABSTRACT FROM AUTHOR]

Employing the scaled memoryless BFGS (Broyden–Fletcher–Goldfarb–Shanno) updating formula, a multiplier of the identity matrix is proposed as an estimation of the inverse Hessian of the objective function. Incorporated into the proximal operator, the suggested spectral gradient vector has been employed to solve the nonsmooth sparse recovery problem. Taking sparsity property into consideration, a nonmonotone backtracking line search technique is put forward which is adjusted for the nonsmooth sparse recovery cost function. Convergence of the algorithm is analyzed based on the given line search. Ultimately, computational advantages of the algorithm are depicted on a class of randomly generated test problems as well as a set of the CUTEr functions. [ABSTRACT FROM AUTHOR]

In this study, a decentralized incineration facility was evaluated over a three-year period, focusing on performance aspects, such as the burning rate, ash production, fuel and electricity consumption, and ash composition, while processing animal by-products (ABPs). The total cost for ABP incineration was determined to be EUR 159 t−1 ABP, with the major components being capital depreciation (42%), maintenance expenditures (26%), labor (18%), and transportation costs (9%). Liquified petroleum gas consumption ranged from 3 to 7 kg t−1, while electricity use was between 15 and 20 kWh t−1 incinerated ABP. The incineration process generated 7–10% (by weight) ABP ash, which was characterized by high calcium and phosphorus contents and low levels of hazardous trace elements. Leaching tests demonstrated the potential for recovering an alkaline supernatant for flue gas treatment and a phosphorus-rich slurry for fertilizer production. The findings suggest that energy recovery and valorization are crucial for minimizing the operational costs and the environmental impact, emphasizing the benefits of integrating advanced resource recovery techniques in ABP incineration facilities. [ABSTRACT FROM AUTHOR]

This paper proposes, for the first time, the research concept of comparing energy and economy between transcritical cycle high-temperature heat pumps and subcritical cycle high-temperature heat pumps with new refrigerants. Experiments and simulations are conducted to compare the system performance and economy of two heat pumps, and the effects of different factors on the performance of two heat pumps are analyzed. The results show that R744/R1234yf (90/10) and R515-1 are the preferred refrigerants for transcritical cycle heat pumps and subcritical cycle heat pumps, respectively. The COP of the R744/R1234yf (90/10) transcritical heat pump is generally higher than that of the R515B-1 subcritical heat pump, and compared to the R515B-1 subcritical heat pump, the cost recovery period of the R744/R1234yf (90/10) transcritical heat pump is about 9–15 years. Therefore, it is recommended that users who use heat pumps for a long time choose transcritical cycle heat pumps. Meanwhile, with the change of evaporation temperature, the system COP of the R515B-1 subcritical heat pump and R744/R1234yf (90/10) transcritical heat pump increases by 61.11% and 65.91%, respectively. In addition, the optimal charge amount for the R515B-1 subcritical heat pump is 81.8% of that of the R744/R1234yf (90/10) transcritical heat pump. [ABSTRACT FROM AUTHOR]

The current research delves into the implications of exchange rate fluctuations on commodity trade between Pakistan and Japan, utilizing the nonlinear autoregressive distributed lag method. While prior studies have predominantly utilized the symmetric cointegration approach, the current study posits that the limited assumption of symmetry between the exchange rate and the trade flows could have hindered the empirical findings. The research investigates both the symmetric and asymmetric effects of exchange rate fluctuations on 102 Pakistani industries that import from Japan and 62 industries that export to Japan at the industry level from 1980 to 2020. The outcomes indicate that in nearly half of the importing and exporting industries that engage in trade with Japan, there is evidence of a significant impact of asymmetric exchange rate fluctuations on trade flows in both the short and long term. The study suggests that policymakers should consider the industry-specific impact of exchange rate fluctuations on trade flows and implement targeted policies accordingly. Particularly, industries that benefit from currency depreciation should be encouraged through export incentives, while industries negatively affected by currency volatility should be provided with hedging mechanisms and other forms of support to mitigate their losses. [ABSTRACT FROM AUTHOR]

Purpose:In order to reduce the storage of mine solid waste, reduce the disposal cost and improve the recovery rate of underground ore, aiming at the problems of low concentration, difficult flocculation and sedimentation, overflow and mixing in the filling of mine fine filter mud, taking a lead-silver mine in Henan as an example,a precise preparation and filling system process for the co-disposal of filter mud and rice stone was proposed. Method;The basic physical properties,fluidity and strength tests of filter mud and rice stone were carried out. Through theoretical analysis and research, combined with the actual situation on site, the multi-material collaborative cementing filling process of the lead-silver mine was proposed,and the construction and industrial test of the filling system as carried out. Result;l)The particle size of filter mud less than 74 im accounted for 94%. When the ratio of filter mud to rice stone was 5 : 5, the content of filling aggregate below --20 pjn accounted for more than 20%, which could meet the long-distance transportation of filling slurry. 2) The static metering cycle preparation process was adopted. The filter mud was measured by the viscous batching machine,and the rice stone was measured by the conventional batching machine, which could realize the homogeneous dispersion and precise feeding of the viscous filter mud,and ensure the stable and continuous operation of the filling system. 3)In the field industrial test, the filling concentration was 64%, the homogenization degree of the filling slurry was high, the filling system ran [ABSTRACT FROM AUTHOR]

This article regresses the market value of equity on pre-depreciation income and on depreciation expense for capital-intensive firms, referring to the coefficients from our model as valuation weights. The valuation weight on depreciation expense versus the weight on pre-depreciation income are compared, to detect depreciation biases, over time and across sectors. Our model shows that the valuation weights on depreciation expense change over time, if the persistence of the cash flow components of net income varies over time and if the accrual for depreciation is inflexible (e.g., straight-line depreciation). For Real Estate Investment Trusts (REITs), we find the valuation weight on pre-depreciation income increases with industry upturns, while the valuation weight on depreciation expense decreases during upturns. This result is contrasted to the nearly equal valuation weights for the cash flow and depreciation components of earnings for Resource firms (e.g., mines) over time. We conjecture this is because depletion accounting flexibly allows for "depreciation" to exhibit less bias than in other sectors. In summary, actual depreciation practices influence time variation in the valuation of depreciation, a point which has been underappreciated in prior studies. [ABSTRACT FROM AUTHOR]

To guarantee the safety of flight operations, decision-support systems for air traffic control must be able to improve the usage of airspace capacity and handle increasing demand. This study addresses the aircraft conflict avoidance and trajectory recovery problem. The problem of finding the least deviation conflict-free aircraft trajectories that guarantee the return to a target waypoint is highly complex due to the nature of the nonlinear trajectories that are sought. We present a two-stage iterative algorithm that first solves initial conflicts by manipulating their speed and heading control and then identifying each aircraft's optimal time to recover its trajectory towards their nominal one. We extend existing mixed-integer programming formulations by modelling speed and heading control as continuous variables while recovery time is treated as a discrete variable. We develop a novel iterative approach which shows that the trajectory recovery costs can be anticipated by inducing avoidance trajectories with higher deviation, therefore obtaining earlier recovery time within a few iterations. Numerical results on benchmark conflict resolution problems show that this approach can solve instances with up to 30 aircraft within 10 min. [ABSTRACT FROM AUTHOR]

The role of the real exchange rate (RER) in explaining long-run processes of catching-up and falling-behind continues to be a question of central importance among alternative theories of growth and distribution. Existing empirical evidence suggests a positive association between exchange rates in levels and growth, especially in developing countries, though a currency depreciation has adverse effects. While these two elements have been separately incorporated into demand-led growth theories, a comprehensive assessment of the dynamic interaction between them is still missing. This article attempts to fill such a gap in the literature by developing an export-led growth model in which price and non-price competitiveness respond to the level and variation of the RER. In equilibrium, relative prices and the fundamentals of the productive structure are simultaneously determined. A more depreciated exchange rate and higher non-price competitiveness are associated with a higher rate of growth. It is shown that the interplay between a destabilizing force from the goods market, and a stabilizing mechanism from the labor market, might give rise to persistent and endogenous long-run cycles of structural change. The model is used to revisit the historical experience of East Asia (EA) and Latin America (LA) in the post-war period. We show our system fits crucial stylized facts, particularly the tendency of LA to have a more appreciated RER, its lower non-price competitiveness and dynamic economies of scale, and stronger distributive conflict, resulting in less growth and greater volatility. [ABSTRACT FROM AUTHOR]

Background. A wide range of endosurgical treatment methods in various medical care profiles and the need for uniformity of calculations required developing a unified approach to the formation of diagnosis-related groups (DRGs) for cases of surgical medical care provided by laparoscopic access.Objective: to develop a methodology for the formation of a DRG model for cases of medical care using surgery performed by laparoscopic access in the context of the following medical care profiles: “coloproctology”, “urology”, “surgery (abdominal)”, “obstetrics and gynecology”, “pediatric urology-andrology”, “pediatric surgery”.Material and methods. The methodology for the formation of DRGs to pay for cases of medical care using surgery with laparoscopic access included the implementation of several stages: analysis of scientific and methodological documents, analysis of regulatory legal documents on the research topic, standardized expert survey of federal and regional medical centers (carried out in August 2023), formation of DRGs in the context of each profile, and calculation of cost-intensity coefficients.Results. Due to significant increase in the cost-intensity coefficient in nine newly formed DRGs to pay for cases of medical care provided by surgery with laparoscopic access, financial support of this type of surgical medical care almost doubled. The formed DRGs with appropriate cost-intensity coefficients were included in the Program on State Guarantees to Deliver Free Medical Care to the Citizens for 2024 and for the planning period of 2025 and 2026.Conclusion. The methodology of forming DRGs to pay for cases of medical care using surgery performed by laparoscopic access with a unified methodology for calculating costs for medical care provided an integrated approach to the process of forming DRGs for cases of surgical medical care, and unification of calculations for different medical care profiles.

Factorial experiments were conducted in a silt clay loam soil with a randomized complete block design with three replications for each treatment. This study aimed to calculate machinery unit costs and some indicators during primary tillage, under variable tractor speeds of 1.8, 3.5 and 5.7 km.h-1 and depth of plowing 20, 30 and 40 cm. A higher speed of 5.7 km.h-1 is associated with higher practical productivity of 0.9696 ha.h-1; specific productivity of tillage 4309 m.h-1; a volume of soil disturbed 2884 m3. h-1. The best fixed, management, total tractor, total plow and total machinery unit costs were 2.27, 0.80, 9.02,1.01 and 10.04 $.ha-1 respectively. Additionally, lower fuel consumption was 8.56 l.ha-1, and the actual time for plowing one hectare was 1.02 h. The depth of tillage 20 cm recorded a higher productivity of 0.6412 ha.h-1, the specific productivity of tillage was 2849 m.h-1, less fuel consumption of 7.74 l.ha-1, less actual time of plowing one hectare of 1.95 hThe least fixed, variable, management, total tractor, total plow and total machinery unit costs were 4.32, 4.71, 0.89, 9.94,1.94 and 11.89 $.ha-1 respectively. All interactions among the treatments were significant. The experiment concluded that the plowing depth has a greater effect than speed on all operating costs of the tractor and chisel plow and performance indicators. The correlations among the indicators studied were direct (positive) and inverse (negative) significantly and were also non-significant.

The impact of exchange rate (ER) movements on the trade balance has been extensively debated in the literature, with conflicting views on the nature and magnitude of this effect. This paper investigates the relationship between ER movements and trade balance in developing economies, with a specific focus on bilateral analysis involving Pakistan. Employing the Nonlinear Autoregressive Distributed Lag (NARDL) model, our results reveal a symmetric relationship between positive and negative ER changes and the trade balance, showing significant long-term and short-term effects across the panel of developing economies. However, country-specific asymmetries are observed, especially in the cases of India and China, and are more pronounced in each bilateral analysis, whether in the short run or long run. The study findings highlight the critical importance of maintaining a stable exchange rate policy, which can provide policymakers with precise insights into the money market and the broader economy while preventing high volatility and continuous depreciation of domestic currencies. Such measures can mitigate the long-term adverse effects of ER movements on trade agreements. The study offers valuable insights for policymakers and investors in developing economies, aiding them in making informed decisions about exchange rate policies. [ABSTRACT FROM AUTHOR]

This study offers unique insights into the threshold-based influence of currency devaluation (CD) on external debt sustainability (EDS) in designated Sub-Saharan African (SSA) countries. The absence of evidence from this viewpoint, particularly in SSA, inspires this new assessment. On this premise, the study utilizes two innovative estimation procedures: smooth transition regression (STR) and multiple thresholds nonlinear ARDL (MTNARDL) to estimate the sign-based and magnitude-based asymmetric influence of CD on EDS. The outcomes indicate that first, an average CD threshold of 21.1% is consistent with EDS in the designated nations; second, a small CD significantly reduces the external debt–GDP ratio and improves sustainability, while a very high CD largely worsens the EDS problem; third, in the CD regime, devaluation has more detrimental effects on external debt burden; fourth, exceedingly large changes in exchange rate (whether positive or negative) essentially affect the countries’ EDS negatively; and fifth, the adverse effect of large depreciation on EDS is greater than that of large appreciation. The study recommends, amongst others, that heavily indebted countries with sizeable external debt denominated in foreign currency should, as a matter of urgency, avoid excessive and escalated large percentages of devaluation or exchange rate depreciation. [ABSTRACT FROM AUTHOR]

Plants employ various strategies to mitigate the impact of herbivory and one such strategy involves the associations with fungal endophytes. Some cool‐season forage grasses benefit from protection against herbivores by Epichloë fungal endophytes. However, since the maintenance of symbiosis relies on the plant, costs of hosting endophytes have been also observed. This becomes particularly crucial when forage varieties, inoculated with endophytes that are nontoxic to livestock but still protect host against insect herbivores, experience significant foliage loss (defoliation). We investigated the impact of a nontoxic Epichloë endophyte on the responses of tall fescue plants to defoliation across two morphotype varieties, Continental and Mediterranean, and different seasonal contexts. Under specific defoliation treatments, endophyte‐symbiotic plants showed reduced postdefoliation recovery, indicating the costs of hosting the endophyte for host plants. However, these conditions were not the most severe for plant growth. Regardless of the endophyte's presence, plants from Continental morphotype exhibited superior recovery than those from Mediterranean morphotype, an effect that was more pronounced in summer. Notably, the endophyte promoted plant growth after defoliation in winter for both morphotypes. Our study offers insights into mitigating endophyte‐associated costs on plant recovery postdefoliation by strategically managing cutting intensity and frequency, considering the seasonal variation. [ABSTRACT FROM AUTHOR]

In this paper, I analyze the determinants of cohabitation, marriage, and divorce in the USA. I first document that college graduates are more likely to marry, and less likely to cohabit and divorce, than non-college educated individuals. To account for these facts within a unified framework, I build and estimate a life-cycle model of partnership formation and dissolution where income processes differ by gender and education. I find that the main driver of education-based differences in mating strategies is that the gender wage gap is larger among college graduates. Since divorce is more costly than ending a cohabitation, marriages tend to be more stable and therefore offer women more protection from human capital depreciation during non-employment. Consequently, marriage is a more effective means of enforcing household specialization. Since college graduates have more room for household specialization, they are more likely to choose marriage. The variance of income shocks, which affects the demand for consumption insurance, is larger among college graduates. Even if the variance of income shocks could potentially explain partnership choices, simulations suggest a small role of income volatility. [ABSTRACT FROM AUTHOR]

In the post-pandemic era, the complexity of the international shipping situation, such as environmental policies, port congestion, and local conflicts, poses challenges to the stability of liner shipping, which requires strict adherence to schedules. This paper addressed the issue of schedule recovery for liner ships operating under Emission Control Areas (ECAs) regulations in the face of disruptive events. It established a bi-objective nonlinear programming model based on recovery costs and delay severity and designed a bi-objective particle swarm optimization algorithm based on two traversal of voyage leg path selection and port skipping decisions of feasible solutions to solve it. The effectiveness of the algorithm was validated through a case study of a 6000 TEU liner ship, summarizing the correlation laws of operational decisions such as port skipping, voyage leg path selection, and speed adjustment, and proposing the optimal recovery strategy for liner ships under long-term ECA constraints while ensuring short-term schedule resilience. The findings demonstrate that, in compliance with emission restrictions, ships operating within ECA are required to slow down to mitigate costs. In contrast, ships operating outside of ECA regions must accelerate their pace to adhere to established shipping schedules. [ABSTRACT FROM AUTHOR]

This case uses a financial accounting context to help instructors incorporate data analytics in the accounting curriculum. The case's flexible design allows it to be used in a data analytics or financial accounting course for instructors with little to no data analytics experience. For an analytics course, students extract, transform, and load fixed asset and depreciation data from a company's five sites. Students will then validate the accuracy and completeness of the data by creating visualizations. The case can be accomplished using any data analytics tool; Teaching Notes are presented using Power BI. The case and Teaching Notes include modifications for a financial accounting course where students are given data visualizations to identify depreciation anomalies (where no analytics software is required). An extension for audit courses is also discussed. The case serves to develop students' analytics skills while simultaneously reinforcing their understanding of depreciation concepts. [ABSTRACT FROM AUTHOR]

This article develops a job‐search model with unobserved worker heterogeneity and learning about worker types from unemployment duration. The model features negative duration dependence that stems from unobserved heterogeneity, skill depreciation, and statistical discrimination. We estimate job‐finding rates implied by our model using microlevel data from the Current Population Survey. We find that removing interview costs counterfactually, thereby eliminating statistical discrimination, substantially increases the job‐finding rates of the long‐term unemployed. The performance of low‐skill workers at the interview stage with discriminating firms plays a key role in explaining our counterfactual result. [ABSTRACT FROM AUTHOR]

The current study examined the factors influencing valuers’ choice of depreciation method for property valuation purposes. Using a mean consensus analytical framework, we demonstrate that the factor of appropriateness is the main driver influencing valuers’ choice of depreciation method with a very high consensus value. This takes precedence over the simplicity of the depreciation method and valuer’s familiarity with the method both of which had a consensus score a little above average. The study recommends further research into the factors influencing the choice of depreciation rate when applying the various methods of depreciation. [ABSTRACT FROM AUTHOR]

The cost reflectivity of electricity distribution network tariffs has been debated in several countries, and various ways to enhance it have been investigated in recent years. However, the recent academic literature regarding the approach based on cost causation has a clear gap because no case studies show how distribution network tariffs can be determined in practice for large customer groups. This article offers a calculation methodology to determine distribution network tariffs based on cost causation along with a case study where unit prices are determined for the tariff structures still widely used today using the data for two separate network areas being operated by two Finnish distribution system operators (DSOs) in an unbundled electricity market environment. The results of the case study show that the total differences between the target and the realized turnovers in both investigated networks are smaller than 1%, which means almost a full cost recovery. In addition to traditional tariff structures, the proposed calculation methodology can also be modified to design and determine other pricing schemes. The need for systematic calculation processes is growing to improve the cost reflectivity of present tariffs and adapt to the needs of the evolving operating environment, novel tariff structures, and new emerging customer groups. [ABSTRACT FROM AUTHOR]

Tax-based appropriations for local public leisure services have become increasingly scarce. To increase cost recovery and generate additional revenue, many park and recreation agencies have added new fees or elevated existing fees. However, fee increases may arouse resistance among users. To alleviate user resistance, fee justification messaging providing additional information about potential beneficial outcomes may be utilized. This study sought to test two different types of benefit-based fee justification messages (community-benefit vs. user-benefit messages) in the context of an aquatic center and examine how the effects of messages vary with individual value orientations. Results indicate that both types of benefit-based justification messaging improved users' fairness perceptions, but had a marginal impact on purchase intentions. The effectiveness of messaging was found to be dependent on value orientation as individuals with a high self-enhancement or a high self-transcendent value orientation were more responsive to fee messaging. [ABSTRACT FROM AUTHOR]

We look at how the arrival of an invention affects wage returns and the probability of moving out of employment for white- and blue-collar co-workers of the inventor. First results suggest that older workers are hurt by the arrival of an invention. This negative effect disappears when we control for education and, in particular, for the time since obtaining the last formal degree, that is, distance to human capital frontier. If anything, this effect is slightly higher for non-STEM than STEM-educated co-workers. This result suggests that retraining programs could be helpful in making the process of creative destruction and economic growth more inclusive. [ABSTRACT FROM AUTHOR]

This study confirms gold's role as a reliable inflation hedge while introducing new insights into lesser-explored assets like art and wheat. Using advanced methodologies such as the ARDL framework and LSTM deep learning, it conducts a detailed analysis of inflation-hedging dynamics, exploring non-linear relationships and unexpected inflation impacts across various asset classes. The findings reveal complex dynamics. Gold demonstrates strong long-term inflation hedging potential. The negative coefficient for the US dollar index suggests that gold acts as a hedge against currency depreciation. Furthermore, a positive relationship between gold returns and inflation during high inflation periods highlights its effectiveness in protecting purchasing power. Art presents a more intricate picture. Long-term analysis suggests a weak mean-reverting tendency, but a negative relationship with inflation, potentially linked to economic downturns. Interestingly, unexpected inflation positively correlates with art returns in the long run, hinting at its potential inflation-hedging abilities. No statistically significant connection between wheat prices and overall inflation was observed; the short-run analysis reveals a dynamic interplay between inflation, real GDP growth, and wheat prices at different time points. [ABSTRACT FROM AUTHOR]

Changes in the exchange rate affect many macroeconomic variables, where the depreciation of the exchange rate leads to the effects of economic activity through the rise in the prices of foreign goods, "imports" for domestic goods, which leads to the reluctance of the decimating Local yen for foreign goods, leading to increased international competitiveness of domestic goods, high export volume and reduced imports, all resulting in improved trade deficits. Among other things, the decline in local currency exchange rates can be accompanied by deflationary effects on the gross domestic product (GDP) through a decline in the purchase of export and import prices, which occurs in developing countries such as Algeria. This analysis, which delves into a crucial aspect of international trade, examined the impact of exchange rate fluctuations on imports in Algeria from 1990 to 2021. The methodology used was the self-slope technique, also known as Vector Autoregression (VAR), which relied on two crucial variables: the real exchange rate, which measures the amount of foreign goods needed to buy one unit of domestic goods. Similar to a market research analyst, it is important to consider the impact of imports at the local level. This includes goods and services sourced from foreign countries to meet domestic market and consumers' demands, especially during ongoing local protests. The analysis has found a negative and non-significant relationship between the real exchange rate and imports at a significance level of 5%, which means that the real exchange rate does not affect Algerian imports, as most Algerian imports are basic food commodities. These intermediate and productive goods cannot be dispensed without a local alternative. Hence, it indicates that fluctuations in exchange rates have no impact on Algerian imports. [ABSTRACT FROM AUTHOR]

This paper analyzes a firm's investment timing and capacity decision by considering the manager's time‐inconsistent preferences and continuous economic depreciation of the capital stock cannot be completely offset. The demand shock of the underlying product evolves according to a double exponential jump‐diffusion process. Within a real options framework, we derive the explicit expressions for the optimal investment threshold and investment size when the manager is sophisticated. We find that time‐inconsistent preferences will lead the firm to delay investment when capital depreciation rate is low and accelerate investment when the rate of capital depreciation is high. Further, we show that capital depreciation rate has a monotonic positive effect on the investment size of a time‐consistent manager but a non‐monotonic effect on that of a sophisticated manager. A sophisticated manager tends to choose a smaller investment size than a time‐consistent manager. Finally, we demonstrate that compared with the geometric Brownian motion, the firm invests later with a larger capacity under the jump‐diffusion model. [ABSTRACT FROM AUTHOR]

This is the first comprehensive study on the age profile of new rents, average rents, operating expenses, net operating income, capital expenditure, and net cash flow for office properties in Tokyo. There are four main findings. First, the rate of rental depreciation in Japan is low and explains less than half of the rate of depreciation of property prices, although it is higher in earlier years. Second, average rents exhibit nominal rigidity. Third, approximately half of the observed depreciation in new rents is due to physical deterioration as opposed to functional obsolescence, which is driven by changes in tenant preferences and advances in building technology. Last, operating expenses are independent of age, whereas capital expenditure increases in the first 20 years. Our study contributes to the literature by estimating depreciation rates for commercial real estate rents, costs, and cash flows, with new insights into the detailed age profile and sources of economic depreciation. [ABSTRACT FROM AUTHOR]

A growing proportion of forested landscapes are interspersed with human infrastructure, such as utility lines and roads, increasing the potential for tree-failure consequences due to storms and other causes. Utilities and other institutions have strong incentives to reduce such interactions and allocate substantial resources to risk reduction, but trees and forests in densely populated landscapes also provide significant amenities to society. We present a generalized framework for "Stormwise" forest management, focused on resistance of roadside forests to storms, based on elements of arboricultural and silvicultural practice and tree biomechanics and architecture. We detail results of a multidisciplinary research program focused on management outcomes, opportunities and barriers to implementation, and allocation of investment based on physical and social landscape characteristics. We discuss initial findings, the potential for widespread adoption of resilience-focused management in roadside and infrastructure-adjacent forests, and the importance of such work, considering a changing climate. Study Implications: The research and implementation program we detail here illustrates the potential for "Stormwise" forest management to reduce storm-damage recovery costs, result in fewer and shorter-duration power and transportation interruptions, and allow for low-investment ground-based management in future forest entries. We illustrate a multifaceted, interdisciplinary research program that links the geospatial, social, and biophysical components of understanding forest infrastructure systems. We illustrate how implementation of Stormwise management has the potential to benefit stakeholders such as residents and utilities, offset the substantial economic costs of tree-related power outages, and reduce societal disruptions associated with interactions between trees and infrastructure during storms. [ABSTRACT FROM AUTHOR]

Copyright of WISTA Wirtschaft und Statistik is the property of Statistisches Bundesamt and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper deals with Kalecki's 1935 business cycle model, where a finite time lag in the investment dynamics is assumed. The time lag is the gestation period elapsing between orders for capital goods and deliveries of finished industrial equipment. Including the actual mainstream theory, the economic literature agrees on the consequences that time lag has on the economic activity. It is a cause of persistent economic fluctuations. Following some recent research lines on this model, here we restate the Kalecki approach, assuming sigmoidal functions in addition to Kalecki's linear treatment and further considering a non-constant capital depreciation. Never made until now, this last assumption is such that to yield, in place of a delayed differential equation, a Volterra delayed integro-differential equation. Taken the time delay and the rate of capital depreciation as critical parameters, a qualitative study of that equation is carried out. We proved that with a small-time lag stable equilibria arise. But, when the delay increases, equilibria are destabilized through Hopf bifurcations and stability switches occur. Consequently, a variety of cyclical behaviors appear. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Here we outline a vignette of the Bioscience Technology Facility (BTF) at the University of York as a singular exemplar of the Full Cost Recovery model. It is fully appreciated that every facility operates slightly differently, and each are subject to various rules at the institutional, regional and national level. Understanding the regulations that need to be followed for your cost recovery model may require discussion with your administrators to ensure compliance regulations for your Institution and governing bodies are followed. The below is almost a pick and mix of ways of working. It is, however, one of the few examples that is able to fully recover its operating costs within an academic environment and has sought and obtained full institutional and funders support. This model is now being much more widely adopted across the United Kingdom although again always with slightly different interpretations. [ABSTRACT FROM AUTHOR]

We analyze the determinants of capital flight in three resource scarce MENA countries namely Egypt, Morocco, and Tunisia. Our methodology involves both the linear and nonlinear autoregressive distributed lag (ARDL) cointegration approaches, with a focus on asymmetric relationships between capital flight and the real exchange rate, to distinguish the impact of real appreciation and depreciation of domestic currency on capital flight. The results based on nonlinear ARDL approach using annual data between 1977 and 2019 indicate that in Egypt, financial openness is negatively related with capital flight, while real depreciation seems to increase it in the long run. Our findings also reveal that the real GDP growth rate, institutional quality as well as inflation are important factors affecting capital flight in Morocco, whereas financial openness and the real exchange rate influence capital flight significantly in Tunisia. [ABSTRACT FROM AUTHOR]

Municipal water utilities across the United States establish their own rate structures to cover operations, maintenance, depreciation, and outstanding debt repayment. Yet, little is known about how rates are determined to ensure equity and/or affordability. To identify sources of variation in residential drinking water rates, we examine municipalities in northeastern Illinois, 2015–2019. Controlling for water utility characteristics, billing structures, financial management, service quality, and demographic/socioeconomic factors, we find no statistically significant correlations between water rates and median household income or race when nonrevenue water from leaking infrastructure is considered, revealing relative racial equity in water pricing within these communities. A larger water distribution network, more water included in the base charge, and a greater number of months in the billing cycle are all associated with lower rates. Purchasing water through an individual or cooperative agreement, a greater proportion of nonrevenue water from leaking infrastructure, a higher minimum monthly base charge, and more revenue debt outstanding (while controlling for nonrevenue water) are all associated with higher rates. We also find a positive correlation between municipal sewer rates and drinking water rates that supports findings from prior research. Overall, our research aids in the development of public policy that ensures all households have access to affordable and safe drinking water to promote water equity and public health. Key Takeaways: Our study reveals relative racial equity in municipal drinking water pricing among northeastern Illinois communities, and that rate differentials are more attributable to the state of infrastructure in the supply network.A cooperative purchasing strategy in the wholesale market is associated with slightly lower rates relative to an individualistic approach to purchasing, which highlights a potential benefit of cooperative purchasing as the ability of members to share capital costs for supply infrastructure.The balancing act between affordability and cost recovery in drinking water rate setting will continue to be an important political and policy issue as climate change impacts utilities' access to drinking water sources.In addition to understanding the drivers behind water costs, it is also important to examine how this information is communicated to consumers to gain insight into the transparency around the cost of providing clean drinking water. [ABSTRACT FROM AUTHOR]

This study examined the effect of free trade on intra-African bilateral trade balances for Kenya, Rwanda, Uganda, and Tanzania to assess the potential implications of the African Continental Free Trade area. The four countries have experienced persistent trade deficits. Whether free trade within Africa can improve the national trade balances, and the drivers of bilateral trade balances are important questions for policy and strategic programmes for the countries to make the most gains from free trade area. The econometric model estimated for each country is an extension of the standard Keynesian model of trade balance to include determinants of bilateral trade flows from the gravity model. Quantitative analysis using panel regression was augmented with qualitative data from interviews with trade policy experts and trade officials from various African countries and focus group discussions with small-scale cross-border traders at the Busia and Namanga border posts in East Africa. Findings show that complete tariff elimination on intra–African trade may not impact the bilateral trade balances of Kenya, Rwanda, and Tanzania but could improve bilateral trade balances for Uganda by 6 percent. Within the free trade areas, Uganda's bilateral trade balances were higher within the Common Market for Eastern and Southern Africa but lower within the East African Community, than outside these areas. Kenya's trade balances were lower in the Common Market for Eastern and Southern Africa, than otherwise. On the contrary, no significant difference in trade balances is established for the membership of Kenya, Rwanda, and Tanzania in the East African Community; Rwanda in the Common Market for Eastern and Southern Africa; and Tanzania in the Southern African Development Community, when compared to trade balances with non-members. The importance of macroeconomic factors is demonstrated by the increase in bilateral trade balances with higher relative price levels of trade partners; the reduction with increase in relative production and expenditure capacities of trade partners; and improvements following a depreciation of home currency for Tanzania and Uganda, yet a worsening of trade balances in Kenya. A lack of harmony in documents required for cross-border movements within the free trade areas is reported as counterproductive. All African countries should therefore fully implement protocols and cooperate in the harmonization of trade procedures for the free movement of people and goods across borders. Country policies and trade programmes should pursue increased productivity in the leading intra-African export sectors and diversify exports via foreign direct investment in strategic sectors to substitute imports from outside Africa; reduce costs of production; increase the quality of products; and improve transport infrastructure. [ABSTRACT FROM AUTHOR]

Businesses investing in production digitalization equipment are supposed to benefit from increased productivity, enhanced efficiency, and revenue growth. Despite the increasing use of digital technologies in business, many companies still struggle to measure and maximize their returns from production digitalization investments. This research assesses the impact of production digitalization investments on companies' financial performance (operating revenue) for European businesses in the period of 2013 to 2021. To achieve this target, we performed a Fixed Effects Panel Regression analysis, using a sample size of 5706 records from the Orbis database for 30 countries, covering 634 business units. The production digitalization investment in this research is expressed by a calculated variable value, measured as the annual change in a company's Plant and Machinery value, adjusted with corresponding an annual depreciation value for the assets. The regression output was analyzed by considering the characteristics of the company size and business location. The results suggest that companies in Eastern Europe benefit more from production digitalization than those in Western Europe. The analysis highlights the tendency for the company costs of the employee and intangible fixed asset value to increase as production digitalization investments grow. Additionally, it shows that large companies tend to gain more from such investments than smaller ones. The analysis provides support and guidance for businesses' production digitalization investment strategic decision-making processes. [ABSTRACT FROM AUTHOR]

The article discusses Michael Beenstock's book, which critiques the recent trend of setting policy interest rates close to zero and running large budget deficits during macroeconomic crises, which he calls 'the New Abnormal'. Beenstock argues that these policies are unsustainable and pose an existential risk, as they can lead to high inflation and debt crises. He also criticizes modern macroeconomic theory for misinterpreting the natural rate of interest and relying too much on quantitative easing and large budget deficits. The article also touches on Japan's experience with the New Abnormal and discusses the impact of mitigation policies during the COVID-19 pandemic. Beenstock concludes the book by discussing cryptocurrencies and their potential as a new form of gold. The article suggests that more engagement with related literature would have been beneficial. The text discusses the criticisms and limitations of modern macroeconomics, particularly in relation to interest rates, macroeconometric models, and the COVID-19 pandemic. The author argues that low interest rates may be a result of the actual low neoclassical rate, rather than policy decisions. They also critique the use of VAR models and suggest that DSGE models have improved in terms of empirical fit. However, the author disagrees with some of the claims made by the book's author, particularly regarding the cost of mitigation strategies during the pandemic. They also highlight the importance of engaging with related literature and conducting useful applied analysis. [Extracted from the article]