Stock price prediction has long been a critical area of research in financial modeling. The inherent complexity of financial markets, characterized by both short-term fluctuations and long-term trends, poses significant challenges in accurately capturing underlying patterns. While Long Short-Term Memory (LSTM) networks have shown strong performance in short-term stock price prediction, they struggle with effectively modeling long-term dependencies. In this paper, we propose an advanced stock price prediction model based on the Extended Long Short-Term Memory (xLSTM) algorithm, designed to enhance predictive accuracy over both short and long-term periods. We conduct extensive experiments by building and evaluating models based on xLSTM and LSTM architectures for multiple stocks. Our results demonstrate that the xLSTM model consistently outperforms the LSTM model across all stocks and time horizons, with the performance gap widening as the prediction period extends. The observations underscore the superior capability of the xLSTM-based model to capture long-term patterns in financial data, offering a promising approach for more accurate and reliable stock price predictions.

This study introduces a novel method that combines Generative Adversarial Networks (GANs) with conformal prediction to revolutionize the domain of stock ticker forecasting. Our approach enhances prediction accuracy and offers dependable prediction intervals to gauge uncertainty, surpassing current GAN-based techniques in unpredictable market scenarios. We made a validation using AAPL stock data, showing the ability of our model to generate accurate forecasts and reliable assessments of prediction uncertainty. The prediction intervals generated provide investors and risk managers with a powerful tool to make informed decisions. Our approach represents a notable advancement in financial prediction as it improves the clarity and reliability of forecasts. By incorporating conformal prediction into the GAN framework, the reliability of forecasts is improved, providing a thorough evaluation of uncertainty that is crucial for successful risk management. This framework has the potential to transform the field of predictive analytics in finance. It shows a solution that balances accuracy and uncertainty quantification. The results clearly show the effectiveness of this method, paving the way for its potential application in a wide range of financial prediction scenarios.

Complex models have received significant interest in recent years and are being increasingly used to explain the stochastic phenomenon with upward and downward fluctuation such as the stock market. Different from existing semi-variance methods in traditional integer dimension construction for two variables, this paper proposes a simplified multi-factorized fractional dimension derivation with the exact Excel tool algorithm involving the fractional center moment extension to covariance, which is a complex parameter average that is a multi-factorized extension to Pearson covariance. By examining the peaks and troughs of gold price averages, the proposed algorithm provides more insight into revealing underlying stock market trends to see who is the financial market leader during good economic times. The calculation results demonstrate that the complex covariance is able to distinguish subtle differences among stock market performances and gold prices for the same field that the two variable covariance may overlook. We take the London, Tokyo, Shanghai, Toronto and Nasdaq as the representative examples.

The prediction of stock prices holds significant implications for researchers and investors in evaluating stock value and risk. In recent years, researchers have increasingly replaced traditional machine learning methods with deep learning approaches in this domain. However, the application of deep learning in forecasting stock prices is confronted with the challenge of overfitting. To address the issue of overfitting and enhance predictive accuracy, this study proposes a stock prediction model based on GRU (Gated Recurrent Unit) with reconstructed datasets. This model integrates data from other stocks within the same industry, thereby enriching the extracted features and mitigating the risk of overfitting. Additionally, an auxiliary module is employed to augment the volume of data through dataset reconstruction, thereby enhancing the model’s training comprehensiveness and generalization capabilities. Experimental results demonstrate a substantial improvement in prediction accuracy across various industries.

This research presents a comparative analysis of various deep learning models—including Recurrent Neural Networks (RNN), Long Short-Term Memory (LSTM), Convolutional Neural Networks (CNN), Gated Recurrent Units (GRU), and Attention LSTM—in predicting stock prices of major companies in the Indian stock market, specifically HDFC, TCS, ICICI, Reliance, and Nifty. The study evaluates model performance using key regression metrics such as Mean Absolute Error (MAE), Mean Squared Error (MSE), and R-Squared (R²). The results indicate that CNN and GRU models generally outperform the others, depending on the specific stock, and demonstrate superior capabilities in forecasting stock price movements. This investigation provides insights into the strengths and limitations of each model while highlighting potential avenues for improvement through feature engineering and hyperparameter optimization.

China combines green energy and industrial policy in its power market reform with various policy initiatives, including price support scheme for electricity from renewable sources and subsidies in the push for broader use of greener energy. This study focuses on the impacts of power market reform on the stock price volatility of listed power companies: 1) we use the Iterative Cumulative Sums of Squares (ICSS) algorithm to identify structural break points in stock prices; 2) we analyze the characteristics of stock price volatility based on the GARCH model; 3) we report the impact of power regulation on stock price fluctuations based on the Autoregressive Distributed Lag (ARDL) model. The result suggests three structural breaks in China’s power stock price volatility were related to the promulgation of power market reform policies. We find that industrial policies promote the reduction of power stock price fluctuations and its impact on power stock price volatility is consistent in the long run. However, our study also indicates the recent policies related to renewable energy do not have a very significant impact on the power stock market.

Stock price prediction is of great significance but faces numerous challenges. In this study, a hybrid CNN-LSTM model was utilized. The stock data were processed and feature engineering was conducted. The model architecture and training strategies were expounded. Experimental results demonstrated that this model outperformed traditional methods and benchmark models on the test set, featuring strong capabilities in feature extraction and handling long-term dependencies. Key roles of data preprocessing, hyperparameter adjustment, and model fusion were also summarized, providing valuable references for stock price prediction.

The Chinese stock market, marked by rapid growth and significant volatility, presents unique challenges for investors and analysts. A-share stocks, traded on the Shanghai and Shenzhen exchanges, are crucial to China’s financial system and offer opportunities for both domestic and international investors. Accurate stock recommendation tools are vital for informed decision-making, especially given the ongoing regulatory changes and economic reforms in China. Current stock recommendation methods often fall short, as they typically fail to capture the complex inter-company relationships and rely heavily on financial reports, neglecting the potential of unlabeled data and historical price trends. In response, we propose a novel approach that combines graph-based structures with historical price data to develop self-learned stock embeddings for A-share recommendations. Our method leverages self-supervised learning, bypassing the need for human-generated labels and autonomously uncovering latent relationships and patterns within the data. This dual-input strategy enhances the understanding of market dynamics, leading to more accurate stock predictions. Our contributions include a novel framework for label-free stock recommendations with modeling stock connections and pricing information, and empirical evidence demonstrating the robustness and adaptability of our approach in the volatile Chinese stock market.

This paper identifies a dilemma in the relationship between R^2 and price efficiency: After comprehensively studying the R^2 change around 7 well-known corporate events, neither the traditional understanding of R^2 as price inefficiency, nor the behavioral way of R^2 as price efficiency can explain the observed R^2 change around the events. We adopt an alternative methodology to replace the standard difference-in-difference regression and directly decompose the R^2 change. We find that, due to the endogeneity of events, the changes of R^2 are over-estimated. We further propose that in the event study setting, the R^2 change may be simply the consequence of the inflow/outflow of some trend-chasing investors, and it may be detached from price (in) efficiency. Empirical evidences are consistent with this hypothesis.

The Algiers Stock Exchange (ASE) is the only stock exchange in Algeria. It’s one of the newest and smallest emerging stock exchanges in the world. The focus of this paper is to model and forecast monthly returns of the ASE index (DZAIRINDEX) using The Box- Jenkins methodology. The period of this study is from Jun 2010 to July 2019. According to Akaike’s Information Criterion (AIC) estimator, the Seasonal Autoregressive Integrated Moving Average SARIMA(2,0,0)(0,0,1) is chosen as the best model for forecasting the monthly DZAIRINDEX returns. Diagnostic tests confirm that the fitted model is adequate, where the residuals of this model are normally distributed with no autocorrelation and no heteroskedasticity. The forecast of the monthly DZAIRINDEX returns for one year ahead using this model shows a decreasing fluctuations trend. Based on different measures of forecast accuracy such as ME, MAE, RMSE, MASE, we show that the forecast accuracy of SARIMA(2,0,0)(0,0,1) is acceptable and this model performs much better than a naïve model. These results could be used by the financial communities in Algeria to deal with stock exchange risks and to improve their decisions.

The prediction of stock prices is a challenging task, particularly for retail investors who may lack the resources and expertise to perform sophisticated quantitative trading. This study focuses on enhancing stock price prediction for retail investors by employing advanced machine learning techniques on data from the stock exchange market. We utilize a comprehensive methodology that includes data preprocessing to handle missing values and outliers, feature engineering, cross-validation, and parameter tuning. The techniques applied include Keras Deep Neural Networks (DNN), LightGBM, LSTM, GRU, and linear regression (LR). Our proposed ensemble model, which combines time series and deep learning models, demonstrates superior performance compared to individual models. This integration of methods leads to significant improvements in prediction accuracy, providing a robust solution for retail investors.

This research article focused on discovering appropriate liquidity risk concerns in the financial Sector. Primarily, it deals with the appropriate liquidity factors that affect financial performance services pertained to several liquidity crises and the respective liquidity measures. Liquidity is considered the primary constraint. The Liquidity Ratios are the defective condition of calculating the financial performance services and their respective status. For fulfilling this performance service status prediction, this research use calculation for consistency index procedure. Liquidity index-based predictions have collaborated concerning the price movement in the stock market. The Liquidity will affect the trading and market transparency whenever the price moment varies. To control this trading and not market transparency of liquidity index be employed the greedy approach for estimating the most factor affected by the liquid index. Hence, this research elaborates on the greedy approach today with 25 essential financial factors. Each Panther will have combined with the tractor-confirmed liquidity crisis whenever the factors of liquidity crisis are combined with the actual financial factor, the minimum and maximum Degree of matching are calculated. This calculation determines the factors that affected the Liquidity concerning their exact, Plugin, subsume, and fail condition. Eventually, the search concludes the determination of factors affecting Liquidity concerning the actual finance factor and liquidity crisis. Finally, the result was concluded with the Degree of matching and their efficiency of finding liquidity factors with a successful reasonable result. Based on the Degree of matching result, this research found the actual reason for Liquidity with the help of various financial factors

Current stock market forecasting methods encompass fundamental, technical, emotional, and bargaining factors. Predominantly, price prediction hinges on order volume and price, although correlating these two within existing models proves challenging. This study employs Cycle Generative Adversarial Network (Cycle GAN) to unravel the intricate price-volume relationship, combining it with Bollinger Bands for trading signal analysis, overcoming hurdles in short-term forecasting prevalent in numerical analysis and AI. Focusing on TSMC (2330.TW) stock price, the research leverages Cycle GAN in deep learning to master the price-volume nexus, juxtaposed with LSTM and RNN. Historical TSMC closing prices and transaction counts are model inputs, scrutinizing their interconnectedness for predictions. This innovative approach aligns stock price, volume, market value, taxes, and prior changes via system engineering. By intertwining Bollinger Bands with stock price forecasts, trading signals are distilled, factoring in extended index %b for a comprehensive market picture.

One of the factors in the mobility of a nation's economy is the stock exchange which plays a decisive role in sustainable economic development. Accordingly, and for the special place of the stock exchange in the economy, we decided to investigate the relationship between the interest and exchange rates and the Tehran stock exchange dividend and price index (TEDPIX). Using the autoregressive distributed lag method, the present study is conducted utilizing the annual data over the period of 1991 to 2020. The results indicate that the exchange rate has a positive long-run relationship with the TEDPIX, but no statistically significant relationship was found between the TEDPIX and the interest rate. Furthermore, the results of the estimation of the error correction model show that 30.786% of the disequilibrium in each period is adjusted to the long-run equilibrium.

This paper intends to examine whether a company’s policy of dividend would impact or influence the price fluctuation of respective common stock in the designated stock market particularly in Hong Kong. Hence, there are 354 companies in Hong Kong which are all listed company on the Stock Exchange of Hong Kong (HKEX), were chosen as sample data for analysis with their audited financial information ranged from 2001 to 2020. Two proxies, the yield and the ratio of pay-out of dividend were widely adopted for the measurement of the effect of dividend policy and the possible influence on the volatility of respective common stock price by employing two statistical models, which are the model of fixed and random effects to provide accurate regression coefficients. With the results from the model of fixed effects, the yield and the pay-out ratio of dividend have been found statistically associated to the price volatilization of respective common stock in Hong Kong. The statical results in this study also find the yield and the ratio of pay-out of dividend are apparently and negatively associated to the price volatilization of respective common stock in Hong Kong. The research outcomes will be a reference for further study on different variables may have effects or volatilize the price of common stock price particularly in Hong Kong capital market.

This paper aims to measure the effects of delisting on stock returns for Vietnam stock market. The study employs a sample of 118 stocks that were compulsorily delisted from the market between January 2011 and December 2021. Using an event study methodology, the empirical findings confirm that the delisting has negative effects on stock returns in the Vietnam stock market. Specifically, results derived from tests show that the average abnormal return of delisted stocks continuously declines during three trading days following the announcement of delisting. Moreover, it is found that the differences in cumulative abnormal returns between post-delisting and pre-delisting periods are significantly negative for all tracking periods. Apart from the negative effect of delisting on stock abnormal returns, we also find that the impact of delisting on stock returns for smaller companies is greater than bigger companies.

The dataset reports a collection of earnings call transcripts, the related stock prices, and the related sector index. It contains a total of 188 transcripts, 11970 stock prices, and 1196 sector index values. Furthermore, all of these data originated in the period 2016-2020 and are related to the NASDAQ stock market. The data have been collected using Yahoo Finance and Thomson Reuters Eikon. Specifically, Yahoo Finance offered daily stock prices and traded volume. At the same time, Thomson Reuters Eikon has been used as source for the earnings call transcripts. The dataset can be used as a benchmark for the evaluation of several NLP techniques as well as machine learning algorithms for understanding their potential for financial applications. Moreover, it is also possible to expand the dataset by extending the period in which the data originated following a similar procedure.

The Estimation of systemic risk in India is still in its infancy stage. There are several methods which are available but none of the methods are fully compatible to forecast the systemic risk since under different circumstances the factors responsible for the risk differs. In this paper the systemic risk estimation in India being carried out based on spread in daily stock market price(Difference between the bid and ask price of a share) of the top 100 firms in India according to market capitalization for the period of July2007 to March 2016. The results were compared with the Financial Stability Report published by Reserve Bank Of India for the period of March 2010 to June 2016.The results clearly indicates that there exits relationship between market illiquidity represented by spread and risks associated with the Financial System. In most of the cases the Z score (deviation from the mean/Standard Deviation) of the spread has become negative which provides the spread which is farther from the mean, also a good indicator of volatility in market and risk to financial system. It is also seen that the Systemic Risk Survey conducted by Reserve Bank of India which started during October 2011 has supported the results.

Exclosures are used to regenerate native vegetation as a way to reduce soil erosion, increase rain water infiltration and provide fodder and woody biomass in degraded grazing lands. Therefore, this study assessed the impact of grazing exclosure on vegetation biomass, carbon sequestration and soil nutrients under five and ten years of grazing exclosures and freely grazed areas in Tigray, northern Ethiopia. Vegetation biomass, carbon stocks and soil nutrients increased with increasing grazing exclusion. However, open grazing lands and five years of grazing exclosure did not differ in aboveground biomass, above-and-belowground carbon stocks. Moreover, ten years of grazing exclosure had a higher (P<0.01) grass, herb and litter carbon stocks compared to five years exclosure and open grazing lands. The total carbon stock was higher for ten years exclosure (193.3 t C ha-1) than the five years exclosure (154.0 t C ha-1) and in open grazing areas (146.6 t C ha-1). Grazing lands closed for ten years had a higher SOC, organic matter, total N, available P, and exchangeable K+ and Na+ compared to five year’s exclosure and open grazing lands. Therefore, establishment of grazing exclosures had a positive effect in restoring degraded grazing lands, thus improving vegetation biomass, carbon sequestration potentials and soil nutrients under the changing climate and global warming.

The authors propose in this study to evaluate financial performance applications for stock prices of the Indonesian Stock Exchange in manufacturing companies. The method of research used here is a quantitative descriptive method. In that statement, Indonesian Stock Exchange manufacturing companies between 2016 and 2018 are the population use in this research, using the sampling technique Purpose Sampling. This research uses secondary data from 2016 to 2018, the financial reports of Indonesian Stock Exchange manufacturing companies. The Indonesian stock exchange web site has been provided with all data sources at https://www.idx.co.id, and searching for www.google.id. Our analysis shows that book value prices and the net profit margin affect stock prices. The value of financial performance at the Indonesian Stock Bourses manufacturing companies' cost amounts to 64.5 percent, while other factors not listed in this study account for 35.4 percent.

This paper examines the transformation of the Ukrainian stock market by analyzing daily returns from the PFTS stock index spanning 1995-2022. Segmented into sub-periods, it tests the hypothesis that the market's efficiency has grown over time. Various data properties, including persistence, volatility, normality, and resistance to anomalies, are explored using different statistical techniques and methods. Volatility, indicated by standard deviation, exhibits a general decreasing trend, suggesting a shift towards a more efficient market. Returns show no significant differences across sub-periods, except for 2005-2007. R/S analysis indicates the decrease of persistence in the market: a trend towards increased efficiency. Normality tests support a normal distribution of daily returns throughout sub-periods. An analysis of anomalies reveals the market's resilience to day-of-the-week effects, with no specific trends observed. The results suggest the absence of serious changes in data properties in the Ukrainian stock market over the time, means evolutionary processes over 25 years can’t be clearly observed. Reforms and changes have had limited impact, justifying continued reform for the market's evolution.

Inflation in 2021 and 2022 grew much faster than the Federal Reserve expected. The Fed downplayed inflation in 2021 and then increased the federal funds rate by 500 basis points between March 2022 and May 2023. This paper investigates how this unprecedented tightening impacted the stock market. To do so it estimates a fully specified multi-factor model that measures the exposure of 53 assets to Bauer and Swanson (2022) monetary policy surprises over the 1988 to 2019 period. It then uses the monetary policy betas to gauge investors’ beliefs about monetary policy between 2020 and 2023. The results indicate that changing perceptions about monetary policy multiplied uncertainty and stock market volatility.

The study tries to find out the impact of investors demographic variables on the return from the stock market. The data has been collected from the brokerage and Marchant banks for individual investors investments, return and demographic characteristics. The research covers the period from 2009 to 2021 and have a decade long enough to identify the trend. The structural break in the data also been adjusted to avoid any kind of endogeneity. The regression results suggest that demographic variables affect the investment pattern and beta return for the investors. the demographic variables such as education, location and experience have positive links with the beta whereas age and income show negative association. The education, income and experience variables are also found to be significant in the empirical analysis.

Many studies in the current literature annotate patterns in stock prices and use computer vision models to learn and recognize these patterns from stock price-action chart images. Additionally, current literature also use Long Short-Term Memory Networks to predict prices from continuous dollar amount data. In this study, we combine the two techniques. We annotate the consolidation breakouts for a given stock price data, and we use continuous stock price data to predict consolidation breakouts. Unlike computer vision models that look at the image of a stock price action, we explore using the convolution operation on raw dollar values to predict consolidation breakouts under a supervised learning problem setting. Unlike LSTMs that predict stock prices given continuous stock data, we use the continuous stock data to classify a given price window as breakout or not. Finally, we do a regularization study to see the effect of L₁, L₂, and Elastic Net regularization. We hope that combining regression and classification shed more light on stock market prediction studies.

Individual investors often struggle to predict stock prices due to the limitations imposed by the computational capacities of personal laptop Graphics Processing Units (GPUs) when running intensive deep learning models. This study proposes solving these GPU constraints by integrating deep learning models with technical analysis methods. This integration significantly reduces analysis time and equips individual investors with the ability to identify stocks that may yield potential gains or losses in an efficient manner. Thus, a comprehensive buy and sell algorithm, compatible with average laptop GPU performance, is introduced in the study. This algorithm offers a lightweight analysis method that emphasizes factors identified by technical analysis methods, thereby providing a more accessible and efficient approach for individual investors. To evaluate the efficacy of this approach, we analyzed the performance of eight deep learning models: LSTM (4 layers), CNN, BiLSTM (4 layers), CNN Attention, BiGRU CNN BiLSTM Attention, BiLSTM Attention CNN, CNN BiLSTM Attention, and CNN Attention BiLSTM. These models were used to predict stock prices for Samsung Electronics and Celltrion Healthcare. The CNN Attention BiLSTM model displayed superior performance among these models, with the lowest validation mean absolute error value. In addition, an experiment was conducted using WandB Sweep to determine the optimal hyperparameters for four individual hybrid models. These optimal parameters were then implemented in each model to validate their back-testing rate of return. The CNN Attention BiLSTM hybrid model emerged as the highest-performing model, achieving an approximate rate of return of 5 percent. Overall, this study offers valuable insights into the performance of various deep learning and hybrid models in predicting stock prices. These findings can assist individual investors in selecting appropriate models that align with their investment strategies, thereby increasing their likelihood of success in the stock market.

The objective of this study is to determine the impact of COVID-19 on the performance of Pakistani Stock Market. This study uses the data of COVID-19 related positive cases, fatalities, recovers and the closing prices of PSX 100 index of the first half of 2020. The findings of the study suggest that only COVID-19 recoveries are influencing the performance of the index and the daily positive cases and fatalities are insignificantly related to the performance. Further studies can be performed by incorporating other variables such as economic growth, interest rate and inflation rate along with the COVID-19 related variables at a cross-country level.

Deforestation through land-use conversion, illegal logging, and timber trafficking is believed to cause ~10% of the annual human carbon dioxide emissions at the global level. Given the large contribution, local and national policies have been set in place in the effort to reduce deforestation and support reforestation. However, accurate assessment of forest carbon stock is expensive and challenging in remote areas and on large geographical scales. To improve carbon stock monitoring and evaluation of fine-scale forest loss, we developed a rapid, automatic, scalable, and cost-efficient generalized deep learning framework that uses diverse remote sensing data and satellite imagery to derive aboveground carbon density from accurate estimates of tree canopy heights at fine-grained resolution (30x30 meters) in remote tropical rainforests. The remote sensing data is composed of Landsat-8, Sentinel-1, land cover, digital elevation model, and NASA CMS airborne LiDAR, as well as vegetation indices, texture metrics, and climatic data. Data sources were compiled into a data pipeline which produced &gt;300 features and 2 million observations over forests in Indonesian Borneo. Using LiDAR swath data on canopy forest high for ~100,000 hectares in Indonesian Borneo to create a training and validation datasets, our neural network model produced aboveground carbon density estimates with R2 of 0.82, which is a significant improvement from comparable works by using Random Forest (R2 of 0.3-0.5). This deep learning framework can be used to facilitate further carbon stock modeling in other forest regions (e.g., Brazil) as well as for the general purpose of climate change mitigation.

This study examines the relationship between firm-level and macroeconomic variables and stock prices (SP) in Iran, Saudi Arabia (KSA), and Iraq, where economic conditions are uncertain. The sample consists of all firms listed on these countries' stock exchanges between 2015 and 2019, yielding a comprehensive dataset from 154 Iranian firms, 82 KSA firms, and 33 Iraqi firms. Using a fixed effect model, intriguing relationships are uncovered between firm-level and macroeconomic factors on SP. The findings indicate that, at a 1% significance level, there is a strong link between Iran and Iraq's GDP and their respective SP. In KSA, the association between GDP and SP is positive and significant at a 5% level. In addition, there is a positive and statistically significant correlation between the inflation rate and SP in all three countries. Moreover, the association between exchange rates and SP is significant and positive in KSA and Iraq but negative and significant at the 1% significance level in Iran. Furthermore, in KSA, the connection between oil prices and SP is positive and significant, whereas, in Iran, the relationship is negative at the 1% level. Surprisingly, there is no association between the price of oil and Iraqi SP. Regarding intangible assets, their impact on SP in Iran and KSA is negligible. In Iraq, however, there is a negative and significant relationship at the 5% level, indicating that intangible assets have a detrimental impact on SP. These findings highlight the complex link among macroeconomic factors, intangible assets, and SP in the examined countries. Policymakers and governments should prioritize implementing measures to foster sustainable economic growth, manage inflation, and stabilize exchange rates. These actions can boost investor confidence and contribute to the stock market's overall development.

“Blue carbon”, apart from marine humus, includes the carbon (C) stock of coastal ecosystems such as mangroves, marshes, and seagrass meadows, which have been overlooked until recently. Information about the role of coastal wetlands in C sequestration and providing other ecosystem services is still insufficient. In the present study, we assessed the C reserves of soils and vegetation biomass in two complex coastal landscapes (tombolos) located on the coasts of the White and Baltic seas. The soil and plant C stocks were slightly higher at the plot at the Baltic Sea (93.4 ± 46.7 Mg C·ha-1 and 5.22 ± 2.51 Mg C·ha-1, respectively) than at the plot on the White Sea (71.4 ± 38.2 Mg C·ha-1 and 3.95 ± 2.42 Mg C·ha-1, respectively). We attributed the higher values of the C reserved to a warmer climate and less saline water at the plot on the Baltic Sea. Both soil and plant C showed high heterogeneity due to geomorphological complexity and differences in vegetative communities. The Phragmites australis community showed the highest plant biomass and, in some places, high soil C reserves. Allochthonous C contributed to the soil C stock at the site on the White Sea. Though P. australis sequestered more C than other communities, its effect on ecosystem services was mostly negative because the invasion of reeds reduced the biological diversity of the marshes.

The rising global concern for environmental sustainability has driven a surge in green invest-ments' popularity. This study examines the multifractal characteristics and efficiency of various green stock indexes, such as Clean Science and Technology, ISE Clean Edge Global Wind Energy Index, iShares Global Clean Energy ETF, Nasdaq Clean Edge Green Energy, and Solactive Clean Energy. The research covers the period from October 4, 2021, to October 4, 2023. The central ob-jective of this research is to evaluate the efficiency of clean energy stock markets and dissect their influence on investment decisions and market performance in the realm of green investments. To accomplish this, the study employs the Wright test (2000) and the Detrended Fluctuation Analysis (DFA) method. The findings indicate the presence of negative serial autocorrelation within the Rankings and Signals tests. Furthermore, the DFA analysis concurrently reveals long memory patterns in most green indexes, with the notable exception being the Nasdaq Clean Edge index, which exhibits tendencies toward anti-persistence. These results imply that prices inadequately incorporate available information, resulting in non-i.i.d. price fluctuations. These implications are significant for investors, as they indicate the potential for predictable returns and opportunities for arbitrage and abnormal profits, challenging the assumptions of random walk and information efficiency hypotheses.

In every economy, Stock markets are part of the key elements the build it up. A few decades ago, there has been a significant change in Ghana stock market returns (GSE). Our study examines the statistical and economic significance of investor sentiment, based on weather conditions/changes, on stock market returns. OLS models, assisted by unit root tests were employed in analyzing the data obtained from the Ghana stock exchange platform from 2000 to 2017. From our literature review, we discovered that investors’ perceptions play a central role in finalizing the direction of stock market returns. Regarding our empirical results, we tested whether weather variations influence the investment decisions of investors; we discovered that temperature and cloud cover significantly influences stock market returns. This is because of mood changes is associated with weather conditions variations. However, sunshine per our regression coefficient shows a statistically insignificant impact on investors’ investment choices. Precipitation to a large extend influence stock market activities further affecting its results negatively as our regression results depicted. We concluded stock brokerage firms, companies, and investors (foreign/local) must incorporate weather changes/effects when strategizing about their investment outcomes.

The assessment of biomass carbon stocks was conducted at plot scale as a sample to estimate for all vegetation areas by using destructive sampling and or allometric equation method. Remote sensing is one of the techniques can be used to estimate and mapping biomass carbon stock for the entire areas. The objectives of the study are the identification and determine the range of electromagnetic wave of Landsat 8 satellite data that most suitable for assessing and mapping biomass carbon stock distribution. This research analyses exponential regression equation between spectral radiance values (Lλi) for with biomass measurement results on the field to find the best correlation based on the coefficient of determination value (R2). It also analyses the relationship between field biomass and NDVI value (Normal Differences Vegetation Index) from satellite data. The study area consists of 54.9% bush (Bs), 24.5% scrub (Sc), 16.8% secondary forest (Sf), while the rest (3.8%) is a water body. The with average biomass carbon stock value 4.11 tons.ha-1, 64.43 tons.ha-1, and 85.36 tons.ha-1, for strata Sc, Bs, and Sf respectively. Spectral radiance of SWIR (Shortwave Infra-Red) band 6 is determined as a spectral characteristic that can be used to estimating carbon stock with following the equation Y= 12657(EXP(-0.642(Lλband6)) with r2 = 0.75. Correlation NDVI and field biomass showed the low r2 value (0.08), so in this study, NDVI cannot be used to estimate the biomass carbon stock.

The stock beta coefficient literature extensively discusses the proper methods for the estimation of beta as well as its use in asset valuation. However, there are relatively few references with respect to the appropriate time horizon that investors should utilize when evaluating the risk-return relationship of a stock. We examine the appropriate time horizon for beta estimation differentiating our results by sector according to the Industry Classification Benchmark. We employ data from the NYSE and we estimate varying lengths of beta employing data from 30 to 250 trading days. The constructed beta series is then examined for the presence of breaks using the endogenous structural break literature. Results show evidence against the use of betas that employ more than 90 trading days of data provisional to the sector under study.

Thanks to the Chinese government's strong monetary stimulus initiative, the Chinese stock market has seen a recent surge. A similar scenario in history reminds us that such a surge carries significant potential risks and undermines economic sustainability. This study examines the economic stimulus by the Chinese government during 2008 and 2015 utilizing monetary and real estate policy to stimulate stock market expansion, and identifies a pattern of path dependency in the government's approach to economic challenges. In the context of the fiscal pressures of 2024, the government has again employed an extraordinary level of intervention to catalyze a significant uptick in the stock market. While this has led to a temporary increase in stock market indices, it poses substantial risks. The potential for a stock market bubble, detached from fundamental values, could precipitate a subsequent market collapse. Additionally, the government's market stimulus may be aimed at providing financial support to underperforming state-owned enterprises, which in the long-run will damage China's economic sustainability. There is also a concern that the measures to stimulate the stock market could interlink the bond market and banking sector with the equity, potentially inciting broader systemic risks. Furthermore, the housing market crisis and investors' skepticism towards the extent of China's marketization reforms will also intensify. Overall, we believe that the current round of stock market stimulus is not sustainable and leaves the door open for future risks.

From some perspective, every natural phenomenon is just a combination of many elementary random events clustering and forming a pattern. Nonetheless, the nature of random events differs from one field of study to another. This research is an attempt to determine whether volatile stock price movement, considered random, accords to the randomness of real world phenomena. To accomplish the task, a deep learning model was built, trained on preprocessed data and evaluated to calculate it's accuracy. The acquired results were then compared, and it turned out that stock prices are very similar in randomness to natural phenomena as the model trained on large amounts of stock data was increasing the accuracy of predictions of all real world parameters.

This study aims to explore methods for automating the replication of correlated portfolios across shares using various algorithms. The goal is to select one algorithm for implementation in a visualization tool that will facilitate portfolio building. The dynamics of the stock market provide a comprehensive view of the global economy, acting as a catalyst for stakeholders to participate and benefit various sectors financially, primarily through investments in companies that yield returns and contribute to the economy. The evaluation and comparison of these algorithms are crucial for making well-informed decisions regarding the core objectives of the study. Ultimately, a determination will be made as to whether the program can effectively analyse data from Yahoo finance to provide a quick overview of the financial market state of companies in the S&P 500 US stock prices.

The rapid expansion of China's A-share market, coupled with the burgeoning volume of financial research reports, presents a unique challenge to traditional stock price prediction methodologies. This study introduces FAST-SCAN, a novel framework designed to leverage natural language processing (NLP) and time series analysis for the efficient and accurate prediction of stock market trends. By integrating advanced sentiment analysis, primarily through the utilization of the RoBERTa model, with dynamic time series forecasting, FAST-SCAN aims to distill actionable insights from the vast corpus of financial research reports. This approach not only enhances the speed and efficiency of financial analysis but also addresses the time-sensitive nature of market-influencing factors, thereby providing a competitive edge in stock price prediction. The framework demonstrates a notable improvement in predictive performance, achieving a 20% annualized return and a 7.19% RankIC, marking a significant advancement over conventional statistical analysis methods. Through its innovative combination of NLP and predictive analytics, FAST-SCAN paves the way for a more informed and strategic approach to investment in the A-share market, emphasizing the importance of timely, data-driven decision-making in the financial industry.

In this study, we conducted a comprehensive analysis of the spatial distribution of soil organic carbon stock (SOC stock) and the associated uncertainties in two soil layers (0–10 cm and 0–30 cm; SOC stock 10 and SOC stock 30 respectively), in Valchiavenna, an alpine valley located in northern Italy . We employed the digital soil mapping (DSM) approach within different machine learning models, including multivariate adaptive regression splines (MARS), random forest (RF), support vector regression (SVR), and elastic net (ENET). Our dataset comprised soil data from 110 profiles, with SOC stock calculations for all sampling points based on bulk density (BD), whether measured or estimated, considering the presence of rock fragments. As environmental covariates for our research we utilized environmental variables, in particular geomorphometric parameters derived from a digital elevation model (with a 20 m pixel resolution), land cover data, and climat-ic maps. To evaluate the effectiveness of our models, we evaluated their capacity to predict SOC stock 10 and SOC stock 30 using the coefficient of determination (R2). The results for the SOC stock 10 were as follows: MARS 0.39, ENET 0.41, RF 0.69, and SVR 0.50. For the SOC stock 30, the corresponding R2 values were: MARS 0.45, ENET 0.48, RF 0.65, and SVR 0.62. Additionally, we calculated the Root Mean Square Error (RMSE) and Mean Absolute Error (MAE) for further assessment. To map the spatial distribution of SOC stock and address uncertainties in both soil layers, we chose the RF model, due to its better performance, as indicated by the highest R2 and the lowest RMSE and MAE. The resulting SOC stock maps using the RF model demonstrated an accuracy of RMSE = 1.35 kg.m-2 for the SOC stock 10 and RMSE= 3.36 kg.m-2 for the SOC stock 30. To further evaluate and illustrate the precision of our soil maps, we conducted an uncertainty assessment and mapping by analyzing the standard deviation (SD) from 50 iterations of the best-performing RF model. This analysis effectively highlighted the high accuracy achieved in our soil maps. The maps of uncertainty demonstrated that the RF model better predicts the SOC stock 10 compared to the SOC stock 30.

Financial bubble prediction has been a significant area of interest in empirical finance, garnering substantial attention in the literature. This study aimed to detect and forecast financial bubbles in the Vietnamese stock market from 2001 to 2021. The PSY procedure, which involves a right-tailed unit root test to identify the existence of financial bubbles, was employed to achieve this goal. Machine learning algorithms were then utilized to predict real-time financial bubble events. The results revealed the presence of financial bubbles in the Vietnamese stock market during 2006-2007 and 2017-2018. Additionally, the empirical evidence supported the superior performance of the Random Forest and Artificial Neural Network algorithms over traditional statistical methods in predicting financial bubbles in the Vietnamese stock market.

Stock bubbles are characterized by unpredictable price surges and subsequent declines, causing significant losses for investors. The study aimed to detect mildly explosive patterns in S&P 500-listed stocks in real-time using the GSADF test. This study focused on the length, the normality of the stock bubble episode and compared the effectiveness of SADF and GSADF tests in bubble detection, consistently finding GSADF's superiority. The duration of breakouts exhibited non-normality, suggesting unusually long bubble durations.

We investigated the response of the Manila clam Venerupis philippinarum to possible temperature and salinity changes in a holding facility. First, clams were exposed to four temperatures for 15 days. Valve closure and survival of clams exposed to seawater at 18℃ were higher than that of those exposed to seawater at 24℃. Second, clams were exposed to six salinities for 15 days. Survival of clams exposed to two salinity fluctuation conditions (24–30 and 27–24 psu) was lower than that of clams exposed to constant 30 psu conditions. Valve closures of clams exposed to constant low salinity conditions (24 psu) and two salinity fluctuation conditions (24–30 and 27–24 psu) were higher than of those exposed to constant 30 psu conditions. Lastly, clams were exposed to two different temperatures and three different salinities conditions for 8 days. Valve closure and survival decreased significantly under the combination of 24℃ and 18 psu. These results suggest that an increase in temperature or a wider range of salinity fluctuations are detrimental to the survival of the Manila clam. The synergistic effect of temperature and salinity stressors may decrease the survival period of clams compared to the effect of a single stressor.

This paper aims to analyze the effects of Covid-19 on financial markets from the perspective of Complexity. The Covid-19 pandemic has caused turmoil in financial markets and is already one of the most important financial crises in history, causing a fall in several stock markets as well as great volatility. Unlike past crises, which in most cases were caused either by problems of fiscal deficits or in the financial system, this crisis has its origin in an epidemic disease, which occurred in Wuhan, China, and quickly spread across the globe affecting transport networks, commerce and finance, and will affect the public debt of many countries. This is a systemic situation in which there is a need to consider several interconnected systems, financial instability and high financial risk, something that econophysics and some complexity theorists already do. Therefore, this paper intends to show, theoretically, the systemic and complex character of the recent financial crisis caused by Covid-19.

In this paper, we focus on the impact of financial liberalization on stability of emerging stock market. We identify crises in a group of Latin American (Argentina, Brazil and Chile) and Asian countries (Philippines, Korea, Taiwan and Thailand) during 1975–2005. This paper aims to apply the methodology of CMAX method. Our results indicate that liberalization triggers more unstable stock market in the short run and generate several crises. Still, liberalization seems to generate more stable financial markets in the long run. Financial liberalization does not increase the frequency of crises in emerging countries and at long-term, crises are less several.

We use Fourier analysis to access risk in financial products. With it we analyze price changes of e.g. stocks. Via Fourier analysis we scrutinize quantitatively whether the frequency of change is higher than a change in (conserved) company value would allow. If it is the case, it would be a clear indicator of speculation and with it risk. The entire methods or better its application is fairly new. However, there were severe flaws in previous attempts; making the results (not the method) doubtful. We corrected all these mistakes by e.g. using Fourier transformation instead of discrete Fourier analysis. Our analysis is reliable in the entire frequency band, even for frequency of 1/1d or higher if the prices are noted accordingly. For the stocks scrutinized we found that the price of stocks changes disproportionally within one week which clearly indicates speculation. It would be an interesting extension to apply the method to crypto currencies as these currencies have no conserved value which makes normal considerations of volatility difficult.

On the basis of a stocktaking on PVC in Europe and on a current ECHA investigation report, we conclude that regulatory action at EU level is recommended. We support ECHA's regulatory proposals in the main, but come to a more comprehensive proposal for the phasing-out of PVC beyond the area of electrical installations. PVC stored in buildings and infrastructure to date amounts to around 160 million tonnes ("stock") and this mass is still increasing. Parts from the stock have entered the waste management sector for years and their mass is gradually increasing. Neither material, chemical nor energy recovery will be able to absorb these incoming quantities. We therefore come to the conclusion that PVC should be collected separately and disposed of in an infrastructure designed for chlorine recovery. The required infrastructure should be set up and operated by the chemical industry. So, PVC will lose its status as a particularly economically favorable plastic. In view of the constantly increasing stock, we recommend phasing-out the production of virgin PVC as early as possible. In our opinion, this would also be justifiable because the effects of the closed loop recycling announced by VinylPlus ('Vinyl') would go in the same direction.

We have implemented quantum modeling mainly based on Bohmian Mechanics to study time series that contain strong coupling between their events. Compared to time series with normal densities, such time series are associated with rare events. Hence, employing Gaussian statistics drastically underestimates the occurrence of their rare events. The central objective of this study is to investigate the effects of rare events in the probability densities of time series from the point of view of quantum measurements. For this purpose, we first model the non-Gaussian behavior of time series using the multifractal random walk (MRW) approach. Then, we examine the role of the key parameter of MRW, λ, which controls the degree of non-Gaussianity, in quantum potentials derived for time series. Our Bohmian quantum analysis shows that the derived potential takes some negative values in high frequencies (its mean values), then substantially increases, and the value drops again for rare events. Thus, rare events can generate a potential barrier in the high-frequency region of the quantum potential, and the effect of such a barrier becomes prominent when the system transverses it. Finally, as an example of applying quantum potential beyond the microscopic world, we compute quantum potentials for the S&amp;P financial market time series to verify the presence of rare events in the non-Gaussian densities and demonstrate deviation from the Gaussian case.

United Nations Framework Conventions on Climate Change (UNFCC) conventions in their conference of parties (COPs) has continuously considered and agreed reducing emission level in order to minimize the impact of global climate change. Reducing emission due to deforestation and degradation (REDD) ,was considered as one of the major activities in this regard during Kyoto protocol in 2009 which laid foundation for the participating countries to be compensated financially for reduced carbon emission. Mexico convention -2012 required the countries to develop and implement a transparent and consistent monitoring, reporting and verification (MRV) process. Later in Paris agreement-2015, the parties agreed to limit the global warming to 2 degree centigrade and with further efforts to 1.5-degree centigrade furthering entailing the parties to prepare and communicate nationally determined contributions (NDCs) every five years. Nepal aimed to decrease the average annual deforestation rate by 0.05 percent from existing 0.44 percent in the terai region and 0.1 percent in the Chure. Nepal decided to develop its forest reference level (FRL) in national level for the historical period 2000-2010 considering Carbon dioxide and carbon pools above and below ground. As per the Forestry Sector Strategy, Nepal aims to increase carbon stock growth by at least 5% by 2025 as compared to 2015 and decrease mean annual deforestation rate to 0.05. After major change in administrative division in Nepal, forest management responsibility has shifted down to the Sub-national level. But forest resource studies have not been conducted yet in these levels. Despite a small country, Nepal has at least four clear physiological regions. The amount of carbon stock stored by different forest type are different depending upon species distribution, carbon volume and density for each species, and their distribution along ecological and physiological regions. Sal (shorea Robusta), for example, having one of the highest carbon densities, is a major forest types in Nepal. The purpose of this study was to generate forest map of the country, calculate carbon stock, gain and loss, and their rate in each province due to deforestation/afforestation using remote sensing data. Further Sal forest map was generated and its contribution in carbon stock was calculated using averaged national carbon density as well as using regional density method. According to the study, around 5.1 million hectares of Nepali land was forest in 2015 increasing from 4.2 million hectares in 2005. However, Sal forest has decreased during the same period. Province 1 contributed the maximum (130 Tg) and Province 2 the minimum (40Tg) of Carbon stock in 2015. Using the conventional method of calculation with national average density (108.08 t/ha), a total of 36.7T CO2 yr-1 carbon sink was observed in the Country. Whereas, with the new approach of calculation, a total of 44.7 T CO2 e of carbon sink per year was estimated during the same period. This approach holds potential for qualifying as an MRV process of Nepal. The subnational level forest and carbon statistics produced during this study can be important assets for the better forest governance. This can also pave way for policy formation and preparation of action plan for sustainable forest management and intervention strategy and obtaining better financial incentives participating in the reduction of emission due to deforestation and forest degradation (REDD) plus programs.

The soil has lost organic matter in the past centuries. Adding organic matter to soils is one of the management practices applied to recover the levels of soil carbon of the past. Is it a good practice to reduce global warming? In fact, one of the practices promoted to combat climate change is increasing soil organic matter. However, the addition of organic residues to the soil could facilitate the liberation of CO2 and wastes could also have no positive effects on soil properties. In this sense, what it is important is: a) to know which is the expected effect of the organic matter added to the soil; b) how this application alters the soil processes; c) which are the management practices that should be applied; d) how much is the real amount of carbon sequester by the soil and; e) the balance at short and long period after the application of the organic matter. The adequate strategy should be to favour the increment of biologically stabilized soil organic matter considering medium and long time. However, it is necessary to adapt the strategies to the local environmental conditions.

Allometric equations are used to estimate accurate biomass and carbon stock of forests. However, in Ethiopia only few allometric equations as compared to its floral diversity and species-specific allometric equations for Acacia species are still not developed in Ethiopia. The numbers of tree marked for sampling are Fifty-four (54) using preferential sampling. Diameter at breast height, wood density and tree height were collected as independent variables to predict species specific dry biomass of Acacia species. The new species-specific allometric models have been performed using linear regression analysis in the R software. The Above ground biomass (AGB) have been validated using quantitative statically using the pantropic model. Six candidate models have been developed for each species and four best models for each species of dry biomass was selected based on goodness-of-fit statistics and equation performance analysis of the candidate models. The best model for predicting above ground biomass for Acacia seyal is 0.20636*((DBH²)Hρ) ^0.53167, for Acacia polyacantha is 7.26982((DBH)²Hρ)^0.21750, for Acacia ethibcia is 29.01898*((DBH)²Hρ)^0.21518 and for Acacia toritolis is 3.82427*((DBH)²Hρ)^0.16748. The selected models are the best performing (P> 0.01) and higher adjusted R² (>80%) and has lower Akaike’s Information Criteria (AIC) and residual standard error (RSE) values as comparing the rest of the model. The validation of new developed biomass model using Tukey test indicated that significant variation of mean biomass (P<0.05) between the new developed model and the generalized model. The statistics model performance analysis of Nash-Sutcliffe efficiency (NSE) value is approaching to one, indicating that the new developed model has better performance model as compared with generalized model. Moreover, the percent bias of the new developed models is close to zero which indicates that the site-specific biomass models have more accurate estimator and the generalized biomass models have overestimated biomass for the four Acacia species.

Forest above-ground carbon stock (AGCS) is one of the primary ecological evaluation indicators, so it is crucial to estimate AGCS accurately. In this research, we added the climatic and topographic factors to the estimation process by a remote sensing approach to explore their impacts and to achieve more precise estimations. We model and predict AGCS by Random Forest (RF) based on sixty field sample plots of Pinus densata pure forests in southwest of China and the factors extracted from Landsat 8 OLI images (Source I), Sentinel-2A images (Source II), combined Landsat 8 OLI and Sentinel-2A images (Source III). We added the topographic and climatic factors to establish AGCS estimation model and compare the results. The topographic factors contain elevation, slope and aspect. Climatic factors contain mean annual temperature, annual precipitation, annual potential evapotranspiration and monthly mean potential evapotranspiration. It was found that the model based on Source III was better than Source I and Source II. Among the models without adding factors, the model based on Source III worked the best, with an R2 of 0.87, an RMSE of 10.81 t/ha, an rRMSE of 23.19%, and a P of 79.71%. Among the models that added topographic factors, the model based on Source III worked best after adding elevation, with an R2 of 0.89, an RMSE of 10.01 t/ha, an rRMSE of 21.47%, and a P of 82.17%. Among the models that added climatic factors, the model that was added the annual precipitation factor had the best modeling result, with an R2 of 0.90, an RMSE of 9.53 t/ha, an rRMSE of 20.59%, and a P of 83.00%. The prediction result exhibited that the AGCS of the Pinus densata forest in 2021 was 9,737,487.52 t. The combination of Landsat 8 OLI and sentinel-2A could improve the prediction accuracy of AGCS. The addition of annual precipitation can effectively improve the accuracy of AGCS estimation. Higher resolution of climate data is needed to enhance the modeling in the future work.

The paper presents a comprehensive study of the relationship between investor sentiment and stock market returns in Saudi Arabia from 2009 to 2022. The study uses linear autoregressive distributed lag models (ARDL) to analyze the complex dynamics between variables. ARDL models are particularly valuable for capturing both long- and short-term relationships between variables and allow for dynamic adjustments over time. The study shows that a positive change in investor sentiment leads to higher stock market returns after a lag of two months, but this positive effect reverses in the long-run, suggesting the possibility of overreaction and subsequent adjustments. Money supply has a consistent positive impact on stock returns over time, while real estate market returns have limited short-term impacts on investor sentiment and macroeconomic factors. The ARDL modeling approach is essential to capture the dynamic interaction between investor sentiment and stock returns and reveals the temporary impact of sentiment on market performance. The study extends its analysis to construct a composite investor sentiment index using principal component analysis, tests the stationarity of stock returns and sentiment index through extended Dickey-Fuller and Phillips-Perron unit root tests, and determines the optimal lag length for time series modeling. The ARDL modeling results for stock market returns and real estate returns provide insights into the short- and long-term relationships between investor sentiment, macroeconomic variables, and market returns; in addition, the study provides important insights into the interaction between investor sentiment and stock market returns in Saudi Arabia, with implications for regulatory policy and investment management. The results demonstrate the impact of investor psychology on market performance, which has practical implications for understanding and managing behavioral risk. The study adopts an integrated approach, combining rigorous ARDL models with economic intuition and practical relevance, which is expected to better understand the dynamic interaction between sentiment and returns.

Carbon (C) losses due to the conversion of natural forests adversely affect the abiotic components of terrestrial ecosystems. In tropical China, rubber cultivation often extends from its traditional range to elevations of up to 1400 m. However, C storage in rubber plantations across elevation gradients is poorly understood. In this study, we investigated biomass and C storage along elevation gradients in two age groups (8- and 12-year-old) of rubber monoculture plantations in Xishuangbanna, Southwest China. We investigated the C distribution across various tree sections, ranging from aboveground biomass (AGB) to belowground biomass (BGB), including litter, big dead branches, and different soil depths. A significant negative correlation was observed between total ecosystem C stocks and elevation in both age groups of rubber plantations. The highest ecosystem C stock of 197.90 Mg C ha–1 was recorded at 900 m in 8-year-old plantations, whereas in 12-year-old rubber plantations, the highest value of 183.12 Mg C ha–1 was found at 700 m. The total ecosystem C stocks decreased to its lowest level at 1000 m in both the 8-year-old and 12-year-old plantations, ranging between 113.05 Mg C ha–1 and 125.75 Mg C ha–1, respectively. We concluded that the total ecosystem C stocks were negatively correlated with elevation and significantly decreased from 8.05% to 51.55% and 11.46% to 42.96% between 700 m and 1100 m in both 8-year-old and 12-year-old plantations, respectively. However, no correlation was observed between the total soil C stocks and elevation in either age group of rubber plantations. Regardless of elevation gradient, the total ecosystem C stock of 12-year-old rubber plantations was 1.98% greater than that of 8-year-old rubber plantations. Biomass was the second largest contributor, while soil accounted for 82% to 90%, and the other factors contributed less than 2% of the total ecosystem C stock in both age groups. These fluctuations in C stocks along elevation gradients in both 8- and 12-year-old plantations suggested that rubber growth, biomass and C storage capacity decreased above 900 m and that age and elevation are key factors for biomass and C storage in monoculture rubber plantations.

The accurate estimation of biomass carbon in forests is of paramount importance for effective forest management and mitigating climate change. This study presents a novel approach to produce a high-resolution map of biomass carbon over forests in Malaysia using the Aboveground Carbon Density Indicator (ACDI) and a comprehensive collection of 12 years of inventory data, i.e., from 2012 to 2023. The ACDI was derived based on several vegetation indices (VIs) that were produced from the original Landsat images to indicate the level of aboveground biomass carbon (AGC) stock in the forested areas. The VIs includes Normalised Difference Vegetation Index (NDVI), Normalised Burn Ratio (NBR), Shadow Index (SI), Soil-Adjusted Vegetation Index (SAVI), Iron Oxide Index (IO), Modified Normalised Difference Water Index (NDWI), and Enhanced Vegetation Index (EVI). The ACDI was then integrated with ground-based measurements, and serves as a robust indicator for estimating AGC. This calculation was conducted on Google Earth Engine (GEE) platform to match the date of field observation with the satellite imagery datasets. The production of seamless mosaic of the latest date of Landsat imagery and the forest type classification were also performed on GEE. The forested areas were classified into three major types, which are dry inland forest, mangrove forest, and peat swamp forest. Results indicated significant spatial variations in AGC across Malaysia's forests. The derived AGC prediction models based on the ACDI varied among the forest types. Based on the estimates, a 30-metre resolution, wall-to-wall map of AGC across the entire forested region of Malaysia has been created. The ACDI was calibrated and validated using a separate validation plots dataset to ensure the accuracy of the AGC estimates. The total AGC in all types of forests in Malaysia was estimated at 3.0 billion Mg C with an attainable accuracy of about 80%. These estimates were also divided into categories and reported to the AGC at the state level. This high-resolution map provides essential information for various stakeholders, with critical implications for carbon sequestration efforts, conservation priorities, and sustainable forest management. The presented methodology not only showcases the value of combining advanced remote sensing techniques with long-term inventory data but also underscores the potential for similar approaches in other tropical forest regions globally. Ultimately, this study contributes to the understanding of carbon dynamics in Malaysian forests and promotes effective strategies for mitigating climate change through better-informed forest conservation and management practices.

The European Union's current pressure on Member States to adopt the Green Deal and the Fit for 55 package is leading to an accelerated drive to put in place measures to meet the 2030 climate targets. At the same time, many discussions at international bilateral meetings of EU country representatives raise the question of the realism of setting climate targets and therefore the ability to meet these commitments. The results elaborated in this analytical study offer a realistic picture of the possibilities of meeting strategic climate targets using the example of the use of forest dendromass for the ability to achieve a 22% share of renewable energy sources (RES) in gross final energy consumption by 2030 in the Czech Republic. The study points out that at present the use of forest dendromass from primary pro-duction is at its maximum and meeting the climate targets for increasing the share of RES in the energy mix represents a major problem in the long term. The findings published in this study also point to the objective threat of increased use of dendrmass in the energy sector to the maintenance of sustainable forest management and the preservation of forest quality.

Forest ecosystems provide diverse services and values that contribute to human well-being. Although high proportion of species is still undiscovered, tropical forests alone are thought to host more than 50% of the world’s biodiversity. Beyond supporting via direct use of products like timber, fiber and biomass energy, they play an important role in providing a wide range of ecosystem services such as regulating water flow and quality, water purification, improving infiltration, fresh water, erosion control, carbon sequestration and sedimentation control. They are one of the important parts of terrestrial and the largest carbon pool, occupying an integral position in the global carbon cycle. However, these days, deterioration of nature and forest biodiversity is a severe danger to the global environment. This will be accompanied by increased strains on food supply, causing increased pressure on already delicate ecological systems. Thus, better forest management strategies are necessary for managing forests sustainably. Nevertheless, little is known regarding the existing forest management approaches and their associated benefits and challenges. Multidisciplinary approaches are needed to achieve sustainable management of forests. These can be accomplished if suitable forest management innovations are put in place. Various technologies can also be adopted through applying different forest assessment tools like remote sensing using light detection and ranging technology (LiDAR) in forest management. Harnessing such technologies will definitely result in providing increased socio-economy as well as improved environmental sustainability. However, the speed of transformation depends much on level of commitment of stakeholders including policy makers. As a result, this review is intended to explore existing forest management innovations which are suitable both ecologically as well as socio-economically. This shows that while there is a lot to be improved, there are already developed forest management innovations that are already in use including PFM and MFM, which helps to achieve SFM.

Volatility is the most widespread measure of risk. Volatility modeling allows investors to capture potential losses and investment opportunities. This work aims to examine the impact of the two waves of COVID-19 infections on the return and volatility of the stock market indices of the euro area countries. The study also focuses on other important aspects such as time-varying risk premium and leverage effect. Thus, this investigation employed the Threshold GARCH(1,1)-in-Mean model with exogenous dummy variables. Daily returns of ten euro area stock indices from 4th January 2016 to 31th December 2020 has been used for the analysis. The results reveal that euro area stock markets respond differently to the COVID-19 pandemic. Specifically, the first wave of COVID-19 infections had a notable impact on stock market volatility of euro area countries with large and middle financial centres while the second wave had a significant impact only on stock market volatility of Belgium.

This study investigates the impact of global financial crisis and the present COVID-19 pandemic on daily and weekly Crude oil futures using four variants of ARMA-GARCH models: ARMA-sGARCH, ARMA-eGARCH, ARMA-TGARCH and ARMA- aPARCH with dummy variables We also investigated the persistence, half-life and backtesting of the models. This study therefore seeks to contribute to the body of literature on the impact of global financial crisis and the present COVID-19 pandemic on crude oil futures market. This investigation of the impact of global financial crisis and the COVID-19 on crude oil futures has not been much studied at present. We obtained and analyzed the daily and weekly crude oil futures from secondary sources. Daily crude oil futures used in this study covers the period from the 4th January 2000 to 27th April 2020 while the weekly crude oil futures covered from 2ndJanuary 2000 to 26th April 2020 . The global financial crisis period covered from 2nd July 2007 to 31st March 2009 and the current COVID-19 pandemic covered from 1st January 2020 to 27th April, 2020. The study used both student t and skewed student t innovations with AIC, goodness-of-test fit and backtesting to select the best model. Most of the estimated ARMA-GARCH models are supported by skewed student t distribution while most of the ARMA-GARCH models exhibited high persistence values in the presence of global financial crisis and the COVID-19 pandemic. In the overall, the estimated ARMA(1,0)-eGARCH(2,1) and ARMA(1,0)-eGARCH(2,2) model for daily crude oil futures and weekly crude oil futures respectively have been significantly impacted by the global financial crisis and the Present COVID-19 pandemic while the preferred estimated models also passed the goodness-of-test fit and backtesting.This study recommends shareholders and investors should think outside the box as crude oil futures tend to be affected by global financial crisis and COVID-19 pandemic while countries also that depend mostly on crude oil are encouraged to diversify their economy in other to survive and be sustained during financial and health crisis.

We examine the profitability of the momentum and contrarian strategies in three South Asian markets i.e. Bangladesh, India and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use Distance-to-default (DD) of Kealhofer, McQuown and Vasicek (KMV) model as a measure of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms on the basis of high, medium and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.

This paper examines the dynamic dependence structure of crude oil and East Asian stock markets at multiple frequencies using wavelet and copulas. We also investigate risk management implications and diversification benefits of oil-stock portfolios by calculating and comparing risk and tail risk hedging performance. Our results provide strong evidence of time-varying dependence and asymmetric tail dependence between crude oil and East Asian stock markets at different frequencies. The level and fluctuation of their dependencies increase as time scale increases. Furthermore, we find the time-varying hedging benefits differ at investment horizons and reduced over the long run.

This paper examines the effect of chronotype on the delinquent credit card payments and stock market participation through preference channels. Using an online survey of 455 individuals who have been working for 3 to 8 years in companies in mainland China, the results reveal that morningness is negatively associated with delinquent credit card payments. Morningness also indirectly predicts delinquent credit card payments through time preference, but this relationship only exists when individuals’ monthly income is at low and average level. On the other hand, financial risk preference accounts for the effect of morningness on stock market participation. Consequently, an additional finding is that morningness is positively associated with financial risk preference, which contradicts previous finding in the literature. Finally, based on the empirical evidence, we discuss the plausible mechanisms that may drive these relationships and the implications for theory and practice. The current study contributes to the literature by examining the links between circadian typology and particular financial behaviours of experienced workers.

This paper employs the two-step procedure developed by Cheung and Ng (1996) to analyze the causality-in-mean and causality-in-variance between the housing and stock markets of the UK. The empirical findings make two key contributions. First, although previous studies have indicated a one-way causal relation from the housing market to the stock market in the UK, this paper discovered a two-way causal relation between them. Second, a causality-in-variance as well as a causality-in-mean was detected from the housing market to the stock market.

This paper presents a novel approach to sentiment analysis specifically customized for predicting stock market movements, bypassing the need for external dictionaries which are often unavailable for many languages. Our methodology directly analyzes textual data, with a particular focus on context-specific sentiment words within neural network models. This specificity ensures our sentiment analysis is both relevant and accurate in identifying trends in the stock market. We employ sophisticated mathematical modeling techniques to enhance both the precision and interpretability of our models. Through meticulous data handling and advanced machine learning methods, we leverage large datasets from Twitter and financial markets to examine the impact of social media sentiment on financial trends. We achieved an accuracy exceeding 75%, highlighting the effectiveness of our modeling approach, which we further refined into a convolutional neural network model. This achievement contributes valuable insights into sentiment analysis within the financial domain, thereby improving the overall clarity of forecasting in this field.

With the recent advances in Machine Learning (ML), several models have been successfully applied to financial and accounting data to predict the likelihood of companies’ bankruptcy. However, time series have received little attention in literature with a lack of studies on the application of Deep Learning sequence models as Recurrent Neural Networks (RNN) and the recent Attention-based models in general. In this research work, we investigated the application of Long Short Term Memory (LSTM) networks to exploit time series of accounting data for bankruptcy prediction. The main contributions of our work are the following: a) we have proposed a Multi-head LSTM that models each financial variable in a time window independently and compared it with a single-input LSTM and other traditional ML models. The Multi-head LSTM outperforms all the other models; b) We identify the optimal time series length for bankruptcy prediction to be equal to 4 years of accounting data; c) We made public the dataset we used for the experiments that include data from 8262 different public companies in the American stock market generated in the period between 1999-2018. Furthermore, we prove the efficacy of the Multi-head LSTM models in terms of lower false positives and better division of the two classes.

Stock market prediction is a challenging task to perform, as we know the fluctuations that take place in the market makes it versatile and hard to predict the prices. In this research, we have explored the power of usage of hybrid ensemble algorithms to improve the predictive accuracy in the stock market forecasting. Our research comprises construction and evaluation of diverse hybrid models using different algorithms. The methodology presented in the paper involves comprehensive data preparation, feature engineering, and model normalization. Evaluating the different hybrid models, one stands out distinctly: LSTM (long short-term memory networks) + GRU (Gated recurrent units) + Conv1D (one-dimensional convolutional layer) hybrid. It illustrated its potential to revolutionize decision-making tools for investors and financial analysts in stock market analytics. The harmonious integration of algorithms not only underscores the effectiveness of hybrid modeling but also beckons for further exploration within the ever-evolving domain of predictive modeling, driven by the pursuit of precision and accuracy. This model shows a remarkable accuracy metrics including a Mean Absolute Error (MAE) of 0.95, a Mean Squared Error (MSE) of 2.1222, a Root Mean Squared Error (RMSE) of 1.52, and a R-squared (R2) score of 0.9982.

This study investigated the impact of sustainability reporting on financial performance, with a focus on companies in the Turkish food, beverage and tobacco and textile, wearing apparel and leather sectors. The sustainability reports of 48 companies listed on the Istanbul Stock Exchange for 2022 were studied, and the quality of sustainability practices was determined by using a general index (Sustainability Reporting Disclosure Quality Index (SRDQI)) and three partial indices (Environmental Disclosure Quality Index, Social Disclosure Quality Index, and Corporate Governance Disclosure Quality Index (CGDQI)). To analyze the relationships between financial performance and sustainability practices two types of regression models were developed, based on which eight models were directly examined. The results indicate the complete absence of a statistically significant impact of SRDQI on all financial performance measures used. Among the partial indices, only CGDQI has a significant positive effect on the Assets Turnover Ratio. An analysis of the influence of control variables shows a multidirectional dependence of individual financial performance measures on the size of companies, their age, industry affiliation, as well as on the structure of capital used. Finally, this study provides directions for improving the institutional environment of sustainability reporting for Turkish companies.

The research is a deep study of the CBOE Volatility Index (VIX), which represent the market sentiments of the S & P 500 Index (SPX) over a period of 33 years. It evaluates how the two indexes perform in the stock market crash and how reliable VIX is in predicting market sentiments. The research distributes the market rally in two forms, and one is a trust rally, when investors are happy to see the market in a stable form, and investors' sentiments are positive towards the stock market. Second is a fear rally, where investors' sentiments are negative, and their outlook is bearish for various reasons. It observes the pattern of rallies, like the longest trust or fear rally, in which year and its duration. The research analyzes data to reach a meaningful conclusion and various inferences that can be drawn from the study of historical data.

“Money has always been something of an embarrassment to economic theory. Everyone agrees that it is important; indeed, much of macroeconomic policy discussion makes no sense without reference to money. Yet, for the most part theory fails to provide a good account for it.” (Banerjee and Maskin, 1996, p. 955)The debate about whether or not a growth imperative exists in debt based, interest bearing mone- tary systems has not yet been settled. It is the goal of this paper to introduce a new perspective in this discussion.For that purpose an SFC computational model is constructed which simulates a post Keynesian Endogenous Money system without including economic parameters such as production, wages, consumption and savings. A case is made that isolating the monetary system allows for better analysis of the inherent properties of such a system.Loan demands, which are assumed to happen, are the driving force of the model. Simulations can be run in two modes, each based on a different assumption. Either the growth rate of the money stock is assumed to be constant or the loan rate, expressed as a percentage of the money stock, is assumed to be constant.Simulations with varying parameters are run in order to determine the conditions under which the model converges to stability, which is defined as converging to a bounded debt rate.The analysis shows that stability of the model is dependent on net bank profit ratios, expressed relative to their debt assets, remaining below the growth rate of the money stock. Based on these findings it is argued that the question about the existence of a growth imperative in debt based, interest bearing monetary systems needs to be reframed. The question becomes whether a steady state economy can realistically support such a system without destabilising it. In order to answer this question real world behavior of economic actors must be included in the model.It is concluded that there are indications that it might not be feasible for a steady state economy to support a stable debt based, interest bearing monetary system without strong interventions. However, more research is necessary for a definite answer. Real world observable data should be analysed through the lens of the presented model to bring more clarity.

Savannas and adjacent vegetation types like gallery forests are highly valuable ecosystems contributing to several ecosystem services including carbon budgeting. Financial mechanisms such as REDD+ have provided an opportunity for developing countries to alleviate poverty through conservation of its forestry resources. For availing this opportunity carbon stock assessments are essential. Therefore, a research study at two protected areas i.e. Nazinga Game Ranch and Bontioli Nature Reserve, in Burkina Faso was conducted with the objective of assessing carbon Mg C ha-1 in aboveground biomass (AGB)dry of trees in different formations of the south-sudanian savanna in Burkina Faso, West Africa. Similarly analysis of various vegetation parameters was also conducted to understand the overall vegetation structure of these two protected areas. For estimating AGBdry, existing allometric equation for dry tropical woody vegetation types was used. The Importance Value Index (IVI) and Family Importance Value (FIV) were estimated through standard procedures. Various linear and non-linear regression analyses were conducted to test the relationships between carbon and other parameters such as DBH, height and basal area (BA). The results showed that both sites collectively contain mean carbon of 3.41 ± 4.98 Mg C ha-1. Amongst different vegetation types, gallery forests recorded the highest mean carbon of 9.38 ± 6.90 Mg C ha-1. The highest IVI of 115.56 at Nazinga Game Ranch was recorded for Anogeissus leiocarpa. Similarly, highest IVI of 98.59 was recorded for Mitragyna inermis at Bontioli Nature Reserve. The highest FIV was recorded for Combretaceae for both of the sites. To our knowledge, this was the first study conducted to assess the carbon stocks at the two protected areas in southern Burkina Faso. The study therefore was an attempt for addressing the knowledge gap particularly on carbon stocks of protected savannas. It could serve as a baseline for carbon stocks for future initiatives such as payment for environmental services and REDD+ at these areas.

Leaf springs are critical components for the railway vehicle safety in which they are installed. Although these components are produced in high-strength alloyed steel and designed to operate under cyclic loading conditions in the high-cyclic fatigue region, their failure is still possible to occur and hence lead to economic and human catastrophes. The aim of this document is precisely to characterise the mechanical crack growth behaviour of the 51CrV4 spring steel representative of leaf springs under cyclic conditions, that is, crack propagation in mode I. The common fatigue crack growth prediction models (Paris and Walker) considering the effect of stress ratio and parameters such as propagation threshold, critical stress intensity factor and crack closure ratio are also determined using statistical methods, which resulted in good approximations with respect to the experimental results. Lastly, the fracture surfaces under the different test conditions were analysed using SEM, with no significant differences to declare. As a result of this research work, it is expected that the developed properties and fatigue crack growth prediction models can assist design and maintenance engineers in understanding fatigue behaviour in the initiation and propagation phase of cracks in leaf springs for railway freight wagons.

Numerous studies have been conducted in past so as to understand whether the working capital management policies of an organisation affect its performance or not. Some studies have found a positive relationship between WCM and firm performance. However, other studies have found a negative impact of WCM on firm performance. Present research work is an endeavour in this direction to find out the working capital management policies and strategies of Indian cement companies and their performances. The study employs a quantitative approach to examine whether the Indian cement companies optimally use their working capital, which is analysed by establishing the relationship between the working capital management and profitability using 11-year (2010-2021) financial data of 31 cement companies listed in Bombay Stock Exchange (BSE). The findings of the random-effects model say that only ITP is significantly negatively related to the ROA of the cement companies at a 0.01 level of significance. Similarly, APP also negatively yet poorly predicts ROA at a 0.10 level of significance the firm’s profitability is not significantly affected by ARP and CCC. Also, it has been observed that the liquidity measures CR and QR have a significant positive association with ROA. Further, the size of the industries and leverage are inversely related to ROA but the age of the firm is not significantly predicting their financial performance.

This study investigates the complex interplay between public sentiment, as captured through news titles and descriptions, and the stock prices of three major tech companies: Microsoft (MSFT), Tesla (TSLA), and Apple (AAPL). Leveraging advanced analytical methods including Pearson correlation, wavelet coherence, and regression analysis, this research probes the degree to which stock price fluctuations can be attributed to the polarity of media sentiment. The methodology combines statistical techniques to assess sentiment's predictive power on stock opening and closing prices, while wavelet coherence analysis unveils the temporal dynamics of these relationships. Results demonstrate a significant correlation between sentiment polarity and stock prices, with description polarity affecting Microsoft's opening prices, title polarity influencing Tesla's opening prices, and a positive impact of title polarity on Apple's closing prices. However, Tesla's stock showed no significant coherence, indicating a potential divergence in how sentiment affects stock behavior across companies. The study highlights the importance of sentiment analysis in forecasting stock market trends, revealing not only direct correlations but also lagged influences on stock prices. Despite its focus on large-cap tech firms, this research provides a foundational understanding of sentiment's financial implications, suggesting further investigation into smaller firms and other market sectors.

Through this study, we established equations for estimating the standing tree carbon stock, based on 24 tree species in multiple size classes in a case study at the Ngao Demonstration Forest (NDF) in northern Thailand. Four hundred thirty-nine wood samples from trees in mixed deciduous forest (MDF), dry dipterocarp forest (DDF), and dry evergreen forest (DEF), were collected using non-destructive methods to estimate above-ground carbon equations through statistical regression. The equations were established based on four criteria: 1) the coefficient of determination (R2), 2) Standard error of estimate (SE), 3) F-value, and 4) Significant value (p-value, α ≤ 0.05). The above-ground carbon stock (C) equations for standing trees in the MDF was C = 0.0199DBH2.1887H0.5825, for DDF was C = 0.0145DBH2.1435 H0.748, for DEF was C = 0.0167DBH2.1423H0.7070, and the general equation for all species/wood density groups was C = 0.017543DBH2.1625H0.6614, where DBH is tree diameter at breast height and H is tree total height. The above-ground carbon stock in the DDF, MDF, and DEF was 142, 53.02, and, 12 tons/ha, respectively, and the estimated above-ground carbon stock in the Mae Huad sector at the NDF was 61 tons/ha.

We analyze the upside and downside risk connectedness among international stock markets. We characterize the connectedness among international stock returns using the Diebold and Yilmaz spillover index approach and compute the upside and downside value-at-risk. We document that the connectedness level of the downside risk is higher than that of the upside risk and that stock markets are more sensitive when the stock market declines. We also find that specific periods (e.g., the global financial crisis, the European debt crisis, and the COVID-19 turmoil) intensify the spillover effects across international stock markets. Our results demonstrate that the EU, Ger-many, and the US acted as net transmitters of dynamic connectedness; however, Japan (JP), China (CH), and India (IN) acted as net receivers of dynamic connectedness during the sample period. These findings provide significant new information to policymakers and market participants.

This study aims to determine how the effect of interest rates and changes in the dollar exchange rate (USD) on the stock price. The type of research carried out in this research is quantitative research with the object of research, namely Bank Central Asia (BCA). The data used in this study comes from secondary data, namely from books, the internet, documents, and banking sites. This study indicates that the independent variable, namely the interest rate, has a significant negative effect on the joint-stock price index and the other independent variable, namely the dollar exchange rate (USD), has a significant positive effect on the joint-stock price index. The coefficient test results show that interest rates and exchange rates (USD) simultaneously affect stock prices, namely 67.2% while the remaining 32.8% is influenced by other factors.

This paper provides attempts to formalize Hayek’s theory of knowledge. It has been theoretically shown that exponential income distribution is a spontaneous order of the well-functioning market economy. We show that this theoretical result is supported by the empirical evidence from the United Kingdom and China. In particular, we empirically show how the income structure of China evolved towards an exponential distribution after the market-oriented economic reformation. Furthermore, we strictly prove that, if the income structure of an economy obeys an exponential distribution, the income summation over all households leads to an aggregate production function with Hicks-neutral-like technical progress, in which the technology factor is exactly equal to society’s information stock that is a result of combining all of decentralized decisions.

This study will investigate different signals and events/news that determined the stock market's movements. As we know, many factors affect the stock market on a daily, weekly, and monthly basis, e.g., rate of interest, exchange rate, and oil prices, etc. Our research will investigate the impact of daily events/news in the KSE-100 index due to several policies announced and events/news in the country because the daily movements in the stock market can be determined only by different signals and events/news. Time series data is collected daily for particular reasons from "The News" (Daily Newspaper, Sunday edition) from 2010 to 2019. The results of this study show that political and global news affects the stock market index ferociously. For investors, the investment in blue chips is not less than a safe haven. When day-to-day transactions are concerned, there is always a higher panic attack than the herd behaviour in the stock exchange. Investors tend to make prompt responses to negative rather than positive news, which makes them risk averters. Our finding also confirmed that the ARCH/GARCH model is better than the simple OLS method concerning stock market upheaval.

This research contributes to the development of theories regarding the relationship between Corporate Social Responsibility (CSR) and investment decisions. Acquisition of stock returns that exceed normal predictions depends on the successful implementation of Good Corporate Governance (GCG). This study aims to examine investors' reactions to information on CSR disclosure in several countries that are members of the Association of Southeast Asian Nations (ASEAN). Furthermore, this study also examines the role of implementing GCG in strengthening the impact of CSR disclosure on investor relations as measured by abnormal stock returns. The sampling technique used was purposive Sampling. The research was conducted on Manufacturing Companies in countries that are members of ASEAN during 2017-2019. The estimation model used to analyze data is a multiple regression model. The results showed that CSR information was able to increase investors' positive reactions. Meanwhile, GCG practice is proven to strengthen the impact of CSR information on investment decisions. Other variables involved in this study, namely audit quality, company size, debt level, and sales growth, are not proven to influence abnormal stock returns.

Prediction of stock groups values has always been attractive and challenging for shareholders. This paper concentrates on the future prediction of stock market groups. Four groups named diversified financials, petroleum, non-metallic minerals and basic metals from Tehran stock exchange are chosen for experimental evaluations. Data are collected for the groups based on ten years of historical records. The values predictions are created for 1, 2, 5, 10, 15, 20 and 30 days in advance. The machine learning algorithms utilized for prediction of future values of stock market groups. We employed Decision Tree, Bagging, Random Forest, Adaptive Boosting (Adaboost), Gradient Boosting and eXtreme Gradient Boosting (XGBoost), and Artificial neural network (ANN), Recurrent Neural Network (RNN) and Long short-term memory (LSTM). Ten technical indicators are selected as the inputs into each of the prediction models. Finally, the result of predictions is presented for each technique based on three metrics. Among all algorithms used in this paper, LSTM shows more accurate results with the highest model fitting ability. Also, for tree_based models, there is often an intense competition between Adaboost, Gradient Boosting and XGBoost.

Does the choice of proxy for stock market development matter? This paper suggests that the growth effect of stock market development is sensitive to the choice of proxy and using alternative financial development indicators have practically no influence on the results. We found that using either the stock market capitalization to GDP ratio or the stock market returns; have a positive and significant effect on growth. However, we cannot make same conclusion when one uses either the ratio of total value of trades on the major stock exchanges to GDP or stock market turnover ratio to proxy for stock market development as the coefficient on these variables were found to be statistically insignificant. The indexes extracted from principal component analysis confirm the sensitivity of the effect to the choice of proxy. This finding suggest that stock market development is a conceptual terms, thus, representing it with single indicators make it impossible to identify which stock market development indicators have a significant positive growth effects.

Analyzing the material metabolism of infrastructure provides insights into resource flow and accumulation, offering policymakers new perspectives on resource management and planning. This study comprehensively analyzed the material stock (MS) of infrastructure on Miao Island using a bottom-up approach and Pleiades stereo images. Key findings include: (1) in 2020, the total in-use MS was 249.8 kt, with stone, gravel, and sand accounting for 80%. Transportation infrastructure held the largest share (40.8%), followed by non-residential buildings (30.1%), residential buildings (26.7%), and pipeline infrastructure (2.4%); (2) Stone and wood are abundant resources on the island, whereas steel, ceramics, aluminum, and glass are entirely dependent on external supply; (3) Over the past 40 years, the MS has grown significantly, with a net addition stock of 179.6 kt (256% growth). Development periods from 1980-1990, 2000-2005, and 2015-2020 were closely linked to China's reform and opening-up, infrastructure stimulus plans, and local government policies; (4) Compared to urban areas, Miao Island has lower construction intensity, with a per capita MS growth rate of 10.12 t/yr versus the national average of 13 t/yr. The steel stock in residential buildings is 15.62 kg/m², only 37.82% of the urban average. However, the potential conversion of infrastructure stock into waste still poses a significant challenge to the island's environmental carrying capacity.

The demonstration of compliance of rolling stock against disturbance limits for railway signaling, and in particular track circuits, is subject to a large deal of variability, caused by the diverse values of the electrical parameters of the railway line and resulting transfer functions, as well as operating conditions of rolling stock during tests. Instrumental uncertainty is evaluated with a Type B approach and shown to be much less than the experimental variability. Repeated test runs in acceleration, coasting, cruising, braking conditions are considered, deriving both max-hold (spread) and sample dispersion curves compared to the respective mean values (Type A approach to the evaluation of uncertainty). The major source of variability affecting a significant portion of the spectrum is caused by the superposed oscillations of the onboard LC filter, for which different choices of the transformation window duration are discussed. The test runs and the acquired data covered overall 1 day of tests along about 300 km of the Italian 3 kV DC railway network.

Emergence of COVID-19 had profound impact on global stock markets, including Indian mar-ket. Key indices like NIFTY50 and Sensex dropped by approximately 40% within two months in 2020, which also affected major mutual funds, leading to significant depreciation of their Net Asset Value. Securities and Exchange Board of India (SEBI) allows mutual funds to use deriva-tives for hedging purposes, capped at 100% of the scheme's net assets covering debt, equity, and derivatives. However, circular amendment by SEBI in January-2019 permitted covered call strat-egies on constituent stocks of Sensex and NIFTY50 for mutual fund schemes, excluding ETFs and Index Funds. This study investigated whether mutual funds increased their derivative us-age as risk mitigation strategy during COVID-19 pandemic, analyzing derivative holdings from 2019-2023. Surprisingly, findings indicated a decline in derivative holdings in 2020 compared to pre-pandemic levels. Statistical tests and performance evaluation metrics such as T-test, F-test, Treynor Ratio, Sharpe Ratio, and Jensen's calculations were employed to assess mutual fund performance. Although derivative-holding mutual funds didn't outperform benchmarks in aver-age returns, it showcased significantly reduced volatility, offering investors favorable risk-return trade-offs. research sheds light on derivative utilization in Mutual Fund industry, potentially in-forming regulators, fund managers, and investors in their decision-making

This study rigorously investigates the impact of COVID-19 on the Tunisian stock market volatility. The investigation spans from January 2020 to December 2022, employing a GJR-GARCH model, bias-corrected wavelet analysis, and an ARDL approach. Specific variables related to health measures and government interventions are incorporated. The findings highlight that confirmed and death cases contribute significantly to the escalation in TUNINDEX volatility. Interestingly, certain indices related to government interventions exhibit no substantial impact on volatility, indicating a weak resilience of the Tunisian stock market amidst the challenges posed by COVID-19. However, the application of the bias-corrected wavelet analysis yields more nuanced outcomes in terms of correlations of volatility to the same metrics. Notably, the study recognizes the potential influence of uncertainties linked to the duration of lockdowns on financial market volatility. The positive and long-term impact on volatility of the US Equity Market uncertainty and VIX is evident through the Autoregressive Distributed Lag Model (ARDL), whereas economic policy uncertainty shows no significant impact. This indicates a potential vulnerability of the Tunisian stock market to future shocks, emphasizing the need for government efforts to instill investor confidence. This comprehensive exploration contributes to our understanding of the dynamics between the pandemic’ metrics, government interventions, and financial market stability. Our findings provide valuable insights for implementing risk management strategies amid the COVID‐19 crisis.

This study examines the effects of working capital management strategies on firm’s financial performance of Indian cement companies using 11-year (2010-2020) financial data of 31 companies listed in Bombay Stock Exchange. It is intended to find out whether the strategies made by finance managers with respect to the components of working capital such as average receivable period, inventory conversion period, average payment period and cash conversion cycle, etc. affects the firm’s performances individually and in total. The results of Pearson’s correlation coefficient and random effect regression model shows that there exists a negative relationship between financial performance measured in terms of return on assets (ROA) and inventory turnover period (ITP) as well as accounts payable period (APP), whereas firm’s performance is not significantly affected by accounts receivable period (ARP) and cash conversion cycle (CCC). Similarly, it has been observed that the liquidity measures such as current ratio (CR) and quick ratio (QR) have a significant positive association with ROA. Moreover, the size of the firms and leverage are inversely related to ROA but the age of the firms is not significantly affecting their financial performances. Hence, it can be concluded that how an organisation designs its working capital strategy do have an impact on its performances.

This article deals with a finite-source stock-dependent stochastic inventory system with heterogeneous servers and retrial facility. The system can store up to S number of items, and the lifetime of each item follows an exponential distribution. The primary customers arrive in a finite waiting hall from a finite source and get service from the multi-channel (c-heterogeneous servers). The customer’s arrival rate depends on the present stock level. Those customers who arrive while the waiting hall is full enter into the finite orbit. Also, customers in the waiting hall can become impatient and enter the orbit. The (s,Q) ordering policy is adopted for the replenishment of stocks. In the steady state, the joint probability distribution of a number of items in the inventory, busy servers, customers in the waiting hall, and orbit is computed. The comparative numerical analysis of heterogeneous and homogeneous servers on the expected total cost, the average number of customers in the waiting hall and orbit, the fraction of successful retrial rate, and the average impatient customer rate are also carried out.

The widespread integration and growing dependence among currency, stock and commodity markets make these markets often very vulnerable to shocks and at risk of collapse at the same time. As a result, these trends threaten the sustainability of the entire financial system. In this study, we explore the spillovers and nonlinear dependences between the seven major foreign ex-change rates, crude oil and gold prices, a global stock price index, and oil and stock implied volatility indices as proxy variables for global risk factors by em-ploying directional spillover network approach. We also use multi-scale de-composition method and nonlinear causality test between these variables to capture multi-level relationships at short and long horizons. Major findings are summarized as follows. First, from the multi-scale decomposition analysis, we identify that Granger causality test results and the direction and strength of return spillovers change with the level of decomposition. Second, the results of nonlinear causality tests show variation in both the significance and direction of Granger causality relationships between the decomposed currency and other series at different timescales, especially for the decomposed oil, gold, and OVX series. Third, the measured directional spillover indices identify the EUR as the largest contributor of connectedness to the other series. The central role of the EUR is a net transmitter of connectedness to gold, oil, the GBP, JPY, and CHF.

Finding the key factor and possible "Newton's laws" in financial markets has remained the central issue in this area. However, with the development of information and communication technologies, financial models are becoming more and more realistic but complex which is contradictory to the objective law “Greatest truths are the simplest”. Therefore, this paper attempts to discover the most critical parameter and establishes an evolutionary model which is independent of micro features. In the model, information is the only key factor and stock price is the emergence of the collective behavior. The statistical properties of the model are significantly similar to the real market. It also explains the correlations of stocks within an industry, which provide a new idea for the study of key factors and core structures in the financial market.

An empirical model for log yield from trees is established and applied in microeconomics of carbon storage in a boreal spruce estate. The transition from pulpwood to sawlogs is a smoother function of stem diameter in the empirical data, in comparison to literature values. Correspondingly, the value transition of trees along with increasing size is gentler. Due to price premium of sawlogs from clearcuttings, all economically feasible treatment schedules terminate in clearcutting. Best capital return rates are gained with two heavy thinnings from above before clearcutting. Present carbon emission prices allow moderate carbon storage increment if the increment is compensated by proportional carbon rent. Doubling the present carbon prices would allow strong carbon storage increments if compensated by carbon rent. Application of nonproportional carbon rent is proposed.

The expense of carbon sequestration in terms of capital return deficiency is investigated at estate level, in the case of a fertile boreal estate dominated by spruce forest. Thinnings from below result as a high expense of increased rotation age, thinnings from above as a small expense. The expense of increased timber stock is greater than any proportional carbon rent based on present carbon prices. Application of non-proportional carbon rent is proposed.

Salmon farming has been blamed for the collapse of the sea trout (Salmo trutta) fishery in Loch Maree on Scotland’s west coast despite the absence of any direct evidence. Stocks of west coast demersal marine fish, especially around the Clyde Estuary have also declined over a similar time span. The decline of these marine fish stocks can be attributed to the removal of the “three-mile fishing limit” in 1984 by UK Government legislation. Sea trout inhabit the same inshore waters as targeted demersal fish and can be caught as by-catch. Comparisons of the decline of demersal species and the sea trout from Loch Maree and the west coast show a high degree of correlation. Stocks of whiting (Merlangius merlangus) from inshore waters have found to consist of small fish which mirrors the stock makeup of the Loch Maree sea trout stock.

This study investigated the relationship between environmental, social, and governance (ESG) disclosure and the performance of Saudi Arabian companies. We analysed panel data from the 100 non-financial companies listed on the Saudi stock exchange (Tadawul) from 2017 to 2022. Using fixed effects, random effects, and generalised method of moments (GMM) models to account for endogeneity concerns, we examined the impact of ESG disclosure on the return on assets (ROA), return on equity (ROE), and Tobin’s Q. An ESG index was constructed through principal component analysis of individual environmental, social, and governance scores. Our results indicate a significant positive relationship between ESG disclosure and companies’ key performance variables across all models. These findings are consistent with stakeholder theory and signalling theory, suggesting that comprehensive ESG practices can lead to better financial performance and serve as a positive signal to stakeholders. The study also reveals sector-specific differences, with non-manufacturing firms showing stronger positive relationships between ESG disclosure and performance measures compared to manufacturing firms. Additionally, we find that firm size, age, and liquidity are important factors influencing the ESG–performance relationship. This research contributes to the growing literature on ESG and corporate performance in emerging markets, offering valuable insights for policymakers, investors, and corporate practitioners in Saudi Arabia’s evolving sustainable business landscape. Our findings underscore the importance of ESG disclosure in driving sustainable and responsible business practices in the region.

The extent of correlation or co-movement among the returns of developed and/or emerging stock markets remains pivotal for efficiently diversifying global portfolios. This correlation is prone to variation over time as a consequence of escalating economic interdependence fostered by international trade and financial markets. In this study, we analyzed the time-varying correlation and co-movement between the JSE.JO stock market of South Africa and its developed and developing stock market partners. The Dynamic Conditional Correlation - Exponential Generalized Autoregressive Conditional Heteroscedasticity (DCC-EGARCH) methodology is employed with different multivariate distributions to explore the time-varying correlation and volatilities between the JSE.JO stock market and its partners. Based on the conditional correlation results, the JSE.JO stock market is integrated and co-moves with its partners, and the conditional correlation for all markets exhibit time-variant behavior. The conditional volatility results show that the JSE.JO stock market behaves differently from other markets, especially after 2015, indicating a positive sign for investors to diversify between JSE.JO and its partners. The highest value of conditional volatility for markets was in 2020 during the COVID-19 pandemic, representing the riskiest period that investors should avoid due to the lack of diversification opportunities during crises.

Polarimetric Synthetic Aperture Radar (PolSAR) images with dual polarization modes have great potential to map FSV by excellent penetration capabilities and distinct microwave scattering processes. However, the response of these SAR data to FSV is still uncertain at non-growing season. To further interpret the response of forest FSV to these dual-polarization SAR images, three types of dual polarization SAR images (GF-3, Sentinel-1, and ALOS-2) were initially acquired in coniferous planted forest at non-growing season. Then, sensitivity between FSV and all alternative features extracted from each type of SAR images were analyzed to express the difference of bands and polarization modes in deciduous (Larch) and evergreen (Chinese pine) forests. Finally, mapped FSVs using single and combined dual polarization images were derived by optimal feature sets and four machine learning models, respectively. The combined effects were also analyzed to clarify the response of FSV to dual polarization SAR images with bands and polarization modes at non-growing season. The results demonstrated that the difference of backscattering energy from different sensors is significant in Chinese pine forests, and the difference is gradually reduced in Larch forests. it is also implied that polarization mode is more important than penetration capability in mapping forest FSV in deciduous forest at non-growing season. By comparing the accuracy of mapped FSV using single and combined images, combined images have more capability to improve the accuracy and reliability of mapped FSV. Meanwhile, it is also confirmed that compensation effect with bands and polarization modes not only have great potential to delay the saturation phenomenon, but also have capability to reduce errors caused by over-estimation.

The building and construction sector has a significant impact on CO2 emissions and pollutants released into the atmosphere, which contribute to climate change. The EPDB Directive mandates the achievement of a minimum energy class E for all residential buildings by 2030 and an energy class D by 2033. Particularly, in Italy, about 86% of the existing building stock predates the enactment of any energy laws and regulations, making it imperative to apply the energy efficiency interventions. This paper provides a support decision tool for the identification of standardized interventions on the envelope, air conditioning system and domestic hot water production. The study is focused on a specific construction period class (1976 - 1990) in six different climatic zones. The methodological approach is based on a cataloguing phase and definition of Ante Operam energy classes, on the case study identification, the energy requalification interventions identification, solutions simulations, cost estimation. By simulating standardized interventions for each climatic zone, a range of possible combinations will be identified. The most advantageous ones will be determined based on a cost-benefit analysis, considering the potential class jump achieved. The research result is a matrix of energy efficiency interventions that is applicable to each climatic zone and can be extended to the existing housing stock.

The construction industry has witnessed the increasing use of digital tools and smart solutions, particularly, in the realm of buildings energy automation within the concept of smart cities. While to truly realize the potential benefits of smart cities, a broader scope of smart initiatives is required to support the transition from smart buildings towards smart neighbourhoods, appreciated as the critical unit of urban development. To support this interplay of smart solutions between buildings and neighbourhoods, this article aims to collect and review all smart solutions presented in existing scientific articles, technical literature, and realized European projects. These solutions are classified under two main sections of buildings and neighbourhoods, which are investigated through five domains: buildings energy-related uses, renewable energy sources, water, waste, and open space management. Showcasing the quantitative outcomes demonstrates the potential benefits of implementing smart solutions from buildings to neighbourhoods. Moreover, this research concludes that the true enhancement of energy conservation goes beyond the buildings’ energy component and can be genuinely achieved by integrating intelligent elements of the neighbourhood, due to their strong interdependencies. Future research is recommended to focus on assessing the effectiveness of these solutions towards resource conservation.

We investigated and quantified soil organic carbon (SOC) stock at the mangrove forest (Magyi, That Bot Khan and Wette) of Shwe Thaung Yan coastal region in Myanmar and estimated the SOC stock changes in Magyi mangrove forest over six years using repeated field measurements. The study sites were characterized by different mangrove vegetation, soil types, and sediment deposition from different water sources. Results showed that the mangrove preservation and restoration efforts had a significant effect on soil C storage, with soil carbon stocks in 2021 (1954.43 ± 33.24 ton/ha) being 2.7 times higher than the estimated carbon stock in 2015 (732.26 ± 6.99 ton/ha). The results also revealed slight differences in SOC between Magyi and the Tha-Bot-Khan and Wette areas, as the mangrove plants in the latter areas have an additional source of nutrients from Pho-Thoung-Gyi, a deep-sea bay near the forest. Our research findings are beneficial in understanding the role of Myanmar’s mangrove ecosystems in carbon sequestration and climate change mitigation efforts.

Fossil-based emissions can be avoided through using wood in place of non-renewable raw materials as energy and materials. However, increasing wood harvest influences forest carbon stocks. This effect may reduce the overall climate benefit of wood use significantly but is widely overlooked. We carried out a systematic review of simulation studies and compared differences in forest carbon and amount of wood harvested between more and less intensive wood harvest scenarios for three different time perspectives; short (1-30 years), mid (31-70 years) and long (71-100 years). Out of more than 450 reviewed studies 44 provided adequate data. Our results show that increased harvesting reduced carbon stocks over 100 years in temperate and boreal forests roughly 1.6 (stdev 0.9) t_C per t_C harvested. The value proved to be robust when outliers explicitly influenced by other factors than change in harvest rate, such as increase in fertilization or forest area, were removed. Interestingly, no significant difference in carbon impacts was found for average values of boreal and temperate forests or between short and long time-horizons. However, impacts tend to be greatest in the mid-term. This carbon balance indicator that we estimated can be interpreted as carbon debit of wood harvest in forests. It is significant compared with the typical GHG credits in technosphere generated by avoiding fossil emissions in substitution and increase in carbon storage in harvested wood products, and should not be ignored. Our estimates provide default values that can directly be included in GHG balances of products or assessment of mitigation policies and measures related to wood use. However, more systematic scenarios and transparent data in which different factors influencing forest carbon stocks are separately studied are clearly required to provide better constrained estimates for specific forest types.

With the increasing of copper consumption, the in-use stock of copper tends to increase. This paper used the “average use life method” to quantify the amount of copper in-use stock, and calculated the average age of in-use stock. It was indicated that the total in-use stock had an overall smooth trends, and reached its peak in 2007 was about 68.9 Mt (million tons), in addition, in-use stock per capita reached its peak ,234 kg/capita in 2001. The results demonstrated that during the period 1992-2002, the average age of copper in-use stock was continually decreased, but gradually increased since the year 2003. The fixed assets depreciation method used in this paper is applied to analyze depreciated copper in-use stock, and to analyze the relationship with economic indicator (GDP). It is demonstrated that it was inconsistent with the theory of Environmental Kuznets Curve (EKC) before 2000, this might be the demand for copper in the service sector is greater than the reduced strength of alternatives. Finally, scenario analysis of future copper in-use stock and depreciated copper in-use stock per capita in the U.S. were presented. The corresponding average age of the in-use stock will have a slight rise in the next decade.

In the knowledge era, intellectual capital has been considered a key factor in creating value within organisations. This study examines the relationships and interactions between the components of intellectual capital and the profitability of Panamanian banking, and financial institutions listed on the Latin American Stock Exchange (LATINEX) from 2014 to 2020. Utilising the Valued-Added Intellectual Coefficient (VAIC)™ model, which evaluates the intellectual capital of organisations based on information from financial statements, the study constructs a regression model to examine the relationship between the Return on Equity (ROE) and the components of the VAIC™. The findings confirm the study’s hypothesis, demonstrating that the Structural Capital Efficiency (SCE) and company size (SIZE) variables explain 57% of the variance in ROE for the analysed institutions. The results suggest that the Intellectual Capital (IC) of financial sector institutions listed on LATINEX is significantly influenced by the SCE coefficient, which shows a negative relationship, suggesting that investment in structural capital does not enhance profitability. On the other hand, larger institutions exhibited higher profitability during the study period.

In this paper, comprehensive datasets are presented to advance research on information security breaches. The datasets include data on disclosed information security breaches affecting S&P500 companies between 2020 and 2023, collected through manual search of the Internet. Overall, the datasets include 504 companies, with detailed information security breach and financial data available for 97 firms that experienced a disclosed information security breach. This document will describe the datasets in detail, explain the data collection procedure and shows the initial versions of the datasets.