Socially Responsible Investments, also referred to as ethical or sustainable investments, have experienced rapid global growth in recent years. They represent an investment approach that incorporates social, environmental, and ethical considerations into decision-making processes. Consequently, the significance of SRIs has captured the attention of academics, prompting inquiries into the impact of integrating social criteria on portfolio performance. The primary objective of this work was to conduct a comparative study of the performance between socially responsible and non-socially responsible investment funds, using funds domiciled in Portugal and Spain. Various multi-factor models, including the three-factor model of Fama and French (1992), the four-factor model of Carhart (1997), and the five-factor model of Fama and French (2015), were employed to assess performance. The sample comprised 125 investment funds, with 43 identified as socially responsible and 82 as non-socially responsible. The study's findings indicate that there are no significant differences between socially responsible funds and their conventional counterparts. The majority of funds experience performance alterations during periods of crisis compared to crisis-free periods. Additionally, when comparing non-conditional models with conditional models, an improvement in the explanatory power of the latter is observed. This suggests that the inclusion of the dummy variable enhances the quality of fit for the models.

This paper uses panel data to find the determinants of tracking errors in exchange traded funds (ETFs) in the Hong Kong stock market. A comparison of tracking errors between physical and synthetic ETFs also indicates that the synthetic ETFs have higher tracking errors. The magnitude of tracking errors is found to be negatively related to size but positively related to dividend yield, trading volumes of funds, and market risk. However, this study also finds that expense ratio has a negative impact on tracking error, which is not consistent with previous studies, and which this paper addresses.

Within the framework of theoretical developments in so-called participatory culture and the context of funds of identity, incorporated within what is known as the funds of knowledge approach, an innovative teaching methodology is implemented that allows students to actively participate in knowledge construction. The project translates into a proposal for educational contextualization and personalization based on the students’ funds of identity, that is, those resources (people, artifacts, places, activities, institutions) they consider to be most relevant and significant to define themselves. Once these have been identified through identity artifacts, such as collages or self-drawings, students link some of these funds of identity to curricular content of the subject and produce a video that shows the results of this academic work. The final product is shared on a YouTube channel containing the videos of all of the students in the class. The phases of the project are described and illustrated. We argue that the proposed teaching and learning project, which is cross-disciplinary in nature, allows for principles such as educational contextualization, funds of identity, and participatory culture to be incorporated into what we call here the funds of identity 2.0 approach, putting it into educational practice.

The research paper comprehensively and consistently addresses all relevant theoretical areas related to the topic and includes an extensive empirical analysis of the absorption of EU funds and their impact on the sustainable development of Croatia, Slovenia, Hungary, and Poland. The analysis aims to investigate the efficiency of the absorption of funds from the EU, the impact of these funds on regional development of countries, as well as the reasons for such impacts. The "Regional Development Model Based on EU Funds" was tested with the aim of applying the model to the Republic of Croatia, countries in the region, and other European countries to achieve a higher level of absorption of financial resources from the available EU funds. Data for the empirical analysis were collected using a highly structured survey questionnaire on a sample of 244 respondents involved in the preparation and implementation of EU-funded projects. The contribution of economic science in theoretical terms arises from the development of scientific knowledge and ideas about the importance of increasing the number of development projects that will increase the absorption of funds from the European Union, thereby increasing economic activities in Croatia and the region. The expected contribution of economic science in the applied sense is based on the formulation of the "Regional Development Model Based on EU Funds," which is based on the application of knowledge, good practices, and stakeholder experiences, considering relevant indicators from available sources. The greatest contribution is demonstrated through testing the "Regional Development Model Based on EU Funds," which is applicable to the Republic of Croatia, countries in the region, and other European countries over a longer period. Finally, research of the impact of EU funds on the regional development of recipient countries is considerably less represented and very modest, only in the "upswing" of systematic scientific research. The research aims to fill the gaps in research and encourage thinking of key stakeholders responsible for regional development, who should eventually realize the importance of defining a regional policy aimed at EU funds as a key to regional development and reducing regional disparities within countries.

Budget deficits, economic crisis and competing demands for lean state resources are clear reasons why governments, especially in sub-Saharan Africa are now inclined towards the public-private partnership model of infrastructure finance. This paper comparatively examines the regulation of public-private partnership in Nigeria and South Africa. The aim is to highlight areas where both countries can learn from their experiences. The paper finds that beyond the problem of overlapping laws, weak institutional mechanisms and the need to check the arbitrariness of public officials as some of the problems that need to be addressed to build strong public-private partnership regimes in sub-Saharan Africa. The paper recommends among others, holistic strategies for strengthening the framework and practice in both countries and the need to make the public-private partnership process less cumbersome.

. In this article, a search for a calculation method and an analysis of performance indicators of mutual investment funds is carried out. Many factors can influence the return on investments in portfolio investments, which makes the choice of the fund incredibly difficult. However, in addition to the fact that it is difficult to determine which indicators should be given more attention and which should be omitted, it is not so easy to get these data. Some of them are publicly available on the Internet, while others can only be found in trading systems that are not accessible to people outside of this area. The article proves that a well-trained neural network can easily find existing patterns between risk and expected return on investment. It is a well-trained neural network that provides the ability to use the "what-if" function to justify your choice on real factors, as well as the ability to download available data and calculate the estimated income and its changes. This makes it much easier to choose a Fund, especially for inexperienced investors. The article also presents the results of a study of the dependence of estimated income on correlation, standard deviation, and volatility using a trained neural network. According to the theory, higher values of these three factors correspond to a higher amount of income. The obtained graphs of the calculated income dependence on correlation, standard deviation, and volatility confirmed the correctness of the neural network training and compliance with the relations described in the theory. The paper presents graphs of the dependence of the estimated income on the beta and alpha coefficients. The higher the beta and alpha indicators, the higher the expected return on investment. This corresponds to the dependency accepted in the model. When the values of the beta and alpha coefficients increase, the income also increases, which is completely consistent with the theory.

In this article, a search for a calculation method and an analysis of performance indicators of mutual investment funds is carried out. Many factors can influence the return on investments in portfolio investments, which makes the choice of the fund incredibly difficult. However, in addition to the fact that it is difficult to determine which indicators should be given more attention and which should be omitted, it is not so easy to get these data. Some of them are publicly available on the Internet, while others can only be found in trading systems that are not accessible to people outside of this area. The article proves that a well-trained neural network can easily find existing patterns between risk and expected return on investment. It is a well-trained neural network that provides the ability to use the "what-if" function to justify your choice on real factors, as well as the ability to download available data and calculate the estimated income and its changes. This makes it much easier to choose a Fund, especially for inexperienced investors. The article also presents the results of a study of the dependence of estimated income on correlation, standard deviation, and volatility using a trained neural network. According to the theory, higher values of these three factors correspond to a higher amount of income. The obtained graphs of the calculated income dependence on correlation, standard deviation, and volatility confirmed the correctness of the neural network training and compliance with the relations described in the theory. The paper presents graphs of the dependence of the estimated income on the beta and alpha coefficients. The higher the beta and alpha indicators, the higher the expected return on investment. This corresponds to the dependency accepted in the model. When the values of the beta and alpha coefficients increase, the income also increases, which is completely consistent with the theory.

The impacts of climate change are already felt across the globe, and (SIDS) are at the forefront. Small Islands Developing States (SIDS) are extremely vulnerable to climate change and adaptation is crucial, however they often lack funding or the fiscal capacity to make the necessary invest-ments and require support from climate finance instruments. The Green Climate Fund (GCF) was designed with the objective of achieving a “paradigm shift” towards low-carbon and climate resilient country-driven development pathway. Despite the amounts invested, assessing the impacts of climate finance on adaptation and adaptive capacity, particularly at the institutional level remains a challenge. Researchers identified two key components for more efficient adapta-tion policies at the national level: the degree of adaptation mainstreaming and institutional adaptive capacity. In SIDS, institutional capacity at the national level is seen as a key component to achieve the objectives of climate change strategies, and is supported by several programmes, including the Green Climate Fund Readiness Preparatory Support Programmes. However, to date few studies have analysed the linkages between climate finance, adaptation mainstreaming and adaptive institutional capacity. Through the review of the Readiness Grants and semi-structured interviews in three Caribbean SIDS, this research assess how climate finance may promote in-stitutional change through the mainstreaming of adaptation policies at the national level and contribute to more institutional adaptive capacity. It shows that the grants had a positive impact, which can be limited to by the strength of the institutions in place. These results demonstrate that access to climate finance can create a window of opportunity for countries to accelerate institu-tional change and allow to make recommendations on how to maximise the impacts adaptation funds. More in-depth studies would be needed to examine the complementary influence of the different climate finance flows (multilateral or bilateral) and their interplay with national institu-tional mechanisms.

We find that the overnight returns of Korean exchange-traded index funds (ETFs) are significantly positive, whereas the subsequent intraday returns are negative. These intraday return reversals are caused by relatively higher opening prices than the closing prices. In the Korean ETF market, where institutional investors are dominant participants, the return reversals are not explained by the attention hypothesis as in Berkman et al. [1]. Hence, we investigate whether the disagreement hypothesis can explain return reversals. Under the disagreement situations between positive and negative traders at the open, positive traders can have a positive influence on the ETF prices by increasing their investments. However, negative traders, who give up investments due to limited short selling opportunities in the ETF market, have no effects on the prices. Comparing ETF markets with KOSPI 200 Futures where there are no restrictions on short selling, we find that short selling constraints are significant factors for the return reversals. This implies that disagreement among the investors can cause return reversals even in the markets without noise traders. Using unique Korean market data, we conclude that return reversals cannot be completely explained by the attention hypothesis, and that disagreement among investors is also a significant factor for the return reversals. This study contributes to the existing literature by showing that the attention hypothesis does not explain return reversals in the ETF market completely, and suggesting the disagreement hypothesis as an alternative.

Water management can improve the quality of valuable ecosystem services but can be costly to implement and the management costs are covered by national taxes collected by water users. Based on 30 valuation studies of water quality improvement from the Environmental Valuation Information System (EVIS) database provided by Korea Environment Institute (KEI), a meta-regression analysis was employed to measure the benefits that major river basins provided to the society. We compare these benefits to the costs, namely River Management Funds (RMFs) which are financial resources to support a variety of projects for managing and improving upstream water quality. Based on benefit-cost comparison, this study evaluates the efficiency of water resource management in South Korea. This study also provides policy options that are helpful to maintain the sustainability of water resource by improving the planning and performance of water management in the long run.

It is well known that that there is an intrinsic link between the financial and energy sectors, which can be analyzed through their spillover effects, which are measures of how the shocks to returns in different assets affect each other’s subsequent volatility in both spot and futures markets. Financial derivatives, which are not only highly representative of the underlying indices, but can also be traded on both the spot and futures markets, include Exchange Traded Funds (ETFs), a tradable spot index whose aim is to replicate the return of an underlying benchmark index. When ETF futures are not available to examine spillover effects, “generated regressors” are useful for constructing both Financial ETF futures and Energy ETF futures. The purpose of the paper is to investigate the co-volatility spillovers within and across the US energy and financial sectors in both spot and futures markets, by using “generated regressors” and a multivariate conditional volatility model, namely Diagonal BEKK. The daily data used are from 1998/12/23 to 2016/4/22. The data set is analyzed in its entirety, and are also subdivided into three distinct subsets. The empirical results show there is a significant relationship between the Financial ETF and Energy ETF in the spot and futures markets. Therefore, financial and energy ETFs are suitable for constructing a financial portfolio from an optimal risk management perspective, and also for dynamic hedging purposes.

The purpose of this paper was to examine the differences in using agricultural entrepreneurship support and in how it relates to characteristics such as the agrarian structure, socioeconomic de-velopment level and land use across the Polish territory. The analyses were carried out at district (poviat) level which is an intermediate administrative unit. The study found that the decisions on co-financing the measures dedicated to non-agricultural economic activity heavily depend on the agrarian structure. The highest levels of activity were witnessed in districts where the agrar-ian structure is particularly fragmented.

The article discusses determinants of living environment in Central and Eastern Europe. As an example, the city of Radzionkow was chosen, with 16 thousand inhabitants, located in the Silesia agglomeration in southern Poland, in the area where hard coal has been mined for almost two hundred years, which largely serves as a source of heating for houses and flats. 360 buildings in 6 groups of 60 buildings were examined in the selected city, which allowed to distinguish 3 different areas in terms of the quality of the living environment depending on the technical condition of buildings, the method of heating and location. To a large extent, determinants are the existing spatial and geophysical conditions of a given location. Many research and reports on the living environment do not take into account the factors mentioned, focusing only on the statistical data of pollution, excluding spatial factors. In the research presented, the author, taking into account location variables, shows differences in the measurements of air pollution in relation to the designated location zones depending on the morphological structure of the building, the degree of its modernization and the types of heating used in buildings.