Search Results (4,320)

This paper investigates the optimal choices of financial derivatives to complete a financial market in the framework of stochastic volatility (SV) models. We first introduce an efficient and accurate simulation-based method applicable to generalized diffusion models to approximate the optimal derivatives-based portfolio strategy. We build upon a double optimization approach, i.e., expected utility maximization and risk exposure minimization, already proposed in the literature, demonstrating that strangle options are the best choices for market completion within equity options. They lead to lower investors’ risk exposure for a wide range of strikes compared to the lesser flexibility of calls, puts, and strangles. Furthermore, we explore the benefit of using volatility index derivatives and conclude that they could be more convenient substitutes when short-term maturity equity options are not available. Full article

This paper presents an urban resilience evaluation index system and evaluation on the clustering of educational resources based on the data of 80 prefecture-level cities in China’s central region in 2012, 2016, and 2020. The results reveal a rising trend of urban resilience in the central region of China, with the provincial capital cities exhibiting the highest levels of resilience. Educational resources are clustered in urban areas of provincial capital cities and other prefectural-level cities. Furthermore, clustering of educational resources has a significant impact on urban resilience. Policy factors play a significant role in moderating the relationship between educational resource clustering and urban resilience in large cities; however, this moderating role is not significant in small cities. These findings have significant implications for the optimal allocation of educational resources, promotion of urban resilience, and advancement of social equity. Full article

This study examines the impact of cultural involvement on brand enriching benefits and consumers’ willingness to pay a premium (WPP). Additionally, it explores the underlying mechanisms behind this impact. A partial least squares structural equation model was used to analyze the data collected from a pretest (N = 70) and an online survey (N = 1053) conducted in China. The moderating effect of brand type was examined using a multi-group analysis. The results indicate that cultural involvement has a significant and positive impact on brand enriching benefits, consequently enhancing consumers’ WPP. Additionally, brand happiness mediates the relationship between brand enriching benefits and WPP. Through a multi-group analysis, the impact of brand culture on brand equity is found to be more pronounced in functional brands compared with symbolic brands. Additionally, high perceived quality facilitates the transformation of brand enriching benefits into WPP. Managers value the ability of a brand culture to create brand equity and implement differentiation strategies based on different brand types. It is critical for managers to use a culture and its rich benefits wisely and to consider consumer happiness in the brand experience. Although brand culture and its impact on brands are crucial, previous studies have only focused on qualitative analyses, while empirical research on the direct link between brand culture and equity has been lacking. This study empirically tests a conceptual model that elucidates the relationship between brand cultural involvement, brand enriching benefits, brand happiness, WPP, brand type, and perceived quality. It extends previous research and offers suggestions for academics and brand managers interested in effectively leveraging brand culture for brand building. Full article

Test anxiety is beginning to be recognized as a significant factor affecting student performance in science, technology, engineering, and mathematics (STEM) courses, potentially contributing to gender inequity within these fields. Additionally, the management of test anxiety can improve self-efficacy, which is a construct that has been well studied in the physics context. In this study, we investigated the relationship between self-efficacy, test anxiety, and gender differences in performance in a two-semester-long introductory physics course sequence for bioscience students in which women outnumber men. Using validated survey data and grade information from students in a two-semester introductory physics course sequence, we compared the predictive power of self-efficacy and test anxiety on female and male students’ performance on both low- and high-stakes assessments. We found that there were gender differences disadvantaging women in self-efficacy and test anxiety in both Physics 1 and Physics 2, as well as gender differences in high-stakes outcomes in Physics 1. There were no gender differences in low-stakes assessment scores. We also found that self-efficacy and test anxiety predicted high-stakes (but not low-stakes) assessment outcomes in both Physics 1 and Physics 2. Comparison of these findings with prior studies involving physical science and engineering students shows that although women outnumber men in physics courses for bioscience students and the career goals of bioscience students are very different from the earlier researched group, most of the negative trends hold even for this new population. Thus, these findings, in a new context involving bioscience students in physics courses, are very important because they reinforce the systemic nature of women being affected more adversely by anxiety in high-stakes assessments, which is a threat to creating equitable and inclusive learning environments. An important implication is that course instructors should carefully consider how high-stakes and low-stakes assessments are used to determine grades and how to create an overall equitable, inclusive, and low-anxiety learning environment. Full article

Background and objectives: Children living in an area distant from or associated with barriers to travelling to health service centres usually experience health and well-being disparities. This is a survey of child health and well-being on Bulon-Don Island, located 22 kms. from the southern mainland of Thailand, to gather essential background data before activating responses from local service provider agencies. Methods: Demographic data, physical and crude psychological health, harm to health, and living conditions of Bulon-Don children aged 1–14 years were studied and compared with the results of the corresponding national child health survey. Descriptive statistics were used for the statistical analysis of significance (p < 0.05). Results: A total of 21 male and 41 female children (N = 62) participated in the survey after obtaining consents from parents or care providers. The islanders are Indigenous people who use their own languages and have traditional beliefs. Comparing with the children of the national survey, most children aged <5 years were found to have significantly lower height and weight according to their age (p = 0.044 and p = 0.043, respectively), whereas those aged >5 years had a similar nutritional status. In addition, there is a lack of facilities for healthy living. However, the mean total psychological and ethical standards scores were significantly higher in the 1–5 and 6–9-year-old children. Conclusions: Disparity of socio-political status, cultural beliefs and practices, socioeconomic basis, and geographic distance from the mainland were the social determinants and barriers of low health service accessibility for the islander children. Comprehensive child health and well-being evaluation in an enclave of isolation like this is mandatory before an integrated intervention carried out by the local healthcare and living facilities providers is implemented. Full article

In the realm of middle level education, advocacy is an integral aspect of school culture and community. Advocacy helps to foster a school environment characterized by a sense of respect and value for young adolescents and should take up an awareness of the social and cognitive characteristics of young adolescents. Advocacy competency is also a necessary teacher disposition to foster socially just and successful middle school cultures and climates. We conducted a systematic review of the literature guided by the following driving question: What does the research say about middle level teacher development and advocacy? Our review yielded 38 relevant sources and key thematic ideas across four thematic categories. We anticipate this review of the literature will be of interest to and inform middle level educators and researchers around equity- and justice-oriented middle level teacher development. Full article

The determination of the capital structure is a critical component of a company’s financial decision-making process. The question of how to optimize a firm’s capital structure to increase its value has been a significant topic of interest within the financial community. The employee stock ownership plan (ESOP) has developed rapidly in China’s capital market over the past decade, providing a suitable context for studying the impact of employee equity incentives on capital structure decisions. This paper employs cross-sectional ordinary least squares regression models and unbalanced panel fixed effect models to investigate the impact of employee stock ownership plans (ESOPs) on firms’ capital structure decisions. The analysis is conducted on a sample of Chinese A-share listed companies on the Shanghai and Shenzhen Stock Exchanges. The research considers both static capital structure choice and dynamic capital structure adjustment. We find that the implementation of an ESOP reduces the level of corporate debt and accelerates the dynamic adjustment of capital structure, suggesting that employee equity incentives play a role in optimizing firms’ capital structure decisions. We also find that the impact of ESOPs on the dynamic adjustment of capital structure is asymmetric. Specifically, the implementation of ESOPs markedly accelerates the downward adjustment of capital structure, yet has no impact on the upward adjustment of capital structure. Further analysis demonstrates that the impact of ESOPs on capital structure decisions is contingent upon the macroeconomic environment, industry characteristics, corporate governance, and ESOP contract designs. First, the optimization of ESOPs on capital structure decisions is more pronounced in an economic boom environment, in a poor market climate, or in competitive industries. Second, the reduction effect of ESOPs on corporate debt is more pronounced in non-state-owned companies, high-tech companies and those with lower ownership concentration. In contrast, the acceleration effect of ESOPs on capital structure adjustment is more pronounced in state-owned companies, non-high-tech companies and those with higher ownership concentration. Ultimately, ESOPs financed by loans from a firm’s major shareholders—or with a longer lock-up period, smaller shareholding size or executive subscription ratio—demonstrate a more pronounced optimization effect on capital structure decisions. This paper not only contributes to the existing literature on the relationship between equity incentives and capital structure decisions, but also provides guidance for listed companies on the reasonable design of their ESOPs and the optimization of their capital structure decisions. Full article

This article explores how decentralized Web3 is reshaping Internet governance by enabling the emergence of new forms of nation-statehood and redefining traditional concepts of state sovereignty. Based on fieldwork conducted in Silicon Valley since August 2022, this article systematically addresses the following research question: How is decentralized Web3 reshaping Internet governance and influencing the rise in new nation-statehood paradigms? It compares three emerging paradigms around Web3: (i) Network States (Srinivasan), envisioning digital entities rooted in crypto-libertarian principles; (ii) Network Sovereignties (De Filippi), emphasizing communal governance aligned with digital commons; and (iii) Algorithmic Nations (Calzada), drawing on Arendtian thought and demonstrating how communities—such as indigenous and stateless groups, as well as e-diasporas—can attain self-determination through data sovereignty. This article contributes a unique conceptual analysis of these paradigms based on fieldwork action research in Silicon Valley, responding to evolving technologies and their potential to reshape Internet governance. This article argues that decentralized Web3 provides a transformative vision for Internet governance but requires careful evaluation to ensure that it promotes inclusivity and equity. It advocates for a hybrid approach that balances global and local dynamics, emphasizing the need for solidarity, digital justice, and an internationalist perspective in shaping future Internet governance protocols. Full article

The purpose of the Diné Teachings and Public Health Students Informing Peers and Relatives about Vaccine Education (RAVE) project was to develop strategies for health communication that addressed COVID-19 vaccine safety for residents of the Navajo Nation. The RAVE project developed a 16-week course using the Diné Educational Philosophy as a framework to train Diné College (DC) public health undergraduate students (n = 16) as health messengers to share COVID-19 vaccine safety information with unvaccinated peers and relatives. An online community survey (n = 50) was used to assess DC community vaccination perceptions to guide course development. The two primary reasons survey participants got vaccinated were to protect the health of others [82% (n = 41)] and to protect their own health [76% (n = 38)]. A pretest/post-test and a retrospective pretest (n = 13) were implemented to determine course effectiveness. A finding approaching significance was related to student confidence in being health messengers (9.1% increase). RAVE offers the first example in the published literature of successfully training American Indian undergraduate students in the context of a public health course to contribute to the response workforce during a public health crisis. Full article

Background/Objectives: Effective communication between patients and healthcare providers is essential for informed decision making in cancer care. Communication aids that can help prostate cancer patients optimize their involvement in treatment care planning are not widely used in the U.S. This research details the adaptation and validation process of a patient prompt list for localized prostate cancer patients undergoing treatment decisions. Methods: This process occurred in three steps: Step 1 involved gathering usable questions from the literature; in Step 2, we evaluated the tool’s content via expert (N = 6) feedback; and in Step 3, we assessed the usefulness of the prompt list with patients (N = 30). Results: Sixty percent of candidate questions (20/33) were retained for inclusion after achieving acceptable item-level content validity index (range: 0.83–1.00) and scale-level content validity index (S-CVI = 0.96) scores. The final 20 questions were classified into 5 domains (1: Treatment Options and Information, 2: Side Effects, Risks, and Recovery, 3: Emotional and Social Support, 4: Logistical and Practical Concerns, and 5: Future Health Considerations) through a card sorting exercise with a subset of patients (N = 3) and providers (N = 2). Most patients rated the prompt list as “useful or very useful” both to themselves (80%, N = 24) and to other men presenting with prostate cancer (83%, N = 25). Conclusions: The participatory process used to develop and validate the prompt list offers insights for the development of similar tools. Full article

The increasing cultural and ethnic diversity within global migrant populations necessitates the provision of culturally competent care by healthcare personnel. This narrative literature review critically analyzes existing literature on the delivery of culturally competent care to migrants, highlighting key theoretical frameworks, empirical findings, and practical strategies to enhance cultural competence in healthcare settings. The review identifies significant health disparities faced by migrants, including barriers to accessing healthcare, communication challenges, and systemic issues within healthcare institutions. It emphasizes the importance of comprehensive training programs, supportive organizational policies, community engagement, and the innovative use of technology and telemedicine. Furthermore, it addresses the future directions and research gaps, calling for longitudinal studies, the development of robust metrics, and targeted strategies to overcome the digital divide and ensure data privacy. By addressing these areas, healthcare providers, educators, and policymakers can improve healthcare delivery, reduce health disparities, and ensure equitable access to care for migrant populations. Full article

This analysis investigates the performance and underlying dynamics of the Fama–French Five-Factor Model (FF5M) in the context of the COVID-19 pandemic, exploring its implications on the U.S. stock market across 30 industries. Our findings reveal marked shifts in the significance of factors. The SMB (size) gained in strength, while the HML (value) factor rose and fell in response to shifting flight-to-quality, liquidity, and inflation concerns. Both the RMW (profitability) and CMA (investment) factors saw a decline in their overall significance during the pandemic. Our results illustrate the oscillation of investor preferences from 2018 to 2023, capturing three distinct periods: pre-COVID-19, COVID-19, and post-COVID-19. Full article

This research uses advanced statistical methods to examine climate change mitigation policies’ economic and environmental impacts. The primary objective is to assess the effectiveness of carbon pricing, renewable energy subsidies, emission trading schemes, and regulatory standards in reducing CO₂ emissions, fostering economic growth, and promoting employment. A mixed-methods approach was employed, combining regression analysis, cost–benefit analysis (CBA), and computable general equilibrium (CGE) models. Data were collected from national and global databases, and sensitivity analyses were conducted to ensure the robustness of the findings. Key findings revealed a statistically significant reduction in CO₂ emissions by 0.45% for each unit increase in carbon pricing (p < 0.01). Renewable energy subsidies were positively correlated with a 3.5% increase in employment in the green sector (p < 0.05). Emission trading schemes were projected to increase GDP by 1.2% over a decade (p < 0.05). However, chi-square tests indicated that carbon pricing disproportionately affects low-income households (p < 0.05), highlighting the need for compensatory policies. The study concluded that a balanced policy mix, tailored to national contexts, can optimise economic and environmental outcomes while addressing social equity concerns. Error margins in GDP projections remained below ±0.3%, confirming the models’ reliability. Full article

Background: Health disparities related to socio-economic factors impact access to preventive health interventions. The PRECEDE–PROCEED model, a multidimensional approach to health promotion, has been adapted to optimise cancer screening programs in Lombardy, Italy, addressing these disparities. Methods: This study evaluated the application of systemic audits based on the PRECEDE–PROCEED model across Lombardy cancer screening programs. A systematic region-wide audit was performed in 2019, and follow-up audits were performed in 2022–2023. Data were collected using structured analysis methodologies, including epidemiological, behavioural, and organisational assessments. Results: The 2019 audit showed strengths in participation and quality standards but identified challenges in cervical cancer screening coverage and waiting times for assessments. Improvements plans included the digitisation of processes and stakeholder engagement. The 2022–2023 audits reported increased coverage for breast and colorectal screenings, but a slight decline in participation rates and examination coverage. Organisational improvements were noted, yet gaps in training and equity-targeted actions remained. Conclusion: The PRECEDE–PROCEED model audits led to notable improvements in the quality and equity of cancer screening programs in Lombardy. Sustained focus on digital integration, continuous re-training, and targeted equity interventions is essential for further progress. Full article

Urban parks are vital for mitigating high urban temperatures, yet optimizing their design for maximum cooling benefits remains a challenge. This study investigates the cooling mechanisms of 65 parks in Tianjin, assessing their characteristics and spatial equity regarding cooling capacity. Results show that 63 parks significantly lower temperatures, with an average Park Cooling Area (PCA) of 45.0 hectares, Park Cooling Efficiency (PCE) of 8.09, Park Cooling Gradient (PCG) of 16.4 °C/km, and Park Cooling Intensity (PCI) of 2.64 °C. Key factors influencing cooling effectiveness include park albedo and nearby water bodies, with optimal albedo values between 3 and 3.6, and water bodies of at least 2.5 hectares enhancing efficiency. Notably, only 38.9% of residents can easily access park cooling services. While neighborhood parks in dense urban areas provide high economic benefits, they serve fewer residents; comprehensive parks cover more people but are less accessible. This study offers new insights into the cooling effects of coastal urban parks, aiding planners in addressing marginalized residents’ needs and enhancing urban resilience amid climate change. Full article