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In this study, we examine regulated public accessibility to municipalities’ financial reports and bond interest cost. In particular, we examine whether there is information content in a component of a constrained filing period that is useful to municipal bond market participants. The component of a filing period that we focus on is the period of time between an audit report date and a regulated public accessibility date.

To explore our research question, we collect a sample of observations from municipalities that: (1) are required to post annual/audit financial reports on a centralized state-level repository that includes a “transparent” date stamp on when reports are made publicly available and (2) have issued general obligation bonds. Our sample is limited to one observation per municipality. The sample period is 2006–2019. In terms of approach, we use an ordinary least square (OLS) regression model to empirically test whether the time period between municipalities’ audit report date and state-required repository filing date is associated with general obligation bond interest cost.

We find support for the idea that there is information content in a component of a constrained filing period. In particular, we hypothesize and find a positive association between the time period between an audit report date and a state filing date and general obligation bond interest cost. Seemingly, this component of time may provide something unique or not available in other components of a constrained filing period (e.g. the fiscal year-end date to the audit report date). In post hoc analyses, we also find that both components of the constrained filing period in our setting (i.e. the audit report date to state filing date and the fiscal year-end date to audit report date) need to be considered for either of the components to be significant. Moreover, although both components are necessary, the audit report date to state filing date component appears to have a slightly stronger association (in terms of statistical significance) with general obligation bond interest costs.

To our knowledge, Illinois is the only state that provides a date stamp on when municipalities’ financial information is made publicly available on a centralized repository. As such we focus on municipalities in Illinois. While this increases the internal validity of our research, it potentially limits generalizability across other states. Also, as a reflection of the sample constraint, the number of observations in our study is relatively small. As part of post hoc analyses, we take a closer look at our sample, model and variables used to test our hypothesis.

For stakeholders, each component of a constrained filing period may provide unique information. For example, the time period between an audit report date and a regulated filing date may send a positive signal about the quality of financial management to investors. For regulators, requiring some sort of centralized public access to municipal financial reports that have transparent time constraints may help states provide stronger governance and help lower municipalities’ borrowing costs.

We use a novel approach (with the Illinois date stamp filing information) to examine our research question. Most prior research has often relied on an assumption that the time between fiscal year-end and the audit report date is the component of time that provides useful information to investors (e.g. Henke and Maher, 2016). In our setting, we explore and find that a component of a constrained filing time period (i.e. the date from an audit filing to a required public accessibility filing) may also provide impactful information to investors.

This paper investigates the relationship between climate finance and climate ergodicity. More specifically the paper examines how climate ergodicity as measured by a mean-reverting Ornstein–Uhlenbeck process affects the value of climate-linked bonds.

Bond valuation is evaluated using Monte Carlo methods of the Ornstein–Uhlenbeck process. The paper describes climate risk in terms of the Hurst coefficient and derives a direct linkage between the Ornstein–Uhlenbeck process and the Hurst measure.

We use the Ornstein–Uhlenbeck mean reversion relationship in its OLS form to estimate Hurst coefficients for 5 × 5° grids across the US for monthly temperature and precipitation. We find that the ergodic property holds with Hurst coefficients between 0.025 and 0.01 which implies increases in climate standard deviation in the range of 25%–50%.

The approach provides a means to stress-test the bond prices to uncover the probability distribution about the issue value of bonds. The methods can be used to price or stress-test bonds issued by firms in climate sensitive industries. This will be of particular interest to the Farm Credit System and the Farm Credit Funding Corporation with agricultural loan portfolios subject to spatial climate risks.

This paper examines bond issues under conditions of rising climate risks using Hurst coefficients derived from an Ornstein–Uhlenbeck process.

This chapter first reviews some of the background concepts on central bank digital currency (CBDC) to provide a broad context, before diving into wholesale CBDC often a starting point for central banks to build CBDC prototypes based on distributed ledger technology (DLT), as it involves less complexity in experimentation. This chapter also examines cross-border CBDC, often an extension of wholesale CBDC prototypes based on DLT. The next chapter will then discuss retail CBDC as well as the prospects of economy-wide roll out of CBDC going forward.

Farmland is an important property sector that has attracted the attention of institutional investors globally in recent years. This paper examines the risk-adjusted performance and portfolio diversification benefits of Australian farmland in a portfolio over the eight-year period of Q2:2015–Q2:2023, highlighting the unique property management dimensions to this property sector for its effective role in an institutional investor's property portfolio.

Using the quarterly ANREV Australian farmland index over Q2:2015–Q2:2023, the risk-adjusted performance and portfolio diversification potential of Australian farmland is assessed. Constrained mixed-asset portfolios are used to assess the potential added-value role of Australian farmland in a mixed-asset portfolio. Analyses are also done for the farmland sub-sectors of annual farmland and permanent farmland.

Australian farmland is seen to show strong risk-adjusted performance but at a much higher risk level than that seen for direct property. Diversification benefits from Australian farmland are also evident, with an important role by Australian farmland seen in the mixed-asset portfolio. Specific farmland property management strategies are identified for the effective inclusion of farmland in an institutional investor's property portfolio, including the potential benefits towards net zero carbon strategies.

This is the first research that provides an independent empirical examination of the strategic importance of Australian farmland property for institutional investors using the institutional investment-grade ANREV Australian farmland database, from both an investment and environmental perspective. The unique property management implications for Australian farmland property are also highlighted, including the potential role of Australian farmland in net zero carbon strategies by institutional investors.

Renewable energy infrastructure is an important asset class in the context of reducing global carbon emissions going forward. This includes solar power, wind farms, hydro, battery storage and hydrogen. This paper examines the risk-adjusted performance and diversification benefits of listed renewable energy infrastructure globally over Q1:2009–Q4:2022 to examine the role of renewable energy infrastructure in a global infrastructure portfolio and in a global mixed-asset portfolio. The performance of renewable energy infrastructure is compared with the other major infrastructure sectors and other major asset classes. The strategic investment implications for institutional investors and renewable energy infrastructure in their portfolios going forward are also highlighted. This includes identifying effective pathways for renewable energy infrastructure exposure by institutional investors.

Using quarterly total returns, the risk-adjusted performance and portfolio diversification benefits of global listed renewable energy infrastructure over Q1:2009–Q4:2022 is assessed. Asset allocation diagrams are used to assess the role of renewable energy infrastructure in a global infrastructure portfolio and in a global mixed-asset portfolio.

Listed renewable energy infrastructure was seen to underperform the other infrastructure sectors and other major asset classes over 2009–2022. While delivering portfolio diversification benefits, no renewable energy infrastructure was seen in the optimal infrastructure portfolio or mixed-asset portfolio. More impressive performance characteristics were seen by nonlisted infrastructure funds over this period. Practical reasons for these results are provided as well as effective pathways going forward are identified for the fuller inclusion of renewable energy infrastructure in institutional investor portfolios.

Institutional investors have an important role in supporting reduced global carbon emissions via their investment mandates and asset allocations. Renewable energy infrastructure will be a key asset to assist in the delivery of this important agenda for a greener economy and addressing global warming. Based on this performance analysis, effective pathways are identified for institutional investors of different size assets under management (AUM) to access renewable energy infrastructure. This will see institutional investors embracing critical investment issues as well as environmental and social issues in their investment strategies going forward.

This paper is the first published empirical research analysis on the performance of renewable energy infrastructure at a global level. This research enables empirically validated, more informed and practical decision-making by institutional investors in the renewable energy infrastructure space. The ultimate aim of this paper is to articulate the potential strategic role of renewable energy infrastructure as an important infrastructure sector in the institutional real asset investment space and to identify effective pathways to achieve this renewable energy infrastructure exposure, as institutional investors focus on the strategic issues in reducing global carbon emissions in the context of increased global warming.

Due to the rapid growth of digital economy, improving employees’ creativity is becoming essential to optimizing the development of organizations. This study investigates how enterprise social media can enhance employee creativity and develops an integrated model based on communication visibility and social capital theories.

A two-stage questionnaire was conducted on full-time employees with enterprise social media experience. The first round of this study distributed 1,048 questionnaires and collected 639 valid sample data. A month later, the second survey was sent to the first valid respondents, with 421 valid sample data collected within a week.

Results show that visibility has a positive influence on employee creativity, in which expertise recognition and network recognition play a mediating role. The findings also indicate that bridging social capital positively moderates the effect of visibility on expertise recognition, and bonding social capital positively moderates the effect of visibility on network recognition.

This study contributes to a better understanding of the benefits of enterprise social media by uncovering the mechanism and theoretical boundary of the effect of visibility on employee creativity.

Mentoring supports children, adolescents and young adults on their career paths and presents an important extracurricular educational format. The COVID-19 pandemic created a strong impetus for the deployment of virtual mentoring programs (VMPs), in which mentors and mentees communicate completely or predominantly through information and communication technologies (ICTs). Because it is unclear whether VMPs remain an attractive offer to mentors and mentees in post-pandemic times, this study aims to investigate the specific motivations of mentors and mentees to participate in VMPs and to draw conclusions about the effective design of VMPs.

In a qualitative study, the authors recruited 200 university students for an online survey, in which participants provided text responses regarding their motivations to participate in a youth or academic VMP as a mentor or mentee.

Potential mentors and mentees expect social components in VMPs. However, the results suggest that participants expect less psychosocial compared to career-related support from virtual mentoring, expect meaningful connections to be established only to a certain extent and do not expect role modeling from mentors. Furthermore, participants voiced mixed opinions about the virtual nature of mentoring programs, revealing a general field of tension (i.e. virtuality improves flexibility vs virtuality impairs relationship building). On this basis, design suggestions regarding VMPs are provided.

This study expands existing knowledge about VMPs by analyzing relevant factors when forming the intention to participate in a mentoring program, considering both youth and academic mentoring.

In today’s digital world, data-driven digital artefacts pose challenges for education, as many students lack an understanding of data and feel powerless when interacting with them. This paper aims to address these challenges and introduces the data awareness framework. It focuses on understanding data-driven technologies and reflecting on the role of data in everyday life. The paper also presents an empirical study on young school students’ data awareness.

The study involves a teaching unit on data awareness framed by a pre- and post-test design using a questionnaire on students’ awareness and understanding of and reflection on data practices of data-driven digital artefacts.

The study’s findings indicate that the data awareness framework supports students in understanding data practices of data-driven digital artefacts. The findings also suggest that the framework encourages students to reflect on these data practices and think about their daily behaviour.

Students learn a model about interactions with data-driven digital artefacts and use it to analyse data-driven applications. This approach appears to enable students to understand these artefacts from everyday life and reflect on these interactions. The work contributes to research on data and artificial intelligence literacies and suggests a way to support students in developing self-determination and agency during interactions with data-driven digital artefacts.

This chapter examines the patterns influencing the trajectory of fintech enterprises. With the looming challenge of climate change, the financial realm's responsibility in mitigating climate risks has surged into focus. This chapter investigates fintech enterprises' response to climate-related corporate social responsibility in six main domains: (1) climate risk assessment tools, (2) green bonds and sustainable investment tools, (3) ESG integration, (4) carbon trading and carbon credits, (5) sustainable banking, and (6) DeFi and climate initiatives. It also investigates how fintech firms recognize the impact of climate change within their official declarations and efforts to amplify consciousness about climate-related concerns. This chapter assesses climate-linked terminology and expressions using quantitative and qualitative approaches, illuminating these firms' dedication to assimilating climate risk within their operational blueprints.