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This paper provides an important perspective to the predictive capacity of Fed and European Central Bank (ECB) meeting dates and production announcements for the dynamic conditional correlation (DCC) between Bitcoin and energy commodities returns and volatilities during the period from August 11, 2015 to March 31, 2018.

To assess empirically the unanticipated component of the US and ECB monetary policy, the authors pursue the Kuttner's approach and use the federal funds futures and the ECB funds futures to assess the surprise component. The authors use the approach of DCC as introduced by Engle (2002) during the period from August 11, 2015 to March 31, 2018.

The authors’ results suggest strong significant DCCs between Bitcoin and energy commodity markets if monetary policy surprises are incorporated in variance. These results confirmed the financialization of Bitcoin and commodity energy markets. Finally, the DCC between Bitcoin and energy commodity markets appears to respond considerably more in the case of Fed surprises than ECB surprises.

This study is a crucial topic for policymakers and portfolio risk managers.

Student attritions in tertiary educational institutes may play a significant role to achieve core values leading towards strategic mission and financial well-being. Analysis of data generated from student interaction with learning management systems (LMSs) in blended learning (BL) environments may assist with the identification of students at risk of failing, but to what extent this may be possible is unknown. However, existing studies are limited to address the issues at a significant scale.

This study develops a new approach harnessing applications of machine learning (ML) models on a dataset, that is publicly available, relevant to student attrition to identify potential students at risk. The dataset consists of the data generated by the interaction of students with LMS for their BL environment.

Identifying students at risk through an innovative approach will promote timely intervention in the learning process, such as for improving student academic progress. To evaluate the performance of the proposed approach, the accuracy is compared with other representational ML methods.

The best ML algorithm random forest with 85% is selected to support educators in implementing various pedagogical practices to improve students’ learning.

The ketogenic diet (KD) has gained popularity due to its ability to improve type 2 diabetes, weight loss, antioxidant and anti-inflammatory activity. However, long-term use of the KD might not be safe due to its adverse effects. This study examined the effects of the KD alone or in combination with Zamzam water (holy water for Muslims) on glucose homeostasis, lipid parameters and oxidant-antioxidant variables in rats.

Based on the diet given for ten weeks, three groups of adult male Wistar rats were made (12 rats/group): (1) rats which fed on a chow diet and ordinary water, (2) rats which fed on KD and ordinary water and (3) rats which were given KD along with Zamzam. Fasting blood glucose (FBG), serum insulin, insulin resistance (HOMA-IR), LDL cholesterol, HDL cholesterol, superoxide dismutase and malondialdehyde were compared by one-way ANOVA followed by post-hoc Tukey’s HSD test among groups.

Rats which fed on KD and Zamzam water had significantly reduced FBG and LDL cholesterol compared to the rats which fed on a chow diet and ordinary water (p-values 0.001), and KD and ordinary water (p-value 0.004 and 0.006, respectively). Serum insulin, insulin resistance, HDL cholesterol, superoxide dismutase and malondialdehyde did not differ significantly.

Consumption of KD along with Zamzam for ten weeks significantly reduces FBG and LDL cholesterol. KD alone does not decrease these parameters in ten weeks duration.

We study the role of having an audit committee (AC) as a signal of firm quality and as a monitoring device of the information quality contained in the listing prospectus.

Ordinary Least Squares regressions are used to examine the association between the presence of an audit committee and (1) the initial return (IR), and (2) the earnings forecast error in the listing prospectus in a sample of 55 Real Estate Investment Trusts that went public on the BME Growth market during 2013–2022. Heckman two-step estimation procedure to correct for endogeneity and bootstrap are used for robustness.

We show that IR and earnings forecasts are significantly affected by the presence of AC. The IR is higher and the earnings forecast included in the prospectus are of higher quality in firms with AC.

Our research provides (1) managers with new tools when deciding on their corporate governance structure in the listing process, (2) specific evidence for regulators on the role played by ACs in the process of going public, which may be useful in the context of the ongoing regulatory changes regarding admission processes in Europe, and (3) society with a sign that AC can enhance investor and public confidence in financial markets and foster a more stable and transparent investment environment.

The adoption of an AC is voluntary in this market, so this discretionary decision provides an exceptional opportunity to conduct such an analysis. Additionally, this issue has not been previously analysed in Europe.

我們擬探討審計委員會在作為是公司質素的一個信號, 以及在作為是監控上市招股書內資料質素的一個機制所扮演的角色。

研究人員使用普通最小二乘法回歸模型, 去探討審計委員會的存在與 (一) 初期回報、和 (二)上市招股書內收益預測的錯誤兩者之間的關聯。研究的樣本為55個於2013年 至 2022年間在 BME Growth 市場上市的不動產投資信託。研究人員使用自助法和可幫助修正內生性問題的赫克曼兩階段回歸, 以達數據的穩健性。

研究結果顯示, 審計委員會的存在會顯著地影響初期回報和收益預測。若公司採用審計委員會, 初期回報則會較高; 而且, 招股書內的收益預測也顯示較高的質素。

由於採用審計委員會與否在這研究的有關市場內純基於自主的決定、而非屬強制性, 因此, 與這決定有關的課題為學者提供了特殊的研究機會。再者, 在歐洲至今似仍未有學者曾嘗試探討這個課題。

本研究帶來以下實務方面的啟示: (一) 當經理需決定其在上市過程中的公司治理結構時, 本研究為他們提供了新的工具給他們使用; (二) 本研究為調控者就公司上市過程中審計委員會所扮演的角色提供具體的證據。而這因歐洲正進行更改與批核上市有關的規管而可能使其產生用處; (三) 本研究為社會提供一個信號, 顯示審計委員會不但可增強投資者和大眾對金融市場的信心, 而且還能培育更穩定和透明的投資環境。

公司治理、審計委員會、上市、初期回報、盈餘預測、不動產

This paper aims to verify whether the integration of sustainability in executive compensation positively affects firms’ non-financial performance and whether corporate governance characteristics enhance the relationship between sustainability compensation and firms’ non-financial performance and to expand the domain of the impact of sustainability on non-financial performance.

This analysis is based on a sample of companies listed on the Milan Italian Stock Exchange from the Financial Times Milan Stock Exchange Index over the 2016–2020 period. Regression analysis was used by using data retrieved from the Refinitiv Eikon database and the sample firms’ remuneration reports.

The findings of this paper show that embedding sustainability in executive compensation positively affects firms’ non-financial performance. The results of this paper also reveal that specific corporate governance features can improve the impact of sustainability on non-financial performance.

This analysis is limited to Italian firms included in the Financial Times Milan Stock Exchange Index; however, the findings are highly significant.

The findings provide regulators with useful insights for considering the integration of sustainability goals into executive remuneration. Another implication is that policymakers should require – at least – listed firms to fulfil specific corporate governance structural requirements. Finally, the findings can provide investors and financial analysts with a greater awareness of the role played by executive remuneration in the long-term value-creation process.

This paper contributes to addressing the relationship among sustainability, remuneration and non-financial disclosure, drawing on the stakeholder–agency theoretical framework and focusing on Italian firms. This issue has received limited attention with controversial results in the literature.

This study investigates the effect of COVID-19 pandemic perceived health risk on traveller's post-pandemic perception and future travel intention. The study aims to provide insight into the unprecedented COVID-19 pandemic and its potential influence on tourist behaviour.

Two hundred and forty-four responses were gathered quantitatively through an online survey. The research hypotheses were analysed using the partial least square structural equation modelling (PLS-SEM).

This study found that COVID-19 affects tourists' travel behaviour. Key findings found that perceived health risk discourages travel attitudes and eventually lessens their future travel intentions. Results also suggest future strategies/directions for restarting the tourism industry.

The study outcome assists tourism stakeholders in understanding the changes in tourist behaviour amid the heightened perceived health risk of COVID-19. Tourism policymakers and industry players should consider exploring how to mitigate similar health crises in the future.

By extending the theory of planned behaviour (TPB), this study establishes a theoretical framework in exploring the interrelationships between perceived risk, post-pandemic perception and future travel intention. This study sets a significant research agenda for future tourism research in understanding the mechanism behind health risk perceptions and tourist behaviour.

Poor indoor air quality (IAQ) contributing to occupants’ health symptoms is a universal, typically ventilation-related, problem in schools. In cold climates, low-cost strategies to improve IAQ in a naturally ventilated school are rare since conventional methods, such as window opening, are often inappropriate. This paper aims to present an investigation of strategies to relieve health symptoms among school occupants in naturally ventilated school in Finland.

A case study approach is adopted to thoroughly investigate the process of generating the alternatives of ventilation redesign in a naturally ventilated school where there have been complaints of health symptoms. First, the potential sources of the occupants’ symptoms are identified. Then, the strategies aiming to reduce the symptoms are compared and evaluated.

In a naturally ventilated school, health symptoms that are significantly caused by insufficient ventilation can be potentially reduced by implementing a supply and exhaust ventilation system. Alternatively, it is possible to retain the natural ventilation with reduced number of occupants. The selected strategy would depend considerably on the desired number of users, the budget and the possibilities to combine the redesign of ventilation with other refurbishment actions. Furthermore, the risk of poorer indoor air caused by the refurbishment actions must also be addressed and considered.

This study may assist municipal authorities and school directors in decisions concerning improvement of classroom IAQ and elimination of building-related symptoms. This research provides economic aspects of alternative strategies and points out the risks related to major refurbishment actions.

Since this study presents a set of features related to indoor air that contribute to occupants’ health as well as matters to be considered when aiming to decrease occupants’ symptoms, it may be of assistance to municipal authorities and practitioners in providing a healthier indoor environment for pupils and teachers.

Poor indoor air quality in schools is a worldwide challenge that poses health risks to pupils and teachers. A possible response to this problem is to modify ventilation. Therefore, the purpose of this paper is to pilot a process of generating alternatives for ventilation redesign, in an early project phase, for a school to be refurbished. Here, severe problems in indoor air quality have been found in the school.

Ventilation redesign is investigated in a case study of a school, in which four alternative ventilation strategies are generated and evaluated. The analysis is mainly based on the data gathered from project meetings, site visits and the documents provided by ventilation and condition assessment consultants.

Four potential strategies to redesign ventilation in the case school are provided for decision-making in refurbishment in the early project phase. Moreover, the research presents several features to be considered when planning the ventilation strategy of an existing school, including the risk of alterations in air pressure through structures; the target number of pupils in classrooms; implementing and operating costs; and the size of the space that ventilation equipment requires.

As this study focusses on the early project phase, it provides viewpoints to assist decision-making, but the final decision requires still more accurate calculations and simulations.

This study demonstrates the decision-making process of ventilation redesign of a school with indoor air problems and provides a set of features to be considered. Hence, it may be beneficial for building owners and municipal authorities who are engaged in planning a refurbishment of an existing building.

This paper aims to identify what are the moderating factors affecting the relationship between firms’ adoption of international financial and reporting standards (IFRS) and the firm’s opacity.

This study uses the meta-analysis methodology from Hunter et al. (1982) to find if the mere IFRS adoption reduces firm’s opacity and a meta-regression from Stanley and Jarrell (1989) to identify the moderating factors that may influence this relationship.

Contrary to previous studies, this study finds a low, negative and nonsignificant correlation between IFRS adoption and firms’ opacity, but this relationship depends on the geographical region. Using 34 results from 28 studies from different continents published between 2005 and 2018 this study finds that IFRS adoption reduces opacity in countries with common law (COML) and with more authorities’ oversight and power to enforce the rules.

This study finds two institutional commonalities between different previous studies that intend to assess the impact of the IFRS adoption upon firms’ opacity: the legal system and the authorities’ oversight power.