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For approximately a century and a half after their dramatic deflation, the South Sea and Mississippi Bubbles of 1710–1720 had discredited finance. With the exception of government bond markets and a few chartered companies, the rapid rise and fall of fortunes associated with the South Sea Company, in Britain, and the Mississippi Company in France, had made the joint stock system of corporate finance almost synonymous with fraud and financial debauchery. (The most authoritative account of these schemes is given in Murphy, 1997.) The joint stock system of finance was seen as seriously flawed, and an indictment of the theories on credit money of the schemes’ instigator, John Law. During those one hundred and fifty years, classical political economy rose and flowered. Not surprisingly finance then came to be considered for its fiscal and monetary consequences. This pre-occupation left its mark on twentieth-century economics in an attitude that the fiscal and monetary implications of finance, eventually its influence on consumption, are more important than its balance sheet effects in the corporate sector. This attitude is apparent even in the work of perhaps the pre-eminent twentieth century critical finance theorist, John Maynard Keynes.

This study investigates information flow of market constituents and global indices at multi-frequencies.

The study’s findings were obtained using the Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise (I-CEEMDAN)-based cluster analysis executed for Rényi effective transfer entropy (RETE).

The authors find that significant negative information flows among sustainability equities (SEs) and conventional equities (CEs) at most multi-frequencies, which exacerbates diversification benefits. The information flows are mostly bi-directional, highlighting the importance of stock markets' constituents and their global indices in portfolio construction.

The authors advocate that both SE and CE markets are mostly heterogeneous, revealing some levels of markets inefficiencies.

The empirical literature on CEs is replete with several dynamics, revealing their returns behaviour for diversification purposes, leaving very little to know about the returns behaviour of SE. Wherein, an avalanche of several initiatives on Corporate Social Responsibility (CSR) enjoin firms to operate socially responsible, but investors need to have a clear reason to remain sustainable into the foreseeable future period. Accordingly, the humble desire of investors is the formation of a well-diversified portfolio and would highly demand stocks to the extent that they form a reliable portfolio, especially, amid SEs and/or CEs.

本研究擬審查多頻率的及為市場成份的信息流和全球指數。

研究人員使用基於改良完全集合經驗模態分解自適應噪聲(Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise)的聚類分析法,取得Rényi有效轉移熵,藉此得到研究結果。

我們發現、於大部份多頻率,在持續性股票和傳統股票間有顯著的負信息流動,這會增加多樣化的益處。這些信息流大部份是雙向的,這強調了股票市場成份及其全球指數在構建投資組合上的重要性。

我們認為持續性股票市場和傳統股票市場大多為異質市場,這顯示了市場的低效率,而且這低效率的程度頗大。

關於傳統股票的實證性文獻裡是充滿了變革動力的,這顯示了它們以多樣化為目的的回報行為。這使我們對關於持續性股票的回報行為、認識變得實在太少了。於此,大量的企業社會責任的新措施不斷提醒各公司、要本著企業社會責任的理念去營運;但投資者需清晰明白他們為何需在可見的將來保持可持續性。因此,他們卑微的願望是一個較好的多樣化投資組合得以形成,故此他們高度要求股票要有組成可靠投資組合的性質和能力,特別是在持續性股票和/或傳統股票當中。

A growing body of research has identified time pressure as a key driver of cybersecurity (CS) risks and vulnerabilities. To strengthen CS, organizations use CS documents (e.g. best practices, guidelines and policies) intended to strengthen CS. The purpose of this paper is to provide an overview of how specifically time pressure is addressed by CS documents.

The authors conducted a systematic search for CS documents followed by a content analysis of the identified documents. First, the authors carried out a systematic Web search and identified 92 formal and informal CS documents (e.g. security policies, procedures, guidelines, manuals and best practices). Second, they systematically analyzed the resulting documents (n = 92), using a structured approach of data familiarization and low-/high-level coding for the identification and interpretation of themes. Based on this analysis, the authors formulated a conceptual framework that captures the sources and effects of time pressure along the themes of industry, operations and users.

The authors developed a conceptual framework that outlines the role of time pressure for the CS industry, threats and operations. This provides a shared frame of reference for researchers and practitioners to understand the antecedents and consequences of time pressure in the organizational CS context.

While the analyzed documents acknowledge time pressure as an important factor for CS, the documents provide limited information on how to respond to these concerns. Future research could, hence, consult with CS experts and policymakers to inform the development of effective guidelines and policies on how to address time pressure in the identified areas. A dedicated analysis within each area will allow to investigate the corresponding aspects of time pressure in-depth along with a consideration for targeted guidelines and policies. Last, note that a differentiation between CS document types (e.g. formal vs informal and global vs regional) was beyond the scope of this paper and may be investigated by future work.

This study makes three main contributions to the CS literature. First, this study broadens the understanding of the role of time pressure in CS to consider the organizational perspective along the themes of industry, threats and operations. Second, this study provides the first comprehensive assessment of how organizations address time pressure through CS documents, and how this compares to existing research in academic literature. Third, by developing a conceptual framework, this study provides a shared frame of reference for researchers and practitioners to further develop CS documents that consider time pressure’s role in secure behavior.

Mobile devices are increasingly prevalent and may have large ramifications for social studies education, but there has been limited research as to their effectiveness. This study utilized an Apple iPad to explore how a specific application (Explore 9/11) impacted secondary student interactions with primary source narratives and their influence on historical empathy during a War on Terrorism unit in a United States history course. Three sections utilized the iPad, while two used resources found on the iPad, but not the iPad itself. The study found that students using mobile devices had positive experiences in interacting with primary source documents. Students, further, were able to develop a sense of historical empathy as they came across the firsthand accounts of seven individuals’ experiences on September 11, 2001 regardless of whether or not they used the iPads. These findings, as well as their implications for social studies education are discussed.

Most of the 3D printing machines do not comply with the requirements of on-site, large-scale multi-story building construction. This paper aims to propose the conceptualization of a tower crane (TC)-based 3D printing controlled by artificial intelligence (AI) as the first step towards a large 3D printing development for multi-story buildings. It also aims to overcome the most important limitation of additive manufacturing in the construction industry (the build volume) by exploiting the most important machine used in the field: TCs. It assesses the technology feasibility by investigating the accuracy reached in the printing process.

The research is composed of three main steps: firstly, the TC-based 3D printing concept is defined by proposing an aero-pendulum extruder stabilized by propellers to control the trajectory during the extrusion process; secondly, an AI-based system is defined to control both the crane and the extruder toolpath by exploiting deep reinforcement learning (DRL) control approach; thirdly the proposed framework is validated by simulating the dynamical system and analysing its performance.

The TC-based 3D printer can be effectively used for additive manufacturing in the construction industry. Both the TC and its extruder can be properly controlled by an AI-based control system. The paper shows the effectiveness of the aero-pendulum extruder controlled by AI demonstrated by simulations and validation. The AI-based control system allows for reaching an acceptable tolerance with respect to the ideal trajectory compared with the system tolerance without stabilization.

In related literature, scientific investigations concerning the use of crane systems for 3D printing and AI-based systems for control are completely missing. To the best of the authors’ knowledge, the proposed research demonstrates for the first time the effectiveness of this technology conceptualized and controlled with an intelligent DRL agent.

The results provide the first step towards the development of a new additive manufacturing system for multi-storey constructions exploiting the TC-based 3D printing. The demonstration of the conceptualization feasibility and the control system opens up new possibilities to activate experimental research for companies and research centres.

An increasing demand of agricultural intensification and value addition necessitates the use of improved inputs such as improved seed. Smallholder farmers contribute about 70% of agricultural production in Tanzania. Agriculture sector in Tanzania contributes about 24.1% of the GDP, 30% of exports and 65% of industrial raw materials. Thus, agriculture development, economic growth and industrialization are inseparable. Due to the nature of the product, smallholder farmers cannot judge the overall excellence of seed at the time of buying. This paper assessed quality uncertainty in maize and vegetable seed and its implication for market exchange between farmers and seed sellers in Kilolo district, Iringa Tanzania. The study used a random sample of 130 smallholder farmers and representatives from ten seed companies. Asymmetric information prevails between the two trading sides, i.e. sellers and buyers, leading into quality uncertainty. Moreover, product augmentation is profoundly overlooked whereby most of seed companies have not augmented their products. Because an improved seed is a quintessential example of an experience good, quality uncertainty of some crop varieties under field conditions favored some seed brands to be used more by farmers compared to others. This paper offers a thorough deduction on quality uncertainty under farmers' field condition and its implication on market exchange. It adds information in the body of knowledge on how an improved seed can contribute to sustainable production of food and industrial raw materials, which is a step towards desired industrialization agenda in Tanzania.

The purpose of this paper is to explore the endogenous relationship between production specialisation and market commercialisation with an empirical study of farmers in Northwest China.

The three-stage least squares were used to address simultaneity and over-identification problems in comparison with two-stage least squares (2SLS). The Durbin-Wu-Hausman test was employed to identify the endogeneity of the commercialisation and specialisation variables. The validity, relevance, and strength of the instruments were tested using the Stock-Yogo weak instrument diagnostics test.

A two-way interrelationship between specialisation and commercialisation were confirmed, and suggest that farmers’ decisions on farm commercialisation and production specialisation are actually separate and interacting.

By demonstrating that a virtuous cycle exists between agricultural commercialisation and on-farm specialisation, policies can be formulated to complement these two effects that may help increase small holders’ income. Farmers’ market participation can be indirectly improved by combining market improvement and risk management tools to encourage production specialisation.

The insights of this study cast further light onto the farm market participation theory by emphasising that higher asset endowments enable small farmers to specialise in production with comparative advantage.

The aim of this paper is to study the hot corrosion behaviour of super 304H stainless steel for marine applications.

The investigation was carried out with three different combinations of salt mixture (Na₂SO₄, NaCl and V₂O₅) at two different temperatures (800 and 900°C).

The spalling and growth of oxide layer was observed more with the presence of V₂O₅ in the salt mixture at 900°C during experimentation than what was observed in 800°C. The mass change per unit area is calculated to study the corrosion kinetics and also the influence of salt mixture. Further, the samples are analysed through materials characterisation techniques using optical image, scanning electron microscope (SEM), energy dispersive X-ray (EDAX) and X-ray diffraction (XRD) analysis. The presence of V₂O₅ in the salt mixture was the most important influencing species for accelerating hot corrosion.

SEM, EDAX and XRD analysis confirmed the formation of Fe₂O₃ and Cr₂O₃ at 900°C showing contribution in corrosion protection.

The purpose of this paper is to examine the gender disparity in financial literacy among retirees in the Cape Coast metropolis in Ghana.

The finding of this paper is based on 334 respondents (183 males and 151 females) to financial literacy questionnaires covering the respondents’ general knowledge on budgeting, use of automated teller machine, time value of money, account types, cheque handling and insurance. Data were analysed with Pearson χ² and independent sample t-test.

Nominal scores showed that male domination in financial literacy in seven out of the ten questions used to assess financial literacy while female retirees lead in three. These observed nominal differences were, however, found not to be significant through χ² test of independence except the question on the calculation of interest rate on loans in favour of males. The cumulative effect, through computation of financial literacy index was deemed to be significantly different between males and females, favouring males, using independent sampled t-test.

The implication is that older men continue to have their financial literacy hegemony perpetually and are stronger in computational ability. It suggests that policy responses to address gender disparity in financial literacy should work more on computational ability of females.

There is no known study of financial literacy related to gender disparity in Ghana.

A thermosyphon solar water heating system with in‐tank auxiliary electric heater has been simulated according Malaysian hot water consumption profile using TRNSYS simulation program. The optimum value of a parameter is defined as the value which maximized the annual solar fraction of the system. This paper has a good deal of information concerning sizing of common components of thermosyphon solar water heater operated under certain condition (load volume, distribution profile and temperature). The results indicate that collector should be tilted at Ø + (→ 7° 37°) for all collector areas. Vertical storage tank has better performance in tropical climate (The average annual solar fraction for vertical was 88% and for horizontal was 82.9%).