Can financial education improve consumer welfare in investment markets? Evidence from China

Under the current complex economic situation and the impact of COVID-19, China's capital market reform has entered a critical period, with opportunities and challenges coexisting. One of the important challenges is how to improve the well-being of investors in capital markets. Financial education, which has been offered by financial institutions in many countries in recent years, is likely to become an effective policy instrument to meet this challenge. Using survey data of individual investors from China, this study examines the potential impact of financial education programs offered by financial institutions on individuals' investment diversification. The results show financial education is positively associated with the investment diversification of individual investors. An analysis of the underlying mechanism shows that financial education contributes to the improvement of investment diversification by mitigating limited attention bias, strengthening social trust, and promoting the use of professional investment advisors. These findings suggest that the persistent promotion of financial education programs has a positive effect on optimizing financial asset allocation decisions and improving financial welfare of Chinese households. [ FROM AUTHOR] Copyright of Journal of the Asia Pacific Economy is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Subsidy strategy for reserving flexible capacity of emergency supply production

This paper investigates a government's subsidy strategy for motivating a manufacturer to set up a flexible production line for emergency supplies. Four subsidy strategies are proposed to ensure a desired service level in case of an emergency: zero subsidy, a fixed subsidy, a marginal subsidy, and a hybrid subsidy. We develop a game theoretical model to examine how the government can induce a manufacturer to set up a flexible production line that can respond promptly to an emergency, based on the manufacturer's cost structure (fixed and marginal costs). We find that when the marginal profit of an emergency product is higher than that of the manufacturer's regular product, a fixed (marginal) subsidy is the dominant strategy if the manufacturer's fixed (marginal) cost is high, while a hybrid subsidy strategy is dominant if both costs are high. When the marginal profit of an emergency product is lower than that of the manufacturer's regular product, neither a fixed subsidy nor a zero subsidy will be the dominant strategy. We also find that a marginal subsidy can ensure the effectiveness of the strategy, while a fixed subsidy helps improve strategy efficiency. We use government subsidy strategies implemented for Chinese COVID-19 emergency supplies as examples to demonstrate the effectiveness and efficiency of the subsidy strategies under the proposed framework. We also extend the discussion by considering the manufacturer's social consciousness.

Ways to promote intra-regional trade and investment in Central Asia to boost the green recovery

The economic recession caused by the restrictions on the spread of the Coronavirus disrupted the economic life of many countries. The primary purpose of the paper is to measure the impacts of intra-regional trade and investment on the green recovery of five Central Asian economies over 2010–2021 through employing annual data and the panel co-integration approach. The results confirmed that the degree of green trade openness positively and significantly affects the green recovery. The estimated coefficient of direct foreign investment is negative. The patent coefficient is not statistically significant, and the official exchange rate has a positive effect. Financial development has a positive and significant coefficient. The paper has several policy implications, such as enhancing green FDI (Foreign Direct Investment), supporting green innovation, and promoting green trade liberalism for scholars and policymakers. © 2023, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

Building back better: Granular energy technologies in green recovery funding programs

Summary Granular energy technologies with smaller unit sizes and costs deploy faster, create more jobs, and distribute benefits more widely than lumpy large-scale alternatives. These characteristics of granularity align with the aims of fiscal stimulus in response to COVID-19. We analyze the technological granularity of 93 green recovery funding programs in France, Germany, South Korea, and the UK that target £72.9 billion for low-carbon energy technologies and infrastructures across five emissions-intensive sectors. We find that South Korea's "New Deal” program is the most technologically granular with strong weighting toward distributed renewables, smart technologies, electric vehicle charge points, and other relatively low unit cost technologies that are quick to deploy. The UK has the least granular portfolio, concentrating large amounts of public money on small numbers of mega-scale energy projects with high implementation risks. We demonstrate how technological granularity has multiple desirable characteristics of green recovery: jobs, speed, and distributed benefits.

Re-humanisation, Recognising the person behind the patient

Submission content Introduction: At the end of a particularly hectic night shift on the intensive care unit (ICU) I found myself sitting in the relatives' room with the mother and aunt of a young patient, listening to their stories of her hopes and aspirations as she grew up. She had been diagnosed with lymphoma aged 14 and received a bone marrow transplant from her younger sister. Fighting through treatment cycles interposed with school studies, she eventually achieved remission and a portfolio of A-levels. Acceptance into university marked the start of a new era, away from her cancer label, where she studied forensic science and took up netball. Halfway through her first year she relapsed. Main body: When I met this bright, ambitious 20-year-old, none of this history was conveyed. She had been admitted to ICU overnight and rapidly intubated for type-1 respiratory failure. The notes contained a clinical list of her various diagnoses and treatments, with dates but no sense of the context. Rules regarding visitation meant her family were not allowed onto the unit, with next-of-kin updates carried out by designated non-ICU consultants to reduce pressures on ICU staff. No photos or personal items surrounded her bedside, nothing to signify a life outside of hospital. She remained in a medically-induced coma from admission onwards, while various organ systems faltered and failed in turn. Sitting in that relatives' room I had the uncomfortable realisation that I barely saw this girl as a person. Having looked after her for some weeks, I could list the positive microbiology samples and antibiotic choices, the trends in noradrenaline requirements and ventilatory settings. I had recognised the appropriate point in her clinical decline to call the family in before it was too late, without recognising anything about the person they knew and loved. She died hours later, with her mother singing 'Somewhere Over the Rainbow' at her bedside. Poignant as this was, the concept of this patient as more than her unfortunate diagnosis and level of organ failure had not entered my consciousness. Perhaps a coping mechanism, but dehumanisation none-the-less. Conclusion(s): Striking a balance between emotional investment and detachment is of course vital when working in a clinical environment like the ICU, where trauma is commonplace and worst-case-scenarios have a habit of playing out. At the start of my medical career, I assumed I would need to consciously take a step back, that I would struggle to switch off from the emotional aspects of Medicine. However, forgetting the person behind the patient became all too easy during the peaks of Covid-19, where relatives were barred and communication out-sourced. While this level of detachment may be understandable and necessary to an extent, the potential for this attitude to contribute to the already dehumanising experience of ICU patients should not be ignored. I always thought I was more interested in people and their stories than I was in medical science;this experience reminded me of that, and of the richness you lose out on when those stories are forgotten.

Our journey from the Peripatetic Ultrasound Trainers to the Ultrasound Training Academy - HEE (South East)

In 2016, an innovative project of three ultrasound trainers evolved to support multi-professional trainees in Obstetric and Gynaecology ultrasound across the Wessex region. The aim of the project was to deliver a high-quality ultrasound training programme. One of the project's successes resulted in establishing the Sonographer Training Network Forum which allowed ultrasound leads from seven Trusts to meet and share ideas, which ultimately led to the development of regional ultrasound guidelines. From 2016 to early 2020, we have supported 75 trainees in O&G ultrasound. The vision was to create a dedicated ultrasound training centre to support trainees in a safe environment. Late 2019, with the support and funding from Health Education England South-East, the plans were set in motion to create the first Ultrasound Training Academy in the South- East Region. A briefing paper was submitted to the Trust Investment Group for approval. Approval from TIG acknowledged the Trust's support in the project as well as supporting the sonography workforce. This began the search for space that would accommodate the academy. Frustratingly, COVID stopped all activities, however, with reflection, COVID gave us the time to plan accordingly for the Ultrasound Training Academy. Without the normal pressure of a time frame, it was an opportunity to find an ideal location as well as purchasing the required equipment befitting the academy. The Ultrasound Training Academy - HEE (South-East) is based in the Princess Anne Hospital (University Hospital Southampton NHS FT). The advantages based within a hospital setting allowed the academy to follow the Trust's governance as well as absorbing some of the capacity from the ultrasound department. We have two ultrasound rooms and a dedicated space for simulation training. We have plans to create a third ultrasound room.

Economic policy uncertainty and international tourist arrivals: a disaggregated analysis of the Croatian Adriatic coast

This is the first study to examine the differential impact of Croatian and European economic policy uncertainty indices while controlling for the real effective exchange rate and industrial production on international tourist arrivals for the seven coastal counties of Croatia and the country as a whole. The Toda-Yamamoto long-run causality modeling approach with a Fourier approximation is employed to capture structural shifts. This approach is particularly useful in light of the disruption from the COVID-19 pandemic on the tourism sector. The results show unidirectional causality from both Croatian and European economic policy uncertainty indices to international tourist arrivals with the impact of the economic policy uncertainty indices negative and statistically significant across the respective coastal counties. Moreover, the findings show that European economic policy uncertainty exhibits a greater adverse impact on international tourist arrivals relative to Croatian economic policy uncertainty.

Working capital and firm performance: role of COVID-19 disruption

PurposeThis study examines the performance effect of working capital for a large sample of Indian manufacturing firms in light of supply chain disruption, i.e. the COVID-19 pandemic.Design/methodology/approachThis study is based on secondary data collected from the Prowess database on Indian manufacturing firms listed on the Bombay Stock Exchange (BSE) 500. Panel data regression analyses are used to estimate all models. Moreover, this study has employed robust standard errors to consider for heteroscedasticity concerns.FindingsThe results challenge the current notion of working capital investment and reveal that higher working capital has a positive and significant impact on firm performance. Further, it highlights that Indian manufacturing firms suffered financially post-COVID-19 as they significantly lack the working capital to run day-to-day operations.Originality/valueThis research contributes to the scant literature by examining the association between working capital financing and firm performance in light of the COVID-19 pandemic, representing typical developing economies like India.

Sustainable Thematic Investing: Identifying Opportunities Based on an Analysis of Stewardship Reports

Globally, a growing number of stakeholders recognise that sustainability determines success on multiple levels. Therefore, asset managers in developing and emerging countries increasingly focus on sustainable investment opportunities. While institutional investors largely centred on governance considerations pre-2020, the Coronavirus pandemic highlighted substantial social and environmental concerns at companies worldwide. As South Africa is the most unequal country globally according to the World Bank, decisions made by local institutional investors can have significant implications for individuals and environments where capital is invested. The objectives of this study were hence to analyse the sustainability themes on which South African asset managers focused in their stewardship reports and to explore the Sustainable Development Goals (SDGs) that they addressed through their investment mandates. A content analysis was performed on stewardship reports that were published in 2020 and 2021 to consider the impact of the Coronavirus pandemic. The findings indicate that prioritised sustainability themes include climate action, infrastructure development and social considerations. The considered asset managers accordingly focused on addressing climate action (SDG 13), decent work and economic growth (SDG 8), and affordable and clean energy (SDG 7). Promising investment opportunities in companies that address key social issues, including the health and well-being of society (SDG 3) and broadening access to quality education (SDG 4) were also highlighted. The leaders of local investee companies are thus encouraged to ensure concise, transparent reporting on these material matters to enhance communication and engagement with institutional investors and other key stakeholders. This study offers a novel perspective on sustainable thematic investing in a highly unequal society.

Is irrigation fit for purpose? A review of the relationships between scheme size and performance of irrigation systems

Irrigation is increasingly being called upon to help stabilize and grow food and water security in the face of multiple crises;these crises include climate change, but also recent global food and energy price crises, including the 2007/08 food and energy price crises, and the more recent crises triggered by the COVID-19 pandemic and the war on Ukraine. While irrigation development used to focus on public, large-scale, surface- and reservoir-fed systems, over the last several decades, private small-scale investments in groundwater irrigation have grown in importance and are expected to see rapid future growth, particularly in connection with solar-powered pumping systems. But is irrigation 'fit-for-purpose' to support population growth, economic development, and multiple food, energy and climate crises? This paper reviews how fit-for-purpose irrigation is with a focus on economies of scale of surface and groundwater systems, and a particular examination of systems in Sub-Saharan Africa where the need for expansion is largest. The review finds challenges for both larger surface and smaller groundwater systems in the face of growing demand for irrigated agriculture and dwindling and less reliable water supplies. To support resilience of the sector, we propose both a holistic design and management improvement agenda for larger surface systems, and a series of suggestions to improve sustainability concerns of groundwater systems.

Nurturing Social Presence in a Blended Learning Environment

The ambition of this development study is to explore the opportunity to put the knowledge gained during the COVID-19 pandemic into practice in a blended, post-COVID, learning environment. The focus is to explore how a combination of digital and face-to-face activities may allow for fostering social presence among undergraduate students. The Social Presence model and the five elements of Affective Association, Community of Cohesion, Instructor Investment, Interaction Intensity, and Knowledge and Experience, encompass the theoretical framework of the study. The contextual setting is the first course of The Marketing Programme at Linnaeus University in Sweden, a bachelor program with a 50% Swedish intake and 50% international intake. Given the diverse background of the students in this course, challenges are typically encountered in relation to community building. Empirical data was collected during the fall of 2022 among the enrolled students using an online questionnaire. While the results from this study should be seen as preliminary, they offer an inspiring glimpse of how to nurture social presence in a blended learning environment. Copyright © 2023 by SCITEPRESS – Science and Technology Publications, Lda. Under CC license (CC BY-NC-ND 4.0)

The animal keeping culture and the motivation of animal keepers in Hungary

Background: In the past few decades the animal keeping culture and habits have changed a lot internationally, some animals have become family members. The COVID-19 pandemic has created an unprecedented situation in the world, including Hungary. In many places, the quarantine period was associated with Isolation and, therefore, an increase in the number of companion animals. Objectives: Our aims were to (1) survey the animal keeping culture and habits, (2) examine the motivation of the owners and (3) explore the attitudes about adoption, neutering, breeding and the use of livestock animals in Hungary. Materials and Methods: Specialized surveys were conducted among 843 persons through social media and personal interviews from 20 June to 30 August 2021 by using a questionnaire including 16 questions. The chosen groups were compared with Fisher's Exact test and Chi-square test. Results and Discussion: 97.0% of the respondents regard their dog as a family member. Nearly 25% of the respondents do not wish to neuter their dogs, because they want to breed the dogs or they find it unnecessary. The primary reason for cat keepers not to neuter their pet is the financial issue. Animal keepers and women are significantly more likely to consider their animal as a family member (p < 0.001). Men, the elderly, people who live in the countryside and those who have only elementary education think that neutering is of less importance (p < 0.001). Non-animal keepers, elderly people and men think more negatively about adoption. Buying an animal from a breeder is more important to the younger age groups (p < 0.001) arid those who live in Budapest (p < 0.01). 42.3% of the respondents gave the lowest evaluation scores to the assessment of the livestock units. Women, people from younger age groups (p < 0.05) and those who have higher education (p < 0.001) think more negatively about the use of farm animals. Non-animal keepers, the elderly and people of lower education consider the livestock animals' emotional intelligence lower (p < 0.05). Men (p < 0.001), people over 65 years of age (p < 0.001) and of lower education (p < 0:01), and also non-animal keepers (p < 0.001) accept significantly easier the use of livestock animals.

Economic policy uncertainty, Covid-19 and corporate investment: Evidence from the gold mining industry

Mining is a capital-intensive sector that requires substantial upfront investments and continuous capital expenditure to sustain and improve production. This study investigates the impact of Economic Policy Uncertainty (EPU) on the investment decisions of the top 5 gold mining countries, namely Australia, China, Russia, the USA, and Canada, with a focus on the COVID-19 Pandemic. Using a two-step generalized method of moments, we analyze data from 333 gold mining companies from 2006 to 2021. Our results demonstrate that the EPU index has a negative effect on the investment decisions of gold mining companies during the COVID-19 Pandemic. We also utilize quantile regression analysis, which shows that the estimated coefficients for the low and high quantiles are significant. Our study reveals that during periods of uncertainty, gold mining companies tend to be risk-averse, which subsequently dampens investment projects. Furthermore, the capital-intensive nature of the gold mining sector renders companies to be more vulnerable to economic conditions. These findings have significant policy implications for investors, portfolio managers, and policymakers, which will be discussed in the conclusion section.

Some Statistical and Analytical Notes on the Nature of the 2020-2021 Crisis

The present work is based on a hypothesis that the Czech economy was showing signs of economic de-celeration and a potential slump into deeper growth problems way before the outbreak of the COVID-19 pandemic, i.e., at least in the year 2019. However, the present text does not intend to thoroughly con-firm this hypothesis because in order to do so, a longer timeline of key economic indicators needs to be analysed. What it does present is at least a partial argumentation supporting the abovementioned hy-pothesis and some basic calculations. It proposes two ways towards its confirmation. The first one is a comparative analysis of individual - especially European - economies' response to subsiding external influences, i.e., to the weakening of the effects of the pandemic on the economy. The second way is at least a partial analysis of key macroeconomic indicators from the time before and during the pan-demic, with an emphasis on detectable divergences in the development. The conclusion of our research is the finding that as early as in 2019, the Czech economy was showing signs of imminent deceleration of growth, which would probably have turned into stagnation and possibly a certain decrease in econom-ic activity. The conclusions indicate that the reason behind such development was a massive but in fact little effective investment activity in the Czech economic environment, which is historically related to the structure of the economy and to the position of the Czech industrial sector in supplier relation-ships. Two related phenomena arise from that: firstly, a relatively low labour productivity, with producers domiciled in the Czech Republic reaching quite a low volume of value added, and secondly a massive capital outflow in the form of profits paid to parent companies abroad. The final part of the paper outlines some potentially effective steps which might lead - under favourable circumstances - to restructuring processes in the Czech economy. Due to the date of finishing the research, the paper does not include the consequences of the War in Ukraine.

Citizen empowerment through smart surveillance: evidence from Indian smart cities

PurposeCitizens often perceive surveillance by government authorities as oppressive and, hence, demonstrate reluctance in value co-creation from such services. This study aims to investigate the challenges and benefits of citizen empowerment through technology-driven surveillance or "smart surveillance.”Design/methodology/approachGuided by Dynamic Capability theory, the authors conduct in-depth interviews with officers in-charge of surveillance in smart cities. Given the contemporary advancements, this approach allows a retrospective and real-time understanding of interviewees' experiences with smart surveillance.FindingsThe authors develop five propositions for citizen empowerment through smart surveillance to summarize the findings of this study.Research limitations/implicationsThis study advances the relevance of Dynamic Capability in public administration.Practical implicationsSmart city authorities and policymakers may leverage the insights provided in this study to design appropriate policies for smart surveillance.Originality/valueThe authors find that factors such as digital technology and infrastructure, information management, skill divide and perceived return on investment may influence citizen empowerment through smart surveillance.

Impact of Renewable Energy on the Economy of Saudi Arabia

The objective of the study was to identify the impact of renewable energy on Saudi economy during 2000-2021. Analytical techniques were used to conduct this study. An analysis of the study used a set of variables, in which Renewable energy perceives as independent variable and the dependent variables are GDP per capita, net foreign direct investment, unemployment, fixed capital formation, and net foreign trade. The data of the study were analyzed using the E-views program. According to the study, renewable energy has an impact on certain economic variables and does not have an impact on others. A partial validity is found for the study's central hypothesis. According to our findings, renewable energy contributes significantly to net foreign direct investment, unemployment, and fixed capital formation, but not to GDP per capita, net foreign trade, or fixed capital formation.

A research on the using of bank loans in accommodation companies traded in Borsa Istanbul

The main purpose of this research is to analyze the using of bank loans provided by the banking sector in accommodation companies traded in Borsa Istanbul in terms of type, maturity and cost. The study also examined the impact of the Covid-19 outbreak on the accommodation companies' use of bank loans. In this context, the level of bank loan usage, the type of bank loans, interest rates, maturity and their distribution in currency between the years 2009 and 2021 were tried to be determined by ratio and document analysis. As a result of the analysis, it was determined that 10,84% of the assets in accommodation companies are financed by bank loans, the use of bank loans in total liabilities is 19.92% and short-term bank loans are preferred. It was also detected that accommodation companies mainly benefit from business loans, daily spot loans, revolving loans, current account loans, foreign exchange earning loans, vehicle loans and investment loans in Turkish Lira, Dollar, Euro and Sterling with interest rates varying every year. However, compared to the pre-Covid-19 outbreak period, it was observed that the level of bank loans used by accommodation companies first decreased, but then increased again.

Does the Shield Effect of CSR Work in Crises? Evidence in Korea

This paper investigates the impact of corporate social responsibility (CSR) on shareholders' wealth during market downturn, focusing on the market crash caused by the COVID-19 pandemic and its aftermaths. We evaluate the relationship between firms' CSR and stock returns using a sample of 803 firms listed on the Korean stock market. The results of our study reveal that firms' pre-crisis CSR activities do not protect shareholders' wealth during the crisis;in fact, they negatively affected stock returns during the COVID-19 crisis. This finding is consistent across several robustness tests and challenges the prevailing notion that CSR is solely a philanthropic endeavor. This study suggests that firms need to reconsider their CSR approach in order to better align it with shareholders' interest.

The impact of Covid-19 on consumer behaviour – lessons to be learnt from the Latin America real estate shopping centre sector

Purpose: The aim of this Real Estate Insight is to comment upon the impact of Covid on the shopping centre sector in the United States of America (USA) and lessons the USA can learn from Latin American shopping centres to survive and thrive. Design/methodology/approach: This Real Estate Insight will comment upon the real estate shopping centre sector. The nature of the "Insights” briefings mean that this is a personal view of the author based on her visit to over 70 shopping centres in Latin America, specifically Brazil, Peru, Chile, Argentina and Paraguay during her 2022 sabbatical. Findings: This paper looks at shopping centre industry in a transitional post-Covid 19 marketplace and concludes that the shopping centres in Latin American have taken many steps to integrate themselves into the fabric of the community. Practical implications: The lessons learnt by owners of shopping centres in Latin America may help other investors with their management strategies in other centres globally. Social implications: Shopping is all about behaviour and social interaction. Vibrant centres encourage the community to use the centre as a focal point. Originality/value: The value is to suggest strategies to help the shopping centre sector adapt, re-engineer change and thrive through challenging times. © 2023, Emerald Publishing Limited.