Concept Drift Adaptation Methods under the Deep Learning Framework: A Literature Review

With the advent of the fourth industrial revolution, data-driven decision making has also become an integral part of decision making. At the same time, deep learning is one of the core technologies of the fourth industrial revolution that have become vital in decision making. However, in the era of epidemics and big data, the volume of data has increased dramatically while the sources have become progressively more complex, making data distribution highly susceptible to change. These situations can easily lead to concept drift, which directly affects the effectiveness of prediction models. How to cope with such complex situations and make timely and accurate decisions from multiple perspectives is a challenging research issue. To address this challenge, we summarize concept drift adaptation methods under the deep learning framework, which is beneficial to help decision makers make better decisions and analyze the causes of concept drift. First, we provide an overall introduction to concept drift, including the definition, causes, types, and process of concept drift adaptation methods under the deep learning framework. Second, we summarize concept drift adaptation methods in terms of discriminative learning, generative learning, hybrid learning, and others. For each aspect, we elaborate on the update modes, detection modes, and adaptation drift types of concept drift adaptation methods. In addition, we briefly describe the characteristics and application fields of deep learning algorithms using concept drift adaptation methods. Finally, we summarize common datasets and evaluation metrics and present future directions.

Performance of IPOs During Covid-19 Pandemic and Factors Affecting Investors' Perception

Initial Public Offering (IPO) is a fund-raising tool through which a company gets listed for the first time under SEBI regulation and issues IPOs to raise funds from the public. The shift from a privately-owned to a publicly-owned firm via an IPO is the most significant event in a company's life (Pagano et al., 1998). In an IPO investment, there is limited historical data to analyze and predict the future performance of the company;hence it becomes a risky investment for the investors as they cannot predict how the shares will perform in the future. Most companies that go for an IPO are in the growth or expansion phase so it becomes more difficult to predict their market position and performance in the future, which leads to uncertainty in deriving their future value. Also, most IPOs are of companies going through a transitory growth period, and are therefore subject to additional uncertainty regarding their future value. This study analyzes the performance of the IPOs issued during the Covid-19 pandemic, when the markets across the world faced massive disruptions. The IPOs from various sectors like finance, technology, service, infrastructure, food, pharmaceutical and information technology were considered for the study. The study also analyzes the factors affecting investor perception towards investment in an IPO. The study considered the IPOs issued during the pandemic, and their performance on the listing day was measured by considering issue price, listing price and closing price. It was observed that 90% of the IPOs selected performed well during the listing day and 10% underperformed. It was also found that factors like company brand, company sector, fundamental analysis, company ratings, expert opinion and stock market conditions had a positive impact on the investors' decision to invest in an IPO. The study also revealed that factors like risk factor in primary market, returns on IPO on the listing day and Gray Market Premium have no significant impact on the investors' perception.

Smart Healthcare: Future Applications & Challenges

After the outbreak of corona virus, all counties are paying special attention to their healthcare infrastructure. During second phase of covid-19, entire world has seen health care crisis. Large number of people died globally. Entire world was affected mentally or physically. There is a great need to strengthen the healthcare infrastructure, to vaccinate the population against covid virus infection and to take proper precaution to avoid spread of the virus, so that the world will not see such deadly days again. This paper discusses how technologies like Internet of Things (IoT), Artificial Intelligence (AI), Drones etc can help in remote monitoring of patients, judicious hospital admission, conscious distribution of lifesaving drugs etc. Investment in technology with not only help in the reduction of spread of the virus but will also help in fighting with all other future pandemics. All the countries must have to invest more on latest technologies in their healthcare to make themselves ready for such future pandemics. When the things will improve, the new normal will be very much different from the life that was before pandemic. IoT, AI and other technologies will become the non-separatable part of our life. © 2023 Bharati Vidyapeeth, New Delhi.

Innovative and Informative Provision for the Economic Security of Enterprises under COVID-19 challenges

The COVID-19 pandemic, in the current conditions of globalization challenges, turned out to be one of the general reasons for a significant decrease in the level of economic security of economic systems, including at the level of companies. This updates the issue of guaranteeing the economic security of companies. The study aims to develop the conceptual and methodological foundations of the innovative and investment provision of the economic security of companies in the conditions of the challenges of COVID-19. The methodological principles of innovative and informative provision of the economic security of companies are based on a systemic approach, which allows considering the company as an open system in which economic security is one of the determining subsystems. It has been shown that the economic security of the company must ensure the achievement of the socio-economic goals set for the company in the conditions of the challenges of the COVID-19 pandemic, protecting the company from adverse factors and the negative impact of internal and external changes. It is emphasized that innovation is a determining factor of the economic development of the company, and therefore of economic security. The staggering of systematic steps to make management decisions is suggested to ensure the economic security of the company in the conditions of the challenges of COVID-19.

Africa's Air Transport Infrastructure: Challenges, Complexities and Opportunities

African aviation has witnessed steady growth pre-COVID and as result of increased demand for air travel, there is an urgent need to improve the air transport infrastructure. This chapter examines the underlining complexities and challenges that are undermining the African region's propensity to exploit its growth trajectory. The chapter explores multiple differences in regional airport infrastructure. Infrastructure is considered a key component of the investment climate, reducing costs of doing business and enabling people to access markets. In general, Africa, by every measure of infrastructure coverage, lags behind their peers in other parts of the developing world. Poor infrastructure of most African airports is seen as a principal reason why the region continues to struggle to fulfil its undoubtedly economic potential. These infrastructure problems can hardly be solved due to limited financial resources and will therefore consequently lead to retaining infrastructure problems. The chapter proposes a series of blueprint measures in order to galvanize Africa's growth potential within air transport development. This calls for speeding up privatization and allowing more private equity investments to support air infrastructure improvements. The most desired option to finance airport infrastructure would be the Public–Private Partnership (PP). However, on the local level, banks have relative weak capital coffers, which also limit access to infrastructure capital loans. Investors see some underlining risks in financing airport projects in Africa, namely uncertainty related to forecasts of passenger growth numbers. Other risks are embedded in currency markets, whereby most domestic airport infrastructure with project revenues is generated in local currencies, but servicing foreign debt and equity involves payment in foreign currency. The chapter finally examines the impact of COVID-19 on airport operations. From 2019 to 2021, airports were severely affected by the global pandemic causing massive loss of revenues for both airport operators and airlines. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Looking Ahead to Factors Shaping Market Activity

According to EY's 23rd edition of its Global Capital Confidence Barometer, 89% of life sciences executives saw a drop in profits in 2020, with two-thirds saying they cancelled or failed to complete a planned acquisition (1). According to PwC, biotech acquisition activity in the US $2-$10 billion (€1.7-€8.5 billion) range is accelerating, and funding will continue to trend as well, with companies looking for strategic deal making and partnership opportunities (6). According to the government's impact assessment, up to 1800 transactions could be notified each year (11). [...]any transactions since 12 November 2020 could be eligible to be called for review retrospectively, so there is the possibility that a deal that has already been completed may be subject to intervention (11).

Essays in economic policy and human behavior

This dissertation is composed of three chapters. While the chapters pertain to very different contexts, an overarching theme is the analysis of human behavior in response to policies that are inherently economic.The first chapter is the product of joint work with Justin Holz and Rafael Jimenez Duran. It studies repugnance towards price gouging. Emergencies like natural disasters or pandemics trigger sharp price increases for essential products. Anti-price gouging laws are ubiquitous and people take costly actions to report violators to law-enforcement agencies, which suggests that they value punishing sellers that spike prices in these situations. This chapter uses a field experiment to understand individuals' willingness to report sellers who increase the price of personal protective equipment at the height of the COVID-19 pandemic. We argue that reporting decisions contain information about repugnance to price gouging and find that willingness to pay to report is non-trivial and heterogeneous. We also find evidence that repugnance is partly due to distaste for seller profits, depending on the product. These results suggest that regulation discussions would benefit from incorporating repugnance into welfare and from addressing products separately.The second chapter focuses in the use of temporary driving restrictions as a tool for air quality management in Mexico City. Road congestion is understood to be a major source of urban air pollution and is also associated with other large non-health-related costs. Millions of people live in cities in which the number of cars on the road is controlled by allowing or prohibiting the use of a car on a given day depending on its license plate number. The empirical evidence available suggests little benefit from these programs;the policy increases the marginal cost of using the road for some users while decreasing it for others and incentivizes the acquisition of extra vehicles. This chapter studies the effect of temporary increases in the stringency of the restrictions as an add-on policy intended to alleviate extreme pollution events. The increased restrictions are triggered by Ozone levels surpassing a pre-specified threshold. This, coupled with the fact that said threshold was modified several times between 2005 and 2018, allows us to identify the effect of the policy. We document a sizable increase in the average speed of cars in the city during restricted days. This suggests the policy does alleviate congestion. We also observe a reduction on Carbon Monoxide and Ozone concentration, but these results are not robust to changes in the specification's functional form. While we cannot explicitly quantify welfare effects, the minor improvements are unlikely to compensate the major disruption in the commuter network without serious investment in public transit alternatives.The third chapter, co-authored with Enrique Seira and Alan Elizondo, investigates the role of information disclosure on financial markets as tool for consumer protection. We implement a randomized control trial in the Mexican credit card market for a large population of indebted cardholders and measure the impact of disclosures of interest rate and time required to pay outstanding debt on default, indebtedness, account closings, and credit scores;these disclosures are required by law in the United States. We also test the effect debiasing warning messages and social comparison information has on the same outcomes. We find that providing salient interest rate disclosures had no effects, while comparisons and debiasing messages had only modest and short-lived effects at best. We conduct extensive external validity exercises in several banks, with different disclosures, and with actual policy mandates. We conclude the null result is robust. (PsycInfo Database Record (c) 2023 APA, all rights reserved)

Earnings management and issue characteristics: an empirical analysis of IPOs in India

PurposeThis study aims to examine earnings management around initial public offerings (IPOs) in India. It also explores the influence of issue characteristics on earnings management around the IPOs.Design/methodology/approachA sample of 511 IPOs that came during April 2003-March 2019 is studied for calculating earnings management for pre-issue, issue and post-issue years. Using Cross-Sectional Modified Jones Model, the paper presents earnings management on the basis of three proxies i.e. discretionary accruals, discretionary current accruals and discretionary long-term accruals. The influence of issue characteristics on earnings management practised around the IPOs is also observed through correlation and multiple regression analysis.FindingsThe paper finds that earnings management is abnormally high during the issue year compared with pre-issue and post-issue years. It also unveils that profitability, premium, age, and size of the issuer significantly determine the level of pre-issue and issue year earnings management practised by Indian IPO issuers.Research limitations/implicationsThe findings are useful to stakeholders (potential investors, analysts and regulators) to observe, assess and understand the quality of financial numbers that are based on fallacious disclosure of accounting figures. It provides insight into the possibilities of managed earnings around the issue that could influence investors' decision-making. Further, the study reflects the efficacy of Indian regulatory norms for IPOs.Originality/valueTo the authors' knowledge, it is the only Indian study that had used an extensive data set of about two decades to calculate earnings management during pre-issue, issue and post-issue years. The uniqueness of the study further lies in three proxies of earnings management representing short-term and long-term accruals. Moreover, it is the first study to observe the influence of IPO issue characteristics on earnings management.

Current Trends in the ESG Bond Market

The relevance of the research topic is confirmed by the statistics of increasing volumes of responsible investment, the annual improvement of the regulatory framework within the concept of sustainable development, and the reports of the World Economic Forum on critical global risks. In this paper, the author puts forward hypotheses on the interrelation of inflation rates, military expenditures, and dynamics of COVID-19 pandemic diseases with the volume of ESG bonds issue, examining their attractiveness at present, when the leaders of most countries give preference to short-term stability. The research aims to analyze the dynamics of the ESG bond market. The scientific novelty of this research is that the author reveals the correlation of dependence and statistical significance between indicators of green investments and inflationary pressure, military expenditures of countries, and COVID-19 incidence. Moreover, global trends of ESG bonds market development are determined. The research methods include conceptual and empirical research methods, a set of methods of economic and statistical analysis, and the analysis of literary and electronic sources. The research shows a direct rather than inverse correlation between green bonds and military spending. This means that governments are indeed concerned about the environment and the consequences of military action, which offers hope for further positive trends in ESG bond issuance. Additionally, it is found that COVID-19 disease rates have no influence on the dynamics of ESG bond issuance in 2022. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Alternative Energy Investments as a Part of Global Smart Green Innovations

Concerns about the global environmental situation are leading to a search for new climate solutions, one of which is to stimulate an energy transition at the global level by expanding the use of alternative energy sources and introducing smart energy-saving technologies. Significant financial resources are needed for this purpose. Therefore, it is vital to assess the prospects for alternative energy in the post-COVID economy by analyzing the current state of this segment of the global energy market and the impact of the COVID-19 pandemic on it. The research uses statistical data from the World Bank, the International Energy Agency, and Bloomberg Information and Analysis Agency. The authors apply the methods of retrospective and comparative analysis and the least squares method. The analysis showed the growing importance of alternative energy, especially in developed countries, the serious impact of global energy inflation, and the favorable prospects for renewable energy sources in general. The study has drawn conclusions about the possibility of increasing investment in alternative energy. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

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.

BIST Tourism and BIST Electricity Index Relationship

In this study, which is based on daily data, the relationship between BIST electricity index and BIST tourism index was measured between 2012:M9 – 2022:M9 periods. The aim of the study is to measure the relationship between BIST electricity index and BIST tourism index. VAR Granger causality test was applied to determine whether there is any causal relationship between the variables. It has been determined as a result of the analysis that the BIST electricity index has no effect on the BIST tourism index. Two-way ineffectiveness was determined among the variables. In addition, it was obtained as a result of the analysis that the applied correlation relationship was weak between these variables. The results obtained from the study are important in terms of measuring the effects among BIST indices.

The Moderating Effects of Corporate Social Responsibility on Corporate Financial Performance: Evidence from OECD Countries

This study aims to investigate the nature and intensity of the changes in corporate financial performance due to the corporate social responsibility (CSR) disclosures as a result of certain relationships between corporate governance and company performance in the non-financial sector. This study selected 625 non-financial companies across six organizations for economic cooperations (OECD) countries' stock markets for the period of 10 years (2012–2021). For this qualitative study, corporate governance, financial performance, and corporate social responsibility score data were collected from the DataStream, a reliable database for examining the research on OECD countries' listed companies. For the data analysis we applied various statistical tools such as regression analysis and moderation analysis. The findings of the study show that all attributes of the corporate governance mechanism, except for audit board attendance, have significant positive impacts on financial performance indicators for all the selected OECD economies except the country France. France's code of corporate governance has a significant negative impact on return on asset (ROA) and return on equity (ROE) due to differences in cultural and operational norms of the country. The audit board attendance has no significant impact on ROA. Moreover, all the attributes except board size (BSIZ) have significant positive impacts on the earnings per share (EPS) in Spain, The United Kingdom (UK) and Belgium. The values obtained from the moderation effect show that Corporate social responsibility is the key factor in motivating corporate governance practices which eventually improves corporate financial performance. However, this study advocated the implications, Investors and stakeholders should consider both corporate governance and CSR disclosures when making investment decisions. Companies that prioritize both governance and CSR tend to have better financial performance and are more likely to mitigate risks. Moreover, the policy makers can improve the code of corporate governance in order to attain sustainable development in the stock market.

Real Estate Insights The continuing uncertainty of property investment markets – an outlook for the UK in 2023

PurposeThe aim of this Real Estate Insight is to comment upon the outlook for real estate investment in the United Kingdom (UK) at the beginning of 2023 in light of global inflation brought about by the pent-up post-pandemic demand push for goods and services and the exacerbation of the Ukraine/Russia conflict.Design/methodology/approachThis Real Estate Insight will comment upon changes in the investor's view of the UK economy and the relative attractiveness of the different property sectors and the shift in thinking post-pandemic.FindingsThis paper will consider a number of scenarios and possibilities flowing from the current uncertainties in the property market and the wider economy.Practical implicationsAs with all property investment, the value and performance of the property assets is interlinked with the use and demand of different property types. Understanding the supply and demand drivers provides investors with a reasoned conjecture of how the property market may perform going forward.Originality/valueThis is a review of the UK market in relation to post-COVID-19 changes to supply and demand at both an operational and investment level.

Financial investments of the dominant cruise companies as a component of the global economic recovery and eventual growth during COVID-19 crisis era

One of the most important sectors of tourism globally is cruise tourism, as is giving a leisure experience to cruisers who are traveling across different destinations. It is also one of the most growing sectors in the tourism industry as is becoming increasingly popular. In this review study, conducted employing thematic analysis and thematic synthesis, the authors aim to approach the COVID-19 crisis era financial investments of dominant cruise companies as a component of global economic growth. Nowadays, the cruise industry operates big cruise ships as is contrary to the cruise industry back in 1960s. This study finds that the biggest cruise companies line up investment plans to renew their cruise fleet with larger, more modern, and environmentally friendly ships, borrowing from favorable financing sources. In other words, the companies are trying to introduce specific strategies to maintain their business growth, by investing in building new vessels with the target of expanding their current fleet with cruise ships with better capacity.

The Bank of Japan's exchange traded fund purchases: a help or hindrance to market efficiency?

We examine the impact of the Bank of Japan's exchange traded fund (ETF) purchases on two aspects of market efficiency—long-range dependence and price delay—of the TOPIX and Nikkei 225 indices. An increase in ETF purchases results in lower long-range dependence for both indices while the impact on the price delay varies according to index and measure. A sub-period analysis shows that the impact on market efficiency varies over time, with the dominant pattern being a delayed harmful effect, followed by a positive impact and thereafter a negative effect. The implications of these findings are discussed.

Reflections on ecotourism in the municipality of Rancharia (SP, Brazil): possibilities and challenges

Tourists' preference for ecological attractions was boosted in the post-Covid-19 period and reinforced the importance of ecotourism around the world, with the appreciation of domestic trips to destinations marketed as sustainable. Therefore, the general objective of this article is to reflect on potentialities and challenges for ecotourism in the municipality of Rancharia (SP, Brazil). It should be noted that Rancharia is part of the "Sol do Oeste" and "Oeste Rios" Circuits, so there is a regional articulation focused on a tourism policy. The research methodology consisted of a theoretical review on the topic of ecotourism, tourism planning and tourism sustainability, highlighting study concepts and perspectives. Documents provided by the municipal government were consulted, such as the Master Plan, the Master Plan for Tourism Development and the Urbanistic and Environmental Master Plan. To complement the analyses, an interview was conducted with the Director of the Municipal Department of Tourism, the main activity management sector on a local scale. The results show that Rancharia has the potential to perpetuate ecotourism practices, especially when it is verified the presence of expressive natural resources in its territory and the title of Municipality of Tourist Interest (MIT) conquered in 2007, when it started to receive funds for investments in infrastructure tourism, as well as resources from the Improvement Fund for Tourist Municipalities to benefit the activity. On the other hand, the challenges are related to the opening of private properties to public visitation, as they have natural attractions that already motivate flows of people, however, they also lack investments in infrastructure for access and permanence of visitors. Likewise, it is necessary to sensitize the community to the value of ecotourism as an alternative to socioeconomic development. From this, it would be possible to structure an ecotourism itinerary with an emphasis on practices and leisure activities in contact with nature, attracting more tourist flows to the municipality.

Modeling Oil shocks–Green Investments Nexus: A Global Evidence Based on Wavelet Coherence Technique

This study investigates the interdependence between oil shocks and green investments over time and frequency domains. Using the wavelet coherence approach, our results show evidence of bidirectional causality between all the variants of oil shocks and green investments around the global financial crisis and the 2014-2016 oil crisis. Economic activity shocks significantly Granger-cause green investments during the COVID-19 pandemic. © 2023, Asia-Pacific Applied Economics Association. All rights reserved.

The impact of risk-taking and auditor characteristics on value creation in pre-Covid 19 and post-Covid 19 pandemic: MRN

PurposeThis study aims to investigate the impact of risk-taking and auditor characteristics on value creation in companies listed on the Tehran Stock Exchange. In addition, it investigates the moderator role of auditor characteristics in the impact of risk-taking on value creation, especially in pre-Covid 19 and post-Covid 19 pandemic.Design/methodology/approachThe information about 199 company in 2014–2021 was examined. In the present study, in accordance with the related theoretical literature and the importance of auditor specialization, auditor tenure and auditor reputation, these factors were considered as the auditor characteristics.FindingsThe present findings based on the generalized least squares (GLS) method showed that risk-taking positively affects the value creation. The auditor characteristics (auditor specialization, auditor tenure and auditor reputation) have a significant positive effect on the value creation. Furthermore, the auditor characteristics enhance the impact of risk-taking on value creation. The results of generalized method of moments method and robust regression analysis are consistent with the GLS results. To take into account the Covid-19 conditions, the data were divided into pre-Covid-19 and post-Covid-19 years. The results showed that auditor characteristics moderate the impact of risk-taking on value creation in pre-Covid 19 and post-Covid 19.Originality/valueThe study highlights the role of auditor characteristics in the value creation, especially in the emerging market. Given that Covid-19 has seriously damaged global economic well-being and has put companies at a double risk, the present findings can be useful for managers, investors and the international community, and help company managers make risk-taking policies and select auditors with appropriate characteristics.

Portfolio performance implications of investment in renewable energy equities: Green versus gray

The Sustainable Development Goals of the United Nation and interest by investors in Environmental, Social and Governance (ESG) investment strategies have caused a rapid shift to the green or renewable energy sector, from traditional or gray (oil, gas, and coal) energy companies. In this study, we examine whether and to what extent, financially speaking, there is a price to pay for investing in renewable energy sector equity. Moreover, we seek to determine whether green investments can be considered a hedge during times of financial stress. We find that alphas from investments in a portfolio of gray (overall energy sector) stocks and versus a portfolio of renewable energy equities during an exogenous, non-financial shock-the COVID-19 pandemic-and during non-crisis periods did not differ statistically. However, the renewable energy index showed higher idiosyncratic volatility than the energy index, as expected. The results are robust to alternative model specifications. From a practical perspective, our results are informative in that they provide insights into the tradeoffs associated with renewable energy investments. In particular, risk-adjusted returns to a renewable energy portfolio may be affected by greater idiosyncratic risk.