Gambling preference, information risk, and the pricing of bank loans

Our study explores the effect of local gambling preferences (LGP) on bank loan pricing, revealing that lenders impose significantly higher interest rates on firms situated in areas characterized by stronger gambling tendencies. Our results remain robust after conducting a series of sensitivity tests that account for firm-, county-, and loan-specific attributes, as well as several identification robustness checks. Specifically, our relocation analysis shows that firms moving to areas with higher (lower) gambling preferences experience higher (lower) costs of bank loans compared to control groups. Our channel analysis further reveals that local gambling preferences exacerbate a firm's information risk environment, as captured by poorer earnings quality, heightened earnings risk, and greater managerial concealment of bad news, resulting in higher borrowing costs. Finally, we observe that firms in areas with higher LGP encounter more stringent non-price loan terms. However, institutional ownership and the threat of takeovers significantly mitigate the adverse effect of LGP on bank loan pricing

An integrative review of parent education approaches in sport: Considerations for program planning and evaluation

In recent years, there has been an increase in the delivery and evaluation of parent education programs within youth sport. Subsequently, some recent reviews of these programs have been conducted. However, one consistent issue across many of the programs and associated review papers is the lack of an appropriate evaluation framework to guide the planning or associated reporting of the outcomes of the interventions. This has limited understanding of the overall impact of sport parenting interventions. Thus, the purposes of the current study were: a) to identify commonalities in the reporting and evaluation of parent education programs; b) to identify gaps in the reporting and evaluation of parent education programs; c) draw these insights together to provide suggestions regarding how the RE-AIM could be used to enhance planning and evaluation of evidence-based programs for parent education in sport. Specifically, utilising the RE-AIM framework to provide insights into pertinent evaluation metrics, this integrative review aimed to identify commonalities and gaps in the reporting of parent education programs. The RE-AIM framework considers the essential elements to assess the external and internal validity of interventions through five dimensions: Reach, Effectiveness, Adoption, Implementation, and Maintenance (Glasgow et al., 1999). Subsequently, the review aimed to provide suggestions regarding strategies to enhance the planning and evaluation of evidence-based programs for parent education in sport. Overall, the analysis demonstrated that most studies presented some pertinent evaluation information related to the REAIM framework, such as the number of participants and contacts made, the measures used, and the program level. However, the studies also lacked information on participant exclusion criteria, the method used to select the delivery agent (e.g., parents engaged in the program), and cost measures. Overall, the current study identified various areas where programs could be enhanced, specifically related to reporting procedural elements (e.g., program design, target population, costs) pertaining to the implementation of parent education programs

Co-creating experiences through the use of arts in social work education

The inclusion of citizens in social work education was initiated over 30 years ago and continues to travel a ‘long and winding road’. Social work education in the UK faces increasing pressure from a range of stakeholders including citizens who use services, regulatory bodies and the media to demonstrate that newly qualified social workers are competent and uphold public trust. While social work education and practice within England and Wales draw on similar traditions in theory and practice, there are important differences in the national and institutional frameworks within which they operate. This article illustrates some of these differences through a focus on social work education provision in one English and one Welsh university. Drawing on the experience and views of the student participants, we examine the benefits of creative approaches that promote citizen involvement and suggest how European traditions can contribute to this process. We define key terms and summarize the literature, followed by presentation of the results and identification of the key learning. We identify that emancipatory models of education can encourage recognition of learners’ different strengths and can help to assist social work students’ readiness for practice. Finally, we acknowledge the need for cost-benefit outcomes research into if and how citizen coproduction influences subsequent service delivery

An Empirical Study on Public Sector versus Third Sector Circular Economy-Oriented Innovations

Extensive research has explored organisational dynamics across various sectors in relation to circular economy (CE) innovation practices. However, a critical gap exists in understanding CE innovation activities in the public sector versus the third sector. This distinction is crucial as the third sector’s role in CE innovation is growing, necessitating tailored policies instead of homogenous integration into public sector-based approaches. We address this gap by focusing on nuanced comparisons between the public and third sectors, delving into the motivations and constraints surrounding CE innovations across these different sectors. Employing an exploratory sequential design, we integrate qualitative insights from 12 interviews with quantitative measures derived from 153 survey responses within CE innovation communities. The findings reveal subtle yet significant disparities in innovation activities between the public and third sectors within a CE innovation community. Notably, cost factor differences related to the availability of finance and knowledge factors associated with the lack of information on technology emerge. This research contributes evidence-based insights, offering practitioners and policymakers a nuanced understanding of the motivations and constraints of circular economy innovation. These findings can be instrumental in steering the transition towards a more sustainable and circular economy, emphasising the need for tailored strategies rather than a one-size-fits-all approach

Caffeine ingestion compromises thermoregulation and does not improve cycling time to exhaustion in the heat amongst males

Purpose: Caffeine is a commonly used ergogenic aid for endurance events; however, its efficacy and safety have been questioned in hot environmental conditions. The aim of this study was to investigate the effects of acute caffeine supplementation on cycling time to exhaustion and thermoregulation in the heat. Methods: In a double-blind, randomised, cross-over trial, 12 healthy caffeine-habituated and unacclimatised males cycled to exhaustion in the heat (35 °C, 40% RH) at an intensity associated with the thermoneutral gas exchange threshold, on two separate occasions, 60 min after ingesting caffeine (5 mg/kg) or placebo (5 mg/kg). Results: There was no effect of caffeine supplementation on cycling time to exhaustion (caffeine; 28.5 ± 8.3 min vs. placebo; 29.9 ± 8.8 min, P = 0.251). Caffeine increased pulmonary oxygen uptake by 7.4% (P = 0.003), heat production by 7.9% (P = 0.004), whole-body sweat rate by 21% (P = 0.008), evaporative heat transfer by 16.5% (P = 0.006) and decreased estimated skin blood flow by 14.1% (P 0.05). Conclusion: The greater heat production and storage, as indicated by a sustained increase in core temperature, corroborate previous research showing a thermogenic effect of caffeine ingestion. When exercising at the pre-determined gas exchange threshold in the heat, 5 mg/kg of caffeine did not provide a performance benefit and increased the thermal strain of participants

Treatment of Emerging Contaminants in Wastewater by Advanced Oxidation Processes

This study evaluated the effectiveness of ozonation and activated carbon for the degradation and removal of three main emerging contaminants (ECs) in wastewater; fluoranthene (FLT), di (2- ethyl hexyl) phthalate (DEHP) and cypermethrin (CYM). The effects of key semi-batch ozonation parameters related to gas-liquid mass transfer and reaction kinetics were identified for all contaminants. The degradation rates were evaluated in solutions of DI water, using concentration change of ozone and EC versus time. With an ozone gas concentration of 20 g/m3 NTP, the change in concentration from an initial concentration of 0.05 mg/L over time was measured using HPLC. To decrease by 75 %, it took less than a minute for FLT, two minutes for DEHP and six minutes for CYM. The adsorption of the emerging contaminants with granulated activated carbon (GAC) were evaluated in solutions of DI water at an initial concentration of 1 mg/L. For the decrease in concentration of 60 %, the time for each contaminant varied. For FLT this was achieved in 5 minutes, DEHP was decreased within 20 minutes, and it took CYM 20 minutes to reach this decrease. The effects of ozonation and adsorption onto GAC were also investigated in samples of final wastewater effluent

Antecedents of memorable heritage tourism experiences: an application of stimuli–organism–response theory

Purpose: Based on stimulus-organism-response theory, this study develops and tests a model of memorable heritage tourism experiences. The model proposes that experiencescape, experience co-creation, education and photography are important antecedents of memorable heritage tourism experiences, which is then a driver of place attachment. Design/methodology/approach: Data for this study were collected using a web-based questionnaire of people aged 18 years and over who had a heritage tourism experience during the previous three months (February–April 2023). The survey was distributed in May 2023 using Amazon Mechanical Turk. A survey link was posted on MTurk, which remained active for the first week of May 2023. Out of the 283 responses received, 272 were valid responses from individuals who met the participation criteria. Findings: Experiencescape, experience co-creation, education and photography were found to be positive drivers of the memorable heritage tourism experience, with a positive relationship between memorable heritage tourism experience and place attachment. Originality: Many studies linked to memorable tourism experience mainly replicate Kim et al.’s (2012) memorable tourism experience scale, regardless of the specific study context. This study offers an alternative framework through which alternative antecedents and outcomes of tourists’ memorable tourism experiences can be identified

Asymmetric dependency among US national financial conditions and clean energy markets

This paper examines the relationship between the US National Financial Conditions Index (NFCI) and the clean energy industry using quantile and frequency connectedness, cross-quantile, and wavelet quantile correlation (WQC) techniques. Results reveal (a) a stronger dependence between the NFCI and clean energy under bullish market states. Moreover, the total connectedness between the NFCI and clean energy mostly exhibits time-varying characteristics. In particular, clean energy has a greater spillover effect than the NFCI. (b) Dynamic frequency total connectedness at extreme quantiles provided a more comprehensive view of structural shocks in financial markets, and major crises, such as COVID-19, significantly amplified this connectedness. Overall, the WilderHill Clean Energy Index and the NASDAQ OMX Renewable Energy Index demonstrate substantial potential for hedging financial conditions. (c) The cross-quantile correlation results revealed an asymmetric dependency, demonstrating a sustained significant positive relationship between the NFCI and clean energy index (CEI) across the relative higher quantiles and middle quantiles. The WQC showed that the NFCI and specific CEIs tended to exhibit the strongest positive correlations in nonextreme quantiles and lower frequencies. These results can be of considerable interest to various financial market participants

Initial insights from Innovation Strategy development in Wales (EIE-135)

This paper presents insights from emerging work to support the development of a Culture of Innovation in Wales. The region has been subject of much public policy debate, not least for Innovation Policy during the 20 years since a previous Welsh Government Innovation Strategy. This work focuses on how innovation culture intersects with government policy to develop and implement the Innovation Strategy across all sectors of WG responsibility. The co-production approach adopted by WG presents an open approach to public policy, informed through written submissions, public events, and other stakeholder-specific fora. Drawing upon themes from academic literature and those identified and explored through the consultation, the paper explores the level of alignment between stakeholders and the potential actions to enhance conditions for innovation within Wales. The Wellbeing of Future Generations (Wales) Act 2015 provides a unique context for this work, which resonates with the United Nations Sustainable Development Goals. It forms part of a broader and longer-term study intended to support the refinement and delivery of the Innovation Strategy. Keywords: Innovation, Public Policy, Wales, Strateg