Asset Pricing, Investment, and Trading Strategies

Asset pricing, investment, and trading strategies are very important in finance. They are useful in various situations, for example, supporting the decision-making process of choosing investments; determining the asset-specific required rate of return on the investment; pricing derivatives for trading or hedging; getting portfolios from fixed incomes or bonds, stocks, and other assets; evaluating diverse portfolios; determining macroeconomic variables affecting market prices; calculating option prices; and incorporating features such as mean reversion and volatility, etc. They can also be applied in financial forecast for assets, portfolios, business projects.Understanding, modeling, and using various asset pricing models, investment models, and models for different trading strategies is paramount in many different areas of finance and investment, including banking, stocks, bonds, currencies, and related financial derivatives. Different asset pricing models, investment models, and models for different trading strategies also allow us to compare the performances of different variables through the analysis of empirical real-world data.This Special Issue on "Asset Pricing, Investment, and Trading Strategies” will be devoted to advancements in the theoretical development of various asset pricing models, investment models, and models for different trading strategies as well as to their applications.The Special Issue will encompass innovative theoretical developments, challenging and exciting practical applications, and interesting case studies in the development and analysis of various asset pricing models, investment models, and models for different trading strategies in finance and cognate disciplines

Rapid radiation of Southern Ocean shags in response to receding sea ice

Understanding how natural populations respond to climatic shifts is a fundamental goal of biological research in a fast-changing world. The Southern Ocean represents a fascinating system for assessing large-scale climate-driven biological change, as it contains extremely isolated island groups within a predominantly westerly, circumpolar wind and current system. Blue-eyed shags represent a paradoxical seabird radiation—a circumpolar distribution implies strong dispersal capacity yet their species-rich nature suggests local adaptation and isolation. Here we attempt to resolve this paradox in light of the history of repeated cycles of climate change in the Southern Ocean

Nonreceding hare lines: genetic continuity since the Late Pleistocene in European mountain hares (Lepus timidus)

Throughout time, climate changes have caused substantial rearrangements of habitats which have alternately promoted and disfavoured different types of taxa. At first glance, the mountain hare (Lepus timidus) shows the typical hallmarks of a cold-adapted species that has retreated to refugia since the onset of the current Holocene interglacial. In contrary to expectations, however, the species has a high contemporary genetic diversity with no clear differentiation between geographically isolated populations. In order to clarify the phylogeographic history of European mountain hares, we here analysed ancient DNA from the glacial populations that inhabited the previous midlatitude European tundra region. Our results reveal that the Ice Age hares had similar levels of genetic variation and lack of geographic structure as observed today, and the ancient samples were intermingled with modern individuals throughout the reconstructed evolutionary tree. This suggest a temporal genetic continuity in Europe, where the mountain hares were able to keep pace with the rapid changes at the last glacial/interglacial transition, and successfully track their shifting habitat to northern and alpine regions. Further, the temporal demographic analyses showed that the species’ population size in Europe appear to have been tightly linked with palaeoclimatic fluctuations, with increases and declines occurring during periods of global cooling and warming, respectively. Taken together, our results suggest that neither habitat shifts nor demographic fluctuations have had any substantial impact on the genetic diversity of European mountain hares. This remarkable resilience, which contrasts to a majority of previously investigated cold-adapted species, is likely due to its generalist nature which makes it less vulnerable to environmental changes

Utilizing an Adaptive Neuro-Fuzzy Inference System (ANFIS) for overcrowding level risk assessment in railway stations

The railway network plays a significant role (both economically and socially) in assisting the reduction of urban traffic congestion. It also accelerates the decarbonization in cities, societies and built environments. To ensure the safe and secure operation of stations and capture the real-time risk status, it is imperative to consider a dynamic and smart method for managing risk factors in stations. In this research, a framework to develop an intelligent system for managing risk is suggested. The adaptive neuro-fuzzy inference system (ANFIS) is proposed as a powerful, intelligently selected model to improve risk management and manage uncertainties in risk variables. The objective of this study is twofold. First, we review current methods applied to predict the risk level in the flow. Second, we develop smart risk assessment and management measures (or indicators) to improve our understanding of the safety of railway stations in real-time. Two parameters are selected as input for the risk level relating to overcrowding: the transfer efficiency and retention rate of the platform. This study is the world’s first to establish the hybrid artificial intelligence (AI) model, which has the potency to manage risk uncertainties and learns through artificial neural networks (ANNs) by integrated training processes. The prediction result shows very high accuracy in predicting the risk level performance, and proves the AI model capabilities to learn, to make predictions, and to capture risk level values in real time. Such risk information is extremely critical for decision making processes in managing safety and risks, especially when uncertain disruptions incur (e.g., COVID-19, disasters, etc.). The novel insights stemmed from this study will lead to more effective and efficient risk management for single and clustered railway station facilities towards safer, smarter, and more resilient transportation systems

Sustainability Assessment at the 21st century

The sustainability of the human society is endangered by the global human-ecological crisis, which consists of many global problems that are closely related to each other. In this phenomenon, the global population explosion has a central role, because more people have a larger ecological footprint, a larger consumption, more intensive pollution, and a larger emission of carbon dioxide through their activities.This book presents the current state of sustainability and intends to provide the reader with a critical perspective of how the 21st century societies must change their development model facing the new challenges (internet of things, industry 4.0, smart cities, circular economy, sustainable agriculture, etc.), in order to achieve a more liveable world

Mapping development and health effects of cooking with solid fuels in low-income and middle-income countries, 2000-18: a geospatial modelling study

Background: More than 3 billion people do not have access to clean energy and primarily use solid fuels to cook. Use of solid fuels generates household air pollution, which was associated with more than 2 million deaths in 2019. Although local patterns in cooking vary systematically, subnational trends in use of solid fuels have yet to be comprehensively analysed. We estimated the prevalence of solid-fuel use with high spatial resolution to explore subnational inequalities, assess local progress, and assess the effects on health in low-income and middle-income countries (LMICs) without universal access to clean fuels. Methods: We did a geospatial modelling study to map the prevalence of solid-fuel use for cooking at a 5 km × 5 km resolution in 98 LMICs based on 2·1 million household observations of the primary cooking fuel used from 663 population-based household surveys over the years 2000 to 2018. We use observed temporal patterns to forecast household air pollution in 2030 and to assess the probability of attaining the Sustainable Development Goal (SDG) target indicator for clean cooking. We aligned our estimates of household air pollution to geospatial estimates of ambient air pollution to establish the risk transition occurring in LMICs. Finally, we quantified the effect of residual primary solid-fuel use for cooking on child health by doing a counterfactual risk assessment to estimate the proportion of deaths from lower respiratory tract infections in children younger than 5 years that could be associated with household air pollution. Findings: Although primary reliance on solid-fuel use for cooking has declined globally, it remains widespread. 593 million people live in districts where the prevalence of solid-fuel use for cooking exceeds 95%. 66% of people in LMICs live in districts that are not on track to meet the SDG target for universal access to clean energy by 2030. Household air pollution continues to be a major contributor to particulate exposure in LMICs, and rising ambient air pollution is undermining potential gains from reductions in the prevalence of solid-fuel use for cooking in many countries. We estimated that, in 2018, 205 000 (95% uncertainty interval 147 000–257 000) children younger than 5 years died from lower respiratory tract infections that could be attributed to household air pollution. Interpretation: Efforts to accelerate the adoption of clean cooking fuels need to be substantially increased and recalibrated to account for subnational inequalities, because there are substantial opportunities to improve air quality and avert child mortality associated with household air pollution

Mapping development and health effects of cooking with solid fuels in low-income and middle-income countries, 2000–18: a geospatial modelling study

Background More than 3 billion people do not have access to clean energy and primarily use solid fuels to cook. Use of solid fuels generates household air pollution, which was associated with more than 2 million deaths in 2019. Although local patterns in cooking vary systematically, subnational trends in use of solid fuels have yet to be comprehensively analysed. We estimated the prevalence of solid-fuel use with high spatial resolution to explore subnational inequalities, assess local progress, and assess the effects on health in low-income and middle-income countries (LMICs) without universal access to clean fuels. Methods We did a geospatial modelling study to map the prevalence of solid-fuel use for cooking at a 5 km × 5 km resolution in 98 LMICs based on 2·1 million household observations of the primary cooking fuel used from 663 population-based household surveys over the years 2000 to 2018. We use observed temporal patterns to forecast household air pollution in 2030 and to assess the probability of attaining the Sustainable Development Goal (SDG) target indicator for clean cooking. We aligned our estimates of household air pollution to geospatial estimates of ambient air pollution to establish the risk transition occurring in LMICs. Finally, we quantified the effect of residual primary solid-fuel use for cooking on child health by doing a counterfactual risk assessment to estimate the proportion of deaths from lower respiratory tract infections in children younger than 5 years that could be associated with household air pollution. Findings Although primary reliance on solid-fuel use for cooking has declined globally, it remains widespread. 593 million people live in districts where the prevalence of solid-fuel use for cooking exceeds 95%. 66% of people in LMICs live in districts that are not on track to meet the SDG target for universal access to clean energy by 2030. Household air pollution continues to be a major contributor to particulate exposure in LMICs, and rising ambient air pollution is undermining potential gains from reductions in the prevalence of solid-fuel use for cooking in many countries. We estimated that, in 2018, 205 000 (95% uncertainty interval 147 000–257 000) children younger than 5 years died from lower respiratory tract infections that could be attributed to household air pollution. Interpretation Efforts to accelerate the adoption of clean cooking fuels need to be substantially increased and recalibrated to account for subnational inequalities, because there are substantial opportunities to improve air quality and avert child mortality associated with household air pollution.This study was funded by the Bill & Melinda Gates Foundation. L G Abreu acknowledges support from Coordenação de Aperfeiçoamento de Pessoal de Nível Superior—Brasil (Capes; finance Code 001), Conselho Nacional de Desenvolvimento Científico e Tecnológico, and Fundação de Amparo à Pesquisa do Estado de Minas Gerais. D A Bennett acknowledges support from the Oxford National Institute for Health Research (NIHR) Biomedical Research Centre (BRC). The views expressed are those of the author and not necessarily those of the NHS, the NIHR, or the UK Department of Health and Social Care. Z A Bhutta acknowledges support from the Institute for Global Health & Development at the Aga Khan University. F Carvalho acknowledges UID/MULTI/04378/2019 and UID/QUI/50006/2019 support with funding from FCT/MCTES through national funds. J-W De Neve is supported by the Alexander von Humboldt Foundation. S Dey acknowledges the support from the Centre of Excellence for Research on Clean Air, IIT Delhi. M Ausloos and C Herteliu are partly supported by a grant of the Romanian National Authority for Scientific Research and Innovation (project number PN-III-P4-ID-PCCF-2016-0084). C Herteliu is partly supported by a grant of the Romanian National Authority for Scientific Research and Innovation (project number PN-III-P2-2.1-SOL-2020-2-0351), the Romanian Ministry of Research Innovation and Digitalization (project number ID-585-CTR-42-PFE-2021), and the Romanian Ministry of Labour and Social Justice (30/PSCD/2018). M Jakovljevic acknowledges partial support through Grant OI 175 014 of the Ministry of Science Education and Technological Development of the Republic of Serbia. J S John acknowledges support from the Kunshan Government and China Center for Disease Control and Prevention. W Mendoza is a program analyst in population and development at the United Nations Population Fund country office in Peru, an institution that does not necessarily endorse this study. M N Khan acknowledges the support of Jatiya Kabi Kazi Nazrul Islam University, Bangladesh. K Krishan is supported by UGC Centre of Advanced Study (CAS II), awarded to the Department of Anthropology, Panjab University, Chandigarh, India. M Kumar acknowledges support (FIC/NIH funded K43 TW010716-04 study). B Lacey acknowledges support from UK Biobank, the NIHR Oxford Biomedical Research Centre, and the British Heart Foundation Oxford Centre of Research Excellence. B R Nascimento acknowledges support in part by CNPq (Bolsa de produtividade em pesquisa, 312382/2019-7), by the Edwards Lifesciences Foundation (Every Heartbeat Matters Program 2020) and by FAPEMIG (grant APQ-000627-20). A M Samy acknowledges the support from the Egyptian Fulbright Mission Program. M M Santric-Milicevic acknowledges the support of the Ministry of Education, Science and Technological Development of Serbia (contract 175087). A Sheikh acknowledges the support of Health Data Research UK. I N Soyiri acknowledges support from the University of Hull internal QR Global Challenges Research Fund. S B Zaman acknowledges receiving a scholarship from the Australian Government research training program in support of his academic career. Y Zhang was supported by Science and Technology Research Project of Hubei Provincial Department of Education (grant Q20201104) and Outstanding Young and Middle Aged Technology Innovation Team Project of Hubei Provincial Department of Education (grant T2020003).publishedVersio

Mapping development and health effects of cooking with solid fuels in low-income and middle-income countries, 2000–18: a geospatial modelling study

Background: More than 3 billion people do not have access to clean energy and primarily use solid fuels to cook. Use of solid fuels generates household air pollution, which was associated with more than 2 million deaths in 2019. Although local patterns in cooking vary systematically, subnational trends in use of solid fuels have yet to be comprehensively analysed. We estimated the prevalence of solid-fuel use with high spatial resolution to explore subnational inequalities, assess local progress, and assess the effects on health in low-income and middle-income countries (LMICs) without universal access to clean fuels. Methods: We did a geospatial modelling study to map the prevalence of solid-fuel use for cooking at a 5 km × 5 km resolution in 98 LMICs based on 2·1 million household observations of the primary cooking fuel used from 663 population-based household surveys over the years 2000 to 2018. We use observed temporal patterns to forecast household air pollution in 2030 and to assess the probability of attaining the Sustainable Development Goal (SDG) target indicator for clean cooking. We aligned our estimates of household air pollution to geospatial estimates of ambient air pollution to establish the risk transition occurring in LMICs. Finally, we quantified the effect of residual primary solid-fuel use for cooking on child health by doing a counterfactual risk assessment to estimate the proportion of deaths from lower respiratory tract infections in children younger than 5 years that could be associated with household air pollution. Findings: Although primary reliance on solid-fuel use for cooking has declined globally, it remains widespread. 593 million people live in districts where the prevalence of solid-fuel use for cooking exceeds 95%. 66% of people in LMICs live in districts that are not on track to meet the SDG target for universal access to clean energy by 2030. Household air pollution continues to be a major contributor to particulate exposure in LMICs, and rising ambient air pollution is undermining potential gains from reductions in the prevalence of solid-fuel use for cooking in many countries. We estimated that, in 2018, 205 000 (95% uncertainty interval 147 000–257 000) children younger than 5 years died from lower respiratory tract infections that could be attributed to household air pollution. Interpretation: Efforts to accelerate the adoption of clean cooking fuels need to be substantially increased and recalibrated to account for subnational inequalities, because there are substantial opportunities to improve air quality and avert child mortality associated with household air pollution. Funding: Bill & Melinda Gates Foundation