Artificial Intelligence & Machine Learning in Finance: A literature review

In the 2020s, Artificial Intelligence (AI) has been increasingly becoming a dominant technology, and thanks to new computer technologies, Machine Learning (ML) has also experienced remarkable growth in recent years; however, Artificial Intelligence (AI) needs notable data scientist and engineers’ innovation to evolve. Hence, in this paper, we aim to infer the intellectual development of AI and ML in finance research, adopting a scoping review combined with an embedded review to pursue and scrutinize the services of these concepts. For a technical literature review, we goose-step the five stages of the scoping review methodology along with Donthu et al.’s (2021) bibliometric review method. This article highlights the trends in AI and ML applications (from 1989 to 2022) in the financial field of both developed and emerging countries. The main purpose is to emphasize the minutiae of several types of research that elucidate the employment of AI and ML in finance. The findings of our study are summarized and developed into seven fields: (1) Portfolio Management and Robo-Advisory, (2) Risk Management and Financial Distress (3), Financial Fraud Detection and Anti-money laundering, (4) Sentiment Analysis and Investor Behaviour, (5) Algorithmic Stock Market Prediction and High-frequency Trading, (6) Data Protection and Cybersecurity, (7) Big Data Analytics, Blockchain, FinTech. Further, we demonstrate in each field, how research in AI and ML enhances the current financial sector, as well as their contribution in terms of possibilities and solutions for myriad financial institutions and organizations. We conclude with a global map review of 110 documents per the seven fields of AI and ML application.   Keywords: Artificial Intelligence, Machine Learning, Finance, Scoping review, Casablanca Exchange Market. JEL Classification: C80 Paper type: Theoretical ResearchIn the 2020s, Artificial Intelligence (AI) has been increasingly becoming a dominant technology, and thanks to new computer technologies, Machine Learning (ML) has also experienced remarkable growth in recent years; however, Artificial Intelligence (AI) needs notable data scientist and engineers’ innovation to evolve. Hence, in this paper, we aim to infer the intellectual development of AI and ML in finance research, adopting a scoping review combined with an embedded review to pursue and scrutinize the services of these concepts. For a technical literature review, we goose-step the five stages of the scoping review methodology along with Donthu et al.’s (2021) bibliometric review method. This article highlights the trends in AI and ML applications (from 1989 to 2022) in the financial field of both developed and emerging countries. The main purpose is to emphasize the minutiae of several types of research that elucidate the employment of AI and ML in finance. The findings of our study are summarized and developed into seven fields: (1) Portfolio Management and Robo-Advisory, (2) Risk Management and Financial Distress (3), Financial Fraud Detection and Anti-money laundering, (4) Sentiment Analysis and Investor Behaviour, (5) Algorithmic Stock Market Prediction and High-frequency Trading, (6) Data Protection and Cybersecurity, (7) Big Data Analytics, Blockchain, FinTech. Further, we demonstrate in each field, how research in AI and ML enhances the current financial sector, as well as their contribution in terms of possibilities and solutions for myriad financial institutions and organizations. We conclude with a global map review of 110 documents per the seven fields of AI and ML application.   Keywords: Artificial Intelligence, Machine Learning, Finance, Scoping review, Casablanca Exchange Market. JEL Classification: C80 Paper type: Theoretical Researc

New sulfur-phosphine ligands derived from sugars: synthesis and application in palladium-catalyzed allylic alkilation and in rhodium asymmetric hydrogenation

14 páginas, 4 figuras, 5 esquemas, 2 tablas.An efficient route to mixed phosphine / thioglycoside ligands type IV starting from glucose pentaacetate is reported. In only five steps the key epoxide 6 has been obtained in high yield and its structure determined by X-ray analysis. The ring opening of the tert-butyl 4,6-O-benzylidene-2,3-anhydro-1-thio-β-D-allopyranoside 6 with diphenylphosphinyl lithium afforded the desired ligand as a single diastereoisomer. The prepared compounds act as a bidentate ligands as shown by X-ray analysis of the Rh(I)-complex 12. Preliminary results on the behaviour of these ligands in Pd(0)-catalyzed allylic alkylation, and in Rh(I)-catalyzed enamide hydrogenation are also reported.We thank the Dirección General de Investigación Científica y Técnica (grant No. CTQ2006-15515-CO2-01 and CTQ2007-61185), the Junta de Andalucía (grant P06-FQM-01852 and P07-FQM-2774), la Fundación Ramón Areces for financial support, and Mr M. Rudkowski for performing preliminary experimental work.Peer reviewe

Phygital: Toward the empowerment of the customer and the competitiveness of the retail businesses

With the advent of technology, the retail industry has undergone a significant transformation in the few recent years. Living in the digital era means living in an era where the customers have access to digital tools and information at all times and everywhere. Customers are becoming more tech-oriented, and their expectations are changing rapidly, they also became more demanding regarding many aspects of their shopping experience. And with this free knowledge came the desire to be seen differently, not just the user and the destroyer of goods and services but also an involved stakeholder in the creation process. In response, retailers have been forced to adapt to the new reality and incorporate technology into their businesses. One such adaptation is the concept of phygital - the integration of digital in physical retail spaces, to create a seamless and personalized shopping journey that meets the evolving demands of customers. This article aims to explore, through a critical literature review how the phygital approach can empower customers and make retail businesses more competitive

L’effet de la Covid-19 sur les réponses comportementales du consommateur face à l’utilisation de l’achat en ligne : Cas de la grande distribution au Maroc

The Covid-19 sanitary crisis has had serious repercussions on all sectors of activity throughout the world, including the retail sector. Consumers are trying to adapt to the current situation in order to reduce human contact and to respect the instructions issued by the World Health Organization in order to limit the spread of the virus. In this article, we plan to study the impact of Covid-19 on the consumer's behavior towards the use of electronic commerce in the case of large-scale distribution in Morocco, through a quantitative study completed by 728 respondents and which was carried out via a questionnaire. This work is based on a review of the literature which allowed us to identify two versions of a model which has a priori the qualities required to carry out this study, the technological acceptance model (TAM) put forward by Davis in 1989 and TAM3 proposed by Venkatesh and Bala (2008), this model is mainly used to study the adoption of new technologies by the individual From a theoretical point of view, our objective is to revisit these traditional models in order to propose a theoretical model adapted to our study which defines the levels of the relations likely to exist between the antecedents of ease of use, perceived usefulness and the actual behavior of the consumer. This study highlights the direct or indirect influence of the barrier measures put in place by the WHO and the particularities of the virus on the behavior of consumers facing the digitalization of the distribution channel of large and medium-sized stores. It underlines the interest for the managers in the modern distribution sector to take into consideration changes in personal factors such as the brakes and motivations of consumers towards e-commerce.   JEL Classification: M31, O33 Paper type: Empirical researchLa crise sanitaire de la Covid-19 a engendré de lourdes répercussions sur l’ensemble des secteurs d’activités partout dans le monde, notamment celui de la grande distribution. Soucieux de réduire tout contact humain et de respecter les consignes émises par l’Organisation mondiale de la santé, de façon à limiter la propagation du virus, le consommateur essaie de s’adapter à la situation actuelle. Dans cet article, nous envisageons d'étudier l'impact de la Covid-19 sur le comportement du consommateur face à l’utilisation du commerce électronique dans le cas de la grande distribution au Maroc, par le biais d’une étude quantitative renseignée par 728 répondants et qui fut réalisée via un questionnaire. Ce travail s'appuie sur une revue de littérature qui a permis d’identifier deux versions d’un modèle ayant à priori les qualités requises pour réaliser cette étude, le modèle d’acceptation technologique (TAM) avancé par Davis en 1989 et TAM3 proposé par Venkatesh et Bala (2008), ce modèle est principalement utilisé pour étudier l’adoption des nouvelles technologies par l’individu. Notre objectif d’un point de vue théorique est de revisiter ces modèles traditionnels afin de proposer un modèle théorique adapté à notre étude qui définit les niveaux des relations susceptibles d’exister entre les antécédents de la facilité d’utilisation, de l’utilité perçue et le comportement effectif du consommateur. Cette étude met en évidence l’influence directe ou indirecte des mesures barrières mises en place par l’OMS et les particularités du virus sur le comportement des consommateurs face à la digitalisation du canal de distribution des grandes et moyennes surfaces. Elle souligne ainsi l’intérêt, pour les managers du secteur de la distribution moderne, de prendre en considération les changements au niveau des facteurs personnels tels que les freins et motivations des consommateurs vis-à-vis du e-commerce.   Classification JEL : M31, O33 Type de l’article : Étude empiriqu

Effectiveness and Cost of Insecticide-Treated Bed Nets and Indoor Residual Spraying for the Control of Cutaneous Leishmaniasis: A Cluster-Randomized Control Trial in Morocco.

Cutaneous leishmaniasis (CL) remains an important public health problem in Morocco. A cluster-randomized trial was conducted with the following three study arms: 1) long-lasting insecticide-treated nets (LLINs) plus standard of care environmental management (SoC-EM), 2) indoor residual spraying (IRS) with α-cypermethrin plus SoC-EM, and 3) SoC-EM alone. Incidence of new CL cases by passive and active case detection, sandfly abundance, and cost and cost-effectiveness was compared between study arms over 5 years. Incidence of CL and sandfly abundance were significantly lower in the IRS arm compared with SoC-EM (CL incidence rate ratio = 0.32, 95% confidence interval [CI] = 0.15-0.69, P = 0.005 and sandfly abundance ratio = 0.39, 95% CI = 0.18-0.85, P = 0.022). Reductions in the LLIN arm of the study were not significant, possibly due to poor compliance. IRS was effective and more cost-effective for the prevention of CL in Morocco

PDA-Based Glyconanomicelles for Hepatocellular Carcinoma Cells Active Targeting Via Mannose and Asialoglycoprotein Receptors

Hepatocellular carcinoma (HCC) is the sixth most common neoplasia and the fourth most common cause of cancer-related mortality worldwide. Sorafenib is the first-line molecular therapy for patients in an advanced stage of HCC. However, the recommended clinical dose of Sorafenib is associated with several complications, which derive from its lack of cell specificity and its very low water solubility. To circumvent these drawbacks, in the present study we developed two sugar-coated polydiacetylene-based nanomicelles-Sorafenib carriers targeting mannose and asialoglycoprotein receptors (MR and ASGPR, respectively). The strategies allowed the inducement of apoptosis and reduction of cell proliferation at a nanomolar, instead of micromolar, range in liver cancer cells. The study showed that, contrary to literature data, Sorafenib included into the pMicMan (Man = mannose) vector (targeting MR) is more efficient than pMicGal (Gal = galactose) (targeting ASGPR). Indeed, pMicMan increased the endosomal incorporation with an increased intracellular Sorafenib concentration that induced apoptosis and reduced cell proliferation at a low concentration range (10-20 nM).Financial support was provided by the Spanish Ministry of Economy and Competitiveness (CTQ2016-78580-C2-1-R to N.K.) and the Institute of Health Carlos III (ISCIII) (PI13/00021, PI16/00090, and PI19/01266 to J.M.) both cofinanced by the European Regional Development Fund (ERDF) from FEDER and the European Social Fund (ESF), as well by the Andalusian Ministry of Economy, Science and Innovation (P07-FQM-2774 to N.K., CV20-04221 to N.K. P20_00882 to N.K. and CTS-6264 to J.M.), the PAIDI Program from the Andalusian Government (FQM-313 to N.K., CV20-04221 to N.K., P20_00882 to N.K., P20_00882 to N.K., and CTS-0664 to J.M.), the Andalusian Ministry of Health (PI-00025-2013, and PI-0198-2016 to J.M.), and the CSIC (CSIC–COV19-047). We thank the Biomedical Research Network Center for Liver and Digestive Diseases founded by the ISCIII and cofinanced by FEDER “A way to achieve Europe” and ERDF for their financial support. The COST action CA-18132 “Functional Glyconanomaterials for the Development of Diagnostic and Targeted Therapeutic Probe” is also acknowledged. E.R.B., C.C.A., and P. de la C.-O. were supported by FPU predoctoral fellowship (FPU15/04267, FPU17/00190, and FPU17/00026) from Spanish Ministry of Education, Culture and Sports. E.N.-V. was supported by the predoctoral i-PFIS IIS-enterprise contract in science and technologies in health (IFI18/00014) from ISCiii.Peer reviewe