Digital Disruption in the Financial Services Industry: The Emergence of Fintech

Financial services, traditionally consisting of banking, asset management, lending, insurance, and payment systems, are facing a perfect storm brought on by technological innovation and shifting customer expectations. Such changes have exposed a gap in the financial services space between those who have access and those who do not. Traditional financial institutions have been hindered in pursuing strategies of financial inclusion to large underserved and underbanked populations. There is a major opportunity for financial technology companies to alter the competitive dynamics in an industry that has long been dominated by major banks and other large financial institutions. ‘Fintech’, as it is called, represents technology-enabled business models seeking innovation to drive more efficient process, use, and delivery of financial services to consumers (Mention, 2019). This paper explores the factors leading to the rise of fintech, its applications and the impacts it has had on the financial services industry in both the developed and developing worlds

Processes of firm growth and diversification: theory and evidence

In this short research note we investigate the role of diversification in the firm growth process. We build on Penrose's (1959) Theory of the Growth of the Firm to formulate hypotheses about growth of employment, assets, and sales in the years before, during and after a new product introduction. We exploit a new database from the German machine tool industry which boasts a detailed and meaningful definition of diversification. Our exploratory analyses indicate that diversification, in terms of product introductions, is preceded by employment growth. Moreover, we find support that diversification is positively associated with subsequent asset growth, but negatively associated with subsequent employment growth

A New European Plant-specific Emission Inventory of Biogenic Volatile Organic Compounds for Use in Atmospheric Transport Models

We present a new European plant-specific emission inventory for isoprene, monoterpenes, sesquiterpenes and oxygenated VOC (OVOC), on a spatial resolution of 0.089×0.089 degrees, for implementation in atmospheric transport models. The inventory incorporates more accurate data on foliar biomass densities from several litterfall databases that became available in the last years for the main tree species in Europe. A bioclimatic correction factor was introduced to correct the foliar biomass densities of trees and crops for the different plant growth conditions that can be found in Pan-Europe. Long-term seasonal variability of agriculture and forest emissions was taken into account by implementing a new growing season concept. The 2004¿2005 averaged annual total biogenic volatile organic compound (BVOC) emissions for the Pan-European domain are estimated to be about 12 Tg with a large contribution from the OVOC class of about 4.5 Tg and from monoterpenes of about 4 Tg. Annual isoprene emissions are found to be about 3.5 Tg, insensitive to the chosen emission algorithm. Emissions of OVOC were found to originate to a large extent from agriculture. Further experiments on crop emissions should be carried out to check the validity of the applied standard emission factors. The new inventory aims at a fully transparent and verifiable aggregation of detailed land use information and at the inclusion of plant-specific emission data. Though plant-specific land use data is available with relatively high accuracy, a lack of experimental biomass densities and emission data on terpenes, sesquiterpenes and oxygenated VOC, in particular for agricultural plants, currently limits the setup of a highly accurate plant-specific emission inventory.JRC.H.2-Climate chang

Seasonal and interannual variability of North American isoprene emissions as determined by formaldehyde column measurements from space

Formaldehyde (HCHO) columns measured from space by solar UV backscatter allow mapping of reactive hydrocarbon emissions. The principal contributor to these emissions during the growing season is the biogenic hydrocarbon isoprene, which is of great importance for driving regional and global tropospheric chemistry. We present seven years (1995-2001) of HCHO column data for North America from the Global Ozone Monitoring Experiment (GOME), and show that the general seasonal and interannual variability of these data is consistent with knowledge of isoprene emission. There are some significant regional discrepancies with the seasonal patterns predicted from current isoprene emission models, and we suggest that these may reflect flaws in the models. The interannual variability of HCHO columns observed by GOME appears to follow the interannual variability of surface temperature, as expected from current isoprene emission models

Emission of volatile halogenated organic compounds over various landforms at the Dead Sea

Abstract. Volatile halogenated organic compounds (VHOCs), such as methyl halides (CH3X; X = Br, Cl and I) and very short-lived halogenated substances (VSLS; CHBr3, CH2Br2, CHBrCl2, C2HCl3, CHCl3 and CHBr2Cl) are well known for their significant influence on ozone concentrations and oxidation capacity of the troposphere and stratosphere, and for their key role in aerosol formation. Insufficient characterization of the sources and emission rate of VHOCs limits our present ability to understand and assess their impact in both the troposphere and the stratosphere. Over the last two decades several natural terrestrial sources for VHOCs, including soil and vegetation, have been identified, but our knowledge about emission rates from these sources and their responses to changes in ambient conditions remains limited. Here we report measurements of the mixing ratios and the fluxes of several chlorinated and brominated VHOCs from different landforms and vegetated sites at the Dead Sea during different seasons. Fluxes were highly variable but were generally positive (emissive), corresponding with elevated mixing ratios for all of the VHOCs investigated in the four investigated site types – bare soil, coastal, cultivated and natural vegetated sites – except for fluxes of CH3I and C2HCl3 over the vegetated sites. In contrast to previous reports, we also observed emissions of brominated trihalomethanes, with net molar fluxes ordered as follows: CHBr2Cl > CHBr3 > CHBrCl2 > CHCl3. This finding can be explained by the enrichment of soil with Br. Correlation analysis, in agreement with recent studies, indicated common controls for the formation and emission of all the above trihalomethanes but also for CH2Br2. Also in line with previous reports, we observed elevated emissions of CHCl3 and C2HCl3 from mixtures of soil and different salt-deposited structures; the high correlations of flux with methyl halides, and particularly with CH3I, suggested that at least CH3I is also emitted via similar mechanisms or is subjected to similar controls. Overall, our results indicate elevate emission of VHOCs from bare soil under semi-arid conditions. Along with other recent studies, our findings point to the strong emission potential of a suite of VHOCs from saline soils and salt lakes, and call for additional studies of emission rates and mechanisms of VHOCs from saline soils and salt lakes

Integrated land ecosystem–atmosphere processes study (iLEAPS) assessment of global observational networks

Long-term, continuous observations are needed for Earth system investigations and evaluation of simulations. The atmospheric and ecological communities have independently established field sites that have been running for many decades and are integrated into global networks. In the past decade, the importance of long-term observational networks focused on land ecosystem-atmosphere exchange, and the processes controlling land-atmosphere coupling, had been increasingly recognized and has led to the building of a global network of water, carbon and energy flux sites. This is an important step but further enhancements are necessary in order to quantify all of the land-atmosphere processes that need to be included in Earth system models. This paper describes the current land ecosystem-atmosphere measurement capabilities and presents the status and needs for global observational networks