Search Results (81)

This study investigates how the Egyptian stock market responded to the 2024 devaluation of the Egyptian Pound (EGP) and evaluates whether price adjustments reflect semi-strong form market efficiency. Using daily data for EGX30 firms, we estimate abnormal returns around the devaluation announcement and document largely insignificant market-wide reactions, indicating weak evidence of semi-strong efficiency. However, notable cross-firm heterogeneity emerges export-oriented and foreign-revenue-generating firms showed greater resilience, while companies dependent on imported inputs experienced sharper declines. These findings highlight how differences in currency exposure shape firms’ sensitivity to exchange rate shocks in emerging markets with recent dual-rate dynamics. From a practical perspective, the results emphasise the importance of transparent policy communication during major currency adjustments and underline the need for investors to account for firms’ FX risk profiles when constructing portfolios in devaluation-prone environments. The findings also offer insights for regulators seeking to strengthen disclosure practices and improve informational efficiency in the Egyptian capital market. Full article

The study examines the dynamics of herding behavior in relation to macroeconomic shocks and monetary policy shifts in the Bangladesh equity market. By employing robust empirical methodologies across distinct market states including bullish, bearish, crisis, extended crisis, and COVID-19 phases, we first demonstrate that herding prevails under conditions of heightened uncertainty. Based on this foundation, we examine how exchange rate fluctuations and interest rate shifts alongside changes in deposit rates and reserve requirements serve as catalysts for collective investor behavior. The findings demonstrate that depreciation of the domestic currency and reductions in interest rates result in significant intensification of herding during vulnerable market phases. Moreover, monetary policy adjustments, predominantly changes in deposit rates and reserve ratios, trigger coordinated trading responses, especially during bearish and crisis markets. These results reveal the profound sensitivity of frontier equity markets to macro-financial signals and underscore the critical role of policy communication and stability in mitigating destabilizing herd dynamics. By bridging macroeconomic policy and investor psychology in a frontier market context, this research offers practical insights that can help regulators and policymakers improve market resilience. Full article

Background: Large language models (LLMs) such as ChatGPT, Google Gemini, and Microsoft Copilot are increasingly used by patients seeking medical information online. While these tools provide accessible and conversational explanations, their accuracy and safety in emotionally sensitive scenarios—such as an incidental cancer diagnosis—remain uncertain. Objective: To evaluate the quality, completeness, readability, and safety of responses generated by three state-of-the-art LLMs to common patient questions following the incidental discovery of a kidney tumor. Methods: A standardized use-case scenario was developed: a patient learns of a suspicious renal mass following a computed tomography (CT) scan for back pain. Ten plain-language prompts reflecting typical patient concerns were submitted to ChatGPT-4o, Microsoft Copilot, and Google Gemini 2.5 Pro without additional context. Responses were independently assessed by five board-certified urologists using a validated six-domain rubric (accuracy, completeness, clarity, currency, risk of harm, hallucinations), scored on a 1–5 Likert scale. Two statistical approaches were applied to calculate descriptive scores and inter-rater reliability (Fleiss’ Kappa). Readability was analyzed using the Flesch Reading Ease (FRE) and Flesch–Kincaid Grade Level (FKGL) metrics. Results: Google Gemini 2.5 Pro achieved the highest mean ratings across most domains, notably in accuracy (4.3), completeness (4.3), and low hallucination rate (4.6). Microsoft Copilot was noted for empathetic language and consistent disclaimers but showed slightly lower clarity and currency scores. ChatGPT-4o demonstrated strengths in conversational flow but displayed more variability in clinical precision. Overall, 14% of responses were flagged as potentially misleading or incomplete. Inter-rater agreement was substantial across all domains (κ = 0.68). Readability varied between models: ChatGPT responses were easiest to understand (FRE = 48.5; FKGL = 11.94), while Gemini’s were the most complex (FRE = 29.9; FKGL = 13.3). Conclusions: LLMs show promise in patient-facing communication but currently fall short of providing consistently accurate, complete, and guideline-conform information in high-stakes contexts such as incidental cancer diagnoses. While their tone and structure may support patient engagement, they should not be used autonomously for counseling. Further fine-tuning, clinical validation, and supervision are essential for safe integration into patient care. Full article

This study analyses the economic impact of tourism in Iceland, focusing on its contributions to GDP, employment, and foreign currency earnings. This study employs descriptive and comparative secondary data analysis based on available statistics and an extensive literature review to assess the sector’s development, resilience, and sustainability within global and national contexts. The findings confirm that tourism is a key pillar of Iceland’s economy, surpassing traditional export industries in value and generating significant employment opportunities. However, the sector’s volatility exposed during the COVID-19 pandemic and its dependence on international markets reveal structural vulnerabilities that threaten a sustainable future. Beyond economic considerations, this study critically engages with the growing pressures of over-tourism, seasonality, and environmental degradation, particularly in ecologically sensitive areas. Recent scholarship and policy shifts emphasise the need for sustainability indicators, equitable taxation mechanisms, and participatory governance to guide Iceland’s tourism development. This research highlights that balancing economic growth with environmental limits and community well-being is essential for building a more resilient and future-proof tourism model. These insights help inform policymakers, stakeholders, and researchers in aligning tourism strategies with sustainability and diversification goals. Full article

Zoo, aquarium, and sanctuary exhibit designers, both specialist “zoo architects”, and general practice architects, as well as landscape architects generally do not closely follow the evolving scientific literature on zoo biology, visitor experience, and managed animal welfare. Reportedly, this is because most zoo and aquarium clients do not require these efforts. Detailed requirements are provided by clients as project programs or briefs, which vary widely in quality and currency. Many clients and designers copy or adapt popular enclosure models without regard to their scientific foundations. Research papers frequently focus on discrete subject areas, such as animal behavior and welfare, visitor experience, or education, using their own methods and vocabulary. Relatively few studies integrate findings in ways useful to designers in preparing widely integrated systems. Regulatory standards set minimum rather than ideal standards. Knowledge of in situ animal behavior is lacking for many managed species. How can zoo and aquarium managers and designers be encouraged to increase research within the design process? This review article suggests that the long-term benefits of greater and better science integration outweigh initially higher design costs, resulting in improved facility and management design, benefiting all zoo, aquarium, and sanctuary stakeholders, and providing factual evidence underpinning community support. Full article

Complementary currencies are increasingly recognized worldwide as a valuable tool for supporting the development of local and regional communities. This paper explores the role of functional complementary currencies in fostering regional socio-economic advantages and the potential benefits they offer to local communities. The research employs a critical review of existing literature and a comparative analysis to highlight differences in the use of complementary currencies across various contexts. The study identifies key areas where complementary currencies provide support and includes an analysis of user perceptions within a multilateral barter system, focusing on both the benefits and concerns associated with complementary currency use. These currencies are closely aligned with the principles of sustainable development, with their impacts categorized into three primary pillars: social, economic, and environmental. The successful introduction of complementary currencies requires social acceptance and cooperation from local communities. To deliver long-term sustainable benefits, complementary currencies must be implemented in an economically and socially sustainable manner. Full article

The implementation of Central Bank Digital Currencies (CBDCs) faces significant challenges in achieving the same level of anonymity and convenience in offline transactions as cash. This limitation imposes considerable constraints on the development and widespread adoption of CBDCs. Unlike cash, digital currencies, similar to other electronic payment methods, necessitate internet or other network connectivity to verify payment eligibility. This study proposes a secure offline payment model for CBDCs that operates independently of internet or network connections by utilizing a Trusted Platform Module (TPM) to enhance the security of digital currency transactions. Additionally, the monotonic counter, the basic component of the TPM, is integrated into this model to prevent double spending in a completely offline environment. Our research presents a protocol model that combines these easily implementable technologies to facilitate the efficient processing of transactions in CBDCs entirely offline. However, it is crucial to acknowledge the security implications associated with the TPMs and near-field communications upon which this protocol relies. Full article

Highly Urbanized Cities (HUCs) in the Philippines were at the forefront of public health surveillance and response during the COVID-19 pandemic. With the rapid spread of COVID-19 to Philippine cities, local government units continuously assessed, adapted, and implemented public health interventions (PHIs) and depended on available open-source government data (OSGD). This study consolidated PHIs in selected HUCs in the Philippines using high-quality OSGD to create a timeline of interventions and document good practices in local COVID-19 control. OSGD resources were collected from February 2020 to January 2023, and the data quality of OSGD was evaluated using the Journal of the American Medical Association (JAMA) benchmarks. A total of 180 metadata sources that met at least two core standards (Authorship and Currency) were included in the analysis. COVID-19 control strategies were analyzed vis-à-vis the rise of COVID-19 cases and types of PHIs, including the control of imported cases, case management, contact management, behavioral modification, and pharmaceutical intervention. Travel bans and hard lockdowns in Luzon early in the pandemic delayed the introduction of COVID-19 to other parts of the country. Good practices of LGUs for local COVID-19 control, such as quarantine passes, curfews and liquor bans, using QR-based contact tracing, massive community testing in high-risk communities, and free public swabbing centers, were implemented to slow down the local spread of COVID-19. With the evolving scenarios in city-level COVID-19 epidemics, local risk assessments based on available OSGD drove the adoption of relevant and innovative control strategies in HUCs in the Philippines. Lessons learned must be integrated into epidemic preparedness and response programs against future emerging or re-emerging infectious diseases. Full article

Stablecoins are crypto assets designed to maintain stable value by bridging fiat currencies and volatile crypto assets. Our study extends previous research by analyzing the instability and co-movement of major stablecoins (USDT, USDC, DAI, and TUSD) during significant economic events such as the COVID-19 pandemic and the collapses of Iron Finance, Terra-Luna, FTX, and Silicon Valley Bank (SVB). We investigated the temporal volatility and dynamic connections between stablecoins using wavelet techniques. Our results showed that the announcement of USDT’s listing on Coinbase in April 2021 significantly impacted the stability of stablecoins, evidenced by a decline in the power spectrum. This phenomenon has not been explored in the literature. Furthermore, the collapse of SVB was highly relevant to the stablecoin market. We observed high coherence between pairs during the pandemic, the Coinbase listing, and the collapse of SVB. After the collapse of Terra-Luna, USDT, USDC, and DAI became more connected in the medium term, with USDC and DAI extending in the long term despite a negative co-movement between USDT and the others. This study highlights the impact of exchange listings on the volatility of stablecoins, with implications for investors, regulators, and the cryptocurrency community, especially regarding the stability and safe integration of these assets into the financial system. Full article

Progress and development in the overall industrial sector have been revolutionized by the advent of advanced digital tools and technologies, transitioning towards Industry 5.0 (I5.0), and the term Construction 5.0 (C5.0) is derived from the emergence of I5.0 in Europe. Given its currency, C5.0 remains a nascent and under-explored research area. This review article presents a bibliometric analysis of studies on C5.0, identifying and analyzing challenges and opportunities in its adoption and exploring the strategies to overcome such challenges and ways to maximize productivity from potential opportunities. Fifty-seven relevant documents were studied to accomplish the aim of this study, which were identified from the Scopus database, evaluated, and included based on the PRISMA framework. The findings showed a relatively small but growing body of literature on C5.0 research, which is disseminated globally and grouped into four specific objective categories. This pattern suggests a growing recognition of C5.0’s potential in the construction field, reflecting its expanding influence in the scientific community. Furthermore, the study examined seven critical challenges, including insufficient technological maturity, the absence of standardization, privacy concerns, ethical considerations, and more. It also explores four potential opportunities associated with the adoption of the C5.0 vision, emphasizing its alignment with societal objectives, sustainability initiatives, personalization, and profitability. Full article

Bitcoin (BTC-USD) is a virtual currency that has grown in popularity after its inception in 2008. BTC-USD is an internet communication network that makes using digital money, including digital payments, easy. It offers decentralized clearing of transactions and money supply. This study attempts to accurately anticipate the BTC-USD prices (Close) using data from September 2023 to September 2024, comprising 390 observations. Four machine learning models—Multi-layer Perceptron, Extreme Learning Machine, Neural Network AutoRegression, and Extreme-Gradient Boost—as well as four time series models—Auto-Regressive Integrated Moving Average, Auto-Regressive, Non-Parametric Auto-Regressive, and Simple Exponential Smoothing models—are used to achieve this end. Various hybrid models are then proposed utilizing these models, which are based on simple averaging of these models. The data-splitting technique, commonly used in comparative analysis, splits the data into training and testing data sets. Through comparison testing with training data sets consisting of 30%, 20%, and 10%, the present work demonstrated that the suggested hybrid model outperforms the individual approaches in terms of error metrics, such as the MAE, RMSE, MAPE, SMAPE, and direction accuracy, such as correlation and the MDA of BTC. Furthermore, the DM test is utilized in this study to measure the differences in model performance, and a graphical evaluation of the models is also provided. The practical implication of this study is that financial analysts have a tool (the proposed model) that can yield insightful information about potential investments. Full article

Authenticated key exchange is desired in scenarios where two participants must exchange sensitive information over an untrusted channel but do not trust each other at the outset of the exchange. As a unique hardware-based random oracle, physical unclonable functions (PUFs) can embed cryptographic hardness and binding properties needed for a secure, interactive authentication system. In this paper, we propose a lightweight protocol, termed PUF-MAKE, to achieve bilateral mutual authentication between two untrusted parties with the help of a trusted server and secure physical devices. At the end of the protocol, both parties are authenticated and possess a shared session key that they can use to encrypt sensitive information over an untrusted channel. The PUF’s underlying entropy hardness characteristics and the key-encryption-key (KEK) primitive act as the root of trust in the protocol’s construction. Other salient properties include a lightweight construction with minimal information stored on each device, a key refresh mechanism to ensure a fresh key is used for every authentication, and robustness against a wide range of attacks. We evaluate the protocol on a set of three FPGAs and a desktop server, with the computational complexity calculated as a function of primitive operations. A composable security model is proposed and analyzed considering a powerful adversary in control of all communications channels. In particular, session key confidentiality is proven through formal verification of the protocol under strong attacker (Dolev-Yao) assumptions, rendering it viable for high-security applications such as digital currency. Full article

The existing global multi-crises have generated significant transformations in the architecture of financial systems, impacting local communities. Furthermore, the digital era has created a conducive environment for the development of financial innovations that can generate financial instruments supporting financial inclusion. Our research aims to identify and develop innovative financial instruments that foster closer collaboration within communities and promote a more equitable distribution of wealth and resources, directly impacting financial inclusion and well-being. The methodology used in our study is based on existing empirical research in the specialized scientific literature, as well as on identifying variables within existing models. Additionally, the use of bibliometric analyses and research tools based on artificial intelligence allows us to structure the innovative financial instruments found in the scientific databases. Building on the existence of innovative financial instruments, our paper specifically explores the concept of time banking as an innovative financial instrument, offering a new approach to economic exchange and the construction of financial mechanisms at the local community level. By using technology, especially in digital and ecological eras, time banks can be efficiently managed through online platforms where individuals can register their contributed hours and access the services they need. This study’s conclusions emphasize that time banks have the potential to serve as innovative financial instruments. Furthermore, through the analysis conducted in this study and the identified models, this study contributes to redefining the concept of time banking as an innovative financial instrument. Time banks focus on the productivity and efficiency of local community activities, with direct implications for reducing dependence on traditional currency and promoting an equitable distribution of labor. This innovative approach is promising, especially in an increasingly digitized financial landscape. Our paper seeks to capture this transformative potential and highlight our personal contributions to redefining the time bank as an innovative financial instrument. Full article

Partaking in the editorial process of an academic journal is both a challenging and rewarding experience. It takes a village of dedicated individuals with a vested interest in the dissemination and sharing of high-quality research outputs. As members of the editorial team of an open access data journal, we reflect on the emergence of data-driven open research, a new journal genre (data paper), and a new journal type (data journal) in the Arts, Humanities, and Social Sciences (AHSS). Access to data—the currency of empirical research—is valuable to the research community, crucial to scientific integrity, and leads to cumulative advancements in knowledge. It therefore requires significant investment and appropriate venues for dissemination. We illustrate the necessity of raising awareness about data-driven open research and best practices in data-driven publishing. We discuss how it involves building a community of authors and readers, establishing a company of editors, reviewers, and support staff, and passing on the practice, which has been challenging the status quo in research and publishing. Potential future directions are considered, including data peer review and reward, recognition, and funding structures for data sharing. Full article

Nowadays, transactions carried out with digital currencies are increasing. Modern societies are asked to respond to growing challenges related to the management of digital currencies in their daily lives. However, due to the lack of digital skills of users, the management of digital currencies hides risks. To the best of our knowledge, the originality of the current research lies in the act of combining the concept of digital skills with the use of digital currencies. After all, the use of digital currencies is constantly increasing, which means that citizens should familiarize themselves with their use, an element that makes this study valuable for digital societies. Digital skills effectively contribute to the development of digital societies because they increase the employment of citizens, facilitate access to information, and contribute to the social inclusion of individuals through digital communication, while also increasing efficiency and productivity in the workplace. Also, the government and banking institutions can more effectively sensitize citizens to digital skills for more effective use of digital currencies. In this way, tax payments will be facilitated, the use of e-wallets will be safer, and e-governance will be greatly promoted, while the quality of banking services will be improved. The methodology of this study was based on the Digital Competence Framework for Modern Societies (DigComp) and was applied through a questionnaire completed by 443 respondents. The main objective was to evaluate their digital skills from the perspective of digital currency use. The analysis of the responses was carried out by using Structural Equation Modeling (SEM). The most important result from this research reveals that users of digital currencies are significantly capable of developing communication to solve everyday problems. At the same time, users of digital currencies mostly detect digital threats and effectively manage fake news without being affected by them. However, users of digital currencies consider that security issues are important, but only for transactions and not for their supporting functions. The study concludes with suggestions for improving the experience of digital currency users through individual actions, thus having a positive impact on the state and banking institutions. Full article