Search Results (60)

The renewable energy sector is becoming key to the energy transformation processes of modern economies. The energy policy of one of the European countries specifies that by 2030, about 7% of energy production will come from wind sources. Because wind turbines are becoming more and more efficient, innovative projects are being created to expand their potential by integrating them with the energy systems of existing residential buildings. The analysis of the profitability of such investments may be important for the implementation of such an ambitious plan. In particular, this argument may be crucial for the growth of the potential and development prospects of distributed energy systems based on renewable energy sources. The article outlines the challenges related to forecasting generation from this energy source. The article aims to present the methodology, energy potential and forecasting results of energy generation from wind sources for two selected locations in one of the European Union countries, Poland. The NPV-Net Present Value and IRR-Internal Rate of Return methods were used for the study. These methods allowed the authors to calculate the market value of the investment with the assumed boundary criteria and determine the economic efficiency of the investment. The research was carried out in the period December 2023–November 2024 on test wind installations in households. In addition, the article indicates the challenges related to the variability of atmospheric factors and the self-consumption of the wind turbine, which is often difficult to predict due to the lack of turbine efficiency analysis. The presented models showed that the project in their implementation is fully economically justified and will allow investors to make a rational investment decision. These models can be effectively used in other countries and can also be a starting point for discussions on the direction of the development of energy systems based on renewable energy sources. Full article

As a versatile metal, nickel will experience increased demand in the coming years, with a specific focus on its importance in the battery industry and its role in achieving net-zero emissions. Recognizing the need to ensure sustainable resource management, this study analyses the flow dynamics of nickel’s supply and demand by employing a modelling approach. This is done with a focus on understanding how recycling can contribute to meeting the growing nickel demand. By considering the interaction between mining production, product applications, and recycling rates, this study contributes to a better understanding of the long-term prospects for meeting the nickel demand. It can assist policymakers, industry stakeholders, and investors in making informed decisions regarding resource management and developing sustainable practices in the nickel industry. The results revealed that mining would still play an important role in the supply of nickel for at least the next 40 years. Nickel mining and recycling practices are sufficient to meet future nickel demand if sufficient recycling practices are (rapidly) implemented. Modelling results show that nickel recycling will account for 90% of the total demand (primary nickel mining accounts for the remaining 10%) between the years 2062 and 2096. Full article

Panic selling causes long-term losses and hinders investors’ return to the market. It has been explained using prospect theory aspects such as loss and regret aversion. Additionally, overconfidence and overreaction contribute to the disposition effect, leading investors to sell stocks prematurely. However, the framing effect, another disposition effect attribute, has been underexplored in the context of panic selling. This study investigates how the framing effect influences panic selling, particularly during market crises, when investors perceive information differently, depending on its positive or negative framing. Utilizing data from a collaborative survey, we examine Japanese investors’ behavior during the COVID-19 market crisis. Negative framing is negatively associated with complete or partial sale of securities, whereas positive framing has the opposite effect. During market crises, investors presented with negative framing are less likely to panic sell, whereas those presented with positive framing are more prone to it. Other significant factors include gender; men tend to engage more in panic selling. Conversely, higher education, financial literacy, and greater household income and assets are associated with a reduced likelihood of panic selling. These findings underscore the critical role of framing in investor behavior during market crises, providing new insights into the mechanisms underlying panic selling. Full article

Regions densely populated with archaeological monuments pose significant challenges for construction investors and archaeologists during the planning stages of major construction projects. Recognising the archaeological potential of these areas is crucial for planning effective rescue excavations, which have become a standard procedure in construction. This study explores the utility of non-invasive prospection techniques, including artefact field surveys, multispectral imaging, and magnetic surveys, in assessing the area chosen for the I/16 Slaný–Velvary road construction. We specifically focused on the contributions these methods make towards understanding the archaeological context of the proposed construction site. The findings from the magnetic survey were compared with the results of actual archaeological excavations. Through manual visual analysis and statistical spatial correlation, we assessed the effectiveness of the magnetic survey. The ability of magnetic survey to locate different types of archaeological objects proved to be dependent on various factors. The variability of the environmental setting, particularly pedological and geological conditions, is essential. However, the modern anthropogenic impact and the very nature of individual archaeological objects, especially their dimensions, also play an essential role. Full article

Hot spring landscapes offer enticing development prospects for investors in China. However, due to mounting economic pressures and a lack of coordination among various authorities, inclusive governance has proven ineffective in overseeing development projects centered around hot spring landscapes. Consequently, this manuscript delves into the potential for implementing inclusive governance strategies to safeguard hot spring landscapes in China. This study selected Linyi City as its study site due to its location above a fault zone, which has resulted in the presence of numerous hot springs. Additionally, it has been officially classified as a ‘hot spring city in China’ by the Chinese Ministry of Land and Resources. This study employed a semi-structured expert interview to investigate the barriers that stand in the way of applying inclusive governance to hot spring landscapes. Moreover, the interview investigates the implications of the lack of utilization of inclusive governance strategies for hot spring landscapes. The analysis of the results indicates that experts believed that the current protection policies were ineffective due to the existence of a multitude of barriers, such as the existence of deficiencies in the current policies, the multiplicity of management authorities, differences in visions in decision-making, limited public participation, a lack of awareness and trust from the public, a lack of balance in development approaches, and a limited role of science and technology. This resulted in a lack of proper communication and delegation of responsibilities with regard to inclusive governance strategies for protecting hot spring landscapes. Furthermore, the analysis unveiled diverse implications arising from the non-application of inclusive governance strategies, encompassing aspects such as tourism, economics, environment, sociocultural, and sustainability. Full article

Expected returns, variances, betas, and alphas are all non-linear functions of the investment horizon. This seems to be a fatal conceptual problem for the capital asset pricing model (CAPM), which assumes a unique common horizon for all investors. We show that under the standard assumptions, the theoretical CAPM equilibrium surprisingly holds with the 1-period parameters, even when investors have heterogeneous and possibly much longer horizons. This is true not only for risk-averse investors, but for any investors with non-decreasing preferences, including prospect theory investors. Thus, the widespread practice of using monthly betas to estimate the cost of capital is theoretically justified. Full article

Governments face challenges in delivering essential public services due to their limited funds. This has led to an increasing reliance on the Public–Private Partnership (PPP) model, an alternative financing model involving a long-term collaboration between the private and public sectors to provide public services. Turkey, as a developing country facing financial limitations, has embraced the PPP model to address urgent public needs. Over the past decade, the Turkish Government has extensively utilized the PPP model, particularly in executing city hospital projects. However, investors have faced challenges in project execution due to various risk factors. Therefore, the main objective of this study is to explore the critical risk factors associated with PPP city hospital projects in Turkey. In this context, a comprehensive literature review was conducted to identify potential risks related to PPP city hospital projects. A questionnaire survey was implemented to assess the probability of occurrence and the severity of the impact of these risk factors. The collected data underwent analysis to determine the priority of these risk factors. The findings revealed that the top five most critical risk factors in PPP city hospital projects in Turkey are “foreign exchange rate fluctuations”, “inflation rate volatility”, “high finance costs”, “fiscal issues”, and “economic crises”. Conversely, “unavailability of equipment” was identified as the least significant risk factor. The insights gained from this research can offer valuable guidance for prospective investors interested in participating in PPP city hospital projects in Turkey and other developing countries with similar conditions. Full article

The use of hydrogen as an energy carrier within the scope of the decarbonisation of the world’s energy production and utilisation is seen by many as an integral part of this endeavour. However, the discussion around hydrogen technologies often lacks some perspective on the currently available technologies, their Technology Readiness Level (TRL), scope of application, and important performance parameters, such as energy density or conversion efficiency. This makes it difficult for the policy makers and investors to evaluate the technologies that are most promising. The present study aims to provide help in this respect by assessing the available technologies in which hydrogen is used as an energy carrier, including its main challenges, needs and opportunities in a scenario in which fossil fuels still dominate global energy sources but in which renewables are expected to assume a progressively vital role in the future. The production of green hydrogen using water electrolysis technologies is described in detail. Various methods of hydrogen storage are referred, including underground storage, physical storage, and material-based storage. Hydrogen transportation technologies are examined, taking into account different storage methods, volume requirements, and transportation distances. Lastly, an assessment of well-known technologies for harnessing energy from hydrogen is undertaken, including gas turbines, reciprocating internal combustion engines, and fuel cells. It seems that the many of the technologies assessed have already achieved a satisfactory degree of development, such as several solutions for high-pressure hydrogen storage, while others still require some maturation, such as the still limited life and/or excessive cost of the various fuel cell technologies, or the suitable operation of gas turbines and reciprocating internal combustion engines operating with hydrogen. Costs below 200 USD/kWproduced, lives above 50 kh, and conversion efficiencies approaching 80% are being aimed at green hydrogen production or electricity production from hydrogen fuel cells. Nonetheless, notable advances have been achieved in these technologies in recent years. For instance, electrolysis with solid oxide cells may now sometimes reach up to 85% efficiency although with a life still in the range of 20 kh. Conversely, proton exchange membrane fuel cells (PEMFCs) working as electrolysers are able to sometimes achieve a life in the range of 80 kh with efficiencies up to 68%. Regarding electricity production from hydrogen, the maximum efficiencies are slightly lower (72% and 55%, respectively). The combination of the energy losses due to hydrogen production, compression, storage and electricity production yields overall efficiencies that could be as low as 25%, although smart applications, such as those that can use available process or waste heat, could substantially improve the overall energy efficiency figures. Despite the challenges, the foreseeable future seems to hold significant potential for hydrogen as a clean energy carrier, as the demand for hydrogen continues to grow, particularly in transportation, building heating, and power generation, new business prospects emerge. However, this should be done with careful regard to the fact that many of these technologies still need to increase their technological readiness level before they become viable options. For this, an emphasis needs to be put on research, innovation, and collaboration among industry, academia, and policymakers to unlock the full potential of hydrogen as an energy vector in the sustainable economy. Full article

Corporate donation is an important business strategy, but not all donations can yield the expected positive outcomes. Thus, it is urgent to know what donation strategies firms should use to obtain positive responses from different stakeholders. By conducting two experimental studies, we explore which donation frequency strategy, one-time or multiple-time donations, drives more positive investor responses and the difference in the mediating roles of altruistic/egoistic bidirectional motive attributions. The results show that for donation projects supporting ongoing causes, a multiple-time strategy leads to investors having more positive judgments of a firm’s future earnings prospects and higher investment desirability rather than a one-time strategy because it induces more altruistic attributions. Although investors make both altruistic and egoistic attributions for both strategies, only the mediating role of altruistic attribution exists, whereas that of egoistic attribution does not. Our research contributes to the study of corporate donation strategies and corporate social responsibility (including corporate donation) motive attribution, providing valuable insights for academic research, corporate decision makers, and stakeholders invested in responsible business practices. Full article

Insular networks constitute ideal fields for investment in renewables and storage due to their excellent wind and solar potential, as well the high generation cost of thermal generators in such networks. Nevertheless, in order to ensure the stability of insular networks, network operators impose strict restrictions on the expansion of renewables. Storage systems render ideal solutions for overcoming the aforementioned restrictions, unlocking additional renewable capacity. Among storage technologies, hybrid battery-hydrogen demonstrates beneficial characteristics thanks to the complementary features that battery and hydrogen exhibit regarding efficiency, self-discharge, cost, etc. This paper investigates the economic feasibility of a private investment in renewables and hybrid hydrogen-battery storage, realized on the interconnected island of Crete, Greece. Specifically, an optimization formulation is proposed to optimize the capacity of renewables and hybrid battery-hydrogen storage in order to maximize the profit of investment, while simultaneously reaching a minimum renewable penetration of 80%, in accordance with Greek decarbonization goals. The numerical results presented in this study demonstrate that hybrid hydrogen-battery storage can significantly reduce electricity production costs in Crete, potentially reaching as low as 64 EUR/MWh. From an investor’s perspective, even with moderate compensation tariffs, the energy transition remains profitable due to Crete’s abundant wind and solar resources. For instance, with a 40% subsidy and an 80 EUR/MWh compensation tariff, the net present value can reach EUR 400 million. Furthermore, the projected cost reductions for electrolyzers and fuel cells by 2030 are expected to enhance the profitability of hybrid renewable-battery-hydrogen projects. In summary, this research underscores the sustainable and economically favorable prospects of hybrid hydrogen-battery storage systems in facilitating Crete’s energy transition, with promising implications for investors and the wider renewable energy sector. Full article

The amendment or removal of superfluous government support policies is typically difficult, yet in the ever more important debate on low-carbon (i.e., clean) marine energy policy under the international law of climate action, the law of the sea, and international investment protection, there are additional dimensions of legal or economic peril. Coastal states enact policies subsidising clean energy investments, such as offshore wind energy generation, in their exclusive economic zones or continental shelves. Investors are attracted to the prospect that policies granting subsidies for ostensibly new industries are sufficiently durable. Are such subsidy policies salient or stale? In principle, the purpose of regulatory policy is the promotion of social welfare, and hence, there is an optimal incidence, magnitude, and duration of the subsidy, in essence, an ideal strategy for starting, altering, or exiting such policy. We aim to introduce the concept of optimisation to the design and implementation of regulatory policy in this context. Our contribution is to offer three maxims of optimal clean marine energy law and policy: the efficiency and equity of alternative regulatory arrangements; the continuous optimisation of such arrangements; and the recognition of linguistic entanglements in the law. We test these maxims against the case of clean marine energy policy on offshore wind energy generation. One legal implication for international investment protection is that coastal states should establish a policy exit clause in their investment contracts. Our analysis of policy optimisation is generalisable across policies supporting the transition to sustainable energy forms. Full article

This study delves into investors’ perceptions of the polluting label attached to listed manufacturing firms, emphasizing the interplay between external political ties and internal green innovative capability in influencing these perceptions. Drawing on a longitudinal analysis of listed manufacturing firms in China from 2010 to 2020 and employing a difference-in-differences (DID) approach, we treat firms identified under the National Specially Monitored (NSM) program as the treated group, while non-NSM firms form the control group. The time variable captures the period post the introduction of the NSM program. Our findings highlight that the polluting label created a loss prospect for investors, signifying diminishing returns over time. Interestingly, firms with closer connections to local governments experienced amplified negative investor perceptions. In contrast, strong affiliations with the central government and robust green innovative capabilities cushioned these adverse reactions. Notably, central ties proved even more beneficial when complemented by green innovative capability. By melding signal theory with the literature on sense-making, this research adds nuance to the discourse on the role of resources in determining firm success amidst environmental controversies. Full article

Since the debut of cryptocurrencies, particularly Bitcoin, in 2009, cryptocurrency trading has grown in popularity among investors. Relative to other conventional asset classes, cryptocurrencies exhibit high volatility and, consequently, downside risk. While the prospects of high returns are alluring for investors and speculators, the downside risks are important to consider and model. As a result, the profitability of crypto market operations depends on the predictability of price volatility. Predictive models that can successfully explain volatility help to reduce downside risk. In this paper, we investigate the value-at-risk (VaR) forecasts using a variety of volatility models, including conditional autoregressive VaR (CAViaR) and dynamic quantile range (DQR) models, as well as GARCH-type and generalized autoregressive score (GAS) models. We apply these models to five of some of the largest market capitalization cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and Steller, respectively). The forecasts are evaluated using various backtesting and model confidence set (MCS) techniques. To create the best VaR forecast model, a weighted aggregative technique is used. The findings demonstrate that the quantile-based models using a weighted average method have the best ability to anticipate the negative risks of cryptocurrencies. Full article

In the current era of globalization, cross-listing literature has been growing as a tool to achieve sustainable growth and provide policy implications for multinationals, international investors, and regulators. This research explores the three themes—influential aspects, intellectual structure, and conceptual structure—that underpin the growing cross-listing-based literature published in the Web of Sciences until July 2020. This study used bibliometric coupling to segregate the research front of cross-listing and then studied each theme’s conceptual structure and influential aspects separately. The analysis revealed that the cross-listing literature could be divided into three clusters: (1) price discrepancies and stock returns related to asymmetric information and market efficiencies, (2) earnings quality, earnings management, and the adoption of accounting standards, and (3) cross-listing benefits covering the growth, informativeness, and liquidity. For instance, our analysis identifies the impact of cross-listing on local market developments regarding trading volume and liquidity, secondly the benefits of financial market liberalization for cross-listing, particularly regarding the cost of capital, and thirdly the variation in abnormal returns after cross-listing with changing risk exposure, shareholding base, and amount of money raised. This research also proposes a future research agenda for the advancement of each cluster of cross-listing identified. The outcomes of this literature review will provide valuable information to practitioners and researchers and help them to further understand the broad perspective and prospects of cross-listing. Full article

The article is time relevant, since a number of countries, such as China and Russia, started pilot testing their digital currencies in 2020, due to the necessity of contactless means of payment during the coronavirus pandemic. The purpose of this research is to revisit the phenomenon of the virtual money. What is new here is that this is one of the first papers concentrated on a digital currency for a group of countries. The article offers an econometric representation of how the BRICS (Brazil, Russia, India, China and South Africa) currency may be utilized when hypothetically coined on a crypto-exchange of the BRICS monetary union. This research contains data condensed in a table and graphical form. The major idea of this article is that only a digital unit of account for a group of countries such as the BRICS, unlike a cryptocurrency, may help create a sustainable financial stability environment and solid monetary infrastructure. The author conducts a detailed analysis of a digital currency compared to a cryptocurrency. The hypothesis is that a shared digital currency for the BRICS may promote financial risk diversification through a risk-sharing mechanism. The author’s results include a formula that may provide a way of calculating the quantity of the BRICS’ digital currency, as well as a simulated representation of a would-be BRICS currency’s dynamics. The practical significance of this paper is that the proposed BRICS digital currency can find its use in investment portfolios as an asset. This asset may provide stable returns and benefit from the growth prospects of the BRICS economies as ones of the most rapidly developing markets in the world. Potential investors in the currency of the union may profit from the abundance of natural resources of Brazil, Russia, and South Africa in terms of energy and other minerals offered at the best world market prices, as well as the technology, labor, and durable goods of India and China priced at competitive valuations. The assets expressed in the BRICS currency have the potential of growing over the years, so a dollar invested today may turn an enormous return on investment within this decade, unlike stagnant markets in Europe, Japan, and the US. The author proves that a cryptocurrency cannot serve a shared currency function for the BRICS, and it stresses the very significance of circulating the shared digital currency in particular. Finally, the author simulates the dynamics of the BRICS’ digital currency and proposes an approach to calculating its exchange rate relative to some of the leading currencies in the international monetary system. Full article