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[en] From the perspective of corporate social responsibility and environmental risk management, green credit will have an important impact on corporate performance. The influence of green credit policy on enterprises can be reflected by the borrowing ability and financing cost of the enterprises, which represent the support strength and price preference of green credit policy. Based on this, this paper considers data on long-term borrowing capacity, short-term borrowing capacity, corporate social responsibility report score, and assets’ return rate of 119 listed enterprises of mining, power, and steel industries in China, from 2010 to 2016, and uses a panel data model to estimates the general relationship between the corporate social responsibility, green credit, and corporate performance. We find that: First, taking the social responsibility can promote the enterprises’ long-term borrowing ability and reduce their financing cost, but it can inhibit their short-term borrowing ability. With a 1% improvement in corporate social responsibility score, the long-term borrowing ability of enterprises in three industries will be increased by 0.0867, 0.2688, and 0.0510%, respectively. Second, the positive undertaking of corporate social responsibility will promote the improvement in enterprise performance. The result of enterprise performance improvement for the sample industry is 0.05, 0.03, and 0.07%. Third, the long-term borrowing ability of enterprise green credit has a small promoting effect on the enterprises’ performance, with the coefficients being 0.1266, 0.0539, and 0.0306, respectively. This paper can be used as a reference to promote both implementation of green credit policy and corporate performance.
[en] The 2003 global outbreak of severe acute respiratory syndrome (SARS) was a wake-up call for health systems in Canada, with realization of occupational health risks faced by health care workers and first responders in public health emergency response. The need for investment in critical social infrastructure—including explicitly articulated plans—became a priority for managing future pandemics. Over the past 15 years, pandemic planning has evolved with the adoption of a whole-of-society approach to disaster risk reduction. There is recognition of the social gradient of risk, which emerges from the interaction between social determinants of health, risk of exposure, and adverse impacts from a pandemic. Additionally, there is better understanding of the benefits of planning according to functional needs, rather than deficit-oriented labelling. In this paper, we reflect on how the framing of vulnerable or high-risk populations has evolved since SARS. Looking to the future, we present the imperative for the creation of institutional space for engagement of high-risk populations in pandemic planning processes, including participatory governance. Innovative consultation strategies are needed to enhance collective asset literacy and ensure planning is adaptive to the changing social fabric. Progressive pandemic planning in the next decade must be inclusive and sensitive to modern definitions of family, varied abilities, cultural practices and gender and sexual diversity, thereby reflecting a whole-of-society approach to disaster risk reduction.
[en] Multifractality is ubiquitously observed in complex natural and socioeconomic systems. Multifractal analysis provides powerful tools to understand the complex nonlinear nature of time series in diverse fields. Inspired by its striking analogy with hydrodynamic turbulence, from which the idea of multifractality originated, multifractal analysis of financial markets has bloomed, forming one of the main directions of econophysics. We review the multifractal analysis methods and multifractal models adopted in or invented for financial time series and their subtle properties, which are applicable to time series in other disciplines. We survey the cumulating evidence for the presence of multifractality in financial time series in different markets and at different time periods and discuss the sources of multifractality. The usefulness of multifractal analysis in quantifying market inefficiency, in supporting risk management and in developing other applications is presented. We finally discuss open problems and further directions of multifractal analysis. (review)
[en] It has been a consensus in the Academy that, for a nation to grow and develop in economic terms, an adequate supply of power should be available to provide its industrial sector as well as the needs of its people. Brazil did in the past make the decision to use the power generated from a nuclear source in its power generation matrix. The country today has two nuclear power plants in operation, Angra I and Angra II, with a third plant currently under construction, Angra III. The Angra I facility is nearly 40 years old and, should this country not manage to extend its lease of life, it should be decommissioned and taken apart, as provisioned for in prevailing legislation. In order to face the decommissioning costs of a nuclear power generation facility a sizeable amount of financial resources should be available to implement the decommissioning plan the operator is required to submit to the regulatory body. As the expected operating life of a nuclear power plant is of 40 years, some extensions were added to it to see the facilities go through successive and different governments and economic plans. This work studies some of the economic and financial aspects that go into the decommissioning of the Angra I power plant, pursuant to the IAEA documents published on the subject, covering different scenarios for yearly interest and the manner of the deposits, such as those of an uniform series of deposits and those of a growing and finite arithmetic progression. (author)
[en] Traditionally, fundamental factors of supply and demand were important in understanding oil price dynamics before the financial crisis. These factors, however, are no longer sufficient to explain the price behavior of the oil market in the post-financial crisis era since 2008. The financialization of oil futures markets has been responsible for changes in price behavior and co-movement between oil prices and financial asset prices, among others. The globalization of the world economy has further strengthened the interactions between oil markets and financial markets, which allows oil prices to exhibit more financial characteristics. This paper reviews current literature pertaining to financial factors affecting oil price change and the influence of oil prices on stock market returns and volatility. We conclude that the drivers of oil price change vary across different periods but the fundamentals remain the underlying causes affecting the long-term trend of oil prices. These financial factors are the important driving force for the extremely volatile oil price dynamics since the twenty-first century. When studying oil-stock interactions, it is important to consider a combined framework including the decomposition of oil price shocks, the asymmetry and time-varying effects of interaction, the impacts of structural changes and macroeconomic variables on the transmission of information, and risks in the oil-stock nexus. Finally, future research directions relating factors affecting oil price and the oil-stock nexus are highlighted. Specifically, the application of behavioral finance theory helps to explain the mechanism of oil price dynamics from a microperspective. The effect of changes in energy consumption structure and climate policies should be taken into account in understanding oil price change. Using of implied volatility index in the oil market and the stock market may provide new insight into the oil-stock nexus.
[en] Biomass has attracted considerable attention as energy, economic, and environmental asset, as result of its abundance and range of properties. The use of mesoporous catalysts during fast pyrolysis has been a highly important route to improve efficiency as well adding value to biomass. The addition of titanium to molecular sieves increases the efficiency of the pyrolysis reaction by improving production and selectivity of products of interest. This study aims at analyzing the catalytic pyrolysis products of elephant grass using titanium catalysts prepared at different Si/Ti molar ratios, i.e., 25 and 50. The material was supported on MCM-41 for the catalytic pyrolysis of biomass. The biomass pyrolysis reactions were performed in a micropyrolyzer coupled to a GC/MS analyzer. The Ti-MCM-41 samples were characterized by XRD, BET-specific area, and UV-visible. The distribution of pyrolysis products depended on process parameters such as temperature and catalyst type. The highest yield for hydrocarbon production, such as styrene, benzene, methylbenzene, and naphthalene, was observed at 600 °C using Si/Ti equal to 50.
[en] This report presents the results of the quantitative aspect of the follow up of the individual solar photovoltaic installations market. Content: 1 - 2018 market figures; 2 - Self-consumption share; 3 - geographical distribution of sales; 4 - Distribution channels; 5 - Types of operations; 6 - 2018 sales revenue; 7 - 2018 market analysis.
[en] Total, which has produced oil and gas for almost a century, is one of the world's largest energy companies, with a presence in more than 130 countries on five continents. The Group's activities include the exploration and production of oil and gas, refining, petrochemicals, and the distribution of energy in various forms to the end customer. More than 100,000 employees around the world help Total provide more affordable, cleaner energy to as many people as possible. This document is the financial report of the group for the first half of the year 2019. It presents the financial results (Key figures, Highlights since the beginning of the year, Key figures of environment and Group production, Analysis of business segments, Group results, Parent company accounts, and the principal risks and uncertainties for the remaining six months of the year) and the Consolidated Financial Statements (Statutory auditors' review report, Consolidated statement of income, Consolidated balance sheet, Consolidated statement of cash flow, Consolidated statement of changes in shareholders' equity)
[en] Traditional dam safety assessment tends to place the focus on estimating the probabilities of failure for the system based on a few subjectively-chosen operating scenarios. The techniques used to assess these systems rely on linear chains of events and are incapable of considering component interactions, feedbacks and non-linear behaviour. This paper uses a systems approach to develop a new technique that puts possibilities first and is capable of generating an exhaustive list of potential component operating state scenarios for the system. The scenarios can then be simulated using a Monte-Carlo approach to determine a wide range of system behaviour (outcomes) for each scenario, taking into account component interactions and feedbacks. A component operating states database is presented where the system can be broken down into various levels of detail and the operating states and causal factors for each component can be defined. The Cartesian product of each operating state set is used to derive the full range of potential operating scenarios, with each scenario consisting of a single operating state for every component in the system. The list of scenarios can be used as an input to a simulation model which can then be run many times for each scenario, using Monte-Carlo inputs which vary the timing and severity of events as well as the inflows. The approach for automated scenario generation is demonstrated on a simple and complex representation of a hydropower system and the scenarios are generated and counted. Results show that increasing system complexity results in exponentially increasing numbers of potential operating scenarios, with the simple system having a total of 1.1 × 106 operating states in comparison to the complex system which has 1.83 × 1027. The approach presented in this paper (a) reduces the subjectivity associated with traditional dam safety assessments through automated scenario generation, and (b) improves the ability to understand component interaction and feedbacks by describing a Monte Carlo simulation approach which can be used for scenario simulation. By understanding how the system responds to the full range of potential operating conditions, dam owners and asset managers can make informed decisions relating to the improvement of operating strategies and implementation of system upgrades.
[en] Orano and its 16,000 employees offers products and services with high added value throughout the entire nuclear fuel cycle, from raw materials to waste treatment. Its activities, from mining to dismantling, as well as in conversion, enrichment, recycling, logistics and engineering, contribute to the production of low carbon electricity. Orano posted robust results for the first half of 2019 driven by the firm monitoring of its risks, in challenging markets, and, by the continued implementation of its performance plan. The favorable financial market conditions enabled the good valuation of its assets earmarked for end-of-life-cycle commitments and significantly contributed to the positive net income. The group demonstrated its ability to return to solid growth. To sustain this dynamic, it was able to obtain new financing in the markets. Orano is on a positive trend and has improved its outlook for the year.