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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] This paper studies a continuous-time mean-variance asset-liability management problem under the Heston model. Specifically, an asset-liability manager is allowed to invest in a risk-free asset and a risky asset whose price process is governed by the Heston model. By applying the Lagrange duality theorem and stochastic control theory, we derive the closed-form expressions of the efficient investment strategy and the efficient frontier. Moreover, we provide numerical experiments to analyze the sensitivity of the efficient frontier with respect to the relevant parameters in the Heston model.
Areva - Report on payments made to governments for fiscal year 2015, Report on the payments made in favor of governments during financial year 2016; Orano - Report on payments made to governments for the 2017 financial year (Article l. 225-102-3 of the French commercial code), report on payments made to governments for the 2018 financial year (Article L. 225-102-3 of the French commercial code)
[en] Pursuant to I and II of Article L. 225-102-3 of the French Commercial Code, Areva/Orano SA, in its capacity as consolidating parent company of controlled subsidiaries whose business activities include, in whole or part, the exploitation, exploration, discovery, or mining of metal ores must publish each year a report on payments made to authorities of each State or territory in which it conducts said activities. This report consolidates payments made by subsidiaries controlled by Areva/Orano SA within the meaning of Article L. 233-16 (sole or joint control) whose business activities include the exploitation, exploration, discovery or extraction of metal ores and which meet 2 of the following 3 criteria: 20,000,000 EUR for total assets, 40,000,000 EUR for net turnover, 250 for the average number of employees during the fiscal year. This report reflects payments made for the benefit of any national, regional or local authority of a State or territory, or any other administration, agency or undertaking controlled within the meaning of Article L. 233-16 by such an authority on the basis of: Production entitlements, Taxes or charges, Royalties, Dividends, Signature, discovery and production premiums, License fees, lease charges, entry fees and other considerations for licenses and/or concessions, Payment for infrastructure improvements, and any other payment in excess of 100,000 EUR made to authorities and entities controlled by such authorities not already included or excluded by categories 1 to 7 of the law. These reports cover the years 2015 to 2018
[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] The discovery of void swelling in neutron-irradiated stainless steels by Cawthorne and Fulton in 1966 showed that radiation effects would seriously affect the lifetime of fission reactors. A few years later, in the early 1970s, serious damage levels were observed in core components of the first commercial fission reactors that had been in operation for one decade. Driven by the harder neutron spectrum, the fusion community was impelled to explore the technical possibilities to make available a fusion relevant neutron source to anticipate the difficulties faced by the fission reactors community and ensure the long-term operation of a fusion reactor. In 1976, the conclusions of the first review published announced the assets and drawbacks of the different possibilities, which today despite the four decades passed and the sound technological advancements, continue being basically the same. A suitable neutron spectrum can be theoretically obtained both from plasma-based or accelerators based facilities with either gas, liquid or solids targets. Needed facilities performances, available irradiation volumes that the concept allow and cost are at stake. In the past, the cost of the most promising facility based on stripping the neutron from a deuteron on a lithium target was misleadingly peered with that of a fusion reactor. A tokamak with sufficient volume to irradiate equipment under fusion relevant conditions will be likely available in the future once commercial fusion reactors have become a reality; unfortunately, this concept does not match the needs timely, and is unrealistic w.r.t. its costs nowadays with worldwide efforts prioritizing ITER. In this article, we will focus on the technical aspects and assess the present maturity of different existing possibilities based on nowadays technologies to count with neutrons at a suitable flux and spectrum to characterize and qualify fusion materials to be timely ready with our world fusion roadmaps. (special topic)
[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)