Influences of Financial Development and Energy Price on Renewable Energy:An Italian Case

Global climate change has created substantial difficulties in the areas of sustainability,development,and environmental conservation due to the widespread dependence on fossil fuels for energy production.Nevertheless,the promotion of renewable energy programs has the potential to significantly expedite endeavors aimed at tackling climate change.Thus,it is essential to conduct a thorough analysis that considers the financial aspects to fully understand the main hurdles that are preventing the advancement of renewable energy initiatives.Italy is a leading country in the worldwide deployment of renewable energy.The objective of this research is to assess the impact of financial growth,economic progress,and energy expenses on Italy’s adoption of renewable energy sources.By employing the Auto-Regressive Distributed Lag(ARDL)technique,we analyzed annual data spanning from1990 to 2022.Findings revealed that a 1%increase in financial and economic development would boost renewable energy consumption in the long run by 0.29%and 0.48%,respectively.Instead,a 1%increase in energy prices might reduce consumption of renewable energy by 0.05%in the long run.This study’s primary significance lies in furnishing actionable strategies for Italy to augment green finance for renewable energy,fostering sustained social and economic progress.Moreover,the analytical insights gleaned from this research offer valuable insights for energy-importing nations worldwide.

Employment and development levels in rural areas of the Russian Federation

The development of agro-industrial complex is important for ensuring national food security and national health.The development of rural areas is subject to the development of agriculture and local infrastructure,as well as the availability of various services.This study selected 15 indicators in 2021 to analyze the employment and development levels in rural areas of 71 regions of the Russian Federation using the analytical grouping method.The results indicated that 20 regions(Group 1)had the highest percentage of rural population(33.10%).The percentage of population engaged in agriculture had the highest value(12.40%)in 31 regions(Group 2).Moreover,20 regions(Group 3)had the highest investments in fixed assets at the expense of municipal budget(11.80 USD/person).Increasing the investments in fixed assets carried out from the budget of the municipality can improve the employment level in rural areas.Then,we used cluster analysis to divide 14 regions of the Volga Federal District in the Russian Federation into 3 clusters.Cluster 1 covered Kirov Region and Republic of Mari El;Cluster 2 included Ulyanovsk Region,Saratov Region,Nizhny Novgorod Region,Perm Territory,Orenburg Region,Chuvash Region,and Republic of Mordovia;and Cluster 3 contained Republic of Tatarstan,Samara Region,Udmurtian Republic,Penza Region,and Republic of Bashkortostan.Results indicated that the 2 regions of Cluster 1 need to increase the availability of resources and natural gas and improve the investment attractiveness of rural areas.The 7 regions of Cluster 2 needed to develop infrastructure,public services,and agricultural production.We found the highest employment level in rural areas,the largest investments in fixed assets at the expense of municipal budget,the largest residential building area per 10,000 persons,and the largest individual residential building area in the 5 regions of Cluster 3.This study makes it possible to draw up a comprehensive regional development program and proves the need for the development of rural areas,which is especially important for the sustainable development of the Russian Federation.

Market Positioning Analysis of CJ Brand Fitness Equipment

CJ Health Technology Co.has been an export-oriented supplier of fitness equipment,boasting leading technology innovation and manufacturing capabilities.However,in the process of expanding into the domestic market,the challenges of unclear market positioning and lack of brand awareness have emerged as major obstacles.To address these issues,a SWOT analysis was conducted to explore a suitable market positioning strategy for the CJ brand.The analysis reveals that the market demand for commercial fitness equipment is relatively saturated,with fierce competition.In contrast,the home fitness market represents a new blue ocean with promising development opportunities for the CJ brand.Leveraging excellent product quality,stringent quality control measures,and innovation-driven cutting-edge technology,it is recommended that CJ brand fitness equipment target young customers aged between 25 and 35 years old.Additionally,vigorously developing the home fitness product line is proposed to capitalize on this burgeoning market segment.

The Role of Social Change Factors in the Criminal Saturation Law

In the crime saturation law,the crime rate of a country depends on the specific time and space conditions of the country,and its distribution and size are limited to the“saturation”of social conditions.Therefore,the process of social change is the process of the criminial rate change.First,based on the regression analysis of the longitudinal crime rate data and relevant social development data in China from 1981 to 2015,this paper searches for the cointegration relationship between the variable sequences.Second,by the Quandt-Andrews breakpoint test,this paper finds the potential structural breakpoints within the sample interval.Finally,based on the structural breakpoints,this paper compares and analyzes the regression results between the sub regions,the sub intervals and overall sample intervals.The study finds that the increase of per capita GDP level,the widening income gap between urban and rural areas,the decline of social education level and the increase of unemployment rate all contribute to the growth of crime rate.China’s relevant departments should implement measures to maintain stability in the period of rapid economic growth,pay attention to social equity problems,increase investment in education,and reduce social unemployment rate.

An Empirical Study of Factors Affecting Sudden Deteriorations in Performance of Newly Listed Companies in China

Using the three Jones models,this paper analyzes earnings management in newly listed companies in China.We find that the use of earnings management practices is prevalent among firms in China and these practices increase the possibility of a sudden deterioration in performance(SDP)for the firm.The characteristics of the firm’s underwriter or sponsor also significantly impact on the possibility of a SDP.Finally,we find that the financial data of newly listed companies are not good indicators of a SDP.

Achieving Fine-Grained and Flexible Access Control on Blockchain-Based Data Sharing for the Internet of Things

The traditional centralized data sharing systems have potential risks such as single point of failures and excessive working load on the central node.As a distributed and collaborative alternative,approaches based upon blockchain have been explored recently for Internet of Things(IoTs).However,the access from a legitimate user may be denied without the pre-defined policy and data update on the blockchain could be costly to the owners.In this paper,we first address these issues by incorporating the Accountable Subgroup Multi-Signature(ASM)algorithm into the Attribute-based Access Control(ABAC)method with Policy Smart Contract,to provide a finegrained and flexible solution.Next,we propose a policy-based Chameleon Hash algorithm that allows the data to be updated in a reliable and convenient way by the authorized users.Finally,we evaluate our work by comparing its performance with the benchmarks.The results demonstrate significant improvement on the effectiveness and efficiency.

Enzyme-Induced Carbonate Precipitation for the Protection of Earthen Dikes and Embankments Under Surface Runoff: Laboratory Investigations

Earthen structures such as shore protection dikes and river embankments easily suffer from erosion under surface water runoff.This study made experimental efforts to explore the enzyme-induced carbonate precipitation(EICP)method for slope erosion control under surface runoff for earthen structures.The sandy soils were treated by the EICP method for various rounds.Surface characteristics were evaluated by the surface penetration resistance,calcium carbonate content,and surface hard crust thickness of EICP-treated soils.Slope runoff erosion experiments were carried out to evaluate the erosion control performances of the EICP treatment.The surface penetration resistance,calcium carbonate content,and surface hard crust thickness were found to significantly increase with the treatment rounds.In the erosion experiments,it was observed that the level of damages decreased and the water flow volume required to trigger the damage increased with more treatments.The increase in the soil slope angle led to more serious surface damages.The amount and rate that the soil particles were eroded from the slope surfaces declined with more EICP treatments,which was consistent with those of visual observations.The preliminary investigations presented in this study have shown the potential of the EICP method for slope erosion control under surface runoff for earthen structures.

LEARNING RATES OF KERNEL-BASED ROBUST CLASSIFICATION

This paper considers a robust kernel regularized classification algorithm with a non-convex loss function which is proposed to alleviate the performance deterioration caused by the outliers.A comparison relationship between the excess misclassification error and the excess generalization error is provided;from this,along with the convex analysis theory,a kind of learning rate is derived.The results show that the performance of the classifier is effected by the outliers,and the extent of impact can be controlled by choosing the homotopy parameters properly.

Numerical Methods for a Class of Hybrid Weakly Singular Integro-Differential Equations

This paper proposes numerical methods for solving hybrid weakly singular integro-differential equations of the second kind. The terms in these equations are in the following order: derivative term of a state, integro-differential term of a state with a weakly singular kernel, a state, integral term of a state with a smooth kernel, and force. The original class of weakly singular integro-differential equations of the first kind is derived from aeroelasticity mathematical models. Among the proposed methods, the method for solving linear cases is fully based on previously reported approximation scheme for equations of the first kind. For nonlinear cases, a revised method is proposed. Examples are presented to demonstrate the effectiveness of the proposed methods, and the results indicate that the proposed methods facilitate achieving satisfactory and accurate approximations.

Numerical Algorithms for Solving One Type of Singular Integro-Differential Equation Containing Derivatives of the Time Delay States

This study presents numerical algorithms for solving a class of equations that partly consists of derivatives of the unknown state at previous certain times, as well as an integro-differential term containing a weakly singular kernel. These equations are types of integro-differential equation of the second kind and were originally obtained from an aeroelasticity problem. One of the main contributions of this study is to propose numerical algorithms that do not involve transforming the original equation into the corresponding Volterra equation, but still enable the numerical solution of the original equation to be determined. The feasibility of the proposed numerical algorithm is demonstrated by applying examples in measuring the maximum errors with exact solutions at every computed nodes and calculating the corresponding numerical rates of convergence thereafter.

A Power Penalty Approach to Numerical Solutions of Two-Asset American Options

This paper aims to develop a power penalty method for a linear parabolic variational inequality （VI） in two spatial dimensions governing the two-asset American option valuation. This method yields a two-dimensional nonlinear parabolic PDE containing a power penalty term with penalty constant λ〉 1 and a power parameter k 〉 0. We show that the nonlinear PDE is uniquely solvable and the solution of the PDE converges to that of the VI at the rate of order O（λ^-k/2）. A fitted finite volume method is designed to solve the nonlinear PDE, and some numerical experiments are performed to illustrate the usefulness of this method.

The Practical Significance of Marx's Theory of Natural Force Resources

Marx's theory of natural force resources is an indispensable part of Marx's economic theory.Natural force resources,as a kind of natural elements that do not cost a penny,are added to the production process free of charge,and play a special role in the production process.Grasping and understanding the scientific connotation of Marx's theory of natural force resources is of great theoretical value and practical significance for promoting the harmonious unity of man and nature and adhering to the strategy of sustainable economic development.

Impact of petroleum and non-petroleum indices on financial development in Oman

This study analyzes the impact of petroleum and non-petroleum indices on the financial development of the Sultanate of Oman from 1978 to 2017.To this end,it uses the petroleum proxy of oil rents(%of gross domestic product,GDP)and the non-petroleum proxy of industry(including construction)value added(%of GDP);agriculture,forestry,and fishing value added(%of GDP);and services value added(%of GDP)to determine the effect on financial development,measured by the amount of domestic credit extended to the private sector by banks(%of GDP).It applies an autoregressive distributed lag(ARDL)model.The long-term equation illustrates that the agriculture and industry GDPs have a negative and significant relationship with domestic credit in Oman.However,the oil and service sector GDPs promote financial development.The short-term equation illustrates that the oil,agricultural,and service sectors have positive and significant effects on domestic credit.The conclusion is that the economy of Oman is still in the first phase of economic diversification.Accordingly,the government should use oil revenues to develop various non-oil industrial sectors.This would enhance the country’s competitiveness in the global economy and positively contribute to improving the liquidity of the banking sector for stimulating credit at the macroeconomic level.

Dynamic Behavior of Interest Rates in China

This paper intuitively examines the dynamic behavior of two highly relevant interest rates in China. The first one is the government rate, which is decided and published by the central bank and can be simulated by pure jump process. Estimation of the jump intension is given out. And by different robustness test, it keeps stable. The jump size has met the condition to make interest rate within reasonable bounds and shown some meaning of economic cycle behavior. The second one is the market rate, which is estimated by spline approximation based on the transaction data of government bonds. Several models, including Vasicek model, Vasicek-GARCH （1,1） model, CIR model, and CIR-GARCH（1,1）, are empirically tested and the best performance is done by the Vasicek-GARCH（1,1） model. Furthermore, the estimate bias problem due to the near unit root process is tested and evidenced by both traditional methods and GPH test. Impact of government rate on market rate is finally checked and analyzed.

Values of the Times of Marx's Theory of Science and Technology Progress and Utilization of Natural Resources

Marx's theory of scientific and technological progress and utilization of natural resources is an indispensable and important part of Marx's economic theory.To realize the harmonious unification of man and nature,man must correctly understand the effect of scientific and technological progress on the use of natural resources,fundamentally solve the problem that scientific and technological progress cannot replace the position of natural resources in economic development,and objectively evaluate the relationship between human power and the power of nature.Grasping and comprehending the scientific connotation of Marx's theory of scientific and technological progress and utilization of natural resources has a very important theoretical value and practical significance for saving and effectively using natural resources and building an environment-friendly society.

A Game Analysis on Technology Alliance of Tech-typed Small and Medium-sized Enterprises

As an innovation mode of organization, technology alliance has being increasingly paid more attention to by more and more small and medium-sized enterprises （SME）. In this paper, on the basis of analyzing the theory and practice meaning of the technology alliance, cooperative game method is used to analyze the forming process of the cooperative mechanism, and it points out that cooperation will make both sides get the largest benefits.

On Condition and Path of the Regionalization of China Yuan from the Perspective of ASEAN

With the development of the economy in China,the regionalization of China Yuan is accelerated. This paper analyzes the existing conditions of the regionalization of China Yuan in ASEAN theoretically and practically,points out the restricting factors and puts forward the path of the regionalization of China Yuan in ASEAN — with Singapore,Thailand,Malaysia and Indonesia being the pilot countries and realizing regionalization of China Yuan in ASEAN gradually.

Architecting the Metaverse: Blockchain and the Financial and Legal Regulatory Challenges of Virtual Real Estate

There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has been called an “illusion” given underdeveloped infrastructure, including inadequate software and servers, and the potential opportunities for economic and legal abuse, the “real estate of the future” shows no signs of slowing. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the long-term legal and regulatory considerations of capitalizing on the investment, as well as the manner in which blockchain technology can secure users’ data and digital assets, has yet to be properly investigated. With the metaverse still in a conceptual phase, building a new 3D social environment capable of digital transactions will represent most of the initial investment in time in human capital. Digital twin technologies, already well-established in industry, will be ported to support the need to architect and furnish the new digital world. The return on and viability of investing in the “real estate of the future” raises questions fundamental to the success or failure of the enterprise. As such this paper proposes a novel framing of the issue and looks at the intersection where finance, technology, and law are converging to prevent another Dot-com bubble of the late 1990s in metaverse-based virtual real estate transactions. Furthermore, the paper will argue that these domains are technologically feasible, but the main challenges for commercial users remain in the legal and regulatory arenas. As has been the case with the emergence of online commerce, a legal assessment of the metaverse indicates that courts will look to traditional and established legal principles when addressing issues until the enactment of federal and/or state statutes and accompanying regulations. Lastly, whereas traditional regulation of real estate would involve property law, the current legal framing of ownership of metaverse assets is governed by contract law.

A NEW GENERAL OPTIMAL PRINCIPLE OF DESIGNING EXPLICIT FINITE DIFFERENCE METHOD FOR VALUING DERIVATIVE SECURITIES

A new general optimal principle of designing explicit finite difference method was obtained. Several applied cases were put forward to explain the uses of the principle. The validity of the principal was tested by a numeric example.