A wavelet approach of investing behaviors and their effects on risk exposures

Exposure to market risk is a core objective of the Capital Asset Pricing Model(CAPM)with a focus on systematic risk.However,traditional OLS Beta model estimations(Ordinary Least Squares)are plagued with several statistical issues.Moreover,the CAPM considers only one source of risk and supposes that investors only engage in similar behaviors.In order to analyze short and long exposures to different sources of risk,we developed a Time–Frequency Multi-Betas Model with ARMA-EGARCH errors(Auto Regressive Moving Average Exponential AutoRegressive Conditional Heteroskedasticity).Our model considers gold,oil,and Fama–French factors as supplementary sources of risk and wavelets decompositions.We used 30 French stocks listed on the CAC40(Cotations Assistées Continues 40)within a daily period from 2005 to 2015.The conjugation of the wavelet decompositions and the parameters estimates constitutes decision-making support for managers by multiplying the interpretive possibilities.In the short-run,(“Noise Trader”and“High-Frequency Trader”)only a few equities are insensitive to Oil and Gold fluctuations,and the estimated Market Betas parameters are scant different compared to the Model without wavelets.Oppositely,in the long-run,(fundamentalists investors),Oil and Gold affect all stocks but their impact varies according to the Beta(sensitivity to the market).We also observed significant differences between parameters estimated with and without wavelets.

The Determinants of Risk Exposure When Development Finance Institutions Consider Approval of Funding to Different Development Markets—Case Study Development Bank of Southern Africa

This paper evaluates the determinants of risk exposure when development finance institutions consider approval of funding to different development markets utilising multiple regression econometric models and the Development Bank of South Africa(DBSA)as a case study.The research presents the classical development finance institution(DFI)business model and market size estimation with the contemporary DFI risk classification and enterprise risk management framework.In addition to reviewing the profile of financial and non-financial products and services,the related project cycles and the DFI credit risk pricing and mitigation approaches for the different development markets.Our results suggest that there is a correlation between the funding of under-resourced municipalities by DBSA and its exposure to financial risk though the correlation is not overwhelmingly significant,but also evidence of a negative correlation between the funding of under-resourced municipalities and the minimization of the financial risk exposure of DBSA.Likewise,there is a negative correlation between funding to all three different sizes of a municipality and ability of the DFI to absorb future losses(non-performing loan coverage ratio).The negative correlation is highest for secondary cities followed by metros and least for under resourced municipalities.The research concludes with four major recommendations of what the role of the DFI should be in enhancing access of under-resourced municipalities to development funding.

Surface ozone in global cities:A synthesis of basic features,exposure risk,and leading meteorological driving factors

Long-term exposure to high surface ozone(O_(3))concentrations,a complex oxidative atmospheric pollutant,can adversely impact human health.Based on O_(3)monitoring data from 261 cities worldwide in 2020,generalized additive model(GAM)and spatial data analysis(SDA)methods were applied in this study to quantitatively evaluate the spatiotemporal distribution of O_(3)concentration,exposure risk,and dominant meteorological factors.Results indicated that over 40%of the cities worldwide were exposed to harmful O_(3)concentration ranges(40-60μg/m^(3)),with most cities distributed in China and India.Moreover,significant seasonal variations in global O_(3)concentrations were observed,presenting as summer(45.6μg/m^(3))>spring(47.3μg/m^(3))>autumn(38.0μg/m^(3))>winter(33.6μg/m^(3)).Exposure analysis revealed that approximately 12.2%of the population in 261 cities were exposed to an environment with high O_(3)concentrations(80-160μg/m^(3)),with about 36.32 million people in major countries.Thus,the persistent increase in high O_(3)levels worldwide is a critical factor contributing to threats to human health.Furthermore,GAM results indicated temperature,relative humidity,and wind speed as primary determinants of O_(3)variability.The synergy of meteorological factors is critical for understanding O_(3)changes.Our findings are important for enforcing robust air quality policies and mitigating public risk.

A Genetic Susceptibility Study of Lung Cancer Risk Potentially Associated with Polycyclic Aromatic Hydrocarbon Inhalation Exposure

For lifetime non-smokers, lung cancer risk is mainly associated with inhalation exposure to air pollution. For the Chinese population, indoor air pollution due to solid fuel combustion has been the primary source of inhalation exposure for decades. Polycyclic aromatic hydrocarbons （PAHs） are the by-products of incomplete combustion.

Monte Carlo calculation of the exposure of Chinese female astronauts to earth’s trapped radiation on board the Chinese Space Station

With the development of China’s crewed space mission,the space radiation risk for astronauts is increasingly prominent.This paper describes a simulation of the radiation doses experienced by a Chinese female voxel phantom on board the Chinese Space Station(CSS)performed using the Monte Carlo N-Particle(MCNP)software.The absorbed dose,equivalent dose,and effective dose experienced by the voxel phantom and its critical organs are discussed for different levels of shielding of the Tianhe core module.The risk of space-radiation exposure is then assessed by comparing these doses with the current risk limits in China(the skin dose limit for short-term low-earth-orbit missions)and the NASA figures(National Council on Radiation Protection and Measurements Report No.98)for female astronauts.The results obtained can be used to guide and optimize the radiation protection provided for manned space missions.

The Risk Management of Companies From Timis County Involved in International Business

Rapid internationalization of economic activities following the Second World War has generated an unprecedented increase in international trade and capital flows. For example, only during 1963-1993, exports rose from 157 billion to 3.774 billion dollars. Also the flows of foreign direct investment （FDI） have grown exponentially. Although FDI flows are concentrated on developing countries, 80% being targeted towards 10 countries, capital flows towards the Third World have quadrupled only between 1990 and 1993. This trend towards a truly international economy influences also on how companies do business. International business environment provides many opportunities, as well as threats. Romanian companies need to align to this trend. In addition to identifying new opportunities to do business in foreign markets, they have to deal with specific risks, which they did not have to face when working internally. In this context, we consider necessary to launch an investigation, whose main objective would be analyzing the manner in which Romanian companies manage risks specific to international economic affairs. As the complexity of these businesses is great, and the majority of Romanian companies, in their attempt to internationalize, use classical forms of export-import, the analysis took into account only the export activity undertaken by Romanian companies. We mention that we did not take into account the determination of the exposure to these risks of the companies concerned, but an analysis of the management of those risks. For this analysis, data were collected based on the administration of a questionnaire, and these data were used to develop an econometric model analysis. The specific methods of risk analysis of specific export transactions are then interpreted using the GLOBE model.

Prevalence and risk factors of lens opacities in rural populations living at two different altitudes in China

AIM： To investigate the prevalence of and risk factors for lens opacities in populations living at two different altitudes in China.·METHODS： A total of 813 subjects aged ≥40y in Lhasa（Tibet Autonomous Region, China. Altitude： 3658 m） and Shaoxing（Zhejiang Province, China. Altitude： 15 m） were underwent eye examinations and interviewed in this cross-sectional study. Participants＇ lens opacities were graded according to the Lens Opacities Classification System II（LOCS II） and the types of opacities with LOCS II scores ≥2 were determined. Univariate and stepwise logistic regression were used to evaluate the associations of independent risk factors with lens opacities.· RESULTS： Lens opacities were significantly more prevalent in the high-altitude than in the low-altitude area（χ2=10.54, P 〈0.001）. Lens opacities appear to develop earlier in people living at high than at low altitude. The main types of lens opacity in Lhasa and Shaoxing were mixed（23.81%） and cortical（17.87%）,respectively. Independent risk factors associated with all lens opacities were age, ultraviolet（UV） radiation exposure,and educational level. Compared with participants aged40-49 y, the risk of lens opacities increased gradually from 2 to 85 times per 10 y [odds ratio（OR）=2.168-84.731,P 〈0.05）. The risk of lens opacities was about two times greater in participants with the highest UV exposure than in those with the lowest exposure（OR=2.606, P =0.001）.Educational level was inversely associated with lensopacities; literacy deceased the risk by about 25%compared with illiteracy（OR=0.758, P =0.041）.·CONCLUSION： Old age, higher UV exposure and lower educational level are important risk factors for the development of lens opacities. Lens opacities are more prevalent among high-altitude than low-altitude inhabitants.

VOC emitted by biopharmaceutical industries:Source profiles,health risks,and secondary pollution

The biopharmaceutical industry contributes substantially to volatile organic compounds(VOCs)emissions,causing growing concerns and social developmental conflicts.This study conducted an on-site investigation of the process-based emission of VOCs from three biopharmaceutical enterprises.In the workshops of the three enterprises,26 VOCs were detected,which could be sorted into 4 classes:hydrocarbons,aromatic hydrocarbons,oxygen-containing compounds,and nitrogen-containing compounds.Ketones were the main components of waste gases,accounting for 44.13%-77.85%of the overall VOCs.Process-based source profiles were compiled for each process unit,with the fermentation and extraction units of tiamulin fumarate being the main source of VOC emissions.Dimethyl heptanone,vinyl acetate,diethylamine,propylene glycol methyl ether(PGME),and benzene were screened as priority pollutants through a fuzzy comprehensive evaluation system.Ground level concentration simulation results of the Gauss plume diffusion model demonstrated that the diffusivity of VOCs in the atmosphere was relatively high,indicating potential non-carcinogenic and carcinogenic risks 1.5-2 km downwind.Furthermore,the process-based formation potentials of ozone and secondary organic aerosols(SOAs)were determined and indicated that N-methyl-2-pyrrolidone,dimethyl heptanone,and PGME should be preferentially controlled to reduce the ozone formation potential,whereas the control of benzene and chlorobenzene should be prioritized to reduce the generation of SOAs.Our results provide a basis for understanding the characteristics of VOC emission by biopharmaceutical industries and their diffusion,potentially allowing the development of measures to reduce health risks and secondary pollution.

Evaluation of Pesticide Residues in Mango by a Multi-residue Analysis and GC/MS Triple Quadrupole

Mango fruit has a great national and international market, and Brazilian production is 1,900 thousand tons/year exporting to North America and Europe. However, the loss could occur during the production when it is affected by pests and climate conditions, so the increased use of chemical substances and their presence should be monitored. A task for governmental agencies, producers and food sales, attending the sanitary barriers requirements, is to distribute food free from contaminants, so laboratories involved in this type of work usually employ multi-residues analysis. The objective of this study was to evaluate the presence of pesticide residues in mango using QuEChERS method and mass spectrometry technique. Positive samples were compared with Brazilian maximum residues level （MRL） and the health risk exposure was evaluated using the acute dietary intake （ADI） parameter. A total of 20 samples were collected from January to March, in Sao Paulo city markets. The recoveries were in the range of 70% to 120%, and standard deviation was below 20%. The category of pesticides not permitted for the crop were found in l0 samples; eight samples presented pesticides below MRL and two samples above MRL for the fungicide procloraz. The ADI values were below 20% of ADI for an adult and the worst case was dimethoate with 69% of ADI for children. The time spent in monitoring studies and the viability of method chosen must be considered by pesticide residues laboratories during routine analysis of food quality control.

Risk of Flash Floods in Urban and Rural Municipalities Triggered by Intense Precipitation in Wielkopolska of Poland

This research analyzed interventions of State Fire Service(SFS)units in the Wielkopolska region of Poland that were triggered by extreme precipitation for the period 2010-2021.Our results demonstrated that the most populated and urbanized towns in the Wielkopolska(Greater Poland,west of Warsaw)region are at the most risk in the event of extreme precipitation occurrence as measured by the total number of interventions made by the SFS.The number of SFS unit interventions in towns,standardized to 10,000 inhabitants,indicates that the highest proportional volume of interventions also occurred in smaller towns.In the rural municipalities the number of SFS unit interventions increases along with higher population density and proportion of infrastructure areas.As analyzed in this study,the 12 years from 2010 to 2021 were characterized by a higher number of days with heavy precipitation,for example,20,30,40,and 50 mm,in comparison to the previous periods 1961-2010 and 1981-2010.Intervention databases collected by emergency services are a valuable source of information for hazard mapping.Based on those and other available data,a statistical model was created and factors influencing the local and regional occurrence of interventions were determined.Increasing suburbanization,the rising proportion of impermeable surfaces,and the impact of climate change are of considerable importance in urban flood risk.It is necessary to help municipalities develop abilities to absorb larger amounts of rainwater.

Variable Impact of Renminbi Appreciation on Chinese Industries＇ Profitability

This paper uses the input-output tables from 2007 to estimate the exchangerate risk exposure of all 42 sectors of the Chinese economy. It then demonstrates a new quantitative approach for examining the differential impacts of Renminbi appreciation on the export of finished goods and the import of intermediate inputs in each sector, and estimates the changes in profitability of each sector under different degrees of Renminbi appreciation. The results indicate that appreciation of the Renminbi will increase the profitability of 22 sectors, which are generally monopolistic, capital-intensive, and reliant on R＆D, and reduce the profitability of 20 sectors, which are generally competitive, labor-intensive, and less reliant on R＆D. This suggests that the degree and pace of Renminbi appreciation must be coordinated with industrial and employment policies in order to reduce exchange-rate risk exposure through trade restructuring, to improve economic structure, to promote competition and employment, and to maintain steady and sustainable economic growth.

Exposure measurement, risk assessment and source identification for exposure of traffic assistants to particle-bound PAHs in Tianjin, China

To investigate the levels of exposure to particulate-bound polycyclic aromatic hydrocarbon （PAH） and to estimate the risk these levels pose to traffic assistants （TAs） in Tianjin （a rnegacity in North China）, a measurement campaign （33 all-day exposure samples, 25 occupational-exposure samples and 10 indoor samples） was conducted to characterize the TAs＇ exposure to PAHs, assess the cancer risk and identify the potential sources of exposure. The average total exposure concentration of 14 PAHs was approximately 2871 ＋ 928 ng/rn3 （on-duty）, and 1622 ＋ 457 ng/m3 （all-day）. The indoor PAHs level was 1257 ＋ 107 ng/m3. After 8000 Monte Carlo simulations, the cancer risk resulting from exposure to PAHs was found to be approximately 1.05 x 10-4. A multivariate analysis was applied to identify the potential sources, and the results showed that, in addition to vehicle exhaust, coal combustion and cooking fumes were also another two important contributors to personal PAH exposure. The diagnostic ratios of PAH compounds agree with the source apportionment results derived from principal component analysis.

Insight study of rare earth elements in PM_(2.5)during five years in a Chinese inland city:Composition

The booming development of rare earth industry and the extensive utilization of its products accompanied by urban development have led to the accelerated accumulation of rare earth elements(REEs)as emerging pollutants in atmospheric environment.In this study,the variation of REEs in PM_(2.5)with urban(a non-mining city)transformation was investigated through five consecutive years of sample collection.The compositional variability and provenance contribution of REEs in PM_(2.5)were characterized,and the REEs exposure risks of children and adults via inhalation,ingestion and dermal absorption were also evaluated.The results showed an increase in the total REEs concentration from 46.46±35.16 mg/kg(2017)to 81.22±38.98 mg/kg(2021)over the five-year period,with Ce and La making the largest contribution.The actual increment of industrial and traffic emission source among the three pollution sources was 1.34 ng/m^(3).Coal combustion source displayed a downward trend.Ingestion was the main exposure pathway for REEs in PM_(2.5)for both children and adults.Ce contributed the most to the total intake of REEs in PM_(2.5)among the population,followed by La and Nd.The exposure risks of REEs in PM_(2.5)in the region were relatively low,but the trend of change was of great concern.It was strongly recommended to strengthen the concern about traffic-related non-exhaust emissions of particulate matter.

Carbendazim residue in plant-based foods in China:Consecutive surveys from 2011 to 2020

Carbendazim,a widely used fungicide in China,has been found to have reproductive toxicity and mutagenic effects.However,information on the spatial-temporal variations of carbendazim residues in food in China is limited.Here,we investigated the presence of carbendazim in China's plant-based foods from 2011 to 2020,evaluated the spatial-temporal characteristics,and assessed the associated exposure risks in the Chinese diet.The results revealed a high detection frequency of carbendazim in fruits(26.4%)and high concentrations in vegetables(~110 mg kg^(-1)),indicating widespread misuse of the fungicide.The acute risks of consuming certain vegetables and cereals exceeded the recommended limits by up to 12 and 5 times,respectively.Although there has been a decline in carbendazim residue levels in food since the implementation of the Chinese government's action plan for zero growth of pesticide use in 2015,some provinces still exhibited high levels of carbendazim in multiple food categories,which were positively correlated with annual pesticide application.We highlight that carbendazim contamination reflects the broader issue of pesticide use in China.It emphasizes the need for committed and targeted national policies to reduce carbendazim residues in food and suggests that such measures could also regulate the use of other pesticides,given that pesticide abuse in China is not limited to specific types.We call for the re-evaluation of maximum residue limits of carbendazim,particularly in highly consumed foods such as cereals.

Synergistic PM_(2.5)and O_(3)control to address the emerging global PM_(2.5)-O_(3)compound pollution challenges

In recent years,the issue of PM_(2.5)-O_(3)compound pollution has become a significant global environmental concern.This study examines the spatial and temporal patterns of global PM_(2.5)-O_(3)compound pollution and exposure risks,firstly at the global and urban scale,using spatial statistical regression,exposure risk assessment,and trend analyses based on the datasets of daily PM_(2.5)and surface O_(3)concentrations monitored in 120 cities around the world from 2019 to 2022.Additionally,on the basis of the common emission sources,spatial heterogeneity,interacting chemical mechanisms,and synergistic exposure risk levels between PM_(2.5)and O_(3)pollution,we proposed a synergistic PM_(2.5)-O_(3)control framework for the joint control of PM_(2.5)and O3.The results indicated that:(1)Nearly 50%of cities worldwide were affected by PM_(2.5)-O_(3)compound pollution,with China,South Korea,Japan,and India being the global hotspots for PM2.5-O3 compound pollution;(2)Cities with PM_(2.5)-O_(3)compound pollution have exposure risk levels dominated by ST t ST(Stabilization)and ST t HR(High Risk).Exposure risk levels of compound pollution in developing countries are significantly higher than those in developed countries,with unequal exposure characteristics;(3)The selected cities showed significant positive spatial correlations between PM_(2.5)and O_(3)concentrations,which were consistent with the spatial distribution of the precursors NOx and VOCs;(4)During the study period,52.5%of cities worldwide achieved synergistic reductions in annual average PM_(2.5)and O_(3)concentrations.The average PM_(2.5)concentration in these cities decreased by 13.97%,while the average O_(3)concentration decreased by 19.18%.This new solution offers the opportunity to construct intelligent and healthy cities in the upcoming low–carbon transition.

Levels,sources and health risks of carbonyls and BTEX in the ambient air of Beijing,China

The atmospheric concentrations of carbonyls and BTEX （benzene,toluene,ethylbenzene,m,p-xylene and o-xylene） were measured simultaneously at a same sampling site in Beijing from September 2008 to August 2010.The average concentrations of the total measured carbonyls during autumn,winter,spring,and summer were 37.7,31.3,39.7,50.5 μg/m 3,respectively,and maximal values for their diurnal variations usually happened at noontime.In contrast to carbonyls,the average concentrations of the total measured BTEX during the four seasons were 27.2,31.9,23.2,19.1 μg/m 3,respectively,andminimal values for their diurnal variations always occurred in the early afternoon.The average concentration for carbonyls increased about 24% from September 2008–August 2009 to September 2009–August 2010,for BTEX,increased about 15%.Integrated life time cancer risks for three carcinogens （benzene,formaldehyde and acetaldehyde） in Beijing exceeded the value of 1E-06,and the hazard quotient （HQ） of non-cancer risk of exposure to formaldehyde exceeded unity.

Microbial aerosol particles in four seasons of sanitary landfill site:Molecular approaches,traceability and risk assessment

Landfill sites are regarded as prominent sources of bioaerosols for the surrounding atmosphere.The present study focused on the emission of airborne bacteria and fungi in four seasons of a sanitary landfill site.The main species found in bioaerosols were assayed using high-throughput sequencing.The Source Tracker method was utilized to identify the sources of the bioaerosols present at the boundary of the landfill site.Furthermore,the health consequences of the exposure to bioaerosols were evaluated based on the average daily dose rates.Results showed that the concentrations of airborne bacteria in the operation area(OPA)and the leakage treatment area(LTA)were in the range of(4684±477)–(10883±1395)CFU/m^(3) and(3179±453)–(9051±738)CFU/m^(3),respectively.The average emission levels of fungal aerosols were 4026 CFU/m^(3) for OPA and 1295 CFU/m^(3) for LTA.The landfill site received the maximum bioaerosol load during summer and the minimum during winter.Approximately 41.39%–86.24%of the airborne bacteria had a particle size of 1.1 to 4.7μm,whereas 48.27%–66.45%of the airborne fungi had a particle size of more than 4.7μm.Bacillus sp.,Brevibacillus sp.,and Paenibacillus sp.were abundant in the bacterial population,whereas Penicillium sp.and Aspergillus sp.dominated the fungal population.Bioaerosols released from the working area and treatment of leachate were the two main sources that emerged in the surrounding air of the landfill site boundary.The exposure risks during summer and autumn were higher than those in spring and winter.

Inactivation and risk control of pathogenic microorganisms in municipal sludge treatment:A review

The rapid global spread of coronavirus disease 2019(COVID-19)has promoted concern over human pathogens and their significant threats to public health security.The monitoring and control of human pathogens in public sanitation and health facilities are of great importance.Excessive sludge is an inevitable byproduct of sewage that contains human and animal feces in wastewater treatment plants(WWTPs).It is an important sink of different pollutants and pathogens,and the proper treatment and disposal of sludge are important to minimize potential risks to the environment and public health.However,there is a lack of comprehensive analysis of the diversity,exposure risks,assessment methods and inactivation techniques of pathogenic microorganisms in sludge.Based on this consideration,this review summarizes the control performance of pathogenic microorganisms such as enterovirus,Salmonella spp.,and Escherichia coli by different sludge treatment technologies,including composting,anaerobic digestion,aerobic digestion,and microwave irradiation,and the mechanisms of pathogenic microorganism inactivation in sludge treatment processes are discussed.Additionally,this study reviews the diversity,detection methods,and exposure risks of pathogenic microorganisms in sludge.This review advances the quantitative assessment of pathogenic microorganism risks involved in sludge reuse and is practically valuable to optimize the treatment and disposal of sludge for pathogenic microorganism control.

Does Health Insurance Coverage Influence Household Financial Portfolios？ A Case Study in Urban China

Health insurance lowers the medical financial burden of the insured through a risk-sharing mechanism, and more importantly, reduces the motivation for precautionary saving. This paper explores the relationship between health insurance coverage and household financial portfolios. We choose 2002 urban China as a case study when the health insurance system had a problem of limited adverse selection. Using data from the 2002 Chinese Household Income Project Survey, we find that health insurance coverage influences households＇ preference for financial assets, especially for the risky financial assets. These effects become more pronounced as the coverage rate of health insurance in the family increases. Our results are consistent with precautionary saving theory which suggests that future expenditure risk could affect household asset portfolios. Therefore, development of social security or a health insurance system could effectively promote the development of financial markets, especially riskier aspects of financial markets.

Polybrominated diphenyl ethers in chicken tissues and eggs from an electronic waste recycling area in southeast China

The levels and distributions of polybrominated diphenyl ethers （PBDEs） in chicken tissues from an electronic waste （e-waste） recycling area in southeast China were investigated. Human dietary intake by local residents via chicken muscle and eggs was estimated. The mean PBDEs concentrations in tissues ranged from 15.2 to 3138.1 ng/g lipid weight （lw） and in egg the concentration was 563.5 ng/g lw. The results showed that the level of total PBDEs （∑PBDEs） in the chicken tissue was 2-3 orders of magnitude higher than those reported in the literature. The large difference of ∑PBDEs concentrations between tissues confirmed that the distribution of PBDEs in tissues depend on tissue-specificity rather than the ＂lipid-compartment＂. BDE-209 was the predominant congener （82.5%- 94.7% of ∑PBDEs） in all chicken tissues except in brain （34.7% of ∑PBDEs）, which indicated that deca-BDE （the major commercial PBDE formulation comprising 65%-70% of total production） was major pollution source in this area and could be bioaccumulated in terrestrial animals. The dietary PBDEs intake of the local residents from chicken muscle and egg, assuming only local bred chickens and eggs were consumed, ranged from 2.2 to 22.5 ng/（day.kg body weight （bw）） with a mean value of 13.5 ng/（day-kg bw）, which was one order of magnitude higher than the value reported in previous studies for consumption of all foodstuffs.