Global Financing Facility investments for vulnerable populations: content analysis regarding maternal and newborn health and stillbirths in 11 African countries, 2015 to 2019.

BACKGROUND: The Global Financing Facility (GFF) was launched in 2015 to catalyse increased domestic and external financing for reproductive, maternal, newborn, child, adolescent health, and nutrition. Half of the deaths along this continuum are neonatal deaths, stillbirths or maternal deaths; yet these topics receive the least aid financing across the continuum. OBJECTIVES: To conduct a policy content analysis of maternal and newborn health (MNH), including stillbirths, in GFF country planning documents, and assess the mortality burden related to the investment. METHODS: Content analysis was conducted on 24 GFF policy documents, investment cases and project appraisal documents (PADs), from 11 African countries. We used a systematic data extraction approach and applied a framework for analysis considering mindset, measures, and money for MNH interventions and mentions of mortality outcomes. We compared PAD investments to MNH-related deaths by country. RESULTS: For these 11 countries, USD$1,894 million of new funds were allocated through the PADs, including USD$303 million (16%) from GFF. All documents had strong content on MNH, with particular focus on pregnancy and childbirth interventions. The investment cases commonly included comprehensive results frameworks, and PADs generally had less technical content and fewer indicators. Mortality outcomes were mentioned, especially for maternal. Stillbirths were rarely included as targets. Countries had differing approaches to funding descriptions. PAD allocations are commensurate with the burden. CONCLUSIONS: The GFF country plans present a promising start in addressing MNH. Emphasising links between investments and burden, explicitly including stillbirth, and highlighting high-impact packages, as appropriate, could potentially increase impact.

Main finding: Maternal and newborn health care packages are strongly included in the Global Financing Facility policy documents for 11 African countries, especially regarding pregnancy and childbirth, though less for stillbirth, or postnatal care, or small and sick newborn care.Added knowledge: This study is the first independent content analysis of Global Financing Facility investment cases and related project appraisal documents, revealing mostly consistent content for maternal and newborn health across documents and overall correlation between national mortality burden and investments committed.Global health impact for policy and action: The Global Financing Facility have demonstrated promising initial investments for maternal and newborn health, although there are also missed opportunities for strengthening, especially for some neonatal high-impact packages and counting impact on stillbirths.

Mining the relationship between COVID-19 sentiment and market performance.

In March 2020, the outbreak of COVID-19 precipitated one of the most significant stock market downturns in recent history. This paper explores the relationship between public sentiment related to COVID-19 and stock market fluctuations during the different phases of the pandemic. Utilizing natural language processing and sentiment analysis, we examine Twitter data for pandemic-related keywords to assess whether these sentiments can predict changes in stock market trends. Our analysis extends to additional datasets: one annotated by market experts to integrate professional financial sentiment with market dynamics, and another comprising long-term social media sentiment data to observe changes in public sentiment from the pandemic phase to the endemic phase. Our findings indicate a strong correlation between the sentiments expressed on social media and market volatility, particularly sentiments directly associated with stocks. These insights validate the effectiveness of our Sentiment(S)-LSTM model, which helps to understand the evolving dynamics between public sentiment and stock market trends from 2020 through 2023, as the situation shifts from pandemic to endemic and approaches new normalcy.

How backers' behavior affects financing performance in agri-food reward-based crowdfunding: The moderating mechanism of initiator characteristics and project attributes.

Crowdfunding is a new type of financing favored by entrepreneurs in need of capital. Financing performance is a key concern for crowdfunding project initiators. Although a growing number of studies have investigated the factors that affect the financing performance of crowdfunding projects, there are still some issues that need to be further clarified. How does the investment behavior of backers, as the supply side of finance, affect the financing performance of project in reward-based crowdfunding? What are the moderating mechanisms of this influence by initiator characteristics and project attributes? Based on a panel data set from Zhongchou, a famous agri-food crowdfunding platform in China, this paper finds that the investment speed, the investment intensity, the number of early backers, the backers' comments, and the number of selfless backers all have significant effects on financing performance. The core trust factors of initiator characteristics and project attributes play a moderating role in the relationship between backer investment behavior and financing performance, but there are differences in the moderating mechanisms. Based on the research conclusions, practical enlightenment is proposed for initiators, crowdfunding platforms, and regulators.

The effect of health literacy on health investment intention: a cross-sectional study among petrochemical employees in China.

Backgrounds: In the petrochemical industry, employees are exposed to various health hazards, which pose serious challenges to their health and hinder the sustainable development of the petrochemical industry. Investing in health has proved a potential strategy to enhance general health. However, global health investment is notably insufficient, mainly due to the public's limited intention to invest in their health. While past research has identified various determinants of health investment intentions, the relationship between health literacy and health investment intention remains somewhat controversial and needs more empirical validation. Objectives: This study aims to assess the level of health literacy and health investment intention among employees in one of China's largest petrochemical companies and to explore the effect of health literacy on health investment intention. Methods: A cross-sectional study was conducted in a petrochemical company. The valid sample size for this study was 39,911 respondents. Data were collected using a designed questionnaire, including socio-demographic information, questions about health investment intention, and the "2020 National Health Literacy Monitoring Questionnaire." Several statistical analysis methods were employed, including descriptive analysis, Chi-square test, logistic regression, and multiple linear regression. Results: The study disclosed an average health literacy score of 56.11 (SD = 10.34) among employees, with 52.1% surpassing the qualification threshold. The "Chronic Disease" dimension exhibited the lowest qualification rate at 33.0%. Furthermore, 71.5% of the employees expressed an intention to invest in health, yet a significant portion (34.5%) opted for the minimal investment choice, less than 2,000 RMB. Logistic regression analysis indicated a positive correlation between health literacy and health investment intention (OR = 1.474; p < 0.001). This association's robustness was further indicated by multiple linear regression analyses (ß = 0.086, p<0.001). Conclusion: The employees' health literacy significantly exceeds the national average for Chinese citizens, yet the qualified rate in the "Chronic Disease" dimension remains notably low. A majority of employees have the intention to invest in health, albeit modestly. Furthermore, while health literacy does positively influence health investment intention, this effect is somewhat limited. Accordingly, personalized Health education should be prioritized, with a focus on improving chronic disease knowledge and facilitating the internalization of health knowledge into health beliefs.

Smart betas, return models and the tangency portfolio weights.

In this paper, we analytically derive closed-form expressions for the tangency portfolio weights: the fully invested portfolio that maximizes the expected return over the risk-free rate, relative to the volatility of the portfolio return. We explicitly derive this portfolio from a range of underlying return models and show examples where it coincides with different well-known smart beta products. Specifically, we find the closed-form expression for the tangency portfolio weights for a return model with compound symmetric correlation matrix. We also deduce the tangency portfolio weights for the CAPM return model and illustrate in a case study that the estimated tangency portfolio weights may distinctly deviate from the market value weighted portfolio. Furthermore, we show that depending on the return model, the tangency portfolio weights may take a diverse set of shapes; from very diversified to highly concentrated portfolios.

Factor-GAN: Enhancing stock price prediction and factor investment with Generative Adversarial Networks.

Deep learning, a pivotal branch of artificial intelligence, has increasingly influenced the financial domain with its advanced data processing capabilities. This paper introduces Factor-GAN, an innovative framework that utilizes Generative Adversarial Networks (GAN) technology for factor investing. Leveraging a comprehensive factor database comprising 70 firm characteristics, Factor-GAN integrates deep learning techniques with the multi-factor pricing model, thereby elevating the precision and stability of investment strategies. To explain the economic mechanisms underlying deep learning, we conduct a subsample analysis of the Chinese stock market. The findings reveal that the deep learning-based pricing model significantly enhances return prediction accuracy and factor investment performance in comparison to linear models. Particularly noteworthy is the superior performance of the long-short portfolio under Factor-GAN, demonstrating an annualized return of 23.52% with a Sharpe ratio of 1.29. During the transition from state-owned enterprises (SOEs) to non-SOEs, our study discerns shifts in factor importance, with liquidity and volatility gaining significance while fundamental indicators diminish. Additionally, A-share listed companies display a heightened emphasis on momentum and growth indicators relative to their dual-listed counterparts. This research holds profound implications for the expansion of explainable artificial intelligence research and the exploration of financial technology applications.

How mixed ownership affects investment efficiency? evidence from state-owned enterprises in China.

The inefficiency observed in investment within state-owned enterprises presents a significant practical challenge that can affect the sustainable development of China's economy. To address this issue, this study comprehensively explores the intricate mechanisms underlying the governance implications of mixed ownership on the investment efficiency of listed companies. Drawing on unbalanced panel data encompassing Shanghai and Shenzhen Stock Exchange A-share listed companies in China spanning the period from 2008 to 2022, this study employs a fixed-effects model to unveil the nuanced ways in which mixed ownership influences investment efficiency through the lens of agency costs. This study transcends the boundaries of traditional agency conflicts between managers and shareholders. It delves deeper, illuminating the diverse effects of agency conflicts between significant controlling shareholders and minority shareholders. The results revealed a noteworthy positive correlation between mixed ownership and investment efficiency, and verified the intermediary role of agency costs between mixed ownership and investment efficiency, which is an important result of our research. Heterogeneity analysis indicates that the relationship between the two can be affected by external events, such as during the COVID-19 pandemic, investment efficiency is not the most concerned issue for enterprises. The findings have practical implications for practitioners and policymakers, as they offer avenues for optimizing investment strategies and fostering efficient and effective corporate governance practices.

How does stock market react to environmental penalty announcements?

Environmental penalty announcement (EPA) has received increasing attention for its potential to convey valuable information and affect capital market performance. Using data on listed companies in China, this paper examines stock market reaction to environmental penalty announcements, the behavior of different types of investors, and the moderating factors of these responses. The findings show that (1) disclosure of EPA by listed companies results in negative abnormal returns, but this negative market reaction is not sustained. (2) Heavy polluters and non-state-owned enterprises are exposed to more negative abnormal returns when they disclose EPA. (3) Environmental reputation can mitigate the negative stock market reaction to EPA, while the participation of green investors will intensify this reaction. (4) Retail investors tend to sell stocks of companies that disclose EPA as media attention increases, while institutional investors increase their shareholding especially in companies that already have high holdings, high ESG scores, and in regions with low levels of green finance development. This paper serves as a reference for governments, firms, and stakeholders on stock market reaction to environmental information disclosures.

The time-varying effects of geopolitical risk on mutual fund risk taking.

Based on a time-varying parameter vector autoregression model with stochastic volatility (TVP-VAR-SV), this paper investigates the dynamic effects of geopolitical risk on mutual fund risk taking in China across three-time horizons and at three selected time points. Overall, the impulse responses are time-varying and we find a negative effect of geopolitical risk on mutual fund risk taking until 2015, with the short-term effect being the most pronounced, suggesting that when professional investors such as mutual fund managers are faced with the stock valuation uncertainty due to a geopolitical shock, they choose to reduce market risk exposures. After 2015, the short-term effect begins to diminish and gradually turns positive, which could be explained by the fact that with the increasing abundance and diversification of investment instruments, fund managers have more effective investment tools and more sophisticated trading strategies to hedge against geopolitical risk, rather than reducing market risk exposure. Further, we explore the heterogeneous effects of eight types of geopolitical risk and three types of mutual fund. The results indicate that the effect of geopolitical actions is stronger than that of geopolitical threats, while the effect of narrow geopolitical risk is stronger than that of broad geopolitical risk. Moreover, we find that the response of the risk taking of growth funds to the geopolitical risk is weaker than that of balanced and income funds.

Indiana's Public Health Investment Holds Insights For Other States.

Indiana has a business-friendly environment, but historical underinvestment in public health has yielded poor health outcomes. In 2023, when trust in governmental public health was strained nationwide, Indiana increased public health spending by 1,500 percent. In this article, we explain how Indiana achieved this unprecedented legislative victory for public health, describing the context, approach, and lessons learned. Specifically, an Indiana University report linking economic vitality and overall health sparked the creation of a governor's commission charged with exploring ways to address Indiana's shortcomings. Working with the Indiana Department of Health, the commission developed multisectoral coalitions and business and government partnerships, and it maintained consistent and coordinated communication with policy makers. Lessons learned included the value of uncoupling public health from partisan narratives, appointing diverse commission membership with strategically selected cochairs, involving local leaders, and ensuring local decision-making control. We believe that Indiana's approach holds insights for other states interested in strengthening public health funding in the current era.

Does air pollution fuel irrational behaviors in stock investments?

This paper investigates the influence of air pollution on irrational behaviors in stock trading through behavioral experiments in laboratory, simulating air pollution by burning straw and mosquito coils. The results of this study show that air pollution significantly improves disposition effect and repurchase effect in an asymmetric way, which are thought as irrational behaviors in stock investments, making subjects prefer selling winning stocks (part of disposition effect) and repurchasing stocks that have fallen in price since the sale (part of repurchase effect). Furthermore, regret, a negative emotion, is the psychological mechanism by which air pollution influences the irrational behaviors.

Utilization of foreign investment in the productive service industry in Hubei province, China and its optimization counter-measures.

The Global Investment Report 2023 revealed that after a sharp decline in 2020 and a strong rebound in 2021, global foreign direct investment (FDI) declined by 12 percent to $1.3 trillion in 2022. However, in developing countries, FDI increased by 4% to $916 billion, a record share of more than 70% of global flows. The number of greenfield investment projects in developing countries increased by 37 percent and international project finance transactions by 5 percent. Foreign investment from China, the second largest recipient of foreign investment globally, increased by 5 percent. The service industry has become the mainstream industry in the global FDI structure. The global industry is accelerating its transformation to a "service-based economy," international FDI in productive service industries has become an essential means of industrial transfer in developed countries and a meaningful way to upgrade the industrial structure and high-quality development in emerging economies. As a representative province in central China, Hubei Province has unique advantages in human capital, factor cost, and market potential, which provide preferential conditions to attract foreign investment. This paper first introduced the concept of the productive service industry, based on the relevant statistical data from 2011 to 2022, focused on the current situation of foreign investment utilization in five major sub-sectors of the productive service industry in Hubei Province in the past ten years, and empirically investigated the impact of foreign investment utilization in five major sub-sectors of the productive service industry on the economic growth of Hubei Province, and obtained that the level of foreign investment attraction varied significantly among the regions in Hubei Province. The three productive service industries, namely transportation, storage and postal services, information transmission, software and information technology services, and financial services, played a significant role in the active attraction and optimal utilization of foreign capital and the economic development of Hubei Province. Based on this, it was proposed to build a market-oriented rule of law and internationalized business environment, improve the infrastructure construction in different regions of the province, focus on the training of professional talents for the development of productive service industries, and pay attention to the improvement of independent innovation capacity.

Market liquidity and volatility: Does economic policy uncertainty matter? Evidence from Asian emerging economies.

This research investigates the complex interaction between liquidity and volatility while considering Economic Policy Uncertainty (EPU) as a moderating factor. Using a comprehensive dataset that incorporates various liquidity measures such as market resilience, depth, and breadth, the study examines how changes in liquidity impact volatility in four Asian incipient economies: China, Pakistan, India, and South Korea. By utilizing sophisticated econometric techniques, particularly the System Generalized Method of Moment (GMM), the findings demonstrate a statistically significant inverse relationship between liquidity and volatility. These findings imply that, within the Asian context, lower levels of volatility are correlated with higher market liquidity. By incorporating EPU into the model, the research acknowledges the significant role of economic factors in shaping market dynamics. Stakeholders, decision-makers, and investors can gain valuable insights from this analysis of variables influencing market stability in Asian emerging economies. The study's outcomes can guide policymakers in formulating strategies that promote market stability and improve market microstructure.

Enhancing stock volatility prediction with the AO-GARCH-MIDAS model.

Research has substantiated that the presence of outliers in data usually introduces additional errors and biases, which typically leads to a degradation in the precision of volatility forecasts. However, correcting outliers can mitigate these adverse effects. This study corrects the additive outliers through a weighting method and let these corrected values to replace the original outliers. Then, the model parameters are re-estimated based on this new return series. This approach reduces the extent to which outliers distort volatility estimates, allowing the model to better adapt to market conditions and improving the accuracy of volatility forecasts. This study introduces this approach for the first time to generalized autoregressive conditional heteroskedasticity mixed data sampling (GARCH-MIDAS) models, so as to establish an additional outliers corrected GARCH-MIDAS model (AO-GARCH-MIDAS). This pioneering approach marks a unique innovation. The research employs a diverse array of evaluation methods to validate the model's robustness and consistently demonstrates its dependable performance. Findings unequivocally reveal the substantial influence of outliers on the model's predictive capacity, with the AO-GARCH-MIDAS model exhibiting consistent superiority across all evaluation criteria. Additionally, while the GARCH model showcases stronger estimation capabilities compared to the GARCH-MIDAS model, the latter demonstrates heightened predictive prowess. Notably, regarding variable selection, the results underscore the greater predictive informational value inherent in realized volatility over other low-frequency factors.

The impact of macroeconomic policy uncertainty on micro-enterprise investment efficiency-Empirical evidence from China.

The impact of macroeconomic policy uncertainty (EPU) on micro-level entities has garnered increasing attention in economic circles. This study examines the influence of EPU on the efficiency of investments made by China's A-share listed companies between 2016 and 2021. Using a panel fixed effect model for analysis, the research reveals that EPU has a notable adverse effect on the investment efficiency of enterprises. Furthermore, it suggests that advancements in digital finance, strong ESG performance, and enhanced entrepreneurial confidence can mitigate this negative impact effectively. The study also highlights that enterprises with lower valuation, shareholder control, limited audit reputation, and no bank connections are more vulnerable to the impact of EPU on investment efficiency compared to those with higher valuation, manager control, strong audit reputation, and bank connections. Consequently, future efforts should be directed towards enhancing the stability and relevance of economic policies, promoting digital finance, and enhancing corporate governance structures.

Towards sustainable development in resource-based cities: Assessing the effects of extraregional technology and investment on the low-carbon transition.

Resource-based cities (RBCs) worldwide with a single industrial structure face the double pressures of sustainable development to promote development (i.e., industrial upgrading) and mitigating carbon emissions. Although building extraregional linkages is a potential path to advance this goal, the action of these linkages still requires study since there are many contradictory conclusions in the literature. To fill this gap, the study addresses the relationship between extraregional linkages, industrial upgrading, and the low-carbon transition in RBCs from 2012 to 2019 with the help of econometric panel models with proposed variables (e.g., the coupling coordination degree of extraregional technology and investment, CCD) built from multiple new data sources. The results are as follows. First, the diversification and specialization of the local industrial structure in RBCs both reduce carbon efficiency (CE). Second, extraregional technology, on its own, does not directly enhance CE as investments do. Third, the CCD not only serves to augment CE but also acts as a mitigating factor against CE reduction during industrial diversification. Based on the above findings, distinct low-carbon transition pathways are suggested for various types of RBCs, considering their positions within the extraregional linkage network.

Comparing the willingness to invest returns among green, sustainability, and blue bonds.

This study explores whether investors' willingness to invest returns (WTIR) differs across environmental and sustainability bonds (ESBs) with varying scopes. Employing the double-bound dichotomous choice contingent valuation method (DBDC-CVM), the research surveyed Japanese retail investors to estimate their average levels of WTIR for green, sustainability, and blue bonds, respectively. The study discovered that investors are willing to invest in bonds with a stronger environmental focus such as green and blue bonds at a lower return rate, in contrast to sustainability bonds that address broader social issues. This suggests the importance for issuers of ESBs to clarify the specific focus of the bonds when promoting investment in such securities. Moreover, knowledge of ESBs can increase the WTIR, highlighting the need for policies aimed at enhancing information dissemination. Additionally, the levels of social responsibility and altruism among investors can increase the WTIR, emphasizing the significance of environmental and sustainability education. This underscores the significance of educating individuals to foster greater interest in environmental and social issues, cultivating a mindset that extends to caring about the well-being of others.

Achieving zero emission targets: The influence of green bonds on clean energy investment and environmental quality.

The effectiveness of green finance in driving clean energy and environmental sustainability in the current era is receiving attention. Therefore, this study proposes an empirical framework highlighting the effects of green bonds (GB) on clean energy investment (CEI), clean energy investment efficiency (CEE) and environmental sustainability of 29 green bond issuing countries between 2014 and 2022. Using system and difference GMM approaches, this study finds that (i) green bond issuance drives clean energy investment. (ii) Green bonds sufficiently enhance the selected countries' environmental quality. These results supplement the promotion of green bonds in increasing the transfer of funds towards renewable energy projects by reducing reliance on fossil fuels. (iii) Using Driscoll & Kraay, Fully Modified-OLS, and changing the dependent variable, this study further supported the idea that green bonds effectively promote the CEE and environmental sustainability of the chosen countries. (iv) Similarly, this study conducted income heterogeneity, showing that green bonds improve high- and middle-income countries' CEI and environmental quality. (v) Finally, the results indicate that resource consumption escalates CO2 emissions by declining the CEI. Technological innovations increase CEI, whereas they do not mitigate CO2 emissions directly, hinting at the requirement for a comprehensive approach. Therefore, inclusive policies on green bond frameworks, robust incentives, and rigorous environmental criteria should be implemented to attract investment in clean energy development and ensure the environmental sustainability of the selected countries.