Given the increasing significance of sustainability in investment decisions and regulatory frameworks, Environmental Social and Governance (ESG) ratings for companies are becoming increasingly ...relevant in the decision-making processes of stakeholders. While large listed companies are mandated to disclose ESG information, the same cannot be said for Small and Medium Enterprises (SMEs). SMEs are not obligated to provide either sustainability information or their own ESG ratings, leaving them susceptible to potential disadvantages in securing capital and attracting investments. Moreover, ESG rating agencies source all the necessary data from the very companies they are meant to assess, leading to an evident conflict of interest.In this paper, we propose a comprehensive solution to urgently address this gap in ESG disclosure. Leveraging the unique capabilities of Neural Networks (NN) to comprehend and replicate intricate patterns, we train a NN using available environmental and rating data from large companies. The NN learns how to replicate ratings based on the available information. Once the network is adequately trained, we employ it to generate ratings for SMEs that would otherwise lack any form of rating. Another point of innovation is represented by the type of data used, i.e. we utilize data acquired through satellite observations within the European Union (EU) Copernicus Program, ensuring an impartial means of gathering information on environmental activities. Our NN is fed with satellite observations, with the target being the ratings recognized by supervisory agencies. Once the network has been satisfactorily trained and can accurately reproduce the target set of ratings, it is directly applied to the same dataset for a group of SME companies. In doing so, we establish a methodology for consistently rating SMEs’ environmental performance in alignment with the methodology used for larger companies.
Ambiguity refers to a fogginess inducing some lack of precision in variables, parameters or magnitudes in models whose aim is to represent real phenomena or better that are strictly linked to the ...human feelings and beliefs. It has recently become an usual model assumption in several stream of literature. Here we focus on multivariate models affected by ambiguity and provide a rigorous modellization of the main ingredients causing a multidimensional fuzzification. We introduce a conditional fuzzified model, where a certain level of uncertainty affects the set of univariate margins individually taken and also an unconditional model where the ambiguity involves the dependency structure as well. Both these models, i.e. the conditional and the unconditional fuzzy copula model, are compared and their convergence is discussed. Finally a pricing application of these multidimensional fuzzy models, based on Sugeno measures, is proposed.
Extra-anatomic bypass (EAB) remains a viable alternative for lower limb revascularization if aorto-bifemoral bypass and endovascular therapy are contraindicated. Among EAB, perigraft seroma (PS) ...occurs in about 4% of cases. Diagnostic and therapeutic management, as well as standardized treatment paradigm, are still not well defined. The aim of this study is to report 5 PS cases in EAB and to review the literature about similar cases.
We retrospectively reviewed EAB performed during the period 2002-2015. Among these, PS cases were analyzed. A similar description for all cases found in the literature through research on the major international databases (PubMed, Scopus, EMBASE) was conducted.
During the study period, 797 bypasses-528 (66.3%) anatomical and 269 (33.7%) extra-anatomical-were performed. Among the latter, 169 femoro-femoral (FF), 20 axillo-femoral (AXF), 22 axillo-bifemoral (AxBF), and 58 aortouni-iliac endoprosthesis (AUI) + FF bypasses were performed. Five cases (1.86%) of PS in EAB population were detected: 3 after AxBF and 2 after AUI + FF. Although we initially preferred percutaneous drainage, a surgical choice with graft explant and replacement were imposed by the high recurrence rate. Literature analysis identified 20 additional cases (11 after AxBF, 7 after AXF and one after AUI + FF).
Our case series and the literature confirm that the most widely used therapy is the surgical drainage with primary or secondary replacement of the graft of a different material. Percutaneous drainage has proved to be ineffective because not conclusive and potential to increase risk of graft infection. Careful follow-up, even years after surgery, remains necessary for PS diagnosis and management, to prevent complications and potential infection.
Irritated and itchy skin is a common skin condition. Consumers tend to opt for natural ingredients for irritated skin (e.g., after insect bites or sun exposure). We tested a cosmetic product with 94% ...of its ingredients being of natural origin, each with its beneficial properties, e.g., nourishing shea butter, cooling menthol, and soothing bisabolol. Skin discomfort was induced either by a chemical irritant (capsaicin) or UV radiation by a solar simulator. In this clinical, prospective, and controlled experimental study, we investigated the soothing effect of the tested product. We observed a soothing effect on the capsaicin-induced itching and stinging sensation with a statistically significant decrease in the discomfort sensations one minute after a single application. The tested product also showed a significant reduction in the UV-induced skin erythema (UVA+B exposure). In a real-world study, these results can be correlated with a decrease of itching and irritation after sunburn or after insect bites.
Copulas, which are invariant under margins’ transforms induced by some change of measure, are investigated. It is emphasized that this particular kind of transforms induced by some change of measure, ...largely used in pricing techniques, preserves the invariance of the aggregation operator and a sufficient condition to assure it is proved. The discussion is extended to the time-preserving of measure-invariance; a characterization of its stability in time for multivariate stationary processes, based on the dynamic copula representation (see Cherubini et al., 2011), is provided. Finally a measure invariance-based statistical test for the absence of arbitrage opportunity assumption and its preservation in time is proposed and an empirical experiment based on quotes of S&P 500 futures and options traded on the Chicago Mercantile Exchange (CME) is discussed.
Financing energy firms and catalyzing the energy transition are pivotal for achieving a sustainable future. In this era of increasing environmental consciousness, banks are incorporating ...environmental considerations into their credit rating methodologies, like the Partnership for Carbon Accounting Financial Guidelines. In the meantime, the advent of digital tokens offers new avenues for energy token creation. This study establishes a factor model as the fundamental framework for algorithmic energy tokens and employs gradient-boosting tree regression to examine energy price drivers in Italy and Austria. The results underscore the heightened motivation to invest in energy transition and security during periods of elevated energy prices. Conversely, the drive to invest in clean energy sources diminishes when operational profits are low or energy security must be maintained. This research elucidates on an innovative financing solution that handles these dynamics, produces momentum, and focuses special emphasis on its potential for implementing environmental policies by developing an algorithmic energy token mechanism based on environmental regulations and considerations.
•Introduced: theoretical framework, employing linear regression energy pricing model based on Life Cycle Analysis, to establish algorithmic energy token.•Gradient-boosting tree model trained on historical energy price drivers in Italy and Austria.•Ranking of influential variables on energy tokens shows key parameters, highlighting potential for flexible financing.
After financial crisis, the role of uncertainty in decision making processes has largely been recognized as the new variable that contributes to shaping interest rates and bond prices. Our aim is to ...discuss the impact of ambiguity on bonds interest rates (yields). Starting from the realistic assumption that investors ask for an ambiguity premium depending on the efficacy of government interventions (if any), we lead to an exponential multi-factor affine model which includes ambiguity as well as an ambiguous version of the Heath-Jarrow-Morton (HJM)model. As an example, we propose the realistic economic framework given by Ulrich (2008, 2011), and we recover the corresponding ambiguous HJM framework, thus offering a large set of interest rate models enriched with ambiguity. We also give a concrete view of how different simulated scenarios of ambiguity can influence the economic cycle (through rates and bond prices).
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