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Showing papers on "Financial risk published in 2018"


Journal ArticleDOI
TL;DR: In this article, the authors provide a discussion on some issues associated with digital finance, an area which has not been critically addressed in the literature, and discuss the benefits of digital finance and financial inclusion to financial services users, digital finance providers, governments and the economy.

629 citations


Journal ArticleDOI
TL;DR: The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years as mentioned in this paper, where the key controversies and potential research and policy avenues for the future are discussed.
Abstract: The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years. This Perspective presents the key controversies and discusses potential research and policy avenues for the future. Developing a comprehensive analytical framework to assess the potential impact of climate change and the low-carbon transition on financial stability seems to be the first crucial challenge. These enhanced risk measures could then be incorporated in setting financial regulations and implementing the policies of central banks.

297 citations


Journal ArticleDOI
TL;DR: Wang et al. as mentioned in this paper examined the relationship between six factors of consumers' perceived risk and consumers' online purchase intentions, including financial risk, product risk, security risk, time risk, social risk and psychological risk.
Abstract: This paper aims to examine the relationship between six factors of consumers’ perceived risk and consumers’ online purchase intentions. In particular, this study will examine the relationship between financial risk, product risk, security risk, time risk, social risk and psychological risk and online purchase intention.,Survey method was used for the purpose of data collection, and quantitative analysis was used to test the hypotheses. A total of 350 respondents participated on an online survey, and data were quantitatively analyzed via IBM SPSS Statistics 24.,The findings from this study suggest consumers’ perceived risks when they intend to purchase online. Five factors of perceived risk have a significant negative influence on consumer online purchase intention, while social risk was found to be insignificant. Among these factors, security risk is the main contributor for consumers to deter from purchasing online.,This study provides useful information to online retailers in electronic commerce (e-commerce) activities. Previous studies show that many online retailers are still facing some risks in online business, and this will affect the transaction and performance of the retailers. It is hoped that the findings can help online retailers to formulate strategies to reduce risks in the online shopping environment, especially security risks for better e-commerce.,The development of online shopping has led to some challenges to consumers, which comprise security of payment, data protection, the validity and enforceability of e-contract, insufficient information disclosure, product quality and enforcement of rights. This issue emerged because many online retailers do not understand the main factors that will contribute to consumers’ perceived risk. Consumers’ perceived risks will influence consumer attitudes toward online shopping and purchase behaviors. Studies on consumers’ perceived risks toward online purchase intentions are still inconclusive. Thus, this paper fills the gap in the research area.

220 citations


Journal ArticleDOI
TL;DR: In this paper, a review of commonly perceived financial risks and their roots in China's politico-economic system is presented, motivated by growing concerns about the risks and instability of China's financial system.

145 citations


Journal ArticleDOI
TL;DR: The impact of the recent financial crisis on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012 is examined.
Abstract: This paper examines the impact of the recent financial crisis (2008–2009) on the relation between a firm’s risk and social performance (SP) using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period (post-crisis period) compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment.

145 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigate the cross-sectional determinants of corporate bonds and find that downside risk is the strongest predictor of future bond returns, and they also introduce common risk factors based on the prevalent risk characteristics of Corporate bonds, such as credit risk, and liquidity risk.
Abstract: We investigate the cross-sectional determinants of corporate bonds and find that downside risk is the strongest predictor of future bond returns. We also introduce common risk factors based on the prevalent risk characteristics of corporate bonds – downside risk, credit risk, and liquidity risk – and find that these novel bond market factors have economically and statistically significant risk premia, which cannot be explained by the long-established stock and bond market factors. We further show that these newly proposed risk factors outperform all other models considered in the literature in explaining the returns of the industry-sorted and size/maturity-sorted portfolios of corporate bonds.

136 citations


Posted Content
TL;DR: The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years as discussed by the authors, where the key controversies and potential research and policy avenues for the future are discussed.
Abstract: The academic and policy debate regarding the role of central banks and financial regulators in addressing climate-related financial risks has rapidly expanded in recent years. This Perspective presents the key controversies and discusses potential research and policy avenues for the future. Developing a comprehensive analytical framework to assess the potential impact of climate change and the low-carbon transition on financial stability seems to be the first crucial challenge. These enhanced risk measures could then be incorporated in setting financial regulations and implementing the policies of central banks.

114 citations


Journal ArticleDOI
TL;DR: Li et al. as discussed by the authors explored whether green loans are less risky than non-green loans and concluded that institutional pressure by the Chinese Green Credit Policy has a positive effect on both the environmental and the financial performance of banks.
Abstract: This study explores China’s green credit policy from a credit risk perspective. Green finance has been growing rapidly in China since the government issued its Green Credit Policy. The objective of this study is to explore whether green loans are less risky than non-green loans. Based on a five-year dataset of 24 Chinese banks, we used panel regression techniques, including two-stage least square regression analysis and random-effect panel regression to examine whether a higher green credit ratio reduces a bank’s non-performing loan ratio (NPL ratio). The results suggest that allocating more green loans to the total loan portfolio does reduce a bank’s NPL ratio. We conclude that institutional pressure by the Chinese Green Credit Policy has a positive effect on both the environmental and the financial performance of banks. The study contributes to the literature on the correlation between green lending and credit risks, as well as to the literature on the impact of institutional pressure on environmental and financial risks.

112 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigate the complex relationship between the financial risk of firms and their engagement in corporate social responsibility (CSR), measured by Thomson Reuters ASSET4 environmental, social, and governance scores.

100 citations


Journal ArticleDOI
TL;DR: In this article, the authors have used the data of Slovak enterprises, obtained from annual financial reports covering the year 2015 and the calculated financial ratios of profitability, activity, liquidity and indebtedness that may affect the financial health of the company were applied in the regression analysis.
Abstract: Research background: Financial risk management is the task of monitoring financial risks and managing their impact. Financial risk is often perceived as the risk that a company may default on its debt payments. The issue of the debt, default or prosperity of the company are presented in the article as one of the ways of the risk management. A prediction of corporate default is an inseparable element of the risk management. Mainly the consequences of risk are the engine of research and development of methods and models, which enable to predict economic and financial situation in specific conditions of global economies. Purpose of the article: The main aim of the presented article is to assess financial risks of Slovak entities, realized by the identification of significant factors and determinants affecting the prosperity of Slovak companies. Methods: To conduct the research we have used the data of Slovak enterprises, obtained from annual financial reports covering the year 2015 and the calculated financial ratios of profitability, activity, liquidity and indebtedness that may affect the financial health of the company were applied in the regression analysis. Realizing the multiple regression analysis, the statistically significant determinants that affect the future financial development of the company are identified, as well as the regression model of the bankruptcy prediction. Findings & Value added: In the research aimed at the management of financial risks in Slovak enterprises, we focused on the revelation of significant economic risk factors using multiple regression. The results suggest that the most significant predictors are net return on capital, cash ratio, quick ratio, current ratio, net working capital, RE/TA ratio, current debt ratio, financial debt ratio and current assets turnover based on which the decision about the future company default can be made. These factors are significant enough to manage financial risks and to affect the profitability and prosperity of the company.

99 citations


Journal ArticleDOI
TL;DR: The authors analyzed the relationship between firms' Corporate Social Responsibility activities and their economic performance, taking into account seven macro-categories of corporate social responsibility (CSR), six market-based and accounting-based performance indicators and by disaggregating for the firms' sector of activity.

Journal ArticleDOI
01 Mar 2018-Geoforum
TL;DR: The authors explores the development of the Real Estate Investment Trust (REIT) market in Ireland as part of a wider effort to deleverage the country's failed banking sector and to attract global, yield-seeking capital into the moribund property market.

Journal ArticleDOI
TL;DR: In this article, the issue of the debt, bankruptcy or nonbankruptcy of a company is presented as one of the ways of conceiving risk management, which is done by the identification of significant predictors having an impact on the health of Slovak companies and their future prosperity.
Abstract: The issue of the debt, bankruptcy or non-bankruptcy of a company is presented in this article as one of the ways of conceiving risk management. We use the Amadeus database to obtain the financial and accounting data of Slovak enterprises from 2015 and 2016 to calculate the most important financial ratios that may affect the financial health of the company. The main aim of the article is to reveal financial risks of Slovak entities and to form a prediction model, which is done by the identification of significant predictors having an impact on the health of Slovak companies and their future prosperity. Realizing the multiple regression analysis, we identified the significant predictors in conditions of the specific economic environment to estimate the corporate prosperity and profitability. The results gained in the research are extra important for companies themselves, but also for their business partners, suppliers and creditors to eliminate financial and other corporate risks related to the unhealthy or unfavorable financial situation of the company.

Journal ArticleDOI
TL;DR: Several variations or generalizations that substantially improve the performance of Markowitz’s mean–variance model are reviewed, including dynamic portfolio optimization, portfolio optimization with practical factors, robust portfolio optimization and fuzzy portfolio optimization.
Abstract: Since the pioneering work of Harry Markowitz, mean---variance portfolio selection model has been widely used in both theoretical and empirical studies, which maximizes the investment return under certain risk level or minimizes the investment risk under certain return level. In this paper, we review several variations or generalizations that substantially improve the performance of Markowitz's mean---variance model, including dynamic portfolio optimization, portfolio optimization with practical factors, robust portfolio optimization and fuzzy portfolio optimization. The review provides a useful reference to handle portfolio selection problems for both researchers and practitioners. Some summaries about the current studies and future research directions are presented at the end of this paper.

Journal ArticleDOI
TL;DR: The results of the Granger causality tests prove that a systemic risk measure is a great alternative tool for monitoring early warning signals of distress in the real economy.
Abstract: This paper studies the exposure and contribution of financial institutions to systemic risks in financial markets. We employ three popular indicators of a financial institution’s exposure to systemic risks: the systemic risk index (SRISK) and marginal expected shortfall (MES) of Brownlees and Engle (Volatility, correlation and tails for systemic risk measurement, Social Science Research Network, Rochester, NY, 2012) and the conditional Value-at-Risk (CoVaR) of Adrian and Brunnermeier (2011). We use a primary database of Taiwan financial institutions for our empirical study. A panel contains data of stock market returns and balance sheets of 31 Taiwan financial institutions for 2005–2014. We focus on systemic risk analysis so as to understand the dynamics of volatility, interdependency, and risk during the recent financial crisis. We then report the time series dynamics and cross sectional rankings of these systemic risk measures. The main results indicate that although these three measures differ in their definition of the contributions to systemic risk, all are quite similar in identifying systemically important financial institutions (SIFIs). Moreover, we find empirical evidence that systemic risk contributions are closely related to certain institution characteristic factors. The results of the Granger causality tests prove that a systemic risk measure is a great alternative tool for monitoring early warning signals of distress in the real economy.

Journal ArticleDOI
TL;DR: The authors conducted an exploratory study on international university students studying at an Australian university and found that Asian students perceived higher levels of human-induced and social-psychological risks compared with students primarily from America and Europe.
Abstract: Tourism researchers have identified the impact of perceived risk on destination choice and travel behaviour, and differences in general traveller risk perceptions based on both traveller and trip characteristics. However, such research has neglected the travel of international university students, despite the expansion and economic importance of this market. This paper outlines an exploratory study conducted on international university students studying at an Australian university. A total of 407 valid responses from the sample were achieved. Factor analysis identified four main risk factors which were labelled ‘human-induced risk’, ‘social–psychological risk’, ‘financial risk’, and ‘health risk’. Student origins were found to influence risk perceptions. In particular, Asian students perceived higher levels of human-induced and social–psychological risks compared with students primarily from America and Europe. Travel experience and repeat visitation significantly reduced risk factors apart from health ri...

Journal ArticleDOI
TL;DR: In this article, the authors start from the observation that when capital costs are high, carbon pricing alone is not sufficient to achieve high shares of renewable energy sources in the power sector.

Journal ArticleDOI
TL;DR: The authors investigated the link between age and tolerance of financial risks in the context of attitude to risk questionnaires completed by clients when meeting their financial advisors and found that risk tolerance declines at an increasing, albeit slow, rate with age.

Journal ArticleDOI
01 Jun 2018
TL;DR: In this paper, the authors reviewed two leading measures of financial risk and an emerging alternative, and examined regulatory applications of expectiles, which can be defined exclusively in terms of value at risk, expected shortfall and thresholds at which those competing risk measures are enforced.
Abstract: This article reviews two leading measures of financial risk and an emerging alternative. Embraced by the Basel accords, value-at-risk and expected shortfall are the leading measures of financial risk. Expectiles offset the weaknesses of value-at-risk (VaR) and expected shortfall. Indeed, expectiles are the only elicitable law-invariant coherent risk measures. After reviewing practical concerns involving backtesting and robustness, this article more closely examines regulatory applications of expectiles. Expectiles are most readily evaluated as a special class of quantiles. For ease of regulatory implementation, expectiles can be defined exclusively in terms of VaR, expected shortfall, and the thresholds at which those competing risk measures are enforced. Moreover, expectiles are in harmony with gain/loss ratios in financial risk management. Expectiles may address some of the flaws in VaR and expected shortfall—subject to the reservation that no risk measure can achieve exactitude in regulation.

Journal ArticleDOI
TL;DR: In this paper, the determinants of financial risk tolerance were studied using a large sample that can represent the Dutch population, and the big five personality traits are the potent determinants.
Abstract: Using a large sample that can represent the Dutch population, this article mainly studies the determinants of financial risk tolerance. I propose that the big five personality traits are the potent...

Journal ArticleDOI
TL;DR: Financial toxicity is an important measure for patients and providers and is experienced by approximately one quarter of patients, and an analysis of patient surveys found age and cancer site to be the most important variables associated with financial toxicity.
Abstract: Purpose Little is known about the financial burden experienced by patients receiving radiation therapy. Furthermore, currently, no financial toxicity screening tools have been validated for use in radiation oncology. Methods and Materials Physician surveys were used to gauge provider understanding of treatment costs and their willingness to adopt the use of financial toxicity screening tools. Post-treatment patient surveys were used to investigate the covariates of treatment-induced financial risk. Results Of the 210 radiation oncologists who completed our survey, 53% reported being “very concerned” with treatment-related costs negatively affecting their patients, and 80% believed that a financial toxicity screening tool would be useful in practice. An analysis of patient surveys using logistic regression found age and cancer site to be the most important variables associated with financial toxicity. Thirty-four patients (22%) experienced financial toxicity related to treatment. The financial toxicities experienced were loss of job (28%), loss of income (24%), difficulty paying their rent or mortgage (20%), difficulty paying for transportation (15%), and difficulty paying for meals (13%). Conclusions Financial toxicity is an important measure for patients and providers and is experienced by approximately one quarter of patients. Further studies to improve models to predict financial toxicity and how financial toxicity is related to patient outcomes and quality of life are warranted.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the effect of non-financial information on risk-taking and performance of firms and concluded that the positive effect of sustainability practices on firm performance was not noticeable.
Abstract: This paper aims to examine how board composition, political connections and sustainability practices affect risk-taking and performance of firms.,This paper used secondary data and regression technique to analyse the relationship. A sample consisting of 290 firm-year observations was applied in the analysis.,The findings show that a larger board size contributes to greater financial risk; however, this risk can be reduced with more independent directors in the boardroom. An optimal board size with appropriate number of independent directors is desired, as a large board size can be harmful to firm performance. Politically connected firms also generate lower risk-taking and performance, and the double-edged sword effect of political connections needs to be considered. In terms of sustainability practices, firms have to engage in sustainable development to maximise the firms’ value, not ignoring the vital role of women in strategising business performance. However, the effect of sustainability practices on firms’ risk-taking is still not noticeable.,Even though the sample size is not large because of the limited availability of data, the findings, to a certain extent, could be generalised to emerging markets, as most emerging markets do have similar financial and economic developments.,The findings from this paper can be used to support the implementation of sustainability practices, especially in those countries where sustainability initiatives are yet to be widely accepted.,This is one of the first few studies that examined the effect of non-financial information on risk-taking and performance of firms. This study concludes the positive effect of sustainability practices on firm performance.

Journal ArticleDOI
TL;DR: In this paper, the Stochastic Techno-economic Microgrid Model (STEMM) is introduced to assess the effect of technical design decisions as well as financial conditions on the financial viability of microgrid projects from an investment perspective.

Journal ArticleDOI
TL;DR: In this article, a questionnaires survey was conducted to get opinion of experts for their priorities on most likely risks, which occur in Arabian projects, the answers were used to make pairwise comparison between all risks parameter, then AHP is applied to normalize uncertainty estimates and rank the risk likelihood occurrence.
Abstract: Risk management is an approach of recognizing, classifying, analyzing and assessing of all risks in any project and is an important step for project success. Therefore, it is important to analyze and study parameters of construction risks. Numerous methods had developed to support project managers and contractors for risk management in construction. Applications of these methods enabled project managers to avert potential problems. “AHP” A nalytic H ierarchy P rocess was discovered by Saaty (1980), and it had been studied with “MCDM” M ultiple C riteria D ecision M aking; in this paper, AHP was used to normalize uncertainty estimates and rank risk likelihood occurrence which occurs specifically in construction projects in Egypt and Saudi Arabia during bidding and construction phases. The AHP enforcement steps had been simplified through “ECS” E xpert C hoice S oftware that is available for its fulfillment. A questionnaires survey was conducted to get opinion of experts for their priorities on most likely risks, which occur in Arabian projects, the answers were used to make pairwise comparison between all risks parameter, then AHP is applied to normalize uncertainty estimates and rank the risk likelihood occurrence. Results show project stakeholders believe that risk from financial as maximum likelihood occurrence of the construction projects. Design risk was the highest second rank most likelihood occurrence after financial risk. Political and construction risk was of the third rank.

Journal ArticleDOI
TL;DR: In this article, a study was conducted in four hybrid maize growing districts of Punjab Province, Pakistan, using cross-sectional data of 400 hybrid maize farmers, which revealed that distance from farm to main market, off-farm income, location dummies for Sahiwal and Okara, age, maize farming experience, access to extension agent, significantly influenced farmers' risk attitudes and risk perceptions.

DOI
14 Sep 2018
TL;DR: In this paper, the authors highlighted the substantial economic burden faced by individuals with no access to affordable, high-quality health care and highlighted the need to address the economic effect of illness on the global health policy agenda.
Abstract: The World Health Report 2000: Health Systems: Improving Performance (WHO 2000); the World Health Organization (WHO) resolution on sustainable health financing, universal health coverage, and social health insurance (WHO 2005); and the World Health Report: Health Systems Financing: The Path to Universal Coverage (WHO 2010) all highlighted the substantial economic burden faced by individuals with no access to affordable, high-quality health care. These reports placed the need to address the economic effect of illness—in particular, catastrophic and impoverishing health expenditure—on the global health policy agenda.Financial protection—a core element of universal health coverage—aims to ensure that people receive the health care services they require without facing financial ruin (WHO 2010). Devising strategies to protect populations from financial risk has become a major focus of global health policy development (WHO and World Bank 2014).Affordable access to high-quality health care is now considered a basic human right and a critical step to the achievement of sustainable economic and social development and the elimination of poverty (Sustainable Development Solutions Network 2014; WHO 2015). This imperative is reflected in the third Sustainable Development Goal, which sets a target for achieving universal health coverage, including financial risk protection; access to high-quality essential health care services; and access to safe, effective, high-quality, and affordable essential medicines and vaccines for all (UN General Assembly 2015). This commitment is echoed in the World Bank’s recent call to eradicate impoverishment owing to health care expenditures by 2030 (Kim 2014).A lack of both prepayment mechanisms and the means and resources to pool risks has limited the capacity of many health care systems to provide access to high-quality health care services. As a result, for decades, many health systems, particularly in low- and middle-income countries (LMICs), have relied heavily on private payments in the form of out-of-pocket costs to fund health care. In 2014, 18 percent of total health expenditure globally came from out-of-pocket payments (WHO 2014). The burden is even greater in LMICs. In 2014, out-of-pocket payments equaled approximately 39 percent of total health expenditure for low-income countries, 56 percent for lower-middle-income countries, and 30 percent for upper-middle-income countries (WHO 2016).Relying on out-of-pocket costs to finance health care is both inefficient and inequitable and places a major financial strain on individuals and households (WHO 2010). Out-of-pocket costs can perpetuate poverty and lead many individuals to delay or forgo necessary care (Peters and others 2008; van Doorslaer and others 2006). This link, where the household’s investment in health further impoverishes that household, can lead to a continuous cycle of poor health and poverty (Knaul, Wong, and Arreola-Ornelas 2012).This burden is of particular concern for persons with chronic diseases, for whom repeated and lifelong costs are associated with the management and treatment of illness (Kankeu and others 2013). For example, in some countries, a household may have to pay as much as eight days’ worth of wages to purchase one month’s supply of only one of the multiple medicines required for the optimal treatment of cardiovascular disease (CVD) or diabetes (Cameron and others 2009; Gelders and others 2006). In more extreme cases, the costs of treatment for chronic and long-term conditions such as human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) and surgery for some cancers have kept patients confined to hospitals indefinitely pending payment to the hospitals or forced them to stop treatment altogether (Human Rights Watch 2006). Although households, even those that are already impoverished, may be able to manage a one-time shock and recover in the short run (for example, over a period of a week or a month), they may not be able to withstand the ongoing costs of treatment for chronic diseases.Furthermore, LMICs are undergoing a protracted epidemiological transition (Frenk and others 1989). Underfunded and weak health systems continue to face a backlog of acute diseases and conditions associated with poverty, together with the onslaught of costly and chronic noncommunicable diseases (NCDs), conditions that affect the entire population at all income levels. This situation inevitably results in competing priorities about which services to include in essential packages of care and which to cover through national insurance funds (Beaglehole and others 2011). However, evidence is lacking on the household-level economic burden associated with certain categories of disease, particularly chronic diseases. Such evidence would inform global health policy development by highlighting where the greatest gains in financial protection might be realized (Shrime and others 2015) and help governments prioritize the measures needed to move toward universal health coverage.This chapter estimates the burden of catastrophic health expenditure (CHE) associated with chronic ill health and injuries in LMICs and describes the broader economic effects on households. It is organized as follows. We begin by estimating the population-level burden of CHE—the most common indicator of the household economic burden of health expenditure—and draw on empirical research of specific chronic diseases and injuries to estimate the prevalence of CHE associated with seven categories of conditions: cancers, CVDs, chronic infectious diseases, endocrine diseases, injuries, renal diseases, and respiratory diseases. We then draw on a review of NCDs in LMICs to describe the broader household economic effects associated with ill health, including impoverishing health expenditure, productivity effects, distressed financing, and treatment discontinuation. We discuss implications of the results for improving financial protection and offer directions for future research.

Journal ArticleDOI
TL;DR: In this paper, the authors analyzed the contracting and financing mechanisms that can help accelerate electric bus adoption and found that both public and private grants, when dedicated to cleaning the fleet, appear as a strong factor underpinning existing clean bus systems.

Journal ArticleDOI
28 Jun 2018
TL;DR: In this paper, the authors examined the relationship between financial knowledge, socialization and financial satisfaction with financial risk attitude and financial behavior as a mediator after demonetization and introduction of GST.
Abstract: The purpose of this paper is to examine the relationships between financial knowledge, socialization and financial satisfaction with financial risk attitude and financial behavior as a mediator after demonetization and introduction of GST.,The sample consisted responses of 286 individuals from the city of Allahabad, Uttar Pradesh, India and making financial decisions for the household for at least last two years. The data were analyzed using exploratory factor analysis and mediation regression analysis.,All sub-scales used to measure constructs had satisfactory reliabilities and internal consistencies. It was found that financial risk attitude and financial behavior both mediate the relationship between financial socialization and financial satisfaction as well as between financial knowledge and financial satisfaction.,This research is based upon survey method and voluntary participation. Hence one can question generalization of findings to larger samples. Moreover, the study is limited to a restricted geographical region which could affect the generalization of findings.,Results provide insights into the antecedents of financial satisfaction of individuals from tier II city of India. Financial planners may utilize this study for enhancement of financial satisfaction of their clients and hence retention of the same.,A majority of researchers use survey without evaluation validity of instruments in the selected context and sample. This research contributed to the literature and practice by testing validation of constructs of financial satisfaction in India.

Journal ArticleDOI
TL;DR: In this article, a case study dealing with a project for the recovery and transformation of an ancient medieval village into a widespread-hotel, the novelty of the model consists of the characterization of acceptability and tolerability thresholds of the investment risk, as well as its ability to guarantee the triangular balance between risks, costs and benefits deriving from mitigation options.
Abstract: The process of allocating financial resources is extremely complex—both because the selection of investments depends on multiple, and interrelated, variables, and constraints that limit the eligibility domain of the solutions, and because the feasibility of projects is influenced by risk factors. In this sense, it is essential to develop economic evaluations on a probabilistic basis. Nevertheless, for the civil engineering sector, the literature emphasizes the centrality of risk management, in order to establish interventions for risk mitigation. On the other hand, few methodologies are available to systematically compare ante and post mitigation design risk, along with the verification of the economic convenience of these actions. The aim of the paper is to demonstrate how these limits can be at least partially overcome by integrating, in the traditional Cost-Benefit Analysis schemes, the As Low as Reasonably Practicable (ALARP) logic. According to it, the risk is tolerable only if it is impossible to reduce it further or if the costs to mitigate it are disproportionate to the benefits obtainable. The research outlines the phases of an innovative protocol for managing investment risks. On the basis of a case study dealing with a project for the recovery and transformation of an ancient medieval village into a widespread-hotel, the novelty of the model consists of the characterization of acceptability and tolerability thresholds of the investment risk, as well as its ability to guarantee the triangular balance between risks, costs and benefits deriving from mitigation options.

Journal ArticleDOI
TL;DR: A multi-period asset management method for public buildings to minimize LCC and attain climate action goals by complying with changing climate action targets in a stochastic environment is presented.