This study examines the applicability of the Fama-French 3-factor model to Real Estate Investment Trusts (REITs) in emerging economies using monthly data from January 2016 to December 2023 for 23 REITs across five emerging markets. A Generalized Method of Moments (GMM) (system) approach assesses the impact of 12 explanatory variables, including traditional factors like market, value, size, and momentum premiums, as well as emerging market-specific factors such as the Morgan Stanley Capital International (MSCI) Emerging Markets Currency Index and Bloomberg Commodity Ex-Agriculture Index. Control variables like political stability, foreign direct investment, and portfolio investment are also included. The results show that value premium, foreign direct investment, portfolio investment, and commodity prices positively influence REIT excess returns, while momentum premium and political instability negatively affect them. These findings highlight the combined importance of traditional and emerging market-specific factors, emphasizing the critical role of stable political conditions for REIT performance. This research contributes valuable insights for investors and policymakers in understanding REIT dynamics in emerging markets.

Water resource management is essential for societal advancement, as water supports various human activities, including domestic, agricultural, industrial, and recreational uses. In Nigeria, the challenges of managing water resources are exacerbated by uneven distribution, population growth, and inadequate infrastructure. Despite Nigeria's significant renewable freshwater resources, only 69% of the population has access to basic water services, highlighting the nation's inefficiencies in water governance. The Integrated Water Resources Management (IWRM) approach offers a framework to address these challenges by promoting sustainable water use, stakeholder involvement, and the protection of ecosystems. However, Nigeria's implementation of IWRM faces hurdles, such as weak governance, conflicting institutional interests, and insufficient stakeholder engagement. This study examines the historical and current state of water resource management in Nigeria, its impact on national development, and the potential benefits of adopting IWRM. It explores lessons learned from global IWRM practices and provides recommendations for improving water governance to achieve the SDGs, particularly SDG 6 (clean water and sanitation) and SDG 11 (sustainable cities and communities). Addressing these challenges will require stronger institutional frameworks, cost recovery mechanisms, and the integration of local insights with international best practices.

<p>We considered three types of stochastic models of a single population growth: with diffusion-type noise; with parameters replaced by stochastic processes; and with random jumps describing a sudden decrease in population size. We presented methods for studying stochastic processes modeling population growth, in particular, the long-time behavior of sample paths and their distributions. We were especially interested in the asymptotic stability of the density of the distributions of these processes. We gave biological interpretations, examples, and numerical simulations of theoretical methods and results.</p>

Freshwater scarcity, caused by population growth and climate change, has boosted demand for desalination technologies. This paper examines both thermal and membrane-based desalination methods, with a particular emphasis on the...

Cyanogenic plants can release toxic hydrogen cyanide (HCN) to defend against herbivory by hydrolyzing the cyanogenic glycosides (CNGs) with its β-glucosidases (β-GLUs). Numerous studies have speculated this CNG-mediated toxicity by a plant-pest interaction manner. However, the specific toxic effect of HCN was not well-demonstrated because of the interference of other ingested metabolites. Additionally, the physiological- and biochemical-based mode of action of HCN were seldom determined. To fill those knowledge gaps, the two-spotted spider mite (TSSM), Tetranychus urticae, was used as a model organism to elucidate the toxic mechanism of HCN. In addition, three CNG-enzyme combinations were screened for effective cyanogenesis and TSSM lethality. Linamarin-β-GLU (lima bean-derived) presented prompt HCN release, and molecular docking indicated higher binding energy and more robust binding sites compared with other two groups, i.e., lotaustralin-β-GLU (lima bean-derived) and amygdalin-β-GLU (almond-derived). Meanwhile, this combination led to higher TSSM mortality. Moreover, we found that the median lethal concentration of this combination will significantly prolong the developmental duration, and decrease the longevity and fecundity of TSSM. Besides, the population growth was also significantly suppressed. Furthermore, the sustainable activation of enzyme activity and the encoding gene expression related to physiological process such as detoxification (cytochrome P450, glutathione S-transferase, UDP-glucuronosyltransferase and β-cyanoalanine synthase), antioxidation (superoxide dismutase, catalase and peroxidase), neural transduction (acetylcholinesterase) and respiration (cytochrome c oxidase) were attributed to the detrimental impact on development and reproduction of TSSM. The present findings can provide insight regarding reasonable utilization of toxic chemicals in pest management and creation of novel pest-resistant germplasm.

The Jalisco mud turtle Kinosternon chimalhuaca is an endemic species from the Pacific coast of Jalisco and Colima states, Mexico. The species has been poorly studied and much of its natural history and ecology are unknown. We analysed the demography and basic reproductive ecology of a population inhabiting a canal in a peri-urban area on the coast of Jalisco, Mexico. We use a mark-capture-recapture dataset collected over four years (2019–2022) to perform multi-state and time-symmetric open models (Pradel) to calculate population growth, recapture and transition probabilities. A total of 530 turtles were captured and marked during the study. Survival probability was higher in adults compared to juveniles. The estimated abundance of the population studied was between 699 and 778 turtles, with a sex ratio biased toward females. Using radiographs, we found that clutch size was 3.89 (± 0.81) eggs, with a range from 3 to 6 eggs, we also found evidence of pelvic constraint on egg size. The studied population is restricted to subsidised man-made canals and was considered stable. The information generated in this paper will be useful for the much needED conservation assessments of mud turtles. Keywords: abundance, survivorship, recapture probability, reproduction, pelvic constraint, subsidised population

African countries are committed to the creation of free trade areas as a means of consolidating trade links between African nations. Intra-African trade is expected to boost economic growth and improve macroeconomic performance and living standards in Africa. However, theoretical insights and empirical evidence suggest that these efforts risk being undermined by the adverse environmental consequences of trade, which are likely to undermine the continent's achievements in terms of sustainable development and poverty reduction. This paper aims to examine the environmental impact of intra-African trade while integrating FDI, economic growth, urbanization, and energy consumption. The study used a panel data set for 32 African countries over the period 1990-2020. The empirical analysis was based on the latest panel estimation techniques. More specifically, we used the Dumitrescu-Hurlin causality test, the second generation of unit root tests on panel data, and the PMG estimator to estimate an ARDL panel. The error correction term reveals the existence of a cointegrating relationship between CO2 and trade, FDI, and the other control variables. The results suggest that intra-African trade worsens environmental quality in Africa in the long term. Similarly, FDI has a similar ecological impact, corroborating the ‘pollution heaven’ hypothesis. The results also refute the Environmental Kuznets Curve (EKC) hypothesis. Energy consumption plays a key role in the long-term deterioration of the environment. Finally, urbanization degrades the environment in line with the intuition of urban environmental transition theory.

Studies on the role of gender, family businesses, and non-family businesses in examining financial management practices, particularly in developing countries, have been largely overlooked. This research, based on the collaboration between Positive Accounting Theory (PAT) and Agency Theory, aims to explore the intervention of microfinance in micro and small agricultural enterprises (MSEs). Using a quantitative approach, the study employs the Structural Equation Model Partial Least Square (SEM-PLS) method with a sample size of 656 respondents, comprising ultra-micro and small business actors in the agricultural sector in Indonesia. The findings indicate that for micro-sized businesses, entrepreneurial success mediates the relationship between microfinance and subjective wellbeing, while in small-sized businesses, poverty reduction and entrepreneurial success fully mediate the relationship between ultra-microfinance and subjective wellbeing. Ultra-microfinance assists business owners in enhancing their financial resource capacity more easily. On the other hand, microfinance not only provides financial access but also offers training and mentorship programs, helping business owners achieve long-term success. The study also reveals that gender does not mediate the relationship between microfinance and subjective wellbeing. Gender inequality in accessing resources, differences in decision-making participation, and social norms that still limit women's roles in economic activities within the agricultural sector are contributing factors. The implication of this study is to provide insights for decision-makers in the agricultural MSME sector to enhance subjective wellbeing. It is hoped that poverty alleviation programs through microfinance initiatives, such as PNPM, can be optimally absorbed and have a positive impact on empowering business owners to reduce structural poverty, especially in the key sector of agricultural businesses.

In the last decade, the Republic of Moldova has often been cited as a success story for democratization. However, the construction of a resilient and efficient civil society is still an ongoing process. At societal level, ethnic cleavages, polarized geopolitical preferences of the citizens, or antagonist value systems are hard to reconcile for solving fundamental challenges such as the representation of unprivileged groups, minorities, gender inequalities, etc. Women empowerment is seen as the process that alters social power dynamics by questioning ideologies that perpetuate inequalities, challenging the status quo for obtaining and controlling resources, and transforming institutional structures that uphold power imbalances, such as the family, state, and market. (Batliwala 2007) Our article explores the state of affairs of this issue in the Republic of Moldova, specifically, the perception of women’s civil society organizations in order to understand the dynamic of its winding, but steady, development. As such, we analyze the existing dissensus at societal level over core issues such as gender roles, financial rights of women, political representation, and domestic violence. In particular, we outline the current status of women’s organizations’ success throughout the Republic of Moldova, whilst focusing on discrepancies between formal and actual gender equality, the ubiquity of post-Soviet and conservative ideology, scarce financial resources, and the lack of mass support for women’s organizations. Despite these challenges, such groups have managed to carve out a space to advocate for issues on behalf of women – namely, political and financial empowerment, and actions against domestic violence – by using affirmative measures, informal support, media and educational campaigns. Our qualitative research is based on 15 viewpoint interviews conducted between January and February 2024 with Moldovan citizens in Chişinău, Bălți and Cahul, selected in a gender-balanced manner, aged between 18 and 55. The results of the research confirm the hypothesis related to the role played by post-Soviet ideology, the influence of the Orthodox Church, divergent economic interests of the population, as well as precarious economic thinking. The results show as well that thirty years after the collapse of the USSR, role models can offer guidance to build cohesion and trust in civil society.

Rapid urbanization, economic expansion, and population growth have increased waste generation in many nations worldwide. Research on municipal waste management (MWM) is moving towards new frontiers in efficiency and applicability due to the growing amount of data being collected in these systems and the convergence of various technological applications; artificial intelligence (AI) techniques present novel and creative alternatives for MWM. Even though much research has been conducted in this field, relatively few review studies assess how advancements in AI techniques can contribute to the sustainable advancement of MWM systems. Furthermore, there are discrepancies and a dearth of knowledge regarding the operation of AI-based techniques in MWM. To close this gap, this study conducts a thorough review of the relevant literature with an application of preferred reporting items for systematic reviews and meta-analyses-based methods, examining 229 peer-reviewed publications to explore the role of AI in different MWM areas, such as waste characteristics forecasting, waste bin level monitoring, process parameter prediction, vehicle routing, and MWM planning. The main AI techniques and models used in MWM optimization, as well as the application areas and stated performance metrics, are all thoroughly analyzed in this review. A conceptual framework is proposed to guide research and practice to take a holistic approach to MWM, along with areas of future study that need to be explored. Researchers, policymakers, municipalities, governments, and other waste management organizations will benefit from this study to minimize costs, maximize efficiency, eliminate the need for manual labor, and change the approach to MWM.