Aspects Of Investment Research Articles

ESG 경영을 위한 조직자본의 비선형적 영향력 분석

This study investigates the influence of organizational capital on achieving corporate ESG (Environmental, Social, and Governance) management. As ESG management has become a vital component for sustainable corporate growth, both industry and academia have explored various strategies to effectively implement it. However, most existing research focuses on technological or investment aspects, neglecting the intrinsic resources within firms. Addressing this gap, this study examines the role of organizational capital on ESG outcomes. Organizational capital is embedded within a firm’s production processes, facilitating the effective integration of human and physical resources. Firms with high levels of organizational capital are expected to positively influence ESG performance by synergizing intangible and tangible assets. However, the study also highlights that excessive accumulation of organizational capital could lead to agency costs, thereby restricting investments in ESG initiatives. Consequently, the study hypothesizes an inverted U-shaped relationship between organizational capital and ESG performance. Using panel data from publicly listed manufacturing firms in Korea from 2011 to 2020, the study conducts panel regression analysis to empirically test this hypothesis. The results confirm the existence of an inverted U-shaped relationship between organizational capital and ESG performance, with a similar pattern observed for the environmental (E) and social (S) components when ESG indicators are disaggregated. These findings offer significant contributions to the existing literature. First, the study introduces a quantitative measure of organizational capital as a key determinant of ESG performance. Furthermore, by demonstrating a nonlinear relationship, it identifies an optimal level of organizational capital for maximizing ESG outcomes, providing valuable insights for both academia and industry.

The Influence of Population Aging on Economic Growth and Countermeasures

The data from the seventh population census in 2020 shows that China's population is aging further, and the long-term and rapid aging phenomenon will have a huge impact on China's economy. Therefore, the extensive repercussions that demographic expansion and the aging populace exert on economic proliferation have arouse wide concern. This paper will use theoretical analysis to explore the influence of the aging demographic on economic growth from the four aspects of effective labor supply, savings and investment, enterprise innovation, and social security, and put forward some policy suggestions to deal with these shocks. The research finds that population aging will affect the effective labor supply and reduce the savings rate. The effect of enterprise innovation will be weakened in promoting population aging and the social security system: the pension insurance system and the medical insurance system will be seriously influenced. Therefore, this paper summarizes how population aging has some influence on China's economic growth from the above four perspectives, and puts forward some suggestions in order to alleviate the bad impact of population aging on economic development. It is suggested to improve the family planning policy, delay retirement, strengthen basic education, encourage technological innovation in enterprises to alleviate the problem of an insufficiently effective labor force, and establish a fully covered pension system to ensure the elder people lead a high-quality life.

FOREIGN INVESTMENT IN THE SYSTEM OF MOVEMENT TOWARDS SUSTAINABLE DEVELOPMENT OF THE NATIONAL ECONOMY

The article examines aspects of foreign investment in the context of moving towards the sustainable development of the national economy, which is the purpose of the article. The impact of foreign investments on the innovative development of the economy has been investigated. An assessment of the influence of foreign investments on key sectors of the national economy has been conducted. The author's contribution lies in addressing the issues of attracting foreign investments into the sustainable development system. Scientific novelty consists in the development of a classification system of risks associated with the attraction of foreign investments. The importance of a comparative analysis of foreign investment practices in countries with different levels of economic development is highlighted as an element of the practical implementation. The main conclusions of the study are presented.

A Study of Factors Influencing Corporate Debt Default

With the global debt rate rising at a high speed in recent years, the risk of corporate debt default has also increased gradually, in order to explore the influencing factors of corporate debt default and let enterprises better avoid the risk of debt default. This paper discusses the impact of corporate debt default from internal and external, macro and micro levels, from the aspects of corporate investment and financing strategy, management's investment preference, corporate governance structure, corporate strategic positioning and the differences between the same industry, external macroeconomic environment, national policies and international exchange rate impact, and the degree of opening up of the capital market to the outside world. Corporate debt can be influenced by several factors, and a clear understanding of the relationships and mechanisms between the factors will help to propose feasible debt reduction programs that will lead to more robust corporate development.

Impact of Systematic Investment Plans (SIP) Awareness on the Investment Decision of Information Technology (IT) Employees in Bengaluru City

The mutual fund industry in India is experiencing rapid expansion and is considered to be one of the most rapidly growing sectors within the nation's economy. Furthermore, it possesses significant prospects for sustained and substantial development in the long run. Mutual funds, along with their diverse range of instruments including systematic investment plans (SIPs), equity funds, debt funds, and hybrid fund instruments, have made a substantial contribution to economic growth in both the corporate sector and among individuals over the past decade. The current study focuses on the Systematic Investment Plan (SIP), which has emerged as a feasible alternative investment strategy for numerous investors aiming to achieve substantial returns while mitigating risk through incremental investments. The utilization of these funds facilitates the ease, availability, and affordability of saving and investing. The systematic investment plan (SIP) offers several advantages, such as professional management, diversification, diversity, liquidity, affordability, comfort, and ease of record keeping. Additionally, SIP is subject to stringent government regulation and ensures complete transparency. The current study has examined various variables related to investment and the factors that investors consider when selecting a Systematic Investment Plan. The objective of this study is to examine the level of awareness of systematic investment plans (SIP) among information technology (IT) employees and investigate the influence of demographic variables on their engagement in such investment plans. The primary objective of this study is to examine the influence of systematic investment plan (SIP) awareness on individuals' investment choices. The primary objective of this study is to examine the viability of Systematic Investment Plans (SIPs) in the Indian context, while considering the various issues, intricacies, and factors involved. Additionally, the study aims to propose strategies and approaches to effectively address the challenges associated with developing mutual funds in alignment with the economic growth potential of the country. The present study utilizes primary data obtained from a sample of 112 information technology employees located in Bangalore. The data was analyzed using SPSS version 25. The findings of the study indicate that IT employees possess awareness regarding SIP funds, albeit with a restricted comprehension of the structural and operational aspects of SIP investments. The choice to allocate funds towards Systematic Investment Plan (SIP) investments is notably impacted by variables such as age, income level, and educational attainment. The level of awareness regarding SIP (Systematic Investment Plan) has a significant impact on investment decision-making, as evidenced by a substantially high proportion. There exists a necessity to enhance awareness and facilitate the dissemination of information regarding SIP (Systematic Investment Plan) and its potential advantages.

Cryptocurrency and Its Role in Portfolio Diversification

Purpose: This study sought to explore cryptocurrency and its role in portfolio diversification. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library. Findings: The findings reveal that there exists a contextual and methodological gap relating to cryptocurrency and its role in portfolio diversification. Preliminary empirical review revealed that incorporating cryptocurrencies into investment portfolios offered promising diversification benefits due to their low correlation with traditional assets, despite their high volatility and regulatory uncertainties. It highlighted the significant risk management challenges posed by cryptocurrencies' extreme price fluctuations and the evolving regulatory landscape. The study emphasized the importance of careful, limited allocation to cryptocurrencies, robust risk management practices, and continuous market monitoring. Ultimately, it suggested that cryptocurrencies could enhance portfolio performance when strategically used alongside traditional diversification methods. Unique Contribution to Theory, Practice and Policy: The Modern Portfolio Theory, Efficient Market Hypothesis and Behavioural Finance Theory may be used to anchor future studies on portfolio diversification. The study recommended a cautious yet strategic inclusion of cryptocurrencies in investment portfolios to enhance diversification, emphasizing the importance of ongoing research, robust risk management, and proactive monitoring due to their high volatility and regulatory uncertainties. It called for clear and consistent regulatory frameworks to protect investors while fostering market growth, and highlighted the need for collaboration between academia, industry, and regulatory bodies to improve financial literacy and market stability. These recommendations aimed to contribute to theoretical, practical, and policy aspects of cryptocurrency investments.

AWARENESS AND ATTITUDE OF INVESTORS TOWARDS INVESTMENT ALTERNATIVES IN ERODE DISTRICT

Awareness on investment alternatives is a part of financial literacy. Financial literacy means a set of skills and knowledge that helps in understanding the various aspect of financial investments and enables an effective decision making process. Awareness means knowledge of the existence of a particular truth, event or thing. Awareness is commonly considered to be the first stage in the process of investment decision. Investors’ awareness means the prospective or existing investor is conscious and is having the knowledge of the existence of the investment avenues for investing the savings. Investors are expected to know about the various investment alternatives available to make effective investment decision. Knowledge about the various investment avenues facilitate comparison of merits and limitations each alternative.

Household Financial Planning in Achieving a Balanced Budget

Financial planning is like a map that determines the direction of family finances. The unmet needs of a family are often not due to a small income but due to expenses that are often uncontrollable. This research aims to find out the application of household financial planning to achieve the principle of a balanced budget. This research uses a qualitative method with a case study approach. The data collection was done by observation, direct interview, and documentation. The location of this research is the informant's residence within the scope of Sananwetan Subdistrict, Blitar City. The results of this study show that housewives plan their finances every month. The planning done is based on the previous month's records. The decision-making practices carried out by housewives to determine financial allocations are not necessarily decided by themselves, but they involve their husbands and other family members to deliberate to produce the best solution. To achieve budget balance, awareness is needed to prioritize primary needs and pay attention to lifestyle. These results implied that families can pay more attention to health insurance and investment aspects so that expenses become equivalent to income or a balanced budget. Therefore, this research not only enriches literature related to household financial management but also opens up new insights for financial practitioners and family consultants in developing more comprehensive financial literacy programs so that they can sustainably improve household financial welfare.

ECONOMIC-INSTITUTIONAL PROBLEMS OF EUROPEAN REMILITARIZATION

This article is dedicated to the examination of the economic-institutional problems and prerequisites for the reconstruction of the European military-industrial complex. During the consideration of this issue, the following tasks were set and addressed: – to find out the economic factors determining the ability of European economies to provide the Ukrainian army with a sufficient amount of weapons and ammunition; – to identify barriers to capital involvement in the military-industrial complex; – to study the institutional prerequisites for changing motivations for investing in the military-industrial complex. On one hand, the remilitarization of Europe appears inevitable due to the formation of an anti-Western axis of evil, consisting of Moscow, Beijing, and Tehran. On the other hand, remilitarization for formerly pacifist Europeans is not an easy matter. We believe that the problem of remilitarization has at least three aspects: price, investment, and civilization. If we were to depict the problem of European remilitarization as an iceberg, the price aspect would be the most superficial, obvious part of the problem, while the civilization aspect would be its foundation. Price aspect: This has manifested, in particular, in the rapid increase in procurement prices for weapons. The anomaly is that even with a fourfold increase in prices, which apparently promises manufacturers profits in the hundreds (!) of percent, demand saturation through increased supply does not occur. Investment aspect: It is evident in the relatively insufficient investment activity in the European military-industrial complex compared to what it should be. The issue lies in the unacceptably high risks of possible investment projects in the defense sector, namely, the risk of a decrease in demand for manufactured goods. Considering the normal profitability of production assets in developed countries, successful remilitarization could involve guarantees of extensive and stable state purchases of weapons and ammunition from producers for the next ten to fifteen years. Civilization aspect: Maintaining consistently high demand for military goods for one to two decades requires a fundamentally different approach from European societies and states to issues of war and peace than is currently the case. It turns out that for the remilitarization of Europe, a series of colonial wars is needed. Colonialism, in any of its manifestations, involves the institutionalization of inequality between Europeans and those outside Europe. Remilitarization means that the “flower generation,” the people who tried to “love, not war,” must acknowledge their defeat, and more than half a century of conscious rejection of making military violence a significant political instrument, which has always been reckless, is regarded as a terrible mistake that must not be repeated. European elites see and understand the consequences of this choice. Therefore, we can argue that the million shells for Ukraine cost Europeans significantly more than a few pitiful billion euros. It costs dreams of humanism, of a bright communist future, dreams of a time when the bright, rational, human will ultimately overcome all that is dark, primitive, and bestial.

The role of institutional and political factors in attracting Chinese and Russian multinationals to the Visegrad countries

Abstract International business research is usually focused on various aspects of foreign direct investment (FDI) by non-European emerging-market multinational enterprises (EMNEs) without attention to non-traditional factors pulling them into host countries. The objective of this paper is to examine the investments of EMNEs from two source countries, China and Russia, within the Visegrad Four (V4) economies. Based on interviews and a qualitative document analysis, it explores the main characteristics of their investments into the V4, including host-country determinants by focusing on macroeconomic, institutional and political factors. The paper finds that these factors do influence EMNEs’ investment practices, and that they correlate with the changing quality of political relations, but this influence needs to be assessed on a case-by-case basis.

Evaluation and Regional Differences of Urban Green Development in Henan Province

As an extension of ecological concepts, urban green development has gradually become a new bridge for various countries or regions to achieve sustainable development. Based on the panel data of 17 cities in Henan Province, China from 2007 to 2022, this article uses the entropy method to measure the green development level of cities in Henan Province, and uses the Dagum Gini coefficient method to analyze the green development differences between cities. The results show that: first, urban green development in Henan Province is generally at a lower-middle level and tends to be balanced. Second, there are obvious regional gaps in urban green development in Henan Province. Third, inter-regional disparity is the main reason for the differential distribution of urban green development levels in Henan Province. In order to promote the improvement of urban green level and narrow the spatial development gap in Henan Province, this study puts forward corresponding policy suggestions from the aspects of green investment, green technology innovation, industrial structure upgrading and green life. This also provides reference for other less developed regions in China to achieve balanced urban green development.

Budgetary fund management in resource-constrained environments: financing strategies

In the process of European integration, it is necessary to implement economic reforms to ensure effective management of state finances. Changes in budgetary relations and the allocation of budget monetary resources are observed in connection with the process of decentralisation and transformation processes in the budgetary system. The aim of this article is to establish the significance of financing budget managers, even under resource constraints. The study focuses on the process of financing budget managers. The research methods employed include analysis, systemic-structural, comparative-legal, and dialectical methods. The results indicate that the current state and societal development necessitate the establishment of a strong and effective state economy. The financing of budget managers under resource constraints is a pertinent issue. Recent events in the country highlight that local budgets encounter various problems and inconsistencies, mainly due to limited financial resources, unclear expenditure powers between different levels of the budgetary system, inefficient spending models, and low investment capacity. Planning and executing local budgets' expenditure is a crucial aspect of budget policy that determines the effectiveness of local self-government bodies in fulfilling their functions and powers. Financial constraints of the state are especially significant in relation to the competence level of participants in the budget process, the ability to allocate budget funds rationally and in line with the priorities of budget policy, and the need to achieve maximum effect with minimal costs for socio-economic development. Proper use of local budgets requires evaluating financial procedures, monitoring the fulfilment of budgetary powers, assessing expected results, and accurately defining needs, among other factors. To address financial constraints, it is necessary to review and adjust budget expenditures and regulate the powers of local authorities regarding expenditure. Increasing spending by local budgets to complete their own responsibilities will enhance the investment aspect of local self-government budgets.

Financial Risk Analysis of SINOSUN Technology Co., Ltd.

Nowadays, the market competition is getting bigger and bigger, and the enterprise is always facing the risk. If it does not carry on the risk research to control, the enterprise is likely to operate in the obstacle. Science and technology are the foundation of a strong country, with the continuous promotion of the strategy of strengthening the country with science and technology, science and technology companies have many business opportunities, but the opportunities are often hidden in the risk. This paper takes SINOSUN Technology Co., Ltd. as the object of the study, compares and analyzes the operating data of the industry's HONGBO Joint Stock Company and East Port Joint Stock Company, and adopts the ratio analysis method and the comparative analysis method. Combined with the relevant financial indicators, the entropy value method is used to analyze and identify the financial risk problems of SINOSUN Technology Company, including the four aspects of financing, investment, operation, and distribution, with the main problems of weak short-term solvency, low R&D efficiency, and low profitability, and then put forward relevant preventive suggestions for the enterprise's problems. This paper aims to let the company as far as possible to foresee the financial risk and control, but also hopes for similar enterprises for financial risk analysis and management to provide case reference and reference significance.

Exploiting green energy potential via FinTech: The role of DLT-based crowdfunding in PV and ESS investments

This article explores the interplay of green energy potential and innovative financial technology (FinTech). To achieve this, an in-depth study on the technological, economic, and environmental aspects of residential-scale solar energy and storage investments was performed. As the first part of the study, residential-scale solar energy and associated energy storage investments were modeled in the assessed countries. As the next step, the effects of Distributed Ledger Technology (DLT) enabled crowdfunding on the modeled investments were highlighted with a Proof-of-Concept (PoC) DLT-enabled investment tool. As the last step, the Life Cycle Assessments (LCAs) of the investments were carried out for each of the assessed countries in order to provide better investment decisions to various investors. The results of this research indicate that with the integration of novel Fintech tools, the Levelized Cost of Storage (LCOS) values of the assessed investments may be reduced by up to 58%. Meanwhile, the LCA results highlighted that solar silicon production and battery cell manufacturing have the highest LCA results, accounting for 19.1 and 63.8 kgCO2eq/kWh respectively. Meanwhile, the transportation sector had an emission of 9 kgCO2eq/kWh. Thus, with cleaner manufacturing and transportation, the emissions from PV and ESS investments may be reduced drastically.

Is It Worth Investing in Tokens? Investment Performance of Digital Tokens in Financial and Axiological Contexts

AbstractThe paper focuses on financial and axiological aspects of the new instrument in the digital economy, such as digital tokens (DTs). The purpose of the article is to examine the investment performance of certain types of DTs. We suggest a categorisation of DTs according to the types of assets that they represent and analyse them in terms of profitability, risk, and effectiveness. The investment performance of different types of DTs was compared with stock market indices and commodity prices. The empirical source of information is data from the coinpaprika platform from January 2018 to July 2022. It occurs that DTs demonstrate, on average, lower investment performance than traditional instruments. However, there is a wide group of the former that can be included in the portfolio as their investment performance is higher than the one represented by stock market assets. Our contribution comprises, first, the extension of existing research on tokenization and tokens to include the investment aspect. Second, we develop and apply the original proposal of DT classification, which takes into account the hitherto neglected aspect of worldview valuation of a given DT type by market participants. Finally, we assess the investment performance of DTs (both in terms of our proposed classification and in the context of stock market indices). We also specify recommendations for investors.

The Role of Government Spending in Developing the Productive Capacity of The Iraqi Economy

The research seeks to demonstrate the impact of government spending on the productive capacity of the Iraqi economy, as the continuous increase in the volume of public spending and the adoption of the planned deficit method in the budgets of various years must reflect positively on the productive capacity of the country, so the relationship between the two variables was estimated according to the autoregressive distributed lag model ( ARDL) as it shows the relationship in the short and long terms and for the period 2004-2022, and among the results obtained is that current spending has a negative impact on the productive capacity index. This means that current spending is unproductive within its vicious circle, that is, money leaks out without generating economic returns for the country. Investment spending has a positive impact on the productive capacity index, as the average investment spending during the research period amounted to approximately (20%) of government spending, which is a very low percentage that was reflected in the weakness of the investment-based structures of the Iraqi economy, and this is what made the productive capacity index of the Iraqi economy It records a low percentage, reaching its best levels (35%), and this is consistent with the weak allocation of financial resources in investment aspects. What supports the analysis is the relationship test, which shows us that investment spending has a positive and significant effect on production capacity, but its parameter reached (0.07), which is a very low percentage. It has almost no effect. However, if a large percentage of financial resources were directed towards investment areas, this would develop projects, increase their ability to produce and productivity, and achieve high rates of GDP growth.
 Therefore, the research recommends the necessity of directing government spending towards productive sectors in order to improve production capabilities and achieve sustainable development comparable to developed countries, as well as periodically monitoring and evaluating the extent of the productivity of public spending in various economic sectors in order to make it more effective.

Identity texts in science for multilingual students: discovering resources with social semiotics

ABSTRACT This study examines how multilingual students (11-12 years) negotiate meaning in writing, drawing, and dialogues in science. Students use emotions, reflections, and experiences from areas other than school when given the opportunity to solve an open-ended task in science. Data consists of texts from three multilingual students and excerpts from co-generative dialogues collected over five months. Expressions of meaning in the students’ drawing, writing, and oral explanations were analysed using a social semiotic framework. The findings illustrate how emotions and everyday experiences play a significant role in the students’ work to create meaning about science knowledge. Furthermore, the findings indicate that students engage through experiences from learning arenas other than school and that those have the potential to create curiosity and negotiation of identity, language, and subject knowledge. The study reflects upon how the aspects of social semiotic theory, identity, agency, and investment are intertwined with subject-specific knowledge when students negotiate meaning. One implication highlighted is the need for consciousness related to students’ different use of semiotic resources, and to encouraging multilingual students to use their semiotic resources. This implies a potential for students to develop science knowledge and teachers to identify their meaning-making process.

Mampukah Model Enam Faktor Fama and French menggungguli Model Tiga Faktor Fama and French dengan Proksi Indeks Kompas 100

accompanying risks, many researchers have attempted to find financial asset valuation models. One of the most popular ones today is the Fama and French model. The initial model introduced was the Fama and French 3-factor model, which encountered various failures in some emerging market capital markets. In response, Fama and French improved their model, transforming it into a 6-factor model by adding aspects of profitability, investment, and momentum. This adjustment aimed to capture the relationship between the returns of securities or portfolios formed with systematic risk. However, the Fama and French 6-factor model did not perform well in some emerging market capital markets. The objective of this research is to test the accuracy of the Fama and French 6-factor model in the Indonesian Capital Market from 2017 to 2021. The research method employed is multiple linear regression, forming portfolios based on the framework established by the Fama and French 6-factor model. The research findings indicate evidence that the Fama and French 6-factor model can explain the returns of the formed portfolios. Market risk, book-to-market ratio, and investment aspect significantly impact the performance of the formed portfolio returns.

Forecasting price in a new hybrid neural network model with machine learning

A key aspect of asset investment and risk management is the study of forecasting stock prices. We investigate the machine learning stock price prediction in a new hybrid neural network model and put forth a forecasting method based on machine learning, composite data preprocessing method and the proposed new neural network model. To address the challenge of predicting stock prices in the face of market complexity and noise, we use the complete ensemble empirical mode decomposition with adaptive noise (CEEMDAN) algorithm and the Savitzky–Golay (SG) filter to de-noise and enhance the data, and employ a neural network with three convolutional layers and a long short-term memory (LSTM) layer that enables it to capture complex temporal patterns in the data. We propose a new hybrid neural network prediction model (CEEMDAN-S-C-LSTM) and adopt a machine learning approach to compare it with the benchmark model using CSI 300 index data. The empirical results validate the effectiveness of the frequency decomposition algorithm and the convolutional layer, and demonstrate that our proposed model outperforms the benchmark model. Compared to the best benchmark model, the CEEMDAN-S-C-LSTM model proposed in this study demonstrates a significant improvement in performance. Specifically, it shows a 45.33% reduction in mean absolute error (MAE), 43.44% reduction in root mean square error (RMSE), 45.01% reduction in mean absolute percentage error (MAPE), and 3.90% improvement in coefficient of determination (R2). The study also explores the effect of different numbers of convolution layers and SG filters on the hybrid model. Our research expands on the use of neural networks and machine learning, offering a novel technical approach to making investment decisions and managing risks in financial systems.

No effect of testosterone or sexual ornamentation on telomere dynamics: A case study and meta-analyses.

Life-history theory predicts that reproductive investments are traded-off against self-maintenance. Telomeres, the protective caps on the ends of chromosomes, offer a promising avenue for assessing life-history trade-offs, as they shorten in response to stressors and are predictive of the remaining lifespan. In males, testosterone frequently mediates life-history trade-offs, in part, through its effects on sexual ornamentation, which is an important aspect of reproductive investment. However, studies of within-individual associations between telomere dynamics and sexual ornamentation are limited in number and have produced mixed results. Furthermore, most such studies have been observational, making it difficult to discern the nature of any causal relationship. To address this, we used short-acting testosterone implants in free-living male superb fairy-wrens (Malurus cyaneus) to stimulate the production of a sexual ornament: early moult into a costly blue breeding plumage. We found no evidence that elevated testosterone, and the consequent earlier moult into breeding plumage, accelerated telomere shortening. We therefore followed up with a systematic review and two meta-analyses (28 studies, 54 effect sizes) exploring the associations between telomeres and (1) testosterone and (2) sexual ornamentation. In line with our experimental findings, neither meta-analysis showed an overall correlation of testosterone or sexual ornamentation with telomere length or telomere dynamics. However, meta-regression showed that experimental, compared to observational, studies reported greater evidence of trade-offs. Our meta-analyses highlight the need for further experimental studies to better understand potential responses of telomere length or telomere dynamics to testosterone or sexual ornamentation.