Risk Tolerance Research Articles

Analysis on Different Investment Styles of Mutual Fund Investors

ABSTRACT The research paper provides a comprehensive analysis of the diverse landscape of mutual fund investing, focusing on the various investment styles adopted by investors. It categorizes investors into four main styles - conservative, moderate, aggressive, and speculative - based on their risk tolerance, investment horizon, and market perceptions. Through the examination of historical data and case studies, the paper evaluates the performance of these styles in different market conditions and economic environments. Additionally, the research investigates the factors influencing investors' style selection, including demographic variables, past experiences, and psychological biases. It also explores the role of financial advisors and fund managers in guiding investors towards suitable styles and mitigating risks. Overall, this research contributes valuable insights to the field of mutual fund investing, benefiting both individual investors and financial professionals.

MUTUAL FUNDS AND INVESTORS BEHAVIOUR

Mutual funds have been widely acknowledged as a popular investment tool for individuals who are looking to increase their wealth and accomplish their financial objectives for a considerable amount of time. Over the past few years, the study of mutual funds and investor behavior has garnered a substantial amount of attention due to the fact that it is a complex and ever-changing topic. It is essential for both financial professionals and regular investors to have a solid understanding of the complexities of mutual funds and the factors that influence investor behavior. A intriguing connection between mutual funds and investor behavior is going to be investigated, and this preface will lay the context for that investigation. The purpose of this section is to provide a complete overview of the topic, focusing on the most important ideas and topics that will be discussed in later chapters. By delving into the world of mutual funds, we are able to learn about the many investing techniques that are utilized by fund managers, the risks and rewards that are associated with the various types of funds, and the influence that market conditions have on the performance of funds. An investigation into the actions taken by investors in relation to mutual funds is also of equal importance. The judgments, biases, and emotions of investors are critically important factors that contribute to the formation of the dynamics of the mutual fund sector. Exploring the psychological aspects of investing can offer light on the reasons why specific investment choices are made, the role that information processing plays, and the influence that market movements have on investor emotion. We hope that by the end of this investigation, readers will have a full grasp of mutual funds and investor behavior, which will enable them to make educated decisions on their investments and confidently traverse the complex world of finance. Keywords: Mutual Funds, Investor Behaviour, Investment Psychology, Portfolio Management, Risk Tolerance, Asset Allocation, Market Sentiment, Behavioural Finance, Fund Performance, Market Volatility.

COMPARATIVE STUDY OF DEBT AND EQUITY FUNDS IN INDIA

The purpose of this study is to examine the features of debt and equity funds in the Indian financial market, including their suitability, liquidity, tax implications, risk-return profiles, and other relevant factors. Through the purchase of fixed-income assets such as government bonds, corporate bonds, and money market instruments, debt funds look for investments that have low volatility and consistent returns. Equity funds, on the other hand, have a significant amount of their assets invested in equities, which can result in increased volatility but may also result in higher returns over the long term. According to the findings of the study, equity funds have the potential for bigger returns, while debt funds have a lower risk profile. This is the conclusion reached after comparing the two types of funds. Furthermore, the study investigates the tax consequences of both types of funds, which is crucial because taxes play a large influence in the decisions that are made regarding investments. Debt funds are subject to the short-term capital gains tax if they are kept for a period of time that is shorter than three years. The tax rate on long-term capital gains, on the other hand, is twenty percent, and indexation advantages are included. For equities funds that have been held for more than a year, the tax rate is 10% without indexation on profits that exceed ₹1 lakh. However, the tax rate for gains that are held for a shorter period of time is 15%. This study also investigates liquidity, which is another important factor to consider. Due to the greater liquidity of debt funds in comparison to individual fixed-income instruments, investors have more flexibility to withdraw their money from debt funds when they require it. This is because debt funds have better liquidity. It is possible for the underlying stocks of an equity fund to have an effect on the liquidity of the fund. In general, large-cap funds have superior liquidity than small-cap funds or sector-specific funds. In addition, the various investor profiles and the ways in which debt and equity funds are incorporated into their portfolios are discussed. Those who are retired, conservatives who are looking for returns with a reduced level of risk, or investors who have time horizons that range from short to medium are suitable candidates for debt funds. On the other hand, equity funds are more suitable for long-term investors who are willing to take on a greater degree of risk in the expectation of potentially bigger returns. Additionally, they are an excellent choice for individuals who are interested in riding the stock market's growth wave. Although debt and equity funds are complementary additions to any investor's portfolio, they perform distinct functions and have distinct risk-return profiles. Nevertheless, they are both beneficial to the investor. Prior to making decisions on investments, investors should do a comprehensive evaluation of their level of risk tolerance, investment horizon, and financial objectives. They ought to also give some thought to the possibility of diversifying their investments across a variety of asset classes. A comparative analysis like this one will prove to be a very useful resource for individuals who are considering making investments in India's financial markets. Keywords:- Debt funds, Equity funds, Risk-return profiles, Taxation, Liquidity, Investment suitability, Indian financial market.

Forensic Aftercare Facilities and Their Impact on the Releasability of Persons Who Committed Sexual Offenses: A Three Group Comparison.

Partly due to a lack of release options for individuals who committed sexual offenses, forensic follow-up treatment has been strengthened latest since 2007. The current study investigates whether the foundation of a professionalized follow-up-treatment has actually improved release options for individuals who committed sexual offenses. Thus, the aim of the present study was to assess the difference in criminogenic needs and recidivism relevant characteristics (e.g., index offense, criminal history, psychiatric diagnoses and risk assessment) between three groups who had been released from forensic psychiatry at different times or under different outpatient follow-up modalities: (1) individuals released prior the foundation of professionalized follow-up-treatment, (2) individuals released after the foundation and received treatment, and (3) individuals released after the foundation but not receiving this special treatment. It was found that with the availability of professionalized forensic followup treatment, persons with higher scores in common risk assessment tools and a longer duration of implacement had been released. Indeed, this indicates an increased risk tolerance among decision makers. However, it was not those who were released after the foundation of the professionalized forensic follow-up treatment but without this specific treatment who showed the lowest initial risk, but those who were released prior to the foundation. Results are discussed in terms of possible explanations and methodological issues.

GENERATIONAL INVESTMENT PATTERNS IN MUTUAL FUNDS: A COMPARATIVE STUDY OF GENERATION X AND MILLENNIALS

This Master’s thesis examines the investment patterns in mutual funds across two distinct generational cohorts: Generation X and Millennials. The primary aim of this study is to analyze and compare the investment behaviors and preferences between these two groups, focusing on factors such as risk tolerance, investment time horizon, and preferred fund types. Utilizing a mixed-methods approach that combines quantitative data analysis of investment portfolios with qualitative surveys and interviews, this research provides a comprehensive view of how generational differences influence investment decisions. The quantitative analysis involves a statistical examination of mutual fund holdings and transactions sourced from a proprietary database covering the period from 2010 to 2020. Meanwhile, the qualitative component features insights from over 200 individual interviews with representatives of each generation, supplemented by surveys to gauge attitudes towards various investment strategies and market outlooks. Initial findings suggest significant divergences in the investment strategies between Generation X and Millennials. Generation X investors tend to favor income-focused and balanced funds, displaying a preference for stability and long-term growth, influenced possibly by their proximity to retirement. In contrast, Millennials are more inclined towards equity-heavy portfolios and show a greater propensity for embracing emerging market funds and ESG (environmental, social, and governance) themed investments, driven by higher risk tolerance and a longer investment horizon. This thesis not only highlights the distinct investment preferences of these generations but also delves into the sociopolitical and economic factors that might influence these patterns. Furthermore, it discusses the implications of these generational differences for financial advisors, mutual fund managers, and policymakers. By identifying and understanding these generational investment behaviors, industry professionals can better tailor their approaches to meet the needs and preferences of each demographic group, enhancing client satisfaction and engagement. This comparative study contributes to the financial industry’s understanding of demographic shifts and their impacts on market trends, offering valuable insights for developing more targeted and effective investment products and strategies.

PSYCHOLOGICAL FACTORS AFFECTING INVESTORS DECISION MAKING

The paper investigates the psychological factors influencing investors' decision-making processes, with a particular focus on how biases affect risk tolerance and investment decisions. Utilizing a comprehensive methodology that includes ANOVA, regression, and correlational analysis, this study examines the effects of biases such as overconfidence, anchoring, herd behaviour, regret aversion and optimism biases on investment decisions. The research findings reveal significant correlations between these psychological biases and investor behaviour, highlighting their impact on risk assessment and decision-making strategies. To ensure the reliability of the research tools, a Cronbach’s Alpha test was conducted, confirming the consistency of the instruments used. The study's results challenge the traditional notion that states that investment decisions are driven solely by logical reasoning and underscoring the substantial influence of emotional and cognitive biases. These insights contribute to the field of behavioural finance by enhancing understanding of the psychological underpinnings in investment decision-making and suggesting practical applications for financial education and advisory services. The paper advocates for the inclusion of psychological bias recognition in investor education, proposing that such an approach can significantly improve decision-making and lead to better investment outcomes. The implications of this research extend beyond individual investors to financial advisors and policymakers, offering them a foundation to develop strategies and regulations that help mitigate bias-driven investment mistakes, ultimately fostering greater financial well-being and market efficiency. Keywords: Investor Decision Making, Risk Tolerance, ANOVA, Regression Analysis, Correlational Analysis, Overconfidence Bias, Anchoring Bias, Herd Behaviour Bias, Regret Aversion Bias, Optimism Bias, Behavioural Finance.

From Theory to Practice: Applying the Markowitz Model in Stock Portfolio Management under ESG

The study consisted of a month-long simulated stock market operation focusing on the comprehensive analysis of equity portfolio creation and management. Against the backdrop of growing concern for environmental protection, the S&P 500 Net Zero 2050 Climate Transition ESG Index was deemed the appropriate benchmark for the portfolios due to the average level of risk tolerance of customers. The investigation began with an in-depth assessment of macroeconomic and sector conditions, followed by careful selection of securities using both fundamental and technical analysis techniques. The portfolio was then optimized using the Markowitz model and subsequently managed using a variety of strategies, including trading, monitoring, and rebalancing. The subsequent phase of the research involves a rigorous evaluation of performance utilizing various metrics including single-period returns and the Sharpe ratio. The study culminates in a reflective analysis of the overall investment project. Despite the portfolio's underperformance against the benchmark, the project provides invaluable insights into the intricacies of stock market investment and portfolio management, accentuating the impact of market volatility and the significance of strategic asset allocation.

The Mediating Role of Risk Tolerance in Realtionship Between Heusrtic and Prospect Theory and Investment Performance

The current study aims at investigating the factors affecting investment Performance. Moreover, the mediating effect of risk tolerance was also tested. The study utilized a quantitative research design for that the data was collected using a structured questionnaire. The questionnaire was sent to 200 individuals out of those 189 complete questionnaires were received. The study framework had constructs namely heuristics, Prospect theory, were independent variables while investment performance making was dependent variable and risk tolerance was the mediating variable. All the latent construct were measured using multi-items based on 5-point Likert scales from 5 strongly disagree to 1 strongly disagree. This study set out to find the relationship behavioural factors and investment performance of individual investors with the mediating effects of risk tolerance. The Structural Equation Model has revealed that there is a significant and positive relationship between behavioural factors and investment performance of individual investors and this relationship is partially mediated by risk tolerance.

The Influence of Financial Literacy on Individual Savings: A Study of University Staff

The intricate relationship between financial literacy and individual savings behavior has garnered considerable attention in personal finance. The study’s objective was to explore the effect of financial literacy, risk tolerance, education level, and work experience on the personal savings of university staff and their degree of relationship. Through a comprehensive survey (N=210), the collected data was subjected to correlational analysis, revealing significant positive correlations between financial literacy and personal savings (r = 0.623, p < 0.01). Further, a regression analysis was conducted, highlighting the predictive role of financial literacy (β = 0.585, p < 0.001), education level (β = 0.126, p < 0.05), and work experience (β = 0.124, p < 0.01) in determining personal savings behavior. These findings underscore the pivotal role of financial literacy in shaping prudent financial decisions and emphasize the potential for tailored educational interventions for enhanced financial well-being.

National Trends in Utilization of Normothermic Machine Perfusion in DCD Liver Transplantation.

In liver transplantation, advances in ex situ normothermic machine perfusion (NMP) have improved outcomes compared with traditional static cold storage (SCS) in donation after circulatory death (DCD) organs. We aimed to characterize trends in the utilization of NMP versus SCS in DCD liver transplantation in the United States. This retrospective cohort study used data from the United Network for Organ Sharing database to identify recipient-donor adult liver transplant pairs from DCD donors from January 2016 to June 2022. Utilization of NMP and changes in donor risk index (DRI) and components between NMP and SCS were assessed across transplant year eras (2016-2018, 2019-2020, and 2021-2022). Statistical comparisons were made using the Kruskal-Wallis test or the chi-square test. A total of 3937 SCS and 127 NMP DCD donor transplants were included. Utilization of NMP ranged from ~0.4% to 3.5% from 2016 to 2021 and rose significantly to 11.2% in early 2022. Across transplant eras, median DRI increased significantly for SCS and NMP, but the magnitude of the increase was larger for NMP. With NMP DCDs, there were significant increases in median donor age, national share proportion, and "cold ischemic time" over time. Finally, there was a shift toward including higher DRI donors and higher model for end-stage liver disease score transplant recipients with NMP in later transplant eras. In recent years, NMP utilization has increased and expanded to donors with higher DRI and recipients with higher model for end-stage liver disease score at transplant, suggesting increasing familiarity and risk tolerance with NMP technology. As NMP remains a relatively new technique, ongoing study of patient outcomes, organ allocation practices, and utilization patterns is critical.

Preference Phenotypes in Thyroid Nodule Management: A Patient Segmentation Approach.

Patient preferences regarding thyroid nodules are poorly understood. Our objective is to (1) employ a discrete choice experiment (DCE) to explore risk tradeoffs in thyroid nodule management, and (2) segment respondents into preference phenotypes. DCE. Thyroid surgery clinic, online survey. A DCE including 5 attributes (cancer risk, voice concerns, incision/scar, medication requirement, follow-up frequency) was refined with qualitative patient and physician input. A final DCE including 8 choice tasks, demographics, history, and risk tolerance was administered to participants with and without thyroid disease. Analysis was performed with multinomial logit modeling and latent class analysis (LCA) for preference phenotyping. A total of 1026 respondents were included; 480 had thyroid disease. Risk aversion was associated with increasing age (P < .001), female gender (P < .001), and limited education (P = .038), but not previous thyroid disease. Cancer risk most significantly impacted decision-making. Of the total possible utility change from thyroid nodule decision-making, 47.8% was attributable to variations in cancer risk; 20.0% from medication management; 14.9% from voice changes; 12.7% from incision/scar; and 4.6% from follow-up concerns. LCA demonstrated 3 classes with distinct preference phenotypes: the largest group (64.2%) made decisions primarily based on cancer risk; another group (18.2%) chose based on aversion to medication; the smallest group (17.7%) factored in medication and cancer risk evenly. Cancer risk and the need to take medication after thyroid surgery factor into patient decision-making most heavily when treating thyroid nodules. Distinct preference phenotypes were demonstrated, reinforcing the need for individual preference assessment before the treatment of thyroid disorders.

Heterogeneous risk tolerance, in-groups, and epidemic waves

There is a growing interest in the joint modeling of the dynamics of disease and health-related beliefs and attitudes, but coupling mechanisms are yet to be understood. We introduce a model where risk information, which can be delayed, comes in two flavors, including historical risk derived from perceived incidence data and predicted risk information. Our model also includes an interpretation domain where the behavioral response to risk information is subject to in-group pressure. We then simulate how the strength of behavioral reaction impacts epidemic severity as measured by epidemic peak size, number of waves, and final size. Simulated behavioral response is not effective when the level of protection that prophylactic behavior provides is as small as 50% or lower. At a higher level of 75% or more, we see the emergence of multiple epidemic waves. In addition, simulations show that different behavioral response profiles can lead to various epidemic outcomes that are non-monotonic with the strength of reaction to risk information. We also modeled heterogeneity in the response profile of a population and find they can lead to less severe epidemic outcome in terms of peak size.

Financial Behavior in Personal Investment: Influence of Psychological Factors on Investment Decision

In the ever-evolving realm of financial markets, understanding the underlying psychological dynamics shaping investor behavior is paramount. Financial behavior refers to the choices and actions people make when managing their own cash across a range of investment vehicles, including stocks, bonds, mutual funds, and real estate. It includes components that are vital in determining the results of investments, including risk tolerance, investment objectives, decision biases, emotions, and financial literacy. Achieving long-term investment success and financial security requires an understanding of and ability to control one's own financial behavior. An extensive research model has been painstakingly built to clarify the complex connections between these psychological variables and the process of making investing decisions. This study examines the impact of three psychological aspects on investment decisions made by 220 investors who trade on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE): information asymmetry, problem framing, and risk propensity. Effective investing strategies necessitate an awareness of the interplay between psychological biases and cognitive processes, as these aspects influence personal investment decisions. By using a quantitative research methodology, information was gathered by sending surveys to investors who were actively trading stocks on the BSE and NSE platforms. Regression analysis and correlation studies are two statistical analytic approaches that were used to investigate the connections between investing decisions and psychological aspects. The study's conclusions add to the corpus of knowledge by illuminating the complex dynamics of financial decision-making and the part played by psychological variables. Furthermore, the knowledge gained from this study has important ramifications for financial advisors, investors, and legislators that aim to improve investor welfare and encourage well-informed stock market decision-making.&#x0D;  

Receipt of RhD-positive whole blood for life-threatening bleeding in female children: A survey in alloimmunized mothers regarding minimum acceptable survival benefit relative to risk of maternal alloimmunization to anti-D.

Low-titer group O whole blood (LTOWB) for treatment of hemorrhagic shock sometimes necessitates transfusion of RhD-positive units due to short supply of RhD-negative LTOWB. Practitioners must choose between using RhD-positive LTOWB when RhD-negative is unavailable against the risk to a female of childbearing potential of becoming RhD-alloimmunized, risking hemolytic disease of the fetus and newborn (HDFN) in future children, or using component therapy with RhD-negative red cells. This survey asked females with a history of red blood cell (RBC) alloimmunization about their risk tolerance of RhD alloimmunization compared to the potential for improved survival following transfusion of RhD-positive blood for an injured RhD negative female child. A survey was administered to RBC alloimmunized mothers. Respondents were eligible if they were living in the United States with at least one red cell antibody known to cause HDFN and if they had at least one RBC alloimmunized pregnancy. Responses from 107 RBC alloimmmunized females were analyzed. There were 32/107 (30%) with a history of severe HDFN; 12/107 (11%) had a history of fetal or neonatal loss due to HDFN. The median (interquartile range) absolute improvement in survival at which the respondents would accept RhD-positive transfusions for a female child was 4% (1%-14%). This was not different between females with and without a history of severe or fatal HDFN (p = .08 and 0.38, respectively). Alloimmunized mothers would accept the risk of D-alloimmunization in a RhD-negative female child for improved survival in cases of life-threatening bleeding.

Disentangling the “crypto fever”: An exploratory study of the psychological characteristics of cryptocurrency owners

Cryptocurrencies are innovative digital assets that became significantly popular in recent years. Despite their popularity, literature about cryptocurrencies is still lacking. Specifically, little is known about the psychological profile of cryptocurrency owners. The present paper aims to investigate the role of financial literacy, self-efficacy, risk tolerance, and impulsivity in cryptocurrency ownership in a representative sample of 1,153 Italian consumers. In particular, a Latent Profile Analysis was performed on cross-sectional data to identify different psychological profiles of consumers, and test which of these profiles is more likely to hold cryptocurrencies. Results indicate the presence of six different psychological profiles and that the psychological profile that best describes those who hold cryptocurrencies is characterized by high levels of financial literacy, risk tolerance, and self-efficacy in investment domains. Instead, a configuration of low financial literacy and high self-efficacy, risk appetite, and impulsivity scores is mostly associated with having owned cryptocurrencies in the past. These findings would suggest that psychological characteristics play a key role in cryptocurrency ownership.

Gender Differences in Caregivers' Attitudes to Risky Child Play in Britain: A Cross-Sectional Study.

This study examines gender differences in parental attitudes toward risky play for 5- to 11-year-old boys and girls in Britain. Analyses use data from the cross-sectional, nationally representative British Child Play Survey. Survey respondents were caregivers of primary-school-aged children living in Britain. Parent self-reported their risk tolerance in play via the Tolerance for Risk in Play Scale (TRiPS) and the Risk Engagement and Protection Survey (REPS). The REPS includes subscales that assess caregiver attitudes around "Protection from Injury" (PFI) and "Engagement with Risk" (EWR) in relation to children's play. Multiple linear regression compared caregiver gender differences in TRiPS, REPS-PFI, and REPS-EWR at the item level, and overall. Associations between child gender and these scales were also examined. Among 1919 caregivers, no significant gender differences emerged in mean TRiPS (P = .72), REPS-EWR (P = .58), and REPS-PFI (P = .34) scores. Activity-specific differences were evident in caregivers' tolerance for individual risky play activities (15/31 activities). Parents of boys exhibited higher risk tolerance (B = -4.48, P < .01) and willingness for their child to engage in risky play (B = -0.63, P < .01) than parents of girls. While there was no difference between male and female caregivers overall attitudes, gender differences were prominent for specific play activities and attitudes, with male caregivers demonstrating higher tolerance for the riskiest activities. Parents of boys expressed more permissive attitudes toward engagement in risky play. Further work is needed to identify why there is gender-related variation in these attitudes and should be considered in interventions that support parents in enabling adventurous play opportunities for children.

Emergency physician resource utilization varies by years of experience.

One of the most pivotal decisions an emergency physician (EP) makes is whether to admit or discharge a patient. The emergency department (ED) work-up leading to this decision involves several resource-intensive tests. Previous studies have demonstrated significant differences in EP resource utilization, measured by lab tests, advanced imaging (magnetic resonance imaging [MRI], computed tomography [CT], ultrasound), consultations, and propensity to admit a patient. However, how an EP's years of experience may impact their resource utilization and propensity to admit patients has not been well characterized. This study seeks to better understand how EPs' years of experience, post-residency, relates to their use of advanced imaging and patient disposition. Ten years of ED visits were analyzed for this study from a single, academic tertiary care center in the urban Northeast United States. The primary outcomes were utilization of advanced imaging during the visit (CT, MRI, or formal ultrasound) and whether the patient was admitted. EP years of experience was categorized into 0-2years, 3-5years, 6-8years, 9-11years, and 12 or more years. Patient age, sex, Emergency Severity Index (ESI), and the attending EP's years of experience were collected. The relationship between EP years of experience and each outcome was assessed with a linear mixed model with a random effect for provider and patient age, sex, and ESI as covariates. A total of 460,937 visits seen by 65 EPs were included in the study. Over one-third (37.6%) of visits had an advanced imaging study ordered and nearly half (49.5%) resulted in admission. Compared to visits with EPs with 0-2years of experience, visits with EPs with 3-5 or 6-8years of experience had significantly lower odds of advanced imaging occurring. Visits seen by EPs with more than 2 years of experience had lower odds of admission than visits by EPs with 0-2years of experience. More junior EPs tend to order more advanced imaging studies and have a higher propensity to admit patients. This may be due to less comfort in decision-making without advanced imaging or a lower risk tolerance. Conversely, the additional clinical experience of the most senior EPs, with greater than 9years of experience,likely impacts their resource utilization patterns such that their use of advanced imaging does not significantly differ from the most junior EPs.

The Hard Impact Low Probabilities’ impacts on Power Distribution System Economy

Electricity distribution systems benefit customers, investors, and operational managers economically. However, natural hazards pose significant risks to these networks, contributing to economic instability. This study assesses the impact of low-probability, high-impact events, particularly storms, on asset management and lifespan within the electricity distribution industry. By introducing three key indicators—rate of return, service rate, and cost per asset—the research investigates how different assets respond to various risks. Each asset has a distinct threshold for risk tolerance, which diminishes as its lifespan increases. Utilizing a cost model and analyzing breakpoint curves, the study evaluates the effects of high impact and low probability (HILP) incidents on the indicators mentioned earlier, factoring in asset composition changes. The study assesses the impact of storms with varying intensities on a sample network by formulating economic relations and allocating budgets for HILP events across different network conditions. Results highlight the allocation of budgetary resources for securing assets of different ages within the network. Furthermore, sensitivity analysis explores how changes in network expansion coefficients and failure rates influence these factors. Notably, findings reveal that systems with slower development rates exhibit greater asset resilience; as demonstrated in scenario 3, the assets are strengthened from a 70-year life to a 6-year life for a 145km storm.

디지털 리터러시역량이 기술창업 기회역량에 미치는 영향에 관한 연구

This study investigates how strengthening college students' digital literacy competency and technology start-up opportunity capacity affects the development of career paths such as employment and entrepreneurship, and determines how digital literacy competency strengthens college students' ability to prepare for the future. This study was conducted to find ways to help college students discover entrepreneurship opportunities through empirical research on competency. The main empirical research results are as follows. First, the higher the digital literacy competency, the higher the potential entrepreneur's technical knowledge, creative thinking, and technology commercialization feasibility assessment, which was found to have a positive impact on technology startup opportunity capabilities. Second, among the sub-variables of digital literacy capabilities and technological startup opportunity capabilities, innovativeness was found to have a positive moderating effect in the relationship between technological knowledge and creative thinking. These analysis results suggest that digital literacy capabilities can increase innovation in relation to technical knowledge and creative thinking. Third, innovativeness, risk tolerance, and competitive attitude were found to have a positive moderating effect in the relationship between digital literacy competency and technology startup opportunity competency evaluation of technology commercialization potential. Fourth, although it has been shown in previous studies that digital literacy competency has a positive effect on technology startup opportunity capabilities, in this study, the interaction effects with innovativeness, risk tolerance, and competitive attitude were analyzed in more depth. This result suggests that digital literacy capabilities alone are not sufficient to increase entrepreneurial opportunity capabilities and must be considered along with other factors such as innovativeness, risk tolerance, and competitive attitude. In particular, people with high innovativeness tend to accept new ideas, and people with high risk tolerance tend to take on challenges without fear of failure. These characteristics can play an important role in increasing the capacity for entrepreneurial opportunities, so it is important to consider these factors together. Additionally, this suggests that education and support programs that help college students and young entrepreneurs develop and strengthen these capabilities are becoming more important.

A novel decision support system for proactive risk management in healthcare based on fuzzy inference, neural network and support vector machine

BackgroundThe nature of activities practiced in healthcare organizations makes risk management the most crucial issue for decision-makers, especially in developing countries. New technologies provide effective solutions to support engineers in managing risks. PurposeThis study aims to develop a Decision Support System (DSS) adapted to the healthcare constraints of developing countries that enables the provision of decisions about risk tolerance classes and prioritizations of risk treatment. MethodsFailure Modes and Effects Analysis (FMEA) is a popular method for risk assessment and quality improvement. Fuzzy logic theory is combined with this method to provide a robust tool for risk evaluation. The fuzzy FMEA provides fuzzy Risk Priority Number (RPN) values. The artificial neural network is a powerful algorithm used in this study to classify identified risk tolerances. The risk treatment process is taken into consideration in this study by improving FMEA. A new factor is added to evaluate the feasibility of correcting the intolerable risks, named the control factor, to prioritize these risks and start with the easiest. The new factor is combined with the fuzzy RPN to obtain intolerable risk prioritization. This prioritization is classified using the support vector machine. FindingsResults prove that our DSS is effective according to these reasons: (1) The fuzzy-FMEA surmounts classical FMEA drawbacks. (2) The accuracy of the risk tolerance classification is higher than 98%. (3) The second fuzzy inference system developed (the control factor for intolerable risks with the fuzzy RPN) is useful because of the imprecise situation. (4) The accuracy of the fuzzy-priority results is 74% (mean of testing and training data). ConclusionsDespite the advantages, our DSS also has limitations: There is a need to generalize this support to other healthcare departments rather than one case study (the sterilization unit) in order to confirm its applicability and efficiency in developing countries.