International Journal of Financial Studies | An Open Access Journal from MDPI

<!DOCTYPE html> <html lang="en" xmlns:og="http://ogp.me/ns#" xmlns:fb="https://www.facebook.com/2008/fbml"> <head> <meta charset="utf-8"> <meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1"> <meta content="mdpi" name="sso-service" /> <meta content="width=device-width, initial-scale=1.0" name="viewport" /> <title>International Journal of Financial Studies | An Open Access Journal from MDPI</title><link rel="stylesheet" href="https://pub.mdpi-res.com/assets/css/font-awesome.min.css?eb190a3a77e5e1ee?1735221012"> <link rel="stylesheet" href="https://pub.mdpi-res.com/assets/css/jquery.multiselect.css?f56c135cbf4d1483?1735221012"> <link rel="stylesheet" href="https://pub.mdpi-res.com/assets/css/chosen.min.css?d7ca5ca9441ef9e1?1735221012"> <link rel="stylesheet" href="https://pub.mdpi-res.com/assets/css/main2.css?69b39374e6b554b7?1735221012"> <link rel="mask-icon" href="https://pub.mdpi-res.com/img/mask-icon-128.svg?c1c7eca266cd7013?1735221012" color="#4f5671"> <link rel="apple-touch-icon" sizes="180x180" href="https://pub.mdpi-res.com/icon/apple-touch-icon-180x180.png?1735221012"> <link rel="apple-touch-icon" sizes="152x152" href="https://pub.mdpi-res.com/icon/apple-touch-icon-152x152.png?1735221012"> <link rel="apple-touch-icon" sizes="144x144" href="https://pub.mdpi-res.com/icon/apple-touch-icon-144x144.png?1735221012"> <link rel="apple-touch-icon" sizes="120x120" href="https://pub.mdpi-res.com/icon/apple-touch-icon-120x120.png?1735221012"> <link rel="apple-touch-icon" sizes="114x114" href="https://pub.mdpi-res.com/icon/apple-touch-icon-114x114.png?1735221012"> <link rel="apple-touch-icon" sizes="76x76" href="https://pub.mdpi-res.com/icon/apple-touch-icon-76x76.png?1735221012"> <link rel="apple-touch-icon" sizes="72x72" href="https://pub.mdpi-res.com/icon/apple-touch-icon-72x72.png?1735221012"> <link rel="apple-touch-icon" sizes="57x57" href="https://pub.mdpi-res.com/icon/apple-touch-icon-57x57.png?1735221012"> <link rel="apple-touch-icon" href="https://pub.mdpi-res.com/icon/apple-touch-icon-57x57.png?1735221012"> <link rel="apple-touch-icon-precomposed" href="https://pub.mdpi-res.com/icon/apple-touch-icon-57x57.png?1735221012"> <link rel="manifest" href="/manifest.json"> <meta name="theme-color" content="#ffffff"> <meta name="application-name" content=" "/> <link rel="apple-touch-startup-image" href="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <link rel="apple-touch-icon" href="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <meta name="msapplication-TileImage" content="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <link rel="icon" type="image/png" sizes="32x32" href="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <link rel="icon" type="image/png" sizes="96x96" href="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <link rel="icon" type="image/png" sizes="16x16" href="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <link rel="icon" type="image/png" sizes="192x192" href="https://pub.mdpi-res.com/img/journals/ijfs-logo-sq.png?90a76e5ffbc4c6e6"> <meta name="title" content="International Journal of Financial Studies"> <meta name="description" content="International Journal of Financial Studies, an international, peer-reviewed Open Access journal." /> <link rel="image_src" href="https://pub.mdpi-res.com/img/journals/ijfs-logo.png?90a76e5ffbc4c6e6" /> <meta property="og:title" content="International Journal of Financial Studies" /> <meta property="og:type" content="website" /> <meta property="og:url" content="https://www.mdpi.com/journal/ijfs" /> <meta property="og:description" content="International Journal of Financial Studies, an international, peer-reviewed Open Access journal." /> <meta property="og:image" content="https://pub.mdpi-res.com/img/journals/ijfs-logo-social.png?90a76e5ffbc4c6e6" /> <style> h2, #abstract .related_suggestion_title { } .batch_articles a { color: #000; } a, .batch_articles .authors a, a:focus, a:hover, a:active, .batch_articles a:focus, .batch_articles a:hover, li.side-menu-li a { } span.label a { color: #fff; } #main-content a.title-link:hover, #main-content a.title-link:focus, #main-content div.generic-item a.title-link:hover, #main-content div.generic-item a.title-link:focus { } #main-content #middle-column .generic-item.article-item a.title-link:hover, #main-content #middle-column .generic-item.article-item a.title-link:focus { } .art-authors a.toEncode { color: #333; font-weight: 700; } #main-content #middle-column ul li::before { } .accordion-navigation.active a.accordion__title, .accordion-navigation.active a.accordion__title::after { } .accordion-navigation li:hover::before, .accordion-navigation li:hover a, .accordion-navigation li:focus a { } .relative-size-container .relative-size-image .relative-size { } .middle-column__help__fixed a:hover i, } input[type="checkbox"]:checked:after { } input[type="checkbox"]:not(:disabled):hover:before { } #main-content .bolded-text { } #main-content .hypothesis-count-container { } #main-content .hypothesis-count-container:before { } .full-size-menu ul li.menu-item .dropdown-wrapper { } .full-size-menu ul li.menu-item > a.open::after { } #title-story .title-story-orbit .orbit-caption { #background: url('/img/design/000000_background.png') !important; background: url('/img/design/ffffff_background.png') !important; color: rgb(51, 51, 51) !important; } #main-content .content__container__orbit { background-color: #000 !important; } #main-content .content__container__journal { color: #fff; } .html-article-menu .row span { } .html-article-menu .row span.active { } .accordion-navigation__journal .side-menu-li.active::before, .accordion-navigation__journal .side-menu-li.active a { color: rgba(85,68,0,0.75) !important; font-weight: 700; } .accordion-navigation__journal .side-menu-li:hover::before , .accordion-navigation__journal .side-menu-li:hover a { color: rgba(85,68,0,0.75) !important; } .side-menu-ul li.active a, .side-menu-ul li.active, .side-menu-ul li.active::before { color: rgba(85,68,0,0.75) !important; } .side-menu-ul li.active a { } .result-selected, .active-result.highlighted, .active-result:hover, .result-selected, .active-result.highlighted, .active-result:focus { } .search-container.search-container__default-scheme { } nav.tab-bar .open-small-search.active:after { } .search-container.search-container__default-scheme .custom-accordion-for-small-screen-link::after { color: #fff; } @media only screen and (max-width: 50em) { #main-content .content__container.journal-info { color: #fff; } #main-content .content__container.journal-info a { color: #fff; } } .button.button--color { } .button.button--color:hover, .button.button--color:focus { } .button.button--color-journal { position: relative; background-color: rgba(85,68,0,0.75); border-color: #fff; color: #fff !important; } .button.button--color-journal:hover::before { content: ''; position: absolute; top: 0; left: 0; height: 100%; width: 100%; background-color: #ffffff; opacity: 0.2; } .button.button--color-journal:visited, .button.button--color-journal:hover, .button.button--color-journal:focus { background-color: rgba(85,68,0,0.75); border-color: #fff; color: #fff !important; } .button.button--color path { } .button.button--color:hover path { fill: #fff; } #main-content #search-refinements .ui-slider-horizontal .ui-slider-range { } .breadcrumb__element:last-of-type a { } #main-header { } #full-size-menu .top-bar, #full-size-menu li.menu-item span.user-email { } .top-bar-section li:not(.has-form) a:not(.button) { } #full-size-menu li.menu-item .dropdown-wrapper li a:hover { } #full-size-menu li.menu-item a:hover, #full-size-menu li.menu.item a:focus, nav.tab-bar a:hover { } #full-size-menu li.menu.item a:active, #full-size-menu li.menu.item a.active { } #full-size-menu li.menu-item a.open-mega-menu.active, #full-size-menu li.menu-item div.mega-menu, a.open-mega-menu.active { } #full-size-menu li.menu-item div.mega-menu li, #full-size-menu li.menu-item div.mega-menu a { border-color: #9a9a9a; } div.type-section h2 { font-size: 20px; line-height: 26px; font-weight: 300; } div.type-section h3 { margin-left: 15px; margin-bottom: 0px; font-weight: 300; } .journal-tabs .tab-title.active a { } </style> <link rel="alternate" type="application/rss+xml" title="MDPI Publishing - Latest articles" href="https://www.mdpi.com/rss"> <link rel="alternate" type="application/rss+xml" title="MDPI Publishing - IJFS - Latest Articles" href="/rss/journal/ijfs"> <meta name="google-site-verification" content="PxTlsg7z2S00aHroktQd57fxygEjMiNHydKn3txhvwY"> <meta name="facebook-domain-verification" content="mcoq8dtq6sb2hf7z29j8w515jjoof7" /> <script id="Cookiebot" data-cfasync="false" src="https://consent.cookiebot.com/uc.js" data-cbid="51491ddd-fe7a-4425-ab39-69c78c55829f" type="text/javascript" async></script>  <script type="text/plain" data-cookieconsent="statistics"> (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-WPK7SW5'); </script> <script type="text/plain" data-cookieconsent="statistics"> _linkedin_partner_id = "2846186"; window._linkedin_data_partner_ids = window._linkedin_data_partner_ids || []; window._linkedin_data_partner_ids.push(_linkedin_partner_id); </script><script type="text/javascript"> (function(){var s = document.getElementsByTagName("script")[0]; var b = document.createElement("script"); b.type = "text/javascript";b.async = true; b.src = "https://snap.licdn.com/li.lms-analytics/insight.min.js"; s.parentNode.insertBefore(b, s);})(); </script> <script type="text/plain" data-cookieconsent="statistics" data-cfasync="false" src="//script.crazyegg.com/pages/scripts/0116/4951.js" async="async" ></script> </head> <body> <div id="menuModal" class="reveal-modal reveal-modal-new reveal-modal-menu" aria-hidden="true" data-reveal role="dialog"> <div class="menu-container"> <div class="UI_NavMenu"> <div class="content__container " > <div class="custom-accordion-for-small-screen-link " > <h2>Journals</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div class="menu-container__links"> <div style="width: 100%; float: left;"> <a href="/about/journals">Active Journals</a> <a href="/about/journalfinder">Find a Journal</a> <a href="/about/journals/proposal">Journal Proposal</a> <a href="/about/proceedings">Proceedings Series</a> </div> </div> </div> </div> <a href="/topics"> <h2>Topics</h2> </a> <div class="content__container " > <div class="custom-accordion-for-small-screen-link " > <h2>Information</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div class="menu-container__links"> <div style="width: 100%; max-width: 200px; float: left;"> <a href="/authors">For Authors</a> <a href="/reviewers">For Reviewers</a> <a href="/editors">For Editors</a> <a href="/librarians">For Librarians</a> <a href="/publishing_services">For Publishers</a> <a href="/societies">For Societies</a> <a href="/conference_organizers">For Conference Organizers</a> </div> <div style="width: 100%; max-width: 250px; float: left;"> <a href="/openaccess">Open Access Policy</a> <a href="/ioap">Institutional Open Access Program</a> <a href="/special_issues_guidelines">Special Issues Guidelines</a> <a href="/editorial_process">Editorial Process</a> <a href="/ethics">Research and Publication Ethics</a> <a href="/apc">Article Processing Charges</a> <a href="/awards">Awards</a> <a href="/testimonials">Testimonials</a> </div> </div> </div> </div> <a href="/authors/english"> <h2>Editing Services</h2> </a> <div class="content__container " > <div class="custom-accordion-for-small-screen-link " > <h2>Initiatives</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div class="menu-container__links"> <div style="width: 100%; float: left;"> <a href="https://sciforum.net" target="_blank" rel="noopener noreferrer">Sciforum</a> <a href="https://www.mdpi.com/books" target="_blank" rel="noopener noreferrer">MDPI Books</a> <a href="https://www.preprints.org" target="_blank" rel="noopener noreferrer">Preprints.org</a> <a href="https://www.scilit.net" target="_blank" rel="noopener noreferrer">Scilit</a> <a href="https://sciprofiles.com" target="_blank" rel="noopener noreferrer">SciProfiles</a> <a href="https://encyclopedia.pub" target="_blank" rel="noopener noreferrer">Encyclopedia</a> <a href="https://jams.pub" target="_blank" rel="noopener noreferrer">JAMS</a> <a href="/about/proceedings">Proceedings Series</a> </div> </div> </div> </div> <div class="content__container " > <div class="custom-accordion-for-small-screen-link " > <h2>About</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div class="menu-container__links"> <div style="width: 100%; float: left;"> <a href="/about">Overview</a> <a href="/about/contact">Contact</a> <a href="https://careers.mdpi.com" target="_blank" rel="noopener noreferrer">Careers</a> <a href="/about/announcements">News</a> <a href="/about/press">Press</a> <a href="http://blog.mdpi.com/" target="_blank" rel="noopener noreferrer">Blog</a> </div> </div> </div> </div> </div> <div class="menu-container__buttons"> <a class="button UA_SignInUpButton" href="/user/login">Sign In / Sign Up</a> </div> </div> </div> <div id="captchaModal" class="reveal-modal reveal-modal-new reveal-modal-new--small" data-reveal aria-label="Captcha" aria-hidden="true" role="dialog"></div> <div id="actionDisabledModal" class="reveal-modal" data-reveal aria-labelledby="actionDisableModalTitle" aria-hidden="true" role="dialog" style="width: 300px;"> <h2 id="actionDisableModalTitle">Notice</h2> <form action="/email/captcha" method="post" id="emailCaptchaForm"> <div class="row"> <div id="js-action-disabled-modal-text" class="small-12 columns"> </div> <div id="js-action-disabled-modal-submit" class="small-12 columns" style="margin-top: 10px; display: none;"> You can make submissions to other journals <a href="https://susy.mdpi.com/user/manuscripts/upload">here</a>. </div> </div> </form> <a class="close-reveal-modal" aria-label="Close"> <i class="material-icons">clear</i> </a> </div> <div id="rssNotificationModal" class="reveal-modal reveal-modal-new" data-reveal aria-labelledby="rssNotificationModalTitle" aria-hidden="true" role="dialog"> <div class="row"> <div class="small-12 columns"> <h2 id="rssNotificationModalTitle">Notice</h2> <p> You are accessing a machine-readable page. In order to be human-readable, please install an RSS reader. </p> </div> </div> <div class="row"> <div class="small-12 columns"> <a class="button button--color js-rss-notification-confirm">Continue</a> <a class="button button--grey" onclick="$(this).closest('.reveal-modal').find('.close-reveal-modal').click(); return false;">Cancel</a> </div> </div> <a class="close-reveal-modal" aria-label="Close"> <i class="material-icons">clear</i> </a> </div> <div id="drop-article-label-openaccess" class="f-dropdown medium" data-dropdown-content aria-hidden="true" tabindex="-1"> <p> All articles published by MDPI are made immediately available worldwide under an open access license. No special permission is required to reuse all or part of the article published by MDPI, including figures and tables. For articles published under an open access Creative Common CC BY license, any part of the article may be reused without permission provided that the original article is clearly cited. For more information, please refer to <a href="https://www.mdpi.com/openaccess">https://www.mdpi.com/openaccess</a>. </p> </div> <div id="drop-article-label-feature" class="f-dropdown medium" data-dropdown-content aria-hidden="true" tabindex="-1"> <p> Feature papers represent the most advanced research with significant potential for high impact in the field. A Feature Paper should be a substantial original Article that involves several techniques or approaches, provides an outlook for future research directions and describes possible research applications. </p> <p> Feature papers are submitted upon individual invitation or recommendation by the scientific editors and must receive positive feedback from the reviewers. </p> </div> <div id="drop-article-label-choice" class="f-dropdown medium" data-dropdown-content aria-hidden="true" tabindex="-1"> <p> Editor’s Choice articles are based on recommendations by the scientific editors of MDPI journals from around the world. Editors select a small number of articles recently published in the journal that they believe will be particularly interesting to readers, or important in the respective research area. The aim is to provide a snapshot of some of the most exciting work published in the various research areas of the journal. <div style="margin-top: -10px;"> <div id="drop-article-label-choice-journal-link" style="display: none; margin-top: -10px; padding-top: 10px;"> </div> </div> </p> </div> <div id="drop-article-label-resubmission" class="f-dropdown medium" data-dropdown-content aria-hidden="true" tabindex="-1"> <p> Original Submission Date Received: <span id="drop-article-label-resubmission-date"></span>. </p> </div> <div id="container"> <noscript> <div id="no-javascript"> You seem to have javascript disabled. Please note that many of the page functionalities won't work as expected without javascript enabled. </div> </noscript> <div class="fixed"> <nav class="tab-bar show-for-medium-down"> <div class="row full-width collapse"> <div class="medium-3 small-4 columns"> <a href="/"> <img class="full-size-menu__mdpi-logo" src="https://pub.mdpi-res.com/img/design/mdpi-pub-logo-black-small1.svg?da3a8dcae975a41c?1735221012" style="width: 64px;" title="MDPI Open Access Journals"> </a> </div> <div class="medium-3 small-4 columns right-aligned"> <div class="show-for-medium-down"> <a href="#" style="display: none;"> <i class="material-icons" onclick="$('#menuModal').foundation('reveal', 'close'); return false;">clear</i> </a> <a class="js-toggle-desktop-layout-link" title="Toggle desktop layout" style="display: none;" href="/toggle_desktop_layout_cookie"> <i class="material-icons">zoom_out_map</i> </a> <a href="#" class="js-open-small-search open-small-search"> <i class="material-icons show-for-small only">search</i> </a> <a title="MDPI main page" class="js-open-menu" data-reveal-id="menuModal" href="#"> <i class="material-icons">menu</i> </a> </div> </div> </div> </nav> </div> <section class="main-section"> <header> <div class="full-size-menu show-for-large-up"> <div class="row full-width"> <div class="large-1 columns"> <a href="/"> <img class="full-size-menu__mdpi-logo" src="https://pub.mdpi-res.com/img/design/mdpi-pub-logo-black-small1.svg?da3a8dcae975a41c?1735221012" title="MDPI Open Access Journals"> </a> </div> <div class="large-8 columns text-right UI_NavMenu"> <ul> <li class="menu-item"> <a href="/about/journals" data-dropdown="journals-dropdown" aria-controls="journals-dropdown" aria-expanded="false" data-options="is_hover: true; hover_timeout: 200">Journals</a> <ul id="journals-dropdown" class="f-dropdown dropdown-wrapper dropdown-wrapper__small" data-dropdown-content aria-hidden="true" tabindex="-1"> <li> <div class="row"> <div class="small-12 columns"> <ul> <li> <a href="/about/journals"> Active Journals </a> </li> <li> <a href="/about/journalfinder"> Find a Journal </a> </li> <li> <a href="/about/journals/proposal"> Journal Proposal </a> </li> <li> <a href="/about/proceedings"> Proceedings Series </a> </li> </ul> </div> </div> </li> </ul> </li> <li class="menu-item"> <a href="/topics">Topics</a> </li> <li class="menu-item"> <a href="/authors" data-dropdown="information-dropdown" aria-controls="information-dropdown" aria-expanded="false" data-options="is_hover:true; hover_timeout:200">Information</a> <ul id="information-dropdown" class="f-dropdown dropdown-wrapper" data-dropdown-content aria-hidden="true" tabindex="-1"> <li> <div class="row"> <div class="small-5 columns right-border"> <ul> <li> <a href="/authors">For Authors</a> </li> <li> <a href="/reviewers">For Reviewers</a> </li> <li> <a href="/editors">For Editors</a> </li> <li> <a href="/librarians">For Librarians</a> </li> <li> <a href="/publishing_services">For Publishers</a> </li> <li> <a href="/societies">For Societies</a> </li> <li> <a href="/conference_organizers">For Conference Organizers</a> </li> </ul> </div> <div class="small-7 columns"> <ul> <li> <a href="/openaccess">Open Access Policy</a> </li> <li> <a href="/ioap">Institutional Open Access Program</a> </li> <li> <a href="/special_issues_guidelines">Special Issues Guidelines</a> </li> <li> <a href="/editorial_process">Editorial Process</a> </li> <li> <a href="/ethics">Research and Publication Ethics</a> </li> <li> <a href="/apc">Article Processing Charges</a> </li> <li> <a href="/awards">Awards</a> </li> <li> <a href="/testimonials">Testimonials</a> </li> </ul> </div> </div> </li> </ul> </li> <li class="menu-item"> <a href="/authors/english">Editing Services</a> </li> <li class="menu-item"> <a href="/about/initiatives" data-dropdown="initiatives-dropdown" aria-controls="initiatives-dropdown" aria-expanded="false" data-options="is_hover: true; hover_timeout: 200">Initiatives</a> <ul id="initiatives-dropdown" class="f-dropdown dropdown-wrapper dropdown-wrapper__small" data-dropdown-content aria-hidden="true" tabindex="-1"> <li> <div class="row"> <div class="small-12 columns"> <ul> <li> <a href="https://sciforum.net" target="_blank" rel="noopener noreferrer"> Sciforum </a> </li> <li> <a href="https://www.mdpi.com/books" target="_blank" rel="noopener noreferrer"> MDPI Books </a> </li> <li> <a href="https://www.preprints.org" target="_blank" rel="noopener noreferrer"> Preprints.org </a> </li> <li> <a href="https://www.scilit.net" target="_blank" rel="noopener noreferrer"> Scilit </a> </li> <li> <a href="https://sciprofiles.com" target="_blank" rel="noopener noreferrer"> SciProfiles </a> </li> <li> <a href="https://encyclopedia.pub" target="_blank" rel="noopener noreferrer"> Encyclopedia </a> </li> <li> <a href="https://jams.pub" target="_blank" rel="noopener noreferrer"> JAMS </a> </li> <li> <a href="/about/proceedings"> Proceedings Series </a> </li> </ul> </div> </div> </li> </ul> </li> <li class="menu-item"> <a href="/about" data-dropdown="about-dropdown" aria-controls="about-dropdown" aria-expanded="false" data-options="is_hover: true; hover_timeout: 200">About</a> <ul id="about-dropdown" class="f-dropdown dropdown-wrapper dropdown-wrapper__small" data-dropdown-content aria-hidden="true" tabindex="-1"> <li> <div class="row"> <div class="small-12 columns"> <ul> <li> <a href="/about"> Overview </a> </li> <li> <a href="/about/contact"> Contact </a> </li> <li> <a href="https://careers.mdpi.com" target="_blank" rel="noopener noreferrer"> Careers </a> </li> <li> <a href="/about/announcements"> News </a> </li> <li> <a href="/about/press"> Press </a> </li> <li> <a href="http://blog.mdpi.com/" target="_blank" rel="noopener noreferrer"> Blog </a> </li> </ul> </div> </div> </li> </ul> </li> </ul> </div> <div class="large-3 columns text-right full-size-menu__buttons"> <div> <a class="button button--default-inversed UA_SignInUpButton" href="/user/login">Sign In / Sign Up</a> <a class="button button--default js-journal-active-only-link js-journal-active-only-submit-link UC_NavSubmitButton" href=" https://susy.mdpi.com/user/manuscripts/upload?journal=ijfs " data-disabledmessage="new submissions are not possible.">Submit</a> </div> </div> </div> </div> <div class="header-divider"> </div> <div class="search-container hide-for-small-down row search-container__homepage-scheme"> <form id="basic_search" style="background-color: inherit !important;" class="large-12 medium-12 columns " action="/search" method="get"> <div class="row search-container__main-elements"> <div class="large-2 medium-2 small-12 columns text-right1 small-only-text-left"> <div class="show-for-medium-up"> <div class="search-input-label"> </div> </div> <span class="search-container__title">Search<span class="hide-for-medium"> for Articles</span><span class="hide-for-small">:</span></span> </div> <div class="custom-accordion-for-small-screen-content"> <div class="large-2 medium-2 small-6 columns "> <div class=""> <div class="search-input-label">Title / Keyword</div> </div> <input type="text" placeholder="Title / Keyword" id="q" tabindex="1" name="q" value="" /> </div> <div class="large-2 medium-2 small-6 columns "> <div class=""> <div class="search-input-label">Author / Affiliation / Email</div> </div> <input type="text" id="authors" placeholder="Author / Affiliation / Email" tabindex="2" name="authors" value="" /> </div> <div class="large-2 medium-2 small-6 columns "> <div class=""> <div class="search-input-label">Journal</div> </div> <select id="journal" tabindex="3" name="journal" class="chosen-select"> <option value="">All Journals</option> <option value="acoustics" > Acoustics </option> <option value="amh" > Acta Microbiologica Hellenica (AMH) </option> <option value="actuators" > Actuators </option> <option value="adhesives" > Adhesives </option> <option value="admsci" > Administrative Sciences </option> <option value="adolescents" > Adolescents </option> <option value="arm" > Advances in Respiratory Medicine (ARM) </option> <option value="aerobiology" > Aerobiology </option> <option value="aerospace" > Aerospace </option> <option value="agriculture" > Agriculture </option> <option value="agriengineering" > AgriEngineering </option> <option value="agrochemicals" > Agrochemicals </option> <option value="agronomy" > Agronomy </option> <option value="ai" > AI </option> <option value="air" > Air </option> <option value="algorithms" > Algorithms </option> <option value="allergies" > Allergies </option> <option value="alloys" > Alloys </option> <option value="analytica" > Analytica </option> <option value="analytics" > Analytics </option> <option value="anatomia" > Anatomia </option> <option value="anesthres" > Anesthesia Research </option> <option value="animals" > Animals </option> <option value="antibiotics" > Antibiotics </option> <option value="antibodies" > Antibodies </option> <option value="antioxidants" > Antioxidants </option> <option value="applbiosci" > Applied Biosciences </option> <option value="applmech" > Applied Mechanics </option> <option value="applmicrobiol" > Applied Microbiology </option> <option value="applnano" > Applied Nano </option> <option value="applsci" > Applied Sciences </option> <option value="asi" > Applied System Innovation (ASI) </option> <option value="appliedchem" > AppliedChem </option> <option value="appliedmath" > AppliedMath </option> <option value="aquacj" > Aquaculture Journal </option> <option value="architecture" > Architecture </option> <option value="arthropoda" > Arthropoda </option> <option value="arts" > Arts </option> <option value="astronomy" > Astronomy </option> <option value="atmosphere" > Atmosphere </option> <option value="atoms" > Atoms </option> <option value="audiolres" > Audiology Research </option> <option value="automation" > Automation </option> <option value="axioms" > Axioms </option> <option value="bacteria" > Bacteria </option> <option value="batteries" > Batteries </option> <option value="behavsci" > Behavioral Sciences </option> <option value="beverages" > Beverages </option> <option value="BDCC" > Big Data and Cognitive Computing (BDCC) </option> <option value="biochem" > BioChem </option> <option value="bioengineering" > Bioengineering </option> <option value="biologics" > Biologics </option> <option value="biology" > Biology </option> <option value="blsf" > Biology and Life Sciences Forum </option> <option value="biomass" > Biomass </option> <option value="biomechanics" > Biomechanics </option> <option value="biomed" > BioMed </option> <option value="biomedicines" > Biomedicines </option> <option value="biomedinformatics" > BioMedInformatics </option> <option value="biomimetics" > Biomimetics </option> <option value="biomolecules" > Biomolecules </option> <option value="biophysica" > Biophysica </option> <option value="biosensors" > Biosensors </option> <option value="biotech" > BioTech </option> <option value="birds" > Birds </option> <option value="blockchains" > Blockchains </option> <option value="brainsci" > Brain Sciences </option> <option value="buildings" > Buildings </option> <option value="businesses" > Businesses </option> <option value="carbon" > C </option> <option value="cancers" > Cancers </option> <option value="cardiogenetics" > Cardiogenetics </option> <option value="catalysts" > Catalysts </option> <option value="cells" > Cells </option> <option value="ceramics" > Ceramics </option> <option value="challenges" > Challenges </option> <option value="ChemEngineering" > ChemEngineering </option> <option value="chemistry" > Chemistry </option> <option value="chemproc" > Chemistry Proceedings </option> <option value="chemosensors" > Chemosensors </option> <option value="children" > Children </option> <option value="chips" > Chips </option> <option value="civileng" > CivilEng </option> <option value="cleantechnol" > Clean Technologies (Clean Technol.) </option> <option value="climate" > Climate </option> <option value="ctn" > Clinical and Translational Neuroscience (CTN) </option> <option value="clinbioenerg" > Clinical Bioenergetics </option> <option value="clinpract" > Clinics and Practice </option> <option value="clockssleep" > Clocks & Sleep </option> <option value="coasts" > Coasts </option> <option value="coatings" > Coatings </option> <option value="colloids" > Colloids and Interfaces </option> <option value="colorants" > Colorants </option> <option value="commodities" > Commodities </option> <option value="complications" > Complications </option> <option value="compounds" > Compounds </option> <option value="computation" > Computation </option> <option value="csmf" > Computer Sciences & Mathematics Forum </option> <option value="computers" > Computers </option> <option value="condensedmatter" > Condensed Matter </option> <option value="conservation" > Conservation </option> <option value="constrmater" > Construction Materials </option> <option value="cmd" > Corrosion and Materials Degradation (CMD) </option> <option value="cosmetics" > Cosmetics </option> <option value="covid" > COVID </option> <option value="crops" > Crops </option> <option value="cryo" > Cryo </option> <option value="cryptography" > Cryptography </option> <option value="crystals" > Crystals </option> <option value="cimb" > Current Issues in Molecular Biology (CIMB) </option> <option value="curroncol" > Current Oncology </option> <option value="dairy" > Dairy </option> <option value="data" > Data </option> <option value="dentistry" > Dentistry Journal </option> <option value="dermato" > Dermato </option> <option value="dermatopathology" > Dermatopathology </option> <option value="designs" > Designs </option> <option value="diabetology" > Diabetology </option> <option value="diagnostics" > Diagnostics </option> <option value="dietetics" > Dietetics </option> <option value="digital" > Digital </option> <option value="disabilities" > Disabilities </option> <option value="diseases" > Diseases </option> <option value="diversity" > Diversity </option> <option value="dna" > DNA </option> <option value="drones" > Drones </option> <option value="ddc" > Drugs and Drug Candidates (DDC) </option> <option value="dynamics" > Dynamics </option> <option value="earth" > Earth </option> <option value="ecologies" > Ecologies </option> <option value="econometrics" > Econometrics </option> <option value="economies" > Economies </option> <option value="education" > Education Sciences </option> <option value="electricity" > Electricity </option> <option value="electrochem" > Electrochem </option> <option value="electronicmat" > Electronic Materials </option> <option value="electronics" > Electronics </option> <option value="ecm" > Emergency Care and Medicine </option> <option value="encyclopedia" > Encyclopedia </option> <option value="endocrines" > Endocrines </option> <option value="energies" > Energies </option> <option value="esa" > Energy Storage and Applications (ESA) </option> <option value="eng" > Eng </option> <option value="engproc" > Engineering Proceedings </option> <option value="entropy" > Entropy </option> <option value="eesp" > Environmental and Earth Sciences Proceedings </option> <option value="environments" > Environments </option> <option value="epidemiologia" > Epidemiologia </option> <option value="epigenomes" > Epigenomes </option> <option value="ebj" > European Burn Journal (EBJ) </option> <option value="ejihpe" > European Journal of Investigation in Health, Psychology and Education (EJIHPE) </option> <option value="fermentation" > Fermentation </option> <option value="fibers" > Fibers </option> <option value="fintech" > FinTech </option> <option value="fire" > Fire </option> <option value="fishes" > Fishes </option> <option value="fluids" > Fluids </option> <option value="foods" > Foods </option> <option value="forecasting" > Forecasting </option> <option value="forensicsci" > Forensic Sciences </option> <option value="forests" > Forests </option> <option value="fossstud" > Fossil Studies </option> <option value="foundations" > Foundations </option> <option value="fractalfract" > Fractal and Fractional (Fractal Fract) </option> <option value="fuels" > Fuels </option> <option value="future" > Future </option> <option value="futureinternet" > Future Internet </option> <option value="futurepharmacol" > Future Pharmacology </option> <option value="futuretransp" > Future Transportation </option> <option value="galaxies" > Galaxies </option> <option value="games" > Games </option> <option value="gases" > Gases </option> <option value="gastroent" > Gastroenterology Insights </option> <option value="gastrointestdisord" > Gastrointestinal Disorders </option> <option value="gastronomy" > Gastronomy </option> <option value="gels" > Gels </option> <option value="genealogy" > Genealogy </option> <option value="genes" > Genes </option> <option value="geographies" > Geographies </option> <option value="geohazards" > GeoHazards </option> <option value="geomatics" > Geomatics </option> <option value="geometry" > Geometry </option> <option value="geosciences" > Geosciences </option> <option value="geotechnics" > Geotechnics </option> <option value="geriatrics" > Geriatrics </option> <option value="glacies" > Glacies </option> <option value="gucdd" > Gout, Urate, and Crystal Deposition Disease (GUCDD) </option> <option value="grasses" > Grasses </option> <option value="greenhealth" > Green Health </option> <option value="hardware" > Hardware </option> <option value="healthcare" > Healthcare </option> <option value="hearts" > Hearts </option> <option value="hemato" > Hemato </option> <option value="hematolrep" > Hematology Reports </option> <option value="heritage" > Heritage </option> <option value="histories" > Histories </option> <option value="horticulturae" > Horticulturae </option> <option value="hospitals" > Hospitals </option> <option value="humanities" > Humanities </option> <option value="humans" > Humans </option> <option value="hydrobiology" > Hydrobiology </option> <option value="hydrogen" > Hydrogen </option> <option value="hydrology" > Hydrology </option> <option value="hygiene" > Hygiene </option> <option value="immuno" > Immuno </option> <option value="idr" > Infectious Disease Reports </option> <option value="informatics" > Informatics </option> <option value="information" > Information </option> <option value="infrastructures" > Infrastructures </option> <option value="inorganics" > Inorganics </option> <option value="insects" > Insects </option> <option value="instruments" > Instruments </option> <option value="iic" > Intelligent Infrastructure and Construction </option> <option value="ijerph" > International Journal of Environmental Research and Public Health (IJERPH) </option> <option value="ijfs" selected='selected'> International Journal of Financial Studies (IJFS) </option> <option value="ijms" > International Journal of Molecular Sciences (IJMS) </option> <option value="IJNS" > International Journal of Neonatal Screening (IJNS) </option> <option value="ijpb" > International Journal of Plant Biology (IJPB) </option> <option value="ijt" > International Journal of Topology </option> <option value="ijtm" > International Journal of Translational Medicine (IJTM) </option> <option value="ijtpp" > International Journal of Turbomachinery, Propulsion and Power (IJTPP) </option> <option value="ime" > International Medical Education (IME) </option> <option value="inventions" > Inventions </option> <option value="IoT" > IoT </option> <option value="ijgi" > ISPRS International Journal of Geo-Information (IJGI) </option> <option value="J" > J </option> <option value="jal" > Journal of Ageing and Longevity (JAL) </option> <option value="jcdd" > Journal of Cardiovascular Development and Disease (JCDD) </option> <option value="jcto" > Journal of Clinical & Translational Ophthalmology (JCTO) </option> <option value="jcm" > Journal of Clinical Medicine (JCM) </option> <option value="jcs" > Journal of Composites Science (J. Compos. Sci.) </option> <option value="jcp" > Journal of Cybersecurity and Privacy (JCP) </option> <option value="jdad" > Journal of Dementia and Alzheimer's Disease (JDAD) </option> <option value="jdb" > Journal of Developmental Biology (JDB) </option> <option value="jeta" > Journal of Experimental and Theoretical Analyses (JETA) </option> <option value="jfb" > Journal of Functional Biomaterials (JFB) </option> <option value="jfmk" > Journal of Functional Morphology and Kinesiology (JFMK) </option> <option value="jof" > Journal of Fungi (JoF) </option> <option value="jimaging" > Journal of Imaging (J. Imaging) </option> <option value="jintelligence" > Journal of Intelligence (J. Intell.) </option> <option value="jlpea" > Journal of Low Power Electronics and Applications (JLPEA) </option> <option value="jmmp" > Journal of Manufacturing and Materials Processing (JMMP) </option> <option value="jmse" > Journal of Marine Science and Engineering (JMSE) </option> <option value="jmahp" > Journal of Market Access & Health Policy (JMAHP) </option> <option value="jmp" > Journal of Molecular Pathology (JMP) </option> <option value="jnt" > Journal of Nanotheranostics (JNT) </option> <option value="jne" > Journal of Nuclear Engineering (JNE) </option> <option value="ohbm" > Journal of Otorhinolaryngology, Hearing and Balance Medicine (JOHBM) </option> <option value="jop" > Journal of Parks </option> <option value="jpm" > Journal of Personalized Medicine (JPM) </option> <option value="jpbi" > Journal of Pharmaceutical and BioTech Industry (JPBI) </option> <option value="jor" > Journal of Respiration (JoR) </option> <option value="jrfm" > Journal of Risk and Financial Management (JRFM) </option> <option value="jsan" > Journal of Sensor and Actuator Networks (JSAN) </option> <option value="joma" > Journal of the Oman Medical Association (JOMA) </option> <option value="jtaer" > Journal of Theoretical and Applied Electronic Commerce Research (JTAER) </option> <option value="jvd" > Journal of Vascular Diseases (JVD) </option> <option value="jox" > Journal of Xenobiotics (JoX) </option> <option value="jzbg" > Journal of Zoological and Botanical Gardens (JZBG) </option> <option value="journalmedia" > Journalism and Media </option> <option value="kidneydial" > Kidney and Dialysis </option> <option value="kinasesphosphatases" > Kinases and Phosphatases </option> <option value="knowledge" > Knowledge </option> <option value="labmed" > LabMed </option> <option value="laboratories" > Laboratories </option> <option value="land" > Land </option> <option value="languages" > Languages </option> <option value="laws" > Laws </option> <option value="life" > Life </option> <option value="limnolrev" > Limnological Review </option> <option value="lipidology" > Lipidology </option> <option value="liquids" > Liquids </option> <option value="literature" > Literature </option> <option value="livers" > Livers </option> <option value="logics" > Logics </option> <option value="logistics" > Logistics </option> <option value="lubricants" > Lubricants </option> <option value="lymphatics" > Lymphatics </option> <option value="make" > Machine Learning and Knowledge Extraction (MAKE) </option> <option value="machines" > Machines </option> <option value="macromol" > Macromol </option> <option value="magnetism" > Magnetism </option> <option value="magnetochemistry" > Magnetochemistry </option> <option value="marinedrugs" > Marine Drugs </option> <option value="materials" > Materials </option> <option value="materproc" > Materials Proceedings </option> <option value="mca" > Mathematical and Computational Applications (MCA) </option> <option value="mathematics" > Mathematics </option> <option value="medsci" > Medical Sciences </option> <option value="msf" > Medical Sciences Forum </option> <option value="medicina" > Medicina </option> <option value="medicines" > Medicines </option> <option value="membranes" > Membranes </option> <option value="merits" > Merits </option> <option value="metabolites" > Metabolites </option> <option value="metals" > Metals </option> <option value="meteorology" > Meteorology </option> <option value="methane" > Methane </option> <option value="mps" > Methods and Protocols (MPs) </option> <option value="metrics" > Metrics </option> <option value="metrology" > Metrology </option> <option value="micro" > Micro </option> <option value="microbiolres" > Microbiology Research </option> <option value="micromachines" > Micromachines </option> <option value="microorganisms" > Microorganisms </option> <option value="microplastics" > Microplastics </option> <option value="minerals" > Minerals </option> <option value="mining" > Mining </option> <option value="modelling" > Modelling </option> <option value="mmphys" > Modern Mathematical Physics </option> <option value="molbank" > Molbank </option> <option value="molecules" > Molecules </option> <option value="mti" > Multimodal Technologies and Interaction (MTI) </option> <option value="muscles" > Muscles </option> <option value="nanoenergyadv" > Nanoenergy Advances </option> <option value="nanomanufacturing" > Nanomanufacturing </option> <option value="nanomaterials" > Nanomaterials </option> <option value="ndt" > NDT </option> <option value="network" > Network </option> <option value="neuroglia" > Neuroglia </option> <option value="neurolint" > Neurology International </option> <option value="neurosci" > NeuroSci </option> <option value="nitrogen" > Nitrogen </option> <option value="ncrna" > Non-Coding RNA (ncRNA) </option> <option value="nursrep" > Nursing Reports </option> <option value="nutraceuticals" > Nutraceuticals </option> <option value="nutrients" > Nutrients </option> <option value="obesities" > Obesities </option> <option value="oceans" > Oceans </option> <option value="onco" > Onco </option> <option value="optics" > Optics </option> <option value="oral" > Oral </option> <option value="organics" > Organics </option> <option value="organoids" > Organoids </option> <option value="osteology" > Osteology </option> <option value="oxygen" > Oxygen </option> <option value="parasitologia" > Parasitologia </option> <option value="particles" > Particles </option> <option value="pathogens" > Pathogens </option> <option value="pathophysiology" > Pathophysiology </option> <option value="pediatrrep" > Pediatric Reports </option> <option value="pets" > Pets </option> <option value="pharmaceuticals" > Pharmaceuticals </option> <option value="pharmaceutics" > Pharmaceutics </option> <option value="pharmacoepidemiology" > Pharmacoepidemiology </option> <option value="pharmacy" > Pharmacy </option> <option value="philosophies" > Philosophies </option> <option value="photochem" > Photochem </option> <option value="photonics" > Photonics </option> <option value="phycology" > Phycology </option> <option value="physchem" > Physchem </option> <option value="psf" > Physical Sciences Forum </option> <option value="physics" > Physics </option> <option value="physiologia" > Physiologia </option> <option value="plants" > Plants </option> <option value="plasma" > Plasma </option> <option value="platforms" > Platforms </option> <option value="pollutants" > Pollutants </option> <option value="polymers" > Polymers </option> <option value="polysaccharides" > Polysaccharides </option> <option value="populations" > Populations </option> <option value="poultry" > Poultry </option> <option value="powders" > Powders </option> <option value="proceedings" > Proceedings </option> <option value="processes" > Processes </option> <option value="prosthesis" > Prosthesis </option> <option value="proteomes" > Proteomes </option> <option value="psychiatryint" > Psychiatry International </option> <option value="psychoactives" > Psychoactives </option> <option value="psycholint" > Psychology International </option> <option value="publications" > Publications </option> <option value="qubs" > Quantum Beam Science (QuBS) </option> <option value="quantumrep" > Quantum Reports </option> <option value="quaternary" > Quaternary </option> <option value="radiation" > Radiation </option> <option value="reactions" > Reactions </option> <option value="realestate" > Real Estate </option> <option value="receptors" > Receptors </option> <option value="recycling" > Recycling </option> <option value="rsee" > Regional Science and Environmental Economics (RSEE) </option> <option value="religions" > Religions </option> <option value="remotesensing" > Remote Sensing </option> <option value="reports" > Reports </option> <option value="reprodmed" > Reproductive Medicine (Reprod. Med.) </option> <option value="resources" > Resources </option> <option value="rheumato" > Rheumato </option> <option value="risks" > Risks </option> <option value="robotics" > Robotics </option> <option value="ruminants" > Ruminants </option> <option value="safety" > Safety </option> <option value="sci" > Sci </option> <option value="scipharm" > Scientia Pharmaceutica (Sci. Pharm.) </option> <option value="sclerosis" > Sclerosis </option> <option value="seeds" > Seeds </option> <option value="sensors" > Sensors </option> <option value="separations" > Separations </option> <option value="sexes" > Sexes </option> <option value="signals" > Signals </option> <option value="sinusitis" > Sinusitis </option> <option value="smartcities" > Smart Cities </option> <option value="socsci" > Social Sciences </option> <option value="siuj" > Société Internationale d’Urologie Journal (SIUJ) </option> <option value="societies" > Societies </option> <option value="software" > Software </option> <option value="soilsystems" > Soil Systems </option> <option value="solar" > Solar </option> <option value="solids" > Solids </option> <option value="spectroscj" > Spectroscopy Journal </option> <option value="sports" > Sports </option> <option value="standards" > Standards </option> <option value="stats" > Stats </option> <option value="stresses" > Stresses </option> <option value="surfaces" > Surfaces </option> <option value="surgeries" > Surgeries </option> <option value="std" > Surgical Techniques Development </option> <option value="sustainability" > Sustainability </option> <option value="suschem" > Sustainable Chemistry </option> <option value="symmetry" > Symmetry </option> <option value="synbio" > SynBio </option> <option value="systems" > Systems </option> <option value="targets" > Targets </option> <option value="taxonomy" > Taxonomy </option> <option value="technologies" > Technologies </option> <option value="telecom" > Telecom </option> <option value="textiles" > Textiles </option> <option value="thalassrep" > Thalassemia Reports </option> <option value="therapeutics" > Therapeutics </option> <option value="thermo" > Thermo </option> <option value="timespace" > Time and Space </option> <option value="tomography" > Tomography </option> <option value="tourismhosp" > Tourism and Hospitality </option> <option value="toxics" > Toxics </option> <option value="toxins" > Toxins </option> <option value="transplantology" > Transplantology </option> <option value="traumacare" > Trauma Care </option> <option value="higheredu" > Trends in Higher Education </option> <option value="tropicalmed" > Tropical Medicine and Infectious Disease (TropicalMed) </option> <option value="universe" > Universe </option> <option value="urbansci" > Urban Science </option> <option value="uro" > Uro </option> <option value="vaccines" > Vaccines </option> <option value="vehicles" > Vehicles </option> <option value="venereology" > Venereology </option> <option value="vetsci" > Veterinary Sciences </option> <option value="vibration" > Vibration </option> <option value="virtualworlds" > Virtual Worlds </option> <option value="viruses" > Viruses </option> <option value="vision" > Vision </option> <option value="waste" > Waste </option> <option value="water" > Water </option> <option value="wild" > Wild </option> <option value="wind" > Wind </option> <option value="women" > Women </option> <option value="world" > World </option> <option value="wevj" > World Electric Vehicle Journal (WEVJ) </option> <option value="youth" > Youth </option> <option value="zoonoticdis" > Zoonotic Diseases </option> </select> </div> <div class="large-2 medium-2 small-6 columns "> <div class=""> <div class="search-input-label">Article Type</div> </div> <select id="article_type" tabindex="4" name="article_type" class="chosen-select"> <option value="">All Article Types</option> <option value="research-article">Article</option> <option value="review-article">Review</option> <option value="rapid-communication">Communication</option> <option value="editorial">Editorial</option> <option value="abstract">Abstract</option> <option value="book-review">Book Review</option> <option value="brief-communication">Brief Communication</option> <option value="brief-report">Brief Report</option> <option value="case-report">Case Report</option> <option value="clinicopathological-challenge">Clinicopathological Challenge</option> <option value="article-commentary">Comment</option> <option value="commentary">Commentary</option> <option value="concept-paper">Concept Paper</option> <option value="conference-report">Conference Report</option> <option value="correction">Correction</option> <option value="creative">Creative</option> <option value="data-descriptor">Data Descriptor</option> <option value="discussion">Discussion</option> <option value="Entry">Entry</option> <option value="essay">Essay</option> <option value="expression-of-concern">Expression of Concern</option> <option value="extended-abstract">Extended Abstract</option> <option value="field-guide">Field Guide</option> <option value="giants-in-urology">Giants in Urology</option> <option value="guidelines">Guidelines</option> <option value="hypothesis">Hypothesis</option> <option value="interesting-image">Interesting Images</option> <option value="letter">Letter</option> <option value="books-received">New Book Received</option> <option value="obituary">Obituary</option> <option value="opinion">Opinion</option> <option value="perspective">Perspective</option> <option value="proceedings">Proceeding Paper</option> <option value="project-report">Project Report</option> <option value="protocol">Protocol</option> <option value="registered-report">Registered Report</option> <option value="reply">Reply</option> <option value="retraction">Retraction</option> <option value="note">Short Note</option> <option value="study-protocol">Study Protocol</option> <option value="systematic_review">Systematic Review</option> <option value="technical-note">Technical Note</option> <option value="tutorial">Tutorial</option> <option value="urology-around-the-world">Urology around the World</option> <option value="viewpoint">Viewpoint</option> </select> </div> <div class="large-1 medium-1 small-6 end columns small-push-6 medium-reset-order large-reset-order js-search-collapsed-button-container"> <div class="search-input-label"> </div> <input type="submit" id="search" value="Search" class="button button--dark button--full-width searchButton1 US_SearchButton" tabindex="12"> </div> <div class="large-1 medium-1 small-6 end columns large-text-left small-only-text-center small-pull-6 medium-reset-order large-reset-order js-search-collapsed-link-container"> <div class="search-input-label"> </div> <a class="main-search-clear search-container__link" href="#" onclick="openAdvanced(''); return false;">Advanced<span class="show-for-small-only"> Search</span></a> </div> </div> </div> <div class="search-container__advanced" style="margin-top: 0; padding-top: 0px; background-color: inherit; color: inherit;"> <div class="row"> <div class="large-2 medium-2 columns show-for-medium-up"> </div> <div class="large-2 medium-2 small-6 columns "> <div class=""> <div class="search-input-label">Section</div> </div> <select id="section" tabindex="5" name="section" class="chosen-select"> <option value=""></option> </select> </div> <div class="large-2 medium-2 small-6 columns "> <div class=""> <div class="search-input-label">Special Issue</div> </div> <select id="special_issue" tabindex="6" name="special_issue" class="chosen-select"> <option value=""></option> </select> </div> <div class="large-1 medium-1 small-6 end columns "> <div class="search-input-label">Volume</div> <input type="text" id="volume" tabindex="7" name="volume" placeholder="..." value="" /> </div> <div class="large-1 medium-1 small-6 end columns "> <div class="search-input-label">Issue</div> <input type="text" id="issue" tabindex="8" name="issue" placeholder="..." value="" /> </div> <div class="large-1 medium-1 small-6 end columns "> <div class="search-input-label">Number</div> <input type="text" id="number" tabindex="9" name="number" placeholder="..." value="" /> </div> <div class="large-1 medium-1 small-6 end columns "> <div class="search-input-label">Page</div> <input type="text" id="page" tabindex="10" name="page" placeholder="..." value="" /> </div> <div class="large-1 medium-1 small-6 columns small-push-6 medium-reset order large-reset-order medium-reset-order js-search-expanded-button-container"></div> <div class="large-1 medium-1 small-6 columns large-text-left small-only-text-center small-pull-6 medium-reset-order large-reset-order js-search-expanded-link-container"></div> </div> </div> </form> <form id="advanced-search" class="large-12 medium-12 columns"> <div class="search-container__advanced"> <div id="advanced-search-template" class="row advanced-search-row"> <div class="large-2 medium-2 small-12 columns show-for-medium-up"> </div> <div class="large-2 medium-2 small-3 columns connector-div"> <div class="search-input-label"><span class="show-for-medium-up">Logical Operator</span><span class="show-for-small">Operator</span></div> <select class="connector"> <option value="and">AND</option> <option value="or">OR</option> </select> </div> <div class="large-3 medium-3 small-6 columns search-text-div"> <div class="search-input-label">Search Text</div> <input type="text" class="search-text" placeholder="Search text"> </div> <div class="large-2 medium-2 small-6 large-offset-0 medium-offset-0 small-offset-3 columns search-field-div"> <div class="search-input-label">Search Type</div> <select class="search-field"> <option value="all">All fields</option> <option value="title">Title</option> <option value="abstract">Abstract</option> <option value="keywords">Keywords</option> <option value="authors">Authors</option> <option value="affiliations">Affiliations</option> <option value="doi">Doi</option> <option value="full_text">Full Text</option> <option value="references">References</option> </select> </div> <div class="large-1 medium-1 small-3 columns"> <div class="search-input-label"> </div> <div class="search-action-div"> <div class="search-plus"> <i class="material-icons">add_circle_outline</i> </div> </div> <div class="search-action-div"> <div class="search-minus"> <i class="material-icons">remove_circle_outline</i> </div> </div> </div> <div class="large-1 medium-1 small-6 large-offset-0 medium-offset-0 small-offset-3 end columns"> <div class="search-input-label"> </div> <input class="advanced-search-button button button--dark search-submit" type="submit" value="Search"> </div> <div class="large-1 medium-1 small-6 end columns show-for-medium-up"></div> </div> </div> </form> </div> <div class="header-divider"> </div> <div class="breadcrumb row full-row"> <div style="position: absolute; right: 40px; z-index: 10; top: 5px;"> <div class="iflogo1"> <a href="https://www.scopus.com/sourceid/21100913135" target="_blank" rel="noopener noreferrer" style="text-decoration: none;"> <img src="https://pub.mdpi-res.com/img/journal_indexing_logos/CS_no_number.svg?62107aae53c39662?1735221012" class="iflogo2"> <div class="iflogo1__citescore-number">3.7</div> </a> </div> <div class="iflogo1"> <a href="/journal/ijfs/stats" target="_blank" rel="noopener noreferrer" style="text-decoration: none;"> <img src="https://pub.mdpi-res.com/img/journal_indexing_logos/IF_no_number.svg?af8a884fb765d812?1735221012" class="iflogo2"> <div class="iflogo1__if-number">2.1</div> </a> </div> </div> <div class="breadcrumb__element"> <a href="/about/journals">Journals</a> </div> <div class="breadcrumb__element"> <a href="#">IJFS</a> </div> </div> </header> <div id="main-content" class=""> <div class="row full-width" data-equalizer="three-columns"> <div id="middle-column" class="content__column large-6 large-push-3 medium-6 medium-push-3 small-12 columns end middle-bordered"> <div id="js-small-main-top-container"> </div> <div class="content__container"> <div class="custom-accordion-for-small-screen-link show-for-small-only"> <h2 class="no-padding-left no-margin">Journal Description</h2> </div> <div class="custom-accordion-for-small-screen-content show-for-medium-up"> <div class="journal__description"> <h1> <em>International Journal of Financial Studies</em> </h1> <div class="journal__description__content"> <em>International Journal of Financial Studies</em> is an international, <a href="https://www.mdpi.com/editorial_process">peer-reviewed</a>, scholarly open access journal on financial market, instruments, policy, and management research published quarterly online by MDPI.   <ul> <li><span class="label openaccess"><a title="Open Access" href="https://www.mdpi.com/openaccess">Open Access</a></span>— free for readers, with <a href="https://www.mdpi.com/journal/ijfs/apc">article processing charges (APC)</a> paid by authors or their institutions.</li> <li><strong>High Visibility:</strong> indexed within <a href="https://www.scopus.com/sourceid/21100913135">Scopus</a>, <a href="https://mjl.clarivate.com/search-results?issn=2227-7072&hide_exact_match_fl=true&utm_source=mjl&utm_medium=share-by-link&utm_campaign=search-results-share-this-journal">ESCI (Web of Science)</a>, <a href="https://www.aeaweb.org/econlit/">EconLit</a>, <a href="https://www.econbiz.de/">EconBiz</a>, <a href="http://www.repec.org/">RePEc</a>, and <a href="https://www.mdpi.com/journal/ijfs/indexing">other databases</a>.</li> <li><strong>Journal Rank:</strong> JCR - Q2 (Business, Finance) / CiteScore - Q2 (Finance)</li> <li><strong>Rapid Publication:</strong> manuscripts are peer-reviewed and a first decision is provided to authors approximately 29.4 days after submission; acceptance to publication is undertaken in 5.9 days (median values for papers published in this journal in the first half of 2024).</li> <li><strong>Recognition of Reviewers:</strong> reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.</li> </ul> </div> <div style="margin-bottom: 15px;"> <strong>Impact Factor:</strong> 2.1 (2023); 5-Year Impact Factor: 2.1 (2023) </div> <div> <a href="/journal/ijfs/imprint" class="UI_JournalImprintsInfoButton"> <i class="material-icons spaced-link">subject</i> Imprint Information </a>    <a href="/journal/ijfs/ijfs_flyer.pdf" class="UD_JournalFlyer"> <i class="material-icons spaced-link">get_app</i> Journal Flyer </a>     <a class="oa-link" href="https://www.mdpi.com/about/openaccess"> <i class="material icons spaced-link"></i> Open Access </a>     <strong> ISSN: 2227-7072 </strong> </div> <div style="clear: both;"></div> </div> </div> </div> <div class="content__container content__container--overflow-initial"> <div class="custom-accordion-for-small-screen-link active"> <h2 class="no-padding-left">Latest Articles</h2> </div> <div class="custom-accordion-for-small-screen-content"> <div class="expanding-div collapsed"> <div class="generic-item article-item no-border"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 20 pages, 3400 KiB   </span> <a href="/2227-7072/13/1/1/pdf?version=1735286715" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Effects of Financial Literacy and Financial Behavior on Financial Well-Being: Meta-Analytical Review of Experimental Studies" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Review</span></div> <a class="title-link" href="/2227-7072/13/1/1">Effects of Financial Literacy and Financial Behavior on Financial Well-Being: Meta-Analytical Review of Experimental Studies</a> <div class="authors"> by <span class="inlineblock "><strong>Phaktada Choowan</strong>, </span><span class="inlineblock "><strong>Hanvedes Daovisan</strong> and </span><span class="inlineblock "><strong>Charin Suwanwong</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2025</b>, <em>13</em>(1), 1; <a href="https://doi.org/10.3390/ijfs13010001">https://doi.org/10.3390/ijfs13010001</a> - 27 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The purpose of this meta-analytical review of experimental studies was to examine the effects of financial literacy and financial behavior on financial well-being. This research was conducted by a master’s in library and information science (MLIS)-trained Information Specialist using the PICO framework. Of <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/13/1/1/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The purpose of this meta-analytical review of experimental studies was to examine the effects of financial literacy and financial behavior on financial well-being. This research was conducted by a master’s in library and information science (MLIS)-trained Information Specialist using the PICO framework. Of the 3089 publications identified, 415 studies were assessed for eligibility, and 9 articles met the inclusion criteria. The meta-analytical review of the selected studies was performed using a two-level model of the MAJOR module for JAMOVI 2020. The potential effect size of the intervention studies was 0.75, indicating the heterogeneity between groups in terms of financial literacy, which rejected the null hypothesis in favor of the alternative hypothesis. The theoretical and practical implications, strengths and limitations, and possibilities for future research were also addressed in this meta-analysis. <a href="/2227-7072/13/1/1">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/L6L3B4X9R6 ">Advance in the Theory and Applications of Financial Literacy</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/13/1/1/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1554285"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1554285"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1554285" data-cycle-prev="#prev1554285" data-cycle-progressive="#images1554285" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1554285-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g001-550.jpg?1735286965" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1554285" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g002-550.jpg?1735286967'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g003-550.jpg?1735286968'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g004-550.jpg?1735286970'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g005-550.jpg?1735286972'><p>Figure 5</p></div> --- <div class='openpopupgallery' data-imgindex='5' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g006-550.jpg?1735286974'><p>Figure 6</p></div> --- <div class='openpopupgallery' data-imgindex='6' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g007-550.jpg?1735286977'><p>Figure 7</p></div> --- <div class='openpopupgallery' data-imgindex='7' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g008-550.jpg?1735286979'><p>Figure 8</p></div> --- <div class='openpopupgallery' data-imgindex='8' data-target='article-1554285-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g009-550.jpg?1735286980'><p>Figure 9</p></div></script></div></div><div id="article-1554285-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g001-550.jpg?1735286965" title=" <strong>Figure 1</strong><br/> <p>Search strategy.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g002-550.jpg?1735286967" title=" <strong>Figure 2</strong><br/> <p>Financial literacy: (<b>a</b>) forest plot; (<b>b</b>) funnel plot.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g003-550.jpg?1735286968" title=" <strong>Figure 3</strong><br/> <p>Financial behavior: (<b>a</b>) forest plot; (<b>b</b>) funnel plot.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g004-550.jpg?1735286970" title=" <strong>Figure 4</strong><br/> <p>Financial well-being: (<b>a</b>) forest plot; (<b>b</b>) funnel plot.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g005-550.jpg?1735286972" title=" <strong>Figure 5</strong><br/> <p>Forest plot: (<b>a</b>) included studies (<a href="#B6-ijfs-13-00001" class="html-bibr">Anthony &amp; Sabri, 2019</a>; <a href="#B12-ijfs-13-00001" class="html-bibr">Carpena et al., 2019</a>; <a href="#B26-ijfs-13-00001" class="html-bibr">Falconier et al., 2023</a>; <a href="#B38-ijfs-13-00001" class="html-bibr">Holman &amp; Axtell, 2016</a>; <a href="#B40-ijfs-13-00001" class="html-bibr">Huang et al., 2022</a>; <a href="#B49-ijfs-13-00001" class="html-bibr">Klontz et al., 2019</a>; <a href="#B79-ijfs-13-00001" class="html-bibr">Sayinzoga et al., 2016</a>; <a href="#B81-ijfs-13-00001" class="html-bibr">Sharma et al., 2021</a>; <a href="#B98-ijfs-13-00001" class="html-bibr">Zaniyani et al., 2022</a>); (<b>b</b>) included variables.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g006-550.jpg?1735286974" title=" <strong>Figure 6</strong><br/> <p>Equivalence test plot: (<b>a</b>) effect size of included studies; (<b>b</b>) effect size of variables in included studies.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g007-550.jpg?1735286977" title=" <strong>Figure 7</strong><br/> <p>Funnel plot of included studies: (<b>a</b>) standardized mean difference in included studies; (<b>b</b>) observed outcome of variable in included studies.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g008-550.jpg?1735286979" title=" <strong>Figure 8</strong><br/> <p>(<b>a</b>) Observed <span class="html-italic">p</span>-curve of included studies; (<b>b</b>) observed outcomes of included studies.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-13-00001/article_deploy/html/images/ijfs-13-00001-g009-550.jpg?1735286980" title=" <strong>Figure 9</strong><br/> <p>Risk-of-bias assessment (<a href="#B6-ijfs-13-00001" class="html-bibr">Anthony &amp; Sabri, 2019</a>; <a href="#B12-ijfs-13-00001" class="html-bibr">Carpena et al., 2019</a>; <a href="#B26-ijfs-13-00001" class="html-bibr">Falconier et al., 2023</a>; <a href="#B38-ijfs-13-00001" class="html-bibr">Holman &amp; Axtell, 2016</a>; <a href="#B40-ijfs-13-00001" class="html-bibr">Huang et al., 2022</a>; <a href="#B49-ijfs-13-00001" class="html-bibr">Klontz et al., 2019</a>; <a href="#B81-ijfs-13-00001" class="html-bibr">Sharma et al., 2021</a>; <a href="#B79-ijfs-13-00001" class="html-bibr">Sayinzoga et al., 2016</a>; <a href="#B98-ijfs-13-00001" class="html-bibr">Zaniyani et al., 2022</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/13/1/1'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="extending-content content-ready"> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 19 pages, 836 KiB   </span> <a href="/2227-7072/12/4/129/pdf?version=1734945591" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="GINI’s Odyssey in Greece: Econometric Analysis of Income Inequality, GDP, and Unemployment Through Economic Phases (Pre-Crisis, Crisis, Memoranda, and Post-Memoranda)" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label feature" data-dropdown="drop-article-label-feature" aria-expanded="false">Feature Paper</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/129">GINI’s Odyssey in Greece: Econometric Analysis of Income Inequality, GDP, and Unemployment Through Economic Phases (Pre-Crisis, Crisis, Memoranda, and Post-Memoranda)</a> <div class="authors"> by <span class="inlineblock "><strong>Panagiotis Karountzos</strong>, </span><span class="inlineblock "><strong>Nikolaos T. Giannakopoulos</strong>, </span><span class="inlineblock "><strong>Damianos P. Sakas</strong>, </span><span class="inlineblock "><strong>Kyriaki I. Efthalitsidou</strong> and </span><span class="inlineblock "><strong>Stavros P. Migkos</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 129; <a href="https://doi.org/10.3390/ijfs12040129">https://doi.org/10.3390/ijfs12040129</a> - 23 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study explores the relationship between income inequality, economic growth, and unemployment in Greece from 2003 to 2020, encompassing key economic phases: pre-crisis, crisis, memoranda, and post-memoranda. The aim is to analyze how economic growth (logarithm of GDP-LOGGDP) and unemployment influenced income inequality <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/129/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study explores the relationship between income inequality, economic growth, and unemployment in Greece from 2003 to 2020, encompassing key economic phases: pre-crisis, crisis, memoranda, and post-memoranda. The aim is to analyze how economic growth (logarithm of GDP-LOGGDP) and unemployment influenced income inequality (GINI coefficient) during periods of economic turmoil and recovery. Using linear regression analysis on 18 years of annual data, this study identifies significant relationships between the variables, with diagnostic tests confirming model robustness. The findings reveal a strong positive and statistically significant relationship between LOGGDP and income inequality, indicating that economic growth, without effective redistributive mechanisms, exacerbated disparities. Unemployment had an even stronger positive effect on inequality, highlighting its role in deepening income disparities, particularly during the crisis years marked by economic contraction and austerity measures. These results underline the critical need for balanced economic policies that promote inclusive growth while addressing structural inequalities and labor market vulnerabilities. This study also employs advanced econometric methods, including Vector Autoregression (VAR), Vector Error Correction Model (VECM), and Granger Causality Test, to analyze the dynamics between GDP (LOGGDP), income inequality (GINI), and unemployment. The Granger Test reveals that unemployment Granger-causes GDP with a two-period lag, highlighting the importance of labor market conditions for economic growth, while no direct causal relationship is found between GDP and inequality. These methods provide deeper insights into the short- and long-term interactions, offering valuable guidance for balanced economic policymaking. <a href="/2227-7072/12/4/129">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/S7E72O1BZW ">Modern Financial Econometrics</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/129/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="absgraph cycle-slideshow"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1550330-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00129/article_deploy/html/images/ijfs-12-00129-g001-550.jpg?1734945673" alt="" style="border: 0;"><p>Figure 1</p></div></div></div><div id="article-1550330-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00129/article_deploy/html/images/ijfs-12-00129-g001-550.jpg?1734945673" title=" <strong>Figure 1</strong><br/> <p>(<b>a</b>) GINI index, (<b>b</b>) GDP, (<b>c</b>) LOGGDP, and (<b>d</b>) unemployment in Greece through the years 2003–2020.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/129'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 18 pages, 772 KiB   </span> <a href="/2227-7072/12/4/128/pdf?version=1734684775" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="The Mediating Role of Mobile Banking-Based Financial Inclusion Disclosure on the Relationship Between Foreign Investment and Bank Performance" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/128">The Mediating Role of Mobile Banking-Based Financial Inclusion Disclosure on the Relationship Between Foreign Investment and Bank Performance</a> <div class="authors"> by <span class="inlineblock "><strong>Omar Ikbal Tawfik</strong>, </span><span class="inlineblock "><strong>Mohammed Ali Ahmed</strong> and </span><span class="inlineblock "><strong>Hamada Elsaid Elmaasrawy</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 128; <a href="https://doi.org/10.3390/ijfs12040128">https://doi.org/10.3390/ijfs12040128</a> - 19 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Purpose: This study aims to demonstrate the impact of Foreign Investment (FI) on the disclosure of digital Financial Inclusion (FIN) through mobile banking (MB) and the performance of banks, as well as the direct impact of disclosing digital FIN indicators through MB on <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/128/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Purpose: This study aims to demonstrate the impact of Foreign Investment (FI) on the disclosure of digital Financial Inclusion (FIN) through mobile banking (MB) and the performance of banks, as well as the direct impact of disclosing digital FIN indicators through MB on bank performance. Design/methodology/approach: This study utilized actual data from all banks listed on the stock exchange in the Sultanate of Oman between 2015 and 2023. The hypotheses were tested using the partial least squares structural equation model (PLS-SEM). Findings: This study revealed a positive influence of FI on both bank performance and the disclosure of FIN indicators through MB. It also identified a negative effect of disclosing FIN indicators through MB on bank performance. However, the mediation of the disclosure of FIN indicators through MB did not show any impact of FI on bank performance. Practical Implications: This study’s results offer valuable insights and recommendations. Firstly, for bank managers, it is crucial to find a balance between expanding MB services and enhancing bank profitability by studying customer trends and preferences in MB usage. This approach will aid in offering banking services that retain existing customers and attract new ones, ultimately boosting bank profitability. Secondly, for policymakers and regulators, this study enhances the understanding of current practices in disclosing FIN indicators through MB, which may prompt a reevaluation of accounting standards related to traditional and digital FIN indicator disclosure. Originality/value: This study is groundbreaking in its examination of the influence of FI on the disclosure of digital FIN indicators through mobile banking. It also represents the first investigation into the indirect impact of FI on banks’ financial performance (FP) through the disclosure of digital FIN indicators via mobile banking. <a href="/2227-7072/12/4/128">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/159831W89U ">Advancing Financial Stability and Performance Through AI and Digital Transformation</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/128/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1547912"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1547912"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1547912" data-cycle-prev="#prev1547912" data-cycle-progressive="#images1547912" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1547912-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00128/article_deploy/html/images/ijfs-12-00128-g001-550.jpg?1734684851" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1547912" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1547912-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00128/article_deploy/html/images/ijfs-12-00128-g002-550.jpg?1734684853'><p>Figure 2</p></div></script></div></div><div id="article-1547912-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00128/article_deploy/html/images/ijfs-12-00128-g001-550.jpg?1734684851" title=" <strong>Figure 1</strong><br/> <p>Research model.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/128'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00128/article_deploy/html/images/ijfs-12-00128-g002-550.jpg?1734684853" title=" <strong>Figure 2</strong><br/> <p>The different paths in the search form.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/128'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 30 pages, 488 KiB   </span> <a href="/2227-7072/12/4/127/pdf?version=1734513958" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Natural Cubic Spline Approximation of Risk-Neutral Density" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/127">Natural Cubic Spline Approximation of Risk-Neutral Density</a> <div class="authors"> by <span class="inlineblock "><strong>Shuang Zhou</strong>, </span><span class="inlineblock "><strong>Liyuan Jiang</strong>, </span><span class="inlineblock "><strong>Keren Li</strong>, </span><span class="inlineblock "><strong>Fangfang Wang</strong> and </span><span class="inlineblock "><strong>Jie Yang</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 127; <a href="https://doi.org/10.3390/ijfs12040127">https://doi.org/10.3390/ijfs12040127</a> - 17 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The risk-neutral density is a fundamental concept in pricing financial derivatives, risk management, and assessing financial markets’ perceptions over significant political or economic events. In this paper, we propose a new nonparametric method for estimating the risk-neutral density using natural cubic splines (NCS). <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/127/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The risk-neutral density is a fundamental concept in pricing financial derivatives, risk management, and assessing financial markets’ perceptions over significant political or economic events. In this paper, we propose a new nonparametric method for estimating the risk-neutral density using natural cubic splines (NCS). The estimated density is twice continuously differentiable with linear tails at both ends. Our method targets the logarithm of the underlying asset price, releasing the restriction to the positive domain. We theoretically prove the consistency of our NCS method. We conduct a comprehensive empirical study comparing the proposed NCS method with a piecewise constant method, a uniform quartic B-spline method, and a cubic spline method from the literature using 20 years of S&P 500 index option data. The empirical results show that our NCS method is more robust than the piecewise constant method, which can only produce a discontinuous density, especially for options with maturities longer than six months. Moreover, our NCS method outperforms other historical continuous methods in terms of optimization feasibility and option price estimation. <a href="/2227-7072/12/4/127">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/127/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1545889"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1545889"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1545889" data-cycle-prev="#prev1545889" data-cycle-progressive="#images1545889" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1545889-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g001-550.jpg?1734514033" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1545889" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1545889-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g002-550.jpg?1734514034'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1545889-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g003-550.jpg?1734514035'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1545889-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g004-550.jpg?1734514036'><p>Figure 4</p></div></script></div></div><div id="article-1545889-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g001-550.jpg?1734514033" title=" <strong>Figure 1</strong><br/> <p>Trading volume vs. strike price for options traded on 18 August 2015 and expired between 18 September 2015 and 18 October 2015 (the S&amp;P 500 index price traded on 18 August 2015 was <span>$</span>2096.92).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/127'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g002-550.jpg?1734514034" title=" <strong>Figure 2</strong><br/> <p>RND with NCS method.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/127'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g003-550.jpg?1734514035" title=" <strong>Figure 3</strong><br/> <p>RND with PC method.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/127'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00127/article_deploy/html/images/ijfs-12-00127-g004-550.jpg?1734514036" title=" <strong>Figure 4</strong><br/> <p>Simulated risk-neutral density plot.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/127'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 21 pages, 354 KiB   </span> <a href="/2227-7072/12/4/126/pdf?version=1734438632" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Innovation Capacity as a Mediating Mechanism Between Strategic Risk Integration and ESG Performance: Evidence from Jordanian Banks" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/126">Innovation Capacity as a Mediating Mechanism Between Strategic Risk Integration and ESG Performance: Evidence from Jordanian Banks</a> <div class="authors"> by <span class="inlineblock "><strong>Munther Al-Nimer</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 126; <a href="https://doi.org/10.3390/ijfs12040126">https://doi.org/10.3390/ijfs12040126</a> - 17 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> While prior research has established direct relationships between strategic risk integration and ESG performance in banking, critical gaps remain in understanding the transformation mechanisms, particularly in emerging markets. This study investigated how banking innovation capacity mediates the relationship between strategic risk integration and <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/126/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> While prior research has established direct relationships between strategic risk integration and ESG performance in banking, critical gaps remain in understanding the transformation mechanisms, particularly in emerging markets. This study investigated how banking innovation capacity mediates the relationship between strategic risk integration and ESG performance in Jordanian banks. Drawing on dynamic capabilities theory and questionnaire data from 165 banking executives (71.7% response rate), the results revealed that strategic risk integration significantly influences ESG performance both directly and indirectly through banking innovation capacity. The multi-group analysis showed institutional invariance between commercial and Islamic banks, suggesting the generalizability of these relationships. The findings advance dynamic capabilities theory by demonstrating innovation capacity’s role as a transformative mechanism in banking sustainability and provide practical insights for emerging market banks seeking to enhance ESG performance through integrated risk management and innovation strategies. <a href="/2227-7072/12/4/126">Full article</a> </div> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 14 pages, 300 KiB   </span> <a href="/2227-7072/12/4/125/pdf?version=1734067752" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Does the Size of a Bank Moderate the Relationship Between Income, Asset Diversification, and Bank Stability?" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/125">Does the Size of a Bank Moderate the Relationship Between Income, Asset Diversification, and Bank Stability?</a> <div class="authors"> by <span class="inlineblock "><strong>Tabassum Chowdhury</strong>, </span><span class="inlineblock "><strong>Rashed Al Karim</strong>, </span><span class="inlineblock "><strong>Aisyah Awanis</strong> and </span><span class="inlineblock "><strong>Abrar Rownak</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 125; <a href="https://doi.org/10.3390/ijfs12040125">https://doi.org/10.3390/ijfs12040125</a> - 12 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The study investigated the moderating effect of bank size on the relationship between income diversification and asset diversification on bank stability in the context of commercial banks in Bangladesh. A total of 180 observations from 36 listed banks were collected, all listed on <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/125/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The study investigated the moderating effect of bank size on the relationship between income diversification and asset diversification on bank stability in the context of commercial banks in Bangladesh. A total of 180 observations from 36 listed banks were collected, all listed on the Dhaka Stock Exchange. The sample period of this study spanned from 2018 to 2022. The findings revealed that both income and asset diversification had a positive impact on bank stability. Bank size moderated the relationship between income and asset diversification with bank stability. Thus, increasing the size of banks reduced the benefits of income and asset diversification on bank stability, suggesting that larger banks may not gain much from diversification. These results have implications for policymakers and bank managers. They should employ diversification strategies tailored to bank size so that banks will benefit from diversification in the long run. This study is one of the few that uniquely reveals a negative moderating role of bank size in diversification (income and asset) and stability relationships. <a href="/2227-7072/12/4/125">Full article</a> </div> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 20 pages, 784 KiB   </span> <a href="/2227-7072/12/4/124/pdf?version=1734079580" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Adapting the National Financial Capability Test to Address Generational Differences in Cognitive Biases" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/124">Adapting the National Financial Capability Test to Address Generational Differences in Cognitive Biases</a> <div class="authors"> by <span class="inlineblock "><strong>Sergio Da Silva</strong>, </span><span class="inlineblock "><strong>Ana Paraboni</strong> and </span><span class="inlineblock "><strong>Raul Matsushita</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 124; <a href="https://doi.org/10.3390/ijfs12040124">https://doi.org/10.3390/ijfs12040124</a> - 11 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study examined the influence of cognitive biases on financial literacy test outcomes across four generational groups: Gen Z, Millennials, Gen X, and Baby Boomers. Using the National Financial Capability Test and an online in silico experiment, we analyzed how cognitive biases influence <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/124/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study examined the influence of cognitive biases on financial literacy test outcomes across four generational groups: Gen Z, Millennials, Gen X, and Baby Boomers. Using the National Financial Capability Test and an online in silico experiment, we analyzed how cognitive biases influence the likely responses of each generation. The results indicate that the current test format aligns more closely with Baby Boomers, who are less affected by certain biases but tend to exhibit resistance to new financial strategies. A key contribution of this research is the identification of generational bias profiles and actionable recommendations for tailoring financial literacy assessments to reflect these differences. Our approach not only advances behavioral finance literature but also introduces innovative methodology through AI-driven simulations, providing a replicable framework for exploring cognitive influences in decision-making. The findings underscore the need for tailored financial education programs that consider these cognitive biases, aiming to foster unbiased financial decision-making across age groups. <a href="/2227-7072/12/4/124">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/124/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1541624"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1541624"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1541624" data-cycle-prev="#prev1541624" data-cycle-progressive="#images1541624" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1541624-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00124/article_deploy/html/images/ijfs-12-00124-g001-550.jpg?1734079716" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1541624" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1541624-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00124/article_deploy/html/images/ijfs-12-00124-g002-550.jpg?1734079718'><p>Figure 2</p></div></script></div></div><div id="article-1541624-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00124/article_deploy/html/images/ijfs-12-00124-g001-550.jpg?1734079716" title=" <strong>Figure 1</strong><br/> <p>Word cloud depicting the prevalence of eight cognitive biases across the 30 questions in the National Financial Capability Test. The size of each term indicates its relative influence, with larger text representing more frequently identified biases.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/124'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00124/article_deploy/html/images/ijfs-12-00124-g002-550.jpg?1734079718" title=" <strong>Figure 2</strong><br/> <p>Average cognitive bias scores by generation under stress test.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/124'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 18 pages, 361 KiB   </span> <a href="/2227-7072/12/4/123/pdf?version=1733735996" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="More Quality, Less Trust?" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/123">More Quality, Less Trust?</a> <div class="authors"> by <span class="inlineblock "><strong>Michael Dreyfuss</strong>, </span><span class="inlineblock "><strong>Yahel Giat</strong> and </span><span class="inlineblock "><strong>Eran Manes</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 123; <a href="https://doi.org/10.3390/ijfs12040123">https://doi.org/10.3390/ijfs12040123</a> - 9 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study investigates how an increase in the quality of business ventures, measured as their success probability, affects trust and return on investment (ROI) in situations where the investor–entrepreneur interaction is affected by moral hazard and asymmetric information. We model a repeated trust <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/123/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study investigates how an increase in the quality of business ventures, measured as their success probability, affects trust and return on investment (ROI) in situations where the investor–entrepreneur interaction is affected by moral hazard and asymmetric information. We model a repeated trust problem between investors and entrepreneurs, featuring moral hazard and adverse selection. Hidden Markov techniques and computer simulations are used to derive the main results. We find that trust and ROI may decline as quality improves. Although lenders tend to reduce the requirements for granting initial credit, they nevertheless become less tolerant of current borrowers who fail to pay back. Additionally, we demonstrate a novel substitution effect, where lenders prefer new borrowers over existing borrowers that experienced early failures. The main conclusions of our study are that while impressing early on is effective in gaining first access to credit, it may nevertheless hurt the cause of getting credit in subsequent periods, following an early failure. In business environments plagued with ex post moral hazard, entrepreneurs might do better by gaining trust first and impressing later. Furthermore, our results imply that in a thriving economy, not only are bad loans made, but good loans are lost as well. <a href="/2227-7072/12/4/123">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/123/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1539580"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1539580"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1539580" data-cycle-prev="#prev1539580" data-cycle-progressive="#images1539580" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1539580-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g001-550.jpg?1733736063" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1539580" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1539580-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g002-550.jpg?1733736065'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1539580-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g003-550.jpg?1733736066'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1539580-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g004-550.jpg?1733736068'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1539580-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g005-550.jpg?1733736070'><p>Figure 5</p></div></script></div></div><div id="article-1539580-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g001-550.jpg?1733736063" title=" <strong>Figure 1</strong><br/> <p>The Markov chain modeling of the repeated trust problem. Notes: Each node denotes a different state. State 0 is the beginning state. All the states transition to it with probability <span class="html-italic">d</span>. The numeric states <span class="html-italic">i</span>, <math display="inline"><semantics> <mrow> <mn>0</mn> <mo>≤</mo> <mi>i</mi> <mo>≤</mo> <mi>m</mi> </mrow> </semantics></math>, denote states in which paying back never occurred. The transition probability between state <span class="html-italic">i</span> to <math display="inline"><semantics> <mrow> <mi>i</mi> <mo>+</mo> <mn>1</mn> </mrow> </semantics></math> (for <math display="inline"><semantics> <mrow> <mn>0</mn> <mo>≤</mo> <mi>i</mi> <mo>&lt;</mo> <mi>m</mi> </mrow> </semantics></math>) is <math display="inline"><semantics> <mrow> <mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>d</mi> <mo>)</mo> </mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>q</mi> <mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>t</mi> <mo>)</mo> </mrow> <msub> <mover accent="true"> <mi>p</mi> <mo stretchy="false">^</mo> </mover> <mi>i</mi> </msub> <mo>)</mo> </mrow> </semantics></math>. State <span class="html-italic">m</span> is when the investor distrusts the entrepreneur and transitions to itself with probability <math display="inline"><semantics> <mrow> <mn>1</mn> <mo>−</mo> <mi>d</mi> </mrow> </semantics></math>. State <span class="html-italic">Y</span> is when the last period ended with paying back. All the numeric states transition to it with probability <math display="inline"><semantics> <mrow> <mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>d</mi> <mo>)</mo> </mrow> <mi>q</mi> <mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>t</mi> <mo>)</mo> </mrow> <msub> <mover accent="true"> <mi>p</mi> <mo stretchy="false">^</mo> </mover> <mi>i</mi> </msub> </mrow> </semantics></math>. State <span class="html-italic">N</span> is when there was paying back in the past but not in the last period. States <span class="html-italic">Y</span> and <span class="html-italic">N</span> transition into <span class="html-italic">Y</span> with probability <math display="inline"><semantics> <mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>d</mi> <mo>)</mo> <mi>q</mi> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>t</mi> <mo>)</mo> </mrow> </semantics></math> and into <span class="html-italic">N</span> with probability <math display="inline"><semantics> <mrow> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>d</mi> <mo>)</mo> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>q</mi> <mo>(</mo> <mn>1</mn> <mo>−</mo> <mi>t</mi> <mo>)</mo> <mo>)</mo> </mrow> </semantics></math>.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/123'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g002-550.jpg?1733736065" title=" <strong>Figure 2</strong><br/> <p>Trust panel (<b>a</b>) and ROI panel (<b>b</b>) as a function of the venture’s success probability, <span class="html-italic">q</span>. Notes: the values used for these graphs are <math display="inline"><semantics> <mrow> <mi>d</mi> <mo>=</mo> <mn>10</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>ρ</mi> <mo>=</mo> <mn>9</mn> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>r</mi> <mo>=</mo> <mn>5</mn> <mo>%</mo> </mrow> </semantics></math> and <math display="inline"><semantics> <mrow> <mi>p</mi> <mo>=</mo> <mn>50</mn> <mo>%</mo> </mrow> </semantics></math>.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/123'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g003-550.jpg?1733736066" title=" <strong>Figure 3</strong><br/> <p>Trust as a function of the return on a successful venture, <math display="inline"><semantics> <mi>ρ</mi> </semantics></math>, and the probability of honesty, <span class="html-italic">p</span>. Notes: the values used for these graphs are <math display="inline"><semantics> <mrow> <mi>d</mi> <mo>=</mo> <mn>10</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>r</mi> <mo>=</mo> <mn>5</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>q</mi> <mo>=</mo> <mn>45</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>p</mi> <mo>=</mo> <mn>50</mn> <mo>%</mo> </mrow> </semantics></math> (<b>a</b>) and <math display="inline"><semantics> <mrow> <mi>ρ</mi> <mo>=</mo> <mn>9</mn> </mrow> </semantics></math> (<b>b</b>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/123'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g004-550.jpg?1733736068" title=" <strong>Figure 4</strong><br/> <p>Trust as a function of the project’s quality for different degrees of honesty. Notes: the values used for these graphs are <math display="inline"><semantics> <mrow> <mi>d</mi> <mo>=</mo> <mn>10</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>ρ</mi> <mo>=</mo> <mn>9</mn> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>r</mi> <mo>=</mo> <mn>5</mn> <mo>%</mo> </mrow> </semantics></math> and <math display="inline"><semantics> <mrow> <mi>t</mi> <mo>=</mo> <mn>10</mn> <mo>%</mo> </mrow> </semantics></math>.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/123'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00123/article_deploy/html/images/ijfs-12-00123-g005-550.jpg?1733736070" title=" <strong>Figure 5</strong><br/> <p>The <span class="html-italic">q</span> that maximizes trust panel (<b>a</b>) and ROI panel (<b>b</b>) as a function of the probability of honesty, <span class="html-italic">p</span>. Notes: the values used for these graphs are <math display="inline"><semantics> <mrow> <mi>d</mi> <mo>=</mo> <mn>10</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>r</mi> <mo>=</mo> <mn>5</mn> <mo>%</mo> </mrow> </semantics></math>, <math display="inline"><semantics> <mrow> <mi>t</mi> <mo>=</mo> <mn>10</mn> <mo>%</mo> </mrow> </semantics></math> and <math display="inline"><semantics> <mrow> <mi>ρ</mi> <mo>=</mo> <mn>9</mn> </mrow> </semantics></math>.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/123'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 21 pages, 781 KiB   </span> <a href="/2227-7072/12/4/122/pdf?version=1733304390" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="FinTech Implementation Challenges in the Palestinian Banking Sector" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/122">FinTech Implementation Challenges in the Palestinian Banking Sector</a> <div class="authors"> by <span class="inlineblock "><strong>Jamal Hurani</strong>, </span><span class="inlineblock "><strong>Mohammed Kayed Abdel-Haq</strong> and </span><span class="inlineblock "><strong>Emir Camdzic</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 122; <a href="https://doi.org/10.3390/ijfs12040122">https://doi.org/10.3390/ijfs12040122</a> - 4 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study addresses FinTech implementation challenges in the banking industry in Palestine. This was accomplished by adopting qualitative research methods. Semi-structured interviews were conducted with interviewees from the Palestinian Monetary Authority, banks, and FinTech companies. Thematic analysis was conducted using NVivo 12 software <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/122/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study addresses FinTech implementation challenges in the banking industry in Palestine. This was accomplished by adopting qualitative research methods. Semi-structured interviews were conducted with interviewees from the Palestinian Monetary Authority, banks, and FinTech companies. Thematic analysis was conducted using NVivo 12 software to identify themes in the interview scripts. Research outcomes suggest that FinTech development in Palestine encounters a range of multifaceted challenges, which can be categorised using the TOE (technological, organisational, environmental) framework. On the technological front, issues such as underdeveloped IT and telecommunications infrastructure, restricted mobile frequencies due to Israeli occupation, limited IT expertise, cyber risks, low digital literacy, and minimal FinTech awareness hinder progress. Organizationally, resistance to change, inadequate agility, limited digital skills, and slow Sharia compliance updates in Islamic banking impede innovation. Environmentally, the absence of a dedicated FinTech framework, unclear regulatory guidance, limited market size, and strict AML/CFT regulations create uncertainties for non-bank entities and restrict investment opportunities. Addressing these interconnected barriers requires coordinated efforts across legal, financial, and technological sectors to foster FinTech integration and growth in Palestine. <a href="/2227-7072/12/4/122">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/122/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1536413"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1536413"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1536413" data-cycle-prev="#prev1536413" data-cycle-progressive="#images1536413" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1536413-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00122/article_deploy/html/images/ijfs-12-00122-g001-550.jpg?1733304457" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1536413" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1536413-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00122/article_deploy/html/images/ijfs-12-00122-g002-550.jpg?1733304459'><p>Figure 2</p></div></script></div></div><div id="article-1536413-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00122/article_deploy/html/images/ijfs-12-00122-g001-550.jpg?1733304457" title=" <strong>Figure 1</strong><br/> <p>TOE (<a href="#B28-ijfs-12-00122" class="html-bibr">Oliveira and Martins 2011</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/122'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00122/article_deploy/html/images/ijfs-12-00122-g002-550.jpg?1733304459" title=" <strong>Figure 2</strong><br/> <p>FinTech challenges.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/122'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 30 pages, 1746 KiB   </span> <a href="/2227-7072/12/4/121/pdf?version=1733393476" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Food Financialization: Impact of Derivatives and Index Funds on Agri-Food Market Volatility" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/121">Food Financialization: Impact of Derivatives and Index Funds on Agri-Food Market Volatility</a> <div class="authors"> by <span class="inlineblock "><strong>María del Rosario Venegas</strong>, </span><span class="inlineblock "><strong>Jorge Feregrino</strong>, </span><span class="inlineblock "><strong>Nelson Lay</strong> and </span><span class="inlineblock "><strong>Juan Felipe Espinosa-Cristia</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 121; <a href="https://doi.org/10.3390/ijfs12040121">https://doi.org/10.3390/ijfs12040121</a> - 3 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study explores the financialization of agricultural commodities, focusing on how financial derivatives and index funds impact the volatility of agro-food markets. Using a Dynamic Conditional Correlation (DCC) GARCH model, we analyze volatility spillovers among key agricultural commodities, particularly maize, and related financial <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/121/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study explores the financialization of agricultural commodities, focusing on how financial derivatives and index funds impact the volatility of agro-food markets. Using a Dynamic Conditional Correlation (DCC) GARCH model, we analyze volatility spillovers among key agricultural commodities, particularly maize, and related financial assets over a sample period from 2007 to 2020. Our analysis includes major financial assets like Exchange-Traded Funds (ETFs), the S&P 500 index, and agribusiness corporations such as ADM and Bunge and the largest corn flour producer, GRUMA. The results indicate that financial speculation, especially via passive investments such as ETFs, has intensified price volatility in commodity futures, leading to a systemic risk increase within the sector. This study provides empirical evidence of increased market integration between the agro-food sector and financial markets, underscoring risks to food security and economic stability. We conclude with recommendations for regulatory actions to mitigate systemic risks posed by the growing financial influence in agricultural markets. <a href="/2227-7072/12/4/121">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/121/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1536071"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1536071"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1536071" data-cycle-prev="#prev1536071" data-cycle-progressive="#images1536071" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1536071-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00121/article_deploy/html/images/ijfs-12-00121-g001-550.jpg?1733393599" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1536071" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1536071-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00121/article_deploy/html/images/ijfs-12-00121-g002-550.jpg?1733393605'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1536071-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00121/article_deploy/html/images/ijfs-12-00121-g003-550.jpg?1733393610'><p>Figure 3</p></div></script></div></div><div id="article-1536071-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00121/article_deploy/html/images/ijfs-12-00121-g001-550.jpg?1733393599" title=" <strong>Figure 1</strong><br/> <p>Latent speculation process in the raw materials market. Source: own elaboration.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/121'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00121/article_deploy/html/images/ijfs-12-00121-g002-550.jpg?1733393605" title=" <strong>Figure 2</strong><br/> <p>Integration of the financial market with agro-industrial companies and ETFs. Source: Own elaboration. Conditional correlations between the S&amp;P 500 and agribusiness companies between 2007 and 2020.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/121'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00121/article_deploy/html/images/ijfs-12-00121-g003-550.jpg?1733393610" title=" <strong>Figure 3</strong><br/> <p>Dynamic conditional correlations for corn, in the period 2007 to 2020. Source: Own elaboration.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/121'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 19 pages, 932 KiB   </span> <a href="/2227-7072/12/4/120/pdf?version=1733293556" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Digital Financial Knowledge Scale (DFKS): Insights from a Developing Economy" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/120">Digital Financial Knowledge Scale (DFKS): Insights from a Developing Economy</a> <div class="authors"> by <span class="inlineblock "><strong>Kelmara Mendes Vieira</strong>, </span><span class="inlineblock "><strong>Taiane Keila Matheis</strong>, </span><span class="inlineblock "><strong>Eliete dos Reis Lehnhart</strong> and </span><span class="inlineblock "><strong>Fernando Oliveira Tavares</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 120; <a href="https://doi.org/10.3390/ijfs12040120">https://doi.org/10.3390/ijfs12040120</a> - 2 Dec 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This work aims to create and validate the digital financial knowledge scale (DFKS). Three studies were carried out, including a focus group, expert validation, pre-testing, and the application of item response theory. From these procedures, two versions of the scale were constructed and <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/120/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This work aims to create and validate the digital financial knowledge scale (DFKS). Three studies were carried out, including a focus group, expert validation, pre-testing, and the application of item response theory. From these procedures, two versions of the scale were constructed and validated. An evaluation and classification methodology was proposed. Two versions for measuring digital financial knowledge are presented. The long version is composed of 40 items and the short version has 26 items. Applying the proposed methodology, it is possible to classify the level of digital financial knowledge as low, intermediate, or high. The DFKS can be useful for both financial system agents and governments and researchers, who can use it in different contexts. In the banking sector, identifying the level of digital financial knowledge can reduce risks, as losses suffered by clients due to an uninformed adoption of digital banking services break the relationship of trust and can lead to lower financial inclusion. <a href="/2227-7072/12/4/120">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/L6L3B4X9R6 ">Advance in the Theory and Applications of Financial Literacy</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 16 pages, 786 KiB   </span> <a href="/2227-7072/12/4/119/pdf?version=1733303715" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Anonymity in Dealer-to-Customer Markets" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label feature" data-dropdown="drop-article-label-feature" aria-expanded="false">Feature Paper</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/119">Anonymity in Dealer-to-Customer Markets</a> <div class="authors"> by <span class="inlineblock "><strong>Daniela T. Di Cagno</strong>, </span><span class="inlineblock "><strong>Paola Paiardini</strong> and </span><span class="inlineblock "><strong>Emanuela Sciubba</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 119; <a href="https://doi.org/10.3390/ijfs12040119">https://doi.org/10.3390/ijfs12040119</a> - 29 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> We use a laboratory experiment to explore the effect of a change in pre-trade anonymity in a quote-driven dealer-to-customer market, organised as a request for quote (RFQ). We consider two treatments in which dealers interact with two types of customers (informed or uninformed). <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/119/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> We use a laboratory experiment to explore the effect of a change in pre-trade anonymity in a quote-driven dealer-to-customer market, organised as a request for quote (RFQ). We consider two treatments in which dealers interact with two types of customers (informed or uninformed). In the first treatment, there is no anonymity: dealers know whether the customer that sent them the request for quote is informed or uninformed. In the second treatment, there is complete anonymity: dealers do not know the type of customers they are interacting with. We find that anonymity improves price efficiency, whereas it does not adversely impact dealers’ trading profits. Our results contribute to the debate on transparency versus the adoption of anonymity in financial markets. <a href="/2227-7072/12/4/119">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/RWUVZ16570 ">Market Microstructure and Liquidity</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/119/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1533108"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1533108"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1533108" data-cycle-prev="#prev1533108" data-cycle-progressive="#images1533108" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1533108-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g001-550.jpg?1733303782" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1533108" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1533108-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g002-550.jpg?1733303784'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1533108-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g003-550.jpg?1733303786'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1533108-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g0A1-550.jpg?1733303788'><p>Figure A1</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1533108-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g0A2-550.jpg?1733303789'><p>Figure A2</p></div> --- <div class='openpopupgallery' data-imgindex='5' data-target='article-1533108-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g0A3-550.jpg?1733303791'><p>Figure A3</p></div></script></div></div><div id="article-1533108-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g001-550.jpg?1733303782" title=" <strong>Figure 1</strong><br/> <p>Trading frequency by treatment and customer type. The graph illustrates the average number of trades for the Opaque and Transparent treatment made by informed and uninformed customers.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/119'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g002-550.jpg?1733303784" title=" <strong>Figure 2</strong><br/> <p>Price efficiency by treatment and customer type. Graph (<b>a</b>) illustrates plots of average pricing error in the two treatments for each round. Graph (<b>b</b>) displays the average pricing error for each customer in the Transparent treatment, for each round.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/119'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g003-550.jpg?1733303786" title=" <strong>Figure 3</strong><br/> <p>Payoff by treatment and customer type. Graph (<b>a</b>) illustrates plots of average dealer’s payoff in the two treatments, for each round. Graph (<b>b</b>) displays the average dealer’s payoff for each customer in the Transparent treatment, for each round.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/119'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g0A1-550.jpg?1733303788" title=" <strong>Figure A1</strong><br/> <p>Electronic trading structure.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/119'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g0A2-550.jpg?1733303789" title=" <strong>Figure A2</strong><br/> <p>Price efficiency by treatment and true value.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/119'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00119/article_deploy/html/images/ijfs-12-00119-g0A3-550.jpg?1733303791" title=" <strong>Figure A3</strong><br/> <p>Payoff by treatment and true value.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/119'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 13 pages, 1755 KiB   </span> <a href="/2227-7072/12/4/118/pdf?version=1732809176" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="A Hybrid of Box-Jenkins ARIMA Model and Neural Networks for Forecasting South African Crude Oil Prices" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/118">A Hybrid of Box-Jenkins ARIMA Model and Neural Networks for Forecasting South African Crude Oil Prices</a> <div class="authors"> by <span class="inlineblock "><strong>Johannes Tshepiso Tsoku</strong>, </span><span class="inlineblock "><strong>Daniel Metsileng</strong> and </span><span class="inlineblock "><strong>Tshegofatso Botlhoko</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 118; <a href="https://doi.org/10.3390/ijfs12040118">https://doi.org/10.3390/ijfs12040118</a> - 28 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> The current study aims to model the South African crude oil prices using the hybrid of Box-Jenkins autoregressive integrated moving average (ARIMA) and Neural Networks (NNs). This study introduces a hybrid approach to forecasting methods aimed at resolving the issues of lack of <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/118/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> The current study aims to model the South African crude oil prices using the hybrid of Box-Jenkins autoregressive integrated moving average (ARIMA) and Neural Networks (NNs). This study introduces a hybrid approach to forecasting methods aimed at resolving the issues of lack of precision in forecasting. The proposed methodology includes two models, namely, hybridisation of ARIMA with artificial neural network (ANN)-based Extreme Learning Machine (ELM) and ARIMA with general regression neural network (GRNN) to model both linear and nonlinear simultaneously. The models were compared with the base ARIMA model. The study utilised monthly time series data spanning from January 2021 to March 2023. The formal stationarity test confirmed that the crude oil price series is integrated of order one, <i>I(1)</i>. For the linear process, the ARIMA (2,1,2) model was identified as the best fit for the series and successfully passed all diagnostic tests. The ARIMA-ANN-based ELM hybrid model outperformed both the individual ARIMA model and the ARIMA-GRNN hybrid. However, the ARIMA model also showed better performance than the ARIMA-GRNN hybrid, highlighting its strong competitiveness compared to the ARIMA-ANN-based ELM model. The hybrid models are recommended for use by policy makers and practitioners in general. <a href="/2227-7072/12/4/118">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/118/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1532411"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1532411"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1532411" data-cycle-prev="#prev1532411" data-cycle-progressive="#images1532411" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1532411-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g001-550.jpg?1732809248" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1532411" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1532411-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g002-550.jpg?1732809250'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1532411-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g003-550.jpg?1732809252'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1532411-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g004-550.jpg?1732809254'><p>Figure 4</p></div></script></div></div><div id="article-1532411-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g001-550.jpg?1732809248" title=" <strong>Figure 1</strong><br/> <p>Schematic representation of the structure of ELM. Source: <a href="#B37-ijfs-12-00118" class="html-bibr">Zhang et al.</a> (<a href="#B37-ijfs-12-00118" class="html-bibr">2017</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/118'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g002-550.jpg?1732809250" title=" <strong>Figure 2</strong><br/> <p>Schematic diagram of a GRNN architecture. Source: <a href="#B9-ijfs-12-00118" class="html-bibr">Cigizoglu</a> (<a href="#B9-ijfs-12-00118" class="html-bibr">2005</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/118'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g003-550.jpg?1732809252" title=" <strong>Figure 3</strong><br/> <p>Time series plot of the crude oil price.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/118'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00118/article_deploy/html/images/ijfs-12-00118-g004-550.jpg?1732809254" title=" <strong>Figure 4</strong><br/> <p>Plots of the ACF and PACF.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/118'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 22 pages, 1468 KiB   </span> <a href="/2227-7072/12/4/117/pdf?version=1732788074" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Quantile Spillovers and Connectedness Between Real Estate Investment Trust, the Housing Market, and Investor Sentiment" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/117">Quantile Spillovers and Connectedness Between Real Estate Investment Trust, the Housing Market, and Investor Sentiment</a> <div class="authors"> by <span class="inlineblock "><strong>Elroi Hadad</strong>, </span><span class="inlineblock "><strong>Thai Hong Le</strong> and </span><span class="inlineblock "><strong>Anh Tram Luong</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 117; <a href="https://doi.org/10.3390/ijfs12040117">https://doi.org/10.3390/ijfs12040117</a> - 28 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This paper examines the quantile connectedness between Real Estate Investment Trusts (REITs), housing market sentiment, and stock market sentiment in the U.S. over the period between January 2014 and June 2022 using the quantile vector autoregression (QVAR) model. We find modest spillover effects <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/117/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This paper examines the quantile connectedness between Real Estate Investment Trusts (REITs), housing market sentiment, and stock market sentiment in the U.S. over the period between January 2014 and June 2022 using the quantile vector autoregression (QVAR) model. We find modest spillover effects at the median quantile (8.51%), which become more pronounced at the extreme tails (between 50.51% and 59.73%). The COVID-19 pandemic amplifies these interconnections. REITs are net receivers at the median but net transmitters at extreme quantiles, while stock market sentiment mainly transmits during normal conditions and receives in highly bullish markets. Home purchase sentiment shifts from fluctuating roles before the pandemic to being a net transmitter post-2021. Overall, negative shocks have a greater impact than positive ones, and REITs exhibit stock-like behavior. These findings underscore the importance for fund managers and investors to consider sentiment volatility in both stock and real estate markets, especially during extreme market conditions. <a href="/2227-7072/12/4/117">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/7Z82IBP1T6 ">Advances in Behavioural Finance and Economics 2nd Edition</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/117/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1531854"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1531854"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1531854" data-cycle-prev="#prev1531854" data-cycle-progressive="#images1531854" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1531854-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g001-550.jpg?1732788362" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1531854" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1531854-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g002-550.jpg?1732788364'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1531854-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g003-550.jpg?1732788365'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1531854-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g004-550.jpg?1732788369'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1531854-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g005-550.jpg?1732788373'><p>Figure 5</p></div></script></div></div><div id="article-1531854-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g001-550.jpg?1732788362" title=" <strong>Figure 1</strong><br/> <p>Time-series plot of the variables under examination.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/117'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g002-550.jpg?1732788364" title=" <strong>Figure 2</strong><br/> <p>Total spillover in the median quantile VAR (<math display="inline"><semantics> <mrow> <mi>τ</mi> <mo>=</mo> <mn>0.5</mn> <mo>)</mo> </mrow> </semantics></math>. Note: The results are based on a rolling window of 60 months and 10-step-ahead forecast horizons.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/117'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g003-550.jpg?1732788365" title=" <strong>Figure 3</strong><br/> <p>Net directional connectedness in the median quantile VAR (<math display="inline"><semantics> <mrow> <mi>τ</mi> <mo>=</mo> <mn>0.5</mn> <mo>)</mo> </mrow> </semantics></math>. Note: The results are based on a rolling window of 60 months and 10-step-ahead forecast horizons.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/117'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g004-550.jpg?1732788369" title=" <strong>Figure 4</strong><br/> <p>Total connectedness in the extreme quantile VAR. Note: The results are based on a rolling window of 60 months and 10-step-ahead forecast horizons.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/117'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00117/article_deploy/html/images/ijfs-12-00117-g005-550.jpg?1732788373" title=" <strong>Figure 5</strong><br/> <p>Net directional connectedness in the extreme quantile VAR. Note: The results are based on a rolling window of 60 days and 10-step-ahead forecast horizons.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/117'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 14 pages, 304 KiB   </span> <a href="/2227-7072/12/4/116/pdf?version=1732505663" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Developing a Measure of Financial Privacy: A Pilot Study of U.S. College Students" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/116">Developing a Measure of Financial Privacy: A Pilot Study of U.S. College Students</a> <div class="authors"> by <span class="inlineblock "><strong>Thomas A. Hanson</strong> and </span><span class="inlineblock "><strong>Andrew J. Byrd</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 116; <a href="https://doi.org/10.3390/ijfs12040116">https://doi.org/10.3390/ijfs12040116</a> - 21 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/116/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study applied communication privacy management (CPM) theory to develop a new measure of financial privacy, encompassing three dimensions of ownership, permeability, and linkages. The exploratory factor analysis was based on a pilot survey of 371 U.S. college students. The development of this scale was motivated by previous research establishing links between financial literacy, financial socialization, and family communication patterns to suggest the importance of understanding and measuring the role of communication and privacy in the transmission of financial knowledge. Therefore, correlations are also presented between the new measure of financial privacy and measures of financial knowledge, confidence, and experience. The financial privacy scale attained adequate validity and reliability to encourage further refinement and utilization in future theoretical and practical research related to family financial socialization. <a href="/2227-7072/12/4/116">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/L6L3B4X9R6 ">Advance in the Theory and Applications of Financial Literacy</a>)<br/> </div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 20 pages, 602 KiB   </span> <a href="/2227-7072/12/4/115/pdf?version=1732509618" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Mobile Financial Services and the Shadow Economy in Southern African Countries: Does Regulatory Quality Matter?" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/115">Mobile Financial Services and the Shadow Economy in Southern African Countries: Does Regulatory Quality Matter?</a> <div class="authors"> by <span class="inlineblock "><strong>Adewale Hassan</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 115; <a href="https://doi.org/10.3390/ijfs12040115">https://doi.org/10.3390/ijfs12040115</a> - 21 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This study investigated the impact of mobile financial services on the shadow economy in Southern Africa countries and explored how regulatory quality moderates this relationship. Utilising panel data from 1993 to 2022, this study employed dynamic common-correlated effect (DCCE) and dynamic seemingly unrelated <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/115/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This study investigated the impact of mobile financial services on the shadow economy in Southern Africa countries and explored how regulatory quality moderates this relationship. Utilising panel data from 1993 to 2022, this study employed dynamic common-correlated effect (DCCE) and dynamic seemingly unrelated regression (DSUR) methods to assess long-run effects. The findings reveal that increased mobile financial services adoption markedly diminishes the scale of the underground economy by enhancing transaction transparency and accessibility, thus drawing more participants into the formal economy. The results are consistent across DCCE and DSUR estimations. Additionally, improvements in regulatory quality further diminish the shadow economy by bolstering trust and compliance within the financial system, suggesting that well-crafted regulations enhance the effectiveness of mobile financial services. Economic and financial sector developments also contribute to a reduced shadow economy, indicating that broader economic growth and advanced financial systems facilitate formal sector participation. Conversely, larger public sector expenditures appear to expand the shadow economy enterprises, likely due to inefficient resource allocation and increased fiscal burdens that push economic activities underground. Policy recommendations include the need to expand mobile financial services infrastructure, enhance financial literacy, and optimise financial regulatory frameworks to balance oversight with innovation encouragement. <a href="/2227-7072/12/4/115">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/115/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="absgraph cycle-slideshow"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1526239-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00115/article_deploy/html/images/ijfs-12-00115-g001-550.jpg?1732509709" alt="" style="border: 0;"><p>Figure 1</p></div></div></div><div id="article-1526239-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00115/article_deploy/html/images/ijfs-12-00115-g001-550.jpg?1732509709" title=" <strong>Figure 1</strong><br/> <p>Average size of shadow economy (% of GDP) in Southern Africa (1993–2022). Source: Author’s computation based on <a href="#B39-ijfs-12-00115" class="html-bibr">Elgin et al.</a> (<a href="#B39-ijfs-12-00115" class="html-bibr">2021</a>).</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/115'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 17 pages, 2133 KiB   </span> <a href="/2227-7072/12/4/114/pdf?version=1732099615" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Black–Scholes 50 Years Later: Has the Outperformance of Passive Option Strategies Finally Faded?" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/114">Black–Scholes 50 Years Later: Has the Outperformance of Passive Option Strategies Finally Faded?</a> <div class="authors"> by <span class="inlineblock "><strong>Andrew Kumiega</strong>, </span><span class="inlineblock "><strong>Greg Sterijevski</strong> and </span><span class="inlineblock "><strong>Eric Wills</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 114; <a href="https://doi.org/10.3390/ijfs12040114">https://doi.org/10.3390/ijfs12040114</a> - 20 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Slightly over fifty years ago, the Black–Scholes option pricing model revolutionized investing by enabling a shift from linear to non-linear payoff structures. Myron Scholes later published two papers documenting the performance of passive option strategies that outperformed the underlying index on a risk–return <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/114/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Slightly over fifty years ago, the Black–Scholes option pricing model revolutionized investing by enabling a shift from linear to non-linear payoff structures. Myron Scholes later published two papers documenting the performance of passive option strategies that outperformed the underlying index on a risk–return basis. The options market has evolved considerably over the last fifty years from an open outcry trading structure with options being single-listed to a high-frequency computer-based market. This paper re-evaluates the trilogy of foundational studies to determine whether passive-option-enhanced portfolios still produce superior performance in the current high-frequency options market environment. <a href="/2227-7072/12/4/114">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/114/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1525125"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1525125"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1525125" data-cycle-prev="#prev1525125" data-cycle-progressive="#images1525125" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1525125-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g001-550.jpg?1732099697" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1525125" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1525125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g002-550.jpg?1732099699'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1525125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g003-550.jpg?1732099701'><p>Figure 3</p></div> --- <div class='openpopupgallery' data-imgindex='3' data-target='article-1525125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g004-550.jpg?1732099704'><p>Figure 4</p></div> --- <div class='openpopupgallery' data-imgindex='4' data-target='article-1525125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g005-550.jpg?1732099706'><p>Figure 5</p></div> --- <div class='openpopupgallery' data-imgindex='5' data-target='article-1525125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g006-550.jpg?1732099709'><p>Figure 6</p></div> --- <div class='openpopupgallery' data-imgindex='6' data-target='article-1525125-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g007-550.jpg?1732099711'><p>Figure 7</p></div></script></div></div><div id="article-1525125-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g001-550.jpg?1732099697" title=" <strong>Figure 1</strong><br/> <p>Growth of option volume cleared in early years.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g002-550.jpg?1732099699" title=" <strong>Figure 2</strong><br/> <p>Historical growth of equity and index open option contracts.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g003-550.jpg?1732099701" title=" <strong>Figure 3</strong><br/> <p>Emini S&amp;P500 front month option skew on 2 July 2024.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g004-550.jpg?1732099704" title=" <strong>Figure 4</strong><br/> <p>Term structure example from Emini futures option on 2 July 2024.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g005-550.jpg?1732099706" title=" <strong>Figure 5</strong><br/> <p>CBOE indices return (expiry-to-expiry) time series return.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g006-550.jpg?1732099709" title=" <strong>Figure 6</strong><br/> <p>VIX Index smoothed using a ten-day moving average.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00114/article_deploy/html/images/ijfs-12-00114-g007-550.jpg?1732099711" title=" <strong>Figure 7</strong><br/> <p>Efficient frontier.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/114'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 20 pages, 1411 KiB   </span> <a href="/2227-7072/12/4/113/pdf?version=1731566767" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Unraveling Youth Indebtedness in China: A Case Study Based on the “Debtors Avengers” Community on Douban" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/113">Unraveling Youth Indebtedness in China: A Case Study Based on the “Debtors Avengers” Community on Douban</a> <div class="authors"> by <span class="inlineblock "><strong>Junan Zhang</strong> and </span><span class="inlineblock "><strong>Dong Liu</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 113; <a href="https://doi.org/10.3390/ijfs12040113">https://doi.org/10.3390/ijfs12040113</a> - 13 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> Over-indebtedness is an increasingly serious issue among young people in China. Using Atlas.ti, this study analyzes textual data from the online community “Debtors Avengers” on Douban.com, applying a combined framework of life cycle and credit liberalization hypotheses. The findings reveal that youth indebtedness <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/113/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> Over-indebtedness is an increasingly serious issue among young people in China. Using Atlas.ti, this study analyzes textual data from the online community “Debtors Avengers” on Douban.com, applying a combined framework of life cycle and credit liberalization hypotheses. The findings reveal that youth indebtedness is not solely driven by irrational consumer behavior but is closely linked to economic activities during specific life stages. Structurally, it reflects sociofinancial digitization and normalized credit use. Factors such as life circumstances, financial literacy, labor market instability, and public safety risks contribute to a “debt spiral”. Addressing these challenges requires the refinement of financial policies, enhanced education, and intervention in financial aggression. <a href="/2227-7072/12/4/113">Full article</a> </div> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/113/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1520304"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1520304"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1520304" data-cycle-prev="#prev1520304" data-cycle-progressive="#images1520304" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1520304-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00113/article_deploy/html/images/ijfs-12-00113-g001-550.jpg?1731566858" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1520304" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1520304-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00113/article_deploy/html/images/ijfs-12-00113-g002-550.jpg?1731566860'><p>Figure 2</p></div></script></div></div><div id="article-1520304-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00113/article_deploy/html/images/ijfs-12-00113-g001-550.jpg?1731566858" title=" <strong>Figure 1</strong><br/> <p>Word cloud.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/113'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00113/article_deploy/html/images/ijfs-12-00113-g002-550.jpg?1731566860" title=" <strong>Figure 2</strong><br/> <p>Sankey diagram.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/113'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 19 pages, 807 KiB   </span> <a href="/2227-7072/12/4/112/pdf?version=1731563995" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Factors Influencing Hotel Revenue Management in Times of Crisis: Towards Financial Sustainability" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/112">Factors Influencing Hotel Revenue Management in Times of Crisis: Towards Financial Sustainability</a> <div class="authors"> by <span class="inlineblock "><strong>Luís Lima Santos</strong>, </span><span class="inlineblock "><strong>Conceição Gomes</strong>, </span><span class="inlineblock "><strong>Cátia Malheiros</strong>, </span><span class="inlineblock "><strong>Catarina Crespo</strong> and </span><span class="inlineblock "><strong>Carla Bento</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 112; <a href="https://doi.org/10.3390/ijfs12040112">https://doi.org/10.3390/ijfs12040112</a> - 13 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> (1) Background: Facing the challenges of a post-pandemic period and the Ukraine War and recognising the gap in scientific research on the application of revenue management (RM) in the Portuguese hotel industry, the main objective of this study is to identify the most <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/112/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> (1) Background: Facing the challenges of a post-pandemic period and the Ukraine War and recognising the gap in scientific research on the application of revenue management (RM) in the Portuguese hotel industry, the main objective of this study is to identify the most effective and least appropriate RM practices for use in periods of low demand and crises, reflecting the financial sustainability perspective. The theoretical framework of this study focuses on the main RM practices, grouping them into price and non-price strategies. (2) Methods: A quantitative methodology was employed, collecting information from Portuguese hotels through an online questionnaire, and statistical analysis using Mann–Whitney and Chi-square tests was conducted. (3) Results: Hotels offered discounts during the pandemic, but room rates were reduced during the recovery period. These findings also revealed that commonly used techniques were the best available rate (BAR) and rate fences, particularly during the pandemic. Quality, brand image, strategic partnerships, and marketing actions are recognised as essential. However, loyalty programs, length of stay (LOS) control, rate parity, and bundled services are not commonly implemented despite their importance during periods of low demand. Larger hotels, five-star hotels, and members of international chains applied more RM practices than smaller four-star independent hotels. (4) Originality: This study provides original and valuable insights into increasing hotel revenues and occupancy rates during future periods of low demand, which benefit financial sustainability. <a href="/2227-7072/12/4/112">Full article</a> </div> </div> <div class="belongsTo" style="margin-bottom: 10px;"> (This article belongs to the Special Issue <a href=" /journal/ijfs/special_issues/HP16K1XP22 ">Sustainable Corporate Governance and Financial Performance</a>)<br/> </div> <a href="#" class="abstract-figures-show" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/112/show" ><span >►</span><span style=" display: none;">▼</span> Show Figures </a><div class="abstract-image-preview "><div class="arrow left-arrow" id="prev1520155"><i class="fa fa-caret-left"></i></div><div class="arrow right-arrow" id="next1520155"><i class="fa fa-caret-right"></i></div><div class="absgraph cycle-slideshow manual" data-cycle-fx="scrollHorz" data-cycle-timeout="0" data-cycle-next="#next1520155" data-cycle-prev="#prev1520155" data-cycle-progressive="#images1520155" data-cycle-slides=">div" data-cycle-log="false"><div class='openpopupgallery cycle-slide' data-imgindex='0' data-target='article-1520155-popup'><span class="helper"></span><img src="data:image/gif;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs=" data-src="https://pub.mdpi-res.com/ijfs/ijfs-12-00112/article_deploy/html/images/ijfs-12-00112-g001-550.jpg?1731564078" alt="" style="border: 0;"><p>Figure 1</p></div><script id="images1520155" type="text/cycle" data-cycle-split="---"><div class='openpopupgallery' data-imgindex='1' data-target='article-1520155-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00112/article_deploy/html/images/ijfs-12-00112-g002-550.jpg?1731564080'><p>Figure 2</p></div> --- <div class='openpopupgallery' data-imgindex='2' data-target='article-1520155-popup'><span class="helper"></span><img src='https://pub.mdpi-res.com/ijfs/ijfs-12-00112/article_deploy/html/images/ijfs-12-00112-g003-550.jpg?1731564081'><p>Figure 3</p></div></script></div></div><div id="article-1520155-popup" class="popupgallery" style="display: inline; line-height: 200%"><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00112/article_deploy/html/images/ijfs-12-00112-g001-550.jpg?1731564078" title=" <strong>Figure 1</strong><br/> <p>Pricing techniques.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/112'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00112/article_deploy/html/images/ijfs-12-00112-g002-550.jpg?1731564080" title=" <strong>Figure 2</strong><br/> <p>Price presentation on the website.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/112'>Full article</a></strong> "></a><a href="https://pub.mdpi-res.com/ijfs/ijfs-12-00112/article_deploy/html/images/ijfs-12-00112-g003-550.jpg?1731564081" title=" <strong>Figure 3</strong><br/> <p>Non-pricing techniques.</p> <strong style='display: block; margin-top: 10px; font-size: 18px;'><a style='color: #fff' href='/2227-7072/12/4/112'>Full article</a></strong> "></a></div> </div> </div> </div> <div class="expanding-div collapsed"> <div class="generic-item article-item"> <div class="article-content"> <div class="label right label__btn"> <span style="font-size: 12px; color: #1a1a1a;"> 21 pages, 320 KiB   </span> <a href="/2227-7072/12/4/111/pdf?version=1730813447" class="UD_Listings_ArticlePDF" title="Article PDF" data-name="Unveiling Intangible Assets: Exploring Voluntary Disclosure and Its Interaction with Accounting Conservatism and Analyst Attention on Financing Constraints" data-journal="ijfs"> <i class="material-icons custom-download"></i> </a> </div> <div class="article-icons"><span class="label openaccess" data-dropdown="drop-article-label-openaccess" aria-expanded="false">Open Access</span><span class="label articletype">Article</span></div> <a class="title-link" href="/2227-7072/12/4/111">Unveiling Intangible Assets: Exploring Voluntary Disclosure and Its Interaction with Accounting Conservatism and Analyst Attention on Financing Constraints</a> <div class="authors"> by <span class="inlineblock "><strong>Congrong Li</strong> and </span><span class="inlineblock "><strong>Zhe Ning</strong></span> </div> <div class="color-grey-dark"> <em>Int. J. Financial Stud.</em> <b>2024</b>, <em>12</em>(4), 111; <a href="https://doi.org/10.3390/ijfs12040111">https://doi.org/10.3390/ijfs12040111</a> - 5 Nov 2024 </div> <div class="abstract-div"> <a href="#" onclick="$(this).next('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> <strong>Abstract </strong> </a> <div class="abstract-cropped inline"> This paper examines the relationship between the voluntary disclosure of intangible assets and financing constraints using a sample of 2850 listed companies from 2017 to 2021. Additionally, we examine the moderating effects of prudence in accounting and the attention given to the disclosures <a href="#" data-counterslink = "https://www.mdpi.com/2227-7072/12/4/111/more" onclick="$(this).parents('.abstract-cropped').toggleClass('inline').next('.abstract-full').toggleClass('inline'); return false;"> [...] Read more.</a> </div> <div class="abstract-full "> This paper examines the relationship between the voluntary disclosure of intangible assets and financing constraints using a sample of 2850 listed companies from 2017 to 2021. Additionally, we examine the moderating effects of prudence in accounting and the attention given to the disclosures by analysts from both an internal and an external perspective. The results show that voluntarily disclosing intangible assets helps to alleviate a firm’s financing constraints, with more significant effects observed in state-owned enterprises and companies listed on the Growth Enterprise Market index than for private enterprises and those listed on the main board of the Chinese capital market. Further, conservatism in accounting and attention given by financial analysts both positively moderate this relationship. The theoretical and empirical insights provided by this study should help listed companies in China to enhance the quality of their voluntary intangible asset disclosures, while also helping to mitigate financing constraints. <a href="/2227-7072/12/4/111">Full article</a> </div> </div> </div> </div> </div> </div> <div class="generic-item last-item"> <a class="bold" href="/search?q=&journal=ijfs&sort=pubdate&page_count=50">More Articles...</a> </div> </div> </div> </div> <div id="left-column" class="content__column large-3 large-pull-6 medium-3 medium-pull-6 small-12 columns"> <div id="js-large-main-top-container"> <div id="js-main-top-container" class="content__container"> <a href="/journal/ijfs"> <img src="https://pub.mdpi-res.com/img/journals/ijfs-logo.png?90a76e5ffbc4c6e6" alt="ijfs-logo" title="International Journal of Financial Studies" style="max-height: 60px; margin: 0 0 0 0;"> </a> <div class="generic-item no-border" style="position: relative;"> <div class=""> <a class="button button--color button--color-journal button--full-width js-journal-active-only-link js-journal-active-only-submit-link UC_JournalSubmitButton" href="https://susy.mdpi.com/user/manuscripts/upload?form[journal_id]=148" data-disabledmessage="creating new submissions is not possible."> Submit to <i>IJFS</i> </a> <a class="button button--color button--full-width js-journal-active-only-link UC_JournalReviewButton" href="https://susy.mdpi.com/volunteer/journals/review" data-disabledmessage="volunteering as journal reviewer is not possible."> Review for <em>IJFS</em> </a> </div> <div class="journal-share-links"> <div class="journal-share-links-social"> <a class="button button--color UA_JournalShareButtons" target="_blank" rel="noopener noreferrer" href="https://twitter.com/IJFS_MDPI"> <svg width="25" height="26" viewBox="0 0 1200 1227" fill="none" xmlns="http://www.w3.org/2000/svg" style="padding: 6px;"> <path d="M714.163 519.284L1160.89 0H1055.03L667.137 450.887L357.328 0H0L468.492 681.821L0 1226.37H105.866L515.491 750.218L842.672 1226.37H1200L714.137 519.284H714.163ZM569.165 687.828L521.697 619.934L144.011 79.6944H306.615L611.412 515.685L658.88 583.579L1055.08 1150.3H892.476L569.165 687.854V687.828Z" fill="black" /> </svg> </a> <a class="button button--color UA_JournalShareButtons" target="_blank" rel="noopener noreferrer" href="https://www.facebook.com/MDPIOpenAccessPublishing"> <svg width="26" height="26" viewBox="0 0 26 26" fill="none" xmlns="http://www.w3.org/2000/svg" style="margin-top: 1px; margin-bottom: -2px; margin-left: 1px;"> <path fill-rule="evenodd" clip-rule="evenodd" d="M14.1193 20.3917V13.0007H16.1262L16.3921 10.4537H14.1193L14.1228 9.17886C14.1228 8.51456 14.1848 8.15862 15.1233 8.15862H16.3779V5.61133H14.3708C11.96 5.61133 11.1114 6.8469 11.1114 8.92474V10.4539H9.60864V13.0009H11.1114V20.3917H14.1193Z" fill="black"/> </svg> </a> <a class="button button--color UA_JournalShareButtons" target="_blank" rel="noopener noreferrer" href="https://www.linkedin.com/company/ijfs"> <svg width="26" height="26" viewBox="0 0 26 26" fill="none" xmlns="http://www.w3.org/2000/svg"> <path fill-rule="evenodd" clip-rule="evenodd" d="M9.43155 10.0654H6.26343V19.5981H9.43155V10.0654Z" fill="black"/> <path fill-rule="evenodd" clip-rule="evenodd" d="M9.64005 7.11532C9.61949 6.18065 8.95207 5.46875 7.86827 5.46875C6.78448 5.46875 6.07593 6.18065 6.07593 7.11532C6.07593 8.03064 6.76353 8.76304 7.82715 8.76304H7.84739C8.95207 8.76304 9.64005 8.03064 9.64005 7.11532Z" fill="black"/> <path fill-rule="evenodd" clip-rule="evenodd" d="M20.8571 14.1306C20.8571 11.2026 19.2942 9.83984 17.2094 9.83984C15.5274 9.83984 14.7743 10.7651 14.3538 11.4142V10.0639H11.1853C11.2271 10.9584 11.1853 19.5966 11.1853 19.5966H14.3538V14.2728C14.3538 13.9879 14.3744 13.7037 14.4581 13.4997C14.6871 12.9305 15.2084 12.3412 16.0837 12.3412C17.2306 12.3412 17.689 13.2154 17.689 14.4964V19.5964H20.857L20.8571 14.1306Z" fill="black"/> </svg> </a> </div> <div class="journal-share-links-generic"> <a class="button button--color button--full-width UA_JournalShareButtons" href="#" data-reveal-id="main-share-modal"> Share </a> </div> </div> </div> <div class="generic-item condensed-small UI_JournalMenu"> <h2 class="show-for-medium-up">Journal Menu</h2> <a href="#" class="bolded-text link-journal-menu show-for-small"> <span class="closed">►</span> <span class="open" style="display: none;">▼</span> Journal Menu </a> <ul class="accordion__dummy accordion__menu hide-small-down-initially" style="margin-top: 10px;"> <li class="accordion-navigation accordion-navigation__journal"> <ul> <li class="side-menu-li active "> <a href="/journal/ijfs"><em>IJFS</em> Home </a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/about">Aims & Scope</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/editors"> Editorial Board </a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/instructions">Instructions for Authors</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/special_issues">Special Issues</a> </li> <li class="side-menu-li"> <a href="/topics?journal=ijfs">Topics</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/topical_collections">Topical Collections</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/apc">Article Processing Charge</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/indexing">Indexing & Archiving</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/editors_choice">Editor’s Choice Articles</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/most_cited">Most Cited & Viewed</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/stats">Journal Statistics</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/history">Journal History</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/awards">Journal Awards</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/events">Conferences</a> </li> <li class="side-menu-li "> <a href="/journal/ijfs/editorial_office">Editorial Office</a> </li> </ul> </li> </ul> </div> <h2 class="show-for-medium-up">Journal Browser</h2> <a href="#" class="bolded-text link-journal-browser show-for-small" style="margin-bottom: 10px;"> <span class="closed">►</span> <span class="open" style="display: none;">▼</span> Journal Browser </a> <div class="show-for-medium-up"> <div class="generic-item last-item no-border"> <form method="post" action="/journal/ijfs" id="qckvi" onsubmit="return !$('#journal-browser-go').hasClass('button--grey');"> <div style="margin-bottom: 10px;" class="UI_JournalBrowser_Volume"> <select id="journal-browser-volume" name="volume" style="width: 100%; margin-bottom: 0;" class="chosen-select"> <option value='' data-id="0">volume</option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="13"> 13 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="12"> 12 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="11"> 11 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="10"> 10 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="9"> 9 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="8"> 8 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="7"> 7 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="6"> 6 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="5"> 5 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="4"> 4 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="3"> 3 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="2"> 2 </option> <option onclick="$('#journal-browser-namesystem').val($(this).data('namesystem'));" data-namesystem="ijfs" value="1"> 1 </option> </select> </div> <div style="margin-bottom: 10px;" class="UI_JournalBrowser_Issue"> <select id="journal-browser-issue" name="issue" style="width: 100%; margin-bottom: 0;" class="chosen-select"> <option value='' class="volume-0">issue</option> <option value="1" class="volume-13" style="display: none;"> 1 </option> <option value="1" class="volume-12" style="display: none;"> 1 </option> <option value="2" class="volume-12" style="display: none;"> 2 </option> <option value="3" class="volume-12" style="display: none;"> 3 </option> <option value="4" class="volume-12" style="display: none;"> 4 </option> <option value="1" class="volume-11" style="display: none;"> 1 </option> <option value="2" class="volume-11" style="display: none;"> 2 </option> <option value="3" class="volume-11" style="display: none;"> 3 </option> <option value="4" class="volume-11" style="display: none;"> 4 </option> <option value="1" class="volume-10" style="display: none;"> 1 </option> <option value="2" class="volume-10" style="display: none;"> 2 </option> <option value="3" class="volume-10" style="display: none;"> 3 </option> <option value="4" class="volume-10" style="display: none;"> 4 </option> <option value="1" class="volume-9" style="display: none;"> 1 </option> <option value="2" class="volume-9" style="display: none;"> 2 </option> <option value="3" class="volume-9" style="display: none;"> 3 </option> <option value="4" class="volume-9" style="display: none;"> 4 </option> <option value="1" class="volume-8" style="display: none;"> 1 </option> <option value="2" class="volume-8" style="display: none;"> 2 </option> <option value="3" class="volume-8" style="display: none;"> 3 </option> <option value="4" class="volume-8" style="display: none;"> 4 </option> <option value="1" class="volume-7" style="display: none;"> 1 </option> <option value="2" class="volume-7" style="display: none;"> 2 </option> <option value="3" class="volume-7" style="display: none;"> 3 </option> <option value="4" class="volume-7" style="display: none;"> 4 </option> <option value="1" class="volume-6" style="display: none;"> 1 </option> <option value="2" class="volume-6" style="display: none;"> 2 </option> <option value="3" class="volume-6" style="display: none;"> 3 </option> <option value="4" class="volume-6" style="display: none;"> 4 </option> <option value="1" class="volume-5" style="display: none;"> 1 </option> <option value="2" class="volume-5" style="display: none;"> 2 </option> <option value="3" class="volume-5" style="display: none;"> 3 </option> <option value="4" class="volume-5" style="display: none;"> 4 </option> <option value="1" class="volume-4" style="display: none;"> 1 </option> <option value="2" class="volume-4" style="display: none;"> 2 </option> <option value="3" class="volume-4" style="display: none;"> 3 </option> <option value="4" class="volume-4" style="display: none;"> 4 </option> <option value="1" class="volume-3" style="display: none;"> 1 </option> <option value="2" class="volume-3" style="display: none;"> 2 </option> <option value="3" class="volume-3" style="display: none;"> 3 </option> <option value="4" class="volume-3" style="display: none;"> 4 </option> <option value="1" class="volume-2" style="display: none;"> 1 </option> <option value="2" class="volume-2" style="display: none;"> 2 </option> <option value="3" class="volume-2" style="display: none;"> 3 </option> <option value="4" class="volume-2" style="display: none;"> 4 </option> <option value="1" class="volume-1" style="display: none;"> 1 </option> <option value="2" class="volume-1" style="display: none;"> 2 </option> <option value="3" class="volume-1" style="display: none;"> 3 </option> <option value="4" class="volume-1" style="display: none;"> 4 </option> </select> </div> <input type="hidden" name="_token" value="ns430YeLg7SLx6s4iQDRcUYL1q-UELj_C3v16I1EEps"> <input type="hidden" id="journal-browser-namesystem" name="namesystem" value="ijfs"> <input type="hidden" name="getIssueByVI" value="1"> <input type="submit" id="journal-browser-go" value="Go" style="" class="button button--grey button--full-width UI_JournalBrowser_GoButton"> </form> <div style="clear:both;"></div> </div> <div class="generic-item last-item first-item no-border"> <ul class="side-menu-ul"> <li class="side-menu-li side-menu-li__padded"> <a href="/2227-7072/13/1"> <i class="material-icons arrow" style="display: inline-block"> arrow_forward_ios </i> <strong>Forthcoming issue</strong> </a> <br/> <a href="/2227-7072/12/4"> <i class="material-icons arrow" style="display: inline-block"> arrow_forward_ios </i> <strong>Current issue</strong> </a> </li> <div class="show-for-medium-up"> <div class=""> <div class="journal-browser-volumes "> <li class="side-menu-li"> <a href="/2227-7072/13"> Vol. 13 (2025) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/12"> Vol. 12 (2024) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/11"> Vol. 11 (2023) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/10"> Vol. 10 (2022) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/9"> Vol. 9 (2021) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/8"> Vol. 8 (2020) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/7"> Vol. 7 (2019) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/6"> Vol. 6 (2018) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/5"> Vol. 5 (2017) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/4"> Vol. 4 (2016) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/3"> Vol. 3 (2015) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/2"> Vol. 2 (2014) </a> </li> <li class="side-menu-li"> <a href="/2227-7072/1"> Vol. 1 (2013) </a> </li> </div> </div> </div> </ul> </div> </div> </div> </div> <div class="show-for-medium-up"> <div class="content__container banner-container" style="padding:0px;"> <div> <div class="generic-item1"> <div id="bestAwardPaperAD" style="padding: 0px; width: 100%;"> <div id="banner1" class="adserver-banner" data-zone="4" data-repeat-interval="10" style="width: 100%; padding:0px;margin:0px;"></div> </div> </div> </div> </div> </div> <div class="content__container extending-content" data-url="/journal/ajax/most_accessed_articles/148"> <div class="custom-accordion-for-small-screen-link"> <h2>Highly Accessed Articles</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div class="last-item generic-item"> <a class="bold" href="/search?q=&journal=ijfs&sort=articles_stats_art_view_page&page_count=50">View More...</a> </div> </div> </div> <div class="content__container extending-content" data-url="/journal/ajax/latest_books/ijfs"> <div class="custom-accordion-for-small-screen-link"> <h2 class="show-for-small-only">Latest Books</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <img src="https://pub.mdpi-res.com/img/design/books_logo_new.svg?76e680e5363e99ba?1735221012"> <div class="last-item generic-item"> <a class="bold" href="https://www.mdpi.com/books/search?type%5B%5D=Reprint&journal_facet%5B%5D=International+Journal+of+Financial+Studies" target="_blank" rel="noopener noreferrer">More Books and Reprints...</a> </div> </div> </div> </div> <div id="right-column" class="content__column large-25 medium-3 small-12 columns"> <div class="content__container"> <div class="custom-accordion-for-small-screen-link"> <h2>E-Mail Alert</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div id="journal-alerts" class="generic-item last-item no-border condensed-small"> <form method="post" action="/subscribe" id="subscribeForm" style="margin:0; padding:0;" onsubmit="return false;"> <div style="margin-bottom: 5px;">Add your e-mail address to receive forthcoming issues of this journal:</div> <input name="email" type="email" placeholder="Enter Your E-Mail Address..." required="required"> <input name="journals[]" type="hidden" value="ijfs"> <input type="hidden" name="_token" value="e5z7vTLyibw6wyqEl0zsx6EePFS8MxHCiJwP8DsNbJ0"> <input id="Email-Subscribe" class="button button--color button--full-width genericCaptcha UA_JournalSubscribeButton" name="email-button" value="Subscribe" type="submit"> </form> </div> </div> </div> <div class="content__container"> <div class="custom-accordion-for-small-screen-link"> <h2>News</h2> </div> <div class="target-item custom-accordion-for-small-screen-content show-for-medium-up"> <div class="generic-item news-item no-border"> <span class="text-information">17 December 2024</span> <br/> <a class="title-link" href="/journal/ijfs/announcements/9999"><strong>Over 100 German Universities Partner with MDPI in New National Agreement</strong></a> <a href="/journal/ijfs/announcements/9999"><img style="margin: 5px 0; display: block; max-width: 100%; height: auto;" src="https://pub.mdpi-res.com/announcement/9999.jpg?1735221012" /></a> </div> <div class="generic-item news-item "> <span class="text-information">17 December 2024</span> <br/> <a class="title-link" href="/journal/ijfs/announcements/9993">Article Layout and Template Revised for Future Volumes</a> </div> <div class="generic-item news-item "> <span class="text-information">6 December 2024</span> <br/> <a class="title-link" href="/journal/ijfs/announcements/9928">MDPI INSIGHTS: The CEO's Letter #18 - MDPI UK, Basel Job Fair, CETEF'24</a> </div> <div class="generic-item last-item UI_NewsAnnounce"> <a class="bold" href="/journal/ijfs/announcements">More News & Announcements...</a> </div> </div> </div> <div class="content__container selected-special-issues"> <div class="custom-accordion-for-small-screen-link"> <h2>Topics</h2> </div> <div class="custom-accordion-for-small-screen-content show-for-medium-up"> <div class="generic-item button-type no-border"> <a class="button button--color button--full-width submit-manuscript" href="/topics/proposal"> Propose a Topic </a> </div> <div class="generic-item"><div><span class="text-information times"> Topic in <span class="text-information italics times">Agriculture</span>, <span class="text-information italics times">Economies</span>, <span class="text-information italics times">Sustainability</span>, <span class="text-information italics times">Urban Science</span>, <span class="text-information italics times">IJFS</span></span></div><a class="title-link bold" href="/topics/5IKWEZW98E"> The Multidimensional Synergy Measures to Achieve Sustainable Regional Socio-Economic Development </a><span class="text-information color-grey-dark">Topic Editors: Zaijun Li, Lei Jiang, Rufei Ma<br/></span><span class="text-information highlight">Deadline: 31 December 2025</span></div> <div class="generic-item"><div><span class="text-information times"> Topic in <span class="text-information italics times">Economies</span>, <span class="text-information italics times">IJFS</span>, <span class="text-information italics times">Sustainability</span>, <span class="text-information italics times">Businesses</span>, <span class="text-information italics times">JRFM</span></span></div><a class="title-link bold" href="/topics/1G6M5GH308"> Sustainable and Green Finance </a><span class="text-information color-grey-dark">Topic Editors: Otilia Manta, Maria Palazzo<br/></span><span class="text-information highlight">Deadline: 31 October 2026</span></div> </div> </div> <div class="show-for-medium-up"> <div id="adBannerContent" class="content__container banner-container" style="text-align:center;"> <div id="banner2" class="adserver-banner" data-zone="2" data-repeat-interval="10" style="height: 600px; width: 160px; position: relative; margin: 0 auto;"> <img src="https://pub.mdpi-res.com/img/loading_circle.gif?9a82694213036313?1735221012" alt="loading..." style="position: absolute;top: 50%;left: 50%;"> </div> </div> </div> <div class="show-for-small"> <div class="content__container banner-container"> <div id="adBannerContentMobile" style="margin-bottom: 15px; padding: 0px; width: 100%;"> <div id="banner3" class="adserver-banner" data-zone="7" style="width: 100%;"></div> </div> </div> </div> <div class="content__container"> <div class="custom-accordion-for-small-screen-link"> <h2>Conferences</h2> </div> <div class="custom-accordion-for-small-screen-content show-for-medium-up"> <div class="generic-item button-type no-border"> <a class="button button--color button--full-width submit-manuscript" href="/events/add"> Announce Your Conference </a> </div> <div class="generic-item"><span class="text-information"> 17–18 June 2025 </span><a href="/journal/ijfs/events/17930" class="title-link bold">The 1st International Online Conference on Risk and Financial Management: Big Data, Artificial Intelligence, and Machine Learning in Finance (IOCRF2025)</a><a href="/journal/ijfs/events/17930"><img style="margin: 5px 0; max-width: 100%; height: auto;" src="https://pub.mdpi-res.com/img/misc/event_1735026859900.jpg?1735221012" border="0"></a></div> <div class="generic-item last-item"> <a href="/journal/ijfs/events" class="bold">More Conferences...</a><br/> </div> </div> </div> <div class="content__container selected-special-issues"> <div class="custom-accordion-for-small-screen-link"> <h2>Special Issues</h2> </div> <div class="custom-accordion-for-small-screen-content show-for-medium-up"> <div class="generic-item button-type no-border"> <a class="button button--color button--full-width submit-manuscript" href="/journalproposal/sendproposalspecialissue/ijfs" data-path="/journal/ijfs"> Propose a Special Issue </a> </div> <div class="generic-item"><div><span class="text-information times"> Special Issue in </span><span class="text-information italics times">IJFS</span></div><a class="title-link bold" href="/journal/ijfs/special_issues/3499O3E6JJ"> Cryptocurrency Markets, Centralized Finance and Decentralized Finance </a><span class="text-information color-grey-dark">Guest Editor: David Vidal-Tomás<br/></span><span class="text-information highlight">Deadline: 31 January 2025</span></div> <div class="generic-item"><div><span class="text-information times"> Special Issue in </span><span class="text-information italics times">IJFS</span></div><a class="title-link bold" href="/journal/ijfs/special_issues/4O54ERY12C"> Financial System in the Digital Age: Opportunities, Challenges and Future Directions </a><span class="text-information color-grey-dark">Guest Editor: Aivars Spilbergs<br/></span><span class="text-information highlight">Deadline: 31 January 2025</span></div> <div class="generic-item"><div><span class="text-information times"> Special Issue in </span><span class="text-information italics times">IJFS</span></div><a class="title-link bold" href="/journal/ijfs/special_issues/XU453AGC4O"> Emerging Trends in Global Foreign Direct Investment </a><span class="text-information color-grey-dark">Guest Editor: Hong Bo<br/></span><span class="text-information highlight">Deadline: 15 February 2025</span></div> <div class="generic-item"><div><span class="text-information times"> Special Issue in </span><span class="text-information italics times">IJFS</span></div><a class="title-link bold" href="/journal/ijfs/special_issues/850YS5Z714"> Sustainability Accounting: Challenges and Future Trends </a><span class="text-information color-grey-dark">Guest Editor: Sorinel Capusneanu<br/></span><span class="text-information highlight">Deadline: 28 February 2025</span></div> <div class="generic-item last-item"> <a href="/journal/ijfs/special_issues" class="bold">More Special Issues</a> </div> </div> </div> <div class="content__container selected-special-issues"> <div class="custom-accordion-for-small-screen-link"> <h2>Topical Collections</h2> </div> <div class="custom-accordion-for-small-screen-content show-for-medium-up"> <div class="generic-item"><div><span class="text-information times"> Topical Collection in </span><span class="text-information italics times">IJFS</span></div><a class="title-link bold" href="/journal/ijfs/topical_collections/CSR_new"> Corporate Social Responsibility in Finance </a><span class="text-information color-grey-dark">Collection Editor: Frank Li<br/></span></div> </div> </div> <div class="column-padding"></div> </div> </div> </div> </section> <div id="footer"> <div class="journal-info"> <span> <em><a class="Var_JournalInfo" href="/journal/ijfs">Int. J. Financial Stud.</a></em>, EISSN 2227-7072, Published by MDPI </span> <div class="large-right"> <span> <a href="/rss/journal/ijfs" class="rss-link">RSS</a> </span> <span> <a href="/journal/ijfs/toc-alert">Content Alert</a> </span> </div> </div> <div class="row full-width footer-links" data-equalizer="footer" data-equalizer-mq="small"> <div class="large-2 large-push-4 medium-3 small-6 columns" data-equalizer-watch="footer"> <h3> Further Information </h3> <a href="/apc"> Article Processing Charges </a> <a href="/about/payment"> Pay an Invoice </a> <a href="/openaccess"> Open Access Policy </a> <a href="/about/contact"> Contact MDPI </a> <a href="https://careers.mdpi.com" target="_blank" rel="noopener noreferrer"> Jobs at MDPI </a> </div> <div class="large-2 large-push-4 medium-3 small-6 columns" data-equalizer-watch="footer"> <h3> Guidelines </h3> <a href="/authors"> For Authors </a> <a href="/reviewers"> For Reviewers </a> <a href="/editors"> For Editors </a> <a href="/librarians"> For Librarians </a> <a href="/publishing_services"> For Publishers </a> <a href="/societies"> For Societies </a> <a href="/conference_organizers"> For Conference Organizers </a> </div> <div class="large-2 large-push-4 medium-3 small-6 columns"> <h3> MDPI Initiatives </h3> <a href="https://sciforum.net" target="_blank" rel="noopener noreferrer"> Sciforum </a> <a href="https://www.mdpi.com/books" target="_blank" rel="noopener noreferrer"> MDPI Books </a> <a href="https://www.preprints.org" target="_blank" rel="noopener noreferrer"> Preprints.org </a> <a href="https://www.scilit.net" target="_blank" rel="noopener noreferrer"> Scilit </a> <a href="https://sciprofiles.com?utm_source=mpdi.com&utm_medium=bottom_menu&utm_campaign=initiative" target="_blank" rel="noopener noreferrer"> SciProfiles </a> <a href="https://encyclopedia.pub" target="_blank" rel="noopener noreferrer"> Encyclopedia </a> <a href="https://jams.pub" target="_blank" rel="noopener noreferrer"> JAMS </a> <a href="/about/proceedings"> Proceedings Series </a> </div> <div class="large-2 large-push-4 medium-3 small-6 right-border-large-without columns UA_FooterFollowMDPI"> <h3> Follow MDPI </h3> <a href="https://www.linkedin.com/company/mdpi" target="_blank" rel="noopener noreferrer"> LinkedIn </a> <a href="https://www.facebook.com/MDPIOpenAccessPublishing" target="_blank" rel="noopener noreferrer"> Facebook </a> <a href="https://twitter.com/MDPIOpenAccess" target="_blank" rel="noopener noreferrer"> Twitter </a> </div> <div id="footer-subscribe" class="large-4 large-pull-8 medium-12 small-12 left-border-large columns"> <div class="footer-subscribe__container"> <img class="show-for-large-up" src="https://pub.mdpi-res.com/img/design/mdpi-pub-logo-white-small.png?71d18e5f805839ab?1735221012" alt="MDPI" title="MDPI Open Access Journals" style="height: 50px; margin-bottom: 10px;"> <form id="newsletter" method="POST" action="/subscribe"> <p> Subscribe to receive issue release notifications and newsletters from MDPI journals </p> <select multiple id="newsletter-journal" class="foundation-select" name="journals[]"> <option value="acoustics">Acoustics</option> <option value="amh">Acta Microbiologica Hellenica</option> <option value="actuators">Actuators</option> <option value="adhesives">Adhesives</option> <option value="admsci">Administrative Sciences</option> <option value="adolescents">Adolescents</option> <option value="arm">Advances in Respiratory Medicine</option> <option value="aerobiology">Aerobiology</option> <option value="aerospace">Aerospace</option> <option value="agriculture">Agriculture</option> <option value="agriengineering">AgriEngineering</option> <option value="agrochemicals">Agrochemicals</option> <option value="agronomy">Agronomy</option> <option value="ai">AI</option> <option value="air">Air</option> <option value="algorithms">Algorithms</option> <option value="allergies">Allergies</option> <option value="alloys">Alloys</option> <option value="analytica">Analytica</option> <option value="analytics">Analytics</option> <option value="anatomia">Anatomia</option> <option value="anesthres">Anesthesia Research</option> <option value="animals">Animals</option> <option value="antibiotics">Antibiotics</option> <option value="antibodies">Antibodies</option> <option value="antioxidants">Antioxidants</option> <option value="applbiosci">Applied Biosciences</option> <option value="applmech">Applied Mechanics</option> <option value="applmicrobiol">Applied Microbiology</option> <option value="applnano">Applied Nano</option> <option value="applsci">Applied Sciences</option> <option value="asi">Applied System Innovation</option> <option value="appliedchem">AppliedChem</option> <option value="appliedmath">AppliedMath</option> <option value="aquacj">Aquaculture Journal</option> <option value="architecture">Architecture</option> <option value="arthropoda">Arthropoda</option> <option value="arts">Arts</option> <option value="astronomy">Astronomy</option> <option value="atmosphere">Atmosphere</option> <option value="atoms">Atoms</option> <option value="audiolres">Audiology Research</option> <option value="automation">Automation</option> <option value="axioms">Axioms</option> <option value="bacteria">Bacteria</option> <option value="batteries">Batteries</option> <option value="behavsci">Behavioral Sciences</option> <option value="beverages">Beverages</option> <option value="BDCC">Big Data and Cognitive Computing</option> <option value="biochem">BioChem</option> <option value="bioengineering">Bioengineering</option> <option value="biologics">Biologics</option> <option value="biology">Biology</option> <option value="blsf">Biology and Life Sciences Forum</option> <option value="biomass">Biomass</option> <option value="biomechanics">Biomechanics</option> <option value="biomed">BioMed</option> <option value="biomedicines">Biomedicines</option> <option value="biomedinformatics">BioMedInformatics</option> <option value="biomimetics">Biomimetics</option> <option value="biomolecules">Biomolecules</option> <option value="biophysica">Biophysica</option> <option value="biosensors">Biosensors</option> <option value="biotech">BioTech</option> <option value="birds">Birds</option> <option value="blockchains">Blockchains</option> <option value="brainsci">Brain Sciences</option> <option value="buildings">Buildings</option> <option value="businesses">Businesses</option> <option value="carbon">C</option> <option value="cancers">Cancers</option> <option value="cardiogenetics">Cardiogenetics</option> <option value="catalysts">Catalysts</option> <option value="cells">Cells</option> <option value="ceramics">Ceramics</option> <option value="challenges">Challenges</option> <option value="ChemEngineering">ChemEngineering</option> <option value="chemistry">Chemistry</option> <option value="chemproc">Chemistry Proceedings</option> <option value="chemosensors">Chemosensors</option> <option value="children">Children</option> <option value="chips">Chips</option> <option value="civileng">CivilEng</option> <option value="cleantechnol">Clean Technologies</option> <option value="climate">Climate</option> <option value="ctn">Clinical and Translational Neuroscience</option> <option value="clinbioenerg">Clinical Bioenergetics</option> <option value="clinpract">Clinics and Practice</option> <option value="clockssleep">Clocks & Sleep</option> <option value="coasts">Coasts</option> <option value="coatings">Coatings</option> <option value="colloids">Colloids and Interfaces</option> <option value="colorants">Colorants</option> <option value="commodities">Commodities</option> <option value="complications">Complications</option> <option value="compounds">Compounds</option> <option value="computation">Computation</option> <option value="csmf">Computer Sciences & Mathematics Forum</option> <option value="computers">Computers</option> <option value="condensedmatter">Condensed Matter</option> <option value="conservation">Conservation</option> <option value="constrmater">Construction Materials</option> <option value="cmd">Corrosion and Materials Degradation</option> <option value="cosmetics">Cosmetics</option> <option value="covid">COVID</option> <option value="crops">Crops</option> <option value="cryo">Cryo</option> <option value="cryptography">Cryptography</option> <option value="crystals">Crystals</option> <option value="cimb">Current Issues in Molecular Biology</option> <option value="curroncol">Current Oncology</option> <option value="dairy">Dairy</option> <option value="data">Data</option> <option value="dentistry">Dentistry Journal</option> <option value="dermato">Dermato</option> <option value="dermatopathology">Dermatopathology</option> <option value="designs">Designs</option> <option value="diabetology">Diabetology</option> <option value="diagnostics">Diagnostics</option> <option value="dietetics">Dietetics</option> <option value="digital">Digital</option> <option value="disabilities">Disabilities</option> <option value="diseases">Diseases</option> <option value="diversity">Diversity</option> <option value="dna">DNA</option> <option value="drones">Drones</option> <option value="ddc">Drugs and Drug Candidates</option> <option value="dynamics">Dynamics</option> <option value="earth">Earth</option> <option value="ecologies">Ecologies</option> <option value="econometrics">Econometrics</option> <option value="economies">Economies</option> <option value="education">Education Sciences</option> <option value="electricity">Electricity</option> <option value="electrochem">Electrochem</option> <option value="electronicmat">Electronic Materials</option> <option value="electronics">Electronics</option> <option value="ecm">Emergency Care and Medicine</option> <option value="encyclopedia">Encyclopedia</option> <option value="endocrines">Endocrines</option> <option value="energies">Energies</option> <option value="esa">Energy Storage and Applications</option> <option value="eng">Eng</option> <option value="engproc">Engineering Proceedings</option> <option value="entropy">Entropy</option> <option value="eesp">Environmental and Earth Sciences Proceedings</option> <option value="environments">Environments</option> <option value="epidemiologia">Epidemiologia</option> <option value="epigenomes">Epigenomes</option> <option value="ebj">European Burn Journal</option> <option value="ejihpe">European Journal of Investigation in Health, Psychology and Education</option> <option value="fermentation">Fermentation</option> <option value="fibers">Fibers</option> <option value="fintech">FinTech</option> <option value="fire">Fire</option> <option value="fishes">Fishes</option> <option value="fluids">Fluids</option> <option value="foods">Foods</option> <option value="forecasting">Forecasting</option> <option value="forensicsci">Forensic Sciences</option> <option value="forests">Forests</option> <option value="fossstud">Fossil Studies</option> <option value="foundations">Foundations</option> <option value="fractalfract">Fractal and Fractional</option> <option value="fuels">Fuels</option> <option value="future">Future</option> <option value="futureinternet">Future Internet</option> <option value="futurepharmacol">Future Pharmacology</option> <option value="futuretransp">Future Transportation</option> <option value="galaxies">Galaxies</option> <option value="games">Games</option> <option value="gases">Gases</option> <option value="gastroent">Gastroenterology Insights</option> <option value="gastrointestdisord">Gastrointestinal Disorders</option> <option value="gastronomy">Gastronomy</option> <option value="gels">Gels</option> <option value="genealogy">Genealogy</option> <option value="genes">Genes</option> <option value="geographies">Geographies</option> <option value="geohazards">GeoHazards</option> <option value="geomatics">Geomatics</option> <option value="geometry">Geometry</option> <option value="geosciences">Geosciences</option> <option value="geotechnics">Geotechnics</option> <option value="geriatrics">Geriatrics</option> <option value="glacies">Glacies</option> <option value="gucdd">Gout, Urate, and Crystal Deposition Disease</option> <option value="grasses">Grasses</option> <option value="greenhealth">Green Health</option> <option value="hardware">Hardware</option> <option value="healthcare">Healthcare</option> <option value="hearts">Hearts</option> <option value="hemato">Hemato</option> <option value="hematolrep">Hematology Reports</option> <option value="heritage">Heritage</option> <option value="histories">Histories</option> <option value="horticulturae">Horticulturae</option> <option value="hospitals">Hospitals</option> <option value="humanities">Humanities</option> <option value="humans">Humans</option> <option value="hydrobiology">Hydrobiology</option> <option value="hydrogen">Hydrogen</option> <option value="hydrology">Hydrology</option> <option value="hygiene">Hygiene</option> <option value="immuno">Immuno</option> <option value="idr">Infectious Disease Reports</option> <option value="informatics">Informatics</option> <option value="information">Information</option> <option value="infrastructures">Infrastructures</option> <option value="inorganics">Inorganics</option> <option value="insects">Insects</option> <option value="instruments">Instruments</option> <option value="iic">Intelligent Infrastructure and Construction</option> <option value="ijerph">International Journal of Environmental Research and Public Health</option> <option value="ijfs">International Journal of Financial Studies</option> <option value="ijms">International Journal of Molecular Sciences</option> <option value="IJNS">International Journal of Neonatal Screening</option> <option value="ijpb">International Journal of Plant Biology</option> <option value="ijt">International Journal of Topology</option> <option value="ijtm">International Journal of Translational Medicine</option> <option value="ijtpp">International Journal of Turbomachinery, Propulsion and Power</option> <option value="ime">International Medical Education</option> <option value="inventions">Inventions</option> <option value="IoT">IoT</option> <option value="ijgi">ISPRS International Journal of Geo-Information</option> <option value="J">J</option> <option value="jal">Journal of Ageing and Longevity</option> <option value="jcdd">Journal of Cardiovascular Development and Disease</option> <option value="jcto">Journal of Clinical & Translational Ophthalmology</option> <option value="jcm">Journal of Clinical Medicine</option> <option value="jcs">Journal of Composites Science</option> <option value="jcp">Journal of Cybersecurity and Privacy</option> <option value="jdad">Journal of Dementia and Alzheimer's Disease</option> <option value="jdb">Journal of Developmental Biology</option> <option value="jeta">Journal of Experimental and Theoretical Analyses</option> <option value="jfb">Journal of Functional Biomaterials</option> <option value="jfmk">Journal of Functional Morphology and Kinesiology</option> <option value="jof">Journal of Fungi</option> <option value="jimaging">Journal of Imaging</option> <option value="jintelligence">Journal of Intelligence</option> <option value="jlpea">Journal of Low Power Electronics and Applications</option> <option value="jmmp">Journal of Manufacturing and Materials Processing</option> <option value="jmse">Journal of Marine Science and Engineering</option> <option value="jmahp">Journal of Market Access & Health Policy</option> <option value="jmp">Journal of Molecular Pathology</option> <option value="jnt">Journal of Nanotheranostics</option> <option value="jne">Journal of Nuclear Engineering</option> <option value="ohbm">Journal of Otorhinolaryngology, Hearing and Balance Medicine</option> <option value="jop">Journal of Parks</option> <option value="jpm">Journal of Personalized Medicine</option> <option value="jpbi">Journal of Pharmaceutical and BioTech Industry</option> <option value="jor">Journal of Respiration</option> <option value="jrfm">Journal of Risk and Financial Management</option> <option value="jsan">Journal of Sensor and Actuator Networks</option> <option value="joma">Journal of the Oman Medical Association</option> <option value="jtaer">Journal of Theoretical and Applied Electronic Commerce Research</option> <option value="jvd">Journal of Vascular Diseases</option> <option value="jox">Journal of Xenobiotics</option> <option value="jzbg">Journal of Zoological and Botanical Gardens</option> <option value="journalmedia">Journalism and Media</option> <option value="kidneydial">Kidney and Dialysis</option> <option value="kinasesphosphatases">Kinases and Phosphatases</option> <option value="knowledge">Knowledge</option> <option value="labmed">LabMed</option> <option value="laboratories">Laboratories</option> <option value="land">Land</option> <option value="languages">Languages</option> <option value="laws">Laws</option> <option value="life">Life</option> <option value="limnolrev">Limnological Review</option> <option value="lipidology">Lipidology</option> <option value="liquids">Liquids</option> <option value="literature">Literature</option> <option value="livers">Livers</option> <option value="logics">Logics</option> <option value="logistics">Logistics</option> <option value="lubricants">Lubricants</option> <option value="lymphatics">Lymphatics</option> <option value="make">Machine Learning and Knowledge Extraction</option> <option value="machines">Machines</option> <option value="macromol">Macromol</option> <option value="magnetism">Magnetism</option> <option value="magnetochemistry">Magnetochemistry</option> <option value="marinedrugs">Marine Drugs</option> <option value="materials">Materials</option> <option value="materproc">Materials Proceedings</option> <option value="mca">Mathematical and Computational Applications</option> <option value="mathematics">Mathematics</option> <option value="medsci">Medical Sciences</option> <option value="msf">Medical Sciences Forum</option> <option value="medicina">Medicina</option> <option value="medicines">Medicines</option> <option value="membranes">Membranes</option> <option value="merits">Merits</option> <option value="metabolites">Metabolites</option> <option value="metals">Metals</option> <option value="meteorology">Meteorology</option> <option value="methane">Methane</option> <option value="mps">Methods and Protocols</option> <option value="metrics">Metrics</option> <option value="metrology">Metrology</option> <option value="micro">Micro</option> <option value="microbiolres">Microbiology Research</option> <option value="micromachines">Micromachines</option> <option value="microorganisms">Microorganisms</option> <option value="microplastics">Microplastics</option> <option value="minerals">Minerals</option> <option value="mining">Mining</option> <option value="modelling">Modelling</option> <option value="mmphys">Modern Mathematical Physics</option> <option value="molbank">Molbank</option> <option value="molecules">Molecules</option> <option value="mti">Multimodal Technologies and Interaction</option> <option value="muscles">Muscles</option> <option value="nanoenergyadv">Nanoenergy Advances</option> <option value="nanomanufacturing">Nanomanufacturing</option> <option value="nanomaterials">Nanomaterials</option> <option value="ndt">NDT</option> <option value="network">Network</option> <option value="neuroglia">Neuroglia</option> <option value="neurolint">Neurology International</option> <option value="neurosci">NeuroSci</option> <option value="nitrogen">Nitrogen</option> <option value="ncrna">Non-Coding RNA</option> <option value="nursrep">Nursing Reports</option> <option value="nutraceuticals">Nutraceuticals</option> <option value="nutrients">Nutrients</option> <option value="obesities">Obesities</option> <option value="oceans">Oceans</option> <option value="onco">Onco</option> <option value="optics">Optics</option> <option value="oral">Oral</option> <option value="organics">Organics</option> <option value="organoids">Organoids</option> <option value="osteology">Osteology</option> <option value="oxygen">Oxygen</option> <option value="parasitologia">Parasitologia</option> <option value="particles">Particles</option> <option value="pathogens">Pathogens</option> <option value="pathophysiology">Pathophysiology</option> <option value="pediatrrep">Pediatric Reports</option> <option value="pets">Pets</option> <option value="pharmaceuticals">Pharmaceuticals</option> <option value="pharmaceutics">Pharmaceutics</option> <option value="pharmacoepidemiology">Pharmacoepidemiology</option> <option value="pharmacy">Pharmacy</option> <option value="philosophies">Philosophies</option> <option value="photochem">Photochem</option> <option value="photonics">Photonics</option> <option value="phycology">Phycology</option> <option value="physchem">Physchem</option> <option value="psf">Physical Sciences Forum</option> <option value="physics">Physics</option> <option value="physiologia">Physiologia</option> <option value="plants">Plants</option> <option value="plasma">Plasma</option> <option value="platforms">Platforms</option> <option value="pollutants">Pollutants</option> <option value="polymers">Polymers</option> <option value="polysaccharides">Polysaccharides</option> <option value="populations">Populations</option> <option value="poultry">Poultry</option> <option value="powders">Powders</option> <option value="proceedings">Proceedings</option> <option value="processes">Processes</option> <option value="prosthesis">Prosthesis</option> <option value="proteomes">Proteomes</option> <option value="psychiatryint">Psychiatry International</option> <option value="psychoactives">Psychoactives</option> <option value="psycholint">Psychology International</option> <option value="publications">Publications</option> <option value="qubs">Quantum Beam Science</option> <option value="quantumrep">Quantum Reports</option> <option value="quaternary">Quaternary</option> <option value="radiation">Radiation</option> <option value="reactions">Reactions</option> <option value="realestate">Real Estate</option> <option value="receptors">Receptors</option> <option value="recycling">Recycling</option> <option value="rsee">Regional Science and Environmental Economics</option> <option value="religions">Religions</option> <option value="remotesensing">Remote Sensing</option> <option value="reports">Reports</option> <option value="reprodmed">Reproductive Medicine</option> <option value="resources">Resources</option> <option value="rheumato">Rheumato</option> <option value="risks">Risks</option> <option value="robotics">Robotics</option> <option value="ruminants">Ruminants</option> <option value="safety">Safety</option> <option value="sci">Sci</option> <option value="scipharm">Scientia Pharmaceutica</option> <option value="sclerosis">Sclerosis</option> <option value="seeds">Seeds</option> <option value="sensors">Sensors</option> <option value="separations">Separations</option> <option value="sexes">Sexes</option> <option value="signals">Signals</option> <option value="sinusitis">Sinusitis</option> <option value="smartcities">Smart Cities</option> <option value="socsci">Social Sciences</option> <option value="siuj">Société Internationale d’Urologie Journal</option> <option value="societies">Societies</option> <option value="software">Software</option> <option value="soilsystems">Soil Systems</option> <option value="solar">Solar</option> <option value="solids">Solids</option> <option value="spectroscj">Spectroscopy Journal</option> <option value="sports">Sports</option> <option value="standards">Standards</option> <option value="stats">Stats</option> <option value="stresses">Stresses</option> <option value="surfaces">Surfaces</option> <option value="surgeries">Surgeries</option> <option value="std">Surgical Techniques Development</option> <option value="sustainability">Sustainability</option> <option value="suschem">Sustainable Chemistry</option> <option value="symmetry">Symmetry</option> <option value="synbio">SynBio</option> <option value="systems">Systems</option> <option value="targets">Targets</option> <option value="taxonomy">Taxonomy</option> <option value="technologies">Technologies</option> <option value="telecom">Telecom</option> <option value="textiles">Textiles</option> <option value="thalassrep">Thalassemia Reports</option> <option value="therapeutics">Therapeutics</option> <option value="thermo">Thermo</option> <option value="timespace">Time and Space</option> <option value="tomography">Tomography</option> <option value="tourismhosp">Tourism and Hospitality</option> <option value="toxics">Toxics</option> <option value="toxins">Toxins</option> <option value="transplantology">Transplantology</option> <option value="traumacare">Trauma Care</option> <option value="higheredu">Trends in Higher Education</option> <option value="tropicalmed">Tropical Medicine and Infectious Disease</option> <option value="universe">Universe</option> <option value="urbansci">Urban Science</option> <option value="uro">Uro</option> <option value="vaccines">Vaccines</option> <option value="vehicles">Vehicles</option> <option value="venereology">Venereology</option> <option value="vetsci">Veterinary Sciences</option> <option value="vibration">Vibration</option> <option value="virtualworlds">Virtual Worlds</option> <option value="viruses">Viruses</option> <option value="vision">Vision</option> <option value="waste">Waste</option> <option value="water">Water</option> <option value="wild">Wild</option> <option value="wind">Wind</option> <option value="women">Women</option> <option value="world">World</option> <option value="wevj">World Electric Vehicle Journal</option> <option value="youth">Youth</option> <option value="zoonoticdis">Zoonotic Diseases</option> </select> <input name="email" type="email" placeholder="Enter your email address..." required="required" /> <button class="genericCaptcha button button--dark UA_FooterNewsletterSubscribeButton" type="submit">Subscribe</button> </form> </div> </div> </div> <div id="footer-copyright"> <div class="row"> <div class="columns large-6 medium-6 small-12 text-left"> © 1996-2024 MDPI (Basel, Switzerland) unless otherwise stated </div> <div class="columns large-6 medium-6 small-12 small-text-left medium-text-right large-text-right"> <a data-dropdown="drop-view-disclaimer" aria-controls="drop-view-disclaimer" aria-expanded="false" data-options="align:top; is_hover:true; hover_timeout:2000;"> Disclaimer </a> <div id="drop-view-disclaimer" class="f-dropdown label__btn__dropdown label__btn__dropdown--wide text-left" data-dropdown-content aria-hidden="true" tabindex="-1"> Disclaimer/Publisher’s Note: The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content. </div> <a href="/about/terms-and-conditions"> Terms and Conditions </a> <a href="/about/privacy"> Privacy Policy </a> </div> </div> </div> </div> <div id="cookie-notification" class="js-allow-cookies" style="display: none;"> <div class="columns large-10 medium-10 small-12"> We use cookies on our website to ensure you get the best experience.<br class="show-for-medium-up"/> Read more about our cookies <a href="/about/privacy">here</a>. </div> <div class="columns large-2 medium-2 small-12 small-only-text-left text-right"> <a class="button button--default" href="/accept_cookies">Accept</a> </div> </div> </div> <div id="main-share-modal" class="reveal-modal reveal-modal-new reveal-modal-new--small" data-reveal aria-labelledby="modalTitle" aria-hidden="true" role="dialog"> <div class="row"> <div class="small-12 columns"> <h2 style="margin: 0;">Share Link</h2> </div> <div class="small-12 columns"> <div class="social-media-links UA_ShareModalLinks" style="text-align: left;"> <a href="/cdn-cgi/l/email-protection#ab948dcac6db90d8dec9c1cec8df96edd9c4c68e999be6effbe28e98ea8e999b8e99998ddadec4df908dcac6db90c9c4cfd296c3dfdfdbd8918484dcdcdc85c6cfdbc285c8c4c684c1c4ded9c5cac784c2c1cdd88e98ea8e9bea8e9beaa1a1" title="Email"> <i class="fa fa-envelope-square" style="font-size: 30px;"></i> </a> <a href="https://twitter.com/intent/tweet?text=&hashtags=mdpiijfs&url=https%3A%2F%2Fwww.mdpi.com%2Fjournal%2Fijfs&via=IJFS_MDPI" onclick="windowOpen(this.href,600,800); return false" title="Twitter" target="_blank" rel="noopener noreferrer"> <i class="fa fa-twitter-x-square" style="font-size: 30px;"></i> </a> <a href=" http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.mdpi.com%2Fjournal%2Fijfs&title=%26source%3Dhttps%3A%2F%2Fwww.mdpi.com" onclick="windowOpen(this.href,600,800); return false" title="LinkedIn" target="_blank" rel="noopener noreferrer"> <i class="fa fa-linkedin-square" style="font-size: 30px;"></i> </a> <a href="https://www.facebook.com/sharer.php?u=https://www.mdpi.com/journal/ijfs" title="facebook" target="_blank" rel="noopener noreferrer"> <i class="fa fa-facebook-square" style="font-size: 30px;"></i> </a> <a href="javascript:void(0);" title="Wechat" data-reveal-id="weixin-share-modal"> <i class="fa fa-weixin-square" style="font-size: 26px;"></i> </a> <a href="http://www.reddit.com/submit?url=https://www.mdpi.com/journal/ijfs" title="Reddit" target="_blank" rel="noopener noreferrer"> <i class="fa fa-reddit-square" style="font-size: 30px;"></i> </a> <a href="http://www.mendeley.com/import/?url=https://www.mdpi.com/journal/ijfs" title="Mendeley" target="_blank" rel="noopener noreferrer"> <i class="fa fa-mendeley-square" style="font-size: 30px;"></i> </a> <a href="http://www.citeulike.org/posturl?url=https://www.mdpi.com/journal/ijfs" title="CiteULike" target="_blank" rel="noopener noreferrer"> <i class="fa fa-citeulike-square" style="font-size: 30px;"></i> </a> </div> </div> <div class="small-9 columns"> <input id="js-clipboard-text" type="text" readonly value="https://www.mdpi.com/journal/ijfs" /> </div> <div class="small-3 columns text-left"> <a class="button button--color js-clipboard-copy" data-clipboard-target="#js-clipboard-text">Copy</a> </div> </div> <a class="close-reveal-modal" aria-label="Close"> <i class="material-icons">clear</i> </a> </div> <div id="weixin-share-modal" class="reveal-modal reveal-modal-new" data-reveal aria-labelledby="weixin-share-modal-title" aria-hidden="true" role="dialog"> <div class="row"> <div class="small-12 columns"> <h2 id="weixin-share-modal-title" style="margin: 0;">Share</h2> </div> <div class="small-12 columns"> <div class="weixin-qr-code-section"> <?xml version="1.0" standalone="no"?> <!DOCTYPE svg PUBLIC "-//W3C//DTD SVG 1.1//EN" "http://www.w3.org/Graphics/SVG/1.1/DTD/svg11.dtd"> <svg width="348" height="348" version="1.1" xmlns="http://www.w3.org/2000/svg"> <desc>https://www.mdpi.com/journal/ijfs</desc> <g id="elements" fill="black" stroke="none"> <rect x="0" y="0" width="12" height="12" /> <rect x="12" y="0" width="12" height="12" /> <rect x="24" y="0" width="12" height="12" /> <rect x="36" y="0" width="12" height="12" /> <rect x="48" y="0" width="12" height="12" /> <rect x="60" y="0" width="12" height="12" /> <rect x="72" y="0" width="12" height="12" /> <rect x="108" y="0" width="12" height="12" /> <rect x="120" y="0" width="12" height="12" /> <rect x="132" y="0" width="12" height="12" /> <rect x="156" y="0" width="12" height="12" /> <rect x="168" y="0" width="12" height="12" /> <rect x="180" y="0" width="12" height="12" /> <rect x="216" y="0" width="12" height="12" /> <rect x="264" y="0" width="12" height="12" /> <rect x="276" y="0" width="12" height="12" /> <rect x="288" y="0" width="12" height="12" /> <rect x="300" y="0" width="12" height="12" /> <rect x="312" y="0" width="12" height="12" /> <rect x="324" y="0" width="12" height="12" /> <rect x="336" y="0" width="12" height="12" /> <rect x="0" y="12" width="12" height="12" /> <rect x="72" y="12" width="12" height="12" /> <rect x="132" y="12" width="12" height="12" /> <rect x="144" y="12" width="12" height="12" /> <rect x="180" y="12" width="12" height="12" /> <rect x="204" y="12" width="12" height="12" /> <rect x="264" y="12" width="12" height="12" /> <rect x="336" y="12" width="12" height="12" /> <rect x="0" y="24" width="12" height="12" /> <rect x="24" y="24" width="12" height="12" /> <rect x="36" y="24" width="12" height="12" /> <rect x="48" y="24" width="12" height="12" /> <rect x="72" y="24" width="12" height="12" /> <rect x="108" y="24" width="12" height="12" /> <rect x="120" y="24" width="12" height="12" /> <rect x="132" y="24" width="12" height="12" /> <rect x="168" y="24" width="12" height="12" /> <rect x="192" y="24" width="12" height="12" /> <rect x="228" y="24" width="12" height="12" /> <rect x="264" y="24" width="12" height="12" /> <rect x="288" y="24" width="12" height="12" /> <rect x="300" y="24" width="12" height="12" /> <rect x="312" y="24" width="12" height="12" /> <rect x="336" y="24" width="12" height="12" /> <rect x="0" y="36" width="12" height="12" /> <rect x="24" y="36" width="12" height="12" /> <rect x="36" y="36" width="12" height="12" /> <rect x="48" y="36" width="12" height="12" /> <rect x="72" y="36" width="12" height="12" /> <rect x="96" y="36" width="12" height="12" /> <rect x="120" y="36" width="12" height="12" /> <rect x="132" y="36" width="12" height="12" /> <rect x="168" y="36" width="12" height="12" /> <rect x="180" y="36" width="12" height="12" /> <rect x="204" y="36" width="12" height="12" /> <rect x="228" y="36" width="12" height="12" /> <rect x="240" y="36" width="12" height="12" /> <rect x="264" y="36" width="12" height="12" /> <rect x="288" y="36" width="12" height="12" /> <rect x="300" y="36" width="12" height="12" /> <rect x="312" y="36" width="12" height="12" /> <rect x="336" y="36" width="12" height="12" /> <rect x="0" y="48" width="12" height="12" /> <rect x="24" y="48" width="12" height="12" /> <rect x="36" y="48" width="12" height="12" /> <rect x="48" y="48" width="12" height="12" /> <rect x="72" y="48" width="12" height="12" /> <rect x="96" y="48" width="12" height="12" /> <rect x="120" y="48" width="12" height="12" /> <rect x="144" y="48" width="12" height="12" /> <rect x="156" y="48" width="12" height="12" /> <rect x="168" y="48" width="12" height="12" /> <rect x="180" y="48" width="12" height="12" /> <rect x="228" y="48" width="12" height="12" /> <rect x="240" y="48" width="12" height="12" /> <rect x="264" y="48" width="12" height="12" /> <rect x="288" y="48" width="12" height="12" /> <rect x="300" y="48" width="12" height="12" /> <rect x="312" y="48" width="12" height="12" /> <rect x="336" y="48" width="12" height="12" /> <rect x="0" y="60" width="12" height="12" /> <rect x="72" y="60" width="12" height="12" /> <rect x="108" y="60" width="12" height="12" /> <rect x="120" y="60" width="12" height="12" /> <rect x="156" y="60" width="12" height="12" /> <rect x="168" y="60" width="12" height="12" /> <rect x="192" y="60" width="12" height="12" /> <rect x="240" y="60" width="12" height="12" /> <rect x="264" y="60" width="12" height="12" /> <rect x="336" y="60" width="12" height="12" /> <rect x="0" y="72" width="12" height="12" /> <rect x="12" y="72" width="12" height="12" /> <rect x="24" y="72" width="12" height="12" /> <rect x="36" y="72" width="12" height="12" /> <rect x="48" y="72" width="12" height="12" /> <rect x="60" y="72" width="12" height="12" /> <rect x="72" y="72" width="12" height="12" /> <rect x="96" y="72" width="12" height="12" /> <rect x="120" y="72" width="12" height="12" /> <rect x="144" y="72" width="12" height="12" /> <rect x="168" y="72" width="12" height="12" /> <rect x="192" y="72" width="12" height="12" /> <rect x="216" y="72" width="12" height="12" /> <rect x="240" y="72" width="12" height="12" /> <rect x="264" y="72" width="12" height="12" /> <rect x="276" y="72" width="12" height="12" /> <rect x="288" y="72" width="12" height="12" /> <rect x="300" y="72" width="12" height="12" /> <rect x="312" y="72" width="12" height="12" /> <rect x="324" y="72" width="12" height="12" /> <rect x="336" y="72" width="12" height="12" /> <rect x="108" y="84" width="12" height="12" /> <rect x="144" y="84" width="12" height="12" /> <rect x="156" y="84" width="12" height="12" /> <rect x="228" y="84" width="12" height="12" /> <rect x="240" y="84" width="12" height="12" /> <rect x="0" y="96" width="12" height="12" /> <rect x="12" y="96" width="12" height="12" /> <rect x="60" y="96" width="12" height="12" /> <rect x="72" y="96" width="12" height="12" /> <rect x="84" y="96" width="12" height="12" /> <rect x="108" y="96" width="12" height="12" /> <rect x="120" y="96" width="12" height="12" /> <rect x="144" y="96" width="12" height="12" /> <rect x="168" y="96" width="12" height="12" /> <rect x="180" y="96" width="12" height="12" /> <rect x="204" y="96" width="12" height="12" /> <rect x="228" y="96" width="12" height="12" /> <rect x="288" y="96" width="12" height="12" /> <rect x="300" y="96" width="12" height="12" /> <rect x="0" y="108" width="12" height="12" /> <rect x="12" y="108" width="12" height="12" /> <rect x="36" y="108" width="12" height="12" /> <rect x="84" y="108" width="12" height="12" /> <rect x="96" y="108" width="12" height="12" /> <rect x="120" y="108" width="12" height="12" /> <rect x="168" y="108" width="12" height="12" /> <rect x="228" y="108" width="12" height="12" /> <rect x="240" y="108" width="12" height="12" /> <rect x="276" y="108" width="12" height="12" /> <rect x="288" y="108" width="12" height="12" /> <rect x="312" y="108" width="12" height="12" /> <rect x="324" y="108" width="12" height="12" /> <rect x="0" y="120" width="12" height="12" /> <rect x="24" y="120" width="12" height="12" /> <rect x="36" y="120" width="12" height="12" /> <rect x="48" y="120" width="12" height="12" /> <rect x="60" y="120" width="12" height="12" /> <rect x="72" y="120" width="12" height="12" /> <rect x="108" y="120" width="12" height="12" /> <rect x="132" y="120" width="12" height="12" /> <rect x="144" y="120" width="12" height="12" /> <rect x="204" y="120" width="12" height="12" /> <rect x="216" y="120" width="12" height="12" /> <rect x="240" y="120" width="12" height="12" /> <rect x="264" y="120" width="12" height="12" /> <rect x="0" y="132" width="12" height="12" /> <rect x="24" y="132" width="12" height="12" /> <rect x="84" y="132" width="12" height="12" /> <rect x="96" y="132" width="12" height="12" /> <rect x="120" y="132" width="12" height="12" /> <rect x="132" y="132" width="12" height="12" /> <rect x="168" y="132" width="12" height="12" /> <rect x="180" y="132" width="12" height="12" /> <rect x="192" y="132" width="12" height="12" /> <rect x="216" y="132" width="12" height="12" /> <rect x="240" y="132" width="12" height="12" /> <rect x="252" y="132" width="12" height="12" /> <rect x="276" y="132" width="12" height="12" /> <rect x="300" y="132" width="12" height="12" /> <rect x="12" y="144" width="12" height="12" /> <rect x="48" y="144" width="12" height="12" /> <rect x="60" y="144" width="12" height="12" /> <rect x="72" y="144" width="12" height="12" /> <rect x="84" y="144" width="12" height="12" /> <rect x="108" y="144" width="12" height="12" /> <rect x="120" y="144" width="12" height="12" /> <rect x="156" y="144" width="12" height="12" /> <rect x="168" y="144" width="12" height="12" /> <rect x="192" y="144" width="12" height="12" /> <rect x="240" y="144" width="12" height="12" /> <rect x="264" y="144" width="12" height="12" /> <rect x="276" y="144" width="12" height="12" /> <rect x="336" y="144" width="12" height="12" /> <rect x="0" y="156" width="12" height="12" /> <rect x="12" y="156" width="12" height="12" /> <rect x="24" y="156" width="12" height="12" /> <rect x="60" y="156" width="12" height="12" /> <rect x="120" y="156" width="12" height="12" /> <rect x="144" y="156" width="12" height="12" /> <rect x="156" y="156" width="12" height="12" /> <rect x="168" y="156" width="12" height="12" /> <rect x="204" y="156" width="12" height="12" /> <rect x="216" y="156" width="12" height="12" /> <rect x="228" y="156" width="12" height="12" /> <rect x="240" y="156" width="12" height="12" /> <rect x="264" y="156" width="12" height="12" /> <rect x="288" y="156" width="12" height="12" /> <rect x="324" y="156" width="12" height="12" /> <rect x="336" y="156" width="12" height="12" /> <rect x="24" y="168" width="12" height="12" /> <rect x="48" y="168" width="12" height="12" /> <rect x="72" y="168" width="12" height="12" /> <rect x="84" y="168" width="12" height="12" /> <rect x="96" y="168" width="12" height="12" /> <rect x="120" y="168" width="12" height="12" /> <rect x="156" y="168" width="12" height="12" /> <rect x="168" y="168" width="12" height="12" /> <rect x="180" y="168" width="12" height="12" /> <rect x="192" y="168" width="12" height="12" /> <rect x="204" y="168" width="12" height="12" /> <rect x="240" y="168" width="12" height="12" /> <rect x="276" y="168" width="12" height="12" /> <rect x="300" y="168" width="12" height="12" /> <rect x="312" y="168" width="12" height="12" /> <rect x="12" y="180" width="12" height="12" /> <rect x="24" y="180" width="12" height="12" /> <rect x="48" y="180" width="12" height="12" /> <rect x="84" y="180" width="12" height="12" /> <rect x="144" y="180" width="12" height="12" /> <rect x="156" y="180" width="12" height="12" /> <rect x="168" y="180" width="12" height="12" /> <rect x="180" y="180" width="12" height="12" /> <rect x="192" y="180" width="12" height="12" /> <rect x="216" y="180" width="12" height="12" /> <rect x="228" y="180" width="12" height="12" /> <rect x="264" y="180" width="12" height="12" /> <rect x="276" y="180" width="12" height="12" /> <rect x="288" y="180" width="12" height="12" /> <rect x="312" y="180" width="12" height="12" /> <rect x="336" y="180" width="12" height="12" /> <rect x="12" y="192" width="12" height="12" /> <rect x="36" y="192" width="12" height="12" /> <rect x="48" y="192" width="12" height="12" /> <rect x="72" y="192" width="12" height="12" /> <rect x="144" y="192" width="12" height="12" /> <rect x="168" y="192" width="12" height="12" /> <rect x="180" y="192" width="12" height="12" /> <rect x="192" y="192" width="12" height="12" /> <rect x="204" y="192" width="12" height="12" /> <rect x="228" y="192" width="12" height="12" /> <rect x="276" y="192" width="12" height="12" /> <rect x="300" y="192" width="12" height="12" /> <rect x="312" y="192" width="12" height="12" /> <rect x="0" y="204" width="12" height="12" /> <rect x="12" y="204" width="12" height="12" /> <rect x="36" y="204" width="12" height="12" /> <rect x="48" y="204" width="12" height="12" /> <rect x="84" y="204" width="12" height="12" /> <rect x="96" y="204" width="12" height="12" /> <rect x="108" y="204" width="12" height="12" /> <rect x="180" y="204" width="12" height="12" /> <rect x="192" y="204" width="12" height="12" /> <rect x="216" y="204" width="12" height="12" /> <rect x="228" y="204" width="12" height="12" /> <rect x="240" y="204" width="12" height="12" /> <rect x="252" y="204" width="12" height="12" /> <rect x="264" y="204" width="12" height="12" /> <rect x="276" y="204" width="12" height="12" /> <rect x="288" y="204" width="12" height="12" /> <rect x="312" y="204" width="12" height="12" /> <rect x="324" y="204" width="12" height="12" /> <rect x="336" y="204" width="12" height="12" /> <rect x="0" y="216" width="12" height="12" /> <rect x="12" y="216" width="12" height="12" /> <rect x="24" y="216" width="12" height="12" /> <rect x="48" y="216" width="12" height="12" /> <rect x="72" y="216" width="12" height="12" /> <rect x="108" y="216" width="12" height="12" /> <rect x="120" y="216" width="12" height="12" /> <rect x="144" y="216" width="12" height="12" /> <rect x="156" y="216" width="12" height="12" /> <rect x="168" y="216" width="12" height="12" /> <rect x="180" y="216" width="12" height="12" /> <rect x="192" y="216" width="12" height="12" /> <rect x="204" y="216" width="12" height="12" /> <rect x="216" y="216" width="12" height="12" /> <rect x="228" y="216" width="12" height="12" /> <rect x="252" y="216" width="12" height="12" /> <rect x="264" y="216" width="12" height="12" /> <rect x="300" y="216" width="12" height="12" /> <rect x="336" y="216" width="12" height="12" /> <rect x="0" y="228" width="12" height="12" /> <rect x="48" y="228" width="12" height="12" /> <rect x="108" y="228" width="12" height="12" /> <rect x="120" y="228" width="12" height="12" /> <rect x="132" y="228" width="12" height="12" /> <rect x="168" y="228" width="12" height="12" /> <rect x="180" y="228" width="12" height="12" /> <rect x="192" y="228" width="12" height="12" /> <rect x="228" y="228" width="12" height="12" /> <rect x="276" y="228" width="12" height="12" /> <rect x="288" y="228" width="12" height="12" /> <rect x="0" y="240" width="12" height="12" /> <rect x="48" y="240" width="12" height="12" /> <rect x="60" y="240" width="12" height="12" /> <rect x="72" y="240" width="12" height="12" /> <rect x="96" y="240" width="12" height="12" /> <rect x="120" y="240" width="12" height="12" /> <rect x="132" y="240" width="12" height="12" /> <rect x="180" y="240" width="12" height="12" /> <rect x="204" y="240" width="12" height="12" /> <rect x="240" y="240" width="12" height="12" /> <rect x="252" y="240" width="12" height="12" /> <rect x="264" y="240" width="12" height="12" /> <rect x="276" y="240" width="12" height="12" /> <rect x="288" y="240" width="12" height="12" /> <rect x="312" y="240" width="12" height="12" /> <rect x="324" y="240" width="12" height="12" /> <rect x="336" y="240" width="12" height="12" /> <rect x="96" y="252" width="12" height="12" /> <rect x="120" y="252" width="12" height="12" /> <rect x="144" y="252" width="12" height="12" /> <rect x="156" y="252" width="12" height="12" /> <rect x="180" y="252" width="12" height="12" /> <rect x="204" y="252" width="12" height="12" /> <rect x="216" y="252" width="12" height="12" /> <rect x="240" y="252" width="12" height="12" /> <rect x="288" y="252" width="12" height="12" /> <rect x="300" y="252" width="12" height="12" /> <rect x="0" y="264" width="12" height="12" /> <rect x="12" y="264" width="12" height="12" /> <rect x="24" y="264" width="12" height="12" /> <rect x="36" y="264" width="12" height="12" /> <rect x="48" y="264" width="12" height="12" /> <rect x="60" y="264" width="12" height="12" /> <rect x="72" y="264" width="12" height="12" /> <rect x="96" y="264" width="12" height="12" /> <rect x="156" y="264" width="12" height="12" /> <rect x="168" y="264" width="12" height="12" /> <rect x="180" y="264" width="12" height="12" /> <rect x="228" y="264" width="12" height="12" /> <rect x="240" y="264" width="12" height="12" /> <rect x="264" y="264" width="12" height="12" /> <rect x="288" y="264" width="12" height="12" /> <rect x="300" y="264" width="12" height="12" /> <rect x="312" y="264" width="12" height="12" /> <rect x="0" y="276" width="12" height="12" /> <rect x="72" y="276" width="12" height="12" /> <rect x="96" y="276" width="12" height="12" /> <rect x="108" y="276" width="12" height="12" /> <rect x="144" y="276" width="12" height="12" /> <rect x="156" y="276" width="12" height="12" /> <rect x="180" y="276" width="12" height="12" /> <rect x="216" y="276" width="12" height="12" /> <rect x="228" y="276" width="12" height="12" /> <rect x="240" y="276" width="12" height="12" /> <rect x="288" y="276" width="12" height="12" /> <rect x="324" y="276" width="12" height="12" /> <rect x="0" y="288" width="12" height="12" /> <rect x="24" y="288" width="12" height="12" /> <rect x="36" y="288" width="12" height="12" /> <rect x="48" y="288" width="12" height="12" /> <rect x="72" y="288" width="12" height="12" /> <rect x="132" y="288" width="12" height="12" /> <rect x="144" y="288" width="12" height="12" /> <rect x="156" y="288" width="12" height="12" /> <rect x="192" y="288" width="12" height="12" /> <rect x="216" y="288" width="12" height="12" /> <rect x="228" y="288" width="12" height="12" /> <rect x="240" y="288" width="12" height="12" /> <rect x="252" y="288" width="12" height="12" /> <rect x="264" y="288" width="12" height="12" /> <rect x="276" y="288" width="12" height="12" /> <rect x="288" y="288" width="12" height="12" /> <rect x="300" y="288" width="12" height="12" /> <rect x="324" y="288" width="12" height="12" /> <rect x="336" y="288" width="12" height="12" /> <rect x="0" y="300" width="12" height="12" /> <rect x="24" y="300" width="12" height="12" /> <rect x="36" y="300" width="12" height="12" /> <rect x="48" y="300" width="12" height="12" /> <rect x="72" y="300" width="12" height="12" /> <rect x="180" y="300" width="12" height="12" /> <rect x="192" y="300" width="12" height="12" /> <rect x="204" y="300" width="12" height="12" /> <rect x="216" y="300" width="12" height="12" /> <rect x="240" y="300" width="12" height="12" /> <rect x="252" y="300" width="12" height="12" /> <rect x="276" y="300" width="12" height="12" /> <rect x="300" y="300" width="12" height="12" /> <rect x="312" y="300" width="12" height="12" /> <rect x="336" y="300" width="12" height="12" /> <rect x="0" y="312" width="12" height="12" /> <rect x="24" y="312" width="12" height="12" /> <rect x="36" y="312" width="12" height="12" /> <rect x="48" y="312" width="12" height="12" /> <rect x="72" y="312" width="12" height="12" /> <rect x="108" y="312" width="12" height="12" /> <rect x="132" y="312" width="12" height="12" /> <rect x="144" y="312" width="12" height="12" /> <rect x="180" y="312" width="12" height="12" /> <rect x="192" y="312" width="12" height="12" /> <rect x="204" y="312" width="12" height="12" /> <rect x="228" y="312" width="12" height="12" /> <rect x="240" y="312" width="12" height="12" /> <rect x="252" y="312" width="12" height="12" /> <rect x="264" y="312" width="12" height="12" /> <rect x="276" y="312" width="12" height="12" /> <rect x="288" y="312" width="12" height="12" /> <rect x="300" y="312" width="12" height="12" /> <rect x="312" y="312" width="12" height="12" /> <rect x="324" y="312" width="12" height="12" /> <rect x="0" y="324" width="12" height="12" /> <rect x="72" y="324" width="12" height="12" /> <rect x="96" y="324" width="12" height="12" /> <rect x="120" y="324" width="12" height="12" /> <rect x="132" y="324" width="12" height="12" /> <rect x="192" y="324" width="12" height="12" /> <rect x="276" y="324" width="12" height="12" /> <rect x="300" y="324" width="12" height="12" /> <rect x="312" y="324" width="12" height="12" /> <rect x="336" y="324" width="12" height="12" /> <rect x="0" y="336" width="12" height="12" /> <rect x="12" y="336" width="12" height="12" /> <rect x="24" y="336" width="12" height="12" /> <rect x="36" y="336" width="12" height="12" /> <rect x="48" y="336" width="12" height="12" /> <rect x="60" y="336" width="12" height="12" /> <rect x="72" y="336" width="12" height="12" /> <rect x="96" y="336" width="12" height="12" /> <rect x="120" y="336" width="12" height="12" /> <rect x="132" y="336" width="12" height="12" /> <rect x="204" y="336" width="12" height="12" /> <rect x="276" y="336" width="12" height="12" /> <rect x="288" y="336" width="12" height="12" /> <rect x="300" y="336" width="12" height="12" /> <rect x="312" y="336" width="12" height="12" /> </g> </svg> </div> </div> </div> <a class="close-reveal-modal" aria-label="Close"> <i class="material-icons">clear</i> </a> </div> <a href="#" class="back-to-top"><span class="show-for-medium-up">Back to Top</span><span class="show-for-small">Top</span></a> <script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script><script src="https://pub.mdpi-res.com/assets/js/modernizr-2.8.3.min.js?5227e0738f7f421d?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/jquery-1.12.4.min.js?4f252523d4af0b47?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/foundation-5.5.3.min.js?6b2ec41c18b29054?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/foundation-5.5.3.equalizer.min.js?0f6c549b75ec554c?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/jquery.multiselect.js?0edd3998731d1091?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/jquery.cycle2.min.js?63413052928f97ee?1735221012"></script> <script> // old browser fix - this way the console log rows won't throw (silent) errors in browsers not supporting console log if (!window.console) window.console = {}; if (!window.console.log) window.console.log = function () { }; var currentJournalNameSystem = "ijfs"; $(document).ready(function() { $('select.foundation-select').multiselect({ search: true, minHeight: 130, maxHeight: 130, }); $(document).foundation({ orbit: { timer_speed: 4000, }, reveal: { animation: 'fadeAndPop', animation_speed: 100, } }); $(".chosen-select").each(function(element) { var maxSelected = (undefined !== $(this).data('maxselectedoptions') ? $(this).data('maxselectedoptions') : 100); $(this).on('chosen:ready', function(event, data) { var select = $(data.chosen.form_field); if (select.attr('id') === 'journal-browser-volume') { $(data.chosen.dropdown).addClass('UI_JournalBrowser_Volume_Options'); } if (select.attr('id') === 'journal-browser-issue') { $(data.chosen.dropdown).addClass('UI_JournalBrowser_Issue_Options'); } }).chosen({ display_disabled_options: false, disable_search_threshold: 7, max_selected_options: maxSelected, width: "100%" }); }); $(".toEncode").each(function(e) { var oldHref = $(this).attr("href"); var newHref = oldHref.replace('.botdefense.please.enable.javascript.','@'); $(this).attr("href", newHref); if (!$(this).hasClass("emailCaptcha")) { $(this).html(newHref.replace('mailto:', '')); } $(this).removeClass("visibility-hidden"); }); $(document).on('opened.fndtn.reveal', '[data-reveal]', function() { $(document).foundation('equalizer', 'reflow'); }); // fix the images that have tag height / width defined // otherwise the default foundation styles overwrite the tag definitions $("img").each(function() { if ($(this).attr('width') != undefined || $(this).attr('height') != undefined) { $(this).addClass("img-fixed"); } }); $("#basic_search, #advanced_search").submit(function(e) { var searchArguments = false; $(this).find("input,select").not("#search,.search-button").each(function() { if (undefined === $(this).val() || "" === $(this).val()) { $(this).attr('name', null); } else { $(this).attr('name'); searchArguments = true; } }); if (!searchArguments) { window.location = $(this).attr('action'); return false; } }); $(".hide-show-desktop-option").click(function(e) { e.preventDefault(); var parentDiv = $(this).closest("div"); $.ajax({ url: $(this).attr('href'), success: function(msg) { parentDiv.removeClass().hide(); } }); }); $(".generic-toggleable-header").click(function(e) { $(this).toggleClass("active"); $(this).next(".generic-toggleable-content").toggleClass("active"); }); /* * handle whole row as a link if the row contains only one visible link */ $("table.new tr").hover(function() { if ($(this).find("td:visible a").length == 1) { $(this).addClass("single-link"); } }, function() { $(this).removeClass("single-link"); }); $("table.new:not(.table-of-tables)").on("click", "tr.single-link", function(e) { var target = $(e.target); if (!e.ctrlKey && !target.is("a")) { $(this).find("td:visible a")[0].click(); } }); $(document).on("click", ".custom-accordion-for-small-screen-link", function(e) { if ($(this).closest("#basic_search").length > 0) { if ($(".search-container__advanced").first().is(":visible")) { openAdvanced() } } if (Foundation.utils.is_small_only()) { if ($(this).hasClass("active")) { $(this).removeClass("active"); $(this).next(".custom-accordion-for-small-screen-content").addClass("show-for-medium-up"); } else { $(this).addClass("active"); $(this).next(".custom-accordion-for-small-screen-content").removeClass("show-for-medium-up"); $(document).foundation('orbit', 'reflow'); } } if (undefined !== $(this).data("callback")) { var customCallback = $(this).data("callback"); func = window[customCallback]; func(); } }); $(document).on("click", ".js-open-small-search", function(e) { e.preventDefault(); $(this).toggleClass("active").closest(".tab-bar").toggleClass("active"); $(".search-container").toggleClass("hide-for-small-down"); }); $(document).on("click", ".js-open-menu", function(e) { $(".search-container").addClass("hide-for-small-down"); }); $(window).on('resize', function() { recalculate_main_browser_position(); recalculate_responsive_moving_containers(); }); updateSearchLabelVisibilities(); recalculate_main_browser_position(); recalculate_responsive_moving_containers(); if (window.document.documentMode == 11) { $("<link/>", { rel: "stylesheet", type: "text/css", href: "https://fonts.googleapis.com/icon?family=Material+Icons"}).appendTo("head"); } }); function recalculate_main_browser_position() { if (Foundation.utils.is_small_only()) { if ($("#js-main-top-container").parent("#js-large-main-top-container").length > 0) { $("#js-main-top-container").appendTo($("#js-small-main-top-container")); } } else { if ($("#js-main-top-container").parent("#js-small-main-top-container").length > 0) { $("#js-main-top-container").appendTo($("#js-large-main-top-container")); } } } function recalculate_responsive_moving_containers() { $(".responsive-moving-container.large").each(function() { var previousParent = $(".responsive-moving-container.active[data-id='"+$(this).data("id")+"']"); var movingContent = previousParent.html(); if (Foundation.utils.is_small_only()) { var currentParent = $(".responsive-moving-container.small[data-id='"+$(this).data("id")+"']"); } else if (Foundation.utils.is_medium_only()) { var currentParent = $(".responsive-moving-container.medium[data-id='"+$(this).data("id")+"']"); } else { var currentParent = $(".responsive-moving-container.large[data-id='"+$(this).data("id")+"']"); } if (previousParent.attr("class") !== currentParent.attr("class")) { currentParent.html(movingContent); previousParent.html(); currentParent.addClass("active"); previousParent.removeClass("active"); } }); } // cookies allowed is checked from a) local storage and b) from server separately so that the footer bar doesn't // get included in the custom page caches function checkCookiesAllowed() { var cookiesEnabled = localStorage.getItem("mdpi_cookies_enabled"); if (null === cookiesEnabled) { $.ajax({ url: "/ajax_cookie_value/mdpi_cookies_accepted", success: function(data) { if (data.value) { localStorage.setItem("mdpi_cookies_enabled", true); checkDisplaySurvey(); } else { $(".js-allow-cookies").show(); } } }); } else { checkDisplaySurvey(); } } function checkDisplaySurvey() { } window.addEventListener('CookiebotOnAccept', function (e) { var CookieDate = new Date; if (Cookiebot.consent.preferences) { CookieDate.setFullYear(CookieDate.getFullYear() + 1); document.cookie = "mdpi_layout_type_v2=mobile; path=/; expires=" + CookieDate.toUTCString() + ";"; $(".js-toggle-desktop-layout-link").css("display", "inline-block"); } }, false); window.addEventListener('CookiebotOnDecline', function (e) { if (!Cookiebot.consent.preferences) { $(".js-toggle-desktop-layout-link").hide(); if ("" === "desktop") { window.location = "/toggle_desktop_layout_cookie"; } } }, false); var hash = $(location).attr('hash'); if ("#share" === hash) { if (1 === $("#main-share-modal").length) { $('#main-share-modal').foundation('reveal', 'open'); } } </script> <script src="https://pub.mdpi-res.com/assets/js/lib.js?f8d3d71b3a772f9d?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/mdpi.js?c267ce58392b15da?1735221012"></script> <script>var banners_url = 'https://serve.mdpi.com';</script> <script type='text/javascript' src='https://pub.mdpi-res.com/assets/js/ifvisible.min.js?c621d19ecb761212?1735221012'></script> <script src="https://pub.mdpi-res.com/assets/js/xmltohtml/affix.js?ac4ea55275297c15?1735221012"></script> <script src="https://pub.mdpi-res.com/assets/js/clipboard.min.js?3f3688138a1b9fc4?1735221012"></script> <script type="text/javascript"> $(document).ready(function() { var helpFunctions = $(".middle-column__help__fixed"); var leftColumnAffix = $(".left-column__fixed"); var middleColumn = $("#middle-column"); var clone = null; helpFunctions.affix({ offset: { top: function() { return middleColumn.offset().top - 8 - (Foundation.utils.is_medium_only() ? 30 : 0); }, bottom: function() { return $("#footer").innerHeight() + 74 + (Foundation.utils.is_medium_only() ? 0 : 0); } } }); if (leftColumnAffix.length > 0) { clone = leftColumnAffix.clone(); clone.addClass("left-column__fixed__affix"); clone.insertBefore(leftColumnAffix); clone.css('width', leftColumnAffix.outerWidth() + 50); clone.affix({ offset: { top: function() { return leftColumnAffix.offset().top - 30 - (Foundation.utils.is_medium_only() ? 50 : 0); }, bottom: function() { return $("#footer").innerHeight() + 92 + (Foundation.utils.is_medium_only() ? 0 : 0); } } }); } $(window).on("resize", function() { if (clone !== null) { clone.css('width', leftColumnAffix.outerWidth() + 50); } }); new ClipboardJS('.js-clipboard-copy'); }); </script> <script type="text/javascript"> $(document).ready(function() { // create the left hand menu dynamically from the content var items = $("#middle-column h1, #middle-column h2"); if ($("#dynamic-menu").length == 1 && items.length > 1) { // menu container div var div = $("div#dynamic-menu"); div.addClass("generic-item"); // menu header var header = $("<h2></h2>"); header.text("Menu"); div.append(header); // menu list var ul = $("<ul></ul>"); ul.addClass("side-menu-ul"); div.append(ul); // menu list items (create additional anchors for page) items.each(function() { var header_title = $(this).text(); var link_title = header_title.replace(/ |-/gi, "_").toLowerCase(); var li = $("<li></li>"); li.addClass("side-menu-li"); ul.append(li); var a = $("<a></a>"); a.html(header_title); a.prop("href", "#" + link_title); li.append(a); var a = $("<a></a>"); a.prop("name", link_title); $(this).prepend(a); }); div.append(ul); div.show(); } }); </script> <link rel="stylesheet" href="https://pub.mdpi-res.com/assets/css/magnific-popup.min.css?04d343e036f8eecd?1735221012"> <link rel="stylesheet" href="https://pub.mdpi-res.com/assets/css/jquery-ui-1.10.4.custom.min.css?80647d88647bf347?1735221012"> <script src="https://pub.mdpi-res.com/assets/js/jquery-ui-1.13.2.min.js?1e2047978946a1d2?1735221012"></script> <script type="text/javascript" src="https://pub.mdpi-res.com/assets/js/magnific-popup.min.js?2be3d9e7dc569146?1735221012"></script> <script> var mainColumn1 = "#right-column"; var extendingReady = true; $(document).ready(function() { $("#journal-browser-go").toggleClass("button--grey", "" === $("#journal-browser-volume").val()); $("#journal-browser-go").toggleClass("button--color", "" !== $("#journal-browser-volume").val()); $("#journal-browser-volume").change(function(e) { $('#journal-browser-issue').find('option').not('.volume-0').hide(); $('#journal-browser-issue').find('.volume-' + $(this).val()).show(); $('#journal-browser-issue').find('option:first').prop('selected', 'selected'); $("#journal-browser-issue").trigger("chosen:updated"); $('#journal-browser-go').toggleClass('button--grey', '' === $(this).val()); $('#journal-browser-go').toggleClass('button--color', '' !== $(this).val()); }); // add resize event for the window (to recalculate side column elements) // TODO: is it better to use resize end or resize here? $(window).on('resize', function() { mdpi_column_height_module.calculateColumnHeights(false, mainColumn1); }); $(".link-journal-menu").click(function(e) { e.preventDefault(); $(this).find('span').toggle(); $(this).next("ul").toggleClass("active"); $("#social-media-links").toggle(); $("#journal-alerts").toggle(); }); $(".link-journal-browser").click(function(e) { e.preventDefault(); $(this).find('span').toggle(); $(this).next("div").toggleClass('show-for-medium-up'); }); }); </script>   <script type="text/plain" data-cookieconsent="marketing"> !function(e,t,n,s,u,a){e.twq||(s=e.twq=function(){s.exe?s.exe.apply(s,arguments):s.queue.push(arguments); },s.version='1.1',s.queue=[],u=t.createElement(n),u.async=!0,u.src='//static.ads-twitter.com/uwt.js', a=t.getElementsByTagName(n)[0],a.parentNode.insertBefore(u,a))}(window,document,'script'); // Insert Twitter Pixel ID and Standard Event data below twq('init','o2pip'); twq('track','PageView'); </script>  <script>(function(){function c(){var b=a.contentDocument||a.contentWindow.document;if(b){var d=b.createElement('script');d.innerHTML="window.__CF$cv$params={r:'8f97cc5abf1f8359',t:'MTczNTQ1NDQyMy4wMDAwMDA='};var a=document.createElement('script');a.nonce='';a.src='/cdn-cgi/challenge-platform/scripts/jsd/main.js';document.getElementsByTagName('head')[0].appendChild(a);";b.getElementsByTagName('head')[0].appendChild(d)}}if(document.body){var a=document.createElement('iframe');a.height=1;a.width=1;a.style.position='absolute';a.style.top=0;a.style.left=0;a.style.border='none';a.style.visibility='hidden';document.body.appendChild(a);if('loading'!==document.readyState)c();else if(window.addEventListener)document.addEventListener('DOMContentLoaded',c);else{var e=document.onreadystatechange||function(){};document.onreadystatechange=function(b){e(b);'loading'!==document.readyState&&(document.onreadystatechange=e,c())}}}})();</script></body> </html>

CINXE.COM

International Journal of Financial Studies | An Open Access Journal from MDPI