Search

In the paper carried out by Wenjun et al. [Phys. Rev. A 95, 032124 (2017)], a generalization of the James effective dynamics theory based on a first version of the James method was presented. However, we contend that this is not a very rigorous way of deriving the effective third-order expansion for an interaction Hamiltonian with harmonic time-dependence. In fact, here we show that the third-order Hamiltonian obtained by Wenjun et al. is not Hermitian for general situations when we consider time dependence. Its non-Hermitian nature arises from the foundation of the theory itself. In this comment paper, the most general expression of the effective Hamiltonian expanded up to third order is obtained. Our derived effective Hamiltonian is Hermitian even in situations where we have time dependence.

We review some general aspects about the Black–Scholes equation, which is used for predicting the fair price of an option inside the stock market. Our analysis includes the symmetry properties of the equation and its solutions. We use the Hamiltonian formulation for this purpose. Taking into account that the volatility inside the Black–Scholes equation is a parameter, we then introduce the Merton–Garman equation, where the volatility is stochastic, and then it can be perceived as a field. We then show how the Black–Scholes equation and the Merton–Garman one are locally equivalent by imposing a gauge symmetry under changes in the prices over the Black–Scholes equation. This demonstrates that the stochastic volatility emerges naturally from symmetry arguments. Finally, we analyze the role of the volatility on the decisions taken by the holders of the options when they use the solution of the Black–Scholes equation as a tool for making investment decisions.

//static.cambridge.org/content/id/urn%3Acambridge.org%3Aid%3Aarticle%3AS0305741023001406/resource/name/firstPage-S0305741023001406a.jpg

China's re-emergence as an aid donor has attracted the attention and criticism from Western donors, academia, and the media. In contrast to traditional donors, China's aid has been portrayed as anti-poverty aid, mainly due to its combination with other instruments, such as investment, and the absence of any political or economic conditions. This paper examines the impact of Chinese aid projects in Guinea's education sector from the perspective of the beneficiaries. The author collected data from both primary (interviews) and secondary (document analysis) sources. The present study concludes that China's aid projects in the education sector have received both positive and negative feedback, mainly because the recipients' needs have not been appropriately targeted. This study contributes to the literature on China's role in Africa. More specifically, it discusses the conditions for aid effectiveness in the field of education. Moreover, in the context of the globalization of aid practices, the study proposes best practices for China to adopt in order to improve the practices of its aid delivery. The novelty of this study lies in the methodology (qualitative method) used to understand China's aid from the perspective of the beneficiaries of its aid.

The concept of Soundscape was initially proposed to study the relationship between humans and their sonic environment. It has gathered momentum from academia to environmentalists and policymakers throughout the years. The study and characterisation of Soundscapes can be complex as it tries to take a holistic and qualitative approach rather than simply quantifying sound pressure levels. This paper introduces a comprehensive Soundscape study process in an ongoing research project in Macao (China), a small territory (32.9 km2) and one of the most densely populated areas in the world. The paper seeks to show a first version of a technical solution to systematically capture the local soundscape, analyse it, classify it, and ultimately deliver a dataset library and the intangible qualities of the environmental sound. This implementation, including technical documentation, code, and sound library with strong labelling, is presented under an open-source license to encourage future collaborative research. Finally, the paper offers suggestions on further developing the apparatus to reach a systematic and near real-time soundscape analysis with the development of a machine learning system.

Integrating information literacy into learning improves student performance and, for that reason, academic librarians can play a significant role by collaborating in the design and training programs in these areas. In Macao, there is no known study on the information literacy performance of higher education students, so we seek to diagnose this area. For that purpose, a survey was applied to higher education students to assess students' perception of information literacy and their self-characterization regarding the use of resources and the type of skills needed for academic work. A semi-structured interview was also carried out with teachers about the same reality. Students perceive themselves to have a low level of confidence in the performance of their academic tasks, which affects their fulfilment. Faculty are aligned with this diagnosis, revealing the students’ weaknesses in the information search and presentation. Overall, information needs are evident among students as also is the use of preferred information resources in pursuit of their studies. The training aimed at students in search, retrieval, analysis, and use of information seems to be essential, which is why the construction of a tailormade training program in Information Literacy is anticipated.

Macau, Macau Business, MAG, MB, MB Featured, Opinion | Macau wisely looks to mainland China, South-East Asia, and Portuguese-speaking countries, as part of its economic diversification. However, to be a player on the international stage and world-wide market, it must look wider, and, hence, the standard of English in Macau must improve dramatically and urgently.

Human emotions can be associated with decision-making, and emotions can generate behaviors. Due to the fact that it could be biased and exhaustively complex to examine how human beings make choices, it is necessary to consider relevant groups of study, such as stock traders and non-traders in finance. This work aims to analyze the connection between emotions and the decision-making process of investors and non-investors submitted to the same set of stimuli to understand how emotional arousal might dictate the decision process. Neuroscience monitoring tools such as Real-Time Facial Expression Analysis (AFFDEX), Eye-Tracking, and Galvanic Skin Response (GSR) were adopted to monitor the related experiments of this paper and its accompanying analysis process. Thirty-seven participants attended the study, 24 were classified as stock traders, and 13 were non-traders; the mean age for the groups was 35 and 25, respectively. The designed experiment initially disclosed a thought-provoking result between the two groups under the certainty and risk-seeking prospect theory; there were more risk-takers among non-investors at 75%, while investors were inclined toward certainty at 79.17%. The implication could be that the non-investing individuals were less complex in thought and therefore pursued higher returns besides a high probability of losing the game. In addition, the automatic emotion classification system indicates that when non-investors confronted a stock trending chart beyond their acquaintance or knowledge, they were psychologically exposed to fear, anger, sadness, and surprise. On the contrary, investors were detected with disgust, joy, contempt, engagement, sadness, and surprise, where sadness and surprise overlapped in both parties. Under time pressure conditions, 54.05% of investors or non-investors tend to make decisions after the peak(s) of emotional arousal. Variations were found in the deciding points of the slopes: 2.70% were decided right after the peak(s), 37.84% waited until the emotions turned stable, and 13.51% were determined as the emotional indicators started to slide downwards. Several combinations of emotional responses were associated with decisions. For example, negative emotions could induce passive decision-making, in this case, to sell the stock; nevertheless, it was also examined that as the slope slipped downwards to a particular horizontal point, the individuals became more optimistic and selected the "BUY" option. Future works may consider expanding the study to larger sample size, different demographic groups, and other biometrics for further analysis and conclusions.

Corporate leaders are constantly dealing with stress in parallel with continuous decision-making processes. The impact of acute stress on decision-making activities is a relevant area of study to evaluate the impact of the decisions made, and create tools and mechanisms to cope with the inevitable exposure to stress and better manage its impact. The intersection of leadership and neurosciences techniques is called Neuroleadership. In this work, an experiment is proposed to detect and measure the emotional arousal of two groups of business professionals, divided into two groups. The first one is the intervention/stress group, n=30, exposed to stressful conditions, and the control group, n=14, not exposed to stress. The participants are submitted to a sequence of computerized stimuli, such as watching videos, answering survey questions, and making decisions in a realistic office environment. The Galvanic Skin Response (GSR) biosensor monitors emotional arousal in real-time. The experiment design implemented stressors such as visual effects, defacement, unfairness, and time-constraint for the intervention group, followed by decision-making tasks. The results indicate that emotional arousal was statistically significantly higher for the intervention/stress group, considering Shapiro and Mann-Whitney tests. The work indicates that GSR is a reliable stress detector and may be useful to predict negative impacts on executive professionals during decision-making activities.

The invention of neuroscience has benefited medical practitioners and businesses in improving their management and leadership. Neuromarketing, a field that combines neuroscience and marketing, helps businesses understand consumer behaviour and how they respond to advertising stimuli. This study aims to investigate the consumer purchase intention and preferences to improve the marketing management of the brand, based on neuroscientific tools such as emotional arousal using Galvanic Skin Response (GSR) sensors, eye-tracking, and emotion analysis through facial expressions classification. The stimuli for the experiment are two advertisement videos from the Macau tea brand “Guanding Teahouse” followed by a survey. The experiment was conducted on 40 participants. 76.2% of participants that chose the same product in the first survey responded with the same choice of products in the second survey. The GSR peaks in video ad 1 measured a total of 60. On the other hand, video ad 2 counted a total of 55 GSR peaks. The emotions in ad1 and ad2 have similar responses, with an attention percentage of 76%. The results showed that ad1 has a higher engagement time of 11.1% and ad2 has 9.6%, but only 19 of the respondent’s conducted engagement in video ad1, and 31 showed engagement in video ad2. The results demonstrated that although ad 1 has higher engagement rates, the respondents are more attracted to video ad 2. Therefore, ad2 has better marketing power than ad 1. Overall, this study bridges the gap of no previous research on measuring tea brand advertisements with the neuroscientific method. The results provide valuable insights for marketers to develop better advertisements and marketing campaigns and understand consumer preferences by personalising and targeting advertisements based on consumers' emotional responses and behaviour of consumers' purchase intentions. Future research could explore advertisements targeting different demographics.

This Practice Note considers challenges to the jurisdiction of arbitral tribunals under the Macau Arbitration Law, the scope of challenge before national courts and tribunals.

This Practice Note provides an overview of the powers of tribunals and courts to issue interim remedies including an anti-suit injunction pursuant to the Arbitration Law and the Civil Procedure Code of Macau and provisions dealing with emergency arbitrator appointments pursuant to the Macau Arbitration Law.

Research in ubiquitous networked music systems has unveiled the potential of behavioural-driven interaction interfaces as an effective model to cope with network communication delays in remote musical performances. Most of the techniques developed under these premises are based on digital music interfaces implemented on laptop computers or tablet devices, where a certain degree of gestural control comes as an added dimension. The purpose of this paper is to present an implementation of such type of interfaces in the form of a physical tangible musical instrument, contemplating multiple expressive possibilities. This is viable at the current stage of technological development thanks to leveraging 3D printing and laser cutting technologies for effective prototyping and testing of such a device. The paper seeks to demonstrate that this approach opens a wide range of possibilities for creating musical instruments with versatility and expressiveness beyond what is usually accomplished in traditional instruments. This implementation, entitled “Radial String Chimes,” is presented with its advantages, the challenges it faces, and the methods used to create it. Finally, the paper will offer suggestions for further developing such an instrument to unlock its potential.

In any physical system, when we move from short to large scales, new spacetime symmetries emerge which help us to simplify the dynamics of the system. In this letter we demonstrate that certain variations on the symmetries of general relativity at large scales generate the effects equivalent to dark matter ones. In particular, we reproduce the Tully-Fisher law, consistent with the predictions proposed by MOND. Additionally, we demonstrate that the dark matter effects derived in this way are consistent with the predictions suggested by MOND, without modifying gravity.