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An increasing number of countries have launched their central bank digital currencies (CBDC) in recent years, but the economic impacts of CBDC adoption are underexplored. To empirically assess how CBDC adoption influences regional economic integration, this paper investigates the Greater Bay Area, where China carried out one of its first digital renminbi pilot programs. The Greater Bay Area provides a good example because the growing acceptance of digital renminbi in the area can potentially mitigate transaction costs and risks due to the exchange rate volatility of the Chinese renminbi, Hong Kong dollar, and Macao pataca. CBDC adoption can lead to greater real and financial integrations by facilitating cross-border trade in goods and services. This paper evaluates deviations from uncovered interest rate parity, purchasing power parity, and real interest rate parity across Guangdong, Hong Kong, and Macao based on monthly interest rate and price data from January 2016 to December 2022. The time series have mean values near zero, which validate the parity conditions and indicate high degrees of financial, real, and economic integrations. The Markov regime-switching regression model identifies three regimes: (1) pre-Covid, (2) post-Covid, and (3) post-CBDC. The Covid-19 outbreak brought lower integration and stability, but the launch of the CBDC restored some of the pre-Covid integration and stability. Regimes 1 and 2 are persistent, and transitions from Regime 3 back to Regime 1 are probable. Hence, this study finds evidence that CBDC adoption improves regional economic integration in the short and long run.
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Fishes are highly specialized in extracting ecologically relevant information from their diverse acoustic habitats since early developmental stages. The zebrafish (Danio rerio) is a valuable and well-stablished vertebrate model for investigating hearing functioning and disorders, development of the inner ear in vertebrates including humans, drug discovery, ecotoxicology assessments and behavioral research. Although the acoustic environment is known to shape the structure and sensitivity of auditory systems, there is no information on the natural soundscape of this species. Zebrafish are typically reared in large-scale artificial housing systems, which acoustic properties and potential effects on hearing remain largely unknown. Even though elevated levels of noise are widely present in most aquatic soundscapes and to an even greater extent in artificial environments, very limited information is known on how this important environmental stressor impacts species’ development and physiology, hearing capabilities and inner ear morphology, and behaviour. Considering that noise pollution is rapidly increasing in aquatic ecosystems, causing detrimental effects on survivability and growth and altering physiology and behaviour of organisms, it is of paramount importance to assess how this stressor affects wildlife, especially in early ontogeny, a critical period for development and establishment of phenotypic traits. For this thesis I aimed to 1) characterize the soundscape of both zebrafish natural habitats and laboratory captive conditions, and discuss possible impact on auditory sensitivity. Sound recordings were conducted in five distinct zebrafish habitats (Southwest India), from quieter stagnant environments with diverse biological/abiotic sounds to louder watercourses characterized by current and moving substrate, while artificial environmental characterization was conducted on three typical zebrafish housing systems. 8 In order to assess the impact of noise exposure on early development, my next goal was to 2) perform a split-brood experiment to test the effects of chronic noise exposure to increasing levels (130 and 150 dB re 1 μPa, continuous white noise) and different temporal regimes (mimicking shipping activity) on larval zebrafish in regards to general development, physiological stress, and behavioural patterns. Finally, the last objective consisted on 3) testing the effects of chronic noise exposure on auditory sensitivity measured based on inner ear saccular microphonics and acoustic-evoked startle responses (prepulse inhibition paradigm) in larval zebrafish, as well as evaluating whether sensitivity changes were paralleled by altered inner ear morphology. Based on bioacoustics methods, my first study found that zebrafish natural soundscape varied between 98 and 126 dB re 1 lPa in sound pressure levels. Sound spectra presented most energy below 3000 Hz and quieter noise windows were found in the noisiest habitats matching the species best hearing range. Contrastingly, recordings from zebrafish housing systems revealed higher sound levels (122–143 dB) and most energy below 1000Hz with more spectral peaks, which might cause significant impact such as auditory masking or even hearing loss. In my second research work, the acoustic treatments did not affect general development or hatching but increased noise levels led to a significant increase in mortality of larval zebrafish. The cardiac rate, yolk sac consumption and cortisol levels increased significantly with increasing noise level at both 3 and 5 dpf (days post fertilization). Variations in noise time presentations (different random noise periods similar to shipping activity) suggested that the presence of longer silent intervals is important to down-regulate physiological stress. Moreover, 5 dpf larvae exposed to 150 dB continuous noise regimes displayed increased dark avoidance in an anxiety-related dark/light preference test and displayed a significant 9 impairment in spontaneous alternation behaviour (SAB) a memory and sensorimotor related behaviour. Finally, in the last thesis goal, I found that noise-exposed specimens displayed significantly lower hair cell number and saccular epithelial area. This change in sensory morphology was paralleled by a significant decrease in inner ear saccular sensitivity at lower frequencies (100 to 200 Hz) in 5 dpf larvae. Sensorimotor hearing assessment revealed a hypersensitisation effect in noise-exposed group that displayed higher startle swimming velocity, but also significant decrease in sensitivity at 200 Hz. Altogether, this thesis provides an important ground for future research on the adaptation of zebrafish auditory system to the natural soundscapes, and highlights the importance of controlling noise conditions in captivity systems. Furthermore, results provide first evidence of noise-induced physiological stress, anxiety-driven behaviours and memory impairment in larval zebrafish larvae, showing that both noise amplitude and timing may negatively impact key physiological and behavioural endpoints in early ontogeny. The thesis also reports new findings on how acoustic stress may impact the structure and function of the inner ear in larval fish, which was followed by decreased sensitivity in sensorimotor responses to acoustic stimuli. My research highlights the importance of investigating how altered soundscapes and associated physiological and behavioural stress may affect important sensitive windows in development and impose new evolutionary challenges under a scenario of global change
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Noise pollution is increasingly present in aquatic ecosystems, causing detrimental effects on growth, physiology and behaviour of organisms. However, limited information exists on how this stressor affects animals in early ontogeny, a critical period for development and establishment of phenotypic traits. We tested the effects of chronic noise exposure to increasing levels (130 and 150 dB re 1 μPa, continuous white noise) and different temporal regimes on larval zebrafish (Danio rerio), an important vertebrate model in ecotoxicology. The acoustic treatments did not affect general development or hatching but higher noise levels led to increased mortality. The cardiac rate, yolk sac consumption and cortisol levels increased significantly with increasing noise level at both 3 and 5 dpf (days post fertilization). Variation in noise temporal patterns (different random noise periods to simulate shipping activity) suggested that the time regime is more important than the total duration of noise exposure to down-regulate physiological stress. Moreover, 5 dpf larvae exposed to 150 dB continuous noise displayed increased dark avoidance in anxiety-related dark/light preference test and impaired spontaneous alternation behaviour. We provide first evidence of noise-induced physiological stress and behavioural disturbance in larval zebrafish, showing that both noise amplitude and timing negatively impact key developmental endpoints in early ontogeny.
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Background and objective Intrauterine Growth Restriction (IUGR) is a condition in which a fetus does not grow to the expected weight during pregnancy. There are several well documented causes in the literature for this issue, such as maternal disorder, and genetic influences. Nevertheless, besides the risk during pregnancy and labour periods, in a long term perspective, the impact of IUGR condition during the child development is an area of research itself. The main objective of this work is to propose a machine learning solution to identify the most significant features of importance based on physiological, clinical or socioeconomic factors correlated with previous IUGR condition after 10 years of birth. Methods In this work, 41 IUGR (18 male) and 34 Non-IUGR (22 male) children were followed up 9 years after the birth, in average (9.1786 ± 0.6784 years old). A group of machine learning algorithms is proposed to classify children previously identified as born under IUGR condition based on 24-hours monitoring of ECG (Holter) and blood pressure (ABPM), and other clinical and socioeconomic attributes. In additional, an algorithm of relevance determination based on the classifier is also proposed, to determine the level of importance of the considered features. Results The proposed classification solution achieved accuracy up to 94.73%, and better performance than seven state-of-the-art machine learning algorithms. Also, relevant latent factors related to HRV and BP monitoring are proposed, such as: day-time heart rate (day-time HR), day-night systolic blood pressure (day-night SBP), 24-hour standard deviation (SD) of SBP, dropped, morning cortisol creatinine, 24-hour mean of SDs of all NN intervals for each 5 minutes segment (24-hour SDNNi), among others. Conclusion With outstanding accuracy of our proposed solutions, the classification system and the indication of relevant attributes may support medical teams on the clinical monitoring of IUGR children during their childhood development.
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Government service mini-programs have become an integral component of eGovernment in the Greater Bay Area, and successful eGovernment is necessary for building a smart city. Service quality and citizens' trust play a vital role in urban integration and in-depth cooperation in the Bay Area. The ubiquitous nature of mini-programs based on WeChat and Alipay provides excellent flexibility in accessing government services. Technology advantages, mutual recognition of cross-border data, and online transactions bring value and benefits to citizens. However, the mechanism of mini-program adoption has not been elaborated. Homogenization, conflict of regulations, and policy effectiveness are issues of great concern. This study employed Self-Determination Theory and Motivation Theory, proposed an empirical model based on the extended SOR paradigm, and aimed to identify the critical factors determining the intention of government service mini-program adoption from the user’s perspective. Six hundred and nine valid samples were collected from Macau, Hong Kong, Guangzhou, and Shenzhen through online survey platforms. The findings suggested that service quality, trust in eGovernment, ubiquity, and social influence constituted the determinants of intention to adopt. Service quality and ubiquity were salient determinants, and a great extent of service quality and ubiquity could promote perceived value and intention. Citizens' trust in government service mini-programs was reasonable, where benevolence, integrity, and competence were crucial indicators of trust. Social influence amplified and transmitted risk perception while perceived risk significantly reduced intention. Perceived value positively associated with the four determinants and enhanced user intention; it acted as a mediator with high explanatory power in the model. Government support received positive ratings from citizens; it negatively regulated the relationship between intention and the determinants respectively, implying that excessive intervention from the government could lead to inhibition. Finally, we proposed relevant implications and suggestions for the GBA government agents and policymakers
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Hydrothermal activity on mid-ocean ridges is an important mechanism for the delivery of Zn from the mantle to the surface environment. Zinc isotopic fractionation during hydrothermal activity is mainly controlled by the precipitation of Zn-bearing sulfide minerals, in which isotopically light Zn is preferentially retained in solid phases rather than in solution during mineral precipitation. Thus, seafloor hydrothermal activity is expected to supply isotopically heavy Zn to the ocean. Here, we studied sulfide-rich samples from the Duanqiao-1 hydrothermal field, located on the Southwest Indian Ridge. We report that, at the hand-specimen scale, late-stage conduit sulfide material has lower δ66Zn values (−0.05 ± 0.15 ‰; n = 19) than early-stage material (+0.13 ± 0.15 ‰; n = 10). These lower values correlate with enrichments in Pb, As, Cd, and Ag, and elevated δ34S values. We attribute the low δ66Zn values to the remobilization of earlier sub-seafloor Zn-rich mineralization. Based on endmember mass balance calculations, and an assumption of a fractionation factor (αZnS-Sol.) of about 0.9997 between sphalerite and its parent solution, the remobilized Zn was found consist of about 1/3 to 2/3 of the total Zn in the fluid that formed the conduit samples. Our study suggests that late-stage subsurface hydrothermal remobilization may release isotopically-light Zn to the ocean, and that this process may be common along mid-ocean ridges, thus increasing the size of the previously identified isotopically light Zn sink in the ocean.
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This chapter presents a systematic review of research on human resources management (HRM) and employee relations (ER) in Angola to identify the main challenges and opportunities presented. To achieve that goal, this chapter characterises research conducted in the country, investigates its main findings, and proposes some directions for the future. Based on a bibliographic search in the EBSCO Discovery database of empirical articles about HRM and ER in Angola, we collected a sample of 28 studies published between 2009 and 2022. Most studies have focused on the development and retention of human resources. Other topics included diversity management, workplace attitudes and behaviours, scale validations, leadership and decision-making, performance appraisal, quality assessment, corporate social responsibility, and expatriates. We identified three main challenges and opportunities in HRM and ER in Angola. First, the policies and the planning, implementing, and evaluating processes of human resources development and retention strategies should be improved. Second, effective leadership and participation should be promoted while navigating the tensions between autocratic and participative leadership styles. Finally, positive ER and employee well-being should be promoted. Understanding these challenges and opportunities may contribute to the development of human capital in Angola and, ultimately, the country’s socioeconomic development.
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Macau, Macau Business, MAG, MB, MB Featured, Opinion | As Macau strives to revive its post-pandemic economy and to reinject life into its ailing society, calls for investment in human capital resurface, alongside endless mantras of economic diversification which, for years, seem to have fallen on deaf ears, and together with plans for further infrastructure development and construction which have already turned Macau into a concrete jungle.
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YouTube has become increasingly popular for marketing purposes. As corporate and user-generated content is widely available on this platform, beauty-related professionals need to understand how to create videos that make their products more appealing and stand out from the clutter. In this study, we examine four factors (i.e., perceived usefulness of the information, perceived credibility of the information, attitude toward the purchase, and perceived video characteristics) that affect the purchase intentions of female consumers. After viewing beauty-related videos, a sample of 204 female consumers was analyzed by structural equation modeling. The findings showed that videos with more views, likes, and comments tend to have a greater effect on the respondents' intentions to purchase. Also, the factors of perceived usefulness of the information, perceived credibility of the information, and attitude toward the purchase exhibited a significant effect on the intention to buy beauty-related products. The result showed that perceived video characteristics (such as quality and visuals) did not significantly influence the purchase intention, however, there is evidence that this factor should not be ignored by content creators. Finally, our research provides insights, strategies, and future directions for industry practitioners and marketers.
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Technology research offers several theories and models to explain how individuals accept and use technology innovations. While these often focus on the technical aspects of the innovation, they tend to downplay the affective component of technology. Recognizing that the adoption of technology is also determined by what it means and represents to the users, this paper aims to fill the gap in the literature by studying the effects of social influence and image on the behavioral intention to adopt a technology. We used structural equation modeling (SmartPLS) to analyze data collected from 238 self-administrated surveys regarding the behavioral intention of Macau residents to use battery electric vehicles. The result showed significant relationships among the variables in the model and depicted the construct of image as a strong factor in the adoption decision. Our findings suggest that social influence may not exhibit substantial impact in the case of innovations in their initial phase and, more importantly, the construct of image could be included as a key predictor of behavioral intention in technology acceptance models, particularly in contexts where the choices that consumers make are public, and therefore subject to judgments from the members of the community.
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This chapter describes how intellectual capital comprising human capital, structural capital, and relational capital are being created for school development and quality assurance in Macau. Macau has aimed to catch up with the global education reform by subsidising majorities of the non-tertiary sectors and promulgating Decree Laws regarding education policies and development. Despite the significance of the intangible assets of the intellectual capital, the chapter also attempts to analyse the issues and challenges towards the management of intellectual capital emerging simultaneously in the transition process in the educational context of Macau. It suggests capitalising on the accumulated school knowledge for school effectiveness. This chapter depicts the chronological development of Macau's education reform by analysing how Macau has attempted to emancipate its education institutions from the period of quasi-closed system to that of the open system by creating different types of intellectual capital in school. It discusses the emerging issues and challenges simultaneously in the transition process of educational development in Macau, namely before and after returning its sovereignty to the Chinese government.
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