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This study examines the implications of real asset liquidity for accounting conservatism. We investigate whether the liquidity of a firm’s physical assets mitigates lenders’ demand for conservatism by increasing the amount lenders can recover if the firm is liquidated, a theoretical prediction in Göx and Wagenhofer (2009).

We use an asset redeployability index as a proxy for firm-level real (physical) asset liquidity and adopt ordinary least squares (OLS) regressions in the test. We also investigate the differential impact of real asset liquidity on conservatism in two unique settings where lenders’ demand for accounting conservatism varies (loan initiation and bank deregulation).

We find that accounting conservatism decreases as real asset liquidity increases. The negative effect of real asset liquidity on conservatism increases as the quantity of the firm’s real assets increases, and the negative association is strengthened when firms face high financing constraints and have access to public debt markets. The moderating effect of real asset liquidity on lenders’ demand for conservatism increases (decreases) when real asset liquidity is more (less) important to lenders.

This study provides direct empirical evidence for the theoretical prediction in Göx and Wagenhofer (2009). Prior research shows that real asset liquidity impacts a firm’s capital structure and investment decisions (Campello and Giambona, 2013; Kim and Kung, 2017; Ortiz-Molina and Phillips, 2014; Williamson, 1988). We complement this literature by providing evidence that real asset liquidity also plays a role in financial reporting by reducing accounting conservatism.

Following calls at different times in the United States for the definition of the body of knowledge (BOK) of real estate discipline, this briefing sets out to define the intellectual boundaries of real estate and applies the definitional concept to map out the scopes of real estate professions and real estate valuation vocation

The study essentially uses a literature review to draw out definitional issues that have been tackled before. It reviews calls that have been made in the past for a definition of the BOK of the real estate discipline. Further, it reviews past attempts at definition to reveal why they failed at the definition project.

The study found three key suggestions made in the past: that there is a need to define real estate’s BOK, that there is a need to use a “central structure” to define the BOK of real estate, and that definition of the BOK of real estate should rely on the activity nodes that constitute real estate. The study has relied on these three key ideas to define real estate as the science of value creation, distribution and sustenance in built space.

The definition of the BOK will help in curriculum development for real estate education. It will help faculties and departments to single out what fits into the real estate curriculum and what does not fit in.

A definition of the BOK for real estate: reconceptualizing the discipline and delineating jurisdictional boundaries of its practice.

The intent of this practice briefing is to provide clarity on the role of market cycles in influencing property valuations at specific points in time. Market cycles are important to the valuation function as real estate cycles have been a critical underlying reason for the financial successes and failures of real estate investments throughout history.

This practice briefing is an overview of the role of the valuer/appraiser in decanting out market information and expectations from market comparables.

This briefing is a review of property valuation and proffers that connecting market cycles to valuation will capture a more expansive and inclusive world view that explicitly incorporates consideration of multiple factors that are reflected in market value.

Important implication of this research is that valuers be aware of how profoundly market cycles concepts and circumstances influence property values – and implement that knowledge in property valuation assignments.

This briefing considers the implications of using market cycles knowledge as a core resource for the property valuer. All involved in the property discipline must recognise that market cycles dramatically influence property values at any one point in time.

Societies, cultures, governments, business and places depend upon and have major stake in competent, responsible, informed decisions about properties and property interest. This research contributes to superior property practice – and therefore supports the interests of societies, cultures, governments, business and places.

This briefing provides guidance on how to interpret markets, market cycles and market information that feed into property pricing and market value.

Consumers increasingly expect brands to have a social purpose. Yet, guidelines on how to effectively engage in conscientious purpose-driven branding are lacking. This study aims to better understand what the key drivers of a successful conscientious purpose-driven branding strategy are and what is its impact on key brand outcomes.

Data was gathered using a self-administered survey, answered by 670 young adults belonging to generations Y and Z. The study integrates in a single moderated-mediation model, tested using partial least squares structural equation modelling, the joint effects of cause–brand–consumer congruences, cause-brand authenticity and brand image, on consumers’ intention to purchase and recommend the brand.

Consumer-brand congruence mediates the path from cause-brand congruence and authenticity to brand image, which in turn impacts purchase and recommendation intentions, with authenticity playing a dominant role. Moreover, for consumers highly congruent with the cause/purpose, the direct effect of cause-brand congruence on brand image becomes non-significant and only works through consumer-brand congruence.

Theoretically, this study contributes to a better understanding of how and when conscientious purpose-driven branding can be effective. Its findings further advance prior research, by providing an alternative path anchored on cause-brand authenticity to explain positive effects of conscientious purpose-driven marketing on brand outcomes. Moreover, it challenges prior assumptions regarding the impact of consumer-cause congruence on the effectiveness of these strategies. Finally, it highlights that cause-consumer and brand-consumer congruencies also play a role, offering an integrated, triadic view of conscientious purpose-driven branding strategies. Managerially, it provides insights to brand managers wishing to successfully implement these strategies and better understand the role of brands as “purpose-driven entities”.

To evaluate the temperature-dependency of the Young’s and shear moduli of concrete after exposure to moderately elevated temperatures using the non-destructive impulse excitation technique (IET).

The study involved heating the concrete up to 225 °C and measuring the dynamic Young’s and shear moduli using the non-destructive technique of impulse excitation, which measures the natural vibration frequency from a mechanical impulse received by an acoustic sensor. The effects of temperature on the dynamic Young’s and shear moduli were analysed and the importance of the spatial variability of the measured values was also verified.

The study found that even moderately elevated temperatures (below 225 °C) resulted in a significant permanent reduction in the Young’s modulus of concrete (reduction in the range of 23%–36% for the maximum temperature considered in this research) as well as a modest and permanent reduction in the shear modulus of around 6%. It was also observed that spatial variability of the mechanical properties of concrete plays an important role in the measured values; higher dispersion of the results was found for the values of the Young’s and shear moduli of concrete measured along the height of the beam. The non-destructive test method used in this study was found to be extremely useful in the investigation of heat-related damage in concrete structures for its ease of use, low time consumption and accuracy. The results were consistent with the published literature.

This study provides important insights into the temperature-dependent behaviour of the dynamic Young’s and shear moduli of concrete and highlights the significance of proper consideration of the spatial variability of the measured values. The use of a non-destructive test method for continuous acoustic testing during heating and cooling proved to be effective, and the findings contribute to the fields of materials science and civil engineering in understanding the effects of elevated temperatures on concrete properties. The findings confirm that IET can be easily used to gather important information in the condition assessment and rehabilitation of concrete structures after a fire event. Further studies to foster the application of this technique to real structures are suggested.

Arthroscopic osteochondroplasty is a minimally invasive procedure that has been used to treat femoroacetabular impingement syndrome, leading to significant improvements in patients’ clinical outcomes and quality of life. However, some studies suggest that inadequate bone resection can substantially alter hip biomechanics. These modifications may generate different contact profiles and higher contact forces, increasing the risk of developing premature joint degeneration. To improve control over bone resection and biomechanical outcomes during arthroscopic osteochondroplasty surgery, this study aims to present a novel system for measuring femoroacetabular contact forces.

Following a structured design process for the development of medical devices, the steps required for its production using additive manufacturing with material extrusion and easily accessible sensors are described. The system comprises two main devices, one for measuring femoroacetabular contact forces and the other for quantifying the force applied by the assistant surgeon during lower limb manipulation. The hip device was designed for use within an arthroscopic environment, eliminating the need for additional portals.

To evaluate its performance, the system was first tested in a laboratory setup and later under in-service conditions. The 3D printing parameters were tuned to ensure the watertighness of the device and sustain the intraoperative fluid pressures. The final prototype allowed for the controlled measurement of the hip contact forces in real-time.

Using additive manufacturing and readily available sensors, the present work presents the first device to quantify joint contact forces during arthroscopic surgeries, serving as an additional tool to support the surgeon’s decision-making process regarding bone resection.

This paper aims to investigate the theoretical and practical links between digital twin (DT) application in heritage facilities management (HFM) from a life cycle management perspective and to signpost the future development directions of DT in HFM.

This state-of-the-art review was conducted using a systematic literature review method. Inclusive and exclusive criteria were identified and used to retrieve relevant literature from renowned literature databases. Shortlisted publications were analysed using the VOSviewer software and then critically reviewed to reveal the status quo of research in the subject area.

The review results show that DT has been mainly adopted to support decision-making on conservation approach and method selection, performance monitoring and prediction, maintenance strategies design and development, and energy evaluation and management. Although many researchers attempted to develop DT models for part of a heritage building at component or system level and test the models using real-life cases, their works were constrained by availability of empirical data. Furthermore, data capture approaches, data acquisition methods and modelling with multi-source data are found to be the existing challenges of DT application in HFM.

In a broader sense, this study contributes to the field of engineering, construction and architectural management by providing an overview of how DT has been applied to support management activities throughout the building life cycle. For the HFM practice, a DT-cum-heritage building information modelling (HBIM) framework was developed to illustrate how DT can be integrated with HBIM to facilitate future DT application in HFM. The overall implication of this study is that it reveals the potential of heritage DT in facilitating HFM in the urban development context.

This paper presents an original approach for learning models, partially known, of particular interest when performing source identification or structural health monitoring. The proposed procedures employ some amount of knowledge on the system under scrutiny as well as a limited amount of data efficiently assimilated.

Two different formulations are explored. The first, based on the use of informed neural networks, leverages data collected at specific locations and times to determine the unknown source term of a parabolic partial differential equation. The second procedure, more challenging, involves learning the unknown model from a single measured field history, enabling the localization of a region where material properties differ.

Both procedures assume some kind of sparsity, either in the source distribution or in the region where physical properties differ. This paper proposed two different neural approaches able to learn models in order to perform efficient inverse analyses.

Two original methodologies are explored to identify hidden property that can be recovered with the right usage of data. Both methodologies are based on neural network architecture.

This article presents a fuzzy cognitive map for the evaluation of innovation in organizations.

The purpose of this paper is to develop a model to evaluate the innovative capacity of organizations based on fuzzy cognitive maps (FCM), particularly for micro, small and medium-sized enterprises (MSMEs). The specification of the innovation evaluation model based on FCM was carried out with the “Intelligent Decision Support System” methodology. It is a six-step methodology: selection of experts, definition of concepts and relationships, model design, inference, interpretation and decision.

Our approach yielded good results in three case studies, effectively determining the level of innovation in an organization. The fuzzy cognitive maps demonstrated a high level of accuracy, with an accuracy of 82% in the Colombian case studies and 92% in the global case studies. These results highlight the effectiveness of the model for quantitatively assessing levels of innovation within organizations. Furthermore, the study revealed the most influential and essential innovative activities/variables within organizations, contributing significantly to the improvement of their operations and competitiveness.

It is important to automate the definition of the relationships between the concepts of the context and of our FCM. It is also possible to improve the behavior of the FCM by analyzing the variables with a greater impact on the level of innovation and very dynamic in the context since they are the variables to be observed in real-time to follow the evolution of the innovative behavior of an organization.

The study found that innovative activities emerged as an influential factor in organizations, essential to improving their operations and competitiveness. Our model can help in identifying areas that require improvement to impact positively organizations. By improving innovation assessment through the FCM model, organizations can anticipate higher profitability because innovations are often closely tied to revenue generation and cost savings. The tool can determine the necessity of new products or services, improve operational processes or enter new markets.

The previous results in the literature show that although there are relevant advances on this topic, there is not enough knowledge to provide clear guidelines for evaluating innovation and improving performance in an organization using intelligent systems. Also, previous works have not defined a framework for evaluating innovation in MSMEs based on FCMs. They also do not use the data of an organization to assess the key characteristics related to innovation. This work applies FCM to automate the evaluation of the process and the capacity for innovation in an organization. These are the main differences between our approach and previous studies.

In the face of escalating urban populations, the quest for seamless mobility in cities becomes increasingly complex, even in regions where transit options are presumably accessible within the developing world. The imperative to confront urban mobility challenges and forge sustainable cities equipped with adept transportation and traffic management systems cannot be overstated. This study delves into the technological paradigms employed by developed nations and evaluates their pertinence in the current milieu for mitigating urban mobility challenges. Simultaneously, it scrutinizes the deployment of smart city technologies (SCTs) within developing nations, investigating potential technological strides that can be harnessed to achieve sustainable urban transportation. By dissecting the intricacies of SCTs in developing countries, the study aims to unearth viable technological advancements that can be judiciously implemented to foster sustainable urban mobility. It aspires to provide nuanced recommendations for the integration of latent SCTs, unlocking untapped potential to augment the sustainability of urban transportation in the developing world. The research also elucidates strategies geared towards fostering international collaborations which are instrumental in propelling the development of cities characterized by equity and inclusivity. The study underscores the significance of a global alliance in overcoming urban challenges, emphasizing the need for shared knowledge, resources and experiences to propel the evolution of cities towards a more sustainable and equitable future. This research serves as a comprehensive exploration of the intricate interplay between technology, urbanization and international cooperation, offering insights and recommendations pivotal to steering the trajectory of urban development in developing nations.