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In the real world, the variance of portfolio returns provides only a limited quantification of incurred risks, as the distributions of returns have “fat tails” and the dependence between assets are only imperfectly accounted for by the correlation matrix. Value‐at‐risk and other measures of risks have been developed to account for the larger moves allowed by non‐Gaussian distributions. In this article, the authors distinguish “small” risks from “large” risks, in order to suggest an alternative approach to portfolio optimization that simultaneously increases portfolio returns while minimizing the risk of low frequency, high severity events. This approach treats the variance or second‐order cumulant as a measure of “small” risks. In contrast, higher even‐order cumulants, starting with the fourth‐order cumulant, quantify the “large” risks. The authors employ these estimates of portfolio cumulants based on fat‐tailed distributions to rebalance portfolio exposures to mitigate large risks.

This final chapter, presented by the book’s three Editors, provides a reflection and discussion of the key findings presented throughout the book. First, it delves into the book’s vision and the process of creation. The findings in the book affirm the continuous growth of the field, highlight the diverse nature of the RMA landscape, and reveal the substantial variation in the status of the profession and the availability of data among regions and countries. To understand the unique features of the RMA profession from multitude of angles and in each country’s context, the Editors emphasize the importance of inviting authors to share their perspectives in their own voices and styles, which became central to the book’s mission. Second, this chapter presents discussions on pivotal findings in four areas: (1) growth of the RMA profession in specific countries and regions, (2) crucial contribution of professional associations to advancing RMA, (3) essential soft skills for RMAs and promotion of diversity, equity, and inclusion, and (4) advancing RMA through increasing training and capacity-building initiatives. This chapter also alludes to potential policy implications and concludes with the Editors’ hope that the book serves as a catalyst for further exploration of the RMA field and RMA professions.

This part of the book has provided overviews of the current situation of research management and administration (RMA) in over 50 countries around the world provided by a total of 96 authors. Thirty-eight chapters cover individual countries from six continents, with a chapter bringing together this situation in the three Baltic states, another covering the Western Balkans, one more focused on the Caribbean, and there is a chapter on the Catalonia region of Spain. Here, we attempt to draw out common themes and to highlight differences in RMA and of Research Managers and Administrators in different parts of the world. Further, more holistic, insights can be found in the final chapter of the book (Yang-Yoshihara, Kerridge, et al., 2023, Chapter 6).

Investment decisions hold immense significance for investors and eventually affect their portfolio performance. Investors are advised to weigh the costs and benefits associated with every decision in order to make rational investment decisions. However, behavioral finance research reveals that investors' choices often stem from a blend of economic, psychological and sociological factors, leading to irrationality. Moreover, environmental, social and corporate governance (ESG) factors, aligned with behavioral finance hypotheses, also sway opinions and stock prices. Hence, this study aims to identify how individual equity investors prioritize key determinants of investment decisions in the Indian stock market.

The current research gathered data from 391 individual equity investors through a structured questionnaire. Thereafter, a fuzzy analytic hierarchy process (F-AHP) was used to meet the purpose of the research.

Information availability, representative heuristics belonging to psychological factors and macroeconomic indicators falling under economic factors were discovered to be the three most prioritized criteria, whereas environmental issues within the realm of ESG factors, recommendations of brokers or investment consultants of sociological factors, and social issues belonging to ESG factors were found to be the least prioritized criteria, respectively.

Only active and experienced individual equity investors were surveyed in this study. Furthermore, with a sample size of 391 participants, the study was confined to individual equity investors in one nation, India.

This research has implications for individual investors, institutional investors, market regulators, corporations, financial advisors, portfolio managers, policymakers and society as a whole.

To the best of the authors' knowledge, no real attempt has been made to comprehend how active and experienced individual investors prioritize critical determinants of investment decisions by taking economic, psychological, sociological and ESG factors collectively under consideration.

The purpose of this paper is to present a methodology for estimating scheduled and manual override heating events and heating settings from indoor air temperature and gas use measurements in UK homes.

Living room air temperature and gas use data were measured in ten UK homes built to low energy standards. The temperature measurements are used to establish whether the central heating system is turned on or off and to estimate the heating setpoint used. The estimated heating periods are verified using the homes' average daily gas consumption profiles.

Using this method, the average number of heating periods per day was 2.2 (SD = 0.8) on weekdays and 2.7 (SD = 0.5) on weekends. The weekday mean heating duration was 8.8 h and for weekends, it was 9.8 h. Manual overrides of the settings occurred in all the dwellings and added an average of 2.4 h and 1.5 h to the heating duration on weekdays and weekends respectively. The mean estimated setpoint temperatures were 21.2 and 21.4°C on weekdays and weekends respectively.

Manual overrides of heating behaviours have only previously been assessed by questionnaire survey. This paper demonstrates an alternative method to identifying these manual override events and responds to a key gap in the current body of research that little is currently reported on the frequency and duration of manual heating overrides in UK homes.

The results could be used to better inform the assumptions of space heating behaviour used in energy models in order to more accurately predict the space heating energy demands of dwellings.

Manual overrides of heating behaviours have only previously been assessed by questionnaire survey. This paper demonstrates an alternative method to identifying these manual override events and responds to a key gap in the current body of research that little is currently reported on the frequency and duration of manual heating overrides in UK homes.

The inclusion of heritage dwellings in the UK decarbonization policies can contribute to cut operational carbon emissions from the building stock; this needs to be made a priority if net zero carbon targets are to be achieved. However, the energy and carbon savings potential of suitable retrofit interventions on this part of the stock is extremely variable and strictly intertwined with the range of baseline conditions of such dwellings. This study aims to propose a framework for interventions in traditional listed dwellings (TLDs) to improve their energy performance utilizing dynamic energy simulation (DES) of selected case studies (CSs) in the city of Brighton and Hove (South-East England).

To achieve this aim, the study established a baseline scenario which provides a basis for the assessment of energy performance and thermo-hygrometric behaviour pre- and post-interventions and allows for comparison between different CSs under comparable conditions.

Presenting a brief overview of the methodology adopted in this study, the paper describes the approach devised to generate such baseline scenario. The paper then compares the results obtained from simulation of normalized and baseline models with the status-quo energy consumption of the dwellings investigated (based on meter readings).

This analysis finally allows to highlight some key physical determinants of the baseline HEC which, in the following stage of research, proved to have a considerable effect also on the amount of energy and carbon savings achievable post retrofit interventions.

The use of air-conditioners (ACs) is on the increase in the developing world, with exacerbating compounding effect on carbon footprints. With this development, there is the expectation that developing countries would begin to appreciate and understand occupant behaviours in the use of ACs towards combating climate change, especially as building energy consumption is heavily influenced by the behaviour of its occupants. This study aims to identify occupant behaviours that leads to efficient use of ACs in public buildings so that these can be factored into developing guidelines for improving energy efficiency in buildings.

Drawing on the theory of planned behaviour (TPB), survey questionnaire was used to collect data in office buildings in Kumasi, Ghana. Partial least squares–structural equation modelling (PLS-SEM) analysis was employed for the analysis.

Switching on fan(s) as alternative to ACs has a path coefficient of 0.527, suggesting that it will have the most positive impact on energy consumption as far as AC use is concerned. The second occupant behaviour with a positive impact on energy consumption for AC use is opening windows for natural ventilation accounting for 0.351 significant path coefficient. Wearing of light or heavy clothing as a means of conserving energy achieved 0.174 impact coefficient while occupant behaviour of switching off ACs when leaving the room came last in the ranking, with an impact coefficient of 0.146. TBP is validated in this model, given that all the four occupant behaviours had their perceived behavioural control (PBC) having less impact on the behaviour compared to the behavioural attitude (BA) and the subjective norm (SN).

This research focused on public buildings used as offices, and the findings may not be applicable to private company buildings and also residential properties. Given that Ghana and, for that matter, many developing countries rely heavily on thermal plant for electricity generation, the climate change implications of the findings are discussed.

It is recommended that behaviours of occupants should be considered and factored in building energy predictions to bridge the energy performance gap. Subsequently, project managers, designers and energy consultants are encouraged to provide fans and openable windows in offices, even if there is going to be an air-conditioning provisions.

Originality emanates from the paper being at the forefront of helping to understand occupants' behaviour in the use ACs and associated climate change implications in a developing country context. One of the new variables introduced, switching on fans as an alternative to ACs, achieved the highest path coefficient and has important implication for occupant behaviour in the use of ACs in the literature.