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Assessing the Impact of Regulatory Reforms on the Market Value of Retail Banks in the United Kingdom (UK), An Event Study Methodology
Full text linkThis study examines the impact of two significant regulatory reforms, the Banking Reform Act (2013) and the Financial Services and Markets Act (2023), on the market value of the four largest retail banks in the UK. The research employs an event study methodology, a well-established approach in financial economics, to analyse the stock market reactions to key legislative events associated with the enactment of both acts. The study focuses on three critical stages in the legislative process: the third reading in the House of Commons, the third reading in the House of Lords, and the Royal Assent. Daily stock price data from 2000 to 2023 is used to calculate abnormal returns, which are then analysed for statistical significance using the Wilcoxon signed-rank test. The findings reveal that the Banking Reform Act 2013, while not significantly impacting individual bank returns, had a collective negative effect on the stock prices of the four banks. This suggests that the market perceived the reforms as potentially reducing bank profitability due to increased regulatory burdens and structural changes. Conversely, the Financial Services and Markets Act 2023, enacted a decade later, showed a positive and significant effect on the collective stock returns of the banks
A critical examination of managerialist approaches to policing in Northern Ireland: The effects of change on added value within the PSNI Belfast District
Full text linkEffectiveness of a community-based rehabilitation programme following hip fracture:results from the Fracture in the Elderly Multidisciplinary Rehabilitation phase III (FEMuR III) randomised controlled trial
Full text linkOBJECTIVE: To determine whether an enhanced community rehabilitation intervention (the Fracture in the Elderly Multidisciplinary Rehabilitation (FEMuR) intervention) was more effective than usual National Health Service care, following surgical repair of hip fracture, in terms of the recovery of activities of daily living (ADLs).DESIGN: Definitive, pragmatic, multisite, parallel-group, two-armed, superiority randomised controlled trial with 1:1 allocation ratio.SETTING: Participant recruitment in 13 hospitals across England and Wales, with the FEMuR intervention delivered in the community.PARTICIPANTS: Patients aged over 60 years, with mental capacity, recovering from surgical treatment for hip fracture and living in their own home prior to fracture.INTERVENTIONS: Usual rehabilitation care (control) was compared with usual rehabilitation care plus the FEMuR intervention, which comprised a patient-held workbook and goal-setting diary to improve self-efficacy, and six additional therapy sessions delivered in-person in the community, or remotely during COVID-19 restrictions (intervention), to increase the practice of exercise and ADL.PRIMARY AND SECONDARY OUTCOME MEASURES: Primary outcome was the Nottingham Extended Activities of Daily Living (NEADL) scale at 12 months. Secondary outcomes included: Hospital Anxiety and Depression Scale, Falls Self-Efficacy-International scale, hip pain intensity, fear of falling, grip strength and Short Physical Performance Battery. Outcomes were collected by research assistants in participants' homes, whenever possible, but had to be collected remotely during COVID-19 restrictions.RESULTS: In total, 205 participants were randomised (n=104 experimental; n=101 control). Trial processes were adversely affected by the COVID-19 pandemic. There were 20 deaths, 34 withdrawals and three lost to follow-up. At 52 weeks, there was no significant difference in NEADL score between the FEMuR intervention and control groups. Joint modelling analysis testing for difference in longitudinal outcome adjusted for missing values also found no significant difference with a mean difference of 0.1 (95% CI -1.1, 1.3). There were no significant between-group differences in secondary outcomes. Sensitivity analyses, examining the impact of COVID-19 restrictions, produced similar results. A median of 4.5 extra rehabilitation sessions were delivered to the FEMuR intervention group, with a median of two sessions delivered in-person. Instrumental variable regression did not find any effect of the amount of rehabilitation on the main outcome. There were 53 unrelated serious adverse events (SAEs) including 11 deaths in the control group: 41 SAEs including nine deaths in the FEMuR intervention group.CONCLUSIONS: The FEMuR intervention was not more effective than usual rehabilitation care. The trial was severely impacted by COVID-19. Possible reasons for lack of effect included limited intervention fidelity (fewer sessions than planned and remote delivery), lack of usual levels of support from health professionals and families, and change in recovery beliefs and behaviours during the pandemic.TRIAL REGISTRATION NUMBER: ISRCTN28376407.</p
OXYHYH20-Integrated Renewable Hydrogen and Oxygen Production for Reduced Emissions in Wastewater Treatment Plant Operations
Full text linkEvaluating Real-Time and Scheduled Public Transport Data: Challenges and Opportunities
Full text linkScheduled timetable information has been used extensively in studies concerned with estimating travel times in accessibility research. Fewer studies to date have involved the use of real-time public transport data to help investigate the impacts of travel disruptions or cancellations of service on reported spatial and temporal patterns of accessibility. The aims of this paper are to introduce, describe, and compare the salient features and relative merits of alternative data sources relating to real-time transport data that could be utilized in such applications. By drawing attention to the potential of real-time data originating from such sources, this study makes recommendations for those considering building on the use of scheduled data to incorporate travel time reliability within transport applications. We conclude by highlighting the need for further research that explores the potential of using openly available sources of real-time traffic data in studies that incorporate accessibility analysis
A multi objective optimization framework for smart parking using digital twin pareto front MDP and PSO for smart cities
Full text linkSmart cities are designed to improve the quality of life by efficiently using resources and smart parking is an important part of this puzzle to help alleviate traffic congestion and efficiently address energy consumption and search time for parking spaces. However, existing parking management systems have issues with resource management, system scalability, and real-time dynamic changes. In response to these challenges, this paper proposes a Multi-Objective Optimization Framework for Smart Parking incorporating Digital Twin Technology, Pareto Front Optimization, Markov Decision Process (MDP), and Particle Swarm Optimization (PSO). Hence, the proposed framework utilizes Digital Twin whereby there is a generation of a virtual model of the existing parking infrastructure that can give a real-time prospective estimation of the entire system. The Pareto Front is then used for multi-objective optimization of the search domain, where the goal is to minimize the search time, use of energy, and traffic disruption, and maximize the availability of parking spaces. The MDP splits the resource allocation problem into a value function which can then model the real-time parking requests. Further, PSO refines the solutions found from the Pareto front for a globally superior distribution. The framework is evaluated using extensive simulations across multiple metrics: search time, energy, congestion level, scalability, and utilization. Evaluation outcomes also show that the proposed algorithm is better than Round Robin, Random Allocation, and Threshold Based algorithms in terms of 25% improvement in the search time, 18% better energy usage, and 30% less traffic congestion. This work has shown the prospects of combining hybrid optimization and real-time decision-making in the enhancement of parking management in smart cities for better efficiency in urban mobility.</p
