329 research outputs found
INFLAMMATORY MYOFIBROBLASTIC TUMORS IN CHILDREN : THEIR RELATIONSHIP WITH HHV8 INFECTION AND PROGNOSTIC ROLE OF HISTOLOGY
No full textPotential Contribution of AI to ESG Ecosystem
Get PDF論文Article比較可能なESG（環境・社会・ガバナンス）情報を起点として、資本市場のダイナミクスをドライビング・フォースに取り込めれば、ビジネスと持続可能な社会をつなぐエコシステムの循環に資する。こうした問題意識から本稿では、ESG に係る企業活動への市場規律向上を基本的視座とし、現下のESG インデックスのばらつきによる比較可能性欠如という実務的課題の克服に向け、AI を活用したS-Ray による比較可能性改善の事例研究を通して、ESG エコシステムの実現に向けたAI の貢献可能性を展望する。
S-Ray は、メディア報道を含む膨大な外部情報源の迅速な解析に強みを有しており、ESG インデックスのばらつきを克服するユニークなツールとして、市場規律の向上に資するポテンシャルを有している。他方で、AI のブラックボックス問題や学習データ依存性に起因して、S-Ray を含め情報源・アルゴリズムの偏向等への疑念も現状では完全に払拭し切れていない。AI によるESG 評価の品質保証は難しい課題であるが、モデル策定プロセスの内部統制に係る検証等に関しては、監査保証論のフレームワークを基礎として役立てられる可能性があり、今後は会計・監査保証分野においても幅広いAI 研究コミュニティと緊密に連携した学際的な研究の深化が求められる。Incorporating the dynamics of capital markets into the driving force through comparable ESG (Environmental, Social and Governance) information, will contribute to the circulation of the ecosystem that connects business and a sustainable society. Based on this awareness of issues, this article focuses on improving market discipline for corporate activities by improving the comparability of ESG evaluations using AI in order to overcome the current practical issues of ESG index variability, and specifically starting with S-Ray's efforts utilizing AI, the author considers the potential contributions and challenges of AI toward the realization of an ESG ecosystem.
S-Ray has strengths in rapid analysis of vast numbers of external sources, including media coverage, and has the potential to contribute to improving market discipline as a unique tool for overcoming ESG index variability. On the other hand, due to the black box problem of AI and the dependency on learning data, doubts about the bias of information sources and algorithms including S-Ray have not been completely dispelled at present. Quality assurance of ESG evaluation by AI will be a difficult issue in the future, but it may be useful based on the framework of auditing/assurance theory for verification related to internal control of the model formulation process, and it will be necessary to promote interdisciplinary research in close collaboration with a wide range of AI research communities.departmental bulletin pape
Leiomyomatosis with vascular invasion. A unified pathogenesis regarding leiomyoma with vascular microinvasion, benign metastasizing leiomyoma and intravenous leiomyomatosis.
No full textThree uterine leiomyomas with vascular invasion (LWVI), two of which were associated with pulmonary leiomyomatous nodules, and a case of intravenous leiomyomatosis (IVL) invading the vena cava and extending to the right atrium, are described. Despite their histological benignity, these lesions have a strong tendency to metastasize and are closely related to the so-called benign metastasizing leiomyoma (BML). From a clinical point of view, the pulmonary nodules of LWVI are stable or slowly-growing. The IVL was a "worm-like" tumour that presented as a cardiac mass. On the basis of their histological and immunohistological features, a unified histogenetic view of LWVI, IVL and BML of the uterus is proposed. LWVI and BML may be the same pathological entity and microscopic vascular invasion may represent the metastatic mechanism of BML. Alternatively, LWVI may be the initial stage of IVL. In rare instances, IVL may be associated with distant parenchymal (pulmonary) metastases. LWVI seems to be the precursor of both BML and IVL
Expression and parental imprinting of the H19 gene in human rhabdomyosarcoma.
No full textThe expression of Insulin-like Growth Factor 2 (IGF-2) and H19, two genes located on human chromosome 11p15 and provided with cell growth modulating activity, is regulated by parental imprinting, in that the activity of their alleles is dependent on the parental origin. Parental bias in the genetic alterations of chromosome 11p15 observed in several pediatric cancers suggests the involvement of imprinted genes in tumor development. We have previously reported that the number of functional IGF-2 alleles is frequently increased in rhabdomyosarcoma (RMS), as a consequence of either relaxation of imprinting (LOI) or gene duplication. Here we show that the expression of the H19 gene is significantly suppressed with respect to normal muscle tissue in 13 out of 15 rhabdomyosarcomas with embryonal histology (ERMS) and in three out of 11 rhabdomyosarcomas classified as alveolar subtype (ARMS). Since a growth-inhibitory activity has been found associated with the H19 gene, the extinction of its expression can contribute to RMS development. Parental imprinting of the H19 gene was found conserved in all informative RMSs, including those whose ICF-2 imprinting was relaxed, indicating that LOI is a gene-specific event. Seven ERMSs and one ARMS displaying low H19 RNA levels showed an underrepresentation of the expressed allele in their genotype. This result is consistent with the paternal imprinting of the H19 gene and with the preferential loss of the maternal 11p15 alleles in these neoplasms. Low H19 expression was also found in four out of eight RMSs retaining the heterozygosity at 11p15, but showing IGF-2 LOI. These findings suggest that the genetic and epigenetic alterations affecting chromosome 11p15 in a high number of RMSs cause deregulation of more than one imprinted gene, possibly affecting tumor growth, including the extinction of H19 expression and an increase in the number of active IGF-2 alleles
ESG and Financial Constraints
No full textPrior evidence that firm’s environment, society and governance (ESG) performance has a positive impact on its investment behavior, leaves unaddressed whether it has the same impact on corporate financing constraints. Drawing on stakeholder theory and Information asymmetry theory, this study analyzes the issue in a more exhaustive way. Use Chinese A-share listed companies samples from 2009 to 2020, the author analyzes the relationship between ESG performance and financing constraints, and finds that firms with better ESG performance, measured by high ESG ratings, face less financing constraints. This study helps to clarify the economic significance of ESG performance, provides empirical basis for listed companies to attach importance to and improve ESG performance, and has implications for government departments to formulate relevant policies to improve the efficiency of capital allocation and promote high-quality economic development
The impact of ESG characteristics on startup valuation: An empirical study in the Venture Capital setting
No full textThis thesis serves as an attempt to establish the initial empirical linkage between environmental, social and governance (ESG) factors and startup valuation by venture capitalists. While substantial academic work has addressed the ESG topic and how firms’ ESG characteristics impact their financial performance and valuations, relatively little ink has been spilled on the issue in the entrepreneurial finance literature. An important impediment for researchers and for investors in the entrepreneurial finance markets wanting to adopt the practice of responsible investing has been the lack of a unified framework for the assessment and quantification of startups’ ESG characteristics. This thesis proposes a startup ESG framework that is based on the status quo of existing ESG frameworks and related literature. The study then analyses a proprietary dataset of 47 technological startups that seek funding from the Dutch venture capital (VC) firm FORWARD.one, to empirically investigate whether the positive relationship between firms’ ESG characteristics and financial valuation, found in the public market setting and the crowdfunding and token offering setting, also holds in the VC context. Multiple Linear Regression (MLR) analysis and Independent Sample t-Tests are used to examine the impact of the startups’ ESG risk scores on their financial valuations. The results indicate that the amount of ESG risk in a startup is negatively correlated to its financial valuation, meaning that venture capitalists do value startups’ ESG characteristics. As a result also those entrepreneurs that seek funding from venture capitalists have an economic incentive to work on their sustainability performance. However, this study finds that sustainability performance is only valued to the extent that it concerns ESG risk management, i.e. minimizing ESG-related negative externalities. The creation of ESG-related positive externalities is not valued by purely financially driven venture capitalists. The study does not attempt to establish a causal mechanism. The findings contributes to the still emergent literature around the role of ESG in entrepreneurial finance markets and several promising avenues for further research are suggested.Management of Technology (MoT
Three contradictions between ESG finance and social housing decarbonisation: A comparison of five European countries
No full textThe regulation of financial markets according to Environmental, Social and Governance (ESG) criteria has become a priority for the European Union (EU). Recent legislation, such as the EU Green Taxonomy, aims to identify sustainable investments enhancing transparency and accountability while steering private finance toward environmental objectives. The introduction of ESG criteria poses specific questions for Social Housing Organisations (SHOs), particularly as the decarbonisation of the housing stock is also incorporated into national legislation. This article contributes to the social housing finance literature by breaking ground on ESG, an area of intensive legislative activity currently re-shaping financial markets. The study draws from interviews with SHOs’ finance directors, banking officers, rating agencies and public officials to answer the question: How does the introduction of ESG legislation affect the financing of social housing decarbonisation? First, the results show that ESG legislation is broadening reporting responsibilities while producing only limited additional finance ultimately geared towards large and commercially oriented SHOs. Second, the expansion of energy-efficiency requirements is resulting in higher costs creating tensions with SHOs’ social mission of building homes at affordable rents. Third, the adoption of ESG financing is producing inequalities in access to capital across national financing systems and individual providers.Urban Development Managemen
Corporate ESG Information Disclosures
Get PDFthe purpose of the study was to assess the compliance of modern ESG reporting with the expectations formulated in the UN Global Compact (UNGC) report “Who Cares Wins”, and its subject is corporate ESG information as an element of improving the functioning of financial markets and society as a whole. The work used such general scientific research methods as analysis, abstraction, generalization, induction, and analogy. The author shows that despite the quantitative growth of ESG reports and the development of guidelines for the disclosure of ESG information, there are still difficulties and challenges in measuring the effectiveness of E&S activities and corporate ESG sustainability, and the interest in establishing and defining the connection between ESG and financial indicators continues; the concept of materiality in ESG reporting is characterized by a different and uneven ranking of priorities of ESG activities, as well as the distinction between financially material and financially non-material sustainability issues; currently, increasing the disclosure of corporate ESG information does not improve public confidence in sustainability efforts and results. In the course of the work, a review of publications on the measurement and disclosure of corporate ESG indicators was carried out. the conclusions drawn indicate that modern ESG reporting has partially overcome the shortcomings formulated in the UN Global Compact “Who Cares Wins”. Progress has been made in standardizing, measuring, disclosing, and publishing ESG information, but it is still considered to lack consistency and reliability. Moreover, it does not make a convincing case for its impact on company value. the results of the study — an analysis of the concept of strengthening the sustainability of financial markets and the role of ESG reporting — can be useful in theoretical research in the field of non-financial reporting
About ESG-Vectors in Education of Russians
Get PDFОписана роль и значение ESG повестки в образовательном процессе современного специалиста в России. Приведены примеры действующих образовательных программ, изучающих устойчивое развитие и содержащие информацию о ESG. Перечислены основные требования, предъявляемые к специалисту для его эффективного обучения устойчивому развитию и ESG-повестки. Приведен разработанный автором алгоритм выбора образовательной ESG-программы.The role and significance of the ESG agenda in the educational process of a modern specialist in Russia is described. Examples of current educational programs that study sustainable development and contain information about ESG are given. The main requirements for a specialist for his effective training in sustainable development and the ESG agenda are listed. An algorithm for choosing an educational ESG program developed by the author is presented.Исследование выполнено за счет гранта Российского научного фонда № 23-28-00191, https://rscf.ru/project/23-28-00191/.The study was supported by a grant from the Russian Science Foundation № 23-28-00191, https://rscf.ru/en/project/23-28-00191/
The Role OF Esg in Advancing Corporate Reforms in Uzbekistan
No full textThis article examines the strategic relevance of ESG in Uzbekistan. The study aims to assess how ESG influencescorporate governance and M&A performance. The topic is timely given ongoing privatization and institutional reforms. Themethodology relies on a structured review of global empirical research. Findings show that ESG-particularly governanceenhancestransparency and reduces risk. The author concludes that ESG improves firms' investment attractiveness. Thenovelty lies in linking ESG to Uzbekistan's institutional environment and its implications for M&A outcome
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