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This study investigates the influence of sovereign wealth fund (SWF) investments on the financial performance of firms in Saudi Arabia and Spain. Findings indicate that SWF investments exert a notable influence on average share prices, accounting for a considerable portion of the variation in stock values across both countries. Conversely, no significant relationship was found between SWF investments and other financial indicators such as return on investment, liquidity ratio, financial leverage, and profitability ratio. The analysis underscores the relevance of a firm’s national context when assessing the implications of SWF activity, as such investments may alter ownership structures and strategic directions. Additionally, the study emphasizes that SWF decisions are closely linked to broader economic and political developments, necessitating continuous monitoring and contextual evaluation. To explore these dynamics, the research utilized statistical tools such as regression models and coefficients of determination, enabling a clear measurement of the investments’ effects on financial indicators. The study concludes with several recommendations: further investigation into other variables influencing financial performance, stronger collaboration with SWFs as part of strategic investment planning, and improved transparency through consistent financial disclosure. Moreover, longitudinal and cross-sectoral comparative research is encouraged to deepen the understanding of SWF impacts globally.

This study investigates the influence of sovereign wealth fund (SWF) investments on the financial performance of firms in Saudi Arabia and Spain. Findings indicate that SWF investments exert a notable influence on average share prices, accounting for a considerable portion of the variation in stock values across both countries. Conversely, no significant relationship was found between SWF investments and other financial indicators such as return on investment, liquidity ratio, financial leverage, and profitability ratio. The analysis underscores the relevance of a firm’s national context when assessing the implications of SWF activity, as such investments may alter ownership structures and strategic directions. Additionally, the study emphasizes that SWF decisions are closely linked to broader economic and political developments, necessitating continuous monitoring and contextual evaluation.To explore these dynamics, the research utilized statistical tools such as regression models and coefficients of determination, enabling a clear measurement of the investments’ effects on financial indicators. The study concludes with several recommendations: further investigation into other variables influencing financial performance, stronger collaboration with SWFs as part of strategic investment planning, and improved transparency through consistent financial disclosure. Moreover, longitudinal and cross-sectoral comparative research is encouraged to deepen the understanding of SWF impacts globally.

The proposed study analyzes the efficiency of the European energy mix of electricity generation technologies from two perspectives: environmental and economic. The context is that of European energy dependence and a technology mix conditioned by the import of fossil fuels. The impact is centered, among other elements, on the leakage of national income and the emission of polluting gases. The aim is to determine the participation that each type of power plant in each country should present in order to minimize the total environmental impact. In order to solve this problem, a double optimization is proposed through the use of two methodologies: one based on a multi-criteria decision-making method (MCDM) model with which to evaluate the environmental performance of each power plant, and a second optimization based on a quadratic model of portfolios modern portfolio theory (MPT), with which to evaluate the efficiency of the portfolio of technologies from the cost/risk binomial. The results confirm that an environmentally efficient portfolio leads to higher levels of economic risk-taking, with a slight increase in the level of assumed cost. Nevertheless, from the results obtained, it is possible to say that hydro (with a share between 11 and 13%) and wind (37–44% mix participation) technologies resulted to be preferred options both environmentally and in terms of minimum risk efficiency. Nuclear power generation stands out as one of the main baseload technologies with shares between 25 and 35% in environmental and cost/risk efficiency. As main findings, Hydro, supercritical lignite, solar PV and wind are identified as preferential technologies to be present in both minimum risk and minimum cost efficient portfolios. In case European Union pursues for minimizing the cost of electricity production, the shares of supercritical lignite, nuclear, solar PV and wind energy go up to the maximum allowed limits. The novelty lies in the application of both methodologies with which to complement the analysis and design efficient portfolios of energy technologies from environmental and economic points of view. One possible future approach would be to assess (with the MPT model) new environmentally optimal portfolios obtained through the application of other MCDM techniques.

The European Union has being developing its Energy and Enviornmental policy along the last 30 years. Recent European Commision communications confirm the leadership of European Union on reducing pollutant gases emissions and technological change towards climate neutral economy. This study assessess the efficiency of European Energy Policy from a Modern Portfolio Theory perspective. The proposal studies the disaggregated European power portfolio: to make a more exhaustive analysis, focusing individually on each European country along the period 1990-2015. The efficiency of the Energy and Environmental Policy of each Member State is calculated measuring their distance to the power generation efficient frontier. The quadratic optimization model used by MPT is complemented by a cluster analysis of European Member States, in order to be able to observe country behaviour tendencies: regarding the application of their energy and environmental policies without overlooking the efficiency of that implementation. Results stand out that France, Slovakia and Sweden belong to the “leader” efficient cluster for the considered period. In turn, Denmark, Germany, Greece and Italy show a high consistence in the application of their energy and environmental policies along the considered period, as they moved upwards during that period.

Carbon mitigation is a major aim of the power-generation regulation. Renewable energy sources for electricity are essential to design a future low-carbon mix. In this work, financial Modern Portfolio Theory (MPT) is implemented to optimize the power-generation technologies portfolio. We include technological and environmental restrictions in the model. The optimization is carried out in two stages. Firstly, we minimize the cost and risk of the generation portfolio, and afterwards, we minimize its emission factor and risk. By combining these two results, we are able to draw an area which can be considered analogous to the Capital Market Line (CML) used by the Capital Asset Pricing model (CAPM). This area delimits the set of long-term power-generation portfolios that can be selected to achieve a progressive decarbonisation of the mix. This work confirms the relevant role of small hydro, offshore wind, and large hydro as preferential technologies in efficient portfolios. It is necessary to include all available renewable technologies in order to reduce the cost and the risk of the portfolio, benefiting from the diversification effect. Additionally, carbon capture and storage technologies must be available and deployed if fossil fuel technologies remain in the portfolio in a low-carbon approach.

In this work, we apply the Modern Portfolio Theory and the Capital Assets Pricing Model financial tools to a portfolio of CO2-emitting generation technologies under diverse scenarios. We will calculate the efficient—in the sense of having the minimum risk for a given level of emissions—portfolios frontier. The Capital Market Line (CML) is the place where all the possible combinations of a specific efficient portfolio and a pollution-free portfolio—made up with nuclear and renewable generation technologies—lie. In Finance, that specific efficient portfolio is called the market portfolio but we will see that in our case it lacks an evident meaning. Therefore, we will explain which should be the reference portfolio for power generation planning analysis. Anyway, the fact is that those combinations are less pollutant than the portfolios in the efficient frontier. Thus, a policy-maker can analyse which is their effect on emissions reduction. We will start analysing the efficient pollutant generation portfolios. Then, we will introduce the CML-analogous lines (CML-A) to allow the possibility of reducing emissions by combining an efficient portfolio with a non-pollutant portfolio—this non-pollutant portfolio is free of both emissions and risk. Results support the necessity of considering the carbon capture and storage technology to achieve a less risky generation mix, with less emissions and allowing a higher diversification due to the presence of cleaner fossil fuel technologies. All of that leads to better levels of energy security.

Carbon capture and storage technology (CCS), a technology to reduce the emissions in coal and gas power generation plants, will play an important role in the achievement of the European Union emissions reduction objective. In the European Union, energy policies are articulated around three different elements: measures to promote renewable energy technologies, the emissions certificates system and both energy-saving and energy-efficiency policies. The succession of directives and communications from the EU Commission on renewable technology generation share targets and the implementation of the European Emissions Market exemplify the serious EU commitment to a more environmentally friendly future. CCS technologies—together with RES technologies—are thus key to achieve the European emissions reduction target. Although the CCS commercial availability is not guaranteed—due to a slow technological development—some institutions, such as the Institute for Prospective Technological Studies, assume, for 2030 horizon, a quick development of this technology, growing until a maximum participation of an 18 % over the fossil fuels total generation. An eventual non-availability of these technologies in 2030 could increase the cost of this objective in a 70 %. Therefore, the achievement of pollutant emissions reduction targets depends on a correct design of the European generation technologies mix, which should include CCS technologies. Nevertheless, the uncertainty about the final costs and economic risk of these technologies makes a question about their future role to arise. This paper analyses the effects of different variations in the cost and risk of the CCS technologies (scenarios) over the European power technologies mix. The results confirm the need of the availability of these technologies in 2030, beyond the potential costs and risks of both options. The reason lies in the methodological approach of portfolio theory, which allows an analysis from an efficient portfolio point of view.

Sex determination in fish is a labile character in evolutionary terms. The sex-determining (SD) master gene can differ even between closely related fish species. This group is an interesting model for studying the evolution of the SD region and the gonadal differentiation pathway. The turbot (Scophthalmus maximus) is a flatfish of great commercial value, where a strong sexual dimorphism exists for growth rate. Following a QTL and marker association approach in five families and a natural population, we identified the main SD region of turbot at the proximal end of linkage group (LG) 5, close to the SmaUSC-E30 marker. The refined map of this region suggested that this marker would be 2.6 cM and 1.4 Mb from the putative SD gene. This region appeared mostly undifferentiated between males and females, and no relevant recombination frequency differences were detected between sexes. Comparative genomics of LG5 marker sequences against five model species showed no similarity of this chromosome to the sex chromosomes of medaka, stickleback, and fugu, but suggested a similarity to a sex-associated QTL from Oreochromis spp. The segregation analysis of the closest markers to the SD region demonstrated a ZW/ZZ model of sex determination in turbot. A small proportion of families did not fit perfectly with this model, which suggests that other minor genetic and/or environmental factors are involved in sex determination in this species.

Background Interactions between fish and pathogens, that may be harmless under natural conditions, often result in serious diseases in aquaculture systems. This is especially important due to the fact that the strains used in aquaculture are derived from wild strains that may not have had enough time to adapt to new disease pressures. The turbot is one of the most promising European aquaculture species. Furunculosis, caused by the bacterium Aeromonas salmonicida , produces important losses to turbot industry. An appealing solution is to achieve more robust broodstock, which can prevent or diminish the devastating effects of epizooties. Genomics strategies have been developed in turbot to look for candidate genes for resistance to furunculosis and a genetic map with appropriate density to screen for genomic associations has been also constructed. In the present study, a genome scan for QTL affecting resistance and survival to A. salmonicida in four turbot families was carried out. The objectives were to identify consistent QTL using different statistical approaches (linear regression and maximum likelihood) and to locate the tightest associated markers for their application in genetic breeding strategies. Results Significant QTL for resistance were identified by the linear regression method in three linkage groups (LGs 4, 6 and 9) and for survival in two LGs (6 and 9). The maximum likelihood methodology identified QTL in three LGs (5, 6 and 9) for both traits. Significant association between disease traits and genotypes was detected for several markers, some of them explaining up to 17% of the phenotypic variance. We also identified candidate genes located in the detected QTL using data from previously mapped markers. Conclusions Several regions controlling resistance to A. salmonicida in turbot have been detected. The observed concordance between different statistical methods at particular linkage groups gives consistency to our results. The detected associated markers could be useful for genetic breeding strategies. A finer mapping will be necessary at the detected QTL intervals to narrow associations and around the closely associated markers to look for candidate genes through comparative genomics or positional cloning strategies. The identification of associated variants at specific genes will be essential, together with the QTL associations detected in this study, for future marker assisted selection programs.

•We found a Spanish Civil War unmarked mass grave in the Spanish region of Asturias.•A phased site investigation approach was undertaken, including GPR.•GPR results showed a clear geophysical anomaly on 2D GPR profiles.•The identified area was intrusively investigated and human remains were discovered. An estimated 500,000 people died from all causes during the Spanish Civil War between 1936 and 1939, with a further 135,000 killed after the war ended. There are currently over 2000 known mass burial locations throughout Spain but many more are unknown. This study details the successful search for an unmarked mass grave in mountainous terrain in the Asturias region of Northern Spain. Two approximate locations were known due to eyewitness accounts. A phased site investigation approach was undertaken, which included Ground Penetrating Radar. Results showed a clear geophysical anomaly on 2D GPR profiles. The identified area was subsequently intrusively investigated by forensic archaeologists and human remains were successfully discovered. Careful and sensitive investigations are essential in these approaches where living relatives are involved.