Tradable license system (TLS) is a fundamental policy instrument for environmental management or resource development. We construct a muti-periods dynamic model with respect to a general TLS with three time-flexible quantity mechanisms: fixed quantity, solely banking, and banking and borrowing, in which the firm maximizes its discounted net benefits over the horizon by selecting an optimal license usage by license trading across agents or transferring across periods. The dynamic efficiency performance and price dynamics in TLS are respectively examined. The decentralized equilibrium in TLS with fixed quantity cannot achieve benefit-maximum unless initial license allocation is efficient. The decentralized behaviors in TLS with solely banking lead to benefit-maximum and price dynamics follows the Hotelling rule, if and only if the cumulative initial license allocation in each period is not less than the optimum, while TLS with banking and borrowing can achieve the optimal outcome and price dynamics follows Hotelling rule regardless of the initial allocation. The findings highlight the synergistic effects between the initial allocation of licenses and time-flexible quantity mechanisms in TLS design.

China has adopted a national carbon emissions trading market to promote emission reductions, but until now, overallocation of allowances suffer low carbon prices and thus to unfulfilled emission reduction goals. We report a general equilibrium modeling that indicates the flexible compliance and price adjustment mechanism of the carbon market, along with explores the solution to the oversupply of allowances in the China\'s national carbon market. We find that, under the current policy, the initial loose allowance allocation decreases the overall carbon price, and simultaneously the total amount of banked carbon allowances reaches 4.880 billion tons in 2030, resulting in the level of carbon price cannot achieve NDC (Nationally Determined Contribution) targets. However, by introducing carbon market price adjustment schemes, we observe that the cumulative amount of allowances can effectively reduce, enabling the carbon price rising. Importantly, the amount of the supply of allowances decreases most under the benchmark decrease scenario, which increases the emission reduction pressure of the enterprises from the beginning, leading to the largest economic losses, the price-based adjustment mechanism raises the carbon price to expected level at the minimize economic losses, and the quantity-based adjustment mechanism is more sensitive to policy parameters compared to the price -based adjustment mechanism. These findings offer a promising avenue for selecting cost-effective price adjustment mechanism to improve price mechanism design for national carbon markets.

To disentangle the sources of bank inefficiency, this paper presents an extended two-stage network multi-directional efficiency analysis (NMEA) approach by taking the internal structure of the banking system into account. The proposed two-stage NMEA approach extends the conventional \"black-box\" MEA approach, providing a unique efficiency decomposition and identifying which variables drive the inefficiency for banking systems with a two-stage network structure. An empirical application of Chinese listed banks from 2016 to 2020 during the 13th Five-year Plan reveals that the overall inefficiency of sample banks is primarily sourced from the deposit-generating subsystem. Additionally, different types of banks display differentiated evolution modes over different dimensions, confirming the importance of applying the proposed two-stage NMEA approach.

Many firms in the modern world utilize m-banking systems to communicate with their consumers. The word m-banking refers to a widespread method of providing financial services and localization to customers. Since m-banking is important to both banks and users, it has been included in numerous literary works. As a result, embracing financial services via the m-banking platform is critical. This article\'s technique is mostly descriptive research that investigates common views, current situations, modern tactics, tangible emerging consequences, etc. The main objective here is to analyze the benefits of this study by investigating the past. Since this article analyzes what exists and is descriptive, the data is being retrieved by conducting a cross-sectional survey method about different features that are relevant by sampling the population. The main aim of this study is to explore the adoption of mobile banking technology by consumers. Based on the values of different variables such as affective commitment (AC), transaction convenience (TC), perceived ease of use (PEU), perceived reliability (PR), pre and post benefits (PPB), service, system, and information quality (SSIQ), bank trust (BT), and profitability (P), the inter-relationship between them and the adoption of m-banking technique by the users in banking technology. The model is investigated by examining the hypothesis and identifying the relationship that exists between these different parameters. A simple linear regression method is implemented using the Statistical Package for the Social Sciences (SPSS) software.

The main purpose of this study was to analyze the effects of Chief Executive Officer (CEO) Key attributes on the financial performance of banks. Current literature gives little attention to the important characteristics of CEOs, therefore, this paper investigates the effects of characteristics of CEOs, such as education, experience, nationality, military background (MTB), and political connectedness (PC), on the financial (return on assets) performance of listed private commercial banks in Pakistan. This research sample included 20 private commercial banks of Pakistan and used Secondary data that was derived from 2011 to 2020, which contained 200 sample observations. This paper used the Fixed effect model, Normality test, Breush-Pagan, white test, multi-collinearity, and Augmented Dickey-Fuller test to investigate the study hypotheses. The main results revealed that CEO MTB and PC significantly and positively affected the financial performance of the bank. It is also found that the CEO\'s education and Experience have a significant and positive relationships with bank profitability. In contrast, the nationality of the CEO has no significant relationship with the financial performance of the bank.

Using 1,584 listed banks from 64 countries during the COVID-19 pandemic, we conduct the first broad-based international study of the effect of the pandemic on bank systemic risk. We find the pandemic has increased systemic risk across countries. The effect operates through government policy response and bank default risk channels. Additional analysis suggests that the adverse effect on systemic stability is more pronounced for large, highly leveraged, riskier, high loan-to-asset, undercapitalized, and low network centrality banks. However, this effect is moderated by formal bank regulation (e.g., deposit insurance), ownership structure (e.g., foreign and government ownership), and informal institutions (e.g., culture and trust).

Disease-relevant human induced pluripotent stem cells (iPSCs) are generated worldwide for research purposes; however, without robust and practical ethical, legal, and quality standards, there is a high risk that their true potential will not be realized. Best practices for tissue procurement, iPSC reprogramming, day-to-day cultivation, quality control, and data management aligned with an ethical and legal framework must be included into daily operations to ensure their promise is maximized. Here we discuss key learning experiences from 7 years of operating the European Bank for induced Pluripotent Stem Cells (EBiSC) and recommend how to incorporate solutions into a daily management framework.

BACKGROUND: Mesenchymal stem cells (MSCs) have generated a great amount of interest in recent years as a novel therapeutic application for improving the quality of pet life and helping them free from painful conditions and diseases. It has now become critical to address the challenges related to the safety and efficacy of MSCs expanded in vitro. In this study, we establish a standardized process for manufacture of canine adipose-derived MSCs (AD-MSCs), including tissue sourcing, cell isolation and culture, cryopreservation, thawing and expansion, quality control and testing, and evaluate the safety and efficacy of those cells for clinical applications.
RESULTS: After expansion, the viability of AD-MSCs manufactured under our standardized process was above 90 %. Expression of surface markers and differentiation potential was consistent with ISCT standards. Sterility, mycoplasma, and endotoxin tests were consistently negative. AD-MSCs presented normal karyotype, and did not form in vivo tumors. No adverse events were noted in the case treated with intravenously AD-MSCs.
CONCLUSIONS: Herein we demonstrated the establishment of a feasible bioprocess for manufacturing and banking canine AD-MSCs for veterinary clinical use.

We examine whether the social capital index of the county where the bank is headquartered is associated with the ambiguity of tone measures constructed from the textual analysis of banks\' 10-K filings. We hypothesize and find that banks located in high social capital areas exhibit lower ambiguous tone in their 10-K filings. Furthermore, the impact of social capital on management\'s 10-K disclosure for banks located in high social capital areas is not mitigated during recessionary periods when management may have more unfavorable news to report. Unlike other studies that suggest that social norms can be forsaken when motive and opportunity exist, our results suggest that social capital is reasonably entrenched in banks\' reporting. In contrast, we find that banks located in low social capital areas report more ambiguously during recessionary periods when management may have to report unfavorable news.

This report summarizes the recent activity of the International Stem Cell Banking Initiative held at Harvard Stem Cell Institute, Boston, MA, USA, on June 18, 2017. In this meeting, we aimed to find consensus on ongoing issues of quality control (QC), safety, and efficacy of human pluripotent stem cell banks and their derivative cell therapy products for the global harmonization. In particular, assays for the QC testing such as pluripotency assays test and general QC testing criteria were intensively discussed. Moreover, the recent activities of global stem cell banking centers and the regulatory bodies were briefly summarized to provide an overview on global developments and issues. Stem Cells 2019;37:1130-1135.