Pakistan is a leading emerging market as per the recent classification of the International Monetary Fund (MF), and hedging is used as a considerable apparatus for minimizing a firm’s risk in this market. In these markets, investors are customarily unaware about the hedging activities in firms, due to the occupancy of asymmetric environment prevailing in firms. This research paper adds a new insight and vision to the existing literature in the field of behavioral finance by examining the impact of hedging on investors’ sentiments in the presence of asymmetric information. For organizing this research, 366 non-financial firms are taken up as the size sample; all these firms are registered in the Pakistan Stock Exchange. A two-step system of generalized method of moments (GMM) model is implemented for regulating the study. The findings of empirical evidence exhibit that there is a positive relationship between investors’ sentiments and hedging. Investors’ sentiments are negative in relationship with asymmetric information. Due to the moderate presence of asymmetric information, hedging is positively related to investors’ sentiments although this relation is non-significant.

Distributed biomass energy technology has strong adaptability to the types of raw materials, flexible project scale, can meet the needs of special users, better economy in small scale, easier commercial development, in line with the characteristics of biomass resources and China’s national conditions. The distributed utilization of biomass energy mainly includes biomass briquette fuel and biogas. The key technologies include biomass briquette fuel processing and combustion, large and medium-sized biogas engineering technology, biomass gasification pyrolysis and gas utilization. At present, China’s distributed biomass energy technology is mainly in the stage of technological improvement and application demonstration. It is expected that by 2030, most of the key technologies will be basically mature and have the conditions for industrialization. The main development direction of China’s distributed biomass energy industry is the replacement of traditional coal-fired gas, urban/rural clean living energy supply, and rural ecological environmental protection. The pollution caused by burning coal/fuel oil, and at the same time centering on the national new urbanization strategy, provide sustainable clean energy for the construction of new rural areas, and improve the level of rural ecological and environmental protection. At present, the main bottleneck restricting the development of distributed biomass energy industry is economy and reliability. The state should increase investment in technological innovation and policy support, convert the environmental and social benefits of biomass energy into cost benefits, and promote biomass energy. The development of the industry can be distributed and utilized.

This paper is concerned with the numerical solution of the mixed Volterra-Fredholm integral equations by using a version of the block by block method. This method efficient for linear and nonlinear equations and it avoids the need for spacial starting values. The convergence is proved and finally performance of the method is illustrated by means of some significative examples.

Leisure education has an impact not only on individuals but also on the environment and society. The present study aimed to explore and describe experts’ knowledge and experience about leisure education to develop leadership among youth with physical disabilities. The present study used a qualitative research approach through an exploratory design to answer the research question. Five participants were purposefully recruited and selected based on their expertise in the topic of interest. Participants’ expertise ranged from leisure, recreation, youth and leadership. The participants had experience working in higher education institutions, and community projects, held doctorate qualifications, and have over ten years in this field. Data was collected online using Google Meet software using semi-structured interviews with open-ended questions. Data was analyzed using a thematic analysis framework and guidelines. The findings of this study suggest that youth with physical disabilities can develop personal capacity through leisure education programmes. Leisure education programmes can be meaningful to youth with physical disabilities and have a developmental impact, including leadership. Youth with physical disabilities’ capacities and abilities should be nurtured and protected to allow growth and independence. The implications are that leisure education programmes for leadership development must be intentional to achieve the intended outcome.

Over several centuries, the native vegetation of the flat part of the Bogotá Savanna has been almost completely replaced by crops, pastures and urbanization. The last remnant of this vegetation is a small forest (10 hm²), located at Hacienda Las Mercedes on the northern edge of the city of Bogotá. The reduced size and isolation of the forest, aggravated by the uncontrolled growth of invasive vegetation (lianas and wild blackberry) has resulted in the loss of many species. However, in recent years the forest has been subject to rehabilitation actions and currently the area is immersed in a reserve where more extensive restoration programs are planned. In order to evaluate changes in the bird community to estimate the effects of restoration actions, the avifauna present in 2001–2002 and in 2014 was recorded by visual and auditory records at fixed points in the forest. Twenty-seven forest species were found in the first census and 30 in the second, and the relative abundances of at least a third of them also increased over the 13 years, indicating a positive result in the recovery of the forest. The results highlight the recovery capacity of the degraded ecosystems and the importance of continuing with restoration actions in the reserve area.