Zebrafish capable of generating future state prediction error show improved active avoidance behavior in virtual reality

Animals make decisions under the principle of reward value maximization and surprise minimization. It is still unclear how these principles are represented in the brain and are reflected in behavior. We addressed this question using a closed-loop virtual reality system to train adult zebrafish for active avoidance. Analysis of the neural activity of the dorsal pallium during training revealed neural ensembles assigning rules to the colors of the surrounding walls. Additionally, one third of fish generated another ensemble that becomes activated only when the real perceived scenery shows discrepancy from the predicted favorable scenery. The fish with the latter ensemble escape more efficiently than the fish with the former ensembles alone, even though both fish have successfully learned to escape, consistent with the hypothesis that the latter ensemble guides zebrafish to take action to minimize this prediction error. Our results suggest that zebrafish can use both principles of goal-directed behavior, but with different behavioral consequences depending on the repertoire of the adopted principles.

Liquidity – Profitability Trade-Off on the Example of Companies Listed on Main and Alternative New Connect Markets on Warsaw Stock Exchange

The goal of this paper is related to the liquidity and profitability relationship analysis and their maxima assessment in the companies listed in the main and alternative markets of Warsaw Stock Exchange. The trade-off between maximum profitability and liquidity is the result of value maximization and bankruptcy prevention strategies and this approach is expected to be similar in all listed companies due to investors’ expectation. It has been found that there is no difference in management goals in the markets taken into consideration and companies in both research samples maximize profitability within a conservative approach to the liquidity. The maximum liquidity, on the other hand, is determined with a similar level of profitability as measured by ROE on the main market of WSE and NewConnect.

Developing a quality assurance identity in a university: a grounded theory approach

Purpose The purpose of this study is to demonstrate in the context of quality assurance (QA), how stakeholders define quality education and its connections to maximize value for the stakeholder using a grounded theory approach. Design/methodology/approach A four-stage research design using grounded theory methodology was used to develop and elicit a theory, after which a single-case study design with embedded coding and analysis was used to examine the QA – Maximize Value for stakeholder’s relationships. The sample consisted of 16 participants who had visibility over the entire QA – Maximize Value relationship, were knowledgeable, willing to participate and had between 4 and 12 years’ higher education experience. The data was collected through focus, elite groups and in-depth interviews based on the participants’ perspectives of their experiences. The collected data was subjected to content analysis. The following research questions focused on: definition of QA, the definition of quality education and stakeholders’ expectations for the education setting. Findings The study identified 10 categories that drive the QA – Maximize Value for stakeholder relationships in higher education settings. The categories are, namely, the definition of QA; definition of quality management; value for governing council; value for lecturers and staff; value for students; value for employers; value for government; definition of quality education; continuous improvement; and QA in universities. The main findings of the research related to “how” and “why” QA create value for stakeholders. The results of the study indicate that the governing council representatives’ (key stakeholders) expected value creation through improved management and proper education policy. The expected value creation for lecturers and university staff included career advancement, good working conditions of service, remuneration and the excellent performance of students. The paper finds that QA in higher education is contingent on senior management commitment to the strategic decision on overall objectives, management of the facility, financial and human resources, which are geared toward ensuring effective teaching, student learning and value maximization for all stakeholders. Research limitations/implications The limitation of the study is that the major stakeholders considered were all from universities. Other stakeholders such as employers from the industry and other sectors should be included in a future study. Practical implications Based on the study findings, two major implications for training of senior management, deans and heads of departments in the concepts of QA to maximize value for all stakeholders; and the QA system selected for the university must be “fit for purpose” were drawn, leading to recommendations for future practice. These findings can help universities to develop strategies that improve educational quality and maximize value for all stakeholders. The authors suggested some propositions that can be examined in-depth in future research endeavors so as to enhance the understanding of the predictors of QA in education and the expectations of different stakeholders. Originality/value The originality of the study lies in the perspective of experienced participants who had visibility over the entire QA –Maximize Value relationship and were knowledgeable. Based on the use of the grounded theory approach and the view of major stakeholders used in this research, the findings emphasize the stakeholders’ – driven definition of quality education that focuses on value maximization for all stakeholders. This is different from the majority of the existing definitions in the quality literature that are primarily standard-driven, focusing on meeting a pre-defined set of standards, specifications, requirements and are set internally or externally. The approach provides an opportunity to increase the credibility and rigor of grounded theory research.

The Rise of ‘Group Solution’ in Insolvency Law and Bank Resolution

This article traces the emergence of the concept of ‘group solution’ and its manifestations in insolvency law and bank resolution as an alternative to the rigid entity-by-entity approach. The rise of this concept can be linked to the recognition of the specificity of problems related to the insolvency of multinational enterprise groups, arising from group operational and financial interconnectedness. This has not happened at once, but has resulted from the evolution of views and ideas, evident in hard and soft law instruments of the 2000s and the 2010s. In light of this important development the article explores the concept of a group solution, its rationale, scope of application and limitations. It concludes that despite the gradual acceptance of the group phenomenon, a group solution has not been formed as a coherent and well-defined legal principle. Instead, it represents a variety of approaches, tools and practices, which pursue different policy objectives underpinned by different societal values. Among them are asset value maximization, business rescue, the protection of financial stability and the preservation of banks’ critical functions. With all its flexibility, a group solution has one pervasive limitation—it cannot trump the interests of individual group members and their creditors. At the same time, in order to realize the full potential of a group solution, it is necessary to embrace the group-sensitive and forward-looking interpretation of creditors’ interest, facilitating commercially sensible and practical group solutions.

Trust Enforced Cloud Service Composition Based on Teaching–Learning-Based Optimization – STORM

In the arena of Cloud Computing, the emergence of social networks and IoT increased the number of available services on the cloud platform, making service composition and optimal selection (SCOS) in Cloud Manufacturing (CMfg), NP-hard. The existing approaches for addressing SCOS often fail to offer assistance with maximized trust and satisfied QoS preferences. Hence, this research paper presents a novel Teach Inglea Rning-based Optimization a Lgorithm (TIROL) for achieving the optimal solution for truST enforced clOud seRvice coMposition (STORM) to assist CMfg for improving the trust value with satisfied QoS preference(s). The performance of the proposed framework has been validated using the synthetic dataset generated from different test-cases. Experimental results show that the proposed framework is reliable and outperforms the SOTA approaches in terms of trust value maximization.

Sequential delay and probability discounting tasks in mice reveal anchoring effects partially attributable to decision noise

Delay discounting and probability discounting decision making tasks in rodent models have high translational potential. However, it is unclear whether the discounted value of the large reward option is the main contributor to variability in animals' choices in either task, which may limit translatability to human discounting data. Male and female mice underwent sessions of delay and probability discounting in sequence to assess how choice behavior adapts over experience with each task. To control for "anchoring" (persistent choices based on the initial delay or probability), mice experienced "Worsening" schedules where the large reward was offered under initially favorable delay or probability conditions that became less favorable during testing, followed by "Improving" schedules where the large reward was offered under initially unfavorable conditions that improved over a session. During delay discounting, both male and female mice showed elimination of anchoring effects over training. In probability discounting, both sexes of mice continued to show some anchoring even after months of training. One possibility is that noisy action selection could contribute to these anchoring effects, rather than persistent fluctuations in value discounting. We fit choice behavior in individual animals using models that included both a value-based discounting parameter and a decision noise parameter that captured variability in choices deviating from value maximization. Changes in anchoring behavior over time were tracked by changes in our decision noise parameter, not the value parameter. Thus, changes in discounting behavior in mice can result from changes in exploration of the environment rather than changes in reward valuation.

Insolvency Risk and Value Maximization: A Convergence between Financial Management and Risk Management

This conceptual paper focuses on the relationship between insolvency, capital structure, and value creation. The aim is twofold: to define risk-based capital measures able to absorb the effects of financial distress and avoid corporate default; and to verify conditions and limits of use of these measures in corporate financial policies. The capital measures based on insolvency risk will be defined by recalling the concepts of Cash Flow-at-Risk and Capital-at-Risk. A first check on the usefulness of these risk-based measures and their consistency with the principle of value maximization is carried out through a simulation model. The scenario analysis allows us to examine how financial and risk policies oriented by insolvency avoidance affect the firm value. According to evidence from the simulation model, these measures appear to be useful in lowering the default risk, but they require a continuous assessment of their impact on the firm value.