Economic preferences and trade outcomes

Integrating the Global Preference Survey (GPS) and its data of unique scope on national preference structures in patience, risk attitude and reciprocity into a gravity framework, this paper is the first to explore a potential influence on international trade outcomes of economic and social preferences in a unified setting. Adding to the evidence on preferences’ importance for aggregate outcomes, the authors find marked differences in trade flows and relationships, both on the country-level and between bilateral partners. Their main results suggest that countries differing in their willingness to behave negatively reciprocal tend to trade significantly less amongst each other due to the destabilizing effect of unexpected punishments. On the other hand, countries that are patient or risk-averse tend to shift towards exporting more differentiated goods as opposed to homogeneous goods and vice versa. We propose term and risk transformation considerations as the driving mechanisms for this relationship.

Zakat and the Performance of Islamic Banks

The objective of this study is to examine the performance of Islamic banks (IBs) in Malaysia based on zakat (ZOA and ZOE) and ROA and ROE. This is to effectively understand the factors influencing the performance of IBs in Malaysia. The study employs a balanced panel of 15 IBs for the period 2009-2018 using the System-GMM. The study provides justifications why zakat is the appropriate measurement for IBs' performance. The study concludes that zakat is an appropriate performance measurement to explain the performance of IBs. This is because zakat is able to explain and truly reflects the performance of IBs, and as such, IBs should pay more zakat as they generate more profit. Zakat therefore has a role to contribute to Islamic social finance in the context of IBs. Furthermore, IBs have indispensable roles in supporting the economy of a country through their liquidity creation and risk transformation functions.

An intelligent approach framework for decision-making risk analysis of Chinese hydropower corporations

An intelligent decision analytic framework for dealing with complex decision-making risk system is presented and Bayesian network (BN) approach is utilized to evaluate the influence of multilevel uncertainty in various risks (e.g., social, natural, economic, intracompany risks) on decision-making deviation of Chinese hydropower corporations. The technique of fuzzy probability is approached to calculate intricate parameters to the question of inference learning through the sensitivity and influence power analysis, the results of back inference show that there exists the risk transformation mechanism from external uncertain risks (e.g., social risks, ecological environment factors) to hydropower corporations’ internal uncertainties closely relating to economic uncertainties through strategic planning. The study concerning identification and intelligent analysis of uncertain risks in decision-making process illustrates the feasibility and validity of applying BN and its pragmatic implications on hydropower corporations strategic planning and guidance in operational management.

Risk and the risk-based approach

The goal of this chapter is to understand the notion of risk at play in the risk-based approach. As was alluded in Chapter 5 already, the risk-based approach to data protection is only a piecemeal implementation of meta regulation, which focuses primarily on how to better comply with the existing data protection framework. Because meta regulation relies by definition upon risk management (and the risk transformation of regulated organisations), and thus ends-up transforming the whole data protection framework as risk-based, it is not clear what notion of risk underpins the risk-based approach. As demonstrated, the risk-based approach is predicated upon a notion of compliance risk, which is the only one able to reconcile the piecemeal implementation of meta regulation with the risk transformation of the regulatees. The present chapter will therefore explore this notion of compliance risk. It proceeds in three steps. GDPR: risk-based|risk-based approach: partial implementation of meta regulation|First, it uses the technical notion of risk put forth by the ISO as a description tool in order to show the differences between the competing understandings of risk. Second, it will define the notion that should have featured in the risk-based approach had it been a full implementation of meta regulation, namely a so-called “data protection risk”.standard setting: as risk management| Third, and in contrast, it will analyse the compliance risk at the heart of the risk-based approach.

Meta regulation in data protection law: the risk-based approach

Chapter 5 studies in depth the risk-based approach to data protection, including its rationale and its scope. It shows that it is only a partial implementation of meta regulation. Contrary to meta regulation, it refrains from delegating the regulatory function of standard setting to the regulatees. Instead of addressing all of the issues associated with the “diagnosis-prescription”diagnosis-prescription| flaw associated with command and” control (ie the selection of standards that will lead to satisfactory regulatory outcomes, and the adequate implementation/compliance with the latter), it only focuses on the better implementation of the data protection provisions. In any case, it is also predicated upon the responsibilisation, and hence, the risk transformation of data controllers’ activities. Such responsibilisation is to be found in the modern principle of accountability. Beyond the GDPR, many contemporary statutes have adopted a similar risk-based approach (even though not explicitly named as such). These include Canada’s PIPEDAPIPEDA|, Council of Europe Convention 108+Convention 108+|, etc. These various statutes are discussed and contrasted. Key to the discussion are issues such as the safeguards and type of regulatory collaboration these statutes provide for (eg data protection impact assessment), or how the risk management obligations fare in comparison to the ISO 31000 risk management StandardISO:31000 risk management Standard 2009|, which can be considered the canon in this matter. Finally, this chapter also examines a number of policy proposals that featured a different type of risk-based approach. Namely, one that espouses meta regulation’s delegation of the standard setting function to the regulatees.

Empirical studies on the performance of banks: A systemic literature review for future research

This paper intends to review research on the performance of banks to identify gaps in the current body of knowledge to justify future research directions. We use a systematic literature review method and review 164 articles from refereed journals. Content analysis reveals that most of the studies are empirical focusing on two aspects i.e. financial performance and efficiency of banks. These studies consider the impact of particular events and contexts on performance and efficiency while testing research hypotheses. However, often there is a lack of a theoretical backing for these studies. We argue that the considered events and contexts affect the risk transformation process under the financial intermediation theory. The efficiency of banks reflects the risk transformation process and causes performance. On the other hand, traditional performance indicators were based on financial measures that do not reflect the components of the risk transformation process. A sound comprehensive risk-based composite measure is required to fill this gap

Risk Response for Municipal Solid Waste Crisis Using Ontology-Based Reasoning

Many cities in the world are besieged by municipal solid waste (MSW). MSW not only pollutes the ecological environment but can even induce a series of public safety crises. Risk response for MSW needs novel changes. This paper innovatively adopts the ideas and methods of semantic web ontology to build an ontology-based reasoning system for MSW risk response. Through the integration of crisis information and case resources in the field of MSW, combined with the reasoning ability of Semantic Web Rule Language (SWRL), a system of rule reasoning for risk transformation is constructed. Knowledge extraction and integration of MSW risk response can effectively excavate semantic correlation of crisis information along with key transformation points in the process of crisis evolution through rule reasoning. The results show that rule reasoning of transformation can effectively improve intelligent decision-making regarding MSW risk response.

Human migration: managing its increasing complexity

Purpose This paper aims to discuss the history of human migration till the present day. Design/methodology/approach The authors analyze the human movement from pre-hominid times, forming patterns of existence. Thus, ambient sun and water, weather and climate extremes, shelter, food supply, natural or human-made disasters gave rise to Homo sapiens’ wanderlust. Findings Despite obstacles, formidable barriers and even perilous deterrents, the species explored and exploited new soils and waters, whether beneficial or destructive of nature’s ample providence. Originality/value The authors treat societal as well as individual action, cultural behavior and the emergence of economic anthropology. Migratory legislation and regulation now risk transformation into resentment and then xenophobia.