Monitoring the foreign exchange rate benchmark fix

ABSTRACT

We develop a Manipulation Index (ManIx) that captures the potential manipulation intention of dealers during the World Markets/Reuters (WMR) benchmark (London Close) period at 4 pm London time through a unique algorithm and simulation. The application of this model (using a dataset with dealers’ identities) can identify banks that are prone to potential manipulative behavior. The results concerning the identified banks are validated by the regulatory investigations. Implementation of this algorithm allows regulators better direct their limited resources towards more targeted in-depth investigation.     

From disruptively digital to proudly analog: A holistic typology of digital transformation strategies

Recently booming academic interest in digital transformation aims to provide continuous support to managers in dealing with this important issue. However, as with all new fields, the scholarly literature is characterized by increased variability and diversity of topics covered, constructs used, and the relationships between them, resulting in an unclear and blurry understanding of the whole of digital transformation. Our article closes this gap by identifying distinctive digital transformation strategies in terms of two critical dimensions: usage of digital technologies and readiness of a business model for digital operation. The result is a typology of four generic digital transformation strategies that essentially differ in the primary motivation and target of transformation, leadership style, importance of skills like creativity and entrepreneurial spirit among employees, risks and challenges faced in the process, consequences of potential failure, and available tactics for improvement. By providing heuristics and a systematic basis for comparison of different strategies, it is our belief that the proposed framework will be useful to researchers and managers responsible for and interested in digital transformation.     

Muddling through cybersecurity: Insights from the U.S. healthcare industry

The U.S. healthcare sector is inadequately prepared to deal with the reality of cyber threats. The increasing use of smart medical equipment and mobile devices is making healthcare organizations more susceptible to ransomware and other types of malware. The size and complexity of operations, coupled with the presence of numerous legacy and incompatible systems, make it difficult to implement effective cybersecurity measures. The daunting nature of the problem often results in an if-it-ain’t-broke-don’t-fix-it stance among senior healthcare leaders. The preponderance of healthcare-related laws, compliance regulations, and security guidance frameworks serve to complicate the cybersecurity challenge further and too often results in senior leadership assuming a state of blissful ignorance. This study sheds light on the key factors contributing to the chaotic state of affairs and presents a roadmap to a more deliberate and proactive approach to cybersecurity risk management.     

Biofuels technology development in Southern Africa

ABSTRACT

The benefits of biofuels depend on the feedstock, conversion pathway and local context. This paper assesses biofuels technology readiness and developments to provide foresight to biofuels development in Southern Africa. Efficient conversion pathways, coupled with biomass from waste or high-yielding energy crops, will reduce both the costs of biofuels production, and the environmental impacts. Compared to petroleum fuels, the current commercial biofuels (ethanol, biogas and biodiesel) typically offer carbon emission reductions of 30–50% but are marginally more expensive. The extent of biofuels market penetration will therefore be influenced by mandates (blending targets) and subsidies (green premium). Advanced biofuels promise greater efficiencies and carbon emission reductions at reduced cost but will require further research and development to reach commercialisation. If developed appropriately, biofuels can reduce carbon emissions and improve energy security, while enabling sustainable agriculture and improved natural resources management.     

How markets will drive the transition to a low carbon economy

This paper investigates the driving factors behind the transition to a low carbon economy. Here, we offer a two-part analysis: First, we examine the factors leading to the current level of cleantech development. To do so, we examine the impact of country-level economic variables (real GDP, market return, and turnover) and country-level institutional variables on patent intensity. Results from this analysis show that cleantech patenting activity is fostered by a supportive institutional environment that promotes innovation and low-carbon development through carbon pricing policies, country-level public R&D expenditure and human capital. Second, we extend the notion of ‘path creation’ to map out different pathways for cleantech development on a country-level within a real options framework, and offer a corresponding valuation of cleantech patents. Our estimates of total wealth creation through the development of cleantech patents by 2050 range from US$10.16 to US$15.49 trillion dollars (13%–20% of the world GDP in 2017) with investment growth from US$2.93 to US$3.71 trillion (3.7%–4.7% of the world GDP in 2017). The results from our analysis suggest that market forces will drive the transition to a cleantech economy.     

Why invest in green technologies? Sustainability engagement among small businesses

This study examines the links between sustainability engagement and green technology investments. Using data on 139 Finnish small businesses, the results show a positive relationship between the two. The sustainability engagement of small businesses affects their interest in investing in green technology. However, engagement in environmental sustainability does not seem to be the main motivator behind green technology investments. The results of the mediation analysis show that when investing in green technologies, companies do not consider environmental sustainability as a main value but as a way of achieving social and economic value.     

系统性金融风险的历史考察与防范对策

深入学习习近平在中国共产党第十九次全国代表大会上的报告，在考察20世纪以来的12次金融危机的基础上，对系统性金融风险发生的根源进行了研究，并结合我国当前系统性金融风险面临的形势，提出了防范系统性金融风险的对策建议。研究表明，将过去100多年引发金融危机的系统性金融风险的根源与我国当前的金融形势进行比较分析，可以发现我国面临的系统性金融风险形势十分严峻，必须在党的领导下，采取打击金融腐败、适当收紧货币政策、完善金融监管体系、维护币值稳定、加强金融科技监管等相关政策来防止系统金融风险的发生。     

重庆市农业科技创新资源配置效率及影响因素研究

[目的]通过分析重庆市农业科技资源配置效率及影响因素,以期对重庆市的农业科技资源的合理配置提出参考建议。[方法]构建评价指标体系,以农业科技创新资源配置环境、农业科技资源经费投入、农业科技人才储备和农业科技创新成果4个方面构成综合层,向下分16个具体指标,运用层次分析法和模糊评判综合评价重庆市农业科技资源配置效率及影响因素。[结果]重庆市农业科技创新资源的配置效率综合得分为81.08,为2级水平,其中农业科技人员流失比例较大,投入产出效率较低成为主要制约因素。[结论]重庆市农业科技创新资源的配置效率处于中等水平,合理配置农业科技人员和经费投入以及提高资源配置环境是提高重庆市农业科技协同创新资源的配置效率的关键;农业科技资金投入浪费严重和农业科技活动成果的转化率较低、农业科技人才结构和农业科技创新资源配置方式的不合理以及农业科技市场机制尚不完善是影响农业科技资源配置效率的主要因素。     

Peer effects in the diffusion of water‐saving agricultural technologies

We investigate the role of peer effects in the diffusion of an important water‐saving irrigation technology: low energy precise application (LEPA). Using detailed irrigation behavior data for growers in the High Plains Aquifer region of Kansas covering 1990–2014, we find clear evidence of peer influence in adoption of LEPA, net of environmental factors. Specifically, an additional neighboring LEPA installation within 1 km increases the probability of adoption by about 0.3 percentage points, on average, and this effect diminishes with distance. Our empirical estimates indicate that in the absence of peer effects, LEPA adoption would have been about 10% lower (1,000–1,600 fewer installations) per year. In addition, we find that growers install LEPA in response to higher energy prices.     

Settlement procedures and stock market efficiency

This study examines why most derivatives markets that settle on the day following expiration choose the opening rather than the closing price as the final settlement price (FSP), whereas most markets that settle on the expiration day select an average rather than a single price as the FSP. Four exogenous changes in the Taiwan Futures Exchange settlement procedures provide an experimental basis for studying the settlement procedures’ impact on underlying assets. Greatest market efficiency is observed when the FSP is determined by a single rather than an average price and hypothesize that manipulation is prevented at the expense of market quality.