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1.
Fern Wickson 《Journal of Risk Research》2013,16(6):749-770
The governance of emerging technologies is frequently constructed around risk assessment processes. However, when risk assessment as a decision‐making tool is applied to controversial fields such as genetic modification, stem cell research and nano‐scaled science and technology, inherent uncertainties and conflicting social values arise to challenge the adequacy of traditional approaches. In this paper, I propose a framework through which risk assessments may be exposed to a process of ‘extended review’, incorporating both natural and social science quality criteria and modes of reflection. I call this framework ‘Reliability Rating and Reflective Questioning’. The framework is developed through a detailed case study review of a particular risk assessment document. The case study risk assessment reviewed in this paper is that performed by an Australian governmental authority on the impact of genetically modified ‘Bt’ cotton on non‐target organisms. Through highlighting errors, misrepresentations, assumptions and embedded value judgements within the risk assessment document, I argue that the framework of ‘Reliability Rating and Reflective Questioning’ can serve as a useful tool for gauging and improving the quality of risk assessment, especially when used as a decision‐making tool for emerging technologies with high levels of uncertainty and strongly conflicting values. 相似文献
2.
Maria Eduarda Gonçalves 《Journal of Risk Research》2020,23(2):139-152
AbstractThe first broad reform of personal data protection legislation in the European Union entered into force in May 2018 (Regulation (EU) 2016/679, the General Data Protection Regulation). Remarkably, with this reform a risk-based approach has been introduced as the core data protection enforcement model, while data protection authorities see their regulatory role significantly weakened. The risk-based approach is to be implemented by the data controllers (i.e. the operators) via data protection impact assessments (evoking the established environmental impact assessment procedure) and notification of breaches, among other procedures. Hence the scope of both the concepts of risk and risk regulation spread beyond conventional domains, namely the environment, public health or safety, i.e. physical risks, to encompass risks to intangible values, i.e. individual rights and freedoms, presumably harder to assess and manage. Strikingly, the reform has been accompanied by a confident discourse by EU institutions, and their avowed belief in the reform’s ability to safeguard the fundamental right to data protection in the face of evolving data processing techniques, specifically, big data, the Internet of Things, and related algorithmic decision-making. However, one may wonder whether there isn’t cause for concern in view of the way the risk-based approach has been designed in the data protection legislation. In this article, the risk-based approach to data protection is analysed in the light of the reform’s underlying rationality. Comparison with the risk regulatory experience in environmental law, particularly the environmental impact assessment procedure, is drawn upon to assist us in pondering the shortcomings, as well as the opportunities of the novel risk-based approach. 相似文献
3.
不确定性、风险偏好与利润基数 总被引:1,自引:0,他引:1
激励理论是近30年来经济学发展的主要成就,在国外,其理论框架已基本形成。然而国内还没有对其系统化,较受关注的是一些激励机制的应用性问题。其中,联合基数确定法是一种简明有效的基数确定方式,在实际应用中取得了较大经济效益。但是,由于此模型过于简化,难以确定是否从理论意义上与最优的基数安排相一致,这就需要将其置于标准的委托代理框架下来审视其作用机制。 相似文献
4.
Jon Carrick 《新兴市场金融与贸易》2016,52(10):2321-2334
Bitcoin is a digital currency that has gained significant traction as an economic instrument. Despite its rise, it has received little attention from the scholarly community. This study is one of the first studies to examine Bitcoin’s use as a complement to emerging markets currencies; more specifically, I analyze the value and volatility of Bitcoin relative to emerging market currencies and explore ways in which Bitcoin can complement emerging market currencies. The results suggest that Bitcoin has characteristics that make it well-suited to work as a complement to emerging market currencies and that there are ways to minimize Bitcoin’s risks. 相似文献
5.
Unified Modelling Language (UML) has a graphical notation for 13 different types of diagrams and can be used as a general modelling tool. Well-known examples of diagram types are class diagrams for modelling classes that can be instanced into objects, state machine diagrams for modelling states in systems and activity diagrams for modelling process flows. A literature survey shows that UML has been used to model concepts and methodologies of risk assessment and risk management. One example is the Coras Framework. The international standard CEI IEC 61882 Hazard and operability (HAZOP) studies describes concepts for investigating and detecting possible hazards in systems. In CEI IEC 6882, guide words like ‘More’ and ‘Less’ are applied to system parameters to invoke deviations in the system and assess possible hazards due to the deviation from the design intent. In this paper, we have used UML to model concepts of CEI IEC 61882 Hazards and operability studies. Diagrams of UML were used to show dependencies and relations between parts of the target system and concepts of CEI IEC 61882. Extensions of UML are suggested to better capture and display the concepts of CEI IEC 61882, the results of a HAZOP study and emerging risk. These extensions are referred to as UML for emerging risks (UML-ER). 相似文献
6.
The risk and prevention of autoignition in underground coal storage facilities are reviewed in the light of the recent incidents of smouldering fires. Also, the opportunities are considered on the efficiency of the alternatives to prevent and extinguish closed-space fires. The complexities in avoiding and extinguishing underground fires are highlighted in the case example, describing the observations and outcome of a smouldering coal fire in the storage. The principles of self-heating and most critical factors in spontaneous combustion such as the condition and quality of coal are fairly well known, but usually only provide partial help in fire prevention. The documented cases and the case example suggest that nitrogen injection can be useful for extinguishing controllable fires. Three-phase foams and oxygen-displacing exhaust gases appear preferable against uncontrolled fires, particularly if access to the fire area is limited or impossible. Otherwise, efficient fire extinction during power plant operation can be challenging, as any air ingress tends to feed the fire and results in losses of the extinguishing agent and the heating value of coal. Methods and indicators for detecting and predicting the ignition are discussed, and improvements are suggested to enhance the storage and plant availability. 相似文献
7.
Marie-Valentine Florin 《Journal of Risk Research》2013,16(3-4):315-322
8.
Privatization and fiscal deficits have been linked theoretically as emerging market countries completed transitions from command to market-based economies. This study examines the joint relationships among relative fiscal deficits, privatization, and exogenous factors for twenty-five Central and Eastern European emerging market countries. Pooled regression models suggest that increased privatization does not reduce fiscal deficits, but fiscal deficits increase as privatization increases over time. These effects are dependent upon the set of countries considered and the privatization measure employed. There is limited support for the hypothesis that privatization is increased when fiscal deficits decline for the nine early privatizers. 相似文献
9.
Using the World Bank Enterprise Survey indicator database, we investigate (1) how firm characteristics affect financing of small and medium-size enterprises (SMEs) in emerging markets; (2) how cross-country differences in the banking sector affect SME financing; and (3) how financing of SMEs is influenced by economic development and institutions. Our findings confirm that younger and smaller firms in nonmanufacturing sectors consistently face severe financing obstacles/constraints and rely heavily on internal financing. Moreover, the availability of credit information and the bank concentration ratio, as well as economic development and the institutional environment, can significantly affect SME financing, and access to external financing in particular. 相似文献
10.
理解战略性新兴产业的发展——概念、可能的市场失灵与发展定位 总被引:5,自引:0,他引:5
郑江淮 《上海金融学院学报》2010,(4):5-10
本文将战略性产业概括为体现国家经济发展和国家竞争力的战略意图,具有范围经济、规模经济、集聚经济等特征,是对产业结构高级化产生重要推动作用的产业。在此基础上,界定了战略性新兴产业发展依赖于技术创新,具体表现为活动要素、企业组织、生产者服务和公共资源的"四化",对可能存在的市场失灵进行了剖析,比较了发展战略性新兴产业的三种定位方式,得出各地选择"专业化—一体化"是最合理的定位方式。 相似文献
11.
Monthly data are used to investigate reserves management in eight Asian and Latin American countries. Idiosyncratic explanatory variables enter into co-integration relationships based on a stochastic buffer stock model, where a reserve variability measure is obtained via conditional variance approaches. International factors influence the co-integration residuals (representing the excess demands for reserves), which tend to co-move within and across geographical areas. Principal components analysis is then implemented to associate their common drivers with the US fed fund effective interest rate and real-effective exchange rate. This two-step approach sheds light on some controversial aspects of reserves and exchange rate management, such as ‘fear of floating’ and mercantilist behavior. Our results suggest that the size of recent excess reserve holdings is probably overstated. 相似文献
12.
《Macroeconomics and Finance in Emerging Market Economies》2013,6(2):221-243
We review some aspects of financial dollarization in Russia, applying the main relevant theories to analyse the dynamics of several dollarization indicators. An econometric model of the short-run dynamics of deposit and loan dollarization is estimated for the last decade. We find that ruble appreciation was the main driver of the de-dollarization that occurred then and of the later episode of renewed dollarization. We estimate the overall (and sectoral) currency mismatches of the Russian economy. Evidence is presented for the significant currency risk vulnerability of the non-banking private sector. 相似文献
13.
Werner Kristjanpoller Rodríguez 《Contaduría y Administración》2013,58(1):37-62
This paper aims to determine the evidence of returns autocorrelation for the main Latin American stock markets, and the influence of the day of the week effect on this phenomenon. Also, we analyze the importance of non-trading periods and their incidence on stock markets returns. We determine a high autocorrelation in most of the stock markets analyzed, both in local and global currency and the day-of-the-week effect on only some of the stock markets. Evidence of correlation between trading periods returns and those of non-trading periods is also found. 相似文献
14.
Georgios E. Chortareas John B. McDermott & Titos E. Ritsatos 《Journal of Business Finance & Accounting》2000,27(7&8):983-1002
We investigate the time series properties of the daily and weekly returns from the Athens Stock Exchange (ASE) index for the years 1987 to 1997. We investigate whether important time-series characteristics have changed significantly over time. The Greek market has recently undergone major changes including complete capital flow liberalization, the implementation of computerized trading, as well as significant increases in market volume and capitalization; we thus contrast the 1987–90 and 1991–97 periods. Our findings suggest the dynamics of the ASE composite index returns have changed as the market has developed. 相似文献
15.
In 2012, the iNTeg-Risk project (www.integrisk.eu-vri.eu) has successfully finished its first 3?years of work. At this point, the project has already yielded a part of large set of results envisaged for its 4.5?years long work plan. This paper recalls the main goals of the project and analyzes the results delivered; as for instance, the work done in single emerging risk representative applications, the work on the development on the iNTeg-Risk paradigm, framework and methodologies of/for emerging risk management, the work on ‘iNTeg-Risk 1StopShop’ (the platform for integrating project results) and its main elements –Risk Atlas, RiskEars (the database of early emerging risk indications/notions), the database of key performance indicators, the work on Safetypedia, etc. The work on harmonization of practices when dealing with emerging risks is certainly the most relevant result in the first years of work on the project. The work has been based on (a) the comparison of different application areas and (b) definition of the elements needed for building the ‘common European approach’ to emerging risks. Some real-life events which took place in the first 2?years of the project (e.g. oil spill in Gulf of Mexico, Fukushima disaster accident in Viareggio, incidents caused by unmanned devices, natural hazards in populated areas, …) have clearly justified some of the choices made in the definition phase of the project. In addition, they have confirmed the need to strengthen the efforts needed to achieve a common understanding about principles of dealing with emerging risks on the broader level – e.g. in the area of EU standardization where the respective preparatory work has started, too. 相似文献
16.
《新兴市场金融与贸易》2013,49(6):17-37
This paper examines the inflation record of twenty-nine inflation- and noninflation-targeting economies. Both industrial and emerging market economies are considered. Empirical evidence is based on a comparison of actual and forecasted inflation, an econometric analysis that estimates changes in inflation persistence, and an estimate of the probability of a breach in the inflation target as a proxy for the fragility of the targeting regime. I find that inflation persistence has fallen in only a handful of emerging market economies. However, the inflationtargeting regime is not especially fragile in emerging market economies. As these economies gain experience with inflation targets and respond appropriately to forecast errors generated by the private sector, the likelihood of breaches in the target ranges tends to fall. 相似文献
17.
Following a global wave of consolidation in the banking industry, this study analyses 132 mergers and acquisitions (M&As) involving banks in emerging markets in Asia and Latin America between 1998 and 2009. An event study measures the change in shareholder value for acquirers and targets; and a multivariate regression identifies the drivers of the change in shareholder value for acquirers. On average M&As create shareholder value for target firms, while acquirer firms do not lose shareholder value. Geographical diversification creates shareholder value for acquirers. Acquirer shareholders benefit from the acquisition of underperforming targets; from transactions settled by cash rather than exchange of equity; and from government-instigated M&A transactions. 相似文献
18.
Institutional investors, especially public funds, play an important role in governing listed firms as they grow in Chinese stock markets. We classify each fund as “dedicated,” “transient,” or “mixed,” according to the concentration, turnover, and profit sensitivity of their stock holdings. We find that listed firms with more shares held by dedicated funds have a higher disclosure quality, while firms with more shares held by transient funds have a lower disclosure quality. These findings are consistent in different model settings. In addition, dedicated funds improve the disclosure quality of non-state-owned enterprises more than state-owned enterprises. Dedicated funds can benefit from the lower debt-financing cost and higher stock liquidity of firms with better disclosure quality. 相似文献
19.
Suzanne G. M. Fifield David M. Power C. Donald Sinclair 《European Journal of Finance》2013,19(6):531-548
Abstract In recent years, the validity of the weak form efficient market hypothesis (EMH) has been called into question as several studies have uncovered evidence that technical trading rules have predictive ability with respect to both developed and emerging stock market indices. This study analyses the forecasting power of 2 of the most popular trading rules using index data for a selection of 11 European stock markets over the January 1991 to December 2000 period. The findings indicate that the emerging markets included in this paper are informationally inefficient; these markets displayed some degree of predictability in their share returns, although the developed markets did not. Furthermore, the results point to large differences in the performance of the rules examined; while small size filters consistently outperformed the buy-and-hold strategy in the emerging markets examined even after the consideration of transaction costs, the performance of the moving average rules was erratic and varied dramatically from market to market. 相似文献
20.
《The British Accounting Review》2019,51(6):100860
This position paper introduces the special issue on “Innovative Governance and Sustainable Pathways in a Disruptive Environment”. The paper develops a framework to review the state of the art in disruptive technology and innovations (DTIs). Then the paper reviews the common characteristics of DTIs, and their implications for the principles and design of corporate governance and accounting mechanisms at the organisational level. Following on from that, the paper identifies the defining features of emergent DTI-related structural models that shape the demand for and changes to corporate governance and accounting mechanisms. The contributions of the three papers in the special issue are discussed. The paper concludes by proposing several research themes for future research on designing more innovative and sustainable governance systems, drawing on multidisciplinary theoretical and methodological perspectives. This complements calls for future research in accounting in our special-issue papers. 相似文献