Islamic Infrastructure Finance and Sustainable Development Goals

This was a very interesting discussion with the pioneers of Islamic finance regarding infrastructure finance and the sustainable development goals.

Natural disasters and university enrolment: Evidence from L’Aquila earthquake

Although there are several studies looking at the effect of natural disasters on economic growth, less attention has been dedicated to their impact on educational outcomes, especially in more developed countries. We use the synthetic control method to examine how the L’Aquila earthquake affected subsequent enrolment at the local university. This issue has wide economic implications as the University of L’Aquila made a large contribution to the local economy before the earthquake. Our results indicate that the earthquake had no statistically significant effect on first-year enrolment at the University of L’Aquila in the three academic years after the disaster. This natural disaster, however, caused a compositional change in the first-year student population, with a substantial increase in the number of students aged 21 or above. This is likely to have been driven by post-disaster measures adopted in order to mitigate the expected negative effects on enrolment triggered by the earthquake.

Examining guest chefs’ influences on luxury restaurants’ images

Highlights: • A guest chef's image positively influences a luxury restaurant's image. • The restaurant-guest chef fit positively influences a luxury restaurant's image. • The restaurant-guest chef fit moderates the relationship between a guest chef's image and a luxury restaurant's image.

Risk Preferences and the Role of Emotions

There is a large volume of research showing that emotions have relevant effects on decision-making. We contribute to this literature by experimentally investigating the impact of four specific emotional states - joviality, sadness, fear, and anger - on risk attitudes. In order to do so, we fit two models of behavior under risk: the Expected Utility model (EU) and the Rank Dependent Expected Utility model (RDEU), assuming several functional forms of the weighting function. Our results indicate that all emotional states mitigate risk aversion. Furthermore, we show that there are some differences across gender and participants' experience in laboratory experiments.

The effects of trade show environments on visitors

Tourism trade shows that are open to the public as well as to buyers and sellers are an emerging channel for the promotion of products to potential tourists. However, few studies have explored the influence of environmental stimuli on non-business visitors’ emotions. Moreover, the moderating effect of visitors’ expectations remains under-studied in the context of trade show management. To address this issue, this study reports on research derived from 611 respondents at a Taiwanese tourism trade show through a modified Mehrabian-Russell model. Structural equation modeling of the data shows that positive emotions positively influence behavioral intentions, but negative emotions do not negatively influence behavioral intentions. Among the three stimuli (i.e., information rate, service staff quality, and atmospherics), only information rate and service staff quality positively affect positive emotions and negatively affect negative emotions. The results show that visitors with high and low trade show visit expectations react differently to environmental stimuli at trade shows.

Pure higher-order effects in the portfolio choice model

This paper examines the effects of higher-order risk attitudes and statistical moments on the optimal allocation of risky assets within the standard portfolio choice model. We derive the expressions for the optimal proportion of wealth invested in the risky asset to show they are functions of portfolio returns third- and fourth-order moments as well as on the investor’s risk preferences of prudence and temperance. We illustrate the relative importance that the introduction of those higher-order effects have in the decision of expected utility maximizers using data for the US.

A voice for change? Trust relationships between ombudsmen, individuals and public service providers

There has been a debate for years about what the role of the ombudsman is. This article examines a key component of the role, to promote trust in public services and government. To be able to do this, however, an ombudsman needs to be perceived as legitimate and be trusted by a range of stakeholders, including the user. This article argues that three key relationships in a person’s complaint journey can build trust in an institution, and must therefore be understood as a system. The restorative justice framework is adapted to conceptualize this trust model as a novel approach to understanding the institution from the perspective of its users. Taking two public sector ombudsmen as examples, the article finds that voice and trust need to be reinforced through the relationships in a consumer journey to manage individual expectations, prevent disengagement, and thereby promote trust in the institution, in public service providers, and in government.

A ‘right to have rights’ in the EU public sphere? An Arendtian justification for the application of the EU Charter of Fundamental Rights

This paper discusses the Court’s reasoning in interpreting the EU Charter, using recent case law on horizontal effect as a case study. It identifies two possible means of interpreting the provisions of the Charter: firstly, an approach based on common values (e.g. equality or solidarity) and, secondly, an approach based on access to the public sphere. It argues in favour of the latter. Whereas an approach based on common values is more consonant with the development of the case law so far, it is conceptually problematic: it involves subjective assessments of the importance and degree of ‘sharedness’ of the value in question, which can undermine the equal constitutional status of different Charter provisions. Furthermore, it marginalises the Charter’s overall politically constructional character, which distinguishes it from other sources of rights protection listed in Art 6 TEU. The paper argues that, as the Charter’s provisions concretise the notion of political status in the EU, they have a primarily constitutional, rather than ethical, basis. Interpreting the Charter based on the very commitment to a process of sharing, drawing on Hannah Arendt’s idea of the ‘right to have rights’ (a right to access a political community on equal terms), is therefore preferable. This approach retains the pluralistic, post-national fabric of the EU polity, as it accommodates multiple narratives about its underlying values, while also having an inclusionary impact on previously underrepresented groups (e.g. non-market-active citizens or the sans-papiers) by recognising their equal political disposition.

Welcoming International Visitors - Communication and Culture

It is extremely rare for an international visitor to museums and galleries in the UK to find information in foreign languages which is anything more than a relatively literal translation of an English source text. At the same time, a huge body of research and theory in the humanities and social sciences implies that major cultural differences are likely to accompany the differences in first language of international visitors. As such, in spite of the fact that museums and galleries often declare their intention to meet the needs of their visitors, it is fairly clear that, in this instance, they are at best meeting their international visitors’ linguistic needs whilst ignoring their broader cultural needs. With this in mind, staff from the University of Westminster together with a number of London’s major museums and galleries obtained UK Research Council funding to work on the production of leaflets in foreign languages fully acknowledging cultural differences amongst international visitors. The collaboration was intended to generate reflection on how such materials might be most effectively produced, what impact they might have and what forms of policy review museums and galleries might as a result wish to undertake. The collaboration confirmed that cultural difference, and therefore difference in need, between visitors with different first languages is a simple reality. Translations, including ones which are culturally ‘adapted’ or ‘sensitive’, will always fall short of acknowledging the intercultural complexity of the experience of international visitors. Materials acknowledging that complexity are more effective. Museums and galleries need, therefore, to ask themselves how far and in what ways they wish to acknowledge this reality in the nature of the welcome they offer. The core of this article will draw on the outcomes of this collaboration, and also on aspects of translation and intercultural theory, to offer a critical exploration of some of the options museums and galleries therefore have in producing materials to welcome international visitors in ways which acknowledge the intercultural complexity of their experience.

CODEX: mapping co-created data for speculative geographies

This paper discusses a series of artworks named CODEX produced by the authors as part of a collaborative research project between the Centre for Research in Education, Art and Media (CREAM), University of Westminster, and the Oxford Internet Institute. Taking the form of experimental maps, large-scale installations and prints, we show how big data can be employed to reflect upon social phenomena through the formulation of critical, aesthetic and speculative geographies.

Preface

This is the preface to the first comprehensive analysis of the regulation of money market funds in the EU and US at both the theoretical and practical levels. Its unique mutli-disciplinary approach provides a rigorous framework for comparative analysis and expert opinions on complex regulations that will help practitioners with decisions on portfolio management and in solving regulatory compliance issues. The theoretical framework has unique cases and examples and includes checklists to assist with the practice of fund management and legal risk analysis.

Introduction

This is the introductory chapter to the first comprehensive analysis of the regulation of money market funds in the EU and US at both the theoretical and practical levels. Its unique mutli-disciplinary approach provides a rigorous framework for comparative analysis and expert opinions on complex regulations that will help practitioners with decisions on portfolio management and in solving regulatory compliance issues. The theoretical framework has unique cases and examples and includes checklists to assist with the practice of fund management and legal risk analysis.

Comparative analysis of the US and the EU Regulatory Models for Money Market Funds

This chapter sets out a comprehensive analysis of the regulation of money market funds in the EU and US. The theoretical framework has unique cases and examples and includes checklists to assist with the practice of fund management and legal risk analysis.

Money Market Funds Outside the EU and the US

This chapter sets out a comprehensive analysis of the regulation of money market funds outside of the EU and US. The theoretical framework includes unique cases and examples and recommendations for regulations and policy developments.