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The authors provide the reader with a simple introduction to credit derivatives. The article includes a broad overview of the market, estimates of the global market size, and a description of the most widely used products.

The purpose of this paper is to provide guidance to SMEs to sense and seize digitally enabled growth opportunities as well as start a project-based learning process to transform the organization in order to remain competitive in turbulent environments.

The proposed framework is nurtured from a dynamic capabilities approach as well as from digital transformation studies and mitigates shortcomings of existing frameworks on IT-enabled business transformation. A pilot study has also been carried out for testing the proposed framework.

The results of the pilot study show that the framework is well understood by SME owners or managers and contributes to a comprehensive perception of digitalization challenges and potentials. The overall maturity level of the 52 companies analyzed is moderate. Firms are better at “sensing” than “seizing”, that is, at identifying digitally based growth opportunities than in profiting from them. The test of the proposed framework also contributes to its further adjustment and refinement.

The developed framework is useful for owners and managers of SMEs as a self-assessment of digital maturity. It sets a baseline regarding the current position and supports coordinated initiatives for digitally enabled growth.

Few frameworks regarding digital maturity have been developed. Most of them lack a sound theoretical foundation and are less suited to the needs of SMEs. There are few studies on digitalization in SMEs and they are not focussed on capabilities development but mostly on processes (Trung Pham 2010; Blatz et al., 2018; Mittal et al., 2018). Therefore, the originality of this paper is to propose a framework that allows SMEs to assess their digital maturity level and the capabilities associated with each level to enhance digitally enabled growth, contributing to expand the research on the relationship between dynamic capabilities and digitalization (Teece, 2017).

The argument that terror perception and individual time perspectives can affect behaviors has become increasingly relevant. This study analyzed the association of terror perception with financial risk and developed an integrated framework of the interaction between terror perception (mortality salience) and time perspective to determine risky investment. People with different time perspectives have different acknowledgments of risk. Two studies of terror perception leading to more or less risky investment choices supported this framework to demonstrate that individuals exhibit more (less) risky investment behavior when terror perception is salient and they have a high (low) present hedonic time perspective.

Two experiments were performed. Study 1 tested whether TP moderates the effects of terror priming (aging) on risky financial investment. Study 2 tested the effects of terror priming on risky financial investment decisions and the role of gender and the present hedonic TP (PH) in moderating these effects. The following hypotheses were then developed: H1: Participants with high PH primed with the aging condition will select riskier financial investments than those with low PH will (Study 1). H2: Male participants with higher PH primed in the death condition will select riskier financial investments than those in the control condition will (Study 2).

Because people with different TPs acknowledge risk differently, this article developed a new framework modeling MS on TP in risky investment selection. Two studies representative of MS affecting risky investment decision-making were conducted to test the framework. The results of the two studies indicated that individuals engaged in risky investment behavior more (less) when mortality was salient and the individual had high (low) PH. Moreover, gender influences these results. As anticipated, male participants with higher PH in the death-primed condition selected riskier financial investment than those in the control condition did. Additional research from a broader perspective is warranted.

Many psychological factors of risky decision-making have been discussed, such as motivational systems or situational motivation, self-framing, control orientation, sensation seeking, dishonesty, and ambiguity (Sekścińska et al., 2016). However, few studies have examined temporal framing, also known as time perspective (TP), the psychological concept of a person's relationship with time. This study mainly discusses the effects of terror perception on risky financial decisions by using a theoretical framework based on TP, which influences the effects of MS on risky financial decision-making. When mortality is made salient, individuals with present hedonic TP have behaviors characterized by risk perception. Those with present hedonic TP are more likely to make risky financial investments because they prefer present pleasure and risk over future outcomes (Zimbardo and Boyd, 2015).