Search results

This paper aims to provide a review of Anti-Money-Laundering (AML) after the latest amendments, i.e. Anti-Money Laundering Act of 2020 in Pakistan.

This paper performs a detailed review of AML and related laws and amendments to record notable changes and improvements in the recent amendments and drew a comparison among these legal amendments.

This paper finds that recent amendments are essential and judiciously crafted to cover the legal clinches, ensuring effective implementation of AML laws and positive expected outcomes for Pakistan.

This paper is unique in the context of the ongoing struggle against money laundering (ML) in Pakistan; covering the legal progress of Pakistan regarding ML, corruption and terrorism financing.

Shari’ah compliance has been a subject of debate to academics, Islamic scholars and practitioners since its inception in 1983. Besides a wide range of publications in Shari’ah compliance, only a few studies have examined Shari’ah-compliant risks especially among the Islamic banks. This paper aims to investigate the factors of Shari’ah-compliant risks in Shari’ah compliance under the Shirkah-ul-milk (hire purchase) in Bangladesh.

The investigation of Shari’ah compliant risks from both bankers and clients were gained via a structured questionnaire to acquire a better understanding of Islamic banking practices in Bangladesh. In analyzing the data, two empirical tests were used to draw inferences on Shari’ah-compliant risks–Shari’ah compliance relationship: the measurement model, a diagnostic test, was used to justify the reliability and validity of constructs, and the partial least squares structural equation modeling was applied to examine the hypotheses on the existent links between Shari’ah-compliant risks and Shari’ah compliance under Shirkahul-milk.

Unlike previous studies, the empirical evidence provides the pertinent attributes of Shari’ah-compliant risks, which are more significant in avoidance of the compliance of Shari’ah laws in banking operations. Such Shari’ah-compliant risks are significantly raised by various comprehensive, operational, environmental and distributional risks in banking that have failed to address fairness, justice and economic well-being at the transactional level.

A new empirical evidence focusing on the propagation of Shari’ah-compliant risks is preferred for effective Shari’ah compliance in operations as being an original structure of Islamic banks.

When wines are “corked”, as determined by distributors, retailers, or consumers, a winery's brand image is damaged and return on winery marketing is lost. A tainted product can easily disrupt or destroy the competitive advantage gained by a winery over years of differentiation techniques through marketing and image. This problem exists for wineries worldwide. Large lawsuits have recently occurred due to problems with wineries using defective intermediate products, especially corks. While there is some debate as to corked wine's cause, this study focuses assessing monetary damages in such a case and the breadth of financial effects on a winery. Tainted products easily disrupt or destroy competitive advantage gained by wineries over years of differentiation techniques through marketing. Augmentation of explicit and implicit costs, and reduced revenues, contribute to financial damages. This study provides insight on what damages to include in these calculations and how forensie economics views the discount rates to use and the dates defining business disruption.

The purpose of this paper is to identify and evaluate critically the impacts associated with the implementation of electronic monitoring (EM) of accused and convicted persons on society based on the foreign experience and compare these findings with the original research results on EM in the Slovak Republic.

This paper elaborates the secondary data of previous researches in Scotland, Sweden and Florida in the USA. Secondary research is based on in-depth analysis of articles, reports and studies searched via database of Google, Scopus and Science Direct. Based on the studies processed by a causal and qualitative analysis, the authors identify the benefits and risks of EM influencing community life in Europe and the USA. The additional sources of secondary data are the Statistical Yearbook of Ministry of Justice of Slovak Republic, the content of the original law (including relevant amendments) that introduced EM into the Slovak criminal justice system and data on the application of EM in Slovakia provided by the Ministry of Justice. Subsequently, this paper presents the original research findings about the EM implementation in the Slovak Republic. The primary data were conducted via interviews with the representatives of Ministry of Justice, and through the national survey of opinions of judges, probation and mediation officers. The authors used the descriptive statistics and the statistical deduction methods.

The key finding of the paper is that there is a very narrow border between EM as blessing and disguise for community involved. Setting proper measures to protect the community, targeted communication and support with attendance of professionals (e.g. mediator and psychologist) for community members might help to avoid possible risks and support the benefits related with EM implementation, namely, social and economic inclusion of offenders, maintaining family and community tights, reducing recidivism or protection of sensitive sites.

To support the acceptation of EM by local community, the authors recommend to perceive sensitively community involvement and consider potential risks related with EM implementation; to suggest the proper measures to protect the community; and to develop better or targeted communication oriented towards increasing awareness or establishment supporting groups with attendance of professionals (e.g. mediator and psychologist) that might help to avoid possible risks and support the benefits related with EM implementation.

This paper compares experience with EM based on the secondary data of previous researches in Scotland, Sweden and Florida in the USA. Subsequently, it presents the unique data about the implementation of EM in the Slovak Republic. The topic of EM is still vastly underrated in the literature, and there is a lack of empirical data, so this paper as a combination of case studies and original research could be very helpful in the efficient implementation of EM and setting the proper measures.

This paper aims to analyze the ex ante and ex post economic efficiency of the preventive agreement (concordato preventivo) or composition with creditors as defined by the Italian Bankruptcy Law. This study examines four possible outcomes of the procedure: homologation (confirmation); the degree of dissent/consent of creditors; the revocation, admissibility or inadmissibility; the declaration of the company bankruptcy in preventive agreement.

This paper uses data from 728 Italian companies which filed for preventive agreement in 2016. In reference to each of the four possible outcomes, this study applies nine logit regressions to analyze the effects of a series of efficiency variables ex ante (corporate-based drivers) and ex post (procedure-based drivers).

Results show the relevance of the debt structure, ownership structure and virtuous behavior, corporate governance and management systems, as well as effectivity of the court control on the preventive agreement outcome.

This paper draws on original data of bankruptcy in Italy and gives empirical evidence of the ex ante and ex post factors on the outcomes of the preventive agreement.

The authors study the relationship between CEO overconfidence and litigation risk by examining employee-level lawsuit data. The purpose of this paper is to better understand the executive characteristics that potentially affect the likelihood of employee litigations.

The authors employ a unique data set of employee lawsuits from the National Labor Relations Board – “Disposition of Unfair Labor Practice Charges” – which includes complaints, litigations and decisions. The data spans the years 2000–2014. The authors employ the option-based CEO overconfidence metric of Malmendier et al. (2011) as the primary explanatory variable.

The authors find that overconfident CEOs are less likely to be subjected to labor-related litigations. The authors document that firms with overconfident CEOs have fewer lawsuits opened by both labor unions and individuals. The authors then investigate the effect of employee litigations on firm performance to understand why overconfident CEOs are less prominent among lawsuits. The authors show that litigations lower corporate investment and value of capital expenditures for responsible firms, which may limit overconfident CEOs’ ability to invest. Therefore, the results may reveal the fact that overconfident CEOs may prefer to align with the interest of their employees to avoid reduced investment opportunities.

The paper makes three main contributions. First, it provides the first large-sample evidence on CEO overconfidence and labor relations. The authors employ data on firm-level labor litigation that contains both the case reason and case outcome. Second, this paper adds to the growing literature of CEO overconfidence and governance practices in the workplace. Finally, the study highlights the importance of employee treatment and explores the impact of labor lawsuits on firm value.

In this paper, the author utilizes a unique hand-collected dataset of workplace lawsuits, violations and allegations to test the relation between employee mistreatment and information asymmetry.

The author tests the impact of employee treatment on firms' information environment by utilizing the S&P 1500 firms of 17,663 firm-year observations, which include 2,992 unique firms and 5,987 unique CEOs between 2000 and 2016. These methods include panel fixed effects, as well as alternative measures of information asymmetry, event study and matched samples for further robustness tests.

The author finds that employee disputes exacerbate the information flow between insiders and outsiders. Further, the author reports that case characteristics, such as case outcome and case duration, aggravate that problem. The author documents that the positive relationship between employee mistreatment and information asymmetry is stronger for small firms and firms with smaller market power, as well as firms with a high level of equity risk.

This study is the first to investigate how employee relations influence a firm's information asymmetry. The author aims to contribute to the literature by studying (1) the relation between information asymmetry and employee mistreatment, (2) how firm characteristics affect the path from employee disputes to information asymmetry and (3) the influence of various other types of evidence of employee mistreatment beyond litigation on the information environment.