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We present an approach for pricing American put options with a regime-switching volatility. Our method reveals that the option price can be expressed as the sum of two components: the price of a European put option and the premium associated with the early exercise privilege. Our analysis demonstrates that, under these conditions, the perpetual put option consistently commands a higher price during periods of high volatility compared to those of low volatility. Moreover, we establish that the optimal exercise boundary is lower in high-volatility regimes than in low-volatility regimes. Additionally, we develop an analytical framework to describe American puts with an Erlang-distributed random-time horizon, which allows us to propose a numerical technique for approximating the value of American puts with finite expiry. We also show that a combined approach involving randomization and Richardson extrapolation can be a robust numerical algorithm for estimating American put prices with finite expiry.

The Rajapaksa regime over the 2005–2022 period promoted a national-popular project based on a militarised Sinhala-Buddhist nationalism promoting a market-driven rentier economy. It illustrated a form of patrimonial capitalism undermining public accountability and the efficacy of the state bureaucracy. This popular-national project was dependent on strengthening ties with China while distancing relations with India and the Global North (USA and the EU). The ways in which the external relations were coordinated reinforced discrimination against Tamil and Muslim communities, while disregarding their demands for justice and reparations. The increasing integration of the economy with financial markets, driven by the Central Bank, amplified the commercialisation of the state, restraining public revenues and state oversight. Meanwhile, the militarisation of the state involved the commercialisation of the military, opaque military budgets and violent repression of protests. The Rajapaksa regime, which enabled a minority-privileged (leisure) class to culturally flourish in regulated safe spaces, also instigated multiple protests from below demanding democracy as well as justice.

Identifying the flow regime is a prerequisite for accurately modeling two-phase flow. This paper aims to introduce a comprehensive data-driven workflow for flow regime identification.

A numerical two-phase flow model was validated against experimental data and was used to generate dynamic pressure signals for three different flow regimes. First, four distinct methods were used for feature extraction: discrete wavelet transform (DWT), empirical mode decomposition, power spectral density and the time series analysis method. Kernel Fisher discriminant analysis (KFDA) was used to simultaneously perform dimensionality reduction and machine learning (ML) classification for each set of features. Finally, the Shapley additive explanations (SHAP) method was applied to make the workflow explainable.

The results highlighted that the DWT + KFDA method exhibited the highest testing and training accuracy at 95.2% and 88.8%, respectively. Results also include a virtual flow regime map to facilitate the visualization of features in two dimension. Finally, SHAP analysis showed that minimum and maximum values extracted at the fourth and second signal decomposition levels of DWT are the best flow-distinguishing features.

This workflow can be applied to opaque pipes fitted with pressure sensors to achieve flow assurance and automatic monitoring of two-phase flow occurring in many process industries.

This paper presents a novel flow regime identification method by fusing dynamic pressure measurements with ML techniques. The authors’ novel DWT + KFDA method demonstrates superior performance for flow regime identification with explainability.

There is no single undertaking regulating food assistance at the international level. International food assistance is regulated by a patchwork of rules emanating from different institutions and normative arrangements. This study aims to explore how international law shapes international food assistance. How is international law regulating food assistance, considering this patchwork of institutions and norms? What dominant narratives enshrined in legal agreements shape the evolution of international food assistance?

The author uses the concept of “regime complex”, which allows analyzing partially overlapping and nonhierarchical regimes governing a particular issue, shedding light on the narratives and institutional arrangements that lead to the consolidation of international rules. The author identifies two main regimes that govern international food assistance: the food assistance regime and the food trade regime.

The author shows that using the “regime complex” concept clarifies the evolution of international food assistance, highlighting that international law is a crucial element in shaping international food assistance and showing that the two main institutional regimes governing it interact and shape rules along three main themes: the centrality of donor States’ self-interests, the relationship between international food assistance and trade liberalization and the goal of achieving food security for the beneficiaries.

Using the regime complex concept, the author brings new light on the broader institutional and legal framework influencing the governance of international food assistance, showing that different regimes take part in its shaping.

This paper takes an ideal type of different welfare regimes as a starting point. It investigates with survey data people's experiences and expectations towards the welfare state and its functioning against various social risks. The paper discusses questions like, are there differences in perceptions between welfare regimes? And what is the role of the welfare state regime in explaining those differences?

This research article is based on OECD survey data and classical welfare state classifications. The analysis of welfare regimes provides both a theoretical and methodological structure for study. The study-applied analysis of variance (one-way ANOVA) to test a hypothesis that regimes matter analyses more nuanced aspects of current and prospects to the near future welfare state provision.

This examination suggests that welfare regimes still matter even though the differences in averages were not as immense as expected. Perceptions in different welfare regimes also have priorities related to the willingness to pay more taxes in order to receive better access to services and financial support if needed. In Nordic countries, the acute priority based on survey data is investment in education and re-training. In Continental Europe, more financial support is needed for pensions. Overall, respondents representing emerging Eastern European and Mediterranean welfare regimes think that welfare provision should be financed more compared to other welfare regime respondents. Health is a universal and unifying issue, particularly in ageing welfare states, and brings health as a traditional and central question again.

Respondents' perceptions work as people's voice and assessments are used to gain a contemporary understanding of welfare and about welfare state functioning.

The EU prudential regime for investment firms comprising the Directive (EU) 2019/2034 (IFD) and Regulation (EU) 2019/2033 (IFR) introduces a fit-for-purpose capital framework for investment firms. The capital impact on the practice of investment management can be material depending on firms’ specific business models and risk profiles, which may require them to take strategic decisions with respect to the services they provide. Despite the importance of this issue for the practice of investment management, there exists no study among the existing studies that focuses on this issue. This study aims to fill this gap in the literature.

This paper reviews the calibration approaches the European Banking Authority (EBA) has used by exploring the deficiencies of the regime with respect to the calibration of categorization thresholds and coefficients that are used by the EBA to calculate regulatory capital requirements.

This paper sets out that the choice of the relevant percentile for setting the firm categorization thresholds was not based on any theoretical rule. It also discusses that the calibration of the K-factors was subjective and lacked consistency. In addition, it criticizes the sample that the EBA used for business model coverage on the grounds that it was unbalanced, resulting in certain K-factors driving the overall capital impact.

Further research is needed on the calibration of thresholds as this will remain a crucial factor for the effectiveness of the new regime. In particular, a more data-driven and transparent approach would be necessary to ensure the accuracy and consistency of the thresholds.

This paper leads to the policy implication that, despite its merits that overweigh its shortcomings, potential market competition and financial stability issues that may stem from inconsistencies and a general lack of objectivity in certain aspects of the regime should not be underestimated by the EU policy makers.

The present paper contributes to the existing knowledge primarily by reviewing the EBA’s calibration approaches with respect to the K-factor coefficients and firm categorization thresholds, concluding that lack of objectivity and precision in the relevant methodologies could distort capital allocation decisions in the practice of investment management.

This study aims to investigate how and why a new management accounting control (MAC) regime emerged in a previously government-owned energy company with a Soviet past in the context of changing politico-economic dynamics in Ukraine.

Drawing upon data from a case study of a large Ukrainian energy company with a Soviet past that has undergone major transformations in recent years, the authors analyze MAC regime changes in the company from an institutional logics perspective. All primary and secondary data used in this study were collected from 2012 to 2016. Retrospective interviews and extensive use of written materials, including corporate documents and other publicly available data, helped them reconstruct those events, which the authors could not observe personally.

The authors observed that MAC regime changes in the company mirror; overall changes in the political and economic environment and Ukraine’s willingness to become closer to the West. The company seems to follow liberal Western market logics and eliminate those of Soviet heritage. The MAC regime changes seemed to contribute to the company’s survival during challenges caused by the political and economic crises that began in 2014 with the annexation of Crimea and other Ukrainian territories in the East of the country, demonstrating the usefulness of the new MAC regime and overall business logic.

This study adds to the literature on management accounting and control change in emerging economies and extractive industries by highlighting the role of changing institutional logics in shaping a MAC regime. The authors explain why, in some contexts (i.e. Ukraine), organizational actors accept and favor liberal Western market logic.

A particularly significant facet of this study concerns its extension of the role of MAC and the way it is perceived in a new international context in times of significant transformation. The results suggest that MAC regime change may be favorably received if it is based on local values and aspirations.

Start-ups are successful in receiving valuation in billions of US dollars prior to initial public offering (IPO). However, to sustain higher valuation, the stocks need to perform consistently after the IPO. Short-run stock performance of India-based start-ups during the first year of IPO listing from March 2021 to March 2022 is analysed.

The paper deals with the new generation start-ups' stock performance in emerging market in terms of total and abnormal return generated in comparison to the market (NIFTY-200). Further, the volatility of returns during bear and bull regimes is analysed through a family of Markov-switching GARCH models using both normal and skewed distributions.

The results suggest that start-up stocks are more volatile during bear regime than in the bull run in market-based economies where price limit policy does not apply. Besides, the cumulative abnormal return over the market return was lower for majority of start-up IPO stocks.

Though negative returns of the start-up stocks during the first year of IPO need not be surprising, higher volatility during bear regime is a matter of concern as it could severely impact retail investors and founders. The results hold implication for IPO regulation in emerging markets and for retail investors desirous of investing in start-up stocks.

Volatility of return is examined using a state-space model during the first year of the start-up IPO listing. The study contributes to the emerging market IPO literature by examining IPO performance in market-based economy. Previous IPO performance studies in emerging markets are predominantly based on ecosystems where start-ups are subjected to price limit policy, and it does not reflect the true nature of IPO performance across emerging markets.

The purpose of this paper is to explore the relationship between Dow Jones Islamic Market World Index, Islamic gold-backed cryptocurrencies and halal chain in the presence of state (regime) dynamics.

The authors have used the Markov-switching model to identify bull and bear market regimes. Moreover, the dynamic conditional correlation, the Baba, Engle, Kraft and Kroner- generalized autoregressive conditional heteroskedasticity and the wavelet coherence models are applied to detect the presence of spillover and contagion effects.

The findings indicate various patterns of spillover between halal chain, Dow Jones Islamic Market World Index and Islamic gold-backed cryptocurrencies in high and low volatility regimes, especially during the COVID-19 pandemic. Indeed, the contagion dynamics depend on the bull or bear periods of markets.

These present empirical findings are important for current and potential traders in gold-backed cryptocurrencies in that they facilitate a better understanding of this new type of assets. Indeed, halal chain is a safe haven asset that should be combined with Islamic gold-backed cryptocurrencies for better performance in portfolio optimization and hedging, mainly during the COVID-19 period.

To the best of the authors’ knowledge, this paper is the first research on the impact of the halal chain on the Dow Jones Islamic Market World Index return, Islamic gold-backed cryptocurrencies returns in the bear and bull markets around the global crisis caused by the COVID-19 pandemic.

This study aims to examine the relationship between political regimes and e-government performance, with a focus on governments’ perspectives of e-government. First, the authors use United Nations (UN) E-government Development Index (EGDI) to establish the current patterns of e-government performance across different regime types, and then develop their own typology of the various perspectives of different political regime types to e-government adopted in the literature. The purpose of this study is to explore the relationship between e-government performance and regime types.

This study adopts a mixed-method research approach that involves quantitative (statistical databases) as well as qualitative (interviews) methods to go beyond the statistics and obtain interpretations of explored patterns of e-government performance and regime types. The research instruments for this study include the Jupyter open-source software used for drawing the relevant correlations, and validating the results using expert interviews.

The results of the analysis support the research hypothesis that democracies have better e-government implementation than autocracies. The findings suggest that the type of a political regime has an influence on the conceptualization of e-government, the implementation of its practices and subsequently the assessment of its performance.

This study relies on the UN EGDI and data from previous literature. the UN Index only measures the supply side of government outputs without taking into consideration their impact on citizens, which does not provide a holistic view of the whole picture. Therefore, the UN EGDI rankings do not necessarily imply citizen satisfaction or improved e-government.

From a practice point of view, this study gives information to government leaders as well as technical experts on how the political regime influences the government’s performance in e-government. In fact, this paper bridges the gap between theory and practice by calling policymakers to take different regime worldviews and motivations into consideration before setting e-government strategies or even assessing e-government performance. Considering the current global digital transformation, it should be ensured that practitioners take these regime specifications into consideration. In the long term, the results of this research will prove that setting up e-government or e-participation platforms is not enough as technology alone is not enough to strengthen democracy or let alone stimulate citizen engagement. When dealing with e-government initiatives, the focus should be broadened beyond the technological aspect and take the social and political motivations of governments into consideration.

From a theoretical standpoint, this study calls for a more holistic e-government performance indicator that could take the regime perspectives into consideration and integrate them into its evaluation process. An indicator that can accommodate the different objectives pursued by different regime types. This could also be achieved by setting two indicators with each one matching the perspective of the specific regime type, which takes us to Ashby’s “Law of Requisite Variety” (1991). The Law of Requisite Variety states that “the system must possess as much regulatory variety as can be expected from the environment” (Ashby, 1956). This law has some implications for this study. It implies that the regime worldview influences the requisite variety depending on the political context where e-government is being implemented. Because we have two regime worldviews, we need to have at least two responses (in this case indicators) that consider the variety of political contexts. Therefore, through appreciating the differences between these two worldviews, this study recommends using the Law of Requisite Variety to investigate the influence of political regimes on e-government. In the same way, in our repertoire of responses, we should not assume that one discipline has the answer but have a variety of cross-disciplinary responses.

The contribution of this study lies in going beyond the statistical analyses of the UN EGDI to come up with possible interpretations of the reasons why political regimes differ in their e-government performance and what could be the reasons behind such variations. Based on analyzing correlations between e-participation performance and regime types, and interviews with experts, two different e-government perspectives could be identified: one for democracies and one for autocracies. Through identifying the relationship between these perspectives and the e-government performance of each regime type, this study provides governments and policy makers with new evidence that different regime types have different motivations for developing their e-government performance. Hence, e-government policies and strategies ought to match particular political contexts.