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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.

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.

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.

The purpose of this paper is to bridge the gap between the existing theoretical and empirical studies by examining the asymmetric return–volume relationship. Indeed, the authors aim to shed light on the return–volume linkages for French-listed small and medium-sized enterprises (SMEs) compared to blue chips across different market regimes.

This study includes both large capitalizations included in the CAC 40 index and listed SMEs included in the Euronext Growth All Share index. The Markov-switching (MS) approach is applied to understand the asymmetric relationship between trading volume and stock returns. The study investigates also the causal impact between stock returns and trading volume using regime-dependent Granger causality tests.

Asymmetric contemporaneous and lagged relationships between stock returns and trading volume are found for both large capitalizations and listed SMEs. However, the causality investigation reveals some differences between large capitalizations and SMEs. Indeed, causal relationships depend on market conditions and the size of the market.

This paper explains the asymmetric return–volume relationship for both large capitalizations and listed SMEs by incorporating several psychological biases, such as the disposition effect, investor overconfidence and self-attribution bias. Future research needs to deepen the analysis especially for SMEs as most of the literature focuses on large capitalizations.

This empirical study has fundamental implications for portfolio management. The findings provide a deeper understanding of how trading activity impact current returns and vice versa. The authors’ results constitute an important input to build and control trading strategies.

This paper fills the literature gap on the asymmetric return–volume relationship across different regimes. To the best of the authors’ knowledge, the present study is the first empirical attempt to test the asymmetric return–volume relationship for listed SMEs by using an accurate MS framework.

Might the impact of the financial stress on exchange markets be asymmetric and exposed to regime changes? Departing from the existing literature, highlighting that the domestic and foreign financial stress in terms of money market have substantial effects on exchange market, this paper aims to investigate the impacts of the bond yield spreads of three emerging countries (Mexico, Russia, and South Korea) on their exchange market pressure indices using monthly observations for the period 2010:01–2019:12. Additionally, the paper analyses the impact of bond yield spread of the US on the exchange market pressure indices of the three mentioned emerging countries. The authors hypothesized whether the negative and positive changes in the bond yield spreads have varying effects on exchange market pressure indices.

To address the research question, we measure the bond yield spread of the selected countries by using the interest rate spread between 10-year and 3-month treasury bills. At the same time, the exchange market pressure index is proxied by the index introduced by Desai et al. (2017). We base the empirical analysis on nonlinear vector autoregression (VAR) models and an asymmetric quantile-based approach.

The results of the impulse response functions indicate that increases/decreases in the bond yield spreads of Mexico, Russia and South Korea raise/lower their exchange market pressure, and the effects of shocks in the bond yield spreads of the US also lead to depreciation/appreciation pressures in the local currencies of the emerging countries. The quantile connectedness analysis, which allows for the role of regimes, reveals that the weights of the domestic and foreign bond yield spread in explaining variations of exchange market pressure indices are higher when exchange market pressure indices are not in a normal regime, indicating the role of extreme development conditions in the exchange market. The quantile regression model underlines that an increase in the domestic bond yield spread leads to a rise in its exchange market pressure index during all exchange market pressure periods in Mexico, and the relevant effects are valid during periods of high exchange market pressure in Russia. Our results also show that Russia differs from Mexico and South Korea in terms of the factors influencing the demand for domestic currency, and we have demonstrated the role of domestic macroeconomic and financial conditions in surpassing the effects of US financial stress. More specifically, the impacts of the domestic and foreign financial stress vary across regimes and are asymmetric.

This study enriches the literature on factors affecting the exchange market pressure of emerging countries. The results have significant economic implications for policymakers, indicating that the exchange market pressure index may trigger a financial crisis and economic recession.

This paper aims to discuss the adequacy of restrictive measures. Providing a synopsis of a global movement toward the imposition of target restrictive measures. Questioning the success of targeted restrictive measures in obtaining behavioural change. Identifying a reversion to the implementation of wide ranging sectoral restrictive measures in an attempt to encourage immediate behavioural change. Accessing the success of using restrictive measures to encourage democratic regimes in Africa.

This study is a desktop research that examines European Parliament and Council issued Regulations for the jurisdictions of Iran, Russia and Belarus. Academic research is also used in identifying a pendulum swing by global legislatures with respect to the imposition of targeted measures to requiring the imposition of additional wide ranging sectoral measures.

Targeted measures can be circumvented using non-hostile third countries. Academic research identifies that wide reaching sectoral sanctions encourage regime change. Therefore, where targeted measures fail to give rise to their desired persuasive objectives. The legislator moves to introduce additional measures, also comprising of sectoral sanctions. Sectoral sanctions have been applied by the European Union in Iran, Russia and Belarus. The USA has taken measures to limit Russia ability to use Turkey as a transshipment hub. The African continent case study identifies the importance of creating an architecture founded on upholding positive governance and human rights standards. Failure to do so leads to a revolving system of authoritarian regimes, sanctioned by restrictive measures.

This paper is a desktop review composed by the author.

Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and demographic growth in 111 countries during the period 1960–2019.

Using the concept of economic regime, the paper introduces the notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree (MST) and a hierarchical tree (HT) are constructed to detect groups of countries sharing similar dynamic performance.

The methodology confirms the existence of three country clubs, each of which exhibits a different dynamic behavior pattern. The analysis also shows that the clusters clearly differ with respect to the evolution of other fundamental variables not previously considered [gross domestic product (GDP) per capita, human capital and life expectancy, among others].

Our results indirectly suggest the existence of dynamic interdependence in the trajectories of economic growth and population change between countries. It also provides evidence against single-model approaches to explain the interdependence between demographic change and economic growth.

We introduce a methodology that allows for a model-free topological and hierarchical description of the interplay between economic growth and population.

Fintechs are expected to develop rapidly as technologies that help improve the efficiency of the traditional financial system, but an examination of fintech subbranches shows different behaviors. In some sub-branches, the transition has been accompanied by a higher speed and more success, but in some other sub-branches, the opposite has been observed. The difference in the development of fintech sub-branches and its reasons have been paid less attention. Therefore, this article aims to identify the factors affecting the transition.

The use of new technologies in financial services at the international level has led to the provision of fast, customized and economical services, and the fact that these services are welcomed by the users has created opportunities for fintech's transition. This qualitative research follows the socio-technical phenomenon of fintech transition through narrative research. For its formulation, the transition process of fintech sub-branches was analyzed based on the multi-level analytical framework and Geels et al.’s transition path theory.

Transition is a change from one socio-technical regime to another. The findings of the research showed that these changes are influenced by the following factors: provision of infrastructure, the support of industry incumbents from innovative financial services, policy-making, citizen's welcoming, improving the knowledge and expertise of actors, legal adjustments as well as provision of innovative services.

The fintech transition has a special nature because the speed of developments in fintech is high and there is a series of innovations that are continuously replaced by subsequent innovations. Existing models have often focused on the long-term transition of a technology. This article presents a new approach for the analysis of changes in the short term in such a way that, based on the position of the actors in favor of or against the technological changes and institutional changes of the transition, it has analyzed and identified the factors affecting the transition. By focusing on these factors, policymakers can direct the way of fintech transition and help accelerate and facilitate fintech transition.

The purpose of this study is to analyze whether higher tourism development in a region is associated with lower-quality employment in that region.

The analysis is based on the last two editions of the European Working Conditions Survey and on the tourism development of European regions. Two samples were studied (2015 and 2021).

Tourism development does not affect the quality of employment in regions. The institutional regime of the country to which the region belongs is associated with the job quality (JQ) in the region.

Only subjective indicators of employment quality are considered in the analysis.

The quality of employment is related to the institutional regime. Policymakers should consider the institutional factors of social democratic countries to improve the low quality of tourism occupations.

Research on the quality of employment in tourism has mostly focused on tourism occupations without considering determinants other than industry characteristics. This research is unique because it includes both the institutional view of JQ and the overall regional employment.

分析一个地区较高的旅游业发展是否与该地区较低品质的就业有关

分析基于最近两版的欧洲工作条件调查和欧洲地区的旅游业发展。研究了两个样本, 分别为 2015 年和 2021 年。

旅游业发展不影响地区就业品质。该地区所属国家的制度体系与该地区的就业品质相关。

旅游就业品质的研究多集中在旅游职业, 没有考虑产业特征以外的决定因素。这项研究的独特之处在于它既包含了工作品质的制度观点, 也包含了整体地区就业情况。

分析中仅考虑就业品质的主观指标。

就业品质与制度体系有关; 因此, 政策制定者应考虑社会民主国家的体制因素, 以改善某些旅游职业的低品质状况。

Analizar si un mayor desarrollo turístico en una región está asociado a un empleo de menor calidad en dicha región.

El análisis se basa en las dos últimas ediciones de la Encuesta Europea sobre las Condiciones de Trabajo y en el desarrollo turístico de las regiones europeas. Se estudiaron dos muestras (2015 y 2021).

El desarrollo turístico no afecta a la calidad del empleo en las regiones. El régimen institucional del país al que pertenece la región está asociado a la calidad del empleo en la región.

La investigación sobre la calidad del empleo en el turismo se ha centrado mayoritariamente en las ocupaciones turísticas sin tener en cuenta otros factores determinantes aparte de las características de la industria. Esta investigación es única porque incluye tanto el punto de vista institucional de la calidad del empleo como el empleo regional global.

En el análisis sólo se consideran indicadores subjetivos de la calidad del empleo.

La calidad del empleo está relacionada con el régimen institucional. Los responsables políticos deberían tener en cuenta los factores institucionales de los países socialdemócratas para mejorar la baja calidad de las ocupaciones turísticas.

This study aims to develop an experimentally validated three-dimensional numerical model for predicting different flow patterns produced with a gas dynamic virtual nozzle (GDVN).

The physical model is posed in the mixture formulation and copes with the unsteady, incompressible, isothermal, Newtonian, low turbulent two-phase flow. The computational fluid dynamics numerical solution is based on the half-space finite volume discretisation. The geo-reconstruct volume-of-fluid scheme tracks the interphase boundary between the gas and the liquid. To ensure numerical stability in the transition regime and adequately account for turbulent behaviour, the k-ω shear stress transport turbulence model is used. The model is validated by comparison with the experimental measurements on a vertical, downward-positioned GDVN configuration. Three different combinations of air and water volumetric flow rates have been solved numerically in the range of Reynolds numbers for airflow 1,009–2,596 and water 61–133, respectively, at Weber numbers 1.2–6.2.

The half-space symmetry allows the numerical reconstruction of the dripping, jetting and indication of the whipping mode. The kinetic energy transfer from the gas to the liquid is analysed, and locations with locally increased gas kinetic energy are observed. The calculated jet shapes reasonably well match the experimentally obtained high-speed camera videos.

The model is used for the virtual studies of new GDVN nozzle designs and optimisation of their operation.

To the best of the authors’ knowledge, the developed model numerically reconstructs all three GDVN flow regimes for the first time.