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The development of multi-hazard risk assessment frameworks has gained momentum in the recent past. Nevertheless, the common practice with openly available risk data sets, such as the ones derived from the United Nations Office for Disaster Risk Reduction Global Risk Model, has been to assess risk individually for each peril and afterwards aggregate, when possible, the results. Although this approach is sufficient for perils that do not have any interaction between them, for the cases where such interaction exists, and losses can be assumed to occur simultaneously, there may be underestimation of losses. The paper aims to discuss these issues.

This paper summarizes a methodology to integrate simultaneous losses caused by earthquakes and tsunamis, with a peril-agnostic approach that can be expanded to other hazards. The methodology is applied in two relevant locations in Latin America, Acapulco (Mexico) and Callao (Peru), considering in each case building by building exposure databases with portfolios of different characteristics, where the results obtained with the proposed approach are compared against those obtained after the direct aggregation of individual losses.

The fully probabilistic risk assessment framework used herein is the same of the global risk model but applied at a much higher resolution level of the hazard and exposure data sets, showing its scalability characteristics and the opportunities to refine certain inputs to move forward into decision-making activities related to disaster risk management and reduction.

This paper applies for the first time the proposed methodology in a high-resolution multi-hazard risk assessment for earthquake and tsunami in two major coastal cities in Latin America.

Central clearing counterparties’ (CCPs) specific loss allocation mechanism is reflected in the specific resolution regime designed at the international level. At the same time, international guidance texts require equity to bear losses first in resolution. This creates a tension that immediately exposes resolution authorities to potential claims from CCPs’ shareholders. The purpose of this paper is to seek possible options to solve that tension, thereby enabling a workable and credible resolution regime for CCPs.

The paper analyses the current tension between the no creditor worse-off (NCWO) counterfactual for CCPs and the “equity bears first losses in resolution” principle. It then considers six different options to solve this tension, ranging from a revision of insolvency law to the modification of the loss-allocation structure.

The paper concludes that additional layers of capital contribution, adapting the contractual arrangements or articles of incorporation and/or the creation of a specific NCWO counterfactual for shareholders could help in solving the identified tension.

The paper presents options on how to design a workable and credible resolution regime for CCPs that would enable resolution authorities to exercise their powers and have the flexibility to intervene at an early stage in recovery to prevent the exhaustion of available financial resources, without being unduly exposed to claims.

The paper contributes to the literature on CCP resolution. It is one of the first to analyse the articulation between the loss-allocation structure of CCPs, the NCWO principle and shareholders’ rights. We hope that this paper will encourage further literature to develop on this important subject.

This paper proposes an objective metric to trigger bank recovery. Banks’ living wills involve both recovery and resolution. Since it may not always be clear when recovery plans or actions should be triggered, there is a role for an objective metric to trigger recovery.

We outline how such a metric could be constructed meeting criteria of adequate loss absorption; distinguishing between weak and sound banks; little susceptibility to manipulation; timeliness; scalable from the individual bank to the system.

We show how this would have worked in the UK, during 2007-2011.

This approach has the added advantage that it could be extended to encompass a whole ladder of sanctions of increasing severity as capital erodes.

The purpose of this paper is to explore the relationship between multivariate process capability indices and loss functions for both nominal‐the‐best and smaller‐the‐better cases, so the likelihood and consequences resulting from the nonconforming of a manufacturing process or an environmental system can be evaluated simultaneously.

In this paper, the authors present a new approach of correlated risk assessment by linking the multiple process capability indices and loss functions, in which the multivariate process capability indices and multivariate loss functions describe the likelihood and consequences as a result of nonconformities in multivariate manufacturing or environmental system, respectively. Then, the associated relationship equations are developed using multivariate methods. Moreover, a step‐by‐step procedure is provided to facilitate the implementation of the correlated risk assessment.

Given the multivariate process capability indices, the authors show that the expected loss can be estimated by developed relationship equations and two numerical examples are also given, to demonstrate how the correlated manufacturing and environmental risks can be properly assessed by linking the multivariate process capability indices and multivariate loss function.

The risk information of likelihood and expected loss, classified in the four planning zones of a strategic planning matrix, provides practising managers and engineers with a decision‐making tool for prioritizing their quality improvement projects when conducting risk assessment for any multivariate process or environmental system.

Once the existing quality/environmental problems and their Key Performance Indicators are identified, one may conduct risk assessment by applying the relationship equations to evaluate the impact of correlated risk on manufacturing processes or multiple environmental emissions inside company; this can lead to the direction of continuous improvement for any industry.

The paper models the financial interconnectedness and systemic risk of shadow banks using Granger-causal network-based measures and takes the Indian shadow bank crisis of 2018–2019 as a systemic event.

The paper employs pairwise linear Granger-causality tests adjusted for heteroskedasticity and return autocorrelation on a rolling window of weekly returns data of 52 financial institutions from 2016 to 2019 to construct network-based measures and calculate network centrality. The Granger-causal network-based measure ranking of financial institutions in the pre-crisis period (explanatory variable) is rank-regressed with the ranking of financial institutions based on maximum percentage loss suffered by them during the crises period (dependent variable).

The empirical result demonstrated that the shadow bank complex network during the crisis is denser, more interconnected and more correlated than the tranquil period. The closeness, eigenvector, and PageRank centrality established the systemic risk transmitter and receiver roles of institutions. The financial institutions that are more central and hold prestigious positions due to their incoming links suffered maximum loss. The shadow bank network also showed small-world phenomena similar to social networks. Granger-causal network-based measures have out-of-sample predictive properties and can predict the systemic risk of financial institutions.

The study considers only the publicly listed financial institutions. Also, the proposed measures are susceptible to the size of the rolling window, frequency of return and significance level of Granger-causality tests.

Supervisors and financial regulators can use the proposed measures to monitor the development of systemic risk and swiftly identify and isolate contagious financial institutions in the event of a crisis. Also, it is helpful to policymakers and researchers of an emerging economy where bilateral exposures' data between financial institutions are often not present in the public domain, plus there is a gap or delay in financial reporting.

The paper is one of the first to study systemic risk of shadow banks using a financial network comprising of commercial banks and mutual funds. It is also the first one to study systemic risk of Indian shadow banks.

This paper aims to address not only technical and economic challenges in electrical distribution system but also environmental impact and the depletion of conventional energy resources due to rapidly growing economic development, results rising energy consumption.

Generally, the network reconfiguration (NR) problem is designed for minimizing power loss. Particularly, it is devised for maximizing power loss reduction by simultaneous NR and distributed generation (DG) placement. A loss sensitivity factor procedure is incorporated in the problem formulation that has identified sensitivity nodes for DG optimally. An adaptive weighted improved discrete particle swarm optimization (AWIDPSO) is proposed for ascertaining a feasible solution.

In AWIDPSO, the adaptively varying inertia weight increases the possible solution in the global search space and it has obtained the optimum solution within lesser iteration. Moreover, it has provided a solution for integrating more amount of DG optimally in the existing distribution network (DN).

The AWIDPSO seems to be a promising optimization tool for optimal DG placement in the existing DN, DG placement after NR and simultaneous NR and DG sizing and placement. Thus, a strategic balance is derived among economic development, energy consumption, environmental impact and depletion of conventional energy resources.

In this study, a standard 33-bus distribution system has been analyzed for optimal NR in the presence of DG using the developed framework. The power loss in the DN has reduced considerably by indulging a new and innovative approaches and technologies.

This paper aims to adopt a conservation of resources (COR) theoretical approach to examine the process of value co-destruction (VCD) emanating from the misuse of customer resources by organisations.

A critical incidents approach was adopted where 120 customers recounted their negative experiences. The analysis identified both the nature of resources and processes involved.

From a customer perspective, the VCD process is triggered by a failure of the resource integration process to co-create expected value (resources). This involves customers in unexpected primary, and often secondary, resource loss. Loss “cycles” or “spirals” develop impacting negatively on well-being. Customers' attempts to restore their resources through coping strategies typically involve loss of well-being for the organisation.

The research is limited to a relatively small sample of UK customers involving diverse contexts. However, COR theory provides a framework for a better understanding of customer perceived value, the value co-creation and co-destruction process.

The findings offer a new perspective to practitioners for understanding customer expectations and behaviour. There is a need to re-evaluate and re-design value propositions in line with organisational capabilities and customers' resource needs.

Organisations' misuse of customers' resources negatively impacts on “well-being”: a phenomenon of increasing interest at the societal level.

This study is the first to empirically examine the concept of VCD, as perceived and experienced by customers, from a resource ecology perspective. It contributes to the growing body of work deriving from the service-dominant logic approach to value co-creation.

This chapter investigates the presence of a difference in the systemic risk level between Islamic and conventional banks in Bangladesh. The authors compare systemic resilience of three types of banks: fully fledged Islamic banks, purely conventional banks (CB), and CB with Islamic windows. The authors use the market-based systemic risk measures of marginal expected shortfall and systemic risk to identify which type is more vulnerable to a systemic event. The authors also use ΔCoVaR to identify which type contributes more to a systemic event. Using a sample of observations on 27 publicly traded banks operating over the 2005–2014 period, the authors find that CB is the least resilient sector to a systemic event, and is the one that has the highest contribution to systemic risk during crisis times.

This paper aims to provide empirical evidence for using the prospect theory (PT) basic assumptions in the Argentine context. Mainly, this study analysed the financial decision-making process in students of the economic-administrative academic area of two universities, one public and one private, in Córdoba.

The analysis methodology included (1) the descriptive statistical analysis to identify the presence of the certainty, reflection and isolation effects; (2) the construction of a set of indicators on the application of the PT; (3) the chi-squared independence test, to determine if the decisions made are independent of the degree course taken; (4) the non-parametric Kruskal–Wallis test, to determine if the decisions made by individuals vary according to the semesters taken or students' levels of progress; and (5) the non-parametric Mann–Whitney test, to determine if there are differences between the decisions made by men and women.

The empirical results provided evidence on the effects of certainty, reflection and isolation in both universities, concluding that the study participants make financial decisions in situations of uncertainty based more on PT than on expected utility theory.

This study contributes to the empirical evidence in a different Latin-American context, confirming that individuals make financial decisions based on the PT independently of their degree course, semester, level of advance, gender or the kind of university where they belong (public or private).

The production of natural gas from the reservoir is always associated with entrained solid particle of different sizes mainly sand particles and crystalline salts. Entrained solid transport along the gas phase has been a great concern for gas production engineer, as the detrimental consequences are often associated to a desirable high operational parameters such rate and pressure transverse in producing well.

A variety of models for predicting pressure transverse in flowing gas wells have been reported in the literatures. Most of the models were based on steady state fluid flow equation that did not consider time factor which results in inaccurate at early production time. Some of the early investigators overlooked the effect of the entrained solid on the pressure transverse phenomena in a gas well. Hence, there is a need for developing a more realistic model for estimating pressure transverse at all times in flowing solid-gas vertical well.

This study presents equation for pressure drop in flowing vertical well without neglecting any term in the momentum equation by the inclusion of accumulation and kinetic term. The solution of the resulting differential equation gives functional relationship between solid-gas flow rates and pressure at any point in flowing well at any given production time.

The results show improvement over previous studies, as the assumptions previously neglected were all considered.