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The purpose of the paper is to find out which incentives are present for persons who are taking care of financial regulation in practice, and how these incentives impact their attitudes towards complexity of financial regulation.

Based on recent contributions, reasons behind the increase in complexity observed in financial regulation are discussed. The role of actual incentives for the persons involved in setting up and enforcing regulation is detailed.

Incentives for persons that impact drafting and implementation of financial regulation produce a bias towards excessive complexity. Additional complexity reduces the risk for being exposed to aggressive journalism and pressure from populist politicians. Increasing complexity of regulation will also benefit large players since the costs are largely fixed.

Careful studies measuring the costs of increased complexity in terms of increased resource requirements are needed.

To reduce the bias towards excess complexity, a body consisting of knowledgeable persons with high integrity is required with an explicit mandate of scrutinising regulation in order to reduce, or at least not increase, complexity. This body must be empowered with sufficient discretion to tackle cases that lack precedents.

The paper introduces an explicit discussion of existing incentives on the regulator side of financial markets to increase the understanding of the issues involved in the increased complexity that we observe in the rules that are implemented to guide behaviour in financial markets.

This paper aims to discuss factors that affect the socially optimal jurisdiction of financial supervision in the presence of economies of scale in banking.

Analysis of the trade-off between likelihood of “regulatory capture” of supervisors in a small jurisdictions and benefits of greater rates of financial innovation in a less-bureaucratized and more diverse supervisory organization.

The challenge is to create a financial supervisory institution that should be powerful enough to close down even the largest financial institutions within its jurisdiction, while at the same time not becoming so large and omnipotent that it would stifle further development of firms in financial services.

Deeper understanding of minimum efficient scales in financial intermediation required, and of regulatory capture vs efficient information acquisition from regulated units.

Basis for international (regional) cooperation in facilitating efficient delivery of financial services, in particular in smaller countries.

Developments in information technology have fundamentally changed the ways financial intermediaries operate paving the way for giant units that in key areas are able to outcompete smaller business units. The financial crisis that started in 2008 revealed that these large and interconnected organizations are in a position to extract implicit subsidies from the rest of the society. The organization of financial supervision must adapt to these changing conditions.

The purpose of this paper by the European Shadow Financial Regulatory Committee (ESFRC) is to provide an account of the financial crisis in Europe during the period 2010-2013 and an analysis of how the relevant authorities reacted to the crisis.

These actions included measures taken by central banks, governments or fiscal authorities, and by regulatory or supervisory bodies. In a previous study covering the regulatory developments during the financial crisis up until 2009, issues such as the implementation of Basel III rules in Europe and the (mostly ad hoc and unilateral) resolution mechanisms set in most European countries to fight the crisis were covered. This study focuses on developments since 2010 with a focus on the concerns and actions that emerged with the sovereign debt crisis in the euro area. In particular, the transition from the European Financial Stability Facility to the European Stability Mechanism is assessed. The focus after 2012 has progressively turned to the challenges of the European banking union.

These issues are jointly covered, along with some updates on the views of the ESFRC on recent advances in other areas, such as solvency regulation. All in all, the authors find that the weaknesses of the global financial system remain to be addressed, and they believe that the banking union is one of the main tools and opportunities for an improved and efficient crisis management in Europe.

The paper aims at contributing to the study of financial regulation after the banking crisis. The experience of the euro zone in this context is assessed in this article from a wide range of perspectives.

Between 1988 and 1994 ten European countries introduced or modified their regulations on insider trading. We evaluate in this article the impact of such regulatory changes on the risk, return, and some other characteristics of these ten markets. After extensive testing, we find that the evidence suggests that these regulations have had little (if any) impact on the market characteristics we examine, and briefly speculate about the reasons that justify our findings.

This study aims to analyze the impact and effectiveness of the regulation on the European sovereign Credit Default Swap (CDS) market. The European sovereign debt crisis has drawn considerable attention to the CDS market. CDS have the ability of a speculative instrument to bet against a sovereign default. Therefore, the Regulation (EU) No. 236/2012 was introduced as the worldwide first uncovered CDS regulation. It prohibits buying uncovered sovereign CDS contracts in the European Union (EU).

First, this paper measures spread changes of sovereign CDS of the EU member states around regulation specific event dates to detect whether and when European sovereign CDS reacts to regulation announcements and the enforcement of regulation. Second, it compares the CDS long-term stability of the EU sample with a non-EU sample based on 44 non-EU sovereign CDS entities.

The results indicate widening CDS spreads prior to the regulation, and stable CDS spreads following the introduction of the regulation. In particular, sovereign CDS of European crisis-hit entities are stable since the regulation was introduced.

The results show that since the regulation of uncovered CDS in the EU has been enacted, the sovereign CDS market is stable and less volatile. Based on the theory about speculation on uncovered sovereign CDS by betting on the reference entity’s default, the introduction of Regulation (EU) No. 236/2012 appears to be an appropriate measure to stabilize markets and reduce speculation on sovereign defaults.

This study aims to examine how women's groups help women to navigate context-related barriers to their engagement in rural entrepreneurship. The paper combines the contextualisation of entrepreneurship framework and the feminist separatist theory to describe how women's groups in patriarchal rural communities enable women to circumvent context-related barriers and actively engage in rural entrepreneurship.

Based on a case study of 12 women's groups engaged in paddy farming, rice processing and marketing in rural Tanzania, this study draws on semi-structured interviews with 46 women, four focus group discussions, four in-depth key informant interviews and non-participant observation.

Rural women face unique context-related challenges that hinder them from effectively participating in rural entrepreneurship. Specifically, limited access to farmlands and profitable markets, lack of business networks, limited time, poverty and insufficient financial resources constrain women's engagement in entrepreneurship. To overcome these contextual barriers, rural women have organised themselves into groups to gain access to business services, business-related training, grants and business networks.

This study contributes to the existing literature on contextualising entrepreneurship by focussing on how rural contexts may constrain women's entrepreneurial engagement while showing how women respond to contextual barriers that enable them to participate in rural entrepreneurship.

This study shows that women with low education can pursue rural entrepreneurship if they are supported through training and access to networks. This will support the performance of these groups of women.

This study offers new insights into the role of women's groups in navigating gender-related constraints that hinder women from participating in rural entrepreneurship within the patriarchal context of low-income countries. Thus, new perceptions for the gender and rural entrepreneurship theory and the policy implications thereof are proffered.

The use of extended reality (XR) to create memorable experiences has attracted considerable attention, especially in tourism. Multisensory XR offers a new way of virtually previewing a destination before physical holidays. This study aims to explore how multisensory XR can be used at each stage of the tourism experience journey. This study established a model for how destination-image formation is affected by multisensory XR in each phase of tourism experience.

The authors followed the preferred reporting items for systematic reviews and meta-analyses guidelines to review studies published between 2013 and 2020, gathered from four research databases. The authors identified the predominant XR technology and sensory stimuli based on the characteristics of various tourism domains. The authors synthesized the previous studies to explain destination-image formation by using multisensory XR.

This study summarized the XR study distribution among the three stages of the tourism experience journey. The authors identified the predominant sensory stimuli and dominant XR application and developed a destination-image formation model by using multisensory XR.

This study highlights the holistic approach of multisensory XR in the tourism experience journey in relation to various tourism domains. It also contributes to destination-image formation in the virtual environment by providing multisensory experiences of predominant sensory stimuli at each stage.

多感官扩展现实对旅游体验的影响

运用扩展现实（XR）来创造令人印象深刻的体验在旅游领域得到了瞩目。多感官XR提供了用虚拟方式预览景区的新途径。本研究探讨了多感官XR是怎样在旅游体验的各个阶段进行运用。我们建立了一个关于目的地形象行程是怎样收到多感知XR在每一个旅游体验阶段影响模型。

本研究遵循了系统评价的首选的报告项目对由四份数据库综合提取的2013 到2020 年间发表的文章用系统文献综述和荟萃分析方法进行了梳理。基于不同旅游领域我们发现了首要的XR技术和感官刺激因素。本研究综合了之前文章用多感官XR来解释目的地形象的产生的文章。

我们总结了XR 基于旅游体验三个阶段的研究的分布. 我们确定了主导的感官刺激因素和主导的XR应用技术并且用多元感知XR研发了目的地形象形成的模型。

本研究突出了多元感官XR在旅游体验跨越多层旅游领域的整体性方式。本研究并且通过提供每阶段的主打感官刺激元素在多感官体验过程中对虚拟环境下的目的地形象产生做出了贡献。

Interpersonal skills are increasingly important tools in long-term care with older people, especially against the backdrop of loneliness affecting older people and expectations for a person-centred, joined-up approach. However, the term is used as a composite and its definition lacks shape and focus. In existing literature, participants appear to be selected on the basis of specific illnesses rather than age. Better understanding of the features of everyday communication processes associated with person-centred care can lead to improvements in policy and practice.

A scoping review examined communication features associated with person-centred care for older adults. This identified the extent and nature of literature. Several databases were searched; after screening and hand-searching, 31 were included. Findings were analysed for patterns and contradictions, against the objectives of person-centred and integrated care.

Emotional intelligence and the ability to employ various communication styles are crucial skills of person-centred communication. Such approaches can have positive effects on the well-being of older people.

Some studies' validity was weakened by methodological designs being founded on value judgements.

Using personalised greetings alongside verbal and non-verbal prompts to keep residents emotionally connected during personal care is considered good practice. Stimulating feedback from people using services and their relatives is important.

The role of communication is highlighted in many professional guidance documents on person-centred and integrated care, but the process of implementation is decentralised to individual employers and workers. This paper draws on the findings of contemporary literature, grounded in naturalistic data, with implications for practice and policy.