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This study aims to formulate a behavioural credit scoring models for Indian small and medium enterprises (SME) entrepreneurs using certain behavioural and psychological constructs. Two separate models are built which can predict the credit default and wilful default of the borrowers, respectively. This research was undertaken to understand whether certain psychological and behavioural factors can significantly predict the borrowers’ credit and wilful default.

A questionnaire survey was undertaken by SME entrepreneurs of two Indian states, i.e. Uttar Pradesh and Maharashtra. The questionnaire had two dependent variables: wilful default and credit default and nine independent variables. The questionnaire reliability and validity were ensured through confirmatory factor analysis (CFA) and further a model was built using logistic regression.

The results of this study have shown that certain behavioural and psychological traits of the borrowers can significantly predict borrowers’ default. These variables can be used to predict the overall creditworthiness of SME borrowers.

The findings of this research indicate that using behavioural and psychological constructs, lending institutions can easily evaluate the credit worthiness of those borrowers, who do not have any financial and credit history. This will enhance the capability of financial institutions to evaluate opaque SME borrowers.

There are very few numbers of studies which have considered predicting the credit default using certain psychological variables, but with respect to Asian market, and especially India, there does not exist a single significant study which has tried to fulfil such research gap. Also, this is the first study that has explored whether certain psychological factors can predict the wilful default of the borrowers. This is one of the most significant contributions of this research.

Borrowers’ intentional non-payment of bank loans despite being able to pay is a financial crime. This paper explores how willful loan defaulting became a societal practice in Bangladesh, where non-performing loans (NPLs) are assumed to surpass BDT 4 trillion mainly due to habitual defaults of large borrowers.

This study reviewed publicly available documents and interviewed bank managers, loan takers, regulators and industry experts. It drew on Pierre Bourdieu’s practice theory, specifically the concepts- habitus, capital and field, to explain the permeation of “intentional defaulting culture” in the banking industry.

Willful defaulting in Bangladesh is an outcome of a harmonious blend of defaulters’ mindsets and possession of capital supported by the structure and rules of the field. The socio-political context facilitates, rather than impedes, the “unwillingness to pay” motive of the habitual defaulters due to their possession of different forms of capital.

Understanding of how the crime of willful defaulting emerges and persists in society may have policy and practice implications in economies suffering NPL problems.

This study explicates how individual intents and institutional structures jointly amplify financial crimes in society.

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

There are two important determinants in the banking system which directly affect the number of credit deliveries to the economy in the first round and impact the growth and developmental status of the economies in the second round. They are the amount of non-performing assets (NPA) and the number of banking funds invested in the governments’ securities. The present chapter, thus, focuses on the trends of these two and their associations with the credit, GDP and human development of the countries. First, it develops a basic theoretical structure of credit creation in the banking system and then develops theoretical linkages among the two lead variables, NPA and investment, in relation to the rest of the economy. Then, it goes for empirical exercises from the perspectives of the descriptive statistical analysis. The trends of NPA and investment show rising trends in almost all countries. Furthermore, it is found that the signs of correlation coefficients between the two with credit, GDP and HDI are positive in most cases of the list of developing countries and negative in some cases of the list of developed countries.

Debate is growing around the expansion of risk-based regulation. The regulation scholarship provides evidence of regulatory failure of the risk-based approach in different domains, including financial regulation. Therefore, this paper aims to provide cautionary evidence about the risk of regulatory failure of risk-based strategy in the financial regulation while using enterprise risk management (ERM) as a meta-regulatory toolkit.

Based on interview data gathered from 30 risk managers of banks and five regulatory personnel, combined with secondary data, this study mainly explores the challenges for meaningful use of ERM based self-regulation in regulated banks. The evidence helps to assess the risk of regulatory failure of the risk-based regulation while using ERM.

The evidence reflects that regulated banks face diverse challenges arising from both peripheral and internal environments that limit the true internalization of ERM-based self-regulation. Despite this, the regulator uses this self-regulation as a meta-regulatory toolkit under the risk-based regulation to achieve the regulatory aims. However, the lack of true internalization of ERM based self-regulation is likely to raise the risk of regulatory failure of risk-based regulation to achieve the regulatory goals. Risk-based regulation is an evolving strategy in the regulatory regime. Therefore, care should be taken while using ERM as a regulatory toolkit before relying on it substantially.

The paper provides empirical insights about the challenges for effective use of ERM as a meta regulatory toolkit that might be useful practically both to the regulators and regulated firms.

The area of consumer safety is focused on, with regard to food manufacturers′ and retailers′ responsibilities. A number of judgments in court cases concerning contraventions of the Food and Drugs Acts, Consumer Safety Acts and Trade Descriptions Act are described together with their implications for food manufacturers and retailers. Some of the most significant provisions of the new Food Safety Act are addressed.

Islam prohibits interest as a source of income or profit. The purpose of this paper is to explore the possible application of Bai Salam contract (forward sale agreement) as an alternative financial instrument in the agriculture sector of Pakistan.

A survey was conducted in four districts of the Punjab with a specifically designed questionnaire. A convenient sampling technique was used to gather farmers' concerns related to crops inputs, output and credit requirements.

Empirical findings conclude that agriculture income represents only up to 60 percent of the income of an average farm household. About 70 percent of farmers participate in the credit market. They need money to purchase crops inputs, to pay the labour and to hire rental machinery. Farmers believe that they can save up to 25 percent in costs if they purchase inputs on cash. The survey also discloses that middlemen are the larger financers and buyers of crops in the rural economy whereby only 10 percent of transactions are conducted on a purely cash basis. Farmers usually return the money after the sale of the crop.

The concept of the paper can be extended to areas where large landlords dominate the scene. Alternatively, it can be extended towards non‐farm activities such as cattle raising and poultry.

The paper is a first comprehensive effort to explore the possible application of an Islamic banking instrument in the agriculture sector of Pakistan. It also suggests three possible models for financing under a Bai Salam contract. Some policy recommendations are also given.

The Departmental Committee appointed to inquire into the use of preservatives and colouring matters in the preservation and colouring of food, have now issued their report, and the large amount of evidence which is recorded therein will be found to be of the greatest interest to those concerned in striving to obtain a pure and unsophisticated food‐supply. It is of course much to be regretted that the Committee could not see their way to recommend the prohibition of all chemical preservatives in articles of food and drink; but, apart from this want of strength, they have made certain recommendations which, if they become law, will greatly improve the character of certain classes of food. It is satisfactory to note that formaldehyde and its preparations may be absolutely prohibited in foods and drinks; but, on the other hand, it is suggested that salicylic acid may be allowed in certain proportions in food, although in all cases its presence is to be declared. The entire prohibition of preservatives in milk would be a step in the right direction, although it is difficult to see why, in view of this recommendation, boric acid should be allowed to the extent of 0·25 per cent. in cream, more especially as by another recommendation all dietetic preparations intended for the use of invalids or infants are to be entirely free from preservative chemicals; but it will be a severe shock to tho3e traders who are in the habit of using these substances to be informed that they must declare the fact of the admixture by a label attached to the containing vessel. The use of boric acid and borax only is to be permitted in butter and margarine, in proportions not exceeding 0·5 per cent. expressed as boric acid, without notification. It is suggested that the use of salts of copper in the so‐called greening of vegetables should not be allowed, but upon this recommendation the members of the Committee were not unanimous, as in a note attached to the report one member states that he does not agree with the entire exclusion of added copper to food, for the strange reason that certain foods may naturally contain traces of copper. With equal truth it can be said that certain foods may naturally contain traces of arsenic. Is the addition of arsenic therefore to be permitted? The Committee are to be congratulated upon the result of their labours, and when these recommendations become law Great Britain may be regarded as having come a little more into line— although with some apparent reluctance—with those countries who regard the purity of their food‐supplies as a matter of national importance.

The UK government argues that the benefits of public private partnership (PPP) in delivering public infrastructure stem from transferring risks to the private sector within a structure in which financiers put their own capital at risk, and the performance‐based payment mechanism, reinforced by the due diligence requirements imposed by the lenders financing the projects. Prior studies of risk in PPPs have investigated “what” risks are allocated and to “whom”, that is to the public or the private sector. The purpose of this study is to examine “how” and “why” PPP risks are diffused by their financiers.

This study focuses on the financial structure of PPPs and on their financiers. Empirical evidence comes from interviews conducted with equity and debt financiers.

The findings show that the financial structure of the deals generates risk aversion in both debt and equity financiers and that the need to attract affordable finance leads to risk diffusion through a network of companies using various means that include contractual mitigation through insurance, performance support guarantees, interest rate swaps and inflation hedges. Because of the complexity this process generates, both procurers and suppliers need expensive expert advice. The risk aversion and diffusion and the consequent need for advice add cost to the projects, impacting on the government's economic argument for risk transfer.

The expectation inherent in PPP is that the private sector will better manage those risks allocated to it and because private capital is at risk, financiers will perform due diligence with the ultimate outcome that only viable projects will proceed. This paper presents empirical evidence that raises questions about these expectations.