Now showing items 41-60 of 1341

    • Welfare gains from international trade and renewable energy demand: Evidence from the OECD countries

      Lu, Z.; Gozgor, Giray; Mahalik, M.K.; Padhan, H.; Yan, C. (2022-08)
      This paper uses a new measure of international trade, i.e. the international trade potential index, to measure the welfare gains from trade across countries. The measure is based on the import shares of countries in their gross domestic products. It is observed that gains from international trade are low in prosperous economies, but they are larger in poorer economies. Then, the paper investigates the impact of the index of international trade potential on renewable energy consumption in the unbalanced panel dataset of 36 Organisation for Economic Co-operation and Development member countries from 1966 to 2016. The novel evidence is that international trade potential is positively related to renewable energy consumption. It is also found that per capita income, per capita carbon dioxide emissions, and energy prices increase the demand for renewable energy.
    • Oil price shocks and exchange rate dynamics: Evidence from decomposed and partial connectedness measures for oil importing and exporting economies

      Chatziantoniou, I.; Elsayed, A.H.; Gabauer, D.; Gozgor, Giray (2023-04)
      This paper introduces a novel framework of partial connectedness measures to investigate contagion dynamics between different types of oil price shocks and exchange rates. Oil price shocks are persistent net transmitters of shocks within the network. It is found that the oil shock net spillovers made up most of the net connectedness values in most countries during the pre-COVID-19 period. Both oil exporters and oil importers, without any exception, were all net receivers of shocks. However, during the COVID-19 era, there were significant differences within the groups of countries. It is also observed that the oil-risk shock transmits to the other two types of oil shocks in the pre-COVID-19 and during the COVID-19 periods. The results may have potential implications for traders.
    • The impact of geopolitical risks on renewable energy demand in OECD countries

      Zhao, Z.; Gozgor, Giray; Lau, M.C.K.; Mahalik, M.K.; Patel, G.; Khalfaoui, R. (2023-06)
      This paper examines the effects of geopolitical risks on renewable energy demand in 20 Organization for Economic Co-operation and Development (OECD) member countries from 1970 to 2019. The renewable energy demand function includes carbon dioxide (CO2) emissions, economic globalisation, natural resources rents, and per capita income as control variables. It is found that geopolitical risks reduce the demand for renewable energy and threaten climate change mitigation policies. Degrading the environment in terms of rising CO2 emissions is detrimental to the renewable energy demand. Natural resource rents also decrease renewable energy consumption. However, higher per capita income and economic globalisation significantly increase renewable energy consumption. These findings bear crucial policy implications for the Russia-Ukraine War era, suggesting that geopolitical risks discourage renewable energy demand. Therefore, policymakers in the OECD countries should focus on geopolitical harmony among economic agents, groups, and regions.
    • How does digital finance affect industrial structure upgrading? Evidence from Chinese prefecture-level cities

      Ren, X.; Zeng, G.; Gozgor, Giray (2023-03)
      Digital finance is playing an increasingly prominent role in economic development. This paper examines the impact of digital finance on industrial structure upgrading based on panel data from 289 Chinese prefecture-level cities from 2011 to 2020. The paper adopts fixed effects, mediating effects, and spatial econometric models and the findings are as follows. First, digital finance development significantly boosts industrial structure upgrading in Chinese cities. The evidence remains valid after various robustness tests. Second, digital finance and industrial structure upgrading exhibit positive spatial spillover effects. Third, digital finance indirectly affects industrial structure upgrading through innovation, entrepreneurship and the structure of household consumption channels. Fourth, the influence of digital finance is more significant in cities with more developed economies, less financialization and lower income inequality. Finally, among the sub-indicators of digital finance, the breadth of coverage plays the most significant role, inspiring policymakers and financial institutions to speed up the digitization infrastructure in backward areas.
    • The role of the COVID-19 pandemic in time-frequency connectedness between oil market shocks and green bond markets: Evidence from the wavelet-based quantile approaches

      Wei, P.; Qi, Y.; Ren, X.; Gozgor, Giray (2023-05)
      This study contributes to the existing literature on the relationship between oil market shocks and the green bond market by investigating the impact of the COVID-19 pandemic on their dynamic correlation. We first decompose the oil market shocks into components using a time-frequency framework. Then, we combine wavelet decomposition and quantile coherence and causality methods to discuss changes during the COVID-19 era. We observe positive effects of both supply-driven and demand-driven oil shocks on the green bond market at most quantile levels. However, supply-driven oil price changes play a major role. The results also indicate that long-term changes have a greater impact than short-term changes on the connection between oil and green bond markets. Nevertheless, the COVID-19 pandemic changed the nature of the causal relationship, as we observed no relationship under extreme market conditions during the pandemic era. We argue that the economic and social impacts of the COVID-19 pandemic have left investors focusing on the short-term substitution between oil and green bond markets.
    • Does carbon price uncertainty affect stock price crash risk? Evidence from China

      Ren, X.; Zhong, Y.; Cheng, X.; Yan, C.; Gozgor, Giray (2023-06)
      This study examines the effect of carbon price uncertainty on stock price crash risk. Utilizing the dynamic panel model on the data of Chinese listed firms from 2011 to 2018, we find that high carbon price uncertainty increases stock price crash risk. The impact of carbon price uncertainty is more prominent in the heavily polluting industries and during the post-period of the Paris agreement. The two underlying channels through which carbon price uncertainty induces stock price crashes are managers' hoarding of bad news and investors' heterogeneity. Furthermore, reducing information asymmetry inside and outside the firms can mitigate the influence of carbon price uncertainty on stock price crash risk. Our findings demonstrate that carbon price uncertainty as a newly underexplored factor induced by the prevailing curb of catastrophe risks has unintended but important implications on stock prices.
    • Understanding the FTX exchange collapse: A dynamic connectedness approach

      Akyildirim, Erdinc; Conlon, T.; Corbet, S.; Goodell, J.W. (2023-05)
      Employing a TVP-VAR dynamic connectedness analysis, we identify avenues through which the collapse of the FTX exchange manifested contagion effects throughout a number of financial markets. Results indicate that interaction effects become significantly pronounced, coinciding with key milestones during the collapse of FTX and related companies. Specifically, sources of contagion stem from two tokens created by the exchange and related companies, namely FTT Token and Serum. Such results further develop the expanding literature based on the inherent contagion effects of such unregulated products.
    • Statistical arbitrage: Factor investing approach

      Akyildirim, Erdinc; Goncu, A.; Hekimoglu, A.; Nquyen, D.K.; Sensoy, A. (2023)
      We introduce a continuous time model for stock prices in a general factor representation with the noise driven by a geometric Brownian motion process. We derive the theoretical hitting probability distribution for the long-until-barrier strategies and the conditions for statistical arbitrage. We optimize our statistical arbitrage strategies with respect to the expected discounted returns and the Sharpe ratio. Bootstrapping results show that the theoretical hitting probability distribution is a realistic representation of the empirical hitting probabilities. We test the empirical performance of the long-until-barrier strategies using US equities and demonstrate that our trading rules can generate statistical arbitrage profits.
    • BEPS: Changing International Fiscal Standards and the Unchanging Fortunes of ‘Sustainable Development’

      Kumar, Ajay (2023-06-27)
      The OECD led BEPS project attempts key changes to the international tax standards to limit harmful tax avoidance. First, it is found that calls for the BEPS project are based on arguments (illicit financial flows and tax competition) that are supported by limited evidence and hence may not offer much fiscal gain to the developing countries. Second, it is found that the BEPS project would, through information sharing, further limit the fiscal jurisdiction of capital importing states. Further it is found that tax competition, even if existing in a limited form, is a result of the international tax architecture and the externalities caused by it. In fact, it is seen that the MNCs actually reduce the inefficiencies created by this tax architecture and thereby reduce transaction costs. By agreeing to the BEPS agenda of information sharing the developing countries would be paying the cost of internalising the externality.
    • Managing Municipal Solid Waste: Perspectives from West Africa

      Omodanisi, K.; Okukpon, Irekpitan (Makerere Law Journal, 2022-09)
      This paper is a comparative analysis of Municipal Solid Waste Management in West Africa focusing on Ghana, Mali and Nigeria. The paper offers a rich discussion on Municipal Solid Waste, (hereinafter referred to as MSW), its negative impacts, possible benefits and missed opportunities due to mismanagement of the same. The discussion focuses on both international and domestic legislation of the case study states on MSW and the right to environment. Inevitably, this extends to policy considerations in as far as they impact on MSW management, and to recommendations intended to enable the case study states realise the benefits of a proper MSW management system that is in line with global standards and the right to clean and healthy environment.
    • Bank Crisis Management and Resolution Legal Regimes In India And The European Union

      Kapsis, I.; Shikha, Neeti (2023-02-24)
      The paper contains a critical review of the bank crisis management and resolution legal regimes in India and the European Union (EU). The purpose of the review is to use the EU framework as a case study to infer lessons that India could use as it moves to up date its own legal framework in this area. EU was selected because it adopted extensive reforms in its bank crisis management and resolution legal regimes following the global financial crisis (GFC) and the sovereign debt crisis in the eurozone during 2008-12. The two crises resulted insignificant bank failures in EU and caused massive public interventions and costly bank bailouts. The post-crisis EU framework aims to create a special resolution regime for banks in order to improve the process of managing bank failures, while ensuring the avoidance of publicly funded bank bailouts, especially for systemically important banks (SIBs). The EU framework also incorporates the proposals of international standards setters especially of Financial Stability Board (FSB) for the resolution of banks. The EU experience from the implementation of the reforms could be useful to India, which has recently embarked on efforts to update its own legal framework for bank resolution. India is moving in this direction at a slower pace than EU due to the fact that India did not suffer significant bank failures during the GFC. The paper reviews critically the Indian and EU approaches to bank resolution and makes recommendations for improving these frameworks.
    • The Duality Impact of Artificial Intelligence against Countering and Preventing Violent Extremism: What Law Got to do with it?

      Wan Rosli, Wan R.; Kamaruddin, S.; Abd Rani, A.R.; Mohammad, A.M.; Hamin, Z. (2023-06)
      In the past decade, information technology and the Internet have helped fuel radicalisation and violent extremism (VE), which have transcended from the real world to cyberspace. The emergence of new technologies such as Artificial Intelligence (AI) has also paved the way for insurgents to spread their propaganda using such disruptive technologies. The duality of AI proved that while such new technology can bring vast improvements to various sectors, it also has the potential to facilitate extremist behaviours and activities. Terrorist and violent rebels have shifted their ways to use technologies such as AI to spread radical ideology and propaganda, recruit new members, organize financial support and operational tactics and manage online communities. Similarly, AI is seen as a holy grail especially in predictive analytics in the race to prevent and counter-terrorist activities. This research employs qualitative methodology, in which the primary data was collected through semi-structured interviews. The sampling method in this research is purposive sampling and the qualitative data analysis was conducted through thematic and content analysis, in which the observations and the interview transcripts from the semi-structured interviews were examined. The primary data were triangulated with data obtained from the stakeholders. The findings revealed that while the use of AI facilitates enforcers in predicting extremist activities, detecting misinformation and countering extremist narratives, such technology has also aided terrorists and extremists in spreading mass information via automatise chatbots and coordinating information and attacks. The use of AI is said to be a double-edged sword where it serves the aims of a nation’s cybersecurity strategies, but at the same time aid extremists in fulfilling their radical goals. The legal landscape governing AI is still scarce and challenges such as duality call for a specific legal guideline or legislation to aid in the effective governing of such crime.
    • The legal response to cyberstalking in Malaysia

      Wan Rosli, Wan R.; Hamin, Z. (2023-04)
      In the past two decades, the Internet has been an integral part of our daily lives. The dependency on the Internet and having unlimited access to modern communication systems has brought numerous benefits for users worldwide. However, as a double-edged sword, such systems has also generated a high degree of risk of victimisation from a myriad of cybercrimes, including cyberstalking. Evidence has indicated that cyberstalking has led to more heinous crimes such as cyber fraud and cyber defamation through data mining and social engineering. Moreover, severe repercussion occurs when the crime transcends into the real world which results in rape and even murder. Given the severe impacts of cyberstalking and the nature of such crime in other Western countries, the perception of the law's adequacy remains vague in the current Malaysian legal landscape. Hence, this paper aims at examining the perception of the criminalisation of cyberstalking in Malaysia, the various motives of cyberstalkers in the commission of such crime and the protection afforded to victims of cyberstalking. The paper will also discuss the legal response to cyberstalking in the United Kingdom and European Union focusing on how these countries govern such crime within their jurisdiction. This paper adopts a qualitative methodology, of which the primary data is generated from semi-structured interviews with the relevant stakeholders and victims. The secondary data are the Communications and Multimedia Act 1998, the Penal Code, books, academic journals, online databases, and other library-based sources. The sampling method in this research is purposive sampling and the qualitative data analysis was conducted through thematic and content analysis, in which the observations and the interview transcripts from the semi-structured interviews were examined. The primary data were triangulated with the semi-structured interview data obtained from an officer from the Ministry of Communication and Multimedia and another officer from the Ministry of Women, Family and Community Development. The findings revealed contradictory views on the effective response of the criminal justice system towards cyberstalking, which explains the under-reporting of such crime. Reports has also highlighted that more than 70 per cent of stalking victims are reluctant to lodge a police report due to the belief that enforcement officers would be unhelpful. The findings highlighted that the under-reporting by victim and under-recording by police combined with frequent unresponsiveness of prosecutors and judges leads to significant barriers for effective criminal justice responses to stalking offences. Also, the motivations of cyberstalkers were evident, such as jealousy and obsession. Furthermore, the stalkers may share traits such as envy, a pathological obsession, including professional or sexual fixation, unemployment or failure with their job or life, and a cruel intention to intimidate or cause others to feel inferior Significantly, the findings illustrate that the current Malaysian legal framework on cyberstalking is deficient in protecting cyberstalking victims, which calls for an urgent need for a review in the Malaysian laws.
    • Governing Cyberstalking via the Use of Artificial Intelligence in Malaysia and the United Kingdom

      Wan Rosli, Wan R. (Bennet University, India, 2023)
      In the past two decades, the ultra-dependency and unlimited access to the Internet has changed relationships, and communication and have brought numerous benefits for users worldwide. However, as a double-edged sword, such technology has also generated a high degree of risk of victimisation, especially cyberstalking. Evidence has indicated that cyberstalking has led to more heinous crimes such as cyber fraud through data mining and social engineering. Moreover, when the crime transcends into the real world it results in rape and even murder. The use of new technologies such as artificial intelligence and machine learning has also aggravated the situation where victims are now exposed to various vulnerabilities and risks as it opens new pathways for stalkers to commit this heinous crime. Given the severe impacts of cyberstalking, this chapter will examine the nature of the crime, the use of artificial intelligence in committing stalking, the motives of cyberstalkers and the legal response towards the crime.
    • When The Spying Stop: Recent Criminalisation Of Cyberstalking In Malaysia

      Hamin, Z.; Kamaruddin, S.; Abd Rani, A.R.; Wan Rosli, Wan R. (2022-11)
      The ubiquity of the ICT and the Internet has made them integral to our daily lives in the past two decades, bringing numerous benefits and the risks of victimisation from various cybercrimes, including cyber harassment and cyberstalking. Stalking is generally understood as unwanted or unsolicited persistent and continuous following, pursuing, contacting, spying, harassing, threatening the victim, and causing fear and apprehension. Unfortunately, given the seriousness of cyberstalking and its severe and traumatic impacts on the victims, the existence of the law and any legal protection for victims remains elusive and vague in the Malaysian legal landscape for decades until August this year.
    • Recent Development in Sexual Harassment Law in Malaysia: Whither the Victim's Protection?

      Hamin, Z.; Hussain, F.; Abdul Rani, A.R.; Kamaruddin, S.; Wan Rosli, Wan R. (2022)
      Before 2012, there was no law on sexual harassment in Malaysia. However, when the Employment Act 1955 was amended in 2012, employers must inquire into sexual harassment complaints, failing which a criminal penalty will be imposed. Unfortunately, the new law did not allow a complainant to claim damages from the harasser or the employer. After more than two decades of campaigns by women's rights groups and NGOs, the Anti-Sexual Harassment Bill 2021 (hereinafter 'the ASHB 2021') was finally enacted and passed in July this year. Given the novelty and absence of any academic research, this paper seeks to examine the provisions of the Bill critically to understand its scope, coverage and broader implications for sexual harassment victims. The paper employs a qualitative research methodology, adopting a doctrinal approach and content analysis of the primary source, the ASHB 2021, that would provide a deeper understanding of the legislation. The authors contend that despite being regarded as a victim-centric law, the Bill is half-baked and inadequate to protect sexual harassment victims due to its failure to include significant provisions on the sexual harassment definition, the protection against victimisation and employers' obligations to prevent and address such conduct.
    • Compliance to GDPR Data Protection and Privacy in Artificial Intelligence Technology: Legal and Ethical Ramifications in Malaysia

      Kamaruddin, S.; Mohammad, A.M.; Mohd Saufi, N.N.; Wan Rosli, Wan R.; Othman, M.B.; Hamin, Z. (IEEE, 2023-05)
      AI is becoming increasingly important in cybersecurity. AI-based products detect risks and secure systems and data. Cybercriminals can use technology to launch more sophisticated attacks. AI-based security is in demand due to cyberattacks. With the adoption of AI technology, GDPR requires most countries to have legal measures to protect their citizens' data and privacy. Data protection and privacy issues arise when using AI technology. AI use must comply with GDPR, including obtaining consent for data processing, ensuring data accuracy, and giving individuals the right to access, correct, or delete their data. Organisations must also be transparent about how their AI makes decisions and not discriminate against individuals or groups. This study examines Malaysia's GDPR compliance on AI usage, data protection, and privacy in light of current concerns. This study analyses primary and secondary sources using doctrinal research. In 2022, Malaysia's banking, healthcare, and telecommunications sectors were hit by data breaches, indicating that AI is increasing data breaches. Thus, the government must examine citizen data protection and privacy concerns and re-examine its governance, including legal and regulatory mechanisms, to see if it conforms to international norms and consider reforms.
    • Cloud-based augmented reality as a disruptive technology for Higher Education

      Mohamad, A.M.; Kamaruddin, S.; Hamin, Z.; Wan Rosli, Wan R.; Omar, M.F.; Mohd Saufi, N.N. (IEEE, 2023-06)
      Augmented reality (AR) within the context of higher education is an approach to engage students with experiential learning by utilising AR technology. This paper discusses the process undertaken by a teacher in higher education in designing and implementing cloud-based AR lesson for the students. The methodology engaged was case study at one institution of higher learning in Malaysia. The AR teaching process involves six stages, beginning with the selection of the course, followed by selection of the topic, designing of the AR teaching plan and the implementation of the AR lesson. Upon completion of the implementation of the AR lesson, the teacher and students would provide reflection of their experiences. The process concludes by the improvement of the AR teaching plan by the teacher. The study found that cloud based has indeed disrupted higher education in terms of providing richer learning experiences to the students, as well as enhanced teaching practices for the teachers. Hopefully, this paper would provide insights into the practices of AR teaching and learning approach for teachers in general, and within the context of higher education in particular. It is also intended that the six-steps process outlined in this paper becomes a reference and be duplicated by teachers at large who might be interested to design and implement AR lessons for their own courses.
    • Disruptive AI technology and hate speech: A legal redress in Malaysia

      Mohd Saufi, N.N.; Kamaruddin, S.; Mohammad, A.M.; Jabar, N.A.A.; Wan Rosli, Wan R.; Talib, Z.M. (IEEE, 2023-06)
      Artificial intelligence (AI) technology is becoming increasingly prevalent in society, offering a range of benefits and opportunities. However, with the rise of AI comes new challenges, particularly in hate speech. Hate speech, a type of expression that incites hatred or violence against individuals or groups based on ethnicity, religion, or other characteristics, has become a growing concern in Malaysia, with social media and online platforms becoming a breeding ground for such speech. In this context, AI technology has emerged as a potential solution for monitoring and regulating hate speech, but it also presents legal and ethical challenges that must be addressed. In view of double edge sword roles played by the development of AI, this article analyses the legal recourse available in Malaysia for disruptive AI technology and hate speech. The authors claim that AI systems are prone to errors and biases and that there is a risk of relying too much on such plans at the expense of human judgement. There are also concerns regarding the impact of AI on free expression and privacy rights. In addition, the author suggests that artificial intelligence be appropriately regulated to ensure that it is consistent with international human rights standards and national laws.
    • From Civic Space to the Internet: Legislating rights to peaceful assembly during pandemic

      Mohd Saufi, N.N.; Kamaruddin, S.; Wan Rosli, Wan R.; Mohamad, A.M.; Ahmad, N. (AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK., 2022-12)
      With the social distancing measures implemented during Pandemic Covid 19, many peaceful assemblies have attempted to restructure, equip, and empower themselves creatively for online gathering. This incident emphasises the importance of digital tools, such as the Internet and ICTs, in exercising online rights to peaceful assembly and association. Given the above, this article attempts to deliberate on transforming rights to the peaceful assembly from offline to online and the legal challenges attached. The authors argue that the right to peaceful assembly and association is vital to ensuring enhanced transparency and accountability in implementing human rights policies within countries.