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In most industries, legal entities of a certain size and complexity must have a compliance function. Such requirement is either set forth by regulatory law or the governance rules of the relevant organisation. In the highly regulated credit industry, the role and responsibilities of the compliance function are more precisely defined than in other industries. This paper aims to analyse the personal accountability of senior compliance officers in a bank’s compliance function when there is a failure of proper compliance.

This paper is based on a keynote addressed at Jesus College, University of Cambridge, 7 September 2016. The author approaches the issue of senior compliance management by analysing development of international financial regulation with respect to legal requirements for compliance function. Subsequently, the author determines what constitutes senior compliance management and applies the various legal regimes to situations of compliance failures.

While the accountability of the chief compliance officer and deputy for compliance failures is not set forth in regulatory law, courts and scholars have acknowledged such personal responsibility exists resorting to principles of civil law (contracts or torts), criminal law or employment law. Approaches and questions for this legal analysis are similar in a civil law as well as in common law jurisdiction. The most relevant breach of contract of the chief compliance officer will be an omission to act (forbearance), i.e. the failure to properly organize the compliance function and/or to immediately report a compliance risk to the board.

Scholarly work in the law of compliance is still somewhat limited, thus the research also includes practitioners’ observations. The accountability of senior compliance management for compliance failures represents a growing trend in corporate governance to seek individual accountability for corporate misconduct; see, for example, US Department of Justice (DOJ) in its so-called Yates memorandum on “individual accountability for corporate wrongdoing”.

In incidents of non-compliance, banks and their compliance officers should be able to exculpate themselves if they can demonstrate proper organization of the compliance function.

The originality of this general review is to focus the analysis of accountability of senior compliance management on the credit industry and to consider latest developments in international financial regulation, such as the supervisory review and evaluation process (SREP) by the European Central Bank (ECB) in the single supervisory mechanism (SSM) or the corporate governance principles for banks by the Basel Committee on Banking Supervision (BCBS).

The purpose of this paper is to present an analytical approach to find the reduction in the required number of surface mount capacitors by the use of embedded capacitors in decoupling applications.

The analytical model used to perform decoupling is cavity model from theory of microstrip antenna and N‐port impedance matrix. The methodology involves addition of decoupling capacitors between the power and the ground plane such that the impedance between ports on the power‐ground plane becomes lower than the target impedance at that frequency. A case study is presented in which a 0.3 m×0.3 m power‐ground plane is decoupled by using various combinations of surface mount capacitors and embedded capacitors in the frequency range of 0.001‐1 GHz and at a target impedance of 0.1, 0.01, and 0.001 Ω. The total number of surface mount capacitors are compared in each case.

Use of embedded planar capacitors with a thin dielectric (about 8 mm) dampened board resonances at high frequency, as compared to a thick dielectric. Embedded capacitors are found to reduce the number of surface mount capacitors when the target impedance is low and the operating frequency is high.

The methodology discusses in this paper is applicable to a simplified power‐ground plane (which has no cut‐outs and is rectangular in shape) as compared to actual digital circuits.

This methodology can be used as a quick preliminary tool to evaluate the decrease in the number of surface mount capacitors (by the use of embedded capacitors) as compared to complex and time consuming electromagnetic solvers.

Policing activities aim to provide a safe environment for tourists. With the recent major protests that have erupted around the world, and the novel use of excessive police force against protestors, people may wonder if the policing deployment is for destination safety or to deter tourists from visiting. This paper aims to investigate anti-police and pro-police attitudes and tourists' behavioural responses towards a popular destination experiencing an ongoing social movement.

Data were collected between December 2019 and January 2020 (during the social movement). An online survey with a snowball sampling method was adopted to reach international tourists who were aware of the social movement in Hong Kong.

The results revealed that an individual with an anti-police attitude was found to be related to cognitive and affective destination images and perceived risks while those holding a pro-police attitude were more concerned with destination images only. No significant correlation was found between attitudes towards policing and travel intention.

This research presents a first attempt to investigate the relationship between tourists' policing attitudes and their behavioural responses during an ongoing social movement in a popular destination city.

The purpose of this paper is to introduce the concept of team entrepreneurial competence, a team-level construct representing the level of shared abilities toward entrepreneurial activities within a new venture team. A multilevel model of the influence of team entrepreneurial competence and team entrepreneurial experience on the cognitive strategies of team members is developed and tested.

Using a sample of 47 early stage entrepreneurial teams (144 individuals), a set of hypotheses regarding the effect of team entrepreneurial competence on team member reliance on effectual and causal reasoning, together with the moderating effect of team entrepreneurial experience, are tested.

The results provide support for a positive multilevel association between team entrepreneurial competence and the reliance by team members on both causal and effectual reasoning strategies; members of teams with higher entrepreneurial competence and more entrepreneurial experience are more likely to engage in effectuation.

Understanding how team-level predictors and moderators have a role in determining individual effectuation and causation strategies offers promise in advancing effectuation theory.

Teams develop entrepreneurial competencies that transcend those of individual team members; where teams have more collective entrepreneurial experience, the effect on the tendency of individuals to engage in effectual reasoning is enhanced, which can be beneficial in highly uncertain contexts.

The results of this study are a step forward for effectuation theory, as it demonstrates the role of team-level variables in explaining individual causal and effectual reasoning.

This paper aims to provide evidence on the role study tours play in expanding student cultural capital via increased confidence in international travel.

In this paper, survey data from individuals who participated in a study tour experience offered by a Florida-based university are analyzed for the assessment of cultural capital acquisition across select demographic types. Results are derived for paired difference tests as well as differences in population means.

Findings indicate that students participating in study tours did, in fact, gain confidence in engaging in international travel, especially so for first-time passport users and female participants.

The study was limited because of the size of the sample population. It is likely that significant relationships via other demographic cohorts will unfold as program participation increases.

Study tours represent a viable pathway for the acquisition of cultural capital.

Study tours present a unique means of providing students a first-hand global experience, and when marketed to a non-traditional student population, offer opportunities for acquisition of cultural and social capital that could not be achieved through non-experiential means.

The results of this study show that the study tour experience enriched the cultural capital of student participants through an increase in confidence associated with traveling abroad. The benefits of the study tour were widespread, as virtually, all population groups analyzed tended to gain confidence in traveling abroad, even those who had prior experience traveling internationally. This paper also suggests future pathways for research based on other demographic cohorts.

The purpose of this paper is to uncover the essence of insider trading, explain why insider trading law is ineffective and provide implications of the effectiveness of the law.

This conceptual paper offers three propositions. The first two are based on a literature review of 62 articles in empirical research to develop an understanding of the essence of insider trading and identify the areas in which insider trading is ineffective. This analysis is used in the third proposition to provide a direction in suggesting effective measures to improve insider trading law.

The essence of insider trading is that corporate insiders exercise informational monopoly power over their trades. This understanding explains why insider trading law is ineffective because it has not taken away the monopoly power that corporate insiders possess and exercise. This understanding also leads to three antitrust suggestions aimed at improving insider trading law.

The findings may provide assistance to the lawmakers and regulators to make insider trading law more effective and enforcement more simplified.

This paper is of value to other researchers attempting to understand the essence of insider trading and to policymakers concerned about the existence of monopolistic behavior in the equity market and income inequality due to corporate insiders’ trading profit.

The purpose of this paper is to study the mutual disruption and support of economic growth and health improvement in the last 500 years in the UK.

The paper is a general review and it compares institutional development, public policy, technological advances and scientific discoveries in economic growth with those in health improvement.

The paper finds the co-existence of slower economic growth and less increasing life expectancy from 1541 to 1871 and that of faster economic growth and rising life expectancy from 1871 to 2001. It is organized health improvement that effectively propelled economic growth in the time span of 1871-2001.

The findings may contribute to the literature on mutual enhancement between economic growth and health improvement.

The findings may also provide implications to the policy makers how important organized health improvement is to economic growth.

The findings show that when UK Government was leading in organized health improvement for the population, economic grown got propelled into a faster lane.

This paper is among the first to unveil that a socially responsible government has permanent impact on the paths of both economic and social growth. It has value to other researchers attempting to understand the mutual disruption and support of economic growth and health improvement in the historical UK.

The purpose of this paper is to examine the role of neoliberalism and the accreditation of educational leadership programs in one Gulf Cooperation Council (GCC) country by contextualizing the accreditation process and closely examining the Educational Leadership Constituent Council (ELCC) standards used by NCATE, now CAEP, to accredit educational leadership programs in the GCC. By using Habermas’ knowledge constitutive interests (KCIs) and evoking notions of floating signifiers, the paper develops an understanding of the use of Western-developed standards in a country that is different than the one in which these standards were conceived and how the discourse of accreditation standards shapes understandings and meanings of educational leadership.

A critical discourse analysis of the ELCC standards is conducted using a two-prong strategy that applies Habermas’ KCIs and evoking the notions of floating signifiers as a theoretical framework.

Understanding that knowledge is bounded by cultural circumstances, findings indicate that the ELCC standards contain all three KCIs, and various floating signifiers are embedded within the ELCC discourse that are problematic in a culture that is vastly different than the one in which these standards were conceived.

There are a few, if any, studies that have examined neoliberalism and accreditation in a GCC country. In particular, there are no studies that have examined the ELCC standards being used outside the USA. The research provides educators with an insight into the different forms of knowledge and understanding of the surplus of meaning of various concepts that are used within the ELCC professional standards outside the country where the standards were conceived without due regard for contextualization. The study provides discussion on how the discourse of the ELCC standards shapes understandings and meanings of educational leadership and educational leaders.

The purpose of this paper is to assess the management of public-sector projects in Portugal paying particular attention to the extent to which total quality management (TQM) principles are being utilized in such projects.

Based on an extensive review of the literature, nine propositions are advanced about the interrelationships among seven factors that were identified, in a previous study, as having some influence on the management process in the planning and implementation of public-sector projects in Portugal. Structural equation modeling was used to investigate these propositions using data obtained from 211 respondents to a survey of project managers from municipalities across Portugal.

The results of the structural equation model indicate that the TQM components working in tandem with project-management-specific variables provide a systematic means of managing the planning and implementation stages of projects, with technical items being critical in the planning stage and softer management items becoming important in the implementation stage.

Readers should be careful not to generalize the findings in a global context or for private sector projects. However, researchers are encouraged to extend this study by including other planning and implementation variables with a view to discerning what particular characteristics of a project make it more amenable to TQM solutions.

The findings are presented to show how the key components of TQM, customer focus, employee involvement and continuous involvement, can be applied during the planning and implementation stages of projects.

The sample size of 211 is representative of the underlying population of project managers in municipalities across Portugal and is comparatively large in relation to other empirical project management studies from Portugal, lending credence to the generalizability of these finding to public-sector projects in Portugal.