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The Role of Economic Psychology in Financial Advising: Understanding Psychological Biases and Their Influence on Financial Advisors in Sweden
Get PDFThe Russian invasion of Ukraine in 2022 resulted in significant financial disruptions, impacting global markets and leading to increased inflation and interest rates. This study investigates how financial advisors in Sweden navigate the current economic climate, focusing on economic psychology and the influence of psychological biases in the advisory process. Specifically, it explores advisors' awareness of biases such as overconfidence, risk aversion, the disposition effect, and mental accounting, assessing how these biases affect their recommendations and decision making. Through semi-structured interviews with nine financial advisors, the study analyses the extent to which SwedSec’s 2020 knowledge requirements on economic psychology have been adopted and their effectiveness in mitigating psychological pitfalls. The findings suggest a divided understanding of economic psychology among advisors, with many relying on standardized tools to avoid the influence of biases, though some advisors exhibit overconfidence and a reliance on mental accounting. The research highlights the importance of continuous education on behavioural finance to enhance the quality of financial advice, especially in times of economic uncertainty
Leveraging Augmented Reality (AR) Technology to Foster Sustainable Fashion: Consumer Bhavior and Envoirnmental Impact
Get PDFThis research focuses on how AR technology could encourage sustainable fashion practices and affect consumers’ attitudes toward more environmentally conscious decisions. The research looks at the impact AR has on detailed and overall consumer engagement, the increase of transparency and traceability in the fashion supply chain, as well as customer awareness of sustainability topics. To get an extensive insight into the effects of AR in the fashion industry, cross-sectional qualitative interviews and questionnaires were administered to key stakeholders in the industry and consumers respectively.
This implies that AR boosts consumer interactor’s experiences with shopping ventures thus supplying purchasing behaviors that are more sustainable. Also, the use of AR in fashion enables consumers to make informed decisions regarding the products they wish to purchase by offering detailed information as well as virtual try-on services thus greatly minimizing the negative effects of fashion practices. However, more difficulties lie ahead in crossing the last barriers toward the fashion industry transitioning to afford and accept augmented reality in its daily practices.
The study also reveals the positive possibilities of integrating AR with blockchain technology to improve the reliability and trustfulness of the fashion supply chain. This integration can help create trust among consumers by offering an unalterable blockchain-based record of product sources and the products’ seal of sustainability.
In summary, this research contributes to expanding debates on the use of AR technology for sustainable fashion by presenting practical recommendations for fashion stakeholders to consider when implementing AR for sustainability goal
The Impact of Mobile Banking Services on the Financial Behaviour of GEN Z Consumers of Kerala
Get PDFThis study, "The Impact of Mobile Banking Services on the Financial Behaviour of Gen Z
Consumers in Kerala," investigates how mobile banking affects the financial behaviors of Gen Z
consumers. Using a quantitative approach, the research surveyed 109 participants aged 12-27 to
analyze the influence of mobile banking features on saving and spending habits. The study aimed
to assess the impact of mobile banking accessibility, features, and financial literacy on financial
behavior. Findings revealed that mobile banking accessibility alone did not significantly influence
financial behavior. However, specific features like Spending Alerts and Budgeting Tools were
positively correlated with improved financial management. Contrary to expectations, financial
literacy through mobile banking did not significantly affect financial behavior. The results suggest
that while mobile banking features are crucial in shaping financial behavior, accessibility and
financial literacy measures require better integration and engagement. These insights provide
actionable recommendations for financial institutions to enhance mobile banking services,
focusing on effective features to improve financial behavior among Gen Z consumers in Kerala
Nigerian NDPA vs European Union GDPR: Comparing Data Subject Rights and Privacy Protection
No full textIn an era marked by rapid digital transformation, the protection of data subject rights and privacy has become a critical issue globally. This thesis undertakes a doctrinal comparative analysis of the data subject rights found in the Nigerian Data Protection Act (NDPA) and the European Union's General Data Protection Regulation (GDPR), together with an examination of its approaches to privacy protection. The study aims to elucidate the adequacy of these legal frameworks in safeguarding personal data and ensuring privacy. The research begins by providing a background on the evolution of data protection laws, highlighting significant cases such as Digital Rights Lawyers Initiative & 2 Others v. National Identity Management Commission & 1 Other which exemplified recent data privacy issues in Nigeria. The thesis examines the specific legal provisions of the data subject rights together with the enforcement provisions found in NDPA and GDPR, which identifies both similarities and divergences influenced by their distinct legal, social, and economic contexts. A critical part of the study involves analysing the enforcement mechanisms of both regulations to determine if the right to privacy is adequately adhered to. The thesis also delves into the cultural, social, and economic factors impacting the implementation of these laws in Nigeria compared to GDPR compliant regions. Key findings from the comparative analysis reveal that while the GDPR provides a more stringent and comprehensive framework for data protection, the NDPA represents a significant step towards enhancing data privacy in Nigeria. The study identifies areas where the NDPA could benefit from adopting elements of the GDPR, particularly in strengthening enforcement mechanisms by adopting a decentralised approach and ensuring broader rights for data subjects are provided for. On the other hand, the GDPR can emulate the broader provision of the NDPA on the right to data portability. The thesis concludes with a summary of key findings from the comparative analysis and recommendations for policymakers to restructure the provision of data subject rights and enforcement mechanism in the NDPA. Further recommendation is made for policy makers to review the right to data portability found in the GDPR. This work also suggests strategies for overcoming implementation challenges, emphasizing the need for awareness and better enforcement structures in data privacy. This research contributes to the broader discourse on data privacy by offering insights into the adequacy of data protection laws within the Nigerian and European Union frameworks, serving as a foundation for future comparative studies in this domain
PERSONAL DATA PROTECTION UNDER EUROPEAN AND TURKISH LAW – ASSESSMENT OF GDPR AND PDPL
No full textWith the rapid development of information and communication technologies, the increasing sensitivity in the collection, processing and storage of personal data has increased the necessity of legal regulations. In 1995 Directive 95/46/EC, the first framework legal regulation in the field of personal data protection in European Union law, entered into force. Later, due to the need for more detailed regulations with the advancement of technology and the inability of Directive 95/46/EC to ensure uniformity in this field, the need for re-regulation was felt and thus, the European Union General Data Protection Regulation (the GDPR) was adopted in May 2016. Considering the Turkish law, the Personal Data Protection Law (the PDPL), which is the first framework law prepared on the basis of Directive 95/46/EC, entered into force in 2016. The question of whether the PDPL is incomplete in terms of the innovations brought by the repeal of Directive 95/46/EC and the adoption of the GDPR has been raised and the need to carry out this study has been felt. In this study, firstly, the legal nature of personal data protection law and its historical development in Turkish and European law are emphasised and the legal regulations in Turkey and the European Union in this field are mentioned. Secondly, the basic concepts and the principles and conditions of data processing are explained. Afterwards, based on the guidance of the GDPR, the rights of the data subject and then the obligations of the controller are detailed. Finally, the various means of protection of personal data are discussed within the framework of the application to the controller, administrative sanctions, criminal sanctions and general regulations, and the deficiencies of the PDPL are addressed. The aim of this study is to reveal the harmonisation and differences between the provisions of the GDPR and the PDPL. Although it is seen that the PDPL is largely compatible with the GDPR in terms of basic principles, it is concluded that it would be beneficial to make changes and additions to the PDPL and to improve it according to the GDPR, especially in terms of issues such as liability, sanctions, individual rights and data protection measures
Regulating and Advancing Smart Contracts: A Comprehensive Study of Legal Frameworks, Technological Progress, and International Cooperation
No full textBlockchain technology has significantly transformed the financial sector through the advent of smart contracts—self-executing digital agreements that automate and secure transactions via decentralised networks. Despite their transformative potential, the widespread adoption of smart contracts is impeded by regulatory fragmentation, technological limitations, consumer protection concerns, and issues of legal enforceability. This dissertation offers a comprehensive analysis of these challenges and proposes strategies to facilitate the integration of smart contracts into global financial systems. The study begins with an examination of the current regulatory landscape, identifying inconsistencies and gaps that obstruct effective implementation. It underscores the need for regulatory harmonisation and standardised protocols to address legal uncertainties and enhance operational efficiency. Key initiatives for fostering international regulatory collaboration, including information-sharing platforms and cross-border regulatory sandboxes, are evaluated for their potential to streamline compliance processes and improve interoperability. Technological advancements are also a critical focus of this research. The dissertation explores how Layer 2 solutions—such as zk-Rollups and Optimistic Rollups—and emerging technologies like artificial intelligence (AI) and machine learning (ML) can address scalability and efficiency issues. These innovations hold promise for enhancing smart contract performance, security, and adaptability, making them more suited to complex financial transactions. Consumer protection is addressed through an analysis of disclosure requirements, dispute resolution mechanisms, and fairness in smart contract transactions. The study emphasises the necessity of transparent practices and robust protection measures to build trust and foster broader adoption. Finally, the dissertation investigates the legal status and enforceability of smart contracts, advocating for legislative clarity and judicial recognition to provide certainty for stakeholders. It also explores the advantages of international coordination in establishing a consistent legal framework for cross-border smart contract applications. By integrating insights from regulatory, technological, and legal perspectives, this dissertation offers actionable recommendations to support the effective adoption and integration of smart contracts into the global financial ecosystem. It aims to contribute to the development of a more cohesive and innovative financial landscape, driving progress and efficiency in international transactions
The Impact of Working Irregular Hours on Quality and Human Resources in the Irish Pharmaceutical Industry
Get PDFINTRODUCTION.
Ireland is a hub for pharmaceutical manufacturing activity. Due to business demands and/or nature of products being manufactured some pharmaceutical manufacturers have no other option but to manufacture 24/7. This research aimed to investigate the potential impacts of working irregular hours on human resources and quality in the Irish pharmaceutical industry. This research is important as it investigated factors influencing a pharmaceutical organisation’s operational excellence and quality management systems.
OBJECTIVES.
This research consisted of two primary objectives. The first was to determine if working irregular hours has any effect in the area of human resources (namely staff morale and staff turnover intention) by surveying both employees that work regular hours and those that work irregular hours in the pharmaceutical industry. The second was to determine if working irregular hours has any effect in the area of quality (namely quality assurance (QA) and right first time (RFT) manufacturing) by interviewing key subject matter experts working in the pharmaceutical industry.
METHODS.
To address the objective focusing on human resources quantitative research was used in the form of surveys. 84 people were surveyed: 44 shift workers (SWs) and 40 non-shift workers (NSWs). Questions were focused on areas of staff morale and turnover intention. Raw data from survey respondents were analysed using Chi Square Tests of Independence to determine whether difference between group were independent of each other. The objective regarding quality within manufacturing was addressed through using qualitative research in the form of interviews. SMEs were interviewed with questions focusing on QA and RFT manufacturing. Thematic analysis was carried out on interviews which involved open coding followed by axial coding.
RESULTS.
There was no significant difference between the groups for self-perceived levels of staff morale. There were however significant differences between groups when it came to other negative impacts associated with shift work. SWs were more likely to feel fatigued both during and after work, feel that their work negatively impacts their personal well-being, frequently feel under pressure in their role and feel emotionally agitated upon arriving home from work. It is possible that these negative implications of shift work may gradually impact employee morale over time by wearing people down. There were no significant differences between the groups and turnover intention. SWs were significantly more likely to admit that benefits associated with their job (i.e., compressed work week and financial bonus allowance) prevented them from quitting. An overall pattern was highlighted among the two groups that the rate of turnover intention increased over time.
The majority of interviewees believed that irregular working hours had no impact on QA. Interviewees emphasised that quality errors can occur at any time of day and stated that there are many possible factors at play when looking at quality errors with human root causes rather than fatigue alone. These can include but aren’t limited to; operator competency, complacency, mindfulness for task at hand and diligence to work. Similarly, the majority of interviewees believed that working shift work had no impact on the rate of RFT manufacturing. The general consensus of interviewees was that systems should be in place in order to catch mistakes before they occur and therefore set operators up for success.
CONCLUSION.
Maintaining positive staff morale, low staff turnover, QA and RFT manufacturing are all important factors in ensuring operational excellence, productivity and products are produced to meet regulatory quality standards. This is why investigating potential factors which may impact these is important. Although some findings for this research thesis were insignificant, it helped highlight potential research areas for the future. These may include the impact of shift work on productivity or employee absenteeism all of which effect business functions. Looking closer at costs involved in investigating quality deviations would also be a worthwhile research topic
Assessing the Impact of Anti-Falsification Technology on Patient Choice of Prescription Medicines in Four Teaching Hospitals in Nigeria
Get PDFBackground:
Falsified medicines over the years have had a major impact on both patients, manufacturing companies and national health budgets/insurance thus causing both economic and humanistic losses to stakeholders. It has caused an estimated loss of over 500 billion naira (625 million euros) to both local and foreign investors in the Nigerian pharmaceutical industry. This review analyzes data that was gathered between February 2023 to April 2023, through questionnaires designed to assessthe attitude of patients who were filling prescriptions with the background knowledge of falsified medicine detection.
Aim:
This study’s author theorized that authenticating labels and technology could affect the way patients see medicines and fill prescriptions.
Methods:
The study participants of 115 comprised of physicians 10%, pharmacist 47%, registered nurses 19%, medical laboratory scientists 15%, radiographer 2%, optometrists 3% and dentists 2% practicing across four teaching hospitals in Nigeria who participated through surveys. Data analysis was done using Microsoft Excel to produce charts, graphs and tables.
Results:
The analyzed data shows patients who have little or no awareness and those who gained awareness from their pharmacist or prescriber of medicine anti-falsification technology are likely to request for their prescriptions in its original packaging at a similar frequency. Whereas the data tilts and shows that those with little awareness are two-times less likely to suspect that a medicine is falsified when their treatment therapy fails and would often request for a change of brand or inform their prescriber as compared to the aware group who would immediately confirm suspicions that the medicine is “fake”. However, both groups would request for a known brand or generic whenever the prescription medicine lacks features for verification rather than seek reassurance of quality from their prescriber or pharmacist. Some of the recommendations provided by respondents to stop the spread of falsified medicines is the purposeful reeducation of the public on the dangers of falsified medicines and ways to detect them using technology and report them as a way of cleaning up the supply chain. The study participants recorded an 85.2% willingness to report identified falsified medicines to the regulators and may opt for a stepwise approach through their healthcare providers or hospital authority or a more direct approach to the national authorities. This is also a notable indication of the public resisting falsified medicines spread in their various capacities. The participants also confirmed an 6.1% willingness to use mobile authentication service technology and other features to verify if their medicines are original, but a higher 20.2% of respondents would always prefer to use the NAFDAC registration number alone or in combination, while a 10.5% would depend on the presence of other verification features like insignias and seals. Conclusion: The study demonstrates that there is a good awareness of anti-falsification technology and that knowledge affects how patients interact with their prescription medicines and causes a bias for known brands/generics while blaming therapy failures on suspected falsified medicines
Item Evaluation of the impact of Quality management and Regulatory systems in the manufacturing processes of Albendazole in The Republic of Paraguay and The Republic of Ireland
No full textThe present dissertation aims to evaluate the impact of Quality management and Regulatory systems on the Albendazole manufacturing processes in the Republics of Paraguay and Ireland.The legal framework and quality managerial procedures of the business as well as its in both countries will be evaluated. When examining the impact of a company's quality system on its products, the opinion of pharmacists and other industry sectors regarding overseas and Paraguayan pharmaceutical industries products would also be considered. This objective would be accomplished through a quantitative questionnaire survey. The results of the survey with 54 participants, including pharmacists, quality officers, and other positions, and a literature review of the regulatory systems and quality management procedures of the pharmaceutical industry revealed that the regulatory framework in Paraguay needs to adjust in order to be able to manufacture Albendazole for exporting to Ireland and that the entire pharmaceutical industry has gaps that need no te adjust the European union quality system. Inaddition, the research was able to recognize the variables that influence the quality and availability of Albendazole products manufactured in Paraguay that comply with Ireland pharmaceutical industries, such as regulations/guidelines for manufacturing of high-quality medicinal products, demand exceeding supply, and high prices for high-quality Albendazole products.
The study recommends that DINAVISA make the Paraguayan Pharmaceutical sector'sactivities more transparent and that additional resources be made available to Paraguayan pharmaceutical industries in order for them to comply with European Union regulations in order to manufacture Albendazole with the same qualit
