Single Supervision Research Articles

Four‐party evolutionary game analysis of geographical indication product quality control issues with network media‐assisted supervision

AbstractThis study focuses on addressing quality supervision issues related to opportunistic behavior within the geographical indication product supply chain. It constructs an evolutionary game model comprising suppliers, distributors, government, and network media. Through analysis, it examines the influence of key factors on the decision‐making dynamics of game participants and presents management suggestions accordingly. The findings are as follows: firstly, the dual supervision model with the assistance of network media can compensate for the regulatory gaps of the government's single supervision model. Secondly, the credibility of network media plays a pivotal role in determining the efficacy of public opinion supervision. With high credibility, measures such as increasing the synergy coefficient, imposing higher fines or compensation amounts, and enhancing the impact of reputational factors can all restrain the misconduct of operating entities. Conversely, when credibility is low, not only does the supervisory function of network media falter, but it also leads to reputational damage for both the operating entities and the government. Thirdly, differentiated management should be adopted for entities in different nodes of the supply chain; higher constraint intensity should be imposed on distributors compared to suppliers. The outcomes of this study provide some analytical paths for supply chain quality supervision and corporate behavior management and underscore the significance of collaborative regulation for sustainable industry practices.

Indoor Navigation in Facilities with Repetitive Structures.

Most facilities are structured in a repetitive manner. In this paper, we propose an algorithm and its partial implementation for a cellular guide in such facilities without GPS use. The complete system is based on iBeacons-like components, which operate on BLE technology, and their integration into a navigation application. We assume that the user's location is determined with sufficient accuracy. Our main goal revolves around leveraging the repetitive structure of the given facility to optimize navigation in terms of storage requirements, energy efficiency in the cellular device, algorithmic complexity, and other aspects. To the best of our knowledge, there is no prior experience in addressing this specific aim. In order to provide high performance in real time, we rely on optimal saving and the use of pre-calculated and stored navigation sub-routes. Our implementation seamlessly integrates iBeacon communications, a pre-defined indoor map, diverse data structures for efficient information storage, and a user interface, all working cohesively under a single supervision. Each module can be considered, developed, and improved independently. The approach is mainly directed to places, such as passenger ships, hotels, colleges, and so on. Because of the fact that there are "replicated" parts on different floors, stored once and used for multiple routes, we reduce the amount of information that must be stored, thus helping to reduce memory usage and as a result, yielding a better running time and energy consumption.

Attentive spatial-temporal contrastive learning for self-supervised video representation

Most existing self-supervised works learn video representation by using a single pretext task. A single pretext task, providing single supervision from unlabeled data, may neglect to describe the difference between spatial features and temporal features. The similar spatial features and temporal features may hinder distinguishing between two similar videos with different class labels. In this paper, we propose an attentive spatial–temporal contrastive learning network (ASTCNet), which learns self-attention spatial–temporal features by contrastive learning between multiple spatial and temporal pretext tasks. The spatial features are learned by multiple spatial pretext tasks, including spatial rotation, and spatial jigsaw. Each spatial feature is enhanced with spatial self-attention by learning the relation between patches. The temporal features are learned by multiple temporal pretext tasks, including temporal order, and temporal pace. Each temporal feature is enhanced with temporal self-attention by learning the relation between frames, and is enhanced by feeding the optical flow features into a motion module. To separate the spatial feature and the temporal feature learned in one video, we represent the video as different features for each pretext task, and design pretext task-based contrastive loss. The pretext task-based contrastive loss encourages the different pretext tasks to learn dissimilar features, and encourages the same pretext task to learn similar features. The pretext task-based contrastive loss can learn the discriminative features for each pretext task in one video. The experiments show that our method achieves state-of-the-art performance for self-supervised action recognition on the UCF101 dataset and the HMDB51 dataset.

The Academic Home of Turkish Higher Education Research: A Demographic, Thematic and Methodological Examination of Doctoral Dissertations

This study elaborates on the epistemological foundations of Turkish higher education research drawing on data from 854 doctoral dissertations with an analytical framework based on the institutional organization of researchers and knowledge, the object of study, and the object of knowledge. The results imply that the long-established state higher education institutions (universities) have been the power engines of Turkish higher education research, which gained momentum with the millennium. Male gendered, full professorship, single supervision, and local PhDs were the salient features of advisors. The primary objects of study were topics related to student experience, institutional management, and teaching and learning. As for the object of knowledge, Turkish higher education research was found to be descriptive, regardless of the adopted research methodology. The doctoral dissertations within a maximum of ten different universities and 600 respondents, based on random sampling, had a commanding lead. Undergraduate students and state universities were also fertile components. The paper concludes by proposing the establishment of a dynamic resource database and the incorporation of certain theories and approaches in Turkish higher education research.

Building Elevator Safety Monitoring System Based on the BIM Technology

There are many problems in traditional elevator industry, such as, poor maintenance, unclear elevator operation information and single supervision platform. In this paper, a smart elevator management system based on “BIM + IOT” is proposed. This system combines BIM Technology, Internet technology, embedded technology and software management technology with elevator intelligent management system. It realizes the video monitoring of the whole equipment, equipment status monitoring, multi-party joint rescue and multiplatform information sharing of Government, Enterprise, Property and Maintenance. The system is composed of hardware and software, which realizes the functional coupling between elevator safety and intelligent building, and provides a research direction for Intelligent Building.

The influence of academic advisors on academic network of Physics doctoral students: empirical evidence based on scientometrics analysis

Scholarly socialization is a crucial and fundamental component of doctoral training in preparing future scholars. One of the important goals of doctoral student socialization is to build up the academic network, that is, to be loosely defined, to develop connections with other scholars in knowledge production and exchange. Academic advisor, as the mentor and guide for doctoral students through their journey entering the academic world, plays an important role in helping students establishing their network. Using bibliometric data on the publications of recent doctoral degree earners in Physics, this study examines the influence of their advisors on the formation of their academic network. Specifically, we randomly sampled 1% of the doctoral degree earners (thereafter called “new Ph.D”) in Physics who graduated from a university/college in China between 2001 and 2018 and whose doctoral dissertation was available in the CNKI database by July 31, 2018 (1022 people in all). From the dissertation, we were able to grasped the name(s) and institution(s) of the new Ph.D’s academic advisor(s) and the publications he/she published during doctoral training. Then with scientometrics analysis of the publications, coauthors, and citations, we established the co-authorship network and citation network for each new Ph.D, and estimated the structure of networks (number of nodes, density and centralization) and the position of the new Ph.D in the networks (in- and out-degree, centrality and constraint). The primary interest of this study is to examine whether and by how much these two features are influenced by the academic ability of the advisor(s). The study further examines whether the supervision model (i.e., independent guidance, joint guidance, or team guidance) may influence the features of the new Ph.D’s networks. Preliminary findings suggest that Doctoral supervisor, by introducing Ph.D. candidates to academia with his or her own academic contacts and influence, could make the Ph.D. candidates acquainted with academic elites, thus accelerating the academic socialization process of the Ph.D. candidates. Comparing to single supervision, the team supervision model is more helpful in establishing the co-authorship network. However, the doctoral supervisor has an extremely limited influence on the position of the Ph.D. candidates in the academic network, and what’s more, the Ph.D. candidates have not become a bridge for scholars to seek cooperation and transfer knowledge. There is no difference between the models in establishing the citation network. The above findings provide implications for academic supervision in the training of doctoral students’ research ability to enhance the contribution of their research products.

A Panel Data Analysis on Sustainable Economic Growth in India, Brazil, and Romania

The study investigated the impact of factors such as non-performing loans, CO2 emissions, bank credit, and inflation on the variable sustainable economic growth for India, Brazil, and Romania during the period 2005–2017, through a panel data analysis. Specifically, we investigated the timeline before, during, and after economic turmoil, with a special focus on the global financial crisis. Our empirical results are valuable for both developing and developed nations. As a first result, we showed that CO2 emissions increased the level of economic growth, but in this context, authorities should design suitable policies to limit its impact on the overall society. In addition, a single supervision mechanism increased the level of sustainable economic growth. Last but not the least, the period during and after the global financial crisis, sustainable economic growth decreased under the influence of bank credit, inflation, and non-performing loans. Within this framework, public authorities are called to design efficient economic, fiscal, and monetary policies.

Optimizing audit of plantation state-owned enterprises in Medan to minimize the risk of losses due to fraud

As one of the plantation icons in Indonesia, North Sumatra has oil palm as the main commodity. The management of plantations in North Sumatra is represented by PTPN II, PTPN III, and PTPN IV headquartered in Medan, the capital of North Sumatra. With a good synergy of Plantation State-Owned Enterprises (SOEs) management and proper supervision, can contribute to the development of the city and increases state revenues. PTPN IV has an internal auditor unit under the board of directors. Optimizing the role of internal auditor in Plantation SOEs can minimizes losses due to fraud, can foreign exchange and contribution for national development. This research used a normative legal method. The results show that Plantation SOEs have contributed greatly to the development of Indonesia. The internal auditors of Plantation SOEs in Medan apply a single supervision system under the board of directors. In its implementation, the internal auditor unit at PTPN IV is still got involved in fraud practices that can harm the company. Also affected both corporate income and contribution of Plantation SOEs to the development of Medan. Recommends to establish an independent and integrated external auditor unit, outside the company’s internal structure, but still under the Ministry of SOEs.

Face recognition with dense supervision

Recent advances in face recognition mostly concentrate on designing more discriminative loss functions or adding normalization on features/weights to make a single feature more accurate. In this work, inspired by the frequently used multi-patch ensemble method for face recognition and part-based models for person re-identification, we propose a novel training strategy to enhance the discriminability of deeply learned feature from another perspective, namely learning with dense supervision. The main idea is to apply multiple classification losses on top of multiple component features extracted from a single network. Ideally, each component feature is expected to be accurate and have low correlation with the others. To this end, we first design a metric called feature consistency to evaluate the correlation between one component feature and the others, which is defined as the sum of distances between one component feature and the others, where the distance here is measured with KL divergence between corresponding softmax probabilities. Then we use feature consistency to select which component features to sample for one learning pass by importance sampling. The dense supervision significantly outperforms the single supervision baseline and even performs on par with its multi-patch ensemble counterpart which has much more parameters (9×). Our experimental results match state-of-the-art performance on LFW, YTF, MegaFace and surpass the others on LFW BLUFR and VGGFace2 pose protocol, thereby achieving state-of-the-art. Specially, results on VGGFace2 also show the superiority of the dense supervision on cross-pose face matching.

The single supervision mechanism and contagion between bank and sovereign risk

The objective of this article is to analyse how the Single Supervision Mechanism (SSM), the first pillar of the European Banking Union, affects contagion between bank and sovereign risk in the eurozone. Additionally, we test whether this contagion is transmitted from banks to sovereigns or vice versa, and how this transmission differs before and after the SSM. On the one hand, using quarterly data from 80 banks and 13 eurozone countries over the period 2009–2016 (2441 observations), we do not find solid evidence that the SSM reduces contagion from sovereign risk to banks’ stock returns. On the other hand, the analysis of credit default swap (CDS) spreads comprises quarterly data from 25 banks and 10 eurozone countries between 2009 and 2016 (771 observations). We find that the announcement of the SSM in March 2013 reduces contagion between bank and sovereign CDS spreads. Additionally, before the announcement of the SSM, an increase in sovereign risk does not alter contagion. However, after this announcement, an increase in sovereign risk leads to lower contagion. Therefore, the announcement of the SSM has an immediate effect on CDS spreads, while there is not enough evidence for banks’ stock returns.

EU Hedge Fund Regulation: Hedge Funds and Single Supervision

Despite the tremendous growth of the hedge fund sector in Europe, the world of hedge funds is still shrouded in a veil of mystery. Politicians and regulators have regularly criticized the hedge fund industry for threatening financial stability. The present article aims at assessing the systemic risk posed by hedge funds and offering a general framework for the regulation of hedge funds in the Eurozone which may pose financial stability risks. In particular, this article will argue in favor of allocating supervisory responsibility for large systemically important hedge funds to the ECB.

Accountability Gaps in the Single Supervisory Mechanism (SSM) Framework

The first judgement of the General Court (EU) pertaining to the Single Supervision Mechanism (SSM) raised an issue concerning the source of the shared supervisory powers in the system of EU prudential supervision. In the General Court’s view, the SSM Regulation conferred on the European Central Bank (ECB) exclusive powers to carry out specific prudential supervisory tasks vis-a-vis all euro area credit institutions (significant and less significant). At the same time, the ECB’s national counterparts assist the former in implementing its supervisory tasks vis-a-vis less significant credit institutions. We argue that such a scheme requires a clear accountability relationship also between the ECB and the national competent authorities (NCAs), something that is not fully fledged in the current legal framework.

EU Hedge Fund Regulation: Hedge Funds and Single Supervision

Despite the tremendous growth of the hedge fund sector in Europe, the world of hedge funds is still shrouded in a veil of mystery. Politicians and regulators have regularly criticized the hedge fund industry for threatening financial stability. The present article aims at assessing the systemic risk posed by hedge funds and offering a general framework for the regulation of hedge funds in the Eurozone which may pose financial stability risks. In particular, this article will argue in favor of allocating supervisory responsibility for large systemically important hedge funds to the ECB.

Towards Single Supervision and Resolution of Systemically Important Non-Bank Financial Institutions in the European Union

The global financial crisis proved that banks are not the sole source of systemic risk to the financial system and the wider economy. Indeed, systemic risk emanating from non-bank financial institutions proved to be a key vulnerability of the financial system. Such risks occurred, above all, when leveraged non-bank financial institutions performed bank-like activities such as maturity and/or liquidity transformation. However, the increasingly blurred distinction between markets, financial institutions, services and products is not matched in the European Union by an integrated regulatory and supervisory approach. Instead, regulation was and remains largely organised along sectoral lines, with an emphasis on the banking sector. As the global financial crisis shows, this creates a risk of gaps in the coverage of regulation and supervision, leading to inconsistent regulatory treatment of equivalent products and/or services. This in turn causes an unlevel playing field and increases the potential for regulatory arbitrage. In consequence, risky activities migrate to less regulated or unregulated parts of the financial system, leading to a largely unchecked build-up of systemic risk. Drawing inspiration from the reforms in the United States, we propose that the EU’s system of financial regulation be complemented by a robust body charged with identifying and monitoring non-bank financial institutions that are systemically important. This EU authority should have the discretion to designate a non-bank financial institution as a Non-Bank Systemically Important Financial Institution (non-bank SIFI). A logical choice would be to confer such powers on the European Systemic Risk Board. Designated non-bank SIFIs should be placed under direct prudential supervision by an EU body. This EU supervisor would have to establish, on an individual or categorical basis, appropriate enhanced prudential requirements tailored to the nature, risks and activities of the relevant non-bank SIFI. Additionally, a single European resolution regime should be in place to ensure that non-bank SIFIs can fail without destabilising the financial system. This would avoid a possible ‘Too-Big-To-Fail’ status, remove implicit government guarantees and subject the institution to market discipline. Our proposal aims to ensure that non-bank SIFIs are brought within a regulatory perimeter and supervisory scrutiny consistent with the risk they pose to financial stability. Such a regime would (i) help to eliminate (national) supervisory and regulatory gaps, (ii) reduce regulatory arbitrage activities, and (iii) contribute to the stability of the financial system and a level playing field.

Quo Vadis Banking Union? Discussions over the Resolution of Banks

Transferring the right to make the decision concerning a bank’s resolution onto the international level has long been the bone of contention between the European Union’s Member States. The aim of this article is to provide a review of the discussions on this topic, while attempting to evaluate whether the consensus reached allows the achievement of goals set for the resolution mechanism. The article is composed of five parts. The first part introduces the concept of single supervision over the banking sector and explains the importance of having harmonised resolution rules. The second part discusses the process of reaching a consensus towards the establishment of the Single Resolution Mechanism. That part is followed by a description of the final structure agreed for the mechanism back in 2014. The fourth part outlines the review procedure of the established regulations currently under way. The final part of the article summarises the contents and attempts to identify the core issues that still need to be resolved in order to guarantee reliability of the second pillar of the banking union.

Towards Single Resolution and Single Supervision of Systemically Important Financial Institutions in the European Union?

The Global Financial Crisis proved that not only banks can cause systemic risk to the financial system and the wider economy. Indeed, systemic risk from nonbank financial undertakings proved to be a key vulnerability to the financial system. Such risks manifested when leveraged nonbank financial institutions provided bank-like activities, especially maturity and/or liquidity transformation. The increasingly blurred distinction between markets, financial institutions, services and products was, however, not matched by an integrated regulatory and supervisory approach.Instead, regulation remained sectorally organised, emphasizing on the banking sector. This created gaps in the coverage of regulation and supervision, leading to an inconsistent regulatory treatment of equivalent products and/or services. In turn this caused an unlevel playing field, provoking regulatory arbitrage behaviour leading to a migration of activities, and a build-up of systemic risk, in the less regulated or unregulated parts of the financial system.We propose a systemic approach, at the European level, to the monitoring of risks to financial stability posed by nonbank financial institutions. An EU institution, for example the European Systemic Risk Board, should be charged with identifying systemic risks in nonbank financial institutions. It should, subsequently, have the discretion to designate a nonbank financial firm as a Systemically Important Financial Institution (SIFI). Such designation would ensure that the level of regulatory and supervision commensurate with the risks to financial stability posed by a financial institution.Consequently, a European supervisor should have the possibility to impose enhanced prudential standards on designated firms. Additionally a single European resolution regime should be in place to ensure that vital functions of nonbank SIFIs remain operative even when they are failing or likely to fail, in order to guarantee the stability of the financial system.Such a regime would contribute to the elimination of supervisory and regulatory gaps, decrease regulatory arbitrage activities, and contribute to the stability of the financial system and a level-playing-field

Quelle sera la nouvelle norme de politiques monétaire et macroprudentielle ?

Cet article rend compte d’une table ronde du colloque du GDRE monnaie, banque, finance, qui a eu lieu à Nice en juin 2015. Le débat portait sur la nouvelle norme de politiques monétaire et macroprudentielle, après une hausse des taux directeurs au-dessus de leur borne zéro et une réduction du montant des actifs détenus par les banques centrales. En plus du comité de politique monétaire, la Banque d’Angleterre dispose d’un comité de politique financière qui a pris des premières mesures pour réduire le risque financier. Les instruments de la politique macroprudentielle, leurs effets, leur utilisation optimale et leur coordination avec les instruments de politiques monétaire et budgétaire font l’objet d’exploration en cours. En ce qui concerne la politique microprudentielle, le mécanisme de supervision unique de la zone euro se met en place. Des simulations de résistance à des crises financières ont été conduites pour la première fois dans ce cadre. L’accumulation de données permettra d’améliorer ces résultats, avec néanmoins le problème non traité du risque dans le secteur bancaire parallèle.

FROM THE A.M. GORKII ALL-UNION INSTITUTE OF EXPERIMENTAL MEDICINE TO THE IDEA OF ORGANIZATION OF THE ACADEMY OF MEDICAL SCIENCES OF THE USSR (1932-1942)

Te idea of establishment of the USSR Academy of medical sciences was advanced by I.V. Stalin in 1932 as alternative to organization of the All-Union institute of experimental medicine. However, instead of the USSR Academy of medical sciences the All-Union institute of experimental medicine was established as the USSR highest research institution in the field of medical and biological sciences. The All-Union institute of experimental medicine, initially organized for resolving theoretical and practical problems of medicine, with time ceased to cope with its assignment. The main cause of dissatisfaction on part of the USSR government became its isolation from practical medicine, functioning of the USSR people's commissariat of health care and subordinated research institutes. The definitive loss of scientific authority of the All-Union institute of experimental medicine occurred after the beginning of the Great Patriotic War during its evacuation from Moscow in 1941 and re-evacuation in 1942. As a result, in the USSR government was developed concept of establishment of the Academy of medical sciences as an independent structure similar to the All-Union Academy of agricultural sciences, assigned to unify theoretical and applied medical science under single supervision. This issue together with fate of the All-Union institute of experimental medicine was considered in December 1942 at two sessions of the Board of the USSR people's commissariat of health care. Thereupon, the establishment of the USSR Academy of medical sciences was entrusted to the USSR people's commissariat of health care under consultative collaboration of administration of the All-Union institute of experimental medicine.

Banking on Single Supervision in the Eurozone: Scepticism and a Reform Proposal

The launching of the banking union has catalysed considerable policy debate around its ultimate objectives and challenges in attaining these goals. The Ferrarini paper makes a valuable contribution to that debate. Furthermore, Ferrarini’s most significant contribution consists in analysing the complex interaction between the new bank supervisory structure (Single Supervisory Mechanism) and the existing prudential regulatory process in the European Union (EU), including the challenges that this may pose to the single market in banking services and the integration of the banking markets. Little has been written on this complex interaction that threatens the possibility of gaining full economic benefits from the banking union. It is in this realm that Ferrarini makes the most significant contribution, including new proposals to policy makers, which I will discuss below.

Single Supervision and the Governance of Banking Markets: Will the SSM Deliver the Expected Benefits?

In this paper, I try to assess the likely impact of the Single Supervisory Mechanism (SSM) on eurozone banking markets. I start by analysing the predictions made by economists and policy-makers with regard to the deeper integration of financial markets which may derive from the Banking Union. I then try to identify the regulatory weaknesses that may throw uncertainty on the benefits commonly expected from the Banking Union. Firstly, I highlight the limits of EU supervisory centralisation as shaped by the reforms enacted after the 2008 financial crisis. Secondly, I analyse the limits of the SSM, which, to some extent, is still grounded on supervisory cooperation despite the fact that the ECB has powers of direction and substitution with respect to national supervisors. I argue, in particular, that the SSM represents a system of semi-strong centralisation, which may still give rise to agency problems, particularly in the relationships with supervisors of non-euro area countries that are still governed by the EU system of enhanced cooperation. Thirdly, I examine the decoupling of supervision from regulation, which derives from the fact that the ECB lacks sufficient regulatory powers when acting as a supervisor of the eurozone banking systems. The separation of regulation—which is harmonised (often with excessive detail) at EU level—and supervision—which is centralised in the euro area—may create problems to the extent that the single supervisor cannot create a prudential rulebook for the eurozone but is subject to EU prudential regulation and national law provisions, often unduly limiting its supervisory discretion.