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As both a regulator and an academic, Fred Kahn argued that end-use electricity consumers should face prices that reflect the time-varying marginal costs of generating electricity. This has been very slow to happen in the US, even in light of recent technological advances that have lowered costs and improved functionality for meters and automated demand response technologies. We describe these recent developments and discuss the remaining barriers to the proliferation of time-varying electricity pricing.

PurposeGovernment reforms have seen shifts from rules-based to principles-based risk regulatory governance. This paper examines the effects of principles-based risk regulatory reforms on public sector risk management (RM) and management control practices in public sector organizations (PSOs).Design/methodology/approachThe principles-based regulation focuses on providing autonomy to PSOs while maintaining control over their actions without direct intervention. This resonates with Foucault's notion of how modern forms of governments operate. The research is informed by Foucault's concept of governmentality. The authors conducted a qualitative field study of an Australian PSO, gathering and analysing data from interviews, focus groups, and archival documents.FindingsThe findings show the capillary modes by which principles-based risk regulatory regime penetrates and works with management control practices in pursuit of regulatory goals within the PSO the authors studied. In addition, the authors find that the principles-based approach (focusing on autonomy) and rules-based approach (focusing on control) are not opposites in kind and effect but rather, autonomy should be understood as a central pillar of control. Furthermore, the findings show how cultural controls and formal controls are not in conflict but are interconnected in RM practices, with cultural controls providing control architecture for RM and formal control translating the control architecture into routines. Finally, the study provides insights into how enterprise risk management (ERM) provides capabilities for and routinizes RM practices in a PSO and the management control systems (MCS) that enabled this to occur.Originality/valueThe paper provides novel insights into how MCS are infiltrated, mobilized and deployed to enact principles-based risk regulatory reforms. These insights are useful for regulators, practitioners and researchers.

This study investigates the prioritization and resource allocation strategies adopted by the coastal local governments of Qingdao, Dalian, and Xiamen in the context of marine regulatory reform aimed at enhancing regulatory efficiency. Data on relevant opinions, departmental requirements, and existing resource allocations were collected through a questionnaire survey. A backpropagation (BP) neural network was then applied to analyze the survey data, prioritize regulatory tasks, and propose resource allocation schemes. The findings demonstrate that integrating machine learning into marine regulation can significantly improve resource utilization efficiency, optimize task execution sequences, and enhance the scientific and refined nature of regulatory work. The BP neural network model exhibited strong predictive capabilities on the training set and demonstrated good generalization abilities on the test set. The performance of the BP neural network model varied slightly across different management levels. For the management level, the accuracy, precision, and recall rates were 85%, 88%, and 82%, respectively. For the supervisory level, these metrics were 81%, 83%, and 78%, respectively. At the employee level, the accuracy, precision, and recall rates were 79%, 81%, and 76%, respectively. These results indicate that the BP neural network model can provide differentiated resource allocation recommendations based on the needs of different management levels. Additionally, the model’s performance was assessed based on the employees’ years of experience. For employees with 0–5 years of experience, the accuracy, precision, and recall rates were 82%, 84%, and 79%, respectively. For those with 5–10 years of experience, the metrics were 83%, 86%, and 80%, respectively. For employees with over 10 years of experience, the accuracy, precision, and recall rates were 85%, 88%, and 82%, respectively. These data further confirm the applicability and effectiveness of the BP neural network model across different experience groups. Thus, the adoption of machine learning technologies for optimizing marine regulatory resources holds significant practical value, aiding in the enhancement of regulatory capacity and effectiveness within coastal local governments.

The study scrutinized the regulatory approaches to banking in countries such as the USA, Germany, Switzerland, Turkey, Azerbaijan, and Uzbekistan through a detailed analysis of their legal and financial practices, which revealed the main principles and differences in banking regulation. The methodological approach included analysis of data from official websites of central banks and financial institutions of the USA, Germany, Switzerland, Turkey, Azerbaijan and Uzbekistan, as well as reports and analytical materials of leading financial publications. The study compares banking regulation approaches in developed (USA, Switzerland, Germany, Turkey) and transition (Azerbaijan, Uzbekistan) economies, examining the impact of financial innovations on banking activities. The effectiveness of regulatory reforms is assessed, key factors influencing economic dynamics and financial stability are identified, and challenges in the context of globalization and fintech development arc outlined. Recommendations are proposed to enhance banking regulation and promote economic stability and growth. The obtained results confirmed that efficient banking activity is an important factor of economic dynamics. The experience of other countries serves as a valuable source of knowledge in forming an effective strategy for the development of the banking system and the economy as a whole.

The institutional arrangement chosen by the leading nations in order to address financial regulatory reform in the wake of the 2007-2009 crisis exhibits two key features of global economic governance innovation. First, it employs a minilateral approach, restricting the participants that negotiate new regulatory standards to a few, highly involved stakeholders. Second, it relies heavily on government networks that operate on the basis of soft law. The arrangement circumvents the traditional intergovernmental model that has proven overly rigid and ineffective in addressing the problems that arise from highly interconnected and fast-changing global markets. Current theories of global economic governance predict that this twofold innovation enhances the effectiveness of financial regulatory reform. Yet a study of the evolution in over-the-counter (OTC) derivatives regulation shows that this is not the case. The paper then exposes three obstacles to cross-border regulatory cooperation between the two dominant players, the European Union and the United States. Authorities on both sides of the Atlantic are concerned about the distributive consequences of regulation, legislators and legislation hinder cross-border harmonization, and government networks are weak and incomplete. The paper concludes with suggestions of how to overcome coordination failure and theoretical implications for the political economy of networked governance.

This article proposes a new perspective for analysing regulatory reforms by emphasising the important role of policy entrepreneurs. We provide a framework for understanding the interaction between appointed regulators and politicians, as well as other players in the policy arena, by emphasising the strategies that entrepreneurial regulators use to promote their agendas. Analysing the individual regulatory entrepreneur’s barriers, goals and strategies helps us gain a better microunderstanding of how regulatory reforms are actually achieved. We maintain that when regulators act as policy entrepreneurs, they change policy outcomes by adopting strategies that promote their agendas. We develop this argument by analysing two case studies of regulatory reforms in Israel: one in the banking sector and one involving changes in competition policy.

In June 2018, the China Food and Drug Administration (CFDA) approved the country's first cancer immunotherapy OPDIVO® from BMS for the treatment of locally advanced or metastatic non-small-cell lung cancer (NSCLC) (3); in September 2018 CFDA approved Merck's KEYTRUDA® for treatment of melanoma. [...]the CFDA has implemented reforms to align China's regulations with global standards. With China regulatory reform, we anticipate more innovative drugs in clinical development. [...]we will have an opportunity to gain more experience in regulated bioanalysis through real projects. China is establishing a regulatory environment with global standards for drug development. Since the CFDA issued the mandate of self-inspection and clinical data verification in July 2015, high quality standards and routine inspection have become a common practice.

Recent regulatory reforms have favored expedited drug marketing and increased reliance on Phase IV clinical trials for safety and efficacy assurance. This study, utilizing ClinicalTrials.gov, assesses the characteristics of Phase IV trials, with at least one site in Canada, examining those funded by industry sponsors and those lacking industry funding. Additionally, it compares the publication status of industry-funded and non-industry-funded trials through a manual review of the medical literature. Between 2000 and 2022, 864 Phase IV trials were completed, with 480 (55.6%) receiving industry funding and 384 (44.4%) funded solely by non-industry sources. Industry-funded clinical trials were larger (mean 204 enrollees versus 70), more likely to be international (57.7% versus 9.6%) and reported results more promptly (1.21 years after completion versus 1.85 years), yet both types shared similar designs, outcomes, and completion times. Publication rates were 81.8% for industry-funded and 65.8% for non-industry-funded trials. The ClinicalTrials. gov registry displayed 48 inaccuracies in publication associations, raising concerns about its accuracy. Our findings underscore the existing institutional limitations in ensuring comprehensive reporting and publication of Phase IV trial results funded by both industry and non-industry sources.

Introduction:The study of conventional accounting has been a cornerstone in both academic research and practical business applications for many years. It provides a comprehensive framework for financial reporting, decision-making, and regulatory compliance, which is universally recognized and applied across various industries globally. This widespread adoption is attributed to its well-established principles, which have been refined and tested over time, making it a reliable foundation for managing financial affairs. Purpose:This article aims to provide the intellectual structure and evolution of Islamic Accounting and Accounting Research themes. Methodology:The authors utilized co-citation and co-word analysis to select 413 Islamic Accounting and Accounting from the Scopus database. The timeframe of the research encompasses articles published from 2010 through January 2024. Findings:The research findings can be concluded, firstly, countries that have a great interest in Islamic Accounting and Accounting include Malaysia, Indonesia, and the United Kingdom. New themes for future research directions by means of co-citation and joint word analysis are suggested. Prospects in Islamic accounting and accounting include 'technology and automation', 'big data', and 'regulatory reform', and 'nuclear fuel accounting'.

Increasing cancer drug prices are a challenge for patients and health systems in the USA and Europe. By contrast with the USA, national authorities in European countries often directly negotiate drug prices with manufacturers. The American Society of Clinical Oncology (ASCO) and the European Society for Medical Oncology (ESMO) developed frameworks to evaluate the clinical value of cancer therapies: the ASCO-Value Framework (ASCO-VF) and the ESMO-Magnitude of Clinical Benefit Scale (ESMO-MCBS). We aimed to assess the association between the clinical benefit of approved cancer drugs based on these frameworks and their drug prices in the USA and four European countries (England, Switzerland, Germany, and France). For this cost–benefit analysis, we identified all new drugs with initial indications for adult cancers that were approved by the US Food and Drug Administration between Jan 1, 2009, and Dec 31, 2017, and by the European Medicines Agency up until Sept 1, 2019. For drugs indicated for solid tumours, we assessed clinical benefit using ASCO-VF and ESMO-MCBS. We compared monthly drug treatment costs between benefit levels using hierarchical linear regression models, and calculated Spearman's correlation coefficients between costs and benefit levels for individual countries. Our cohort included 65 drugs: 47 (72%) drugs were approved for solid tumours and 18 (28%) were approved for haematological malignancies. The monthly drug treatment costs in the USA were a median of 2·31 times (IQR 1·79–3·17) as high as in the assessed European countries. There were no significant associations between monthly treatment costs for solid tumours and clinical benefit in all assessed countries, using the ESMO-MCBS (p=0·16 for the USA, p=0·98 for England, p=0·54 for Switzerland, p=0·52 for Germany, and p=0·40 for France), and for all assessed countries except France using ASCO-VF (p=0·56 for the USA, p=0·47 for England, p=0·26 for Switzerland, p=0·23 for Germany, and p=0·037 for France). Cancer drugs with low or uncertain clinical benefit might be prioritised for price negotiations. Value frameworks could help identify therapies providing high clinical benefit that should be made rapidly available across countries. Swiss Cancer Research Foundation (Krebsforschung Schweiz).