Journal Article : [502]

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Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 502
  • a_statistical_model_of_the_firm_Belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (2019)

  • A model of the firm is proposed that considers the firm to be a stochastic and random entity described by an action functional and the Feynman path integral. The action functional is postulated based on the profit maximization principle. The Cobb-Douglas production function and the Solow-Swan model for capital input are employed to define a specific model for the firm's action functional. An option is defined on the profit of a firm in the framework of the statistical model. The option's price can be studied empirically. A profit and loss sharing system of wages is defined as an extension of fixed wages.

  • possible_impact_of_the_latest_international_standard_Zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain; Turmin, Siti Zaidah (2018)

  • Auditors are required to issue going concern opinion (GC opinion) to companies that are incapable to continue their operations in the near future. It is very important for auditors to issue the GC opinion properly because such opinion is the only signal from them on the viability of a company. Investors need such signal before they can make good investment decisions. In Malaysia however, auditors do not want to issue GC opinion to a very large percentage of financially distressed companies. This motivates this paper to discuss the impact of the latest ISA 570 (2016) on GC opinion issuance rate in this country. Overall, we are in the opinion that there is no strong ground to expect the...

  • item.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Richmond, Peter; Roehner, Bertrand M.; Qing-hai, Wang (2019)

  • In earlier centuries kings and governments employed astrologists to help them take the best decisions. Present-day governments no longer employ astrologists but still have no clear analytical tool to replace them. Over the past two decades we have developed a methodology for the scientific investigation of recurrent historical events. It consists in two steps. (i) Identification and comparison of historical episodes driven by a common mechanism. (ii) Under the reasonable assumption that what has happened several times in the past is likely to happen again, one then derives testable predictions. This of course is nothing other than the protocol used in experimental science when explori...

  • a_proposal_designed_calibrating_liquidity_coverage_ratio_Islamic_banks_adam et al.pdf.jpg
  • Journal Article


  • Authors: Dolgun, Muhammed Habib; Mirakhor, Abbas; Ng, Adam Boon Ka (2019)

  • This paper aims to critically investigate the liquidity risk management of Islamic banks and develop an alternative regulatory framework appropriate for liquidity management of these banks. The specific risk profile of an Islamic bank requires developing a new and more efficient regulatory framework, which relies on risk-sharing and symmetric information among parties. The paper makes a differentiation between small local banks and internationally active Islamic banks and proposes to apply liquidity requirements only for internationally active Islamic banks. A new proposal for the liquidity coverage ratio (LCR) of Islamic banks is developed in this paper towards mitigating risks and c...

  • the_impact_management_family_institution_zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain (2018)

  • Incidents where external auditors do not issue a going concern audit opinion (GC opinion) to companies having severe financial problems have been reported globally. This issue motivated this study : (i) to investigate the effect of selected auditor characteristics in terms of specialization, tenure, and fee on GC opinion issuance and (ii) to examine the moderating effect of management's, family's, and institution's influence on the relationship between auditor characteristics and GC opinion issuance. The study involves 644 Malaysian financially distressed listed companies in the period 2006 to 2012. The results of a panel logistic regression analysis show that auditor characteristics ...

  • does_competition_make_banks_riskier_dual_banking_system_baharom.pdf.jpg
  • Journal Article


  • Authors: Alam, Nafis; Abdul Hamid, Baharom; Dyi, Ting Tan (2018)

  • This paper investigates competition and risk-taking behaviour of Islamic banks taking a sample of 59 Islamic banks and 149 conventional banks from 10 highly developed Islamic banking countries between 2006 and 2016. The level of competitiveness between the two types of banks is determined using Lerner index and estimations show that Islamic banks have lower market power than conventional banks. After controlling all the bank and country-specific variables, the results show that competition and risk are positively related for the overall banking system and inversely related for Islamic banks which undoubtedly emphasize that inherent difference between risk-competition relationships amo...

  • cross_country_evidence_Islamic_portfolio_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Ali, Md Hakim; Uddin, Md Akther; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal...

  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • size_correlations_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Alaabed, Alaa; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • Despite the rapid growth of Islamic finance in recent years, there has been relatively little work done on the emerging Islamic mutual fund industry within the broad field of Islamic finance. As far as the authors' knowledge, this paper is the first attempt dedicated to understanding the correlation between different sizes of the young and rapidly growing Islamic mutual fund industry at different investment horizons. Major part of economic time series analysis is done in time or frequency domain separately. Wavelet analysis can combine these two fundamental approaches, so we can work in the time-frequency domain. Using wavelet coherence, we have gained valuable insights into the conti...

  • Islamic_banking_finance_beyond_comparison_investment_opportunities_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Ebrahim, Muhammed-Shahid (2018)

  • Islamic finance as a field of research continues to be exciting and has been evolving with coverage that goes beyond mere comparison with conventional finance. With rapid development in Islamic banking to reach the status of being systematically important in many jurisdictions, the following questions seem pertinent: Should Islamic banking diversify to non-intermediation activities such that it can rival and become a truly alternative to conventional banking in the provision of banking services? How should Islamic banks structure their financing? And what are the financial and real impacts of Islamic banking? As for the Islamic stock markets, in light of on-going research and still in...

  • trade_finance_complementarity_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H. (2018)

  • This paper examines the complementarity/substitutability of international trade and financial development in the mitigation of carbon emissions for a panel sample of 62 middle-income countries from 1991 to 2010. Applying the bias-corrected LSDV estimator, the paper yields interesting results. For the full sample, international trade and financial development play an interactive and complementary role in reducing CO2 intensity of energy use. That is, the environmental benefit of international trade is materialized only if a country has a well-developed financial market. Likewise, financial development is beneficial to the environment only in a highly open economy. Having stated these, ...

  • who_drives_whom_sukuk_bond_mansur.pdf.jpg
  • Journal Article


  • Authors: Haque, Md. Mahmudul; Chowdhury, Mohammad Ashraful Ferdous; Buriev, Abdul Aziz; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • Sukuk is a highly appealing alternative instrument of conventional bond in the financial market over the last two decades. To a certain extent, the market players assume sukuk as the same as bond. However, sukuk has its own fundamental asset backed principles, whereas bond is backed by debt. The objective of the study is to examine the Granger-causality and lead-lag relationship between sukuk and bond by using the data of the Malaysian Government securities return for both conventional and Islamic instruments. The data for every working day of 7 years covering the period from January 31, 2007 to December 31, 2013 were collected from Bloomberg database. The yield returns of both securi...

  • comment_on_Modinomics_design_implementation_outcomes_and_prospect_Ariff.pdf.jpg
  • Journal Article


  • Authors: Abdul Kareem, Mohamed Ariff (2018)

  • The term "Modinomics" embodies the essence of Indian Prime Minister Narendra Modi's economic policies. Jha (2018) explains how Modinomics is reshaping the Indian economy through a slew of economic reforms and a series of bold measures aimed at "participatory development." All this sounds like music to the ears. Jha (2018) paints an overtly rosy picture of the Indian economy under Modi's leadership and administration. The narration is quite informative and fairly persuasive. However, it reads more like an official document than a scholarly piece, which gives the impression that it is not unbiased.

  • belt_and_road_initiative_and_Islamic_financing_jinzi_aishath.pdf.jpg
  • Journal Article


  • Authors: JinZi, Chu; Muneeza, Aishath (2019)

  • China's One Belt and One Road (OBOR) is a global trade network across Asia, Africa, Europe and Oceania. Also known as Belt and Road Initiative (BRI), OBOR is an attempt to redraw ancient Silk Road to foster global trade and economic development. Nearly 30 Muslims-majority countries are part of China's vision of BRI. The purpose of this paper is twofold: first, to investigate how public private partnership (PPP) has been applied in BRI projects; and second, to explore how Islamic finance can fit within a PPP context. This paper proposes a framework for using Islamic finance in infrastructure PPP projects. This paper also analyses two PPP projects where Islamic finance was deployed as p...

  • impact_social_environmental_sustainability_esma et al.pdf.jpg
  • Journal Article


  • Authors: Nizam, Esma; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Nagayev, Ruslan; Nkoba, Malik Abdul Rahman (2019)

  • While there is ample evidence that non-financial firms' financial performance and social and environmental performance are related, evidence for the banking sector remains limited and inconclusive. This paper examines the impact of access to finance and environmental financing on the financial performance of the banking sector globally. Based on cross-sectional linear regressions and non-linear threshold regressions of 713 banks from 75 countries over the period 2013-2015, we find that access to finance has significantly positive effects on banks' financial performance in most estimation models controlling for both bank-specific and macroeconomic variables. The positive impact on fina...

  • structural changes_competition_and_bank_stability_Mansor et al.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Salim, Kinan; Abojeib, Moutaz; Lau, Wee Yeap (2019)

  • This paper assesses Malaysia's competition landscape and its risk implications subsequent to conventional banking consolidation and Islamic banking penetration in the aftermath of the 1997/1998 Asian financial crisis. Employing a panel sample of conventional and Islamic commercial banks, it arrives at the following conclusions. First, the consolidation exercise, which has led to a significant reduction in the number of domestic commercial banks, has not stifled banking competition. Second, the paper provides empirical support for the competition-stability relationship, particularly for the conventional banking sector. Islamic banking sector risk appears to be neutral to market competi...

  • who leads the Australian interest rates_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Winduss, Trent (2006)

  • The focus of this paper is to test the cointegrating and Granger-causal relationships between Australian short-run interest rate securities and those of the UK, US, Japan, Hong Kong, Singapore and New Zealand. A relatively new methodology known as Long Run Structural Model (LRSM) (Pesaran and Shin, 2002) followed by vector error-correction model, generalized variance decompositions, generalized impulse response, and persistence profile have been used. The findings tend to suggest that Australia's short-term interest rates are cointegrated with those of its major trading partners. The results of this paper indicate that the ability of Australian policy makers to target and manipulate d...

  • dynamic modeling of stock market interdependencies_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (2001)

  • This article examines the patterns of dynamic linkages among national stock prices of Australia and four Asian NIC stock markets namely, Taiwan, South Korea, Singapore and Hong Kong. By employing recently developed time-series techniques results seem to consistently suggest the relatively leading role of the Hong Kong market in driving fluctuations in the Australian and other NIC stock markets. In other words, given the generality of the techniques employed, Hong Kong showed up consistently as the initial receptor of exogenous shocks to the (long-term) equilibrium relationship whereas the Australian and the other NIC markets, particularly the Singaporean and Taiwanese markets had to b...

  • temporal_causality_dynamic_interactions_among_macroeconomic_activity_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1995)

  • The main purpose of this paper is to discern the dynamic causal relationship (in the Granger (temporal) sense) among real output, money, interest rate, inflation and exchange rate in the context of two small open economies, such as Singapore and Korea. The Granger-causal chain implied by the authors' evidence that real output more often the authors' predominantly leads (rather than lags) money supply followed by other three endogenous variables, is consistent more with the recent Real Business Cycle theory than with the other two major macroeconomic paradigms such as the Keynesian and the Monetarist.

  • fractional_cointegration_approach_empirical_tests_PPP_rumi_masih.pdf.jpg
  • Journal Article


  • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1995)

  • This paper applies a relatively new concept of fractional cointegration to shed some light on the validity of purchasing power parity as a long-run equilibrium condition, using the Taiwan/US dollar exchange rate. Findings suggest that, while standard tests of cointegration fail to support cointegration between nominal exchange rates, domestic and foreign prices, the fractional cointegration analysis permits deviations from equilibrium to follow a fractionally integrated process and hence captures a much wider class of parity or mean-reversion behaviour. The paper concludes by indicating areas in which fractional cointegration will be a particularly appropriate technique to unearth pre...

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 502

Journal Article : [502]

Follow this collection to receive daily e-mail notification of new additions
Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 502
  • a_statistical_model_of_the_firm_Belal.pdf.jpg
  • Journal Article


  • Authors: Baaquie, Belal E. (2019)

  • A model of the firm is proposed that considers the firm to be a stochastic and random entity described by an action functional and the Feynman path integral. The action functional is postulated based on the profit maximization principle. The Cobb-Douglas production function and the Solow-Swan model for capital input are employed to define a specific model for the firm's action functional. An option is defined on the profit of a firm in the framework of the statistical model. The option's price can be studied empirically. A profit and loss sharing system of wages is defined as an extension of fixed wages.

  • possible_impact_of_the_latest_international_standard_Zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain; Turmin, Siti Zaidah (2018)

  • Auditors are required to issue going concern opinion (GC opinion) to companies that are incapable to continue their operations in the near future. It is very important for auditors to issue the GC opinion properly because such opinion is the only signal from them on the viability of a company. Investors need such signal before they can make good investment decisions. In Malaysia however, auditors do not want to issue GC opinion to a very large percentage of financially distressed companies. This motivates this paper to discuss the impact of the latest ISA 570 (2016) on GC opinion issuance rate in this country. Overall, we are in the opinion that there is no strong ground to expect the...

  • item.jpg
  • Journal Article


  • Authors: Baaquie, Belal E.; Richmond, Peter; Roehner, Bertrand M.; Qing-hai, Wang (2019)

  • In earlier centuries kings and governments employed astrologists to help them take the best decisions. Present-day governments no longer employ astrologists but still have no clear analytical tool to replace them. Over the past two decades we have developed a methodology for the scientific investigation of recurrent historical events. It consists in two steps. (i) Identification and comparison of historical episodes driven by a common mechanism. (ii) Under the reasonable assumption that what has happened several times in the past is likely to happen again, one then derives testable predictions. This of course is nothing other than the protocol used in experimental science when explori...

  • a_proposal_designed_calibrating_liquidity_coverage_ratio_Islamic_banks_adam et al.pdf.jpg
  • Journal Article


  • Authors: Dolgun, Muhammed Habib; Mirakhor, Abbas; Ng, Adam Boon Ka (2019)

  • This paper aims to critically investigate the liquidity risk management of Islamic banks and develop an alternative regulatory framework appropriate for liquidity management of these banks. The specific risk profile of an Islamic bank requires developing a new and more efficient regulatory framework, which relies on risk-sharing and symmetric information among parties. The paper makes a differentiation between small local banks and internationally active Islamic banks and proposes to apply liquidity requirements only for internationally active Islamic banks. A new proposal for the liquidity coverage ratio (LCR) of Islamic banks is developed in this paper towards mitigating risks and c...

  • the_impact_management_family_institution_zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain (2018)

  • Incidents where external auditors do not issue a going concern audit opinion (GC opinion) to companies having severe financial problems have been reported globally. This issue motivated this study : (i) to investigate the effect of selected auditor characteristics in terms of specialization, tenure, and fee on GC opinion issuance and (ii) to examine the moderating effect of management's, family's, and institution's influence on the relationship between auditor characteristics and GC opinion issuance. The study involves 644 Malaysian financially distressed listed companies in the period 2006 to 2012. The results of a panel logistic regression analysis show that auditor characteristics ...

  • does_competition_make_banks_riskier_dual_banking_system_baharom.pdf.jpg
  • Journal Article


  • Authors: Alam, Nafis; Abdul Hamid, Baharom; Dyi, Ting Tan (2018)

  • This paper investigates competition and risk-taking behaviour of Islamic banks taking a sample of 59 Islamic banks and 149 conventional banks from 10 highly developed Islamic banking countries between 2006 and 2016. The level of competitiveness between the two types of banks is determined using Lerner index and estimations show that Islamic banks have lower market power than conventional banks. After controlling all the bank and country-specific variables, the results show that competition and risk are positively related for the overall banking system and inversely related for Islamic banks which undoubtedly emphasize that inherent difference between risk-competition relationships amo...

  • cross_country_evidence_Islamic_portfolio_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Ali, Md Hakim; Uddin, Md Akther; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • On the backdrop of growing importance of Shariah compliant equity markets, the purpose of this paper is to study cross-country portfolio diversification benefits for investors with major trading partners of Saudi Arabia, namely, USA, China, Japan, Germany and India, who have already invested or tend to invest in Saudi Arabian stock market. The authors have investigated time invariant, dynamic correlations at different investments horizons of the investors among Islamic asset classes by applying relevant econometric techniques like multivariate generalized autoregressive conditional heteroscedastic - DCC and continuous wavelet transforms. For robustness, this study also applied maximal...

  • empirical_evidence_risk_shifting_bonds_debt-based_sukuk_obiyathulla.pdf.jpg
  • Journal Article


  • Authors: Hamzah, Siti Raihana; Bacha, Obiyathulla Ismath; Mirakhor, Abbas; Abdul Kader Malim, Nurhafiza (2018)

  • The purpose of this paper is to examine the extent of risk shifting behavior in bonds and sukuk. The examination is significant, as economists and scholars identify risk shifting as the primary cause of the global financial crisis. Yet, the dangers of this debt-financing feature are largely ignored - one needs to only witness the record growth of global debt even after the global financial crisis. To identify the signs of risk shifting existence in the corporations, this paper compares each corporation's operating risk before and after issuing debt. Operating risk or risk of a firm's activities is measured using the volatility of the operating earnings or coefficient variation of earn...

  • size_correlations_diversification_mansur.pdf.jpg
  • Journal Article


  • Authors: Alaabed, Alaa; Chowdhury, Mohammad Ashraful Ferdous; Mohammed Masih, Abul Mansur (2018)

  • Despite the rapid growth of Islamic finance in recent years, there has been relatively little work done on the emerging Islamic mutual fund industry within the broad field of Islamic finance. As far as the authors' knowledge, this paper is the first attempt dedicated to understanding the correlation between different sizes of the young and rapidly growing Islamic mutual fund industry at different investment horizons. Major part of economic time series analysis is done in time or frequency domain separately. Wavelet analysis can combine these two fundamental approaches, so we can work in the time-frequency domain. Using wavelet coherence, we have gained valuable insights into the conti...

  • Islamic_banking_finance_beyond_comparison_investment_opportunities_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Ebrahim, Muhammed-Shahid (2018)

  • Islamic finance as a field of research continues to be exciting and has been evolving with coverage that goes beyond mere comparison with conventional finance. With rapid development in Islamic banking to reach the status of being systematically important in many jurisdictions, the following questions seem pertinent: Should Islamic banking diversify to non-intermediation activities such that it can rival and become a truly alternative to conventional banking in the provision of banking services? How should Islamic banks structure their financing? And what are the financial and real impacts of Islamic banking? As for the Islamic stock markets, in light of on-going research and still in...

  • trade_finance_complementarity_mansor.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H. (2018)

  • This paper examines the complementarity/substitutability of international trade and financial development in the mitigation of carbon emissions for a panel sample of 62 middle-income countries from 1991 to 2010. Applying the bias-corrected LSDV estimator, the paper yields interesting results. For the full sample, international trade and financial development play an interactive and complementary role in reducing CO2 intensity of energy use. That is, the environmental benefit of international trade is materialized only if a country has a well-developed financial market. Likewise, financial development is beneficial to the environment only in a highly open economy. Having stated these, ...

  • who_drives_whom_sukuk_bond_mansur.pdf.jpg
  • Journal Article


  • Authors: Haque, Md. Mahmudul; Chowdhury, Mohammad Ashraful Ferdous; Buriev, Abdul Aziz; Bacha, Obiyathulla Ismath; Mohammed Masih, Abul Mansur (2017)

  • Sukuk is a highly appealing alternative instrument of conventional bond in the financial market over the last two decades. To a certain extent, the market players assume sukuk as the same as bond. However, sukuk has its own fundamental asset backed principles, whereas bond is backed by debt. The objective of the study is to examine the Granger-causality and lead-lag relationship between sukuk and bond by using the data of the Malaysian Government securities return for both conventional and Islamic instruments. The data for every working day of 7 years covering the period from January 31, 2007 to December 31, 2013 were collected from Bloomberg database. The yield returns of both securi...

  • comment_on_Modinomics_design_implementation_outcomes_and_prospect_Ariff.pdf.jpg
  • Journal Article


  • Authors: Abdul Kareem, Mohamed Ariff (2018)

  • The term "Modinomics" embodies the essence of Indian Prime Minister Narendra Modi's economic policies. Jha (2018) explains how Modinomics is reshaping the Indian economy through a slew of economic reforms and a series of bold measures aimed at "participatory development." All this sounds like music to the ears. Jha (2018) paints an overtly rosy picture of the Indian economy under Modi's leadership and administration. The narration is quite informative and fairly persuasive. However, it reads more like an official document than a scholarly piece, which gives the impression that it is not unbiased.

  • belt_and_road_initiative_and_Islamic_financing_jinzi_aishath.pdf.jpg
  • Journal Article


  • Authors: JinZi, Chu; Muneeza, Aishath (2019)

  • China's One Belt and One Road (OBOR) is a global trade network across Asia, Africa, Europe and Oceania. Also known as Belt and Road Initiative (BRI), OBOR is an attempt to redraw ancient Silk Road to foster global trade and economic development. Nearly 30 Muslims-majority countries are part of China's vision of BRI. The purpose of this paper is twofold: first, to investigate how public private partnership (PPP) has been applied in BRI projects; and second, to explore how Islamic finance can fit within a PPP context. This paper proposes a framework for using Islamic finance in infrastructure PPP projects. This paper also analyses two PPP projects where Islamic finance was deployed as p...

  • impact_social_environmental_sustainability_esma et al.pdf.jpg
  • Journal Article


  • Authors: Nizam, Esma; Ng, Adam Boon Ka; Dewandaru, Ginanjar; Nagayev, Ruslan; Nkoba, Malik Abdul Rahman (2019)

  • While there is ample evidence that non-financial firms' financial performance and social and environmental performance are related, evidence for the banking sector remains limited and inconclusive. This paper examines the impact of access to finance and environmental financing on the financial performance of the banking sector globally. Based on cross-sectional linear regressions and non-linear threshold regressions of 713 banks from 75 countries over the period 2013-2015, we find that access to finance has significantly positive effects on banks' financial performance in most estimation models controlling for both bank-specific and macroeconomic variables. The positive impact on fina...

  • structural changes_competition_and_bank_stability_Mansor et al.pdf.jpg
  • Journal Article


  • Authors: Ibrahim, Mansor H.; Salim, Kinan; Abojeib, Moutaz; Lau, Wee Yeap (2019)

  • This paper assesses Malaysia's competition landscape and its risk implications subsequent to conventional banking consolidation and Islamic banking penetration in the aftermath of the 1997/1998 Asian financial crisis. Employing a panel sample of conventional and Islamic commercial banks, it arrives at the following conclusions. First, the consolidation exercise, which has led to a significant reduction in the number of domestic commercial banks, has not stifled banking competition. Second, the paper provides empirical support for the competition-stability relationship, particularly for the conventional banking sector. Islamic banking sector risk appears to be neutral to market competi...

  • who leads the Australian interest rates_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Winduss, Trent (2006)

  • The focus of this paper is to test the cointegrating and Granger-causal relationships between Australian short-run interest rate securities and those of the UK, US, Japan, Hong Kong, Singapore and New Zealand. A relatively new methodology known as Long Run Structural Model (LRSM) (Pesaran and Shin, 2002) followed by vector error-correction model, generalized variance decompositions, generalized impulse response, and persistence profile have been used. The findings tend to suggest that Australia's short-term interest rates are cointegrated with those of its major trading partners. The results of this paper indicate that the ability of Australian policy makers to target and manipulate d...

  • dynamic modeling of stock market interdependencies_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (2001)

  • This article examines the patterns of dynamic linkages among national stock prices of Australia and four Asian NIC stock markets namely, Taiwan, South Korea, Singapore and Hong Kong. By employing recently developed time-series techniques results seem to consistently suggest the relatively leading role of the Hong Kong market in driving fluctuations in the Australian and other NIC stock markets. In other words, given the generality of the techniques employed, Hong Kong showed up consistently as the initial receptor of exogenous shocks to the (long-term) equilibrium relationship whereas the Australian and the other NIC markets, particularly the Singaporean and Taiwanese markets had to b...

  • temporal_causality_dynamic_interactions_among_macroeconomic_activity_mansur masih.pdf.jpg
  • Journal Article


  • Authors: Mohammed Masih, Abul Mansur; Masih, Rumi (1995)

  • The main purpose of this paper is to discern the dynamic causal relationship (in the Granger (temporal) sense) among real output, money, interest rate, inflation and exchange rate in the context of two small open economies, such as Singapore and Korea. The Granger-causal chain implied by the authors' evidence that real output more often the authors' predominantly leads (rather than lags) money supply followed by other three endogenous variables, is consistent more with the recent Real Business Cycle theory than with the other two major macroeconomic paradigms such as the Keynesian and the Monetarist.

  • fractional_cointegration_approach_empirical_tests_PPP_rumi_masih.pdf.jpg
  • Journal Article


  • Authors: Masih, Rumi; Mohammed Masih, Abul Mansur (1995)

  • This paper applies a relatively new concept of fractional cointegration to shed some light on the validity of purchasing power parity as a long-run equilibrium condition, using the Taiwan/US dollar exchange rate. Findings suggest that, while standard tests of cointegration fail to support cointegration between nominal exchange rates, domestic and foreign prices, the fractional cointegration analysis permits deviations from equilibrium to follow a fractionally integrated process and hence captures a much wider class of parity or mean-reversion behaviour. The paper concludes by indicating areas in which fractional cointegration will be a particularly appropriate technique to unearth pre...

Collection's Items (Sorted by Submit Date in Descending order): 1 to 20 of 502