Search results for: Dow Jones Islamic market index

Authors: Raif Parlakkaya, Ahmet Diken, Erkan Kara

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This paper examines the relationship between corporate governance rating and stock prices of 26 Turkish firms listed in Turkish stock exchange (Borsa Istanbul) by using panel data analysis over five-year period. The paper also investigates the stock performance of firms with governance rating with regards to the market portfolio (i.e. BIST 100 Index) both prior and after governance scoring began. The empirical results show that there is no relation between corporate governance rating and stock prices when using panel data for annual variation in both rating score and stock prices. Further analysis indicates surprising results that while the selected firms outperform the market significantly prior to rating, the same performance does not continue afterwards.

Keywords: corporate governance, stock price, performance, panel data analysis

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Authors: Muhammad Arsalan

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The efficiency of a financial intermediation system is assessed by its ability to achieve allocative efficiency, asset transformation, and the subsequent economic development. Islamic Banking and Finance (IBF) was conceived to serve as an alternate financial intermediation system adherent to the injunctions of Islam. A critical appraisal of the state of contemporary IBF reveals that it neither fulfills the aspirations of Islamic rhetoric nor is efficient in terms of asset transformation and economic development. This paper is an intuitive pursuit to explore the economic rationale of established principles of IBF, and the reasons of the persistent divergence of IBF being accused of ruses and sophistry. Disentangling the varying viewpoints, the underdevelopment of IBF has been attributed to misinterpretation of Riba, which has been explicated through a narrow fiqhi and legally deterministic approach. It presents a critical account of how incorrect conceptualization of the key injunction on Riba, steered flawed institutionalization of an Islamic Financial intermediation system. It also emphasizes on the wrong interpretation of the ontological and epistemological sources of Islamic Law (primarily Riba), that explains the perennial economic underdevelopment of the Muslim world. Deeming ‘a collaborative and dynamic Ijtihad’ as the elixir, this paper insists on the exigency of redefining Riba, i.e., a definition that incorporates the modern modes of economic cooperation and the contemporary financial intermediation ecosystem. Finally, Riba has been articulated in an agency theoretic framework to eschew expropriation of wealth, and assure protection of property rights, aimed at realizing the twin goals of a) Shari’ah adherence in true spirit, b) financial and economic development of the Muslim world.

Keywords: agency theory, financial intermediation, Islamic banking and finance, ijtihad, economic development, Riba, information asymmetry

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Authors: Mohammad Rusdi Mohd Nasir, Ismail Hafiz Salleh

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Kota Bharu, as an Islamic City, represents a symbolic icon in the urban development of the Islamic state of Kelantan, Malaysia. This research seeks to provide a basis for new approaches to landscape planning that shows greater respect for the traditional vernacular landscape. In addition, this research also intends to distinguish the prospects for the future Kelantan Malay cultural landscape, building upon the multiple historical influences in the evolution of the cultural landscape using multiple methods including literature review, observation, document analysis and content analysis. The study of the Kelantan Malay cultural landscape is particularly important in view of its distinctive contribution to Malay heritage by identifying the elements, characteristics, history and their influences. As a result, this research recognizes the importance of incorporating the existing heritage alongside contemporary design as well as further research on the Kelantan Malay cultural landscape. Optimistically, there will be better landscape practices in the future to understand the past, the present and the future prospects of the vernacular tradition, in order to ensure that our architecture, landscape and urbanism practices express its values.

Keywords: Malay culture, Malay heritage, cultural landscape, Islamic concept

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Authors: Tamara Slišković, Tomislav Sekur

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This manuscript examines factors that affect demand and supply of the housing market in Croatia. The period from the beginning of this century, until 2008, was characterized by a strong expansion of construction, housing and real estate market in general. Demand for residential units was expanding, and this was supported by favorable lending conditions of banks. Indicators on the supply side, such as the number of newly built houses and the construction volume index were also increasing. Rapid growth of demand, along with the somewhat slower supply growth, led to the situation in which new apartments were sold before the completion of residential buildings. This resulted in a rise of housing price which was indication of a clear link between the housing prices with the supply and demand in the housing market. However, after 2008 general economic conditions in Croatia worsened and demand for housing has fallen dramatically, while supply descended at much slower pace. Given that there is a gap between supply and demand, it can be concluded that the housing market in Croatia is in imbalance. Such trend is accompanied by a relatively small decrease in housing price. The final result of such movements is the large number of unsold housing units at relatively high price levels. For this reason, it can be argued that housing prices are sticky and that, consequently, the price level in the aftermath of a crisis does not correspond to the discrepancy between supply and demand on the Croatian housing market. The degree of rigidity of the housing price can be determined by inclusion of the housing price as the explanatory variable in the housing demand function. Other independent variables are demographic variable (e.g. the number of households), the interest rate on housing loans, households' disposable income and rent. The equilibrium price is reached when the demand for housing equals its supply, and the speed of adjustment of actual prices to equilibrium prices reveals the extent to which the prices are rigid. The latter requires inclusion of the housing prices with time lag as an independent variable in estimating demand function. We also observe the supply side of the housing market, in order to explain to what extent housing prices explain the movement of new construction activity, and other variables that describe the supply. In this context, we test whether new construction on the Croatian market is dependent on current prices or prices with a time lag. Number of dwellings is used to approximate new construction (flow variable), while the housing prices (current or lagged), quantity of dwellings in the previous period (stock variable) and a series of costs related to new construction are independent variables. We conclude that the key reason for the imbalance in the Croatian housing market should be sought in the relative relationship of price elasticities of supply and demand.

Keywords: Croatian housing market, economic crisis, housing prices, supply imbalance, demand imbalance

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Authors: Gong Zhang, Hong Cai, Bin Dong, Jifang Tao, Aiqun Liu, Dim-Lee Kwong, Yuandong Gu

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An on-chip refractive index sensor with high sensitivity and large measurement range is demonstrated in this paper. The sensing structures are based on Mach-Zehnder interferometer configuration, built on the SOI substrate. The wavelength sensitivity of the sensor is estimated to be 3129 nm/RIU. Meanwhile, according to the interference pattern period changes, the measured period sensitivities are 2.9 nm/RIU (TE mode) and 4.21 nm/RIU (TM mode), respectively. As such, the wavelength shift and the period shift can be used for fine index change detection and larger index change detection, respectively. Therefore, the sensor design provides an approach for large index change measurement with high sensitivity.

Keywords: Mach-Zehnder interferometer, nanotechnology, refractive index sensing, sensors

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Authors: Sapan Bhatnagar, Danish Akhtar, Salman Ahmed, Asif Ekbal, Gufran Beig

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Particulates are the solid and liquid droplets present in the atmosphere, they have serious negative effects on human health and environment. PM10 and PM2.5 are so small that they can penetrate deep into our lungs through the respiratory system. Determination of the amount of particulates present in the atmosphere per cubic meter is necessary to monitor, regulate and model atmospheric particulate levels. Air Quality Index is an index tells us how clean or polluted our air is, and what associated health effects might be a concern for us. The AQI focuses on health affects you may experience within a few hours or days after breathing polluted air. The quality rating for each pollutant was calculated. The geometric mean of these quality ratings gives the Air Quality Index. The existing concentrations of pollutants were compared with ambient air quality standards.

Keywords: air quality index, particulate, respirable dust sampler, dust sampler

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Authors: Mamiza Haq

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This paper examines the relevance of bank capital and charter value on bank insolvency and liquidity risks. Using an unbalanced panel of 2,111 unique local banks across 22 countries over 1998-2012, we find that both bank capital and charter value lower insolvency and liquidity risks, but this effect varies among conventional, Islamic, and Islamic-window banks. The risk constraining effect of bank capital becomes more prominent in the post 2007-2008 global financial crisis. Moreover, the relationships vary when conditioned upon other key bank-specific characteristics. For instance, the effect of capital on risk-reduction diminishes in the presence of high charter value for conventional-G7 and Islamic-window banks, during-GFC and pre-GFC period; respectively. Our findings have important policy implications related to bank safety. The results are robust to a range of robustness tests.

Keywords: bank capital, charter value, risk, financial crisis

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Authors: Salako Rotimi, Oshungade Stephen, Ojewoye Opeyemi

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The maintenance of price stability is one of the macroeconomic challenges facing Nigeria as a nation. This paper attempts to build a co-integration multivariate time series model for inflation movement in Nigeria using data extracted from the abstract of statistics of the Central Bank of Nigeria (CBN) from 2008 to 2017. The Johansen cointegration test suggests at least one co-integration vector describing the long run relationship between Consumer Price Index (CPI), Food Price Index (FPI) and Non-Food Price Index (NFPI). All three series show increasing pattern, which indicates a sign of non-stationary in each of the series. Furthermore, model predictability was established with root-mean-square-error, mean absolute error, mean average percentage error, and Theil’s unbiased statistics for n-step forecasting. The result depicts that the long run coefficient of a consumer price index (CPI) has a positive long-run relationship with the food price index (FPI) and non-food price index (NFPI).

Keywords: economic, inflation, model, series

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Authors: Lucky Farha, Martha L. Hall

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The current adaptive clothing brands are limited in numbers and specific categories. This study explores clothing challenges for children with Down syndrome and factors that influence their perception of adaptive clothing brands. Another aim of this study was to explore brands' challenges in the adaptive business and factors that influence their perceptions towards the adaptive market. In order to determine the market barriers affecting adaptive target market needs, the researcher applied Technology Acceptance Model. After interviewing and surveying parents/caregivers having children with Down syndrome and current adaptive brands, the results found education as the significant gap in the adaptive clothing market yet to be overcome. Based on the finding, several recommendations were suggested to improve the current barriers in the adaptive clothing market.

Keywords: adaptive fashion, disability, functional clothing, clothing needs assessment, down syndrome, clothing challenge

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Authors: Fauzik Lendriyono, Isbandi Rukminto Adi

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Muhammadiyah is an Islamic-based organization taking care to human suffering. The existence of Muhammadiyah organization is strong supported by its members. Muhammadiyah as the oldest Islamic organization in Indonesia, since its establishment has had main activities, such as in the fields of education, health, and social services, one of the form is Orphanage. However, at present, Muhammadiyah orphanage was in a dilemma because of differences in orientation and commitment of the caretaker-managers. This research on Muhammadiyah orphanage is very important because it is able to know the problem identification and to find the ideal concept for the better management of an orphanage in Muhammadiyah. This research is a phenomenology study by research subjects: caretaker of the orphanage in Muhammadiyah at Great Malang. The research data was obtained after the observation, in-depth interviews, review of documentation and the discussion focused. Data were analyzed with interpretative phenomenological analysis. Basic problems for causes of differences in orientation and commitment administrators of Muhammadiyah orphanage is the influence of organizational culture and organizational environment factors. Organizational culture factors include the Islamic-based value and organization ideology, so that the Islamic values and the values of Muhammadiyah are used as guidelines in the orphanage. Environmental factors include the demand for its organization sustainability as characterized by economically productive activities organized by Orphanage and a program to produce a cadre of Muhammadiyah. To support the social welfare of Muhammadiyah, the ideal Orphanage concept for Muhammadiyah is a missionary and self-sufficient orphanage.

Keywords: orphanage, Muhammadiyah, misionary, Great Malang

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Authors: Mats Nilsson

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The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.

Keywords: business logic, business model, subsidies, business-to-citizen

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Authors: Irfan Ullah Munir, Shen Yue, Muhammad Shahzad Ijaz, Saad Hussain, Syeda Yumna Zaidi

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Financial literacy is fundamental to every decision-making process and has received attention from researchers, regulatory bodies and policy makers in the recent past. This study is an attempt to evaluate financial literacy in an emerging economy, particularly Pakistan, and its influence on people's stock market participation. Data of this study was collected through a structured questionnaire from a sample of 300 respondents. EFA is used to check the convergent and discriminant validity. Data is analyzed using Hayes (2013) approach. A set of demographic control variables that have passed the mean difference test is used. We demonstrate that participants with financial literacy tend to invest more in the stock market. We also find that association among financial literacy and participation in stock market gets moderated by gender.

Keywords: Financial literacy, Stock market participation, Gender, PSX

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Authors: Smriti Bhatnagar

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This study aims to find if the Transit-oriented planning and development approach benefit the quality of air in neighborhoods of New Delhi. Two methodologies, namely the land use regression analysis and the Transit-oriented development index analysis, are being used to explore this relationship. Land Use Regression Analysis makes use of urban form characteristics as obtained for 33 neighborhoods in Delhi. These comprise road lengths, land use areas, population and household densities, number of amenities and distance between amenities. Regressions are run to establish the relationship between urban form variables and air quality parameters (dependent variables). For the Transit-oriented development index analysis, the Transit-oriented Development index is developed as a composite index comprising 29 urban form indicators. This index is developed by assigning weights to each of the 29 urban form data points. Regressions are run to establish the relationship between the Transit-oriented development index and air quality parameters. The thesis finds that elements of Transit-oriented development if incorporated in planning approach, have a positive effect on air quality. Roads suited for non-motorized transport, well connected civic amenities in neighbourhoods, for instance, have a directly proportional relationship with air quality. Transit-oriented development index, however, is not found to have a consistent relationship with air quality parameters. The reason could this, however, be in the way that the index has been constructed.

Keywords: air quality, land use regression, mixed-use planning, transit-oriented development index, New Delhi

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Authors: Algia Hammami, Abdelfatteh Bouri

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In this work, our objective is to study the transmission of volatility between oil and stock markets in developed (USA, Germany, Italy, France and Japan) and emerging countries (Tunisia, Thailand, Brazil, Argentina, and Jordan) for the period 1998-2015. Our methodology consists of analyzing the monthly data by the GARCH-BEKK model to capture the effect in terms of volatility in the variation of the oil price on the different stock market. The empirical results in the emerging countries indicate that the relationships are unidirectional from the stock market to the oil market. For the developed countries, we find that the transmission of volatility is unidirectional from the oil market to stock market. For the USA and Italy, we find no transmission between the two markets. The transmission is bi-directional only in Thailand. Following our estimates, we also noticed that the emerging countries influence almost the same extent as the developed countries, while at the transmission of volatility there a bid difference. The GARCH-BEKK model is more effective than the others versions to minimize the risk of an oil-stock portfolio.

Keywords: GARCH, oil prices, stock market, volatility transmission

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Authors: Sarkar Humayun Kabir

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This paper aims to investigate whether ethical investment instruments could contribute to stability in financial markets. In order to address the main issue, the study investigates the stability of return in seven conventional and Islamic equity markets of Asia, Europe and North America and in five major commodity markets starting from 1996 to June 2012. In addition, the study examines the unconditional correlation between returns of the assets under review to investigate portfolio diversification benefits of investors. Applying relevant methods, the study finds that investors may enjoy sustainable returns from their portfolios by investing in ethical financial instruments such as Islamic equities. In addition, it should be noted that most of the commodities, gold in particular, are either low or negatively correlated with equity returns. These results suggest that investors would be better off by investing in portfolios combining Islamic equities and commodities in general. The sustainable returns of ethical investments has important implications for the investors and markets since these investments can provide stable returns while the investors can avoid production of goods and services which believes to be harmful for human and the society as a whole.

Keywords: financial sustainability, ethical investment instruments, islamic equity, dynamic conditional correlation, conditional volatility

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Authors: Xu Wang

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This research builds linear regressions of U.S. macroeconomic condition and volatility measures in the investment grade and high yield Credit Default Swap index spreads using monthly data from March 2009 to July 2016, to study the relationship between different dimensions of macroeconomy and overall credit risk quality. The most significant contribution of this research is systematically examining individual and joint effects of macroeconomic condition and volatility on CDX spreads by including macroeconomic time series that captures different dimensions of the U.S. economy. The industrial production index growth, non-farm payroll growth, consumer price index growth, 3-month treasury rate and consumer sentiment are introduced to capture the condition of real economic activity, employment, inflation, monetary policy and risk aversion respectively. The conditional variance of the macroeconomic series is constructed using ARMA-GARCH model and is used to measure macroeconomic volatility. The linear regression model is conducted to capture relationships between monthly average CDX spreads and macroeconomic variables. The Newey–West estimator is used to control for autocorrelation and heteroskedasticity in error terms. Furthermore, the sensitivity factor analysis and standardized coefficients analysis are conducted to compare the sensitivity of CDX spreads to different macroeconomic variables and to compare relative effects of macroeconomic condition versus macroeconomic uncertainty respectively. This research shows that macroeconomic condition can have a negative effect on CDX spread while macroeconomic volatility has a positive effect on determining CDX spread. Macroeconomic condition and volatility variables can jointly explain more than 70% of the whole variation of the CDX spread. In addition, sensitivity factor analysis shows that the CDX spread is the most sensitive to Consumer Sentiment index. Finally, the standardized coefficients analysis shows that both macroeconomic condition and volatility variables are important in determining CDX spread but macroeconomic condition category of variables have more relative importance in determining CDX spread than macroeconomic volatility category of variables. This research shows that the CDX spread can reflect the individual and joint effects of macroeconomic condition and volatility, which suggests that individual investors or government should carefully regard CDX spread as a measure of overall credit risk because the CDX spread is influenced by macroeconomy. In addition, the significance of macroeconomic condition and volatility variables, such as Non-farm Payroll growth rate and Industrial Production Index growth volatility suggests that the government, should pay more attention to the overall credit quality in the market when macroecnomy is low or volatile.

Keywords: autoregressive moving average model, credit spread puzzle, credit default swap spread, generalized autoregressive conditional heteroskedasticity model, macroeconomic conditions, macroeconomic uncertainty

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Authors: Amir Bahrami

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In the fields of chemical graph theory, molecular topology, and mathematical chemistry, a topological index or a descriptor index also known as a connectivity index is a type of a molecular descriptor that is calculated based on the molecular graph of a chemical compound. Topological indices are numerical parameters of a graph which characterize its topology and are usually graph invariant. Topological indices are used for example in the development of quantitative structure-activity relationships (QSARs) in which the biological activity or other properties of molecules are correlated with their chemical structure. In this paper some descriptor index (descriptor index) of single-walled carbon nanotubes, is determined.

Keywords: chemical graph theory, molecular topology, molecular descriptor, single-walled carbon nanotubes

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Authors: Jagoda Przybysz

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The main objective of this paper is to provide a comprehensive description of the immigrants in Poland, especially situation at the labour market. The paper will provide descriptive information on the composition of immigrants in Poland, and how this has changed over time, their socio-economic characteristics, their industry allocation and their labour market outcomes. Then we will investigate various labour market performance indicators (labour force participation, employment, wages and self-employment) for immigrants of different origins based on reached statistics. Individual interviews with immigrants will indicate areas of problems of living in Poland, mostly on labour market. The article shows that immigrants from some ethnic minority groups are more active in selected sectors of labour market. The empirical basis for the work related to the situation on the labor market of foreigners who came to the Poland and live in Lodz. The studies assumed that foreigners work in Poland and operate in different ways being integrated / excluded in varying degrees. Theoretical framework for analysis are: concepts of inclusion and exclusion, the concept of a dual labour market and the concept of social anchors. Completed in the 2014-2016, a pilot study (The forms of individual interviews) with 32 foreigners arrived in the last decade to Lodz. Preliminary studies have enabled the formulation of research issues and have set the future direction of research revealing to the personal experiences of respondents, a group of factors hindering integration and exclusion areas.

Keywords: foreigners, immigrants, labour market, migration, Poland

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Authors: Khalil Ahmad Khosa

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Pakistan is such a diverse region, it is the center of various religions and settlements long before the creation of the nation that exists today. The country's attraction range from the ruin of the Indus Valley Civilization such as Mohenjo-daro, Harappa and Taxila, to the Himalayan hill stations, which attract those interested in winter sports. Pakistan is home to several mountain peaks over 7000 m, which attracts adventurers and mountaineers from around the world, especially K2.[4] The north part of Pakistan has many old fortresses, ancient architecture and the Hunza and Chitral valley, home to small pre-Islamic Animist Kalash people community. The romance of the historic Khyber Pakhtunkhwa province is timeless and legendary, Punjab province has the site of Alexander's battle on the Jhelum River and the historic city Lahore, Pakistan's cultural capital, with many examples of Mughal architecture such as Badshahi Masjid, Shalimar Gardens, Tomb of Jahangir and the Lahore Fort. Tourism is a growing industry in Pakistan. However, till this date, the government has not be able to take the tourism market seriously within Pakistan. Pakistan is home to a diverse number of tourist attractions which have not been funded or protected due to the government giving the tourism market a low priority.

Keywords: architecture, Pakistan, tourism, turist

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Authors: Imbesat Daudi

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One of the most discussed topics of the last century happens to be if Islamic civilization is violent. Many Western intellectuals have promoted the notion that Islamic civilization is violent. Citing 9/11, in which 3000 civilians were killed, they argue that Muslims are prone to violence because Islam promotes violence. However, Muslims reject this notion as nonsense. This topic has not been properly addressed. First, violence of civilizations cannot be proven by citing religious texts, which have been used in discussions over civilizational violence. Secondly, the question of whether Muslims are violent is inappropriate, as there is implicit bias suggesting that Islamic civilization is violent. A proper question should be which civilization is more violent. Third, whether Islamic civilization is indeed violent can only be established if more war-related casualties can be documented within the borders of Islamic civilization than that of their cohorts. This has never been done. Finally, the violent behavior of Muslim countries can be examined by comparing acts of violence committed by Muslim countries with acts of violence of groups of nations belonging to other civilizations by appropriate parameters of violence. Therefore, parameters reflecting group violence have been defined; violent conflicts of various civilizations of the last two centuries were documented, quantified by number of conflicts and number of victims, and compared with each other by following the established principles of statistics. The results show that whereas 80% of genocides and massacres were conducted by Western nations, less than 5% of acts of violence were committed by Muslim countries. Furthermore, the West has the highest incidence (new) and prevalence (new and old) of violent conflicts among all groups of nations. The result is unambiguous and statistically significant. Becoming informed can only be done by a methodical collection of relevant data, objective analysis of data, and unbiased information, a process which this paper follows.

Keywords: Islam and violence, demonization of Muslims, violence and the West, comparison of civilizational violence

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Authors: F. Gökgöz, M. E. Atmaca

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Electricity has an indispensable role in human daily life, technological development and economy. It is a special product or service that should be instantaneously generated and consumed. Sources of the world are limited so that effective and efficient use of them is very important not only for human life and environment but also for technological and economic development. Competitive electricity market is one of the important way that provides suitable platform for effective and efficient use of electricity. Besides benefits, it brings along some risks that should be carefully managed by a market player like Electricity Generation Company. Risk management is an essential part in market players’ decision making. In this paper, risk management through diversification is applied with the help of Value at Risk methods for case studies. Performance of optimal electricity sale solutions are measured and the portfolio performance has been evaluated via Sharpe-Ratio, and compared with conventional approach. Biennial historical electricity price data of Turkish Day Ahead Market are used to demonstrate the approach.

Keywords: electricity market, portfolio optimization, risk management, value at risk

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Authors: Jan Cernohorsky

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This article aims to assess the evolution of imperfect competition in selected banking markets, in particular in the banking markets of Slovakia, Poland, Hungary, Slovenia and Croatia. Another objective is to assess the evolution of the relationship of imperfect competition and profit development in the banking markets. The article first provides an overview of literature on the topic. It then measures the degree of imperfect competition in individual markets using the Herfindahl-Hirschman Index. The commonly used indicator of total assets was chosen as an indicator. Based on this measurement, the individual banking sectors are categorized into theoretical definitions of the various types of imperfect competition - namely all surveyed banking sectors falling within the theoretical definition of monopolistic competition. Subsequently, using correlation analysis, i.e., the Pearson correlation coefficient, or the Spearman correlation coefficient, the connection between the evolution of imperfect competition and the development of the gross profit on selected banking markets was surveyed. It was found that with the exception of the banking market in Slovenia, where there is a positive correlation; there is no correlation between the evolution of imperfect competition and profit development in the selected markets. This means a recommendation for the regulators that it is not appropriate to rationalize a higher degree of regulation in granting banking licenses on the size of the profits attained in the banking market, as the relationship between the degree of concentration in the banking market and the amount of profit according to our measurements does not exist.

Keywords: bank, banking system, imperfect competition, profitability

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Authors: Vladimir A. Rozov

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Comparative studies of religion and ritual could contribute better understanding of human culture universalities. Belief in supernatural beings seems to be a common feature of the religion. A significant part of the Islamic concepts that concern supernatural beings is based on a tradition based on the Hadiths. They reflect, among other things, his ideas about a proper way to interact with supernatural beings. These ideas to a large extent follow from the pre-Islamic religious experience of the Arabs and had been reflected in a number of ritual actions. Some of those beliefs concern a particular function of clothing. For example, it is known that Muhammad was wrapped in clothes during the revelation of the Quran. The same thing was performed by pre-Islamic soothsayers (kāhin) and by rival opponents of Muhammad during their trances. Muhammad also turned the clothes inside out during religious rituals (prayer for rain). Besides these specific ways of clothing which prove the external similarity of Muhammad with the soothsayers and other people who claimed the connection with supernatural forces, the pre-Islamic soothsayers had another characteristic feature which is physical flaws. In this regard, it is worth to note Muhammad's so-called "Seal the Prophecy" (h̠ ātam an- nubūwwa) -protrusion or outgrowth on his back. Another interesting feature of Muhammad's behavior was his attitude to eating onion and garlic. In particular, the Prophet didn`t eat them and forbade people who had tasted these vegetables to enter mosques, until the smell ceases to be felt. The reason for this ban on eating onion and garlic is caused by a belief that the smell of these products prevents communication with otherworldly forces. The materials of the Hadith also suggest that Muhammad shared faith in the apotropical properties of water. Both of these ideas have parallels in other cultures of the world. Muhammad's actions supposed to provide an interaction with the supernatural beings are not accidental. They have parallels in the culture of pre-Islamic Arabia as well as in many past and present world cultures. The latter fact can be explained by the similarity of the universal human beliefs in supernatural beings and how they should be interacted with. Later a number of similar ideas shared by the Prophet Muhammad was legitimized by the Islamic tradition and formed the basis of popular Islamic rituals. Thus, these parallels emphasize the commonality of human notions of supernatural beings and also demonstrate the significance of the pre-Islamic cultural context in analyzing the genesis of Islamic religious beliefs.

Keywords: hadith, Prophet Muhammad, ritual, supernatural beings

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Authors: İsmail İnce

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The aim of this study is to determine index and mechanical properties of pyroclastic rock in a practical way by means of electrical resistivity method. For this purpose, electrical resistivity, uniaxial compressive strength, point load strength, P-wave velocity, density and porosity values of 10 different pyroclastic rocks were measured in the laboratory. A simple regression analysis was made among the index-mechanical properties of the samples compatible with electrical resistivity values. A strong exponentially relation was found between index-mechanical properties and electrical resistivity values. The electrical resistivity method can be used to assess the engineering properties of the rock from which it is difficult to obtain regular shaped samples as a non-destructive method.

Keywords: electrical resistivity, index-mechanical properties, pyroclastic rocks, regression analysis

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: Yingjie Zhang, Ming Li, Ying Zhang, Jing Zhang, Zuolei Hu

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In the actual start-up process of DC motors, the DC drive system often faces a conflict between energy consumption and acceleration performance. To resolve the conflict, this paper proposes a comprehensive performance index that energy consumption index is added on the basis of classical control performance index in the DC motor starting process. Taking the comprehensive performance index as the cost function, particle swarm optimization algorithm is designed to optimize the comprehensive performance. Then it conducts simulations on the optimization of the comprehensive performance of the DC motor on condition that the weight coefficient of the energy consumption index should be properly designed. The simulation results show that as the weight of energy consumption increased, the energy efficiency was significantly improved at the expense of a slight sacrifice of fastness indicators with the comprehensive performance index method. The energy efficiency was increased from 63.18% to 68.48% and the response time reduced from 0.2875s to 0.1736s simultaneously compared with traditional proportion integrals differential controller in energy saving.

Keywords: comprehensive performance index, energy consumption, acceleration performance, particle swarm optimal control

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Authors: Javid Zarei

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International buyback contracts are a type of contract service. These kinds of contracts are the most important instrument for attracting foreign investors in accordance with Iran's laws. These contracts have been the basis of commercial and economic relations between Iran and foreign companies for about 30 years. The legal structure of this type of contract has gradually evolved, so today, an advanced generation of it under the title of Iran Petroleum Contract is being used in the industry of Iran. This article has analytically examined the issue of Iran's commercial contracts in the oil industry and contracting services and allocated sections to examine the strengths and weaknesses of these oil contracts. Also, this research is an attempt to examine and compare the Concession regime with the Buyback contracts, each of which is derived from the common law legal system and the Islamic legal system, respectively.

Keywords: buyback contracts, concession regime, ownership, common law legal system, Islamic legal system of Iran

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Authors: Damien Kunjal, Faeezah Peerbhai

Abstract:

Despite the increasing popularity of exchange-traded funds (ETFs), ETF investment choices may not always be rational. Excess trading volume, misevaluations of securities, and excess return volatility present in financial markets can be attributed to the influence of the overconfidence bias. Whilst previous research has explored the overconfidence bias in stock markets; this study focuses on trading in ETF markets. Therefore, the objective of this study is to investigate the presence of investor overconfidence in the South African ETF market. Using vector autoregressive models, the lead-lag relationship between market turnover and the market return is examined for the market of South African ETFs tracking domestic benchmarks and for the market of South African ETFs tracking international benchmarks over the period November 2000 till August 2019. Consistent with the overconfidence hypothesis, a positive relationship between current market turnover and lagged market return is found for both markets, even after controlling for market volatility and cross-sectional dispersion. This relationship holds for both market and individual ETF turnover suggesting that investors are overconfident when trading in South African ETFs tracking domestic benchmarks and South African ETFs tracking international benchmarks since trading activity depends on past market returns. Additionally, using the global recession as a structural break, this study finds that investor overconfidence is more pronounced after the global recession suggesting that investors perceive ETFs as risk-reducing assets due to their diversification benefits. Overall, the results of this study indicate that the overconfidence bias has a significant influence on ETF investment choices, therefore, suggesting that the South African ETF market is inefficient since investors’ decisions are based on their biases. As a result, the effect of investor overconfidence can account for the difference between the fair value of ETFs and its current market price. This finding has implications for policymakers whose responsibility is to promote the efficiency of the South African ETF market as well as ETF investors and traders who trade in the South African ETF market.

Keywords: exchange-traded fund, market return, market turnover, overconfidence, trading activity

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Authors: Zhanfeng Ma, Zhiping Xiong, Hu Yin, Zhengwei She, Aditya P. Gurajada, Tianlun Chen, Ying Li

Abstract:

Many RDBMS vendors use B-tree index to achieve high performance for point queries and range queries, and some of them also employ hash index to further enhance the performance as hash table is more efficient for point queries. However, there are extra overheads to maintain a separate hash index, for example, hash mapping for all data records must always be maintained, which results in more memory space consumption; locking, logging and other mechanisms are needed to guarantee ACID, which affects the concurrency and scalability of the system. To relieve the overheads, Hash Cached B-tree (HCB) index is proposed in this paper, which consists of a standard disk-based B-tree index and an additional in-memory lock-free hash table. Initially, only the B-tree index is constructed for all data records, the hash table is built on the fly based on runtime workload, only data records accessed by point queries are indexed using hash table, this helps reduce the memory footprint. Changes to hash table are done using compare-and-swap (CAS) without performing locking and logging, this helps improve the concurrency and avoid contention. The hash table is also optimized to be cache conscious. HCB index is implemented in SAP ASE database, compared with the standard B-tree index, early experiments and customer adoptions show significant performance improvement. This paper provides an overview of the design of HCB index and reports the experimental results.

Keywords: B-tree, compare-and-swap, lock-free hash table, point queries, range queries, SAP ASE database

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Authors: Edwin Njoroge Kimani, Alan M. Munyao

Abstract:

Despite Kenya’s status as a regional economic powerhouse, it struggles with economic shocks that expose the consumers. This, however, seems not to affect major cooperates such as those in the telecommunication and energy sectors. Through their operations, they have not only been able to fluctuate prices at will but also they have been accused of curtailing their rivals from penetrating the market. This study, through literature review of the legal and institutional framework, reports and publications interrogates the law and uncovers the following; i) failings of the legal framework to define market dominance and abuse of such positions, ii) the participation of the state, iii) the inertia of the government to prosecute corporations that abuse their market dominance, iv) the role of the state as a market player and as a regulator through the Competition Authority of Kenya. This study concludes that the market distortion is as a result of weak legal and institutional framework as well as conflict of interest by the government. Not much has been researched in the field of competition law the greater East Africa. This research is intended to form part of the growing research in the field and inform legal reform.

Keywords: competition law, economic power, dominance, Kenya

Procedia PDF Downloads 220