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The role of agricultural water markets in the allocation and pricing of water resources: a case study of Mojen water market (Persian)
No full textWater markets are instrumental in efficient allocation and pricing of scarce water by enhancing allocative and price efficiency of water use. The prerequisites for water market formation are tradable water rights independent from ownership of the land, extensive water canals, water use associations, and adequate market regulations. Mojen water market has been facilitating exchange of alternative water rights for more than 40 years accommodating among other things 30% of total farmers water demand. The total volume of water exchanged through the marker over the 3 year period of (2002-2004) are 38, 54 and 88 Q3, with average price of 555, 651, and 664 IR/Q3, respectively. The purpose of this research is to estimate water demand function and identify the roles that market plays in pricing and efficient allocation of water. The estimated demand price elasticities for single and joint production of potato and wheat are significant and negative. The differential among the absolute value of the estimated elasticities reveals that potato and wheat are the major and the minor crop choice in the farmers’ production plan. Producers are less sensitive to variation of water price when they produce potato and wheat jointly compared to their single plantation. The price elasticity of demand for the former joint outputs is -0.256 compared to that of potato and wheat alone which are -0.276 and -0.477, respectively. The difference between the average products of water for the said crops enforces the obtained elasticities results
Islamic finance: evolution & development
No full textThe slides "Islamic finance: evolution & development" presented by Prof. Datuk Dr. Syed Othman Alhabshi at a Special Talk on Islamic Finance to staff of Wisma Putra, at Ministry of Foreign Affairs, Putrajaya, Malaysia
The impact of nominal GDP and inflation on the financial performance of Islamic banks In Malaysia
No full textThe aim of this paper is to analyse the financial performance of Islamic banks in Malaysia measured using ratio analysis of profitability, liquidity, credit risk and impaired financing performance. The study also includes determining the impact of nominal Gross Domestic Product (GDP) and inflation rates on the variables of profitability, liquidity, credit risk and impaired financing performance during the period spanning from year 2007 to year 2011. The result of regression shows that nominal GDP has significant impact on macroeconomic variables such as return on average asset, liquidity ratio and equity to net loans. Therefore, there are only certain macroeconomic variables that have significant impact towards nominal GDP. As for the log-linear regression between nominal GDP and inflation rate as the dependent variables, the results shown that nominal GDP has significant and positive impact on ROAA (return on average asset) and liquidity ratio and EQL (equity to total liquidity). However, as for inflation rate, the results shown that the inflation rate has negative correlation with profitability ratio (ROAE and ROAA). Furthermore, surprisingly the inflation rates have no significant impact on the profitability ratio. The constraint of this paper is the limitation of time series period data on some of the economic variable as well as relying in the use of basic linear regression analysis
Emissions and trade in Southeast and East Asian countries: a panel co-integration analysis
No full textThe purpose of this paper is to analyse the implication of trade on carbon emissions in a panel of eight highly trading Southeast and East Asian countries, namely, China, Indonesia, South Korea, Malaysia, Hong Kong, The Philippines, Singapore and Thailand. The analysis relies on the standard quadratic environmental Kuznets curve (EKC) extended to include energy consumption and international trade. A battery of panel unit root and co-integration tests is applied to establish the variables’ stochastic properties and their long-run relations. Then, the specified EKC is estimated using the panel dynamic ordinary least square (OLS) estimation technique. The panel co-integration statistics verifies the validity of the extended EKC for the countries under study. Estimation of the long-run EKC via the dynamic OLS estimation method reveals the environmentally degrading effects of trade in these countries, especially in ASEAN and plus South Korea and Hong Kong. These countries are heavily dependent on trade for their development processes, and as such, their impacts on CO2 emissions would be highly relevant for assessing their trade policies, along the line of the gain-from-trade hypothesis, the race-to-the-bottom hypothesis and the pollution-safe-haven hypothesis. The analysis adds to existing literature by focusing on the highly trading nations of Southeast and East Asian countries. The results suggest that reassessment of trade policies in these countries is much needed and it must go beyond the sole pursuit of economic development via trade
Selected studies in accounting & finance
No full textThis book incorporates selected empirical studies in accounting and finance. All studies were conducted in Malaysia content except one based on Egyptian data. We presented a total of nine chapters. One introductory chapter is followed by one chapter on issues related to auditing. Furthermore, we have two chapters on taxation, a chapter on accounting education and corporate governance respectively, and three chapters on finance. It is hoped that the book is of great value to readers for its meaningful contribution to progress in knowledge, policy making and practice
The development of offshore financial centres for Islamic finance in the Gulf Cooperation Council: competitive positions and challenges
No full textWealth in the Gulf Cooperation Council (GCC) has mostly been fuelled by oil and gas revenues. These petrodollar flows have been increasing over the long term particularly with the rising oil prices. Based on average crude oil prices of USD 70 per barrel, it is estimated that the amount of oil revenue profits of the six GCC states - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) - will tripple over the next 14 years (Farrell, 2005). How the GCC deploys this increasing wealth is of high interest to the world. Historically, the GCC has relied on the financial markets of the United States and Europe to manage their investments
Islamic finance product structuring through Islamic securitization markets
No full textIslamic finance assets in several countries comprise significant part of the financial system. In these countries there are certain issues that are unique to the Islamic finance and are overlooked by stakeholders, most importantly regulators. This paper investigates that Islamic finance product structuring, through a chain effect, may influence the financial stability of the Islamic financial system in a country. This is demonstrated through the securitization chain of an Islamic Mortgage Backed Security (MBS) to show that Islamic product structuring decisions at the retail level have a chain impact on the investor base for an Islamic MBS deriving from the mortgage assets ..
Dynamic capital structure and Asian financial crisis: evidence from emerging markets
No full textThis paper investigates the target capital structure adjustment by Malaysia and Singapore, with a view to determine whether they exhibit similar behaviour. Firms may temporarily diverge from their target capital structure but seek to return optimal capital structure when indications of crisis are seen as well as in the aftermath of a crisis. Firms which are not on their optimum capital structure face high detrimental costs for being in such a position ..
Perspective on Islamic finance: Malaysia as a world leader in Islamic finance
No full textInterview session with Prof. Datuk Dr. Syed Othman Alhabshi, Chief Academic Officer of INCEIF on "Perspective on Islamic finance: Malaysia as a world leader in Islamic finance"
Selected studies in accounting and finance: an overview
No full textThis book contains a compilation of studies on selected issues in accounting and finance. These studies are conducted in Malaysian context except one study based in Egypt. The studies cover significant topics in auditing, taxation, accounting education, corporate governance and finance