INCEIF Knowledge Repository (INCEIF University)
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Stock market and private consumption in Malaysia
No full textThe paper analyzes the influence of the stock market on aggregate consumption in Malaysia using a battery of time series approaches - the ARDL cointegration test, an error-correction modeling and a vector autoregression (VAR). In the analysis, real consumption is specified to depend linearly on real income and real stock market wealth as measured by real market capitalization. The ARDL cointegration test indicates the presence of a long-run relationship between consumption and its determinants, real income and real stock market wealth. At the same time, we also note positive short-run coefficient of current changes in real stock market wealth in the dynamic equation of real consumption. Finally, the variance decompositions and impulse-response functions simulated from the estimated VAR indicate a causal pattern that runs from real stock market wealth to real activities (consumption and income). Accordingly, based on these findings, the stock market wealth effect is unequivocally supported in Malaysia
Shariah auditing in Islamic financial institutions: exploring the gap between the "desired" and the "actual"
No full textPersistently high expectations from the operations of Islamic financial institutions (IFIs) appears to give way for a gap to exist between “what ought to be” shariah auditing and the current practice of shariah audit in IFIs in Malaysia. Sulaiman (2005) mentioned that “what ought to be desired (the desirable)” may not coincide with “what is actually desired (the desired)” and in consequent “what is actually desired” may not be the same as “the actual” practice. This paper aims to explore empirically the gap between “the desired” and “the actual” practice of shariah auditing in IFIs in Malaysia. It is found that there exists a gap between the two concepts in terms of certain issues discussed in this study. Even though this paper cannot hope to bridge the gap that exists, it nevertheless shows that shariah audit function has not seriously taken an impact in IFIs in Malaysia despite its potential as a monitoring tool for shariah compliance
Islam
No full textIslamic economists are credited with taking an ethical approach to the subject of economics, emphasizing social justice and equality. These writers are producing a growing volume of literature, the emergence of which raises critical questions. First, what is distinctive about this literature, and to what extent does it represent a coherent body of ideas? ..
Crime and economic condition: the case of United States of America
No full textA normative definition views crime as deviant behavior that violates prevailing norms-cultural standards prescribing how humans ought to behave normally. This approach considers the complex realities surrounding the concept of crime and seeks to understand how changing social, political, psychological, and economic conditions may affect the current definitions of crime and the form of the legal, law enforcement, and penal responses made by society. In the United States since 1930, the Federal Bureau of Investigation (FBI) has tabulated Uniform Crime Reports (UCR) annually from crime data submitted by law enforcement agencies across the United States. Officials compile this data at the city, county, and state levels into the UCR. United States overall crime rate is displayed in two indices. The violent crime index comprises forcible rape, robbery, murder and assault. The property crime index consists of burglary, larceny-theft, and motor vehicle theft. The crime rate is measured by the number of crimes being reported per 100,000 people
Accounting information systems (AIS) and knowledge management: a case study
No full textThis study seeks to examine the use of Accounting Information Systems (AIS) by ZBMS Sdn. Bhd., and it's contribution to the knowledge management and strategic role of the organisation. ZBMS is a company that registered in Kuala Lumpur and operate in construction industry. The company used automated AIS known as Contract Plus Financial & Project Accounting package commercially developed by a private company (ZYXW). Wide variety of people that involve in the company's operation within and outside the organisation uses accounting information generated by this system for decision-making. Based on input provided by operational level managers, the Contract Plus software produces monthly projects' income statements, balance sheets and statement of changes in financial position for the strategic and tactical managers to plan, control and make decision on the resources allocation. The role-played by AIS enhanced the organisations' accounting functions, and add information value. The automated AIS speed up the process to generate financial statements and overcome human weaknesses in data processing. The system enhances management of resources and the process of monitoring, control and prediction of ZBMS business for better future. With the advent of AIS, the growth of tacit and explicit knowledge could be seen from the intensive training of personnel at the early stage of system implementation to the development and use of company's own manual in training of new staff and assisting the job of existing staff. Given the benefit of AIS to ZBMS, this paper recommended that the source of data should be fully automated, and the existing system should be upgraded through computerise the pre-tendering and post-tendering of projects to enable AIS integration
Long-run relationships and dynamic interactions between housing and stock prices in Thailand
No full textEconomists recognise that macroeconomic and financial variables have an impact on housing prices. In this study, we focus on the relationship between housing prices and stock prices in Thailand using quarterly data from the first quarter (Q1) of 1995 till the last quarter (Q4) of 2006. The analysis is conducted within a multivariate setting that incorporates the Stock Exchange of Thailand Composite Index and housing prices, the real gross domestic product and the consumer price index. In this paper, the autoregressive distributive lags (ARDL) cointegration test is applied to examine the variables' long-run relationships. We then employ the ARDL, DOLS and ML approaches to estimate the long-run parameters and impulse response functions based on a vector autoregression (VAR) framework to explore their dynamic interactions. Our results indicate positive relationships between housing prices and the macroeconomic and financial variables chosen. As regards their dynamic interactions, we note significant responses of housing prices to shocks in the three variables
Pricing efficiency of the 3-month KLIBOR futures contracts: an empirical analysis
No full textThis study is an empirical investigation of the pricing efficiency of Malaysia’s interest rate futures contract, the 3-month Kuala Lumpur Interbank Offered Rates (KLIBOR) futures contract. This article also examines several issues related to pricing efficiency. The study spans the contract’s entire 10-year history, June 1996 to June 2006. In line with findings in other markets, we find a pre-ponderance of overpricing. Almost 80% of the mispricing constituted overpricing of the futures contract. Mean overpricing was 8 basis points. Our results lend support to the hypothesis that there may be a ‘Futures Habitat Premium’. Underpricing, though less frequent was of a larger magnitude and had higher volatility. Even after adjusting for brokerage costs, most of the price deviations were arbitrageable. We find the extent of mispricing to be dependent on the trend and volatility of the underlying rate. Analysis of the impact of switch in Central Bank target policy rate, away from the underlying asset of the futures contract, showed higher pricing deviation post switch. Our examination of the interest rate announcement effect showed the spot market to be more responsive and faster in reaction than the futures market. The magnitude of reaction to rate cuts appears to be different at different interest rate levels
Research issues in accounting: Malaysian context
No full textThis book consists of eleven selected research in accounting issues, which are looking from Malaysian context. The issues are ranging from attributes of ethical practices as part of management control system and practices, issues related to external auditing and board of directors (BOD) as corporate governance mechanisms, performance management systems design, use and development status, security threats of computerised accounting information system (CAIS) and urgent needs for the knowledge and applications of Syari'ah based Accounting (SbA) as Islamic Capital Market (ICM) is rapidly developing throughtout the world, including Malaysia
Islamic banks: towards a Shariah-oriented model
No full textIslamic financial institutions (IFIs), which comprise a range of financial institutions including banks, non-bank finance companies, venture capital firms, insurance companies and mutual funds, have shown tremendous growth and financial performance over the last decade. IFIs were founded on certain basic principles that differentiated them from conventional financial services industry,i.e. ethics and socio-economic objectives in line with the ‘Maqasid Al-Shariah’ or objectives of the Shariah (herein refered to as the Maqasid). However, the use of conventional financial reporting and the dominant capitalist system in which the IFIs operate has resulted in the use of conventional accounting performance measurement tools, and the extent to which these institutions achieve their fundamental objectives is therefore not clear. This article proposes and tests a model of performance analysis which can evaluate whether the tremendous financial growth of this sector has been in line with the Maqasid
Gold investment as an inflationary hedge: the Malaysian evidence
No full textThe paper assesses empirically the inflation-hedging properties of gold and, as comparison, of the stock market for Malaysia using montly data from July 2001 to May 2007. The results provide clear evidence that, over the sample period, gold serves as a good inflationary hedge. However, the hedging value seems to be lacking in stock prices. More specifically, from regression analyses, we note that gold provides a good hedge over all investment horizons considered and with better hedging at longer horizons. Moreover, from the VAR-based impulse response functions, the return on gold investment seems to increase immediately in response to inflation shocks. For the stock return, we find no evidence of its significant relation or significant response to inflation regardless of the horizons used to compute stock return and inflation