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Trade sustainability in the forestry domain: the case of Malaysia
No full textThis study was undertaken to explore the relationship between export and import, in the category of Forestry domain for Malaysia, which includes sub domain (1) industrial roundwood; (2) wood pulp; (3) wood fuel; (4) paper and paper board; (5) sawn wood; (6) recovered paper and (7) wood base panel. Johansen (1991) cointegration method was employed and the period of the study covers annual data from 1961 to 2007. The results clearly show that the export and import of forestry domain is highly cointegrated. This shows trade is indeed sustainable in the domain of forestry and a sign of good trade policies adapted and implemented by the relevant authorities Bi-directional granger causality could also be detected based on VECM (vector-error correction model) method. Imports seem to positively and significantly affect exports, both in the long run and short run, vice versa
The stability of money demand in China: evidence from the ARDL model
No full textThis study examines the demand for broad money (M2) in China using the autoregressive distributed lag (ARDL) cointegration framework. The results based on the bounds testing procedure confirm that a stable, long-run relationship exists between M2 and its determinants: real income, inflation, foreign interest rates and stock prices. Importantly, our results reveal that stock prices have a significant wealth effect on long- and short-run broad money demand; its omission can lead to serious misspecifications in the money demand function (MDF). This finding is consistent with the notion that asset inflation (deflation) has systematic influence on the pattern of monetary aggregates
Comment on “Politics of trade in the USA and in the Obama administration: implications for Asian regionalism”
No full textThe Barfield paper (2009) is fascinating as it provides deep insights into the political processes that shape the US position on matters relating to trade policies.What makes it all the more interesting is the current context, now that the USA has a new president with high expectations staked on and that the USA and its trading partners are stuck in a serious recession. The paper confirms free traders’ worst fears that the USA will likely turn up the heat on its trading partners, with the Democratic Party at the helm and the domestic economy in the doldrums. The Democrats, who control both the presidency and Congress known to be tough on trade policies, are likely to succumb more readily to domestic protectionist pressures, which tend to rise during economic slumps
Predictive content of output and inflation for stock returns and volatility: the Malaysian case
No full textFamily waqf: its origin, law, development, abolition and future
No full textHistorically speaking, the institution of waqf, a redistribution institution and a non-profit institution, played a remarkable role in developing the Islamic societies as well as in assisting the Islamic State in providing all the essential services as it; supported the health and the educational sectors, supplied the basic infrastructures, provided jobs, enhanced the commercial business activities, provided food for the hunger, sheltered the poor and the needy, besides supporting the agricultural and industrial sectors, without any cost to government. However, this role had been deteriorated since the end of the 19th century up to the present time as the governments in the different Muslim countries gave the right to themselves to centralize its administration and to confiscate and abolish family waqf. By doing so, the government hopped that they will solve all the problems which had occurred to the waqf properties during that time. However, they fail to realize that they are destroying its remarkable role, which it had played throughout the past centuries
Granting employee stock options (ESOs), market reaction and financial performance
No full textThis paper examines several issues related to the implementation of ESOs among Malaysian companies. We examine a total of 52 companies, 26 ESO firms and their matched industry peers over a span of 12 years. We find ESO firm stocks to have marginally higher mean returns and lower volatility than do their pre-ESO peers. Malaysian companies are more likely to initiate ESOs when the market valuation of their stocks is low. If there is any timing, ESO initiation is timed to be most favourable to employee recipients. Market reaction to ESO announcements is significantly negative. Furthermore, stock prices do not seem to recover to pre-announcement levels during at least the subsequent 20 trading days or one calendar month. In line with US findings, operating performance deteriorates for ESO companies. Comparative analysis of control firms rules out industry or external factors as elements of the deterioration. Firm size has been identified in previous studies as a determinant of market reaction and post-ESO performance. Indeed we find this to be the case for Malaysian ESOs. We find a positive announcement effect for large firms but a significantly negative one for small firms. Though puzzling, the market reaction makes sense when we consider the poor operating performance post-ESO of small firms relative to large ones. It appears that the impact of an ESO is negative for small firms but neutral for large ones. The market appears to anticipate this outcome and react accordingly. An ESO realigns the interest of the stakeholders of a company. Employee recipients gain, while shareholders mostly lose. Bondholders of large ESO firms are only marginally affected, but those of small firms stand to lose from the diminution of profits and increased leverage post-ESO. Based on our results, it will be difficult to make a case that the objectives of and rationale for an ESO are being fulfilled
Waqf and its role in the Islamic economic system
No full textPhilanthropic foundations are known in the Islamic world as waqf or habs. Whereas the latter term is used in North Africa and has also entered into the French language, the former is known, with slight variations, in the rest of the Islamic world and has entered into English. The word waqf (pl. awqaf) is derived from the Arabic root verb waqafa, which means to cause a thing to stop and stand still
Islamic financial instruments & their implications on the real economic sector
No full textIslamic finance today started with Islamic banking about 48 years ago. Twenty years later takaful became the second important Islamic finance institution. Asset management is another important area of progress which helped banks, takaful companies and non-bank financial institutions. Money and capital market is the most recent addition
Accounting & auditing for Islamic financial institutions
No full textThis book covers accounting for murabaha, bay' bi al-thaman al-ajil, mudarabah, musharakah, ijarah, salam, istisna', zakah, sukuk and other investments. This book is not only prescriptive but also critical of current practice, which should challenge students to critically think of improving this new discipline.
Available in physical copy only (Call Number: HF 5616 I74 S525
How expansive are the frontiers
No full textIslamic capital market products have developed enormously in recent years, with seven major types of sukuk and issuance in four currencies and by ten countries. Much has been achieved since 2000 and many lessons have been learnt. The industry has not suffered the types of setbacks experienced by conventional asset-backed securities, many of which, following the subprime debacle, are now worthless. Yet those involves in sukuk issuance cannot afford to be complacement, as there are many unresolved issues. The aim here is to consider these issues and assess where the industry is goin