INCEIF Knowledge Repository (INCEIF University)
Not a member yet
1768 research outputs found
Sort by
The impact of management, family, and institution on the auditor's going concern opinion issuance decision
No full textIncidents 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 have no relationship with GC opinion issuance. Influential management - measured as the level of their ownership - can dampen the positive relationship between auditor specialization and auditor tenure with GC opinion issuance. The presence of an influential family, on the other hand, can strengthen the positive relationship between auditor tenure and GC opinion. No evidence about an influential institution's impact on the GC opinion process could be found. In conclusion, while auditor characteristics do not affect the possibility of a GC opinion issuance, pressure imposed by influential management and family on the auditor during the audit opinion decision process does have an impact
Nonfinancial traits and financial smartness: international evidence from Shariah-compliant and socially responsible funds
No full textThis paper examines the flow-performance relationship and the presence of "Smart money effect" in Socially responsible funds (SRFs) and Shariah compliant funds (SCFs). A survivorship bias free sample of 686 funds comprising of 212 SCFs and 474 SRFs were analysed with investment focus in the Asia pacific, Emerging markets, Europe, Global (with no focus to any specific country or region), Middle East and North Africa (MENA) and North America. The findings show that flow-performance relationship is asymmetric for both the funds as the response to positive returns is more as compare to the negative returns for the last/current year as well as the last/current month. There is also a significant presence of "Smart money effect" in both the funds for the entire sample but there is no evidence of "Smart money effect" in SRFs for the sample of old funds
Pioneering Islamic tourism in Maldives: toward creation of first Shariah compliant resort to become global Islamic tourism hub
No full textMaldives is a tourism driven economy, which contributes more than one fourth of the country's Gross Domestic Product (GDP). While tourism sector supplies over 70% of the foreign exchange earnings to the country, one third of the government revenue is generated from this sector. Tourism is also known as the leading employment generator in the country. The objective of this paper is to formulate ways in which Maldives could pioneer Islamic tourism and to create the Islamic tourism strategies which the country will adopt. This is a qualitative research where primary data analyzed are tourism related laws and guidelines issued in Maldives and in different parts of the world and the secondary data analyzed are from newspapers, journals and books on the subject. It is anticipated that this paper will assist the government of Maldives to understand the strategies that could be adopted in implementing Islamic tourism
Quantum field theory for economics and finance
No full textAn introduction to how the mathematical tools from quantum field theory can be applied to economics and finance, this book provides a wide range of quantum mathematical techniques for designing financial instruments. The ideas of Lagrangians, Hamiltonians, state spaces, operators and Feynman path integrals are demonstrated to be the mathematical underpinning of quantum field theory and are employed to formulate a comprehensive mathematical theory of asset pricing as well as of interest rates, which are validated by empirical evidence. Numerical algorithms and simulations are applied to the study of asset pricing models as well as of nonlinear interest rates. A range of economic and financial topics is shown to have quantum mechanical formulations, including options, coupon bonds, nonlinear interest rates, risky bonds and the microeconomic action functional. This is an invaluable resource for experts in quantitative finance and in mathematics who have no specialist knowledge of quantum field theory
Does securitization for government staff personal loan perform?
No full textMalaysian firms have been reported to involve in Asset-Backed Securities since 1986s where Cagamas is a pioneer. The objective of this study to determine the primary market spread and analyze on firm financial performance. The methodology for this paper using regression analysis for the study period 2007-2012. They are three determinants that contribute and statistically significant for this research paper. The measurement of financial performance does not have any impact during subprime mortgage crisis. The firm results shows increasing profitability, reducing debt, stronger company value and shareholders earning better dividend
Is Shari'ah human governance important for Islamic financial institutions?
No full textHuman governance is a prerequisite to have effective corporate governance. The reason is simple. The brain of any corporation or a company is the people that runs it. As such, we need humans that ethical values in addition to the common criteria of specific skill set, knowledge, expertise and experience to run it. The undeniable truth is at the end of the day the personal characteristics of those who run the corporation or the company matters. Human governance in this context refers to the implementation of good ethical values within humans
Portfolio diversification benefits at different investment horizons during the Arab uprisings: Turkish perspectives based on MGARCH-DCC and wavelet approaches
No full textThis study is an initial attempt at investigating the extent to which portfolio diversification benefits at different investment horizons are available to a Turkish investor from investment in MENA countries exposed to the Arab spring based on MGARCH-DCC and Wavelet techniques on daily data spanning from 2005 to 2015. The findings tend to suggest that the Turkish investors may not benefit from investment in Egypt for almost all investment horizons but may have moderate benefits from Lebanon up to the investment horizons of 32 - 64 days and longer. However, Turkish investors may benefit from Oman excepting the longer investment horizons. In the long run all stock holding periods exceeding 32 days have minimal benefits for portfolio diversification
Shariah analysis of running musharakah product as practiced by Islamic banks in Pakistan
No full textIslamic banking industry in Pakistan has been growing since its inception back in 2001. The assets and deposits of Islamic banking industry 11.9% and 13.7% respectively of overall banking industry by the end of September 2017. However, still being a small portion in overall banking industry, Islamic banks make efforts to come up with innovative products which on one hand must Shariah compliant as well as competitive with conventional products. This study discusses a specific product namely "running musharakah" which is proposed by Shaykh Taqi Usmani in 1998 for the financing of working capital and operational needs based on the concept of Shirkah al-aqd. This idea is adopted by Meezan Bank Limited in 2008 and gradually has become popular in Islamic banking industry of Pakistan ..
Theoretical impact of enhanced musharakah mutanaqisah home financing on real estate prices
No full textThis paper theoretically analyzes two alternative modes of home financing. The first mode is the conventional housing loan and the other is enhanced musharakah mutanaqisah (EMM) home financing. Our results reveal the EMM based setting is superior to the conventional housing loans in at least two aspects. These are the prevention of house price inflation in all phases of economic business cycle and the smoothening of real estate cycles. This means that, under the EMM, the risk of real estate bubble formation is subdued, which should prove to be welfare improving
Maldives: the hub for Islamic finance in South Asia
No full textMaldives is a hundred percent Muslim country with a population of less than four hundred thousand. The country has a unique geography as it consists of 1,190 islands scattered in the Indian ocean. According to Article 2 of the Constitution of Maldives, Maldives is a sovereign, independent, democratic Republic based on the principles of Islam, and is a unitary State, to be known as the Republic of Maldives. According to Article 9 (d) of the Constitution of Maldives, a non-Muslim will not become a citizen of Maldives even if the person fulfills all the conditions to become a citizen of Maldives as prescribed in the Constitution. Article 10 of the Constitution states that the religion of the state is Islam and Islam shall be the one of the basis of all the laws of Maldives. Furthermore, it also states that no law contrary to any tenet of Islam shall be enacted in Maldives