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Open Access
Article
Publication date: 9 June 2021

Fahad Alarifi

The purpose of the paper is to analyze the new Bankruptcy Law in Saudi Arabia (KSA Bankruptcy Law) under both a comparative lens and a policy-oriented one, while highlighting some…

3170

Abstract

Purpose

The purpose of the paper is to analyze the new Bankruptcy Law in Saudi Arabia (KSA Bankruptcy Law) under both a comparative lens and a policy-oriented one, while highlighting some of the most essential operational steps and procedures in a bankruptcy proceeding under the law.

Design/methodology/approach

The approach adopted analyzes the specific mechanics and procedures of a bankruptcy law under the general policies and goals of bankruptcy. Additionally, where appropriate, a brief comparison to the US Bankruptcy code and its provisions is presented to provide an alternative approach on how similar issues are handled under a reputable and proven bankruptcy system.

Findings

Overall, the KSA Bankruptcy Law is a major accomplishment and advancement to the Kingdom’s insolvency regime. The law consolidated and codified the laws governing bankruptcy under the Kingdom’s prior regime, and followed the structure of a modern bankruptcy regime. In doing so, several of the law’s policies and objectives have been fulfilled by providing an effective, predictable and reliable bankruptcy system.

Originality/value

Given the relatively recent adoption of the KSA Bankruptcy Law, the paper provides a comprehensive assessment of the law’s operation and its effectiveness in achieving its policy goals as a modern bankruptcy law.

Details

PSU Research Review, vol. 7 no. 3
Type: Research Article
ISSN: 2399-1747

Keywords

Open Access
Article
Publication date: 14 September 2022

Jimin Hong

This study investigates insurance demand in a two-period model when a decision-maker (DM) is averse to the ambiguity of loss distributions. This study derives sufficient…

Abstract

This study investigates insurance demand in a two-period model when a decision-maker (DM) is averse to the ambiguity of loss distributions. This study derives sufficient conditions such that the ambiguity-averse DM purchases more insurance than an ambiguity-neutral one when the DM maximises the expected utility. It also derives each sufficient condition to increase insurance demand as ambiguity aversion, ambiguity and downside ambiguity increase, respectively.

Details

Journal of Derivatives and Quantitative Studies: 선물연구, vol. 30 no. 4
Type: Research Article
ISSN: 1229-988X

Keywords

Open Access
Article
Publication date: 15 June 2021

Norazlina Abd. Wahab, Selamah Maamor, Zairy Zainol, Suraiya Hashim and Kamarul Azman Mustapha Kamal

This paper aims to develop the best practices of Islamic estate planning for Muslims. Islamic estate planning is a fixed proposal for the management and outlook of an individual’s…

4157

Abstract

Purpose

This paper aims to develop the best practices of Islamic estate planning for Muslims. Islamic estate planning is a fixed proposal for the management and outlook of an individual’s assets throughout their life and upon their passing, created by means of existing Islamic estate planning tools, for instance, farāʾiḍ (inheritance), waṣiyyah (will), hibah (gift) and waqf (endowment).

Design/methodology/approach

The paper used an interview method to obtain information on the best practices of Islamic estate planning. Semi-structured interviews were conducted with the respondents and estate planning providers in the northern region of Peninsular Malaysia. The data gathered was analysed using thematic analysis which involved five phases to construct the best practices of Islamic estate planning.

Findings

The paper identifies important elements in Islamic estate planning. The elements were outlined as the crucial things that Muslims should do to plan for intergenerational transfer and earning a good share in the hereafter.

Research limitations/implications

The first limitation of the paper is that the best practices were developed based on a qualitative method. There is no evidence of its validity, which is a gap that can be explored in the future. Second, it involves the perceptions of two types of respondents (individuals and Islamic estate planning providers), which may be broadened to other related stakeholders such as regulators, in future studies.

Originality/value

This paper presents a framework of best practices of Islamic estate planning, it being one of the first studies to do so, which is not only useful and relevant for Malaysian Muslims but also for Muslims in other countries.

Details

ISRA International Journal of Islamic Finance, vol. 13 no. 2
Type: Research Article
ISSN: 0128-1976

Keywords

Content available
Article
Publication date: 19 July 2022

Kasra Pourkermani

This research provides some evidence by the vine copula approach, suggesting the significant and symmetric causal relation between subsections of Baltic Exchange and hence…

Abstract

Purpose

This research provides some evidence by the vine copula approach, suggesting the significant and symmetric causal relation between subsections of Baltic Exchange and hence concluding that investing in different indexes, which is currently a risk diversification system, is not a correct risk reduction strategy.

Design/methodology/approach

The daily observations of Baltic Capesize Index (BCI), Baltic Handysize Index (BHSI), Baltic Dirty Tanker Index (BDTI) and Baltic LNG Tanker Index (BLNG) over an eight-year period have been used. After collecting data, calculating the return and estimating the marginal distribution of return rates for each of the indexes applying asymmetric power generalized autoregressive conditional heteroskedasticity and autoregressive moving average (APGARCH-ARMA), and with the assumption of skew student's t-distribution, the dependence of Baltic indexes was modeled based on Vine-R structures.

Findings

A positive and symmetrical correlation was observed between the study groups. High and low tail dependence is observed between all four indexes. In other words, the sector business groups associated with each of these indexes react similarly to the extreme events of other groups. The BHSI has a pivotal role in examining the dependency structure of Baltic Exchange indexes. That is, in addition to the direct dependence of Baltic groups, the dependence of each group on the BHSI can transmit accidents and shocks to other groups.

Practical implications

Since the Baltic Exchange indexes are tradable, these findings have implications for portfolio design and hedging strategies for investors in shipping markets.

Originality/value

Vine copula structures proves the causal relationship between different Baltic Exchange indexes, which are derived from different types of markets.

Details

Maritime Business Review, vol. 8 no. 3
Type: Research Article
ISSN: 2397-3757

Keywords

Open Access
Article
Publication date: 11 June 2019

Yinxing Hong

In the process of reform, although every landmark theoretical breakthrough is marked by the speech of the highest leadership of the Communist Party of China (CPC) or the decision…

1764

Abstract

Purpose

In the process of reform, although every landmark theoretical breakthrough is marked by the speech of the highest leadership of the Communist Party of China (CPC) or the decision of the CPC National Congress, each breakthrough is attributable to the theoretical contribution made by the academia of political economy. Notably, these theoretical breakthroughs invariably embrace innovations in the discourse system of political economy. The paper aims to discuss this issue.

Design/methodology/approach

The innovations and breakthroughs thereof have led to the political economy of socialism with Chinese characteristics.

Findings

The success of China’s economy highlights the superiority of the socialist economic system and development path with Chinese characteristics.

Originality/value

These major breakthroughs are accompanied by breakthroughs in relevant theories, which constitute a synthesis of a series of major theoretical innovations in political economics.

Details

China Political Economy, vol. 2 no. 1
Type: Research Article
ISSN: 2516-1652

Keywords

Open Access
Article
Publication date: 22 September 2021

Jin Tang, Weijiang Li, Jiayi Fang, Zhonghao Zhang, Shiqiang Du, Yanjuan Wu and Jiahong Wen

Quantitative and spatial-explicit flood risk information is of great importance for strengthening climate change adaptation and flood resilience. Shanghai is a coastal megacity at…

1858

Abstract

Purpose

Quantitative and spatial-explicit flood risk information is of great importance for strengthening climate change adaptation and flood resilience. Shanghai is a coastal megacity at large estuary delta with rising flood risks. This study aims to quantify the overall economic-societal risks of storm flooding and their spatial patterns in Shanghai.

Design/methodology/approach

Based on multiple storm flood scenarios at different return periods, as well as fine-scale data sets including gridded GDP, gridded population and vector land-use, a probabilistic risk model incorporating geographic information system is used to assess the economic-societal risks of flooding and their spatial distributions.

Findings

Our results show that, from 1/200 to 1/5,000-year floods, the exposed assets will increase from USD 85.4bn to USD 657.6bn, and the direct economic losses will increase from USD 3.06bn to USD 52bn. The expected annual damage (EAD) of assets is around USD 84.36m. Hotpots of EAD are mainly distributed in the city center, the depressions along the upper Huangpu River in the southwest, the north coast of Hangzhou Bay, and the confluence of the Huangpu River and Yangtze River in the northeast. From 1/200 to 1/5,000-year floods, the exposed population will rise from 280 thousand to 2,420 thousand, and the estimated casualties will rise from 299 to 1,045. The expected annual casualties (EAC) are around 2.28. Hotspots of casualties are generally consistent with those of EAD.

Originality/value

In contrast to previous studies that focus on a single flood scenario or a particular type of flood exposure/risk in Shanghai, the findings contribute to an understanding of overall flood risks and their spatial patterns, which have significant implications for cost-benefit analysis of flood resilience strategies.

Details

International Journal of Climate Change Strategies and Management, vol. 13 no. 4/5
Type: Research Article
ISSN: 1756-8692

Keywords

Content available
Article
Publication date: 12 November 2020

Daniel Reich, Ira Lewis, Austin J. Winkler, Benjamin Leichty and Lauren B. Bobzin

The purpose of this paper is to help optimize sustainment logistics for US Army brigade combat teams, which may face challenges in transporting their assigned assets.

Abstract

Purpose

The purpose of this paper is to help optimize sustainment logistics for US Army brigade combat teams, which may face challenges in transporting their assigned assets.

Design/methodology/approach

This paper develops a simulation framework with an integrated integer programming optimization model. The integer-programming model optimizes sustainment outcomes of supported battalions on a daily basis, whereas the simulation framework analyzes risk associated with shortfalls that may arise over the entire duration of a conflict.

Findings

This work presents a scenario reflecting the steady resupply of an infantry brigade combat team during combat operations and presents an in-depth risk analysis for possible fleet compositions.

Originality/value

The risk curves obtained allow decision-makers and commanders to optimize vehicle fleet design in advance of a conflict.

Details

Journal of Defense Analytics and Logistics, vol. 4 no. 2
Type: Research Article
ISSN: 2399-6439

Keywords

Content available
Article
Publication date: 20 March 2009

46

Abstract

Details

Pigment & Resin Technology, vol. 38 no. 2
Type: Research Article
ISSN: 0369-9420

Open Access
Article
Publication date: 30 November 2008

Byung Jin Kang, Tong Suk Kim and Sun Joong Yoon

In this paper, we investigated the risk averse ness of KOSPI 200 option investors with very flexible risk preference structure. Contrary to the most of previous research either…

5

Abstract

In this paper, we investigated the risk averse ness of KOSPI 200 option investors with very flexible risk preference structure. Contrary to the most of previous research either assuming a time-invariant underlying asset return distribution or assuming a well-known functional form for the underlying utility functions. we directly assume functional forms for Investors’risk aversion functions. With the direct specification on the risk aversion functions themselves. we can avoid the possibility 이 suffering from Internal inconsistency and of obtaining misleading risk aversion functions. From our empirical results using KOSPI 200 Index option prices from 1997 through 2006. we discovered that the investors' relative risk aversions exhibit ‘sharply decreasing' across wealth. In addition, our Implied subjective PDFs are found to more accurately forecast the distribution of realization than both the risk neutral PDFs and implied subjective PDFs from previous methods. For the robustness of our empirical results, we test the effects of estimation errors In the expected risk premium, and of financial crisis in the late of 1990s.

Details

Journal of Derivatives and Quantitative Studies, vol. 16 no. 2
Type: Research Article
ISSN: 2713-6647

Keywords

Open Access
Article
Publication date: 18 June 2019

Tolga Umut Kuzubas, Burak Saltoğlu, Ayberk Sert and Ayhan Yüksel

The purpose of this paper is to provide an in-depth performance evaluation of funds offered by the Turkish pension system.

1878

Abstract

Purpose

The purpose of this paper is to provide an in-depth performance evaluation of funds offered by the Turkish pension system.

Design/methodology/approach

This paper compares aggregate fund index returns with the corresponding asset class returns, estimates a factor model to decompose excess returns to factor exposures, i.e., β return and excess return originating from residual α and analyzes persistence of fund returns using migration tables and Fama–MacBeth regressions and tests for market timing ability.

Findings

Majority of pension funds are unable to generate excess returns. Majority of funds are unable to generate a positive α and fund returns are predominantly driven factor exposures. There is evidence for slight persistence in returns, mainly due to factor exposures and funds do not exhibit market timing ability.

Originality/value

In this paper, the authors perform an in-depth analysis of pension fund performance for the Turkish pension fund system. The authors identify weaknesses and strengths of the pension fund industry and provide policy recommendations for a better design of pension fund system.

Details

Journal of Capital Markets Studies, vol. 3 no. 1
Type: Research Article
ISSN: 2514-4774

Keywords

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