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Article
Publication date: 21 August 2002

Jing Sun

Process capability indices as an important kind of indices are intended to provide single‐number assessments of the inherent process capability to meet specification…

Abstract

Process capability indices as an important kind of indices are intended to provide single‐number assessments of the inherent process capability to meet specification limits on quality characteristic(s) of interest. In this paper the condition for the application of process capability indices is analyzed. On the basis of process capability indices, dynamic process capability indices as a new kind of indices to show the current process capability are discussed and the condition for the application of dynamic process capability indices is exhibited. Comparison between process capability index and dynamic process capability index and comparison between Dp and Dpk are made and the conclusions provide the approach for process control. According to the requirement of process capability indices provided by customer, quality control based on process capability indices dynamic process capability indices is ciscussed.

Details

Asian Journal on Quality, vol. 3 no. 2
Type: Research Article
ISSN: 1598-2688

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Book part
Publication date: 20 May 2019

Salman Ahmed Shaikh, Abdul Ghafar Ismail and Mohd Adib Ismail

Muslim investors must comply with the ethical injunctions prescribed for them while making financial investments. As per Islamic principles, the use of Riba (interest)…

Abstract

Muslim investors must comply with the ethical injunctions prescribed for them while making financial investments. As per Islamic principles, the use of Riba (interest), Maysir (gambling) and Gharar (uncertain or contingent payoff contracts) is prohibited. This chapter provides some recent post great financial crisis evidence on the comparative performance of Islamic and conventional market indices. Islamic indices outperformed conventional market indices in terms of annualized returns except for emerging markets. In the overall period of 2007-16, it is found that Islamic indices have a lower coefficient of variation and hence higher reward to variability ratio. This suggests that Islamic indices are superior to conventional market indices adjusting for variability in returns. In most comparable Islamic and conventional indices, a strong co-movement and long-term co-integrating relationship is found. The results also highlighted causality running from conventional indices to the Islamic indices in most of the market groups, except for the S&P Global.

Details

Research in Corporate and Shari’ah Governance in the Muslim World: Theory and Practice
Type: Book
ISBN: 978-1-78973-007-4

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Book part
Publication date: 10 October 2017

Gaston Yalonetzky

The relative bipolarisation literature features examples of indices which depend on the median of the distribution, including the renowned Foster–Wolfson index. This study…

Abstract

The relative bipolarisation literature features examples of indices which depend on the median of the distribution, including the renowned Foster–Wolfson index. This study shows that the use of the median in the design and computation of relative bipolarisation indices is both unnecessary and problematic. It is unnecessary because we can rely on existing well-behaved, median-independent indices. It is problematic because, as the study shows, median-dependent indices violate the basic transfer axioms of bipolarisation (defining spread and clustering properties), except when the median is unaffected by the transfers. The convenience of discarding the median from index computations is further illustrated with a numerical example in which median-independent indices rank distributions according to the basic transfer axioms while median-dependent indices do not.

Details

Research on Economic Inequality
Type: Book
ISBN: 978-1-78714-521-4

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Article
Publication date: 18 November 2021

Zhidong Zang, Xiuxia Li and Ruixia Xie

To improve the deficiencies of the existing journal influencing evaluation indexes, which have single influencing factors and are greatly affected by the number of papers…

Abstract

Purpose

To improve the deficiencies of the existing journal influencing evaluation indexes, which have single influencing factors and are greatly affected by the number of papers published, this paper proposes a new evaluation of the journal influence method based on the RA index.

Design/methodology/approach

In the metrics create, the paper introduces the RA index for evaluating the impact of authors and analyzing its feasibility in journal evaluation. Then the RA index is divided by the number of journal's published papers to obtain the RAQ index to evaluate journal impact. In the metrics analysis, the authors analyze the statistical characteristics of the RAQ index using statistical analysis, and t-test, Roc curve and PLS were used to analyze the relationship between the RAQ index and other indicators.

Findings

Empirical results show that the RAQ index can effectively identify high-quality journals and reduce the number of published papers on journal evaluation. The empirical results show that the RAQ index has higher stability and discrimination than the h-index and g-index. Compared with other indexes, the RAQ index has better evaluation effects and statistical characteristics.

Originality/value

The current study proposes journals' RAQ index, which integrates the influence of high-, low- and zero-cited papers. It solves the problem of the virtual high of the h-type index. The findings will contribute to the evaluation of journal influence by offering a new research idea that facilitates the fairness and rationality of journal evaluation.

Details

Performance Measurement and Metrics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1467-8047

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Article
Publication date: 1 December 2021

Mustapha Ishaq Akinlaso, Aroua Robbana and Nura Mohamed

This paper aims to investigate the risk-return and volatility spillover within the Tunisian stock market during the COVID-19 pandemic analyzing both the Islamic and…

Abstract

Purpose

This paper aims to investigate the risk-return and volatility spillover within the Tunisian stock market during the COVID-19 pandemic analyzing both the Islamic and conventional stocks’ performance.

Design/methodology/approach

Both symmetric (GARCH and GARCH-M) and asymmetric (Threshold GARCH and Exponential GARCH) models are used to analyze the market returns and volatility response. Standard and Poor’s (S&P) index has been used to test both the Islamic and conventional stocks within the Tunisian stock market.

Findings

The findings suggest that both Tunisia Islamic and conventional stock markets are highly persistent; however, the conventional stock index showed a negative return spillover on the Islamic stocks during the pandemic. The conventional stock index has also shown a higher exposure to risk for a lower amount of return, and evidence of potential diversification benefit between both indexes was found during the pandemic, whereas the Islamic market showed a positive leverage effect, indicating a positive correlation between past return and future return; the conventional index implied a negative leverage effect.

Originality/value

The value of this paper emerges in studying three main aspects that are specific to the Tunisian stock market. This includes COVID-19 effect of return spillovers, volatility transmission across both conventional and Islamic stock market within the local financial market.

Details

Journal of Islamic Accounting and Business Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0817

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Article
Publication date: 4 November 2021

Md. Bokhtiar Hasan, M. Kabir Hassan, Md. Mamunur Rashid, Md. Sumon Ali and Md. Naiem Hossain

In this study, the authors evaluate seven calendar anomalies’–the day of the week, weekend, the month of the year, January, the turn of the month (TOM), Ramadan and Eid…

Abstract

Purpose

In this study, the authors evaluate seven calendar anomalies’–the day of the week, weekend, the month of the year, January, the turn of the month (TOM), Ramadan and Eid festivals–effects in both the conventional and Islamic stock indices of Bangladesh. Also, the authors examine whether these anomalies differ between the two indices.

Design/methodology/approach

The authors select the Dhaka Stock Exchange (DSE) Broad Index (DSEX) and the DSEX Shariah Index (DSES) of the DSE as representatives of the conventional and Islamic stock indices respectively. To carry out the investigation, the authors employ the generalized autoregressive conditional heteroskedasticity (GARCH) typed models from January 25, 2011, to March 25, 2020.

Findings

The study’s results indicate the presence of all these calendar anomalies in either conventional or Islamic indices or both, except for the Ramadan effect. Some significant differences in the anomalies between the two indices (excluding the Ramadan effect) are detected in both return and volatility, with the differences being somewhat more pronounced in volatility. The existence of these calendar anomalies argues against the efficient market hypothesis of the stock markets of Bangladesh.

Practical implications

The study’s results can benefit investors and portfolio managers to comprehend different market anomalies and make investment strategies to beat the market for abnormal gains. Foreign investors can also be benefited from cross-border diversifications with DSE.

Originality/value

To the authors’ knowledge, first the calendar anomalies in the context of both conventional and Islamic stock indices for comparison purposes are evaluated, which is the novel contribution of this study. Unlike previous studies, the authors have explored seven calendar anomalies in the Bangladesh stock market's context with different indices and data sets. Importantly, no study in Bangladesh has analyzed calendar anomalies as comprehensively as the authors’.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 27 October 2021

Neha Seth, Monica Singhania and Saif Siddiqui

The paper aims to resolve the ongoing issue of asset pricing in indexed based investments, primarily in Sukuks. It is to be done by modeling the returns of S&P MENA…

Abstract

Purpose

The paper aims to resolve the ongoing issue of asset pricing in indexed based investments, primarily in Sukuks. It is to be done by modeling the returns of S&P MENA (Middle East and North Africa) Sukuk index (SPS), S&P MENA bonds indices (SPM) and Dow Jones MENA (DJM) equity index using system equations and to find out cointegration among them.

Design/methodology/approach

In this study, daily data of stated regional market indices, from the month July 2013 to June 2017, are analyzed using the cointegration model and Generalized Method of Moments (GMM) estimation.

Findings

Findings revealed through cointegration test that indices are found to be not integrated in the long run; however, in short run, DJM is having one way relation with other two indices, and SPM and SPS are having unidirectional relation. The results of the GMM model show that SPS is significant in influencing SPM and vice-versa, and rest other variables are insignificant in influencing each other systems equations.

Originality/value

There is ample work available on various Islamic indices, but there is no study found on the MENA (Middle East and North Africa) Equity, MENA Bond and MENA Sukuk indices together.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

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Article
Publication date: 13 October 2021

Muhammad Saeed Meo, Kiran Jameel, Mohammad Ashraful Ferdous Chowdhury and Sajid Ali

The purpose of the research is to analyze the impact of world uncertainty and pandemic uncertainty on Islamic financial markets. For representing Islamic financial markets…

Abstract

Purpose

The purpose of the research is to analyze the impact of world uncertainty and pandemic uncertainty on Islamic financial markets. For representing Islamic financial markets four different Islamic indices (DJ Islamic index, DJ Islamic Asia–Pacific index, DJ Islamic-Europe index and DJ Islamic-US) are taken.

Design/methodology/approach

The study employs quantile-on-quantile regression approach to see the overall dependence structure of variables based on quarterly data ranging from 1996Q1 to 2020Q4. This technique considers how quantiles of world uncertainty and pandemic uncertainty asymmetrically affect the quantiles of Islamic stocks by giving an appropriate framework to apprehend the overall dependence structure.

Findings

The findings of the study confirm a strong negative impact of world uncertainty and world pandemic uncertainty on regional Islamic stock indices but the strength of the relationship varies according to economic conditions and across the regions. However, the world pandemic effect remains the same and does not change. Conversely, pandemic uncertainty has a larger effect on Islamic indices as compared to world uncertainty.

Practical implications

Our findings have significant implications for investors and policymakers to take proper steps before any uncertainty arise. A coalition of the central bank, government officials and investment bank regulators would be needed to tackle this challenge of uncertainty.

Originality/value

To the best of the authors' knowledge, none of the current works has considered the asymmetric impact of world and pandemic uncertainties on Islamic stock markets at both the bottom and upper quantiles of the distribution of data.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Content available
Article
Publication date: 26 October 2021

Yugang Ji and Wen-Hwa Ko

This study used the literature review and the modified Delphi method to evaluate the importance of the catering quality indices of university canteens in China. In order…

Abstract

Purpose

This study used the literature review and the modified Delphi method to evaluate the importance of the catering quality indices of university canteens in China. In order to compile the catering quality indices of university canteens in China as reference for the subsequent improvement of Chinese canteens.

Design/methodology/approach

This study first analysed literature data to establish the preliminary quality indices and used the modified Delphi method for measurement. After three rounds of Delphi analysis by 35 experts, the results of the catering quality indices of university canteens in China are summarised.

Findings

The research results show that university canteen catering quality issues are divided into six dimensions, including catering safety management, employee hygiene management, catering service, food quality, environmental atmosphere and corporate social responsibility. Catering safety management is the most important index, followed by employee hygiene management.

Originality/value

The research results can be used as suggestions for follow-up improvements in the quality of university canteens in China and a basis of reference for amendments to relevant national or local laws and regulations. The food prices, food quality and whether food hygiene and safety standards are met by university canteens are all related to the health and vital interests of the teachers and students, as well as the stability of the university. Therefore, the government should increase supervision in these aspects to avoid decline in the quality of meals due to low profits and enforce strict requirements for food safety.

Details

British Food Journal, vol. 123 no. 13
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 4 November 2021

Chiraz Labidi, Dorra Laribi and Loredana Ureche-Rangau

This study explores the price and trading volume effects around the quarterly Dow Jones Islamic Market-GCC index (DJIM-GCC) revisions and investigates whether these…

Abstract

Purpose

This study explores the price and trading volume effects around the quarterly Dow Jones Islamic Market-GCC index (DJIM-GCC) revisions and investigates whether these reactions are driven by firms' fundamentals or by investors' perception of ethical screening.

Design/methodology/approach

The authors adopt an event study methodology to analyze the price and volume effects of Islamic indices redefinitions.

Findings

The results exhibit a positive (negative) price reaction for added (deleted) stocks. The authors also document an asymmetric volume response for index additions and deletions. The multivariate analysis of the cumulative abnormal returns reveals that the documented market reaction around Islamic index revisions is mainly related to the compliance attribution (withdrawal).

Originality/value

The approach allows to separate the market reaction arising from changes in firms' fundamentals from that induced by investors' perception of the attribution or withdrawal of a compliance certification. Moreover, the focus on the GCC region, where countries share the same cultural traits and perceive Islamic law identically excludes any social effect that would influence the market reaction due to cultural differences between countries.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

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