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The purpose of this paper is to examine the classification of profit-sharing investment accounts (PSIAs) under various accounting standards, and determine whether Islamic banks maintain uniform practices when the same accounting standards are applied. It also aims to determine whether Islamic banks consider investment account holders (IAHs) important financial statement users by disclosing necessary information pertaining to PSIAs.

A sample composed of financial statements from 63 Islamic banks from 15 countries is compared with respect to the information related to PSIAs.

The results show heterogeneity of classification for PSIAs. Applying the same standards does not lead to the uniform classification of PSIAs when banks apply International Financial Reporting Standards, while financial statements applying Financial Accounting Standards by the Accounting and Auditing Organization for Islamic Financial Institutions are more similar. The perplexity in classifying PSIAs brings obscurity on the treatment for PSIA-related accounts, particularly returns attributable to IAHs. The fact of fewer disclosures pertaining to PSIAs in Islamic banks – which apply accounting standards not specifically tailored to Islamic finance – suggests that IAHs receive less attention under those accounting standards.

The main limitation relates to the lack of financial statements available online and the possibility of sample selection bias toward larger Islamic banks.

This research contributes to the limited literature on accounting for PSIAs, and reveals the diversity of reporting methods for unique transactions in Islamic banks and the insufficiency of current accounting standards to guide them, which create possible challenges of comparability.

In this paper we analyze investment behavior under profit‐and‐ loss sharing contracts in an environment of asymmetric information. Under certain restrictive assumptions, PLS contracts are characterized with over investment, where the equilibrium level of investment exceeds the first best (full information) level. A zakat tax on profit is shown to restore efficiency.

There exist long-term fluctuations in the process of capital accumulation. The economic long wave is an essential part of research into non-mainstream western economics. After the Second World War, the capitalist world experienced the fourth long wave of expansion and then entered into a downward phase of the long wave in the 1970s. Regarding to whether a new long wave of expansion took place in the 1980s, left-wing scholars hold different viewpoints. The purpose of this paper is to focus on this issue.

First, based on the review of the long wave history, this paper discusses three kinds of long wave theories with significant influence and puts forward the theoretical framework of analyzing the long wave of capitalist economy. Next, under the guidance of this theoretical framework and in combination with the actual development and evolution of the capitalist economy, the issue of whether the fifth long wave of the capitalist economy began to emerge in the 1980s is discussed deeply.

This paper argues that, from the early 1980s to 2007, the US-dominated developed countries experienced a new long wave of expansion driven by the information technology revolution, the adjustment of the neoliberalism system and the economic globalization. However, the financial-economic crisis of 2008–2009 led to a new phase of long wave downswing.

This paper does not agree with the single-factor analysis of the intrinsic formation mechanism of economic long wave and sticks to the multi-factor analysis centering on the fluctuation of accumulation rate. It is pointed out that the evolution of the long wave of capitalist economy depends on the combined influence of technology, institutions and market. The study of the long wave of the economy will help us to correctly understand the historical stage and characteristics of the current world capitalist economy in the long-term fluctuations, so that we can make an appropriate and positive response.

Companies resident in the United Kingdom suffer from a very tight set of restrictions on exchange control. The rules regarding trading are quite different from those applied to investment. Various types of investment are treated differently. The following paper describes the more important aspects of the UK exchange control regulations, including the rules for remitting foreign profits and the investment currency market. A brief critique of the current regulations is also provided.

The aim of the paper is to examine alternative methods of regulating prices and/or profits of privatised utilities in low‐income countries with a view to identifying their strengths and weaknesses.

The economics of regulation literature has favoured the use of a price cap over rate of return or cost of service regulation because of its greater incentive effects. A third alternative, sliding‐scale regulation, has been put forward as a compromise between the price cap and a controlled rate of return, which is said to combine the merits of both methods. This paper considers the operation of a price cap, rate of return regulation and sliding‐scale regulation in the context of low‐income economies by reviewing the theory in relation to the conditions likely to be found in low‐income economies.

It is concluded that the case for the use of a price cap is much reduced in low‐income economies. This is because of its information requirements, need for regulatory expertise and, more broadly, the institutional endowment found in many low‐income countries.

It is recognised that this conclusion is tentative and deserves further research, comparing theory and practice.

Countries need to consider carefully which method of regulation will work best in the context of the institutions of the country, rather than simply copy a method from the developed world.

This is one of the first papers to challenge the prevailing belief that price cap regulation is superior to rate of return regulation in the context of economic development.

Compares and contrasts the views of Hyman P. Minsky and Thorstein Veblen concerning the systematic development of financial crises in capitalistic economies. Advances the argument that Minsky and Veblen have both successfully met the challenge of providing a reasonable explanation for the speculative mania and related excesses critical to any theory of cyclical fluctuations. They agree that upturns tend to euphoria and ultimately, over‐capitalization and subsequent economic decline. Their rationales differ. Veblen stresses the effects of rising prices on collateral values and argues that the cumulative effect is over valued assets. Minsky seems to emphasize the ever‐growing fragility of financial structures. In the view of the authors, this article places Veblen′s contributions in a contemporary setting and ties Minsky more closely to the institutionalists.

A distinction must be drawn between a dismissal on the one hand, and on the other a repudiation of a contract of employment as a result of a breach of a fundamental term of that contract. When such a repudiation has been accepted by the innocent party then a termination of employment takes place. Such termination does not constitute dismissal (see London v. James Laidlaw & Sons Ltd (1974) IRLR 136 and Gannon v. J. C. Firth (1976) IRLR 415 EAT).

This paper aims to examine whether investment efficiency improves after publicly‐traded firms are taken private.

The analysis uses univariate comparisons and regression analysis of panel data.

Before going private, firms' investment ratios and investment opportunities are similar to investment ratios and investment opportunities of peer firms. However, after going private, the investment ratios significantly decrease to levels significantly below the investment ratios of peer firms. Additionally, investment becomes less sensitive to investment opportunities and more sensitive to operating profits and cash holdings. Finally, cash becomes more sensitive to cash‐flow after going private. These results suggest that firms become more financially constrained, under‐invest relative to their industry peers, and invest less efficiently after going private.

Improvements in investment efficiency are often cited as a contributing factor to the value gains associated with going‐private transactions. However, whether investment efficiency improves when firms go private remains unanswered by prior research. In theory, investment efficiency should improve if private firms are shielded from the market pressure for short‐term earnings and better able to invest for long‐term value creation. Conversely, it is possible that the high levels of debt associated with these transactions impose financial constraints that reduce investment efficiency. The results of this study suggest that investment efficiency does not improve after going private.

The aim of this research is to assess the financial performance of the life insurance industry of an emerging economy. In particular the study delves into the major determinants of the profitability of the life insurance industry of Ghana. The study also examines the relationship among the three measures of insurers' profitability, which are investment income, underwriting profit and the overall (total) net profit.

The annual financial statements of ten life insurance companies covering a period of 11 years (2000‐2010) were sampled and analyzed through panel regression.

The findings indicate that whereas gross written premiums have a positive relationship with insurers' sales profitability, its relationship with investment income is a negative one. Also, the results showed that life insurers have been incurring large underwriting losses due to overtrading and price undercutting. The results further revealed a setting‐off rather than a complementary relationship between underwriting profit and investment income towards the enhancement of the overall profitability of life insurers.

The policy implications of this study for the stakeholders of the life insurance industry are enormous. For instance, insurers must have well‐resourced actuary departments to perform price validation of all policies in order to prevent over‐trading and price undercutting by insurance marketing agents. In addition, the intention of the NIC to adopt a risk‐based approach in its supervision is not only timely but a very significant move that will improve upon the accounting and records keeping standards of the industry as well as the governance and risk management structures of the sector.

Being too obsessed with premium growth without adequate price validation can lead to self‐destruction such as huge underwriting losses. Large underwriting losses can lead to insurance insolvency during periods of cluster claims.

This study fulfills an urgent need to investigate the things that are crucial for the survival, growth and profitability of life insurers in an emerging economy.