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The purpose of this chapter is to study the mathematisation of finance – excessive use of mathematical models in finance – which has been widely blamed for the recent financial and economic crisis. We argue that the problem might actually be the financialisation of mathematics, as evidenced by the gradual embedding of branches of mathematics into financial economics. The concept of embeddedness, originally proposed by Polanyi, is relevant to describe the sociological relationship between fields of knowledge. After exploring the relationship between mathematics, finance and economics since antiquity, we find that theoretical developments in the 1950s and 1970s lead directly to this embedding. The key implication of our findings is the realization that it has become necessary to disembed mathematics from finance and economics, and proposes a number of partial steps to facilitate this process. This chapter contributes to the debate on the mathematisation of finance by uniquely combining a historical approach, which chronicles the evolution of the relation between mathematics and finance, with a sociological approach from the perspective of Polyani’s concept of embedding.

This paper aims to provide a “biography” of sorts on Agricultural Finance Review. The paper tracks the evolution of Agricultural Finance Review from its introduction in 1938 to its current status.

The paper is based on a complete review of every paper and every issue. Not all papers were read by the author, but key papers of interest that in one way or another made significant contributions to the study of agricultural finance were reviewed.

The paper shows the evolution of agricultural finance from the early days of reporting financial data in the 1930s and 1940s, to its emergence as a major and significant sub discipline of the general field of agricultural economics.

As indicated, not all papers were fully reviewed or read. It is possible that papers identified as “firsts” may have been preceded by other papers. Nonetheless the paper identifies the basic evolutionary path of the journal and defines key points in time when a paradigm shift emerged to change the direction of this discipline.

As Agricultural Finance Review transitions from the Department of Applied Economics and Management at Cornell University to Emerald Group Publishing Limited, this “biography” provides readers with a general overview of the journal's and the discipline's historical development.

This paper is simply a review of the existing literature found in Agricultural Finance Review.

This paper aims to construct and compare various total‐return world stock indices based on daily data.

Because of diversification, these indices are noticeably similar. A diversification theorem identifies any diversified portfolio as a proxy for the growth optimal portfolio.

The paper constructs a diversified world stock index that outperforms a number of other indices and argues that it is a good proxy for the growth optimal portfolio.

The diversified world stock index has applications to derivative pricing and investment management.

The purpose of this paper is to identify and evaluate the relationships among the flexibility enablers and to prepare a hierarchy of these enablers to know their influences over each other in global supply chain. The framework suggests that the priority of enablers in supply chain should be determined on the basis of their driving power and dependency.

Various enablers used by researchers and practitioners for flexibility management of global supply chain have been identified. These enablers have been classified as strategic, operational and performance‐based enablers. Interpretive structural modeling (ISM) is used to establish mutual relationships among the flexibility enablers and to prepare a hierarchy‐based model.

It has been observed that some enablers having high‐driving power and low dependency are of strategic importance. These enablers require more attention while other enablers based on operations and performances are dependents of strategic enablers.

The index of enablers based on driving power and dependency provide an insight for supply chain managers to make the entire supply chain highly flexible, that would help them to respond to global uncertainties.

Presentation of enablers in the form of hierarchy using ISM and ranking them into various driving power and dependent categories is a good effort to make flexible global supply chain.

The aim of this paper is to explore the lessons offered by the financial crisis about the appropriate epistemological approaches to apply in the study of human affairs in general, and of the financial markets in particular.

The paper applies a qualitative and historical approach invoking debates in the philosophy of social science to dominant themes and concepts in modern quantitative finance. It is argued that underlying the theory and practice of modern quantitative finance is a commitment to an empiricist epistemology modeled on the natural sciences.

In the financial crisis, modern social science, with its positivist/quantitative orientation, was put to the test in a way that it had never been before. That it failed this test is one of the chief lessons of the financial crisis. Mathematical techniques are inherently incapable of accounting for human behaviour. The crisis serves to underline that a fundamental divide exists between the natural and human realms.

While the mathematical‐positivist techniques continue to hold some promise in the study of finance, it has become obvious that this dominant approach needs be enhanced by more qualitative techniques.

The paper shows that although in popular media outlets the mathematization of finance has been singled out as a cause of the crisis, the broader implications for the analysis of human activity have not yet been probed. Nor, in the wake of the crisis, has there been a systematic, philosophically informed, critique of the positivist‐quantitative orientation buttressing academic research into the financial markets.

In this chapter, the interplay between the development of the discipline, the development of the field of study, and the emergence of professional fields is examined using the example of mathematics. In connection with the formation of the modern research university, mathematics has emerged as an independent scientific discipline and as an independent field of study. In the process, mathematics attains a high degree of formalization and internal coherence. This is the basis for the penetration of mathematicians into more and more professional fields, even outside science. Real problems or real facts are reduced to aspects that are amenable to mathematical modeling by treating them as quantifiable parameters. As mathematics expands as a field of study, more and more professional sectors become applications of mathematical models. As a consequence, more mathematical fields of study are differentiating themselves, specializing in these application fields. This chapter analyzes this dynamic and its preconditions.

This chapter presents the survey of selected linear and mixed integer programming multi-objective portfolio optimization. The definitions of selected percentile risk measures are presented. Some contrasts and similarities of the different types of portfolio formulations are drawn out. The survey of multi-criteria methods devoted to portfolio optimization such as weighting approach, lexicographic approach, and reference point method is also presented. This survey presents the nature of the multi-objective portfolio problems focuses on a compromise between the construction of objectives, constraints, and decision variables in a portfolio and the problem complexity of the implemented mathematical models. There is always a trade-off between computational time and the size of an input data, as well as the type of mathematical programming formulation with linear and/or mixed integer variables.

This paper aims to give a brief review on behavioral economics and behavioral finance and discusses some of the previous research on agents' utility functions, applicable risk measures, diversification strategies and portfolio optimization.

The authors also cover related disciplines such as trading rules, contagion and various econometric aspects.

While scholars could first develop theoretical models in behavioral economics and behavioral finance, they subsequently may develop corresponding statistical and econometric models, this finally includes simulation studies to examine whether the estimators or statistics have good power and size. This all helps us to better understand financial and economic decision-making from a descriptive standpoint.

The research paper is original.

The goal of this chapter is to discuss the foundations of ‘modern finance’, its paradigm and conceptual framework, its methods and tools, its practices and results, its governance and regulation.

The first part presents the characteristics of ‘modern finance’ and its negative effects. The second part analyses the efforts made to remedy those effects and argue about the need for a real reform.

Several aspects are pointed, for example an unreasonable ‘normality’, incentives that encourage excess, the spread of subprime crisis, etc. The contemporary finance is a ‘giant with clay feet’.

We need to proceed with a dual reembeddedness of finance in the economy and economy in society.

This paper aims to provide an overview of research topics and publications produced by Islamic Finance scholars in Malaysia, focusing on six research domains (Shariah-based, Islamic Finance, Islamic Economics, Islamic Accounting, Islamic Management and Halal Management) in five public universities in Malaysia.

This study seeks to analyse the research gaps and recommend future research based on publications produced by Islamic Finance scholars from five public universities in Malaysia. Data on talents were collected from the MIFER report 2016 and each universities’ website, while research and publications of the talents were collected from Google Scholar and the Scopus database. The extracted data were analysed using bibliometric analysis in VOSviewer version 1.6.15.

The results show that the five selected universities talents have different research strengths according to six research domains highlighted in MIFER 2021 and Beyond Report. All five universities are found to contribute the least research in Halal Management domain. In view of the increasing prominence of this area of research in the national and international levels, these universities and other universities in Malaysia can generate more research in Halal Economy, Halal Management, and other related areas within this domain. The finding indicated that each university tends to have a strength according to the different domains, and 2019 is the most productive year for Islamic Finance publications. Analysis from productive scholars and co-citations shows that the authors collaborate within the same university to create a different topic for each research cluster.

The bibliometric analysis only captures the general keyword terms, which may be limited to the only generalised sub-research areas.

This bibliometric study, which is based on the expertise of researchers, complements meta-analysis, and qualitative structured literature reviews aid researchers or talents in developing future research directions such as Green economy, Cryptocurrency, Fintech, Halal Management and others. In addition, this is a case study in nature and can serve to enhance understanding the landscape of Islamic finance education and as a reference for practices in institutions of higher learning from around the world.

To the best of the authors’ knowledge, this study is a new research initiative comparing five top programme providers in the field of Islamic finance using a bibliometric approach to enhance talent development and capacity building. With the government’s efforts to further promote Malaysia as the Islamic Financial Hub, this study highlights the research gap in Islamic finance based on scholars’ publications from selected five Malaysian universities and potential topics for future research. This study focuses on the research domain for each university, the trend of publishing, the number of journals published by academics, productive scholars and citations by Malaysian universities, and examines if the publications align with current industry needs.