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Article
Publication date: 22 September 2017

Rui Li, Jiahui Li and Jinjian Yuan

The purpose of this paper is to empirically analyze the impacts of short prohibitions on stock prices.

Abstract

Purpose

The purpose of this paper is to empirically analyze the impacts of short prohibitions on stock prices.

Design/methodology/approach

The authors adopt event study in this paper. First, the authors match each shortable stocks with one unshortable stocks by the propensity score matching method. Second, the authors check the performance difference between treatment group and control group after the event date. Third, the authors check the performance difference among sub-groups sorted by other factors associated with stock returns.

Findings

The authors find that stocks do not decline necessarily after removal of short prohibitions; only those heavily overpriced stocks, such as small stocks, lower B/M or P/E stocks and higher turnover stocks, decline significantly.

Research limitations/implications

The media falsely stated that short selling lead to market crash; otherwise, short selling is beneficial for improving market efficiency as it is helpful for keeping overpriced stocks in line with the fundamental value.

Originality/value

This is the first paper showing that removal of short prohibitions only impacts heavily overpriced stocks significantly, which is valuable for policy making.

Details

China Finance Review International, vol. 7 no. 4
Type: Research Article
ISSN: 2044-1398

Keywords

Book part
Publication date: 18 October 2017

Patrick Banon

Debates over ritual slaughter, sacred food, fasts, and forbidden foods, perpetuated by religion and tradition, are nothing new. Dietary obligations and prohibitions, in…

Abstract

Debates over ritual slaughter, sacred food, fasts, and forbidden foods, perpetuated by religion and tradition, are nothing new. Dietary obligations and prohibitions, in all their diversity, have always been the object of comment, critique, or even concern from one human group towards another. The consumption of meat (or its prohibition) has always been about more than its nutritional function. Reducing religious dietary obligations to hygienic or gustatory practices would be an unrealistic attempt to erase the diversity of the procedures which people undertake to give meaning to life, death, and the world, and to locate themselves in relation to “others”. These rites, ­legitimated by myths, inevitably provoke phenomena of influence, reciprocated within and outside groups. The selection of food – of meat in particular – plays a primordial role as a social marker, the rules of which contribute to the organisation of groups by tracing ­differences between individuals, between men and women, and between communities. Formerly attached to a totemic group and its territory, then to a religion and its society, dietary practices are globalising and encountering one-another. Questions are now raised about the management, in shared spaces, of a diversity of dietary prohibitions and obligations. These questions are at the core of this chapter, notably, what place should be reserved for dietary particularities in collective catering in human organisations? And what limits should be given to the expectations of each regarding dietary purity or fasting?

Details

Management and Diversity
Type: Book
ISBN: 978-1-78635-489-1

Keywords

Article
Publication date: 24 November 2021

Gary R. Potter and Hattie Wells

This paper aims to consider the nature of cannabis-related harms under the UK’s Misuse of Drugs Act (MDA). Written for the specific context of this four-paper special…

Abstract

Purpose

This paper aims to consider the nature of cannabis-related harms under the UK’s Misuse of Drugs Act (MDA). Written for the specific context of this four-paper special section on 50 years of the MDA, it argues that the MDA may cause more harm than it prevents.

Design/methodology/approach

An opinion piece offering a structured overview of cannabis-related harms under prohibition. It summarises existing evidence of the ways in which prohibition may exacerbate existing – and create new – harms related to the production, distribution, use and control of cannabis.

Findings

The paper argues that prohibition of cannabis under the MDA may cause more harm than it prevents.

Originality/value

It has long been argued that the MDA does not accurately or fairly reflect the harms of the substances it prohibits, and much existing research points to different ways in which drug prohibition can itself be harmful. The originality of this paper lies in bringing together these arguments and developing a framework for analysing the contribution of prohibition to drug-related harm.

Details

Drugs and Alcohol Today, vol. 21 no. 4
Type: Research Article
ISSN: 1745-9265

Keywords

Article
Publication date: 4 February 2014

François De March

– This article aims to examine the theme of “sexuality in organizations” according to the theory of eroticism of Georges Bataille (1897-1962).

322

Abstract

Purpose

This article aims to examine the theme of “sexuality in organizations” according to the theory of eroticism of Georges Bataille (1897-1962).

Design/methodology/approach

The author reviewed Bataille's essays in order to identify the salient points of his analysis of eroticism, before applying them to the organizations.

Findings

The anthropologic notions of prohibition and transgression (antagonistic yet complementary) facilitate a different view of the opposition formulated in critical management studies as between desexualization and resexualization. These notions also open up quite a number of lines of research in the analysis of the sexuality of organizations.

Research limitations/implications

These lines of research call for further work particularly in the basic ground work.

Originality/value

Georges Bataille's insights have been used very rarely in organizational analysis, even those of critical stream in management. The theme of sexuality in organizations has been largely ignored by mainstream.

Details

Society and Business Review, vol. 9 no. 1
Type: Research Article
ISSN: 1746-5680

Keywords

Open Access
Article
Publication date: 21 November 2018

Munawwaruzzaman Mahmud, Muhammad Hisyam Hassan and Nur Fathin Khairul Anuar

The purpose of this paper is to analyze the issue of bayʿ wa salaf (the combination of sale and loan contracts in a single arrangement) from the Sharīʿah perspective…

1924

Abstract

Purpose

The purpose of this paper is to analyze the issue of bayʿ wa salaf (the combination of sale and loan contracts in a single arrangement) from the Sharīʿah perspective. Based on the Sharīʿah findings on the issue, the paper examines the existing Islamic banking products and services that use these two specific contracts to determine whether the current practice is in line with Sharīʿah.

Design/methodology/approach

The paper uses the qualitative method by reviewing and analyzing relevant literature and operational structures to comprehend the issues pertaining to bayʿ (sale) and salaf (loan). It then provides Sharīʿah parameters for bayʿ wa salaf before applying them in assessing some existing Islamic banking products and practices. Subsequently, the compliance status of the banking operations that use these contracts in a specific product structure can be ascertained.

Findings

The paper finds that the bayʿ wa salaf arrangement in the existing Islamic banking products and services, as elaborated in the paper, does not fall under the prohibited category. This deduction is made in accordance with the parameters derived from jurists’ discussion on the issue of bayʿ wa salaf. It also takes into consideration other factors influencing the existence of such arrangements.

Research limitations/implications

This conceptual research highlights the jurists’ discussion on the issue of bayʿ wa salaf and the compliance status of the current products and services that use the contracts in a single arrangement (specifically in the case of Malaysia) without discussing other possible structures that can be applied as an alternative to the bayʿ wa salaf arrangement.

Practical implications

Thorough understanding of the issue can strengthen the industry’s confidence in executing operations that conform to Sharīʿah principles.

Originality/value

The paper provides comprehensive deliberation on the ruling of bayʿ wa salaf from various schools of thought and exhaustive elaboration on existing Islamic banking products that apply bayʿ wa salaf in their structures. This contributes in reinforcing the stakeholders’ confidence in the operations of Islamic banking and finance.

Details

ISRA International Journal of Islamic Finance, vol. 10 no. 2
Type: Research Article
ISSN: 0128-1976

Keywords

Article
Publication date: 18 February 2022

Muhammad Iqbal Anjum

This paper aims to contribute an Islamic critique of various competing economic system’s theories of interest, which have evolved within the distinct ideological…

Abstract

Purpose

This paper aims to contribute an Islamic critique of various competing economic system’s theories of interest, which have evolved within the distinct ideological frameworks of distinct rival economic systems and religions from the point of view of discovering potential effective Islamic economic solutions of the interest-driven modern economic, financial and banking and debt crises and the related problems of inflation, extreme, wealth inequalities and extreme poverty.

Design/methodology/approach

This historical research paper portrays the chronological evolution of competing narratives and theories of interest in realms of religions, philosophies and rival economic systems for contributing their comparative review and critique from an Islamic point of view in light of the pertinent literature of multidisciplinary history of religions, philosophies and economic thought. It develops an Islamic critique of theories of interest in light of interactions among history of religious thought on interest, history of economic thought on interest and economic theories of interest and the interest-driven economic crises for highlighting potential Islamic interest-free solutions of the modern economic crises in the framework of the Islamic political economy. In light of an Islamic critique of various competing theories of interest, the paper presents pertinent economic policy recommendations for the governments of the countries of the contemporary Muslim world.

Findings

The interest-free Islamic economic, as well as banking theories and models, offer the potential practical exploitation-free and injustice-free humanitarian solutions of the contemporary persisting macroeconomic crises (national, regional and global economic crises, financial crises, debt crises and banking crisis). Current Islamic discourses on interest and interest-free Islamic banking have effectively promoted the popularity and growth of global Islamic banking industry in the Muslim world in the 21st century.

Practical implications

Keeping in view a general universal consensus of the Islamic jurists on the elimination of interest of all types from the economy, it is recommended for the Governments of the Muslim countries to implement a consensus-based Islamic banking model, which uses only the Islamic juristic consensus-based Islamic modes of banking and finance – Musharikah, Mudharabah and Al-Qardh Al-Hassan (interest-free loan) – for precluding the possibilities of emergence of controversies about the prospective Riba-free Islamic economic and banking system. Litmus test of the practical success of the interest-free Islamic universal economic and banking system is the successful elimination of all forms of Riba (interest) and all possibilities of its involvement in extractive and exploitative activities in letter and spirit.

Originality/value

This research paper contributes a comprehensive logical and objective critique of various competing prominent theories of interest from an Islamic economic point of view and highlights their pertinent practical macroeconomic problems-cum-consequences as well as the potential Islamic macroeconomic policy responses in the form of interest-free Islamic banking/monetary/fiscal policies.

Details

International Journal of Ethics and Systems, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9369

Keywords

Article
Publication date: 6 December 2020

Adam Reekie

The purpose of this paper is to critically examine the prohibition on debt-to-equity conversions for private limited companies in Thailand, resulting from an…

Abstract

Purpose

The purpose of this paper is to critically examine the prohibition on debt-to-equity conversions for private limited companies in Thailand, resulting from an interpretation of Section 1119 of the Thai Civil and Commercial Code (TCCC) adopted by academics and the regulator.

Design/methodology/approach

This paper critically examines the interpretation of Section 1119 of the TCCC made by academics, the Thai Supreme Court and the regulator. Taking an approach, which draws on debate in the EU over the past two decades, this paper presents a new understanding of the rules relating to legal capital in Thailand. This new understanding is applied to challenge the orthodox interpretation of Section 1119.

Findings

The interpretation proposed by this paper is that debt-to-equity conversions may be permitted when viewed as shares issued in return for payment in kind. This proposed interpretation is consistent with existing Thai Supreme Court jurisprudence. In addition, a close reading of the provision, further supported by a historical investigation into the legislative drafting process, reveals that it reflects the original intention behind this provision.

Originality/value

This paper presents a view of Thai legal capital rules, which challenges the orthodox understanding of their nature, purpose and categorisation. Furthermore, the proposed interpretation of Section 1119 of the TCCC, if adopted by the regulator, would permit Thai private limited companies to engage in debt-to-equity swaps without further legislative intervention.

Details

International Journal of Law and Management, vol. 63 no. 1
Type: Research Article
ISSN: 1754-243X

Keywords

Article
Publication date: 25 November 2013

Paul M. Architzel, Gail C. Bernstein and Mahlet Ayalew

The Dodd-Frank Act added a number of prohibited trading practices on futures markets and swap execution facilities. In May 2013, the CFTC issued guidance on how it intends…

402

Abstract

Purpose

The Dodd-Frank Act added a number of prohibited trading practices on futures markets and swap execution facilities. In May 2013, the CFTC issued guidance on how it intends to interpret these prohibitions. Persons trading on these facilities should understand the guidance and how it affects their trading activities. This article aims to focus on the issues.

Design/methodology/approach

The article analyzes the prohibitions and the CFTC's related guidance using a question and answer format to make it accessible to affected market participants.

Findings

The new trading prohibitions include spoofing, violating bids and offers, and recklessly disregarding an orderly close. Different standards of scienter (state of mind) apply to each. Intent is required to violate the anti “spoofing” provision; recklessness is required to violate the disregarding the orderly close provision, but no finding of intent is required for violating bids or offers. The CFTC will evaluate the facts and circumstances at the time of the conduct and look at the available information and what the person knew or should have known.

Practical implications

The Guidance is applicable to all persons who trade on futures markets or on the coming swap execution facilities (SEFs). In particular, persons trading on these facilities should be aware that certain trading practice prohibitions may be violated without a finding of intent.

Originality/value

The antidisruptive prohibitions and guidance are new. Market participants will need to understand and take care to ensure that their trading conduct does not run afoul of these new provisions of the Act and the Commission's interpretive guidance thereunder.

Details

Journal of Investment Compliance, vol. 14 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 1 March 1995

Vanessa Edwards

Following numerous complaints from investors, some established in other Member States, who had made unfortunate investments in commodities futures, the Netherlands…

Abstract

Following numerous complaints from investors, some established in other Member States, who had made unfortunate investments in commodities futures, the Netherlands prohibited financial intermediaries who offered investments in off‐market commodities futures from cold calling potential clients. With a view to preserving the reputation of the Netherlands financial sector, the prohibition extended to offers of services made to other Member States from the Netherlands. In proceedings challenging the lawfulness of the prohibition, the Netherlands court referred to the Court of Justice questions as to whether the prohibition fell within the scope of Article 59 of the Treaty (freedom to provide services) and, if so, whether it could nonetheless be justified.

Details

Journal of Financial Crime, vol. 3 no. 2
Type: Research Article
ISSN: 1359-0790

Article
Publication date: 1 July 1974

L.J. Megaw, L.J. Buckley and L.J. Orr

June 6,1973 Vicarious liability — Master and servant — Course of employment — Bus conductor driving bus — Bus blocking path of conductor's and plaintiff driver's bus …

Abstract

June 6,1973 Vicarious liability — Master and servant — Course of employment — Bus conductor driving bus — Bus blocking path of conductor's and plaintiff driver's bus — Conductor told by plaintiff to get engineer to move bus — Conductor attempting to move bus himself — Not knowing how to drive bus — Driver injured by conductor's negligent manoeuvre — Express prohibition in bus company's rules against conductors driving buses — Clear separation of duties of drivers and conductors — General duty of conductors to co‐operate with drivers in getting buses into service — Whether bus company vicariously liable for conductor's action — Whether within scope of employment.

Details

Managerial Law, vol. 16 no. 5
Type: Research Article
ISSN: 0309-0558

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