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This research aims to evaluate the accuracy of several Value-at-Risk (VaR) approaches for determining the Minimum Capital Requirement (MCR) for Islamic stock markets during the pandemic health crisis.

This research evaluates the performance of numerous VaR models for computing the MCR for market risk in compliance with the Basel II and Basel II.5 guidelines for ten Islamic indices. Five models were applied—namely the RiskMetrics, Generalized Autoregressive Conditional Heteroskedasticity, denoted (GARCH), fractional integrated GARCH, denoted (FIGARCH), and SPLINE-GARCH approaches—under three innovations (normal (N), Student (St) and skewed-Student (Sk-t) and the extreme value theory (EVT).

The main findings of this empirical study reveal that (1) extreme value theory performs better for most indices during the market crisis and (2) VaR models under a normal distribution provide quite poor performance than models with fat-tailed innovations in terms of risk estimation.

Since the world is now undergoing the third wave of the COVID-19 pandemic, this study will not be able to assess performance of VaR models during the fourth wave of COVID-19.

The results suggest that the Islamic Financial Services Board (IFSB) should enhance market discipline mechanisms, while central banks and national authorities should harmonize their regulatory frameworks in line with Basel/IFSB reform agenda.

Previous studies focused on evaluating market risk models using non-Islamic indexes. However, this research uses the Islamic indexes to analyze the VaR forecasting models. Besides, they tested the accuracy of VaR models based on traditional GARCH models, whereas the authors introduce the Spline GARCH developed by Engle and Rangel (2008). Finally, most studies have focus on the period of 2007–2008 financial crisis, while the authors investigate the issue of market risk quantification for several Islamic market equity during the sanitary crisis of COVID-19.

The purpose of this paper is to investigate the relationship between restrictive covenants and accounting conservatism. More specially, the authors try to explain how the use of restrictive covenants of public debt may affect accounting conservatism.

The sample is composed of non-financial firms and for each firm one debt contract is considered. The authors have used the Ball and Shivakumar (2005) models to test the relationships. All variables were retrieved from Mergent Fixed Investment Securities and COMPUSTAT Databases.

The findings of this study show that the more the firm relies on bond covenants, the higher is the degree of conservatism. The authors found also that these firms also exhibited a widely significantly increased level of conservatism in the years following the issuance of debt.

The results should be interpreted with caution because the use of covenants does not take into consideration the tightness of their inclusion in the public debt contract.

This paper makes a timely contribution to the debate of timely loss recognition by confirming the complementarity between the inclusion of restrictive covenants in the debt agreement and the accounting conservatism before and after the emission of public debt.

The purpose of this work is to explore electrical properties of an electrochemical sensor designed for the detection of malachite green (MG) present in an aqueous solution.

The present sensor consists in the spatial coupling of a polymeric membrane and an ion-sensitive electrode (platinum electrode). The preparation of the polymeric membrane involves the incorporation of an ionophore (D2HPA), a polymer (polyvinylchloride [PVC]) and a plasticizer (dioctyl phthalate [DOP]). Several techniques have been used to characterize this sensor: the cyclic voltammetry, the electrochemical impedance spectroscopy and the optical microscopy. The sensibility, the selectivity and the kinetic study of a modified platinum electrode have been evaluated by cyclic voltammetry.

The obtained results reveal the possibility of a linear relationship between the current of reduction peaks and MG concentration. A linear response was obtained in a wide-concentration range that stretches from 10⁻⁵ to 10⁻¹³ mol L⁻¹, with a good correlation coefficient (0.976) and a good detection limit of 5.74 × 10⁻¹⁴ mol L⁻¹ (a signal-to-noise ratio of 3). In addition, the voltammetric response of modified electrode can be enhanced by adding a layer of Nafion membrane. Under this optimal condition, a linear relationship was obtained, with a correlation coefficient of 0.986 and a detection limit of 1.92 × 10⁻¹⁸ mol L⁻¹.

In the present research, a convenient, inexpensive and reproducible method for the detection of MG was developed. The developed sensor is capable of competing against the conventional techniques in terms of speed, stability and economy.