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Book part
Publication date: 19 December 2012

Badi H. Baltagi and Georges Bresson

This chapter suggests a robust Hausman and Taylor (1981), hereafter HT, estimator that deals with the possible presence of outliers. This entails two modifications of the…

Abstract

This chapter suggests a robust Hausman and Taylor (1981), hereafter HT, estimator that deals with the possible presence of outliers. This entails two modifications of the classical HT estimator. The first modification uses the Bramati and Croux (2007) robust Within MS estimator instead of the Within estimator in the first stage of the HT estimator. The second modification uses the robust Wagenvoort and Waldmann (2002) two-stage generalized MS estimator instead of the 2SLS estimator in the second step of the HT estimator. Monte Carlo simulations show that, in the presence of vertical outliers or bad leverage points, the robust HT estimator yields large gains in MSE as compared to its classical Hausman–Taylor counterpart. We illustrate this robust version of the HT estimator using an empirical application.

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Article
Publication date: 1 March 1982

GEORGE C. THEODORIDIS and ZAHRL G. SCHOENY

A simple procedure is used to determine the minimum amount of information required in order to identify a word when contextual information is provided in the form of a…

Abstract

A simple procedure is used to determine the minimum amount of information required in order to identify a word when contextual information is provided in the form of a sentence with a blank spot into which the word fits. A population of subjects are presented with the sentence and are required to guess at the word which belongs in the blank spot. From the probability with which the expected word is guessed, one can determine the minimum additional information required for the identification of the missing word.

Details

Kybernetes, vol. 11 no. 3
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 1 January 1998

RITA ASPLUND

A common assertion, strongly supported by country‐specific empirical evidence, is that individual returns to investment in human capital change slowly over time. The…

Abstract

A common assertion, strongly supported by country‐specific empirical evidence, is that individual returns to investment in human capital change slowly over time. The research results reported in this paper indicate that this is not necessarily the outcome if the economy, like the Finnish one at the turn of the decade (1980/90), undergoes rapid shifts in the activity level coupled with increasing turbulence in the labour market. Not surprisingly, the changes in wage conditions are stronger within the private sector. Less expected is perhaps the finding of highly differing effects among men and women employed in the same sector.

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Journal of Human Resource Costing & Accounting, vol. 3 no. 1
Type: Research Article
ISSN: 1401-338X

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Article
Publication date: 1 April 1983

S. Stanley and R.T. Rakowski

The authors describe an automatic system to measure the repeatability of industrial robots. A unit with a resolution of 11µm and an accuracy as high as 0.5µm has been designed.

Abstract

The authors describe an automatic system to measure the repeatability of industrial robots. A unit with a resolution of 11µm and an accuracy as high as 0.5µm has been designed.

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Sensor Review, vol. 3 no. 4
Type: Research Article
ISSN: 0260-2288

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Article
Publication date: 1 January 1973

Davis and L Timmins

The total life and reliability of a fastened joint does not depend entirely upon the initial strength of the components involved but also upon the compatibility of the…

Abstract

The total life and reliability of a fastened joint does not depend entirely upon the initial strength of the components involved but also upon the compatibility of the materials concerned with the service environment.

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Anti-Corrosion Methods and Materials, vol. 20 no. 1
Type: Research Article
ISSN: 0003-5599

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Article
Publication date: 2 September 2021

Irfan Ali, Waheed Akhter and Naukhaiz Chaudhry

The Islamic Holy days are among the most celebrated spiritual traditions in the world and are observed by more than 1.5 billion Muslims. This study aims to investigate the…

Abstract

Purpose

The Islamic Holy days are among the most celebrated spiritual traditions in the world and are observed by more than 1.5 billion Muslims. This study aims to investigate the effect of these events on the regular returns of stock exchanges in selected Muslim countries.

Design/methodology/approach

This study examines data from eight Asian and African stock exchanges from 2001 to 2019. Isolating the effect of Gregorian calendar anomalies, it aims to evaluate the effect of Islamic Holy days on stock returns by running a pooled random effect panel regression on all the stock exchanges examined.

Findings

The results reveal the positive impact of Eid-ul-Fitr on Asian markets, the negative impact of Eid Milad-un-Nabi on the African stock market’s returns and the positive effect of the Holy month of Ramadan on both markets. Some Gregorian calendar anomalies also were found in these markets.

Practical implications

The research has significant implications for marketing professionals to recognize business opportunities and investors to efficiently manage their stock portfolio during Islamic events of Eid-ul-Fitr, Eid Milad-un-Nabi and Ramadan in relevant Muslim countries.

Originality/value

Given the research gap between Gregorian and Islamic calendar anomalies, this paper contributes by combining the effect of Islamic Holy days on the returns of selected Muslim-dominated financial markets.

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Journal of Islamic Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1759-0833

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Book part
Publication date: 8 April 2015

Luca Fiorito

This note presents new archival evidence about John Maynard Keynes’ attitudes toward Jews. The relevant material is composed of two letters sent by Robert G. Wertheimer to…

Abstract

This note presents new archival evidence about John Maynard Keynes’ attitudes toward Jews. The relevant material is composed of two letters sent by Robert G. Wertheimer to Bertrand Russell and Richard F. Kahn along with their replies. Between 1963 and 1964, Wertheimer – an Austrian-born Jewish immigrant then professor of economics at Babson College – wrote to Russell and Kahn asking for their personal reminiscences concerning Keynes’ anti-Semitic utterances. In their brief but still significant responses, both Russell and Kahn firmly denied any hint of anti-Semitism in Keynes, thereby providing significant first-hand testimonies from two of his closest acquaintances.

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A Research Annual
Type: Book
ISBN: 978-1-78441-857-1

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Book part
Publication date: 30 March 2017

Rwan El-Khatib

I study the determinants of conventional leverage in a sample of publicly listed corporations based in Saudi Arabia, United Arab Emirates, and Qatar, for a period spanning…

Abstract

I study the determinants of conventional leverage in a sample of publicly listed corporations based in Saudi Arabia, United Arab Emirates, and Qatar, for a period spanning from 2005 up to end of 2014, and investigate whether those determinants can also explain the utilization of Sukuk by the same corporations in their capital structures. Evidence related to the determinants of conventional leverage is consistent with results from prior studies conducted on corporations based in developed and developing countries. Firm’s size, profitability, tangibility, age, and tendency to pay dividends are significant determinants of conventional leverage. However, not all those factors significantly explain the utilization of Sukuk as a financing vehicle. The size of the firm remains to be the most significant factor, in addition to the conformance of those corporations with respect to Shari’a principles measured by their utilization of other Islamic investments and financing instruments. Overall, I conclude that models used to predict conventional leverage are not capable of fully explaining the determinants of Sukuk issuances.

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Global Corporate Governance
Type: Book
ISBN: 978-1-78635-165-4

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Book part
Publication date: 3 August 2015

Peter T. Leeson and Paola A. Suarez

This paper investigates the relationship between superstition and self-governance. We argue that at least some superstitions, and perhaps many, support self-governing…

Abstract

This paper investigates the relationship between superstition and self-governance. We argue that at least some superstitions, and perhaps many, support self-governing arrangements. The relationship between such scientifically false beliefs and private institutions is symbiotic and socially productive. This simple but overlooked observation may help explain the emergence and otherwise puzzling persistence of both superstitions and “spontaneous” orders that seem perverse or dysfunctional, as well as why these two phenomena are often found together.

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New Thinking in Austrian Political Economy
Type: Book
ISBN: 978-1-78560-137-8

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Article
Publication date: 17 October 2020

Walid Mansour

This paper aims to propose a conceptual framework for the assessment of Islamic financial products’ development.

Abstract

Purpose

This paper aims to propose a conceptual framework for the assessment of Islamic financial products’ development.

Design/methodology/approach

A coordinate grid with two perpendicular axes (profitability and compliance to Shari’ah) is developed and used to produce a nine-zone matrix. The research design is further developed by using a linear, composite index to assess product development feasibility and specifications. Subsequently, three strategic paths are identified: profitability-led strategic path, compliance-led strategic path and intermediate strategic path.

Findings

The findings indicate that the ideal strategic behavior the Islamic financial institutions have to borrow corresponds to the intermediate strategic path because it optimizes the trade-off between the two attributes under consideration. A proper development strategy of Islamic financial products should not ignore the compliance to the substance of Shari’ah and combine it simultaneously with profitability.

Originality/value

The paper’s originality consists in the identification of the portfolio of Islamic financial products’ strategic positioning in the nine-zone matrix and the determination of the most suitable product development strategy.

Details

Journal of Islamic Accounting and Business Research, vol. 11 no. 9
Type: Research Article
ISSN: 1759-0817

Keywords

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