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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.

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.

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.

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.

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.

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.

With the rising of “religious fever” in China rural area, the authors inquire the reason why it happened. First, the authors explore the group characteristics which could affect both happiness and the religion belief of Chinese rural elderly. The authors analyze the micro-data of “thousand village surveys” data of Shanghai University of Finance and Economics by using Order Logit and Propensity Score Matching (PSM) method. These results show that when the elderly people have the following features related to health such as: feeling psychological loneliness, not obtaining the good management of chronic disease in the village, and not being participated in new rural cooperative medical system are more likely to believe in religious in the rural areas. And the authors also find these Chinese rural elderlies who believe in religion are less happy than atheism elderly actually (by PSM). Believing in religion is not the solution and maybe the way these elderly resorts to when they encounter health problem.

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.

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.

Islamic scholars are not unanimous on the legality of cryptocurrency. Muslims are confused about the permissibility of cryptocurrency. Thus, this study aims to evaluate the cryptocurrency from Shariah’s perspective.

This study is qualitative and uses a deductive research approach. It drives conceptual and logical deduction from Qur'an and Hadith.

The cryptocurrency is an intangible currency without any precious metal or commodity backing. It does not possess any intrinsic value, and also its prices are highly volatile. On these grounds, cryptocurrency does not qualify as money in Islam.

Cryptocurrency is not compatible with Islamic principles. It is not legal tender and is not backed by any government. Its prices are highly volatile, which opens the door for speculation. Muslims should avoid investing in it.

This study fulfills an identified need to evaluate cryptocurrency as money from Shariah’s perspective.