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on Islamic Finance |
| By: | Azam, Jean-Paul; Ferret, Jérôme |
| Abstract: | A simple game-theoretic model is used to end the sterile intellectual trench war between those who analyze each instance of a community’s radicalization process as a self-contained phenomenon and those who prefer to embed such episodes within a more encompassing social framework. In the model, two groups labeled “Islamic” and “Nativists” are competing using radicalization as a tool to enlarge their share of the limelight in the media. Exogenous shocks are then shown to entail both idiosyncratic responses and interactions between the two groups. The French “radicalized decade” 2011-2020, which witnessed both the Bataclan highly lethal Jihadist attack in 2015 and the populist gilets jaunes massive uprising from 2018 to the COVID-related lockdown in 2020, among other radicalization events, is used to put some of the model’s insight to work. A simple extension of the model is used to shed some light on the emerging Islamo-Leftist and Lefto-Populist tacit collusions, which suggest that the radical left is somehow breaking apart, thus probably boosting in fact the collective radicalization process. |
| Date: | 2022–03–10 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:126698&r= |
| By: | Arief, A. Anggie Zabrina |
| Abstract: | The triumph of Islamic civilization in the past, can be achieved by the ummah by applying management principles sourced from the Qur'an and Hadith. On the other hand, the decline of Islamic civilization is due to the neglect of the principles of the Qur'an and Hadith regarding management. Basically, the “spirit” of professional management has been exemplified by Allah SWT. in the process of creation and regulation of the universe, and was applied by the Prophet Muhammad. However, it is unfortunate that the management principles contained in the Qur'an and Hadith are less competitive with human management theories. Nowadays, sharia management is starting to be known as an effort to "re-discover" Islamic management science based on the Qur'an and Hadith Keywords: Management. Sharia management, Islamic management principles |
| Date: | 2022–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:osf:osfxxx:6khwm&r= |
| By: | Rafi Ullah (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | Pakistan’s rural areas have complex economies with employment permeating across a range of industry divisions apart from agriculture. This paper aims to examine the trends in rural employment and consumption patterns by looking at key individual and household level indicators. The data used for this exercise comes from Household Integrated Economic Surveys (HIES) conducted by the Pakistan Bureau of Statistics (PBS) over multiple years. A thorough examination of the trends indicates that there has been a persistent shift in non-farm-related employment in Pakistan, with about half the working population now involved in non-farm-based jobs. Furthermore, approximately two-third of household income comes from sources that are not directly linked to agricultural production, either crop production or livestock. People in rural Pakistan are switching from non-farm employment due to a myriad of reasons, including an increase in peri-urban agglomerations, increasing connectivity, low returns to agriculture, and scarcity of land due to skewed land ownership. Household consumption patterns over the past two decades also indicate key shifts in the nature of commodities consumed. Households on average spend less than half their total consumption expenditure on food items. This is even true for families in the lowest income quintile. There is a need to examine further the changing economic landscape of rural areas in Pakistan. The research needs to move away from ideological pitfalls that have often inhibited factual realities by relegating rural areas as nondynamic places that only contain primary sector economic activities. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:11&r= |
| By: | Ono, Shigeki; Iwasaki, Ichiro; 岩﨑, 一郎 |
| Abstract: | This paper performs a meta-analysis of the effect on economic growth of financial development and liberalization in European emerging markets and compares with that in European advanced economies. A meta-synthesis of 893 estimates extracted from 45 studies suggests that finance in emerging markets have a positive effect on growth. Furthermore, our findings indicate that the synthesized effect size in emerging markets was smaller than that in advanced economies. Results from meta-regression analysis and test for publication selection bias, however, show that some synthesis results cannot be reproduced when literature heterogeneity and publication selection bias are taken into consideration. |
| Keywords: | financial development and liberalization, economic growth, meta-analysis, publication selection bias, European emerging markets and advanced economies |
| JEL: | E44 O16 O52 P24 P33 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:hit:rrcwps:94&r= |
| By: | Dasgupta, Amil; Fos, Vyacheslav; Sautner, Zacharias |
| Abstract: | We provide a comprehensive overview of the role of institutional investors in corporate governance with three main components. First, we establish new stylized facts documenting the evolution and importance of institutional ownership. Second, we provide a detailed characterization of key aspects of the legal and regulatory setting within which institutional investors govern portfolio firms. Third, we synthesize the evolving response of the recent theoretical and empirical academic literature in finance to the emergence of institutional investors in corporate governance. We highlight how the defining aspect of institutional investors – the fact that they are financial intermediaries – differentiates them in their governance role from standard principal blockholders. Further, not all institutional investors are identical, and we pay close attention to heterogeneity amongst institutional investors as blockholders. |
| Keywords: | institutional investors; corporate governance; exit; voice; shareholder activism; proxy voting advisors; ES/S016686/1 |
| JEL: | F3 G3 |
| Date: | 2021–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:112114&r= |
| By: | Coralie Jaunin (University of Lausanne - School of Economics and Business Administration (HEC-Lausanne); Swiss Finance Institute); Tammaro Terracciano (University of Geneva, GFRI; Swiss Finance Institute) |
| Abstract: | This paper studies the relationship between green funds and firms' attention to sustainability. By using a natural language processing algorithm that extracts topics from texts, we measure the extent to which firms talk about sustainable energy during earnings conference calls. We use our measure to evaluate green funds' response to firms discussing sustainable energy. Our main result is that, when managers discuss sustainable energy topics, green funds respond by investing in the firm, while other funds divest. This corroborates the idea that green funds are essential to change firms' incentives and steer them towards the energy transition. Finally, we document that the overall attention that firms and funds pay to the environment is still very limited, although increasing in recent years. |
| Keywords: | green finance, sustainable investing |
| JEL: | G11 G23 Q01 |
| Date: | 2022–03 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2219&r= |