Are Islamic indices a viable investment avenue? An empirical study of Islamic and conventional indices in India

2020 ◽  
Vol 13 (3) ◽  
pp. 503-518
Author(s):  
Mahfooz Alam ◽  
Valeed Ahmad Ansari
Keyword(s):  
Performance Measures ◽  
Factor Model ◽  
Small Sample Size ◽  
Sharpe Ratio ◽  
Small Sample ◽  
Superior Performance ◽  
Information Ratio ◽  
Comparative Performance ◽  
Content Type ◽  
Faith Based

Purpose This study aims to empirically compare the performance of Islamic indices vis-à-vis to their conventional counterparts in India. Design/methodology/approach The performance of the Islamic and selected conventional indices is evaluated using various risk-adjusted performance measures such as Sharpe ratio, Treynor ratio, M-square (M2) ratio, information ratio, capital asset pricing model (CAPM), Fama-French three-factor model and Carhart four-factor model in India context. The period of study is from December 2006 to 2018. Findings The risk-adjusted performance measures based on the Sharpe ratio, Treynor ratio, information ratio, the M2 ratio show that the return of Islamic indices provides slightly superior performance. However, performance investigated using CAPM, Fama-French and Carhart benchmarks produce a statistically insignificant differences in return of the Islamic and conventional benchmarks. Research limitations/implications The Sharīʿah-compliant indices can provide a viable, ethical and alternative investment avenue for faith-based investors as it will not make them worse off in comparison to the conventional benchmarks. This also offers opportunity to conventional investors for portfolio diversification. The promotion of faith-based investment can serve as a tool for financial inclusion to attract a huge segment of Indian population in the formal financial system. The findings of the study suffer from the limitation of small sample size and empirical methods used. Originality/value This study contributes to the literature on the comparative performance of Islamic and conventional indices in general and emerging markets, in particular, using most recent data and covering a relatively long span of time. To the best of the knowledge, this is the first comprehensive study examining the performance of Islamic indices, using multiple Islamic indices and various risk-adjusted measures in the Indian context.

Providing engineers with OARS and EARS

2015 ◽  
Vol 5 (2) ◽  
pp. 117-134 ◽  
Author(s):  
Florian E. Klonek ◽  
Simone Kauffeld
Keyword(s):  
Quality Assurance ◽  
Performance Measures ◽  
Engineering Students ◽  
Small Sample Size ◽  
Small Sample ◽  
Skill Assessment ◽  
Content Type ◽  
Observational Measures ◽  
Verbal Skills ◽  
Measurement Design

Purpose – Motivational Interviewing (MI) is a vocational communication skill from the helping professions. Verbal skills in MI are summarized under the acronyms OARS and EARS (open-ended questions/elaborating, affirmations, reflections, and summaries). The purpose of this paper is to outline how MI provides important skills for engineers, and demonstrate skill assessment by using an observation-based scientific approach. Design/methodology/approach – Totally, 25 engineering students took part in a skill-based MI training. Quality assurance of the training was assessed by using a repeated measurement design with multiple measures: systematic observations from recorded interactions and self-reported and standardized performance measures. Two external observers reliably coded the recorded conversations using the MI skill code. Findings – Trainees showed a significant increase of verbal skills in MI. Directive-confrontational behaviors decreased after training. Self-reported and performance measures indicated significant increases in MI post training. Conversational partners in the post-training condition showed significantly more motivation in comparison to partners before the training. Research limitations/implications – The main limitation of the study is the small sample size. However, training effect sizes showed large effects on verbal skills. Practical implications – Communication skills in MI can be taught effectively for a technical population. This study suggests that MI is effective within the higher education of technical professions who have to deal with motivational issues. Observational measures can be used for quality assurance purposes, but also serve as a feedback instrument for work-based learning purposes. Originality/value – This is the first study to evaluate training in MI for engineers using a multi-method approach with observational measures.

Trading on ETF mispricings

2018 ◽  
Vol 44 (3) ◽  
pp. 357-373 ◽  
Author(s):  
Yvonne Kreis ◽  
Johannes W. Licht
Keyword(s):  
Factor Model ◽  
Small Sample Size ◽  
Detailed Comparison ◽  
Trading Strategy ◽  
Small Sample ◽  
Trading Costs ◽  
Content Type ◽  
Limits To Arbitrage ◽  
Net Returns ◽  
The Impact

Purpose Prior literature has shown deviations between ETF prices and their net-asset-value (NAV) to exist. Fulkerson and Jordan (2013, p. 31) question “if there exists a true tradeable strategy” to exploit these inefficiencies. The purpose of this paper is to implement a profitable daily long-short trading strategy based on price/NAV information and explicitly accounting for trading costs. Design/methodology/approach For a sample of European sector ETFs, the authors analyze gross and net returns of a long-short trading strategy in the capital asset pricing model and Fama-French three-factor model. Findings The authors document positive gross excess return for the long-short trading strategy in all sample periods, but net excess returns to be positive only between 2008 and 2010. Research limitations/implications The results document a profitable long-short trading strategy exploiting deviations between ETF prices and NAV and highlight the impact of trading costs in ETF markets. Due to the limited availability of historic trading cost data, the research uses a comparatively small sample size. Practical implications The net profitability of long-short trading in ETFs is only found in times of high uncertainty in the stock market. Originality/value The inclusion of trading costs enables a detailed comparison between gross and net returns in ETF trading, addressing potential limits to arbitrage.

The performance of the Broad Based Black Economic Empowerment compliant listed property firms in South Africa

2016 ◽  
Vol 34 (1) ◽  
pp. 3-26 ◽  
Author(s):  
Omokolade Akinsomi ◽  
Katlego Kola ◽  
Thembelihle Ndlovu ◽  
Millicent Motloung
Keyword(s):  
Stock Returns ◽  
Factor Model ◽  
Stock Exchange ◽  
Sharpe Ratio ◽  
Economic Empowerment ◽  
Content Type ◽  
Black Economic ◽  
Black Economic Empowerment ◽  
The Government ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of Broad-Based Black Economic Empowerment (BBBEE) on the risk and returns of listed and delisted property firms on the Johannesburg Stock Exchange (JSE). The study was investigated to understand the impact of Black Economic Empowerment (BEE) property sector charter and effect of government intervention on property listed markets. Design/methodology/approach – The study examines the performance trends of the listed and delisted property firms on the JSE from January 2006 to January 2012. The data were obtained from McGregor BFA database to compute the risk and return measures of the listed and delisted property firms. The study employs a capital asset pricing model (CAPM) to derive the alpha (outperformance) and beta (risk) to examine the trend amongst the BEE and non-BEE firms, Sharpe ratio was also employed as a measurement of performance. A comparative study is employed to analyse the risks and returns between listed property firms that are BEE compliant and BEE non-compliant. Findings – Results show that there exists differences in returns and risk between BEE-compliant firms and non-BEE-compliant firms. The study shows that BEE-compliant firms have higher returns than non-BEE firms and are less risky than non-BEE firms. By establishing this relationship, this possibly affects the investor’s decision to invest in BEE firms rather than non-BBBEE firms. This study can also assist the government in strategically adjusting the policy. Research limitations/implications – This study employs a CAPM which is a single-factor model. Further study could employ a multi-factor model. Practical implications – The results of this investigation, with the effects of BEE on returns, using annualized returns, the Sharpe ratio and alpha (outperformance), results show that BEE firms perform better than non-BEE firms. These results pose several implications for investors particularly when structuring their portfolios, further study would need to examine the role of BEE on stock returns in line with other factors that affect stock returns. The results in this study have several implications for government agencies, there may be the need to monitor the effect of the BEE policies on firm returns and re-calibrate policies accordingly. Originality/value – This study investigates the performance of listed property firms on the JSE which are BEE compliant. This is the first study to investigate listed property firms which are BEE compliant.

Improving new product development performance by risk management

2016 ◽  
Vol 31 (3) ◽  
pp. 418-425 ◽  
Author(s):  
Mehran Salavati ◽  
Milad Tuyserkani ◽  
Seyyede Anahita Mousavi ◽  
Nafiseh Falahi ◽  
Farshid Abdi
Keyword(s):  
Risk Management ◽  
Product Development ◽  
New Product Development ◽  
Small Sample Size ◽  
New Product ◽  
Small Sample ◽  
Content Type ◽  
Total Performance ◽  
The Relationship ◽  
Npd Performance

Purpose The principal aim of this study is to investigate the relationship between technological, marketing, organizational and commercialization risk management on new product development (NPD) performance. Design/methodology/approach Based on questionnaire, the data were collected from a sample of general automotive industry in Iran. Based on theoretical considerations, a model was proposed and descriptive statistic and hierarchical regression were used to measure the relationship between risk management factors and NPD performance. Findings Data analysis revealed that if organization can amplify their knowledge and information about risk and main factors that affect NPD process, not only can they do their work better but can also increase their ability to predict future happenings that affect performance. Research limitations/implications First, due to the relatively small sample size, caution should be exercised when interpreting the results. Second, the data were collected from automotive producer in Iran, which may restrict to some extent generalizability of the findings. Practical implications The results suggest that managers should consider more attention to risk management. If managers spread the risk management in all aspects of the NPD project, total performance will be increased and it can develop the probability of NPD success. Also organizations should perform great market research due to best commercialization. Originality/value Past researches have presented complete information about NPD process. But identifying and considering the effect of the risk management parameters that are connected to the NPD process were the main thrusts to perform the study. In this paper, based on past research about risk management of NPD, the extra aspect of process that can improve total performance of NPD has been examined.

The categorization of expatriates and the support offered by host country nationals

2016 ◽  
Vol 4 (1) ◽  
pp. 18-43 ◽  
Author(s):  
Shirley C. Sonesh ◽  
Angelo S. DeNisi
Keyword(s):  
Host Country ◽  
Small Sample Size ◽  
Small Sample ◽  
Content Type ◽  
Host Country Nationals ◽  
Group Members ◽  
Expatriate Assignments ◽  
The Right ◽  
National Stereotypes

Purpose – Although several authors have suggested that host country nationals (HCNs) play an important role in the management of expatriates (e.g. Toh and DeNisi, 2003; Farh et al., 2010), research has also suggested that this relationship is not always good, and the flow of critical information to expatriates can be limited. This is especially true when HCNs categorize the expatriates as “out-group” members. The purpose of this paper is to examine potential determinants of categorization decisions as well as potential outcomes related to expatriate socialization. Design/methodology/approach – The paper employs a dyadic survey approach to determine the antecedents to expatriate categorization and HCN socialization behaviors from the perspective of both the expatriate and HCN. Findings – The results of survey data from 65 expatriate-HCN dyads indicated that expatriate ethnocentrism and the salience of the expatriates’ nationality were important predictors of categorization, but that categorization was related to only one dimension of socialization. However, affect was found to play a role in predicting socialization behaviors. Research limitations/implications – There is potential selection bias since expatriates chose HCNs as respondents, but results suggested this was not a serious problem. Other limitations include a relatively small sample size and the fact that a number of contextual issues such as national stereotypes and MNC strategy, are not controlled for. Practical implications – Implications of these findings for the successful management of expatriate assignments include sending over expatriates with the right relational skills, and those low in ethnocentrism, rather than just the right technical skills. Originality/value – The present study was one of the first to empirically test the potential role of categorization in the process of socialization.

Individuals' waste separation practice in a relationship with social bonds: a case study of Hanoi, Vietnam

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thi Kim Nhung Nguyen
Keyword(s):  
Social Bonds ◽  
Small Sample Size ◽  
Influential Factors ◽  
Small Sample ◽  
Household Waste ◽  
Mixed Method Research ◽  
Structured Interviews ◽  
Content Type ◽  
Sociological Approach ◽  
Waste Separation

PurposeThe paper aims to ascertain whether residents in Nguyen Du ward still sort their waste at source following the end of the 3R project that ended in 2009. Additionally, this paper aims to explore the relationship between waste separation practices and social bonds.Design/methodology/approachThe Travis Hirschi theory of social control was applied, together with the mixed method research design which included a structured questionnaire survey. Twelve semi-structured interviews were also conducted with residents and the data processed by SPSS software, using Chi-Square test, Independent-Samples t-test and Pearson's correlation analysis.FindingsA proportion of respondents has continued practicing waste separation since the 3R project ended. The study also indicated that the greater the involvement in family and neighborhood activities the more the participants were likely to practice waste separation.Research limitations/implicationsThe small sample size limits the extent to which the most influential factors can be determined and therefore the degree to which the findings can be generalized.Practical implicationsThe study includes implications for rerunning the waste separation programs for households as together with community campaigns to improve individuals' attachment and commitment and thus their participation in pro-environmental behaviors.Originality/valueTo the author’s knowledge, this is the first study to take a sociological approach to investigate factors affecting household waste separation, which has attracted little attention in previous studies. Useful information is also provided to local authorities for a policy-making process to implement effective domestic waste policies.

What women want: the effect of health agency advertising on patient-doctor communication

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Cynthia Morton ◽  
Sabrina Habib ◽  
Jon Morris
Keyword(s):  
Sexual Health ◽  
Small Sample Size ◽  
Health Agency ◽  
Small Sample ◽  
Communication Strategy ◽  
Future Research ◽  
Health Communications ◽  
Content Type ◽  
Women’S Sexual Health ◽  
Doctor Communication

Purpose The purpose of this study is to investigate the relationship between women’s sexual health agency and their intent to initiate communications with their doctors. The research questions examined the effect sexual health agency has on patient-doctor communication, women’s emotional responses to health advertisements encouraging patient communication with their doctors, attitude toward the message and behavioral intentions after exposure to the advertising message. Design/methodology/approach An experimental design was implemented via an online questionnaire instrument to test the differences between younger-aged women (25 to 45 years) and mature-aged women (46 to 70 years). It was observed that 188 women who reported their status as single and sexually active in the past 12 months were exposed to a health advertisement that encouraged patient-doctor communication. Analyses were conducted to compare between-group measures on sexual health agency, emotional response and attitude toward the ad and behavioral intention. Findings No statistical difference existed between younger and older women. In general, women expect their doctor to lead conversations about sexual health but are positively reinforced by health messages that encourage their assertiveness as patients. Research limitations/implications The small sample size also may have limited the study’s potential to evaluate differences between age segments. Future research should explore this further. Practical implications The study provides evidence that sexual health advertising can reinforce women’s intent to initiate conversations with doctors regardless of age. Social implications Health communications can bolster women’s sexual health agency and improve patient-initiated conversations with doctors. Originality/value The study is the first to explore advertising messaging’s potential for applying health agency as a communication strategy for encouraging sexual health communications between women and their doctors.

Intensity of perceived stress and control of anger, anxiety and depression of people staying in Polish penitentiary institutions

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Kinga Kołodziej ◽  
Anna Kurowska ◽  
Anna Majda
Keyword(s):  
Perceived Stress ◽  
Small Sample Size ◽  
Prison Population ◽  
Research Area ◽  
Cross Sectional Study ◽  
Small Sample ◽  
Emotional Control ◽  
Coping With Stress ◽  
Cross Sectional ◽  
Content Type

Purpose The purpose of this study is to assess the intensity of perceived stress and measure the subjective control of anxiety, anger and depression in a group of women and men staying in Polish penitentiary institutions. Design/methodology/approach The research was carried out in two penitentiary institutions located in the Lesser Poland Voivodeship at the turn of 2019/2020. The study group consisted of 152 prisoners. In the cross-sectional study, two standardised research tools – the Perceived Stress Scale and the Emotional Control Scale – were used. Findings Over half of the prisoners (57.24%) presented a high level of stress. The intensity of the perceived stress did not depend on the gender and age of the convicted persons. The general indicator of emotional control among the respondents averaged 51.82 points (standard deviation = 14.52) and ranged from 22 to 83 points, which means that people detained in penitentiary institutions suppressed their negative emotions at an average level. The prisoners had the best control over fear (M = 18.68), less over anger (M = 16.86) and the least over depression (M = 16.27). Statistical analysis showed a correlation between the level of emotional control and the intensity of perceived stress. Research limitations/implications The small sample size of the group participating in the study and narrowing of the research area means that results can not be generalised across all isolated prison population. Practical implications The results obtained from the study can be used by a multidisciplinary team to develop therapeutic programmes for convicted persons, the aim of which is to evaluate strategies for coping with stress and controlling emotions. Social implications Popularising reliable information related to the issue of experiencing stress and varied emotions in those staying in penitentiary institutions may lead to the elimination of harmful stereotypes functioning in society, as well as reduce the phenomenon of marginalisation of prisoners, and thus contribute to the success of the social rehabilitation process. Originality/value Research on the level of stress intensity in prisoners is important because the rates of mental health disorders among prisoners consistently exceed the rates of such disorders in the general population.

The influence of homeschooling on entrepreneurial activities: a collective case study

2017 ◽  
Vol 59 (7/8) ◽  
pp. 706-719 ◽  
Author(s):  
Sarah Jeanne Pannone
Keyword(s):  
Locus Of Control ◽  
Small Sample Size ◽  
Research Literature ◽  
Small Sample ◽  
Content Type ◽  
Collective Case Study ◽  
Internal Locus Of Control ◽  
Entrepreneurial Characteristics ◽  
Entrepreneurial Activities

Purpose The purpose of this paper is to investigate how a homeschool education influences entrepreneurial characteristics and activity. Design/methodology/approach A collective case study design was used to investigate how a homeschool education influences entrepreneurial characteristics and activity. Findings From the participant interviews, surveys, and document analysis, three salient themes emerged. First, participants noted that their home education, at least in later years, was largely self-directed and that this independent, self-motivated type of learning impacted their subsequent entrepreneurial activities. Next, participants also related that they believed the alternative nature of their homeschooling education and its emphasis on being comfortable with being different influenced their entrepreneurial pathway. Finally, the third theme to surface was the idea that homeschooling helped develop an internal locus of control, a belief that is helpful in entrepreneurial undertakings. Research limitations/implications Research limitations included a lack of generalizability due to a small sample size and possible selection bias. Practical implications Despite these shortcomings, however, several implications exist. For example, the findings from this study show that homeschooling may be a viable alternative education method for parents looking to encourage entrepreneurial traits and activities in their children. Social implications Future areas of research were also identified, including a call to research the role locus of control plays in homeschooled students. Originality/value This study addresses an area that, to the knowledge of this researcher, is completely lacking from the research literature.

CEOs’ accounting-based attributes and earnings management strategies under mandatory IFRS adoption

2018 ◽  
Vol 19 (4) ◽  
pp. 608-625 ◽  
Author(s):  
Amel Kouaib ◽  
Anis Jarboui ◽  
Khaireddine Mouakhar
Keyword(s):  
Earnings Management ◽  
Small Sample Size ◽  
Small Sample ◽  
Moderating Effect ◽  
Audit Committees ◽  
Content Type ◽  
Ifrs Adoption ◽  
Experience Education ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to focus on the moderating effect of mandatory International Financial Reporting Standards (IFRS) adoption on the relationship between chief executive officer (CEO) experience/education and earnings management in European companies. Design/methodology/approach Data from a sample of 302 European firms listed on Stoxx Europe 600 index and 596 CEOs from 2000 to 2014 are used to test the moderation model using moderation regression analysis. Findings Evidence reveals that CEO’s accounting-based attributes are negatively associated with accruals-based earnings management and positively associated with real earnings management (REM). Further, mandatory IFRS adoption significantly moderates the impact of CEO’s accounting-based traits on earnings-management activities. Research limitations/implications A small number of European firms were studied and, given the long study period, many firms with missing data were eliminated. To avoid a small sample size, countries with few observations were included, which leads to an uneven distribution between observations per country. Practical implications Findings from this paper can help: European firms to consider demographic traits when recruiting or promoting executives; the IASB to improve enforcement mechanisms and make IFRS implementation mandatory; and audit committees to effectively monitor REM. Originality/value This study is unique in providing European evidence for the moderating effect of mandatory IFRS adoption on the relationship between CEOs’ accounting experience/education and earnings management activities. This paper is also relevant as it addresses the effectiveness and efficiency of accounting literates.

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