scholarly journals The Impact Of Financial Crisis On Islamic And Conventional Indices Of The GCC Countries

2015 ◽  
Vol 31 (2) ◽  
pp. 357 ◽  
Author(s):  
Hela Miniaoui ◽  
Hameedah Sayani ◽  
Anissa Chaibi
Keyword(s):  
Financial Crisis ◽  
The Other ◽  
Garch Models ◽  
Use Of Data ◽  
Market Index ◽  
Gcc Countries ◽  
Mean And Variance ◽  
The Mean ◽  
The Impact ◽  
Study Performance

<p>We study performance of Islamic and conventional indices of the Gulf Cooperation Council (GCC) countries in the wake of financial crisis of 2008 and test whether Islamic indices were less risky than conventional indices. We make use of data of the six GCC markets as well as the Dow Jones Islamic Market Index GCC. The mean and variance of each of the indices are analyzed based on augmented GARCH models. The results show that the financial crisis impacted on the mean returns of Bahrain, the other indices remained unaffected. The financial crisis, however, impacted volatility in three GCC markets (Kuwait, Bahrain, and the UAE), while the impact on the remaining markets (Saudi Arabia, Oman, and Qatar) and the Islamic index was insignificant. More interestingly, we show that the Islamic index did not exhibit lower volatility than its conventional counterparts.</p>

scholarly journals The Effect of Financial Leverage on The Islamic Banks’s Performance in The Gulf Cooperation Council (GCC) Countries

2019 ◽  
Vol 11 (1) ◽  
pp. 13
Author(s):  
Abdesslam Menacer ◽  
Abdulazeez Y. H. Saif-Alyousfi ◽  
Nor Hayati Ahmad
Keyword(s):  
Agency Cost ◽  
The Other ◽  
Islamic Banks ◽  
Financial Leverage ◽  
Gcc Countries ◽  
Thomson Reuters ◽  
Effect Regression ◽  
Equity Ratio ◽  
Earning Power ◽  
The Impact

This study examines the impact of the financial leverage on the Islamic banks’ performance in the GCC countries during the period from 2005-2017. The population of this study included the Islamic banks in the GCC countries. Thirteen years data of 25 listed Islamic banks in the GCC countries were used, wereby these data were retrieved from the Thomson Reuters DataStream. This study utilized the fixed effect regression model. The findings show that the financial leverage a has significant impact on the performance of the Islamic banks’ performance in the GCC region. More specifically, the financial leverage has a positive and significant impact on ROA, ROE, and Tobin’s Q of the Islamic banks in the GCC countries, thus indicating that the higher is the financial leverage the higher is the performance of the Islamic banks in the GCC region. However, the results of this study do not provide evidence to support the Agency Cost Theory that implies a decrease in the performance when equity ratio is increased. On the other hand, the findings provide evidence to support the Signaling Theory that argues that banks are expected to have a better performance credibly in transmitting this information through the higher capital. The findings imply that the level of financial leverage committed by the Islamic banks depends on their flexibility in adjusting their debt value and earning power.

THE ANALYSIS OF SINGLETONS IN GENERALIZED BIRTHDAY PROBLEMS

2012 ◽  
Vol 26 (2) ◽  
pp. 245-262 ◽  
Author(s):  
Matthijs R. Koot ◽  
Michel Mandjes
Keyword(s):  
Iterative Scheme ◽  
Demographic Data ◽  
Homogeneous Distribution ◽  
Birthday Problem ◽  
Mean And Variance ◽  
The Mean ◽  
The Impact

This paper describes techniques to characterize the number of singletons in the setting of the generalized birthday problem, that is, the birthday problem in which the birthdays are non-uniformly distributed over the year. Approximations for the mean and variance presented which explicitly indicate the impact of the heterogeneity (expressed in terms of the Kullback–Leibler distance with respect to the homogeneous distribution). Then an iterative scheme is presented for determining the distribution of the number of singletons. The approximations are validated by experiments with demographic data.

Assessing The Impact Of The Global Financial Crisis On GCC Countries

2010 ◽  
Vol 8 (2) ◽  
Author(s):  
Hisham H. Abdelbaki
Keyword(s):  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
The United States ◽  
Font Size ◽  
Negative Effects ◽  
Gcc Countries ◽  
The World ◽  
The Global Financial Crisis ◽  
The Impact

<p class="MsoNormal" style="text-align: justify; margin: 0in 27pt 0pt;"><span style="font-family: Times New Roman;"><span style="color: #0d0d0d; font-size: 10pt; mso-bidi-language: AR-EG;">No doubt, the </span><span style="color: #0d0d0d; font-size: 10pt;">international financial crisis that started in the United States of America will cast its effects on all countries of the world, developed and developing. Yet these effects vary from one country to another for several reasons. The GCC countries would not escape these negative effects of this severe crisis. The negative effects of the crisis on gulf countries come from many aspects: first, decrease in price of oil on whose revenues the development programs in these countries depend; second, decrease in the value of US$ and the subsequent decrease in the assets owned by these countries in US$; third, a case of economic stagnation will prevail in the world with effects starting to appear. </span><span style="color: #0d0d0d; font-size: 10pt; mso-bidi-language: AR-EG;">It is obvious that this would be reflected on the real sector in the economies causing a series of negative effects through decrease of the world demand for exports of GCC countries of oil, petrochemicals and aluminum.<span style="mso-spacerun: yes;">&nbsp; </span>Lastly, increased inflation rates with decreased interest rates will result in a decrease in real interest with an accompanying decrease in incentives for saving and consequently investment and economic development. The main aim of the research is to assess the economic effects of the global financial crisis on GCC countries. The paper results are that the big reserves of foreign currencies achieved by the GCC countries in the past few years have helped increase their ability to bear the effects of the financial effects on one hand and their ability to adopt expansionary policies through pumping liquidity to absorb the regressive effects of the crisis on the other. The paper recommends the necessity of taking precautionary procedures for the effects which will result from the expansionary policies effective in GCC countries. <strong></strong></span></span></p>

scholarly journals Double-Edged Sword of Global Financial Crisis and COVID-19 Pandemic on Crude Oil Stock Returns

2020 ◽  
Author(s):  
Monday Osagie Adenomon ◽  
Ngozi G. Emenogu
Keyword(s):  
Financial Crisis ◽  
Crude Oil ◽  
Global Financial Crisis ◽  
The Body ◽  
Garch Models ◽  
Oil Futures ◽  
Crude Oil Futures ◽  
The Global Financial Crisis ◽  
The Impact ◽  
T Distribution

This study investigates the impact of global financial crisis and the present COVID-19 pandemic on daily and weekly Crude oil futures using four variants of ARMA-GARCH models: ARMA-sGARCH, ARMA-eGARCH, ARMA-TGARCH and ARMA- aPARCH with dummy variables We also investigated the persistence, half-life and backtesting of the models. This study therefore seeks to contribute to the body of literature on the impact of global financial crisis and the present COVID-19 pandemic on crude oil futures market. This investigation of the impact of global financial crisis and the COVID-19 on crude oil futures has not been much studied at present. We obtained and analyzed the daily and weekly crude oil futures from secondary sources. Daily crude oil futures used in this study covers the period from the 4th January 2000 to 27th April 2020 while the weekly crude oil futures covered from 2ndJanuary 2000 to 26th April 2020 . The global financial crisis period covered from 2nd July 2007 to 31st March 2009 and the current COVID-19 pandemic covered from 1st January 2020 to 27th April, 2020. The study used both student t and skewed student t innovations with AIC, goodness-of-test fit and backtesting to select the best model. Most of the estimated ARMA-GARCH models are supported by skewed student t distribution while most of the ARMA-GARCH models exhibited high persistence values in the presence of global financial crisis and the COVID-19 pandemic. In the overall, the estimated ARMA(1,0)-eGARCH(2,1) and ARMA(1,0)-eGARCH(2,2) model for daily crude oil futures and weekly crude oil futures respectively have been significantly impacted by the global financial crisis and the Present COVID-19 pandemic while the preferred estimated models also passed the goodness-of-test fit and backtesting.This study recommends shareholders and investors should think outside the box as crude oil futures tend to be affected by global financial crisis and COVID-19 pandemic while countries also that depend mostly on crude oil are encouraged to diversify their economy in other to survive and be sustained during financial and health crisis.

scholarly journals Quantitative traits under selection: derivations of distributions, higher moments, and the effects of recombination

2021 ◽  
Author(s):  
Reginald D Smith
Keyword(s):  
Quantitative Traits ◽  
Exact Formula ◽  
Breeding Value ◽  
Breeding Values ◽  
Mean And Variance ◽  
The Mean ◽  
The Impact ◽  
First Four Moments ◽  
First Time ◽  
Fertile Area

The mathematical theory of quantitative traits is over one hundred years old but it is still a fertile area for research and analysis. However, the effects of selection on a quantitative trait, while well understood for the effects on the mean and variance, have traditionally been difficult to attack from the perspective of analyzing the probability density of the breeding values and deriving higher (third and fourth) moments as well as analyzing the impact of recombination. In this paper, the exact formula for the breeding value distribution after selection is derived and, using new integral tables, the first four moments are given exact expressions for the first time. In addition, the effects of recombination on the full distribution of breeding values are demonstrated. Finally, the changes of GXE covariance in the selected parent population caused by factors similar to the Bulmer Effect are also investigated in detail.

scholarly journals The Impact of Covid-19 Spread on Stock Markets: The Case of the GCC Countries

2020 ◽  
Vol 13 (11) ◽  
pp. 16
Author(s):  
Nader Alber ◽  
Amr Saleh
Keyword(s):  
Stock Market ◽  
Stock Markets ◽  
Stock Market Index ◽  
Market Returns ◽  
Stock Market Returns ◽  
Market Index ◽  
Stock Market Return ◽  
Gcc Countries ◽  
Developed Stock Markets ◽  
The Impact

This paper attempts to investigate the effects of 2020 Covid-19 world-wide spread on stock markets of GCC countries. Coronavirus spread has been measured by cumulative cases, new cases, cumulative deaths and new deaths. Coronavirus spread has been measured by numbers per million of population, while stock market return is measured by &Delta; in stock market index. Papers conducted in this topic tend to analyze Coronavirus spread in the highly infected countries and focus on the developed stock markets. Countries with low level of infection that have emerging financial markets seem to be less attractive to scholars concerning with Coronavirus spread on stock markets. This is why we try to investigate the GCC stock markets reaction to Covid-19 spread.&nbsp;&nbsp; Findings show that there are significant differences among stock market indices during the research period. Besides, stock market returns seem to be sensitive to Coronavirus new deaths. Moreover, this has been confirmed for March without any evidence about these effects during April and May 2020.

scholarly journals IMPACT OF THE COVID-19 PANDEMIC ON ISLAMIC BANK INDICES OF THE GCC COUNTRIES

2021 ◽  
pp. 1-17
Keyword(s):  
Economic Crisis ◽  
Banking Sector ◽  
Stock Exchanges ◽  
Islamic Banks ◽  
Efficient Manner ◽  
Islamic Bank ◽  
Market Index ◽  
Gcc Countries ◽  
Positive Growth ◽  
The Impact

The present study explores the impact of the COVID-19 pandemic on Islamic bank indices in GCC countries banking sector. The research aims to know the ability of Islamic Bank indices to face the COVID-19 crisis and examine whether Islamic bank indices can respond to the volatility in the stock exchanges. The study uses data of stock exchanges and Dow Jones Islamic Market Index in GCC countries banking sector to relate the data before and during the COVID-19 crisis. It is found that Islamic banks have ability to respond the financial and economic crisis. Also, Islamic banks are able to provide their valuable services continuously and perform their financial activities during and after the crisis competently. The results also indicate that Islamic Bank Indices in GCC countries have performed better during 2019 with significant closing prices compared to 2020. As during 2020 fifteen banks recorded normal decreasing in its indices and six Islamic banks achieved growth in its indices. In Q1, Q2 of 2021 the Islamic banks achieved positive growth in its indices price. This specifies that Islamic Banks have managed the financial and economic crisis in an efficient manner.

scholarly journals Payments under the Average Crop Revenue Program: Implications for Government Costs and Producer Preferences

2009 ◽  
Vol 38 (1) ◽  
pp. 49-64 ◽  
Author(s):  
Joseph Cooper
Keyword(s):  
Stochastic Model ◽  
Coefficient Of Variation ◽  
Total Revenue ◽  
Mean And Variance ◽  
The Mean ◽  
Peripheral Production ◽  
The Impact ◽  
To Receive ◽  
Payment Rate ◽  
The U.S

This paper develops a stochastic model for comparing payments to U.S. corn producers under the U.S. Senate's Average Crop Revenue Program (ACR) versus payments under the price-based marketing loan benefit and countercyclical payment programs. Using this model, the paper examines the sensitivity of the density function for payments to changes in expected price levels. We also assess the impact of the choice of yield aggregation used in the ACR payment rate on the mean and variance of farm returns. We find that ACR payments lower the producer's coefficient of variation of total revenue more than does the price-based support, although ACR may not raise mean revenue as much. While corn farmers in the heartland states might still prefer to receive the traditional forms of support when prices are low relative to statutory loan rates and target prices, this outcome is not necessarily the case for farmers in peripheral production regions.

Analysis of anomaly correlations

Geophysics ◽  
1997 ◽  
Vol 62 (1) ◽  
pp. 342-351 ◽  
Author(s):  
Ralph R. B. von Frese ◽  
Michael B. Jones ◽  
Jeong Woo Kim ◽  
Jeong‐Hee Kim
Keyword(s):  
Graphical Representation ◽  
The Other ◽  
Digital Data ◽  
Data Sets ◽  
Correlation Filters ◽  
Geophysical Interpretation ◽  
Frequency Domains ◽  
Mean And Variance ◽  
The Mean ◽  
Normalization Factors

Recognizing correlations between data sets is the basis for rationalizing geophysical interpretation and theory. Procedures are presented that constitute an effective process for identifying correlative features between two or more digital data sets. The procedures include the development of normalization factors from the mean and variance properties of the data sets. Using these factors, the data sets may be transformed so that they have common amplitude ranges, means, and variances, thereby allowing a common graphical representation of the data sets that facilitates the visualization of feature correlations. Anomaly features that show direct, inverse, or no correlations between data sets may be separated by the application of correlation filters in the frequency domains of the data sets. The correlation filter passes or rejects wavenumbers between coregistered data sets based on the correlation coefficient between common wavenumbers as given by the cosine of their phase difference. Standardizing and summing the filtered outputs where directly correlative features have been enhanced yields local favorability indices that optimize the perception of these features. Differencing the standardized outputs where inversely correlative features have been enhanced, on the other hand, provides favorability indices that improve the perception of the inverse correlations. This study includes a generic example, as well as magnetic and gravity anomaly profile examples that illustrate the usefulness of these procedures for extracting correlative features between digital data sets.

The processes influencing the distribution of parasitic nematodes among naturally infected lambs

Parasitology ◽  
1998 ◽  
Vol 117 (2) ◽  
pp. 165-171 ◽  
Author(s):  
M. J. STEAR ◽  
K. BAIRDEN ◽  
S. C. BISHOP ◽  
G. GETTINBY ◽  
Q. A. McKELLAR ◽  
...  
Keyword(s):  
Negative Binomial Distribution ◽  
Binomial Distribution ◽  
Negative Binomial ◽  
Good Description ◽  
Skewed Distribution ◽  
The Other ◽  
Host Susceptibility ◽  
Parasitic Nematodes ◽  
The Mean ◽  
The Impact

The impact of mixed, nematode infection upon a group of animals will depend upon the number of nematodes present, how they are distributed among hosts and whether individuals that are heavily parasitized with one species are more likely to be heavily parasitized with other species. A survey of over 500 six-month-old, Scottish Blackface lambs from a single farm in Southwest Strathclyde identified 7 different categories of nematodes in the abomasum and small intestine. There were considerable differences among years and among nematodes in the prevalence and mean intensity of infection. Ostertagia circumcincta was present in nearly all lambs and judged by prevalence and intensity is one of the most successful of all parasitic nematodes. Each category of nematodes had a skewed distribution; most animals had relatively few worms but a small proportion had many worms. The variances of the number of nematodes in each category were approximately equal to the square of the mean. The counts of adult O. circumcincta followed a negative binomial distribution, but the negative binomial distribution did not provide a good description of the observed values for the other species. These other species had a lower prevalence and possibly some sheep were not exposed to infection. There was no significant genetic variation among lambs in the number of nematodes present and therefore the differences among these lambs were unlikely to be a consequence of genetic differences in host susceptibility. Lambs with increased numbers of one species were more likely to have increased numbers of the other species, but the correlations were weak and may reflect covariation in exposure to different parasites.

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