scholarly journals AN OVERVIEW OF THE OPTIONS WITHIN AN ISLAMIC CONTEXT

2020 ◽  
Vol 5 (12) ◽  
pp. 1-27
Author(s):  
Hamidouche M’hamed
Keyword(s):  
Financial Markets ◽  
Stock Exchange ◽  
The Other ◽  
Financial Instruments ◽  
Random Yield ◽  
Financial Instrument ◽  
Equal Zero ◽  
Muslim Countries ◽  
The One ◽  
Reduced Risk

The investors search the financial instruments which contain least cost and reduced risk. As a recap, the financial instrument is negotiable contracts and they are two sorts, at the: • First, the traditional assets financials with that are negotiated in market of the stock exchange (shares, bonds, and the part in organism for collective investment in securities value …) or other cash instruments such as loans and deposits commercialize in the market; • Second, the derived financial product: there are two types of contracts, for the one a close position like (forwards, futures, swaps) and for the other one, the optional position likes options or warrants. So, all Islamic country observes that the option hasn’t legitimate in stock exchange and it has for originate most of the doctrine of Islam prohibit the transaction with all kinds of options,this implies a complete absence of options in the financial markets of Muslim countries and this context a random yield with in the money (ITM) of option equal zero.

scholarly journals La frontera eficiente y los límites de inversión para las AFP: una nueva mirada

2010 ◽  
Vol 15 (29) ◽  
pp. 95-117
Author(s):  
Diana Ortiz ◽  
◽  
Miguel Chirinos ◽  
Yvonka Hurtado ◽  
◽  
...  
Keyword(s):  
Financial Markets ◽  
Efficient Frontier ◽  
Pension Plan ◽  
The Other ◽  
Financial Instrument ◽  
The Difference ◽  
The One ◽  
High Level ◽  
Relationship Of ◽  
The Relationship

This article provides a re-estimation of the pension plan funds administrators’ efficient frontier. The goal here is two-fold: on the one hand it measures the effect of investment limits imposed by regulators. Unlike previous studies, here the short positions are not limited; this assumption is based upon the completeness of the financial markets: when the markets are completed, any financial instrument may be replicated. On the other hand, this article measures the performance of the pension plan funds. In earlier works, the performance was measured as the difference between the profitability in the frontier and the one obtained at the level of a given risk; here the return is measured as the relationship of optimal risk profitability and the one obtained. The main conclusion drawn is that regulation supports the high level of risks taken by the administrators.

scholarly journals THE MATERIALCOLLATERAL PRINCIPLE OF GENERATING INVESTMENT FUNDS

2021 ◽  
Vol 231 (5) ◽  
pp. 227-237
Author(s):  
SERGEI N. RYABUKHIN ◽  
◽  
MIKHAIL A. MINCHENKOV ◽  
VERA V. VODYANOVA ◽  
MAXIM P. ZAPLETIN ◽  
...  
Keyword(s):  
System Development ◽  
Financial System ◽  
The Other ◽  
Real Economy ◽  
Financial Instruments ◽  
Foreign Exchange Reserves ◽  
Investment Funds ◽  
Financial Instrument ◽  
The One ◽  
Traditional Approaches

The article is dedicated to digital financial instruments and contradictions appearing in the process of their creation. On the one hand, this is a progressive form of the monetary and financial system development. On the other hand, traditional approaches to the creation of such instruments are virtual, which makes the finished product isolated from the real economy and gives it a speculative character. The authors propose to create a new digital financial instrument «calculated gold», which, firstly, has real pledged collateral, and secondly, allows to generate long and cheap investment funds. New financial instrument «calculated gold» makes it possible to expand gold and foreign exchange reserves due to of a group of dual goods and create commodity and currency reserves, which would allow to launch the internal investment circuit of the national financial system.

Critical Value-Based Power Options Pricing Problems in Uncertain Financial Markets

2021 ◽  
pp. 2150002
Author(s):  
Guimin Yang ◽  
Yuanguo Zhu
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Numerical Experiments ◽  
Critical Value ◽  
The Other ◽  
Options Pricing ◽  
Underlying Asset ◽  
Pricing Problems ◽  
Fractional Differential ◽  
The One

Compared with investing an ordinary options, investing the power options may possibly yield greater returns. On the one hand, the power option is the best choice for those who want to maximize the leverage of the underlying market movements. On the other hand, power options can also prevent the financial market changes caused by the sharp fluctuations of the underlying assets. In this paper, we investigate the power option pricing problem in which the price of the underlying asset follows the Ornstein–Uhlenbeck type of model involving an uncertain fractional differential equation. Based on critical value criterion, the pricing formulas of European power options are derived. Finally, some numerical experiments are performed to illustrate the results.

scholarly journals The Evolving Interplay between Islam and Politics: From Islamist to Islamic Democrat

ICR Journal ◽  
2018 ◽  
Vol 9 (4) ◽  
pp. 154-164
Author(s):  
Waqas Ahmad
Keyword(s):  
Vital Role ◽  
The Other ◽  
Political Movements ◽  
Islam And Politics ◽  
Muslim Countries ◽  
The World ◽  
Inclusive Approach ◽  
Democratic Parties ◽  
The One ◽  
Democratic Elections

Islam is unique in its relationship with politics. It plays a vital role in politics and governance, initially under the Rashidun and subsequently in many Muslim empires. The collapse of the Ottoman caliphate in 1924 and the process of decolonisation which started in the mid-twentieth-century led to the start of many Islamic political movements in newly independent Muslim countries. These movements now sit at a critical juncture, with Muslims around the world being polarised around two political extremes. On the one hand, we have Islamic radical groups like ISIS and al-Qaeda, while on the other hand we have secular parties which do not see any role for Islam in politics and governance in Muslim countries. In response, many traditional Islamist parties are now evolving into Muslim democratic parties. Unlike Islamists, Muslim democrats take a more inclusive approach, preferring to integrate Islamic religious values into political platforms designed to win regular democratic elections. The Ennahda Party of Tunisia is one Muslim party that reflects this evolution. R. Ghannouchi, who outlined Ennahdas transition, has argued that Tunisians today are less concerned about Islamisation or secularisationthan with building a democratic government that is inclusive and meets their aspirations for a better life. This paper is an attempt to investigate this shift and its consequences for Islamism across the Muslim world.

scholarly journals Disproportional Ownership Devices: Reviewing the Last 25 Years of Research

2016 ◽  
Vol 11 (4) ◽  
pp. 22 ◽  
Author(s):  
Sara Saggese ◽  
Fabrizia Sarto
Keyword(s):  
Financial Markets ◽  
Policy Making ◽  
Civil Law ◽  
The Other ◽  
Main Research ◽  
The One ◽  
Lock In ◽  
Practical Implications ◽  
Scholarly Attention ◽  
Over Time

<p>The paper aims to systematize the literature on disproportional ownership devices by reviewing and classifying 148 articles published in international academic journals over the last 25 years. The findings show that the scholarly attention on disproportional ownership devices has grown over time. Most papers adopt the agency framework and examine the mechanisms for leveraging voting power and to lock-in control, especially in civil law countries. Corporate governance journals prevail as leading outlets, despite the lack of publications specialized on the topic. Finally, the literature systematization highlights a research taxonomy based on outcomes and drivers of disproportional ownership devices. The article has both theoretical and practical implications. First, it develops a literature framework that systematically outlines the main research streams on the topic and identifies under-explored issues so as to guide future scholarly efforts. Second, it highlights the implications of disproportional ownership devices for company outcomes and reporting. Thereby, on the one hand, it supports managers in selecting the appropriate combination of these mechanisms so as to attract and retain investors. On the other hand, it emphasizes the importance of proper policy making interventions to improve transparency, openness and competitiveness of financial markets.</p>

scholarly journals Neoklassischer Marxismus?

2015 ◽  
Vol 45 (179) ◽  
Author(s):  
Michael Wendl
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Financial Markets ◽  
Central Banks ◽  
The Other ◽  
Real Economy ◽  
Money Creation ◽  
The One ◽  
Influential Book ◽  
Value Of Money

A couple of years after the outbreak of the financial crisis, a discussion about money creation from a political economy perspective has finally been initiated again, analyzing the interaction between commercial and central banks. Neo-Marxist approaches, though, are to a large extent unaffected by this discussion – which is based on Joseph Schumpeter’s Theory of Economic Development (1911) – or even completely reject the idea of a money-creation out of nothing. Two Neo-Marxist articles are exemplary of this deficit of monetary theories. On the one hand, the influential book Political Economy of Financial Markets (1999) by Jörg Huffschmid, which has constituted the paradigm of capitalism being driven by financial markets. On the other hand Political Economy of Money (2012) by Stephan Krüger, which assumes that the value of money is still based on the respective production of gold. Consequently, these approaches unintended trigger an adherence to the Neoclassical dichotomy of „real economy“ and „monetary sphere“, albeit with different rationales.

scholarly journals Reading Keynes’s policy papers through the prism of his Treatise on Probability: information, expectations and revision of probabilities in economic policy

2021 ◽  
Author(s):  
Sylvie Rivot
Keyword(s):  
Decision Making ◽  
Probability Theory ◽  
Economic Policy ◽  
Financial Markets ◽  
The Self ◽  
The Other ◽  
Policy Recommendations ◽  
The Great Depression ◽  
The One ◽  
Probability Information

When scholars investigate the legacy of Keynes’s Treatise on Probability (1921) for the development of Keynes’s thinking, the attention usually focuses on the connections between Keynes’s probability theory, his conception of decision-making under uncertainty and the theory of the functioning of the macroeconomic system that derives from it - through the marginal efficiency of capital, the preference for liquidity and the self-referential functioning of financial markets. By contrast, the paper aims to investigate the connections between Keynes’s probability theory on the one hand, and his economic policy recommendations on the other. It concentrates on the policy recommendations defended by Keynes during the Great Depression but also after the General Theory. Keynes’s economic policy can be understood as a framework for decision-making in situations of uncertainty: fiscal policy aims to induce private agents to change their “rational” probability statements, while monetary policy aims to allow more weight to these statements.

THE CONTRADICTORY EFFECT OF THE CRYPTOCURRENCY PHENOMENON: THE NEXT STAGE IN THE EVOLUTION OF MONEY OR A NEW FINANCIAL ADVENTURE?

2021 ◽  
Author(s):  
Хусейн Вахаевич Идрисов
Keyword(s):  
Financial Economic ◽  
Legal Regulation ◽  
The Other ◽  
Modern World ◽  
Financial Instrument ◽  
Economic Relations ◽  
Other Hand ◽  
The One

Статья посвящена характеристике криптовалюты в финансово-экономических и нормативно-правовых отношениях, складывающихся вокруг данного явления. Перечислены основные недостатки и преимущества применения криптовалюты в гражданском обороте, а также отношение к ней ряда государств в плане ее государственно-правового регулирования. В заключении статьи сделан вывод о том, что криптовалюты в современном мире имеют довольно противоречивый эффект: С одной стороны, это привлекательный финансовый инструмент для субъектов финансово-экономических отношений, но, с другой - это еще пока малоизученный и не апробированный массово на практике объект отношений, элемент гражданского оборота, связанный с большими рисками ее обращения. The article is devoted to the characteristics of the cryptocurrency in the financial, economic and regulatory relations that develop around this phenomenon. The main disadvantages and advantages of using cryptocurrency in civil circulation are listed, as well as the attitude of a number of states to it in terms of its state-legal regulation. In conclusion, the article concludes that cryptocurrencies in the modern world have a rather contradictory effect: On the one hand, it is an attractive financial instrument for the subjects of financial and economic relations, but, on the other hand, it is still a little-studied and not widely tested in practice object of relations, an element of civil turnover associated with high risks of its circulation.

Legal Challenges of Cryptocurrencies: Isn’t It Time to Regulate the Intermediaries?

2019 ◽  
Vol 16 (5) ◽  
pp. 652-676
Author(s):  
Anastasia Sotiropoulou ◽  
Stéphanie Ligot
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
Price Volatility ◽  
The Other ◽  
Market Manipulation ◽  
Financial Instruments ◽  
Payment Methods ◽  
Payment Instruments ◽  
Legal Challenges ◽  
The One

In only one decade, cryptocurrencies have witnessed significant growth, with Bitcoin being the most dominant one. They are not efficient payment methods, although they bring some benefits linked to the underlying technology they use (Blockchain). In reality, they function more as investment assets than as payment instruments and pose various risks, which are very similar to those encountered on capital markets (price volatility, fraud, market manipulation). In order to deal with these risks, regulation should apply to intermediaries who provide services in relation to cryptocurrencies, such as crypto wallets, operation of crypto exchanges and brokerage. To this end, the European legislator should consider two options. It could, on the one hand, bring cryptocurrency service providers within the scope of the existing financial services regime and thus modify MIFID II in order to include cryptocurrencies in the list of financial instruments. The European legislator could also, on the other hand, aim at creating a new appropriate and proportionate regime that draws on the existing one. Insofar as the existing regulatory framework was not designed with cryptocurrencies in mind and as some of the current rules may not be tailored to the specificities of these assets, the second option is preferable.

Self-placement of Complex Financial Instruments by Banks to Retail Clients and Civil Liability Issues – An Overview of Greek Case-Law

2021 ◽  
Vol 18 (1) ◽  
pp. 34-75
Author(s):  
Anna O. Mitsou
Keyword(s):  
Civil Law ◽  
Civil Liability ◽  
Case Law ◽  
The Other ◽  
Recent Case ◽  
Financial Instruments ◽  
Securities Litigation ◽  
Retail Investor ◽  
The One ◽  
The Eu

Abstract This study focuses on self-placement of complex financial instruments to retail clients which is often associated with mis-selling practices. Recent case law in Greece concerning distribution Of “Coco” bonds by a Cypriot bank to its clients reveals, on the one hand, the stand Of Greek Courts concerning the interpretation of certain ambiguous MiFID I Conduct of Business (COB) rules and, on the other, their interplay with civil law duties and the intricacies that arise in order to substantiate a civil liability claim for breach of the COB rules, such as the difficulty to prove causation in securities litigation. The study further evaluates the new MiFID II/MiFIR provisions that relate to the practice of self-placement and supports the adoption of a civil liability regime at the EU level, as well as other alternatives to further enhance retail investor protection.

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