Runs in an ordered sequence of random variables

Let be independent and identically distributed random variables with continuous distribution function. Denote by the corresponding order statistics. In the present paper, the concept of -neighbourhood runs, which is an extension of the usual run concept to the continuous case, is developed for the sequence of ordered random variables      

Effect of Shariah Compliance on Operating Performance: Evidence from GCC Countries

We examine the operating performance of Shariah-compliant (SC) vs. non-Shariah-compliant (NSC) firms in six Gulf Cooperation Council (GCC) countries during 2000–2014 using a unique dataset from S&P’s Compustat Global database and show robust evidence that SC firms are operationally much more profitable than NSC firms. We show that higher operating profit margin (due to lower cost structure) and higher total asset turnover (i.e., asset efficiency) of SC firms compared to NSC firms are the primary drivers of the profitability difference. We also find that this association is more pronounced for firms that are always SC or always NSC during sample period.     

Globalization and Shifting Economic Centers of Gravity

Changes in the political economy of countries in several parts of the world changed its economic balance, where traditional economic centers lost their relative significance and emerging countries gained. This study identifies and tracts the changes in economic centers of gravity for each country and regional economic bloc, and the whole world for the period of 1970 to 2009. It uses a different methodology and significantly higher number of locations, resulting in more reasonable centers than the previous research. The results demonstrate the increasing significance of Asian economies and illustrate the changes in the soft economic power across regions and the world, in countries’ ability to increase their multinationals’ market access, influence international policies, and be an attraction for skilled immigrants. Further, results can be used by multinationals for their location decisions. Results also suggest that the economic centers of gravity for countries in an economic bloc are moving toward the regional centers for that bloc. © 2014 Wiley Periodicals, Inc.     

General Overview of Central Asian Turk＇ s Art of War and Psychology of War

In Central Asian Turkish culture, Turkish nomadic and hunting strategies in the war hold an important place in the affected areas. Lightweight equipment and horses and horseback archery have gained importance in the battle field; factors such as the independence and freedom of the Turkish military have been a source of their courage. Metehan, Oguz, Kursad and 40 warriors on the battlefield have been found in this direction and their struggle for independence period with the Central Asian countries has played an influential role in determining the boundaries. In this research, it has been tried to mention the structure of the Central Asian Turkish army, the structure of the Turkish army and logic of the war psychology.     

Consistent Estimates of Regional Blocs' Trade Effects

This paper builds upon Feenstra (2002) to obtain consistent estimates of trade effects of regional blocs by adding bilateral effects to the gravity equation and analyzing its variation across blocs of different intensity. The results are then compared across different gravity equations used in the literature only to observe significant variation in sign, magnitude, and significance. The consequent equation shows that the effect is positive for economics cooperation agreements and preferential trade agreements, but free‐trade agreements do not have a significant incremental effect. While customs unions have a positive incremental effect over blocs of lower intensity, the incremental effect is mixed for monetary unions, and negative for economic areas and full integrations. Furthermore, the effect varies with the duration and degree of implementation as well as the coverage of blocs. Lastly, changes in trade effects of the European blocs across time observed and policy implications are discussed.     

Airline services marketing by domestic and foreign firms: differences from the customers’ viewpoint

Based on a survey of 1014 passengers of five European airlines, this paper reveals differences between passengers on the Turkish domestic airline and those on four foreign airlines on the same flight destinations with respect to demographic profiles, behavioral characteristics, understanding of airline service dimensions, and satisfaction levels. Differences between the two passenger groups are highlighted in terms of age, sex, education, occupation, sector affiliation, location of domicile, travel purpose, travel frequency, service expectations, and satisfaction levels. It is concluded that the differences in consumer profiles and expectations are valuable clues for domestic and foreign airline firms in understanding their consumers and in designing their marketing strategies.     

The Reorientation of Transition Countries’ Exports: Changes in Quantity, Quality and Variety

Exports from transition countries to market economies have increased considerably since the fall of socialism. The countries of Central and Eastern Europe have generally been more successful in this regard than the countries of the Commonwealth of Independent States. There are also considerable differences between countries within both the CEEC and the CIS, however. The following paper uses a variety of measures to determine the factors behind these cross-country differences.     

Ethics in Practice: What Are Managers Really Doing?

This study asked managers with different educational backgrounds and experience from a variety of industries of a variety of sizes representing both genders and various predominant managerial functions at different levels to “describe the skills they think are necessary to perform their jobs effectively”. In particular, they were asked to rank 178 behavioral skills presented under 22 different categories that described different aspects of management. Data were then examined first to determine the importance of ethics or integrity overall in the group of managerial activities and then to explore how specific ethical activities of managers differ across various managerial and organizational characteristics. Findings indicate that ethics is still considered one of the least important skills necessary in managers’ daily work. However, once specific ethical activities are analyzed separately, significant differences are found across characteristics of managers, as well as those of the organizations at which they work.     

Examining the Relationships between Capital,Risk and Efficiency in European Banking

This paper analyses the relationship between capital, risk and efficiency for a large sample of European banks between 1992 and 2000. In contrast to the established US evidence we do not find a positive relationship between inefficiency and bank risk‐taking. Inefficient European banks appear to hold more capital and take on less risk. Empirical evidence is found showing the positive relationship between risk on the level of capital (and liquidity), possibly indicating regulators' preference for capital as a mean of restricting risk‐taking activities. We also find evidence that the financial strength of the corporate sector has a positive influence in reducing bank risk‐taking and capital levels. There are no major differences in the relationships between capital, risk and efficiency for commercial and savings banks although there are for co‐operative banks. In the case of co‐operative banks we do find that capital levels are inversely related to risks and we find that inefficient banks hold lower levels of capital. Some of these relationships also vary depending on whether banks are among the most or least efficient operators.     

Examining the global reach of the 2008 US economic downturn

This article analyzes how the 2008 US economic downturn propagated through the global trading system, creating an economic contagion around the world. Consistent with previous global crises, the reach and impact of this crisis is not the same across different regions. This article contributes to the literature by examining the effect of dependency on the country of origin of a crisis, openness to international trade, and the role a country plays in the global trading network to explain the variation in the reach and the impact across countries. The article concludes with policy recommendations to avoid future economic contagions or reduce their impact. © 2011 Wiley Periodicals, Inc.