Charting a Course on the Islamic Finance Ocean： A Survey of Islamic Insurance Literatures

The number of Muslim literates in Islamic finance and conventional finance, particularly Islamic insurance, has grown tremendously, so has the number of academic and professional articles, books, and other monographs published in Islamic insurance profession. Despite Islamic insurance uniqueness based on Islamic values and philosophies, its emancipation aimed to compete or eradicate the conventional insurance at both academic and professional levels. Those monographs that were intended to replace their conventional insurance counterpart have triggered endless debates among stakeholders on their authenticity and quality of knowledge and as well challenged their authors＇ authorities. Therefore, with content analysis, this survey verified whether the Islamic insurance literatures were capable of producing well-seasoned professionals of lslamic insurance. The results showed that the disputes over the available literatures might have contributed to the failure of having a standard curriculum for teaching Islamic insurance as a profession in academic at national and international levels. Review of the literatures and curriculum was recommended.     

An Examination of Component Returns and Volatility for Country-Specific Equity Funds in Emerging Markets＇ Evidence From Asian Financial Crisis

This research aims to examine the daily return generating processes for country-specific funds in five east-Asian countries for the period 1995-2000. The effects of component returns and their volatility on the dollar denominated returns and volatility of U.S., international investors and the effects of exchange rate regimes on risk and return are also evaluated. The GARCH-M model is adopted, without the restrictive assumptions of linearity, independence, and constant conditional variance. The time frame, 1995-2000 captures a 30 months period prior to these East Asian countries aborting exchange rate stabilization/intermediate exchange rate regimes in response to the currency crisis. The decomposition of returns to holders of country-specific equity funds into the component returns due to changes in the exchange rate and the returns valued in the fund＇s foreign currency during a period of crisis provides additional information. This research provides evidence of the importance of examining component returns. With regards to the effects on volatility, both the conditional variances associated with the exchange rate returns and the returns denominated in the foreign currencies show some importance, especially the conditional variances associated with the returns denominated in the foreign currencies. With regards to the effects of return component, the exchange rate returns have a greater effect on the fund returns than foreign currency dominated returns.     

The Relationship Between Government Policy and Financial Performance： A Study on the SMEs in Iraq

The study examined the relationship between government policies and financial performance in small and medium enterprises （SMEs） in Iraq. The study aimed at establishing the relationship between government policies and financial performance of SMEs. In the Republic of Iraq, it is estimated that 99% of the business entities are SMEs. They also contribute to GDP and provide employment. Notwithstanding the recognition of the important roles SMEs play in Iraq, their development is largely constrained by a number of factors, such as the existence of laws, regulations, and rules that impede the development of the sector. The study provided some relevant recommendations to policy makers, development agencies, entrepreneurs, and SME managers to ascertain the appropriate strategy to improve the SME sector in Iraq.     

Has the Geek Financial Problem Triggered the Debt Problem in the Whole Eurozone？ An Analysis Based on Econophysics

The present paper analyzes the Greek financial problem shows the position of the Greek economy in 2009, the solution that has been chosen by the European Financial Authorities, the results of this process and finally, correlates the Greek financial problem with the Eurozone debt problem. More specifically taking into account the Greek financial macroeconomic data of 2008 and 2009, explains the measures that they have been taken to make the Greek General Government to be the zero deficit. Also examines the process of internal devaluation based on a price-income （P-Y） diagram and it is correlated with the thermodynamic one （Pressure （P）-Volume （V））. However, this process of internal devaluation emerged some important problems that the whole program to be in strong questioning by an important part of the Greek society. The paper shows the present macroeconomic position of Greece after three year austerity and analyzes the necessity of the structural reforms in Greek economy in order to make the public debt to be almost 120% at 2020. Furthermore, it has examined the financial problem of Eurozone concerning to the debt problem as well as and the source of this problem. It is proposed the solution of the inflation haircut that will take three years to make the average depth of Eurozone to be less than 70% and the Euro to remain the unique currency in the Eurozone. Finally, this work carried out calculations on macroeconomic data using methods from the field of non-linear dynamics.     

An Alternative for Time Series Models

Two methods for construction of new stochastic processes with discrete time are presented. One of the methods employs as the defining tool “triangular （more specifically ＇pseudoaffine＇） transformations” which are extended from the Euclidean R^n to infinite dimension space. They transform any well-known discrete time stochastic process into the constructed one. The other more flexible method is the “method of parameter dependence”, extended to infinite dimension. Properties of the obtained stochastic processes （by either method） indicate the possibility to apply them for financial analysis, as an alternative for the classical time series models. The advantage of the presented models over the existing ones first of all relies on expected better accuracy. This follows from the fact that the typically held assumption on Markovianity in the existing models can easily be relaxed. The defined processes may incorporate a quite long memory including, among others, the k-Markovian cases for k _〉 2. Regardless the non-Markovianity of the models they still are tractable in an analytical or numerical way. The stochastic processes defined in this paper provide more flexible and more general tools than the existing time series models for modeling financial problems. Among others, they make it possible to incorporate the influence of environmental （explanatory） random variables on the underlying stochastic models＇ behavior. These additional features turn out to be describable by the method of parameter dependence. Some suggestions for an associated preliminary statistical analysis are included.     

Competitive Neutrality of the OECD Consensus Myth or Reality

This research paper gives into context ongoing changes in the balance of forces in the international markets caused not only by the crisis and the need to restore market-neutral internationally agreed system for state participation in the support for exports based on real economic criteria. The aim of this research is to demonstrate the changes of the balance of forces in the international markets. This paper presented the statistical data relating to development of GDP, indebtedness or value of exports or imports that the present changes in international markets and open discussion about the topic problem. This article recalled the basic principles of insurance and export financing with state support and also are presented current problems of implementation rules of the CONSENSUS. Due to the fact that state support for exports is an important internationally respected system it is necessary to overcome some doubts and bring to the system real market neutrality. Therefore, we ask whether are respected in practice the agreed principles of international state aid exports and what problems currently international markets and fundamentally different countries are struggling. It can be said that the rules CONSENSUS OECD has contributed to the creation of fair market conditions in international markets, but it can be also monitored over time to some extent being away from the demands of market neutrality. In view of these facts it can be considered as the basis of the current situation primarily to ensure a truly market and competitive neutrality of state support for exports.     

Impact of Global Financial Crises on the Indonesian Economy： An Input-Output Analysis

The debt crisis in the European Union （EU） and the U.S. has significant potential impact on the economy of Indonesia. U.S. sub-prime mortgage crisis in 2008 has a strong impact on Indonesian economy, that Indonesia＇s gross domestic product （GDP） slowed down to below 5% during 2009. Until October 2012, Indonesia＇s export growth is starting to grow negatively on some sectors when the crises in the EU and the U.S. have started or overall grew by -6%. Although the slowdown does not occur in all sectors, the impact spreads to other sectors as the existence of industrial linkage among sectors. The objective of the study is to look at the impact on the sector level on various indicators such as GDP （value added） and employment. Input-output analysis will be used in the simulation. Indonesia input-output table of 2005 is applied as the data base. The simulation results show that if exports decline occurs in the U.S., the economic growth will be -0.20%. Meanwhile, if it occurs in the EU, the growth of GDP will be -0.24%. If some Asian countries face the fall of demand of Indonesian export, GDP growth declines by 0.61%. The fall of exports demand from some Asian countries, EU countries and the U.S. will cause the GDP growth by -1.06%. The crisis occurring in both the US and the EU has decreased export demand from those countries and region including some Asian countries. The impact to employment seemed to be minimal, only -0.47% of total labour force.     

Financial Performance of SMEs Evidence on the Influence of Environmental Uncertainty： A Conceptual Framework

The purpose of this study is to understand the association between environmental uncertainty and financial performance of small and medium enterprises （SMEs）. Current study describes the influence of environmental uncertainty on the financial performance of SMEs in lraq. The objective of this study was to assess the influence of environmental uncertainty on financial performance of SMEs. SMEs play an important economic role in many countries. In Iraq for example, the available data from the Central Organization for Statistics （COS） indicate that private sector in Iraq consists primarily of SMEs where those companies represent 99% of all companies in lraq and this sector contributed over 50% of new jobs created. Despite their significance, facing competitive business environment, SMEs are required to develop innovation strategy in order to sustain competitive advantage. SMEs also are faced with the threat of failure with past statistics indicating that three out five fail within the first few months. This study sought to understand how SMEs manage the challenges they face. These challenges seem to change （evolve） according to different environmental uncertainty conditions. In this study, authors will develop an empirical model that can be applied in other sectors to improve financial performance of SMEs in lraq.     

Economic Causes and Cures of Social Instability in China

China＇s leaders have often expressed concerns about social instability, viewed as a threat both to the political order and to continued rapid growth. Slower growth might, in turn, further undermine social stability. Using survey data, the present paper examines the economic determinants of social instability. Four main determinants are identified.＇past and expected growth of income, income inequality, economic insecurity and misgovernance. The paper then considers possible policies to reduce social instability, examining each of the determinants in turn.     

The Relevance of Place-Brand Management in Place-Marketing Strategy

Observers perceive each place through a particular image, not necessarily positive, definable in a distinctive positioning through place-marketing strategies; the relations between the actors of the territory system play an important role, and the place-brand becomes ＂the connector＂ of the relational network in place-marketing management. The aims of this article are to analyze the relations between place identity, place-brand, and place-marketing strategy; to look at case studies of bottom-up strategy as a medium for the long-term empowerment of the place-brand strategy; and to examine the relevance of place-brand positioning and interaction between governance and stakeholders in place-marketing strategy development.     

Intercultural Competency Development in Conjunction With a Short Term Study Away Experience： Changes in Undergraduate Students

The purpose of this research was to examine whether undergraduate business students who participated in a short term study abroad course and intercultural competence building coursework demonstrated a significant increase in intercultural competence over those who only enrolled in the study abroad course. The 20 participants attended a small liberal arts College in Midwestern United States. The Intercultural Development Inventory （IDI） was administered to the participating students before and after their study away experience. The IDI （v.3） is based on the theoretical framework of the Developmental Model of Intercultural Sensitivity （DMIS） introduced by Milton Bennett. The DMIS is based on the assumption that intercultural competence can be strengthen through the development of intercultural knowledge and experience with people from other cultures. The IDI has been used in numerous scholarly studies and has demonstrated valid and reliable results. It is a self-administered 50-item series of statements in which participants are asked to rate the level of their agreement with statements that address their relationship to and evaluation of cultural difference. In the model, people progress in a linear developmental fashion through six stages： defense, denial, polarization, minimization, acceptance, and adaptation. This study was designed to determine if students who studied away and completed intercultural coursework （prior intercultural knowledge and an intercultural experience） would increase their level of intercultural competency more than those students who just studied away （intercultural experience only） as measured by the change in their IDI scores. The results of this small sample show that intercultural coursework in conjunction with a short term study away experience can have a positive impact on individual intercultural development.     

Global Cities in Process of World Economy Net-Working and Transnationalization

Cities play a key role in the modem global economy. They became full-fledged （together with states, multinational corporations, and international economic organizations） subjects of international economy relationships; concentrated financial and commodity markets, enormous productive and innovative potential of humanity. The main reasons of transformation of economic importance of cities are their advantages in comparison with State economic systems. Labor and capital in urban economy systems are more mobile and productive; cities are more predisposed to create and commercialize innovations. Moreover, cities are easier to connect with international markets and world trade, which are able to reduce transport costs, to increase own investment attractiveness, and to rapidly form new types of business activities and forms of manufacturing organization. This study analyzes a current system of global cities, an intensity of inter-cities relationships, a potential of global urban system transformations in a future.     

Vehicle Industry Competitiveness in Central and Eastern Europe

By writing of this study we had an objective to set up a model which is able to explain the location decisions in the Central and Eastern European region. As an initial presumption we have connected the local capital flow to the regional competitiveness and have analysed the location factors behind the decision-makings. After uncovering the theoretical background we set up a six factors model which consists of the industrial traditions, business environment, labour market, taxation, infrastructure, and local supplier network. As a final conclusion we have tried to set up ranking with the 10 analysed countries. As a research question we wanted to prove that the competitiveness gaps are existing and are even wider in the last 10 years in the Central and Eastern Europe （CEE） region. The research based on a global vehicle industry research implemented by the Szechenyi Istvan University Hungary and participated by economists and engineers as well between 2011 and 2013. The research group with economist has been dealing with different competitiveness, location and innovation issues which are occurring in the automotive industry. Besides, the engineering group tried to solve different logistics and supply chain management problems. This article shares the results about competitiveness and location factor questions.     

Are Patenting Activities in U.S. Universities Still Affected by Bayh-Dole Act？

Based on four data sources, the trends of the patent activities of US universities in the last 40 years are quantitatively assessed. It has been found that patenting activities in U.S. universities slowed down greatly after 2000 and remained flat until the period from 2010 to 2012, when activities recover to the level of strength characterizing the period before 2000 and after the enactment of the Bayh-Dole Act. The affects of the （Bayh-Dole） Act on the university patenting activities （UPAs） are specifically analyzed for the time span considered. We found that the impacts of the Act had been remaining strong until the year of 1999 and then greatly diminished. We also identify that economic recessions are the major cause to the flatness of the patenting activities during 2000s. Recently, many concerns on university patent activities have been raised; these concerns are reviewed and recommendations to resolute to these concerns are provided.     

The Significance of Costs Calculation in Evaluation of the Value Added

In the article, a problem of importance of proper costs calculation caused by risk factors which emerge in logistic processes is presented. On the basis of literature analysis, there was shown the costs structure of the value chain. The concept of customer value and the concept of enterprise value were extracted. It presents also dependence between actions in internal value chain and generated cash flows. It signalizes also the meaning of risk management influence on the problem of achieving established value added, understood as net income from operational activity by the main enterprises processes. Basis of theoretical modeling using the Gorbatov＇s principle of characterization was discussed. The research material relates to food businesses. The study was conducted on the basis of questionnaires, surveys, and direct conversations with employees. To build the model, the theory of characterization was used. Its essence is in the mutual interpretability model of the test object to the model structure. Mutual interpretability of models is achieved by selection of the proper functioning of the universal laws （expressed in the functional model） and the structural interpretation of the functional model, the one of representative character is Hasse diagrams. The functioning of the model is illustrated experiment research of the study. The results show the great importance of the correct calculation of the cost of risk factors in logistics processes. Not taking into account the actual cost of risk factors may have a significant influence on errors in decision-making, giving an incorrect picture of the financial situation. A false idea of the creation of value-added may consequently result in the deterioration of the conditions of the enterprise market functioning.     

Behavioural Modification Techniques as Tools for Performance Enhancement in the Nigerian Banking Industry： A Survey of Selected Banks in Makurdi

This paper is a critical analysis of behavioral modification techniques as tools for performance enhancement in the Nigerian Banking Industry. The overriding objective of the study was to determine the impact of behavior modification techniques on performance enhancement in the Nigerian banking industry. The specific focus was on selected banks in the Makurdi metropolis, Benue State. The study employed a simple empirical survey method with a view to eliciting relevant data for analytical purpose so as to answer several questions and to obtain the objectives of the study. Both primary and secondary sources were explored in a bid to attain data which were considered to be highly germaine to the investigation under reference. Five-point Likert scale rating questionnaire was used in obtaining the views and opinions of respondents （i.e. strongly agree-5, agree-4, undecided-3, disagree-2, and strongly disagree--l）. Two hypotheses were formulated and tested. Non-parametric tools including simple percentages and Pearson Chi-square statistics were used due to their analytical simplicity and relevance. The study found that banks in Makurdi utilized behavior modification strategies translated to high organizational success or enhancement in a comparative sense. This was evident from the fact that the banks net profitability trends were observed to be upwards generically. In the light of the findings of the study, it is hereby recommended that proactive behavior modifications strategies rules guideline and the like be tailored along lines with greatest organizational profitability trends and performance enhancement profiles, both potential and actual. This will require rewarding productive behaviors that detect/report fraudulent acts with cash gifts, meritawards, prizes and discouraging unproductive behaviors such as fraudulent activities, absenteeism, drug abuse, alcoholic influences and lateness to work amongst others with punishment, extinction, and negative reinforcement.     

An Analysis of Psyche in Ode to Psyche

Cupid and Psyche are two typical characters in the Classical Mythology. Cupid was son of Venus, the goodness of love and beauty, while Psyche was a very beautiful daughter of a king. Because of Psyche＇s beauty, Venus dispatched Cupid to punish her, but Cupid loved Psyche, then their love story started. Having gone through al kinds of hardship, they married at last. In Keats＇s poetry, Ode to Psyche, he portrayed a song to love and the creative imagination, which is the story of Psyche so beautiful that Love fel in love with her. Combining the story of Cupid and Psyche with the poetry Ode to Psyche, readers wil have a more comprehensive knowledge.