Religion of Islam and Microfinance: Does It Make Any Difference?

This study is the initial attempt to investigate first whether microfinance institutions (MFIs) perform differently in the OIC countries where Islam is the prevailing religion and second, how Islamic microfinance institutions are different (if any) from the conventional MFIs. To accomplish these objectives, we employ a dynamic difference and system-generalized method of moments estimators. Our findings tend to indicate that there are significant differences in the way Islamic MFIs performed and operated as compared to that of the conventional MFIs in certain regions. However, in other regions, there were no significant differences in operation and performance between the Islamic MFIs and Conventional MFIs. The study presents important insights for the Islamic microfinance managers and donors as well as the policy makers.     

Asymmetric Nonlinear Impact of Oil Prices and Inflation on Residential Property Prices: a Case of US,UK and Canada

The Journal of Real Estate Finance and Economics - This paper examines the nonlinear impact of oil prices and inflation on residential prices in the US, the UK and Canada using quarterly data from...     

Access to financing and firm growth

Why do some firms grow faster than others? Although various observed and unobserved aspects of firms have been suggested as potential drivers of firm heterogeneity, economists disagree sharply on the role of financial structure in influencing firm growth. In this paper, I use a sample of quoted and unquoted firms to show that the effect of financial structure on firm growth is statistically significant and quantitatively important. In the presence of external financing constraints, firms rely more on internal funds to finance growth, but the effect of internal financing on firm growth decreases with an increase in the firm’s access to an external bank credit facility. As the external financing constraint is alleviated, the firm relies less on internal funds and switches to external financing as the primary source of financing for its growth. This pattern of transition between internal and external financing is particularly pronounced in small unquoted firms (conditional on their survival). These results suggest a real effect of financial structure on growth via the channel of an external financing constraint.     

Contingent Factors,Extent of Budget Use and Performance: A Structural Equation Approach

The present study investigates the contextual factors that impact the extent of budget use and performance based on contingency theory. For this purpose, we carried out a questionnaire survey of Turkish firms. In order to analyse the data, confirmatory factor analysis and covariance‐based structural equation modelling were used. We find that the extent of budget use and performance are affected significantly by contextual factors. Size, structure, perceived environmental uncertainty (PEU) and information technology (IT) determine the extent of budget use. The study also finds that performance is significantly affected by the extent of budget use and other contingent factors (i.e., structure, PEU, functionality of IT). Furthermore, there is a mediating role of budget use between contextual factors and performance.     

Ambition, discrimination, and occupational attainment: a study of a British cohort

Examining British cohort data we find significant differencesin the occupational aspirations of boys and girls at age 16that appear to follow a traditional pattern. To isolate theeffect of gender hiring bias on occupational attainment a conditionalhiring model is estimated. This separates the occupational preferencesof workers to join a pool of job applicants from the hiringdecision of employers. Conditional on occupational preferences,we find, in general, no evidence of hiring bias against womenexcept in manual/craft occupations. Failure to control for differencesin career aspirations, in this study, produces an overestimateof the extent of occupational sex discrimination of around 60%.     

Perceived costs and benefits of IFRS adoption in Saudi Arabia: An exploratory study

In response to a current lack of research in the Middle East, this study aims to critically evaluate the perceived costs and benefits associated with the adoption of International Financial Reporting Standards (IFRS) in Saudi Arabia, the world's leading oil and natural gas exporter. Using documentary analysis and interviews with stakeholders (account preparers from listed companies in Saudi Arabia, auditors from Big 4 and local accountancy firms, and university academics), the study contributes to the literature by concluding that the benefits of IFRS adoption in Saudi Arabia outweigh the costs. Importantly, a lack of qualified accountants, significant dependence on Big 4 accounting firms, inadequate coverage of IFRS in university education, and a lack of research are identified as major obstacles to the effective implementation of IFRS. The findings offer a possible policy agenda for local and international policy makers.     

Foreign exchange rate exposure: Evidence from Canada

Using weekly data from 2003 to 2011, this paper examines the presence of exchange rate exposure in thirteen Canadian industry sectors. This study contributes to the literature in a number of ways: (i) it considers the presence of exposure not only in the full sample but also in the pre and post-Global Financial Crisis (GFC) periods, (ii) it considers both linear and nonlinear exposure and (iii) it makes use of the sign and size bias tests to investigate the presence of asymmetric exposure. In general, we find some evidence of linear and nonlinear exposure in the full sample as well as in the pre and post-GFC sub-samples. We also find weak evidence of an asymmetric exposure sign effect on stock returns in the full and pre-GFC sample periods. Stock returns are found to respond asymmetrically to the positive magnitude of exposure in both the-pre and post-GFC sample periods. In overall terms, the GFC appears to have weakly contributed to the overall strength of the exposure.     

How do IMF announcements affect financial markets in crises?: Evidence from forward exchange markets

We employ a theoretical model to interpret the liquidity and moral hazard effects of IMF support during a financial crisis. We then estimate the response of forward exchange markets to IMF-related announcements, using data on the 3-, 9-, and 12-month forward exchange rates. Our results indicate that the announcement of IMF negotiations is associated with a premium on the baht and the rupiah, where the premium is much larger on the latter. This result is largely consistent with the responses of stock and bond markets, especially when country-specific data are employed.     

Building Structure Design as an Integral Part of Architecture: A Teaching Model for Students of Architecture

This paper explores the place of structural design within undergraduate architectural education. The role and format of lecture-based structure courses within an education system, organized around the architectural design studio is discussed with its most prominent problems and proposed solutions. The fundamental concept of the current teaching model in the Middle East Technical University (Ankara, Turkey) is quite appropriate for the education of future architects. If we consider that the main occupation of an architect is to design, then, naturally, the design studio should be at the center of the curriculum. Since the act of designing cannot be realized without artistic skills and scientific and theoretical knowledge it is also suitable that the activities in design studios are backed up with relevant lecture courses. On the other hand, the importance of effective structural design knowledge for an architect is emphasized within the context of a country that encountered major earthquakes in the past.