Dynamic linkages among equity markets in the Middle East and North African countries

The relaxation of security laws and regulations in emerging markets in the Middle East and North Africa (MENA) provides abundant opportunities for foreign investors. These markets exhibit high-expected returns and substantial volatility. In this paper, we investigate the lead/lag relationship between the MENA countries and regions. We find no market causality or spillover from one country to another in the North Africa region. Our results for the Levant region reveal that there are linkages between stock markets in this region. The results for the Gulf Cooperation Council (GCC) region show that there is more interaction and linkage in the GCC region than in the North Africa and Levant regions. An unexpected result is that UAE's stock market leads all the markets in this region. Finally, we investigate linkages among the three regions. We find that GCC influences the other two regions.     

Cognitive processing models in performance appraisal: evidence from the Malaysian education system

The effectiveness of the decision‐making process in appraisal has been of long‐standing interest. This paper reports the results of research exploring the extent to which those undertaking appraisals apply systematic processes to their decision‐making, represented in terms of the cognitive processing models applied by appraisers. Results of 22 cognitive mapping interviews exploring appraisal practice, undertaken with appraisers in the Malaysian education system, are described. The resultant cognitive maps have been explored for what they tell us about the cognitive processing models underlying appraisers' decision‐making. Results suggest that the practice of appraisal evidenced in interviews demonstrates the presence of cognitive processing that reflects theoretical cognitive processing models, although some differences are observed between less experienced and experienced appraisers' models. Implications from the interview findings for the practice of appraisal are identified.     

Futures for Pakistan: Deluge or destiny?

Fifty years of Pakistan history are characterized by two major issues: first, ideological, ie the role of Islamic politico-social ideals and the processes for their implementation, and the challenge to them from the forces of secularism; and second, the clash and conflict between the forces of democracy and despotism. These two areas have mostly been examined in the literature as distinct and somewhat autonomous conflicts. The fact is that in the Muslim context they represent two sides of the same coin. The author argues that democratization is a stepping stone in Islamization and fulfilment of Islamic aspirations is possible only through promotion of democratic processes.     

Applying free random variables to random matrix analysis of financial data. Part I: The Gaussian case

We apply the concept of free random variables to doubly correlated (Gaussian) Wishart random matrix models, appearing, for example, in a multivariate analysis of financial time series, and displaying both inter-asset cross-covariances and temporal auto-covariances. We give a comprehensive introduction to the rich financial reality behind such models. We explain in an elementary way the main techniques of free random variables calculus, with a view to promoting them in the quantitative finance community. We apply our findings to tackle several financially relevant problems, such as a universe of assets displaying exponentially decaying temporal covariances, or the exponentially weighted moving average, both with an arbitrary structure of cross-covariances.     

SOCIAL SECURITY AND THE POOR: Choices for Developing Countries

There is an urgent need to provide an effective safety net forthe poorest in societies ranging from socialist countries undergoingreform to Sub-Saharan African economies. This article examinessocial security systems in industrial countries and explorestheir relevance to developing countries. The objective of socialsecurity is defined broadly as public action, including thatby communities, to protect the poor and vulnerable from adversechanges in living standards. Relevant instruments include employmentand income guarantees, and also such formal policy instrumentsas assistance, social insurance, and family allowances. Thearticle highlights issues that arise in providing social securityin developing countries, particularly its effectiveness in protectingthe target groups.      

Analysing customers' reviews and ratings for online food deliveries: A text mining approach

The purpose of this study was to explore the relationship between online reviews and ratings through text mining and empirical techniques. An Indian food delivery portal ( Zomato.com ) was used, where 50 restaurants on Presence Across Nation (PAN) basis were selected through stratified random sampling. A total of 2530 reviews were collected, scrutinized, and analysed. Using the NVivo software for qualitative analysis, seven themes were identified from collected reviews, out of which, the ‘delivery’ theme was explored further for identifying sub-themes. Linear regression modelling was used to identify the variables affecting delivery ratings and sentiment analysis was also performed on the identified sub-themes. Regression results revealed that hygiene and pricing (delivery subthemes) demonstrated lower delivery ratings. These variables can be established as indicators for restaurants and related online food delivery services to build their business model around them. Similarly, negative sentiments were observed in pricing and hygiene sub-themes. Restaurants and online food services can enhance hygiene levels of their food delivery process in order to receive higher delivery ratings. Similarly, pricing of food items can be modified such that customers are not deterred from ordering the items—food and ordering service do not become cost-prohibitive. This study devised a standardized methodology for analysing vast amounts of online user-generated content (UGC). Findings from this study can be extrapolated to other sectors and service industries such as, tourism, cleaning, transportation, hospitals and engineering especially during the pandemic.     

Regulating a Manager‐controlled Natural Monopoly with Unknown Costs

We study the regulation of a manager‐controlled natural monopoly with unknown costs, borrowing from Baron and Myerson (BM) (1982), where the monopoly is controlled by the owner. We consider the case where the regulator can tax the owner as well as the case where she cannot. We find that the optimal price schedule generally lies below the one in the BM model and that it can be as low as the marginal cost if the compensation parameter is sufficiently small and the regulator cannot tax the monopoly owner. We also identify the cases where the monopoly owner prefers to delegate the control to a manager. Copyright © 2016 John Wiley & Sons, Ltd.     

Bridging bargaining theory with the regulation of a natural monopoly

Review of Economic Design - In this paper, we integrate the bargaining theory with the problem of regulating a natural monopoly under symmetric information or asymmetric information with complete...     

Voluntary disclosure practices amongst listed companies in Nigeria

This study examines voluntary disclosure practices amongst listed companies in Nigeria. Results from univariate and multivariate analyses of 52 listed companies suggest an average voluntary disclosure of 44% based on modified Meek, Roberts and Gray (1995) disclosure index comprising 24 disclosure items. The study found significant positive relationship between voluntary disclosure and firm size, measured as the natural logarithm of total asset. The study documents significant positive relationship between market-based definition of firm performance and voluntary disclosure. The study also found significant negative relationship between percentage of block share ownership and percentage of managerial share with firm disclosures. The study has important implication for both individual and institutional investors globally, regulators and policy makers in developing economies.     

The impact of destination attributes on Muslim tourist's choice

The success of marketing destinations for Muslim tourists could be guided by observing Islamic teachings in tourism activities. This study is a trial to explore which Islamic attributes of destinations could be used a base for tailoring Halal tourist packages. Qualitative data were collected by conducting two focus group discussions and fifty three interviews in Malaysia. Two major aspects are identified which may attract Muslim tourists. Some suggestions are also presented to satisfy Muslim tourists. Copyright © 2010 John Wiley & Sons, Ltd.