Corporate governance and risk management in GCC Banks

Purpose - The current study examines the relationship between corporate governance and risk management in GCC banks. It aims to contribute to the literature by providing empirical evidence from the GCC’s banking industry of the association between risk management and corporate governance characteristics such as role duality, board size and percentage of nonexecutives. Design/Methodology - Using sample of 900 observations from banks in the Gulf countries, non- parametric regression, Quantile and panel data analysis have been used to test the hypotheses and the proposed model. The study uses data from financial institutions in the Gulf countries over the period from 2003 till 2012. Findings - Findings suggest that role duality and board size are negatively associated with the risk management. On other hand the percentage of non-executive members on the board was found to be insignificant. Moreover, findings indicate a positive significant relationship between governmental ownership and risk management. Research Implications - The results suggest that Islamic banks have a positive significant association with risk management measured by capital adequacy ratio. The results suggest future research to explore the relationship between risk management and other types of ownership structure such as institutional ownership. Future research can focus on risk management framework and practices in Islamic banks as such banks have its own risk

Asymptotic Normality for Deconvolution Estimators of Multivariate Densities of Stationary Processes

AbstractWe consider the estimation of the multivariate probability density functions of stationary random processes from noisy observations. The asymptotic normality of kernel-type deconvolution estimators is established for various classes of mixing processes. Classes of noise characteristic functions both with algebraic and with exponential decay are studied

Environmental Conditions, Fund Characteristics, and Islamic Orientation: An Analysis of Mutual Fund Performance for the MENA Region

Islamic funds are an upcoming alternative to conventional funds, aided by the increasing prominence of Islamic finance. This paper contributes to the extant literature by comparing the performance of Islamic and conventional funds during crisis and recovery periods. In contrast to most previous literature, we focus on the countries of the Middle East and North African region (MENA), which represent an appealing context to study both from a financial and socioeconomic point of view due to recent events in the area. To this end, we consider a linear model control- ling for the bias of omitting relevant benchmarks. Although this methodology is now widely accepted in the financial literature, it is less common when evaluating Islamic mutual funds, but it is particularly appropriate when the aim is to focus on markets where Shariah-compliant investments are in home territory. Our results show that the relative performance of Islamic and conventional funds must be tempered by several factors such as the (geographical) context in which the investment is made. Considering all the MENA region, Islamic funds perform, on average, slightly worse than conventional funds. However, if the analysis is restricted to GCC countries, the result is the opposite. This evidence holds for both crisis and recovery periods. In addition, the performance gap between the two types of funds either widens or shrinks when considering recovery or crisis times, reinforcing the views that Islamic funds are more stable in hazardous time

Bahadur Representation for the Nonparametric M-Estimator Under alpha-mixing Dependence

Under the condition that the observations, which come from a high-dimensional population (X,Y), are strongly stationary and strongly-mixing, through using the local linear method, we investigate, in this paper, the strong Bahadur representation of the nonparametric M-estimator for the unknown function m(x)=arg minaIE(r(a,Y)|X=x), where the loss function r(a,y) is measurable. Furthermore, some related simulations are illustrated by using the cross validation method for both bivariate linear and bivariate nonlinear time series contaminated by heavy-tailed errors. The M-estimator is applied to a series of S&P 500 index futures andspot prices to compare its performance in practice with the usual squared-loss regression estimator

Learning from an Electronic Chart Testbed

Over the past five years, the Canadian Hydrographic Service’s Electronic Chart Testbed has provided insights into the way an electronic chart (EC) will handle chart data — and from this the appropriate form for the Hydrographic Office to provide and electronic chart database; it has stimulated suggestions about how the display should be designed; it has provided a practical model for use in planning IHO specifications — and followed on to test these by implementing them; and it has shared in giving mariners demonstrations of some of the eventual capabilities of ECDIS, so that they can start thinking about what they need from it. This paper describes planning the Testbed; lessons from early tests; initial ideas on electronic chart data and on display design; and the reactions from mariners who saw the Testbed among six electronic charts on board the Norwegian ship LANCE during the 1988 North Sea Project

The Hurst Exponent of Fermi GRBs

Using a wavelet decomposition technique, we have extracted the Hurst exponent for a sample of 46 long and 22 short Gamma-ray bursts (GRBs) detected by the Gamma-ray Burst Monitor (GBM) aboard the Fermi satellite. This exponent is a scaling parameter that provides a measure of long-range behavior in a time series. The mean Hurst exponent for the short GRBs is significantly smaller than that for the long GRBs. The separation may serve as an unbiased criterion for distinguishing short and long GRBs.Comment: Accepted for publication in Monthly Notices of the Royal Astronomical Societ

Influence of Parental and Some Demographic Characteristics on Overweight/Obesity Status among a Sample of Egyptian Children

BACKGROUND: Overweight/obesity is a multi-factorial problem, which results from rapidly changing social, economic, and physical environments that have led to an energy imbalance.AIM: To identify the association between childhood overweight/obesity and some socio-demographic risk factors, as parental age, body mass index (BMI), education and occupation, family size and residence (urban/rural).SUBJECTS AND METHODS: Cross-sectional study included 154 children of both sexes; aged 5-18 years; with their parents; one of them was working at the National Research Centre and from their relatives and neighbours. Data was collected about the child birth weight, family size, parental ages, education, occupation and place of residence. Anthropometric measurements including weight, height, and body mass index (BMI) of children and their parents were conducted.RESULTS: Obesity was detected among 19.5% of children (BMI > 95th percentile), 75.3% of their mothers and 49.6% of their fathers (BMI > 30 Kg/m^2). While overweight was present in 11.0% of the children (BMI > 85th- <95 percentile), 16.9% of their mothers and 36.5% of their fathers (BMI > 25-29.9 Kg/m^2). Child obesity was more prominent in urban than rural areas (21.3% versus 12.5%) and among housewives (22.8%) than among working mothers (16%, p < 0.016). Child overweight was more common in rural than urban areas (12.5% versus 10.7%) and among children with high father education (20%). Child BMI had significant positive correlations only with the child age, parental ages and BMIs, and family size. In spite of that, parental BMIs had significant positive correlations with each other and with family size, and significant negative correlations with maternal education and occupation and paternal education.CONCLUSION: Childhood obesity and overweight were more prominent in urban than rural areas, among children with non-working housewives mothers and highly educated fathers (college or above). Parental education and occupation had an indirect significant effect on child BMI through their significant effect on parental BMIs

Inter - Relationship of Awareness, Knowledge, Attitude, Some Socio-Economic Variables and Osteoporosis in Sample of Egyptian Women

BACKGROUND: Osteoporosis is a global health problem, and its prevalence is rapidly increasing worldwide. AIM: The aim was to assess the awareness concerning some nutritional and socio-economic variables causes the disease in a sample of Egyptian women. METHODS: This study was done among 116 female volunteers. They were divided into two groups, pre and post-menopausal, with a mean age of 42.05 ± 8.25 & 51.13 ± 5.82 years and mean body mass index (BMI) of 30.83 ± 8.18 & 34.24 ± 8.80 kg/m2. A standardised questionnaire, socioeconomic and food frequency chart were used to assess osteoporosis and food intake awareness. Bone mineral density was measured by dual-energy X-ray absorptiometry (DEXA). Statistical analyses were done using simple percentage and Chi-square test. RESULTS: Data revealed that a low percentage of pre and post-menopausal women were aware of osteoporosis and fracture (16.67% & 12.96% and 30.65% & 19.35%). They had incomplete knowledge about the sources and the beneficial effects of consumption of calcium and vitamin D rich diet. Non-osteoporotic women showed more awareness. Odds ratio predict occupations and educations levels as risk factors for osteoporosis. CONCLUSION: Awareness about osteoporosis and consumption healthy diet were low among Egyptian women, so it is important to implement special osteoporosis prevention program

Different Tools for the Assessment of Bone Mass among Egyptian Adults

BACKGROUND: Several tools such as, dual X-ray absorptiometry (DXA), quantitative computed tomography (QCT) and self-assessment tool (OST), are being used for diagnosis of osteoporosis.OBJECTIVE: to compare the sensitivity and specify detection rate of bone mineral density (BMD) changes for DXA versus QCT and OST among a sample of Egyptian adults of both sexes.SUBJECTS AND METHODS: This study is a cross sectional one, which included 62 Egyptians, aged 20-65 years.  Each individual was assessed for BMD using DXA at femur and spine sites; QCT and OST which take into account body weight and age. Accordingly they were diagnosed as either osteoporotic/osteopenic or normal.RESULTS: The highest prevalence of osteopenia or osteoporosis was diagnosed among menopause women. DXA at femur has diagnosed more cases of osteoporosis (both osteopenic and osteoporotic) as compared to spine DXA or QCT, but OST is out of rang; as it failed to diagnose any case.CONCLUSION: DXA has been found to be more efficacious than QCT scan in the diagnosis of osteoporosis. DXA in femur is better than DXA-spine and QCT. Generally, DXA is the "gold standard" when assessing osteoporosis. Further studies are needed to modify the equation of OST and confirm its efficiency in Egyptians population

The Relation between Visceral and Subcutaneous Fat to Bone Mass among Egyptian Children and Adolescents

BACKGROUND: The relation between fat distribution and bone mass is still being debated in children and adolescents.AIM: To verify the influence of both visceral and subcutaneous fat on bone mass among Egyptian children and adolescents.SUBJECTS AND METHODS: The study involved 78 (38 boys and 40 girls) individuals from children (42) and adolescents (36), aged 8-17 years. They were divided into 2 age groups: children group (20 boys and 22 girls) aged 8-12 years and adolescent group (18 boys and 18 girls) aged 13-17 years. Anthropometric measurements, visceral and subcutaneous fat (measured by ultrasound), body composition, BMD and BMC (Measured by DXA), were attempted.RESULTS: Among children, significant positive correlations between visceral fat; in males; and subcutaneous fat; in females; with total BMC, BMD and its Z-score were revealed. After exclusion of age effect, the association between visceral fat in females with total BMD and its Z-score and lumbar BMD-Z-score became significant.  For adolescents, no correlation was observed between either visceral or subcutaneous fat with any parameter of bone mass.CONCLUSIONS: Visceral and subcutaneous fat had significant positive association with bone mass in children; males and females respectively. On the contrary such association disappeared during adolescence