Are Islamic Equity Indices More Efficient Than Their Conventional Counterparts? Evidence From Major Global Index Families

Despite the increasing attention to ethical investments, the empirical studies on Islamic indices are scarce. Our article aims to contribute to the empirical literature by exploring the efficiency of these indices and their potential for diversification in comparison with the conventional benchmarks. We explore the existence of diversification opportunities by studying whether indices are cointegrated or not. Then, the weak-form efficiency level is analyzed by testing the random walk hypothesis using variance ratio tests. Our sample includes Islamic and mainstream indices of four indices families; among them, two Shariah-compliant indices which have not been studied before in the academic literature Our results show that Islamic indices have the same level of (in)efficiency as conventional ones, the indices of MSCI and FTSE families are the less inefficient. In terms of cointegration analysis, Islamic indices of Dow Jones and S&P have no cointegrating relations with their respective benchmarks, which suggests the existence of long-run diversification opportunities

Asymmetric capital structure speed of adjustment, equity mispricing and Shari\u27ah compliance of Malaysian firms

© 2020 Elsevier Inc. Traditionally, equity mispricing has been documented as an important determinant of speed of adjustment to target leverage levels. More recently, the impact of Shari\u27ah compliance has been shown to significantly affect capital structure decisions. In this paper, we explore the effect of equity mispricing in Shari\u27ah compliant (vs. non-compliant) firms. We conduct our study on a comprehensive sample of Malaysian firms from year 1998–2016. We show that established findings in the dynamic trade-off theory do not hold for Shari\u27ah compliant firms. Shari\u27ah compliant firms increase their reliance on equity financing at greater levels than non-compliant firms when they are above target levels and equities are overpriced. In contrast, for Shari\u27ah compliant firms below target levels and where equity is under-priced, the rate of adjustment is slower than non-compliant firms. Our findings suggest that managers of Shari\u27ah compliant firms are inclined to time the equity market when above target levels to capture the impact of lower costs of equity during periods of over-valuation of equity. However, those managers tend to be reluctant to resort to debt financing when below target leverage even in the presence of equity under-pricing

Length-weight relationships for bluefin tuna (Thunnus thynnus L.) caught from the Lybian trap fishery in 1999-2002

This paper reports length-weight relationships for the bluefin tuna (Thunnus thynnus L.) in the Mediterranean. The estimated equations that are based on data from the Libyan trap fishery during 1999 to 2002, allow conversions from fork length to round weight.Le présent document fournit una série de rapports lonqueur-poids pour le thon rouge de la Mediterranée. Les équations estimées qui sont basées sur les données des pêcherie libyenne de madrague au long de 1999 a 2002, permettent de convertir la lonqueur à la fourche en poids totale.Este documento presenta una serie de relaciones talla-peso para el atún rojo en el Mediterráneo. Las ecuaciones estimadas que se basan en datos de la pesquería libia de almadraba de 1999 a 2002, permiten realizar conversiones de longitud a la furca a peso vivo

Analysis of sex-ratio by length-class for bluefin tuna (Thunnus thynnus L.) caught from the Lybian trap fishery

This article analyzes patterns of bluefin tuna sex-ratio by length-class for the Libyan trap fishery in the Mediterranean Sea.Le présent document analyse les schémas du sex-ratio du thon rouge par classe de tailles pour la pêcherie libyenne de madrague dans la Méditerraneé.Este documento analiza patrones de ratio de sexos del atún rojo por clases de talla para la pesquería libia de almadraba en el Mediterráneo

Effect of a randomised exclusive breastfeeding counselling intervention nested into the MINIMat prenatal nutrition trial in Bangladesh.

AIM: It is unknown whether maternal malnutrition reduces the effect of counselling on exclusive breastfeeding. This study evaluated the effect of breastfeeding counselling on the duration of exclusive breastfeeding, and whether the timing of prenatal food and different micronutrient supplements further prolonged this duration. METHODS: Pregnant women in Matlab, Bangladesh, were randomised to receive daily food supplements of 600 kcal at nine weeks of gestation or at the standard 20 weeks. They also were allocated to either 30 mg of iron and 400 μg folic acid, or the standard programme 60 mg of iron and folic acid or multiple micronutrients. At 30 weeks of gestation, 3188 women were randomised to receive either eight breastfeeding counselling sessions or the usual health messages. RESULTS: The median duration of exclusive breastfeeding was 135 days in the counselling group and 75 days in the usual health message group (p < 0.001). Prenatal supplements did not modify the effects of counselling. Women in the usual health message group who were randomised to multiple micronutrients exclusively breastfed for 12 days longer than mothers receiving the standard iron-folate combination (p = 0.003). CONCLUSION: Breastfeeding counselling increased the duration of exclusive breastfeeding by 60 days. This duration was not influenced by the supplements

Internalisation of machismo values in women of different cultural identities

[ES] El objetivo de este estudio es analizar las actitudes machistas internalizadas por mujeres de diferentes identidades culturales en función de su edad, nivel educativo, religión y nivel de desarrollo humano del país de origen de las participantes. La muestra está integrada por 592 mujeres de entre 13 y 63 años (M = 21.94, DT = 7.855). Se ha comprobado que existen diferencias estadísticamente significativas en las actitudes machistas según el nivel de desarrollo humano del país de origen, el nivel educativo y la religión. Se concluye que hay una internalización de los valores machistas por parte de las mujeres debido a influencias de sus creencias religiosas, por su nivel educativo y por el desarrollo de su país de origen.[EN] The aim of this study is to analyze the machista attitudes internalized by women of different cultural identities according to their age, educational level, religion and level of human development in the participants' country of origin. The research sample consisted of 592 women between 13 and 63 years of age (M= 21.94, SD= 7.855). It has been verified that are statiscally significant differences in macho attitudes according to the level oh human development ofthe country of origin, educational leven and religión. It is concluded that there is an internalization of macho values by women due to influences of their religious beliefs, by their educational level and by the development of their country of origin

Numerical study of crack path by MMCG specimen using M integral

The mixed mode loading configuration occurs in many civil engineering and mechanical applications. In wood material, the study of this problem is very important due to the orthotropic character and the heterogeneity of the material. In order to study the mixed mode loading in wood material, Moutou Pitti et al [1] have proposed a new specimen called Mixed Mode Crack Growth (MMCG). The main goal of this geometry is to propose a decrease of the energy release rate during the crack growth process. In this case, the fracture parameters can be decoupled into Mode I and Mode II in order to determine the impact of time during creep crack test. The present work proposes to study the crack path stability in MMCG specimen for different sizes and thicknesses. The M? integral, combining real and virtual mechanical displacement fields is used in order to separate numerically mode I and mode II in the mixed mode ratio. The stability is shown for the opening mode (Mode I), the shear mode (Mode II), and the mixed mode of 15°, 30°, 45°, 60°, 75° by computing the energy release rate versus the crack length. Finally, it is shown that the MMCG specimen can be reduced in various shape and used for example in small climate chamber in order to perform creep test at different temperature and moisture content levels

Towards NHS Zero: greener gastroenterology and the impact of virtual clinics on carbon emissions and patient outcomes. A multisite, observational, cross-sectional study

OBJECTIVE: The National Health Service (NHS) produces more carbon emissions than any public sector organisation in England. In 2020, it became the first health service worldwide to commit to becoming carbon net zero, the same year as the COVID-19 pandemic forced healthcare systems globally to rapidly adapt service delivery. As part of this, outpatient appointments became largely remote. Although the environmental benefit of this change may seem intuitive the impact on patient outcomes must remain a priority. Previous studies have evaluated the impact of telemedicine on emission reduction and patient outcomes but never before in the gastroenterology outpatient setting. METHOD: 2140 appointments from general gastroenterology clinics across 11 Trusts were retrospectively analysed prior to and during the pandemic. 100 consecutive appointments during two periods of time, from 1 June 2019 (prepandemic) to 1 June 2020 (during the pandemic), were used. Patients were telephoned to confirm the mode of transport used to attend their appointment and electronic patient records reviewed to assess did-not-attend (DNA) rates, 90-day admission rates and 90-day mortality rates. RESULTS: Remote consultations greatly reduced the carbon emissions associated with each appointment. Although more patients DNA their remote consultations and doctors more frequently requested follow-up blood tests when reviewing patients face-to-face, there was no significant difference in patient 90-day admissions or mortality when consultations were remote. CONCLUSION: Remote consultations greatly reduced the carbon emissions associated with each appointment. Although more patients DNA their remote consultations and doctors more frequently requested follow-up blood tests when reviewing patients face-to-face, there was no significant difference in patient 90-day admissions or mortality when consultations were remote

Amorphous and Polycrystalline Photoconductors for Direct Conversion Flat Panel X-Ray Image Sensors

In the last ten to fifteen years there has been much research in using amorphous and polycrystalline semiconductors as x-ray photoconductors in various x-ray image sensor applications, most notably in flat panel x-ray imagers (FPXIs). We first outline the essential requirements for an ideal large area photoconductor for use in a FPXI, and discuss how some of the current amorphous and polycrystalline semiconductors fulfill these requirements. At present, only stabilized amorphous selenium (doped and alloyed a-Se) has been commercialized, and FPXIs based on a-Se are particularly suitable for mammography, operating at the ideal limit of high detective quantum efficiency (DQE). Further, these FPXIs can also be used in real-time, and have already been used in such applications as tomosynthesis. We discuss some of the important attributes of amorphous and polycrystalline x-ray photoconductors such as their large area deposition ability, charge collection efficiency, x-ray sensitivity, DQE, modulation transfer function (MTF) and the importance of the dark current. We show the importance of charge trapping in limiting not only the sensitivity but also the resolution of these detectors. Limitations on the maximum acceptable dark current and the corresponding charge collection efficiency jointly impose a practical constraint that many photoconductors fail to satisfy. We discuss the case of a-Se in which the dark current was brought down by three orders of magnitude by the use of special blocking layers to satisfy the dark current constraint. There are also a number of polycrystalline photoconductors, HgI2 and PbO being good examples, that show potential for commercialization in the same way that multilayer stabilized a-Se x-ray photoconductors were developed for commercial applications. We highlight the unique nature of avalanche multiplication in a-Se and how it has led to the development of the commercial HARP video-tube. An all solid state version of the HARP has been recently demonstrated with excellent avalanche gains; the latter is expected to lead to a number of novel imaging device applications that would be quantum noise limited. While passive pixel sensors use one TFT (thin film transistor) as a switch at the pixel, active pixel sensors (APSs) have two or more transistors and provide gain at the pixel level. The advantages of APS based x-ray imagers are also discussed with examples