FINANCIAL MANAGEMENT MODEL ON HOUSEHOLDER BASED ON GENDER IN IMPLEMENTING YAJNA

Financial management effectively and efficiently determine the welfare and happiness of individual households. Policies that allow the 60% financial aid for village ceremonies can be used to indicate the gender roles are very important in the implementation of yajna. Gender roles are regarded as determining the effectiveness and efficiency of financial management in implementing yajna. Yajna implementation is not only determined by the amount of money in rupiah size (material) used in yajna, but also influenced by gender roles in using money in doing yajna. The purpose of this research was to determine and analyze the model of financial management of individual households based on gender in executing of yajna.This methods study used a descriptive approach. Data was collected by survey of the number of households in the area of Bali. Data analyze technique was used comparative test. Research shows effective financial management model and efficient evidenced by the gender roles in implementing yajna. Implementing of yajna not only determined by the amount of money used in it’s executed, but also gender roles in managing finances effectively and efficiently

The Role of Islamic Asset Classes in the Diversified Portfolios: Mean Variance Spanning Test

This study investigates both conventional and Islamic investors’ problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. Our sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. This study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of value added (tangency portfolio or global minimum variance). For intra-asset allocation, our findings show that both Islamic and conventional fund managers of a specific asset class can benefit from conventional and Islamic asset classes, respectively, in several regimes. For inter-asset allocation, conventional institutional investors cannot obtain any value added from Islamic asset classes. On the contrary, the U.S. Islamic institutional investors can expand their tangency portfolio by investing in U.S. TIPSs and REITs, and reduce their global minimum variance by allocating on U.S. high-yield bonds. Moreover, the Malaysian Islamic institutional investors can obtain risk reduction by investing in conventional bonds only in the high term premium regime. For the remaining asset classes, the opportunity sets are sufficient for Islamic investors to invest complying with Shariah rules. We provide some policy implications for the global Islamic financial industry

The Role of Islamic Asset Classes in the Diversified Portfolios: Mean Variance Spanning Test

This study investigates both conventional and Islamic investors’ problems as to whether the inclusion of Islamic and conventional asset classes may expand the frontier of their respective portfolios. Our sample covers the global U.S. portfolios and Malaysian portfolios with multiple asset classes, as well as the portfolios with a specific asset class in several regions. This study uses the recent mean-variance spanning test in multiple regimes, which not only accounts for tail risk but also identifies the source of value added (tangency portfolio or global minimum variance). For intra-asset allocation, our findings show that both Islamic and conventional fund managers of a specific asset class can benefit from conventional and Islamic asset classes, respectively, in several regimes. For inter-asset allocation, conventional institutional investors cannot obtain any value added from Islamic asset classes. On the contrary, the U.S. Islamic institutional investors can expand their tangency portfolio by investing in U.S. TIPSs and REITs, and reduce their global minimum variance by allocating on U.S. high-yield bonds. Moreover, the Malaysian Islamic institutional investors can obtain risk reduction by investing in conventional bonds only in the high term premium regime. For the remaining asset classes, the opportunity sets are sufficient for Islamic investors to invest complying with Shariah rules. We provide some policy implications for the global Islamic financial industry

Heads we win, tails you lose: Is there equity in Islamic equity funds?

We made the first estimate of the proportion of fund alpha statistically attributable to luck rather than skill for a sample of Malaysian Islamic equity funds. Broadly, the funds do not outperform market benchmarks. In the limited instances where performance is superior, based on a contemporary methodology, as much as 47% of the observed positive fund alpha is statistically attributable to luck. Thus, at 5% significance level, we find only 1.95% of our funds to be genuinely skilled. Our findings raise questions regarding the equitability of these funds levying fixed fees, making a case for potential innovation in fund remuneration structure

Binary-object spectral-synthesis in 3D (BOSS-3D) -- Modelling H-alpha emission in the enigmatic multiple system LB-1

Context: To quantitatively decode the information stored within an observed spectrum, detailed modelling of the physical state and accurate radiative transfer solution schemes are required. In the analysis of stellar spectra, the numerical model often needs to account for binary companions and 3D structures in the stellar envelopes. The enigmatic binary (or multiple) system LB-1 constitutes a perfect example of such a complex multi-D problem. Aims: To improve our understanding of the LB-1 system, we directly modelled the phase-dependent H-alpha line profiles of this system. To this end, we developed a multi-purpose binary-object spectral-synthesis code in 3D (BOSS-3D). Methods: BOSS-3D calculates synthetic line profiles for a given state of the circumstellar material. The standard pz-geometry commonly used for single stars is extended by defining individual coordinate systems for each involved object and by accounting for the appropriate coordinate transformations. The code is then applied to the LB-1 system, considering two main hypotheses, a binary containing a stripped star and Be star, or a B star and a black hole with a disc. Results: Comparing these two scenarios, neither model can reproduce the detailed phase-dependent shape of the H-alpha line profiles. A satisfactory match with the observations, however, is obtained by invoking a disc around the primary object in addition to the Be-star disc or the black-hole accretion disc. Conclusions: The developed code can be used to model synthetic line profiles for a wide variety of binary systems, ranging from transit spectra of planetary atmospheres, to post-asymptotic giant branch binaries including circumstellar and circumbinary discs and massive-star binaries with stellar winds and disc systems. For the LB-1 system, our modelling provides strong evidence that each object in the system contains a disc-like structure

Kepler eclipsing binary stars. VII. the catalogue of eclipsing binaries found in the entire Kepler data set

The primary Kepler Mission provided nearly continuous monitoring of ~200,000 objects with unprecedented photometric precision. We present the final catalog of eclipsing binary systems within the 105 deg2 Kepler field of view. This release incorporates the full extent of the data from the primary mission (Q0-Q17 Data Release). As a result, new systems have been added, additional false positives have been removed, ephemerides and principal parameters have been recomputed, classifications have been revised to rely on analytical models, and eclipse timing variations have been computed for each system. We identify several classes of systems including those that exhibit tertiary eclipse events, systems that show clear evidence of additional bodies, heartbeat systems, systems with changing eclipse depths, and systems exhibiting only one eclipse event over the duration of the mission. We have updated the period and galactic latitude distribution diagrams and included a catalog completeness evaluation. The total number of identified eclipsing and ellipsoidal binary systems in the Kepler field of view has increased to 2878, 1.3% of all observed Kepler targets

The directional volatility connectedness between crude oil and equity markets: New evidence from implied volatility indexes

In this paper, we use a set of newly introduced implied volatility indexes to investigate the directional connectedness between oil and equities in eleven major stock exchanges around the globe from 2008 to 2015. The inference on the oil–equity implied volatility relationships depends on Diebold and Yilmaz (2012, 2014, 2015) who proposed a set of directional measures that enable the dynamic and directional characterization of the relationships among financial variables. We find uniform results across the sample countries indicating that the connectedness between oil and equity is established by the bi-directional information spillovers between the two markets. However, we find that the bulk of association is largely dominated by the transmissions from the oil market to equity markets and not the other way around. The pattern of transmissions is varying over the sample period; however most of the linkages between oil and equities are established from the mid of 2009 to the mid of 2012 which is a period that witnessed the start of global recovery

Climate change and anthropogenic intervention impact on the hydrologic anomalies in a semi-arid area : lower Zab river basin, Iraq

Climate change impact, drought phenomena and anthropogenic stress are of increasing apprehension for water resource managers and strategists, particularly in arid regions. The current study proposes a generic methodology to evaluate the potential impact of such changes at a basin scale. The Lower Zab River Basin located in the north of Iraq has been selected for illustration purposes. The method has been developed through evaluating changes during normal hydrological years to separate the effects of climate change and estimate the hydrologic abnormalities utilising Indicators of Hydrologic Alteration. The meteorological parameters were perturbed by applying adequate delta perturbation climatic scenarios. Thereafter, a calibrated rainfall-runoff model was used for streamflow simulations. Findings proved that climate change has a more extensive impact on the hydrological characteristics of the streamflow than anthropogenic intervention (i.e. the construction of a large dam in the catchment). The isolated baseflow is more sensitive to the precipitation variations than to the variations of the potential evapotranspiration. The current hydrological anomalies are expected to continue. This comprehensive basin study demonstrates how climate change impact, anthropogenic intervention as well as hydro-climatic drought and hydrological anomalies can be evaluated with a new methodology