The Effect of Kurtosis on the Cross-Section of Stock Returns

In this study, I show an effect of the statistical fourth moment on stock returns. In the mean-variance framework, rational investors follow two strategies: optimize the mean{variance of return and diversify the portfolio. Regarding the first approach, investors intend to generate the maximum level of return while facing a constant level of risk (or, the standard deviation) of return. It is possible that firm specific risk can be concentrated in the portfolio. However, diversification of the assets can eliminate that (idiosyncratic) risk from the portfolio. After a long period of time, in a diversified portfolio the shape of the return distribution appears to be peaked around the average value of the return compared with that of the typical shape of the return distribution. If investors have a preference for skewness in their returns, they also can produce peakedness in the shape of the distribution. The statistical fourth moment (kurtosis) measures the magnitude of peakedness of the distribution. As the kurtosis of the distribution in- creases the distribution will appear more peaked. I find evidence that kurtosis positively and significantly predicts future stock returns over the period 1981-2011. The effect remains after controlling for other factors in multivariate regressions

ABU RAYHAN AL-BIRUNI’S STUDY OF OTHER RELIGIONS: A CASE ON HINDUISM

Studying other religions is a legacy left by medieval Muslim scholars. As a Muslim scholar, al-Biruni’s Kitab al-Hind was a unique contribution to the study of Hinduism. This study explores al-Biruni’s approaches to studying Hinduism, culture, and civilisation by reviewing related manuscripts and literature. Al-Biruni studied the Hindu scripture in its original language. He investigated Hindu theology and philosophy, their caste system in the society, law and ethics, rituals, and festivals. In Kitab al-Hind, an entire chapter was dedicated to Hindu scriptures which included Veda and Puranas. Concerning religious beliefs and divinity, there were various perceptions between the educated and uneducated people. Murti puja was a form of worship to express love and devotion towards God. However, the educated classes considered that idols were no more than intermediaries, and the idol-worshippers were being deluded from the actual worship of God. The Hindu caste system was established upon religious foundations where every caste used to have their mode of living and daily routine. Furthermore, Hindu rules, guidelines, and religious laws were developed by divine sages called Rishis, who provided laws of murder and theft, punishment of adultery, treatment for prisoners, and inheritance law. Al-Biruni took an objective, in-depth, scientific and authentic approach in presenting Hinduism, which made his work accepted by both Muslim and nonMuslim religious scholars. It is hoped that this paper would offer new perspectives to Muslim scholars on studying other religions, which may consequently enhance religious harmony in a multireligious society.   Keywords: Al-Biruni, Hinduism, religion, comparative religion, Muslim scholar. Cite as: Al Masud, A., & Abdullah, M. F. (2021). Abu Rayhan Al-Biruni’s study of other religions: A case on Hinduism.  Journal of Nusantara Studies, 6(2), 116-132. http://dx.doi.org/10.24200/jonus.vol6iss2pp116-13

Adding Value through Cross-Border M&A: Evidence from the Netherlands

Purpose: The aim of this thesis is to research corporate geographic diversification to determine if cross-border M&A involving Dutch acquirers and a selection of countries are value-enhancing for Dutch acquirers. Moreover we will aim to identify variables which influence value-creation in Dutch cross-border M&A. Methodology: This paper applies a deductive approach using theories and previous studies to form hypotheses for the purpose of the study. Event study and multiple linear regression analyses are used to test the hypotheses. Empirical Foundation: Cross-Border M&A between Dutch-based acquiring firms with target firms from a selection of countries were empirically studied between 01-01-1980 till 30-04-2014. Conclusion: Our findings show that cross-border acquisitions by acquirers from the Netherlands generally create value. Looking at the source of value-creation from a country level perspective, we found evidence that value is mainly created in acquisitions of targets based in Germany, United Kingdom and the United States. Furthermore we found positive value creation for acquisitions of targets based in North America and Western Europe. Our results are in line with an existing study on Dutch cross-border acquisitions which found evidence of value creation in acquisitions of target firms from North America and Western Europe. Determinants found to influence value-creation were relative deal size and the legal status of the target firm (public vs. non-public). We did not find significant evidence for other determinants examined in this study

Value Stream Analysis of Dried Fish’s Supply Chain in Bangladesh

Drying of marine fish is very common in the entire coastal areas of Bangladesh and these dried fishes have demand both in domestic and international markets though the people involved early in the production chain (fishing and drying) add relatively high value and make little profit. In the current supply chain, producers have no influence over supply chain management, rather they are strongly managed and monopolized by giant traders, brokers, dealers, wholesalers and thereby, erodes profitability and preference of primary producers. We conducted a study mainly in Kuakata and Dhaka to examine the supply chain of dried fish between these two areas. Basically this Kuakata is famous for producing dried fish in Bangladesh. Dhaka is the capital of Bangladesh, as well as center of different business areas. We have used value stream mapping to analyze the supply chain of dried fish in Bangladesh. In our survey we have tried to identify different supply chain intermediaries and surviving problems in dried fish’s supply chain. At the final stage of our article we have projected our findings and mentioned some possible solutions. Keywords: Supply Chain Management, Value Stream Mapping and Value Stream Analysis, Dried fish, Banglades

Determination of the composition of failure time models with long-term survivors

Indiana University-Purdue University Indianapolis (IUPUI)Failure-time data with long-term survivors are frequently encountered in clinical in vestigations. A standard approach for analyzing such data is to add a logistic regres sion component to the traditional proportional hazard models for accommodation of the individuals that are not at risk of the event. One such formulation is the cure rate model; other formulations with similar structures are also used in prac tice. Increased complexity presents a great challenge for determination of the model composition. Importantly, no existing model selection tools are directly applicable for determination of the composition of such models. This dissertation focuses on two key questions concerning the construction of complex survival models with long term survivors: (1) what independent variables should be included in which modeling components? (2) what functional form should each variable assume? I address these questions by proposing a set of regularized estimation procedures using the Least Absolute Shrinkage and Selection Operators (LASSO). Specifically, I present vari able selection and structural discovery procedures for a broad class of survival models with long-term survivors. Selection performance of the proposed methods is evaluated through carefully designed simulation studies

A comparison of multiple testing adjustment methods with block-correlation positively-dependent tests

In high dimensional data analysis (such as gene expression, spatial epidemiology, or brain imaging studies), we often test thousands or more hypotheses simultaneously. As the number of tests increases, the chance of observing some statistically significant tests is very high even when all null hypotheses are true. Consequently, we could reach incorrect conclusions regarding the hypotheses. Researchers frequently use multiplicity adjustment methods to control type I error rates—primarily the family-wise error rate (FWER) or the false discovery rate (FDR)—while still desiring high statistical power. In practice, such studies may have dependent test statistics (or p-values) as tests can be dependent on each other. However, some commonly-used multiplicity adjustment methods assume independent tests. We perform a simulation study comparing several of the most common adjustment methods involved in multiple hypothesis testing, under varying degrees of block-correlation positive dependence among tests

Exploring the Affordable Housing Solutions for the Resettlement Projects of Padma Bridge

The construction of Padma Bridge in Bangladesh has necessitated the resettlement of displaced residents, highlighting the need for affordable and sustainable housing solutions aligned with Sustainable Development Goals 9 (Industry, Innovation, and Infrastructure), 10 (Reduce inequality), and 11 (Sustainable Cities and Communities). This study aims to engage undergraduate architecture students in a design studio exercise to develop innovative housing models for resettlement projects, addressing displaced communities' social, economic, and environmental challenges. A multi-criteria decision analysis (MCDA) framework is introduced, integrating stakeholder data. In the design studio, students explore housing alternatives and concentrate on community-driven cooperative housing, assessing their effectiveness, feasibility, and sustainability using the MCDA framework. The exercise produces a range of housing solutions that balance affordability, sustainability, and community-centric design. Students demonstrate the potential of novel approaches to address the complex challenges displaced communities face and contribute to equitable development in Bangladesh. Engaging architecture students in developing affordable housing solutions provides valuable insights for policymakers and stakeholders in resettlement. The study emphasizes the need for holistic, participatory approaches and highlights the role of innovative, sustainable housing models in enhancing the quality of life for those affected by the Padma Bridge project, aligning with the SDGs

Contemporary Responses to The Criticism of Islamic Banks in Malaysia

The rapid growth of Islamic banks has become a focus of all investors and consumers. Malaysia has put in a lot of effort to develop and gather acceptance from all citizens of the country for Islamic banking. Hence, throughout the sector’s expansion, there have been several critics, such asshariah scholars, investors, and consumers. For instance; a lack of shariah experts in both economics and shariah itself, interest rates as benchmark, similarities with conventional banks etc. As the Malaysian Islamic banking system is growing and expanding, as are its critics. Therefore, the main purpose of this study to provide adequate arguments on the contemporary criticisms and challenges being faced by Islamic banks in Malaysia. This study has adopted a qualitative approach; conducting semi-structured interviews and observations. The findings recognised shariah compliancy, interest rates as a benchmark, and a lack of shariah scholars are the most pertinent current issues for Islamic banks in Malaysia. Through the supports of scholars, policy makers, and consumers, these issues can be resolved over time with Islamic finance literacy. The outcome of this study may benefit policy makers, investors, Muslim consumers, as well as stakeholders of Islamic banking and finance

Corporate Social Responsibility Practices in Garments sector of Bangladesh, A Study of Multinational Garments, CSR view in Dhaka EPZ

This study has been conducted to explore the real scenario of present CSR practices by multinational companies of Bangladesh. Here we have assembled information from a renowned multinational company Hop lun (BD) as well as different secondary sources. After examining literature review and Hop lun (BD)’s information we can say that, today’s CSR practices is not spread properly. Some of organization trying their best, but in the most of cases organization are not aware about that. Without proper take care of society none of the business organization can’t go through their operation for long run. That’s why Hop Lun (BD) believes in CSR. And they are trying to do something for the further development of employee as well as stakeholders. We believe that social awareness can change the situation of Bangladesh. Government initiative and corporate organizations positive thinking can brand revolution positively in CSR. Keywords: CSR, Business, Banglades

Profitability and Liquidity of Conventional Banking and Islamic Banking in Bangladesh: A Comparative Study

The aim of this study is to examine and evaluate the profitability and liquidity of a group of 5 Conventional banks in Bangladesh with a group of 5 Bangladeshi Islamic banks. The study evaluates the profitability and liquidity of two types of banking system in Bangladesh for the period of 2008 to 2012. Different financial ratios i.e. Return on Asset (ROA), Return on Equity (ROE), Profit Expense Ratio (PER), Net Profit Margin (NPM), Earnings per Share (EPS), Profit per branch, Profit per employee have been used for evaluating profitability and Loan to Deposit ratio (LDR), Loan to Assets ratio (LAR) are used for evaluating liquidity of these 2 categories  banks. T-test and F-test have been used in determining the significance of the differential performance of the two groups of bank. The study found that Islamic Banks are less preferable than Conventional banks in the year 2008 and 2009 in all the profitability indicators. In 2010, Conventional banks had been more profitable than Islamic banks except ROE, PER. In 2011 and 2012, Islamic banks’ profitability performance is better than that of Conventional banks in the performance indicators except EPS, Profit per Branch and Profit per Employee. However, there is no significant difference in liquidity between the two sets of banks. LAR had been constantly higher in Islamic banks in all the years though LDR had not been higher during the same period. In 2010 and 2011, Conventional Banks’ LDR is higher than the Islamic Bank. The reasons are that conventional banks in Bangladesh have longer history and experience in doing banking business and hold dominating position in the financial sector with its large share in the overall financial assets of Bangladesh as compared to Islamic banks, which in true sense, started only a few years back with all letter and spirit. The study also found that Islamic Banks are less profitable having less liquidity position during 2008-2012. However, it had improved considerably in its profitability during 2011 and 2012. Key Words: Profitability, Liquidity, Conventional Banking, Islamic Banking