scholarly journals Optimal financial contracts with hidden effort, unobservable profits and endogenous costs of effort

2010 ◽  
Vol 50 (1) ◽  
pp. 75-89 ◽  
Author(s):  
Viet Anh Dang
Keyword(s):  
Financial Contracts ◽  
Endogenous Costs

A Dynamic Investment Model with Profit-Sharing in an Interest-Free Economy

1991 ◽  
Vol 8 (1) ◽  
pp. 109-127
Author(s):  
Zaidi Sattar
Keyword(s):  
Optimal Investment ◽  
Integrated Approach ◽  
Building Blocks ◽  
Profit Sharing ◽  
Comparative Statics ◽  
Investment Model ◽  
Financial Contracts ◽  
Endogenous Variables ◽  
Rate Of Profit ◽  
Component Models

The present paper is a contribution to the building blocks of an investmentmodel within the framework of an integrated macroeconomic model of anIslamic economy. Investment behavior in the model is guided by an Islamicethicalvalue system and profit-sharing financial contracts. The typical firm’sinvestment decision is believed to emerge from a dynamic inter-temporalmaximization exercise within an infinite time horizon. The method of Calculusof Variations is applied to arrive at the optimal investment and employmentcriteria for the firm. The result is then incorporated into a macroeconomicmodel to study the behavior of key endogenous variables like national incomeand the rate of profit-share. Comparative statics exercised within a generalequilibrium framework reveal the potency of monetary policy but the neutralityof fiscal policy with respect to output and employment.IntroductionThe past decade has witnessed a tremendous outpouring of interest aswell as effort in the formalization of economic models based on profit-sharingfinancial arrangements as an Islamic alternative to the conventional interestbasedeconomic system. Several macroeconomic models for interest-freeeconomies have been proposed (Anwar 1987; Habibi 1987; Metwally 1981& 1983). The rigor of an integrated approach to such macroeconomic modelhgdepends on the rigor of the component models, namely, the consumption,investment, monetary, and fiscal relationships. Economists have writtenextensively on different aspects of consumer behavior in Islamic societies.Kahf (1978) and Khan (1984), among others, have contributed to the conceptualand analytical formulation of the consumption function under ...

Research Ethics Committees’ Oversight of Biomedical Research in South Africa: A Thematic Analysis of Ethical Issues Raised During Ethics Review of Non-Expedited Protocols

2019 ◽  
Vol 14 (2) ◽  
pp. 107-116 ◽  
Author(s):  
Blessing Silaigwana ◽  
Douglas Wassenaar
Keyword(s):  
South Africa ◽  
Research Ethics ◽  
South African ◽  
Biomedical Research ◽  
Ethical Issues ◽  
Ethics Committees ◽  
Financial Contracts ◽  
Scientific Validity ◽  
Participant Selection ◽  
Education And Awareness

In South Africa, biomedical research cannot commence until it has been reviewed and approved by a local research ethics committee (REC). There remains a dearth of empirical data on the nature and frequency of ethical issues raised by such committees. This study sought to identify ethical concerns typically raised by two South African RECs. Meeting minutes for 180 protocols reviewed between 2009 and 2014 were coded and analyzed using a preexisting framework. Results showed that the most frequent queries involved informed consent, respect for participants, and scientific validity. Interestingly, administrative issues (non-ethical) such as missing researchers’ CVs and financial contracts emerged more frequently than ethical questions such as favorable risk/benefit ratio and fair participant selection. Although not generalizable to all RECs, our data provide insights into two South African RECs’ review concerns. More education and awareness of the actual ethical issues typically raised by such committees might help improve review outcomes and relationships between researchers and RECs.

scholarly journals Investment in Financial Derivatives Contracts from an Islamic Perspective

2014 ◽  
Vol 1 (1) ◽  
pp. 51 ◽  
Author(s):  
Yesser Abdelkarim Karim Mohammed Hourani ◽  
Mohammed Ali ZARAI
Keyword(s):  
Financial Derivatives ◽  
Financial Contracts ◽  
Research Results ◽  
Islamic Perspective ◽  
Descriptive Approach ◽  
Financial Transactions

This research aims at exploring the nature of financial derivatives (FD) and their associated activities, and thus highlight their legitimate rule from an Islamic Perspective. Although there are many kinds of financial derivatives, this research focuses on the discussion of only three basic contracts; namely options, futures and swaps contracts, because they represent financial contracts derived from financially stable instruments such as stocks and bonds. There is no doubt that the great importance of this research lies mainly in determining the nature of these contracts and knowing their legitimate rules. In dealing with this issue, the research employs a descriptive approach which relies on first clarifying the image of each contract and its contemporary concept, second explaining the contract's performance and applications in the field of financial transactions, with reference to illustrative examples, and finally discussing its legitimate rule.The research results in uncovering the legitimate ruling on financial derivatives contracts, summed up mainly in the presence of betrayal and ignorance; leading, therefore, to the prohibition of such contracts.

A Stochastic Investment Model for Actuarial Use

1984 ◽  
Vol 39 ◽  
pp. 341-403 ◽  
Author(s):  
A. D. Wilkie
Keyword(s):  
Pension Fund ◽  
Working Party ◽  
Investment Model ◽  
Financial Contracts

1.1. The purpose of this paper is to present to the actuarial profession a stochastic investment model which can be used for simulations of “possible futures” extending for many years ahead. The ideas were first developed for the Maturity Guarantees Working Party (MGWP) whose report was published in 1980. The ideas were further developed in my own paper “Indexing Long Term Financial Contracts” (1981). However, these two papers restricted themselves to a consideration of ordinary shares and of inflation respectively, whereas in this paper I shall present what seems to me to be the minimum model that might be used to describe the total investments of a life office or pension fund.

Geography and Financial Contracts

2010 ◽  
Author(s):  
Ola Bengtsson ◽  
S. Abraham Ravid
Keyword(s):  
Financial Contracts
Sign in / Sign up

Export Citation Format

Share Document