bluuebunny/crossref_metadata_2025_split huggingface dataset:
The long-run interrelationship between exchange rate and interest rate: the case of Mexico
Authors: Capasso Salvatore , Napolitano Oreste , Viveros Jiménez Ana Laura 
Published: November 2019

Purpose
The purpose of this paper is to analyse the long-term nature of the interrelationship between interest rate and exchange rate.

Design/methodology/approach
By employing Mexican data, the authors estimate a non-linear autoregressive distributed lags (NARDL) model to investigate the nature of the changes and the interaction between interest rate and exchange rate in response to monetary authorities’ actions.

Findings
The results show that, contrary to simplistic predictions, the real exchange rate causes the real interest rate in an asymmetric way. The bounds testing approach of the NARDL models suggests the presence of co-integration among the variables and the exchange rate variations appear to have significant long-run effects on the interest rate. Most importantly, these effects are asymmetric and positive variations in the exchange rate have a lower impact on the interest rate. It is also interesting to report that the reverse is not true: the interest rate in the long-run exerts no statistical significant impact on the exchange rate.

Practical implications
The asymmetric long-term relationship between real exchange rate and real interest rate is evidence of why monetary authorities are reluctant to free float exchange rate. In Mexico, as in most developing countries, monetary policy strongly responds to exchange rate movements because these have relevant effects on commercial trade. Moreover, in dollarized economies these effects are stronger because of pass-through impacts to inflation, income distribution and balance-sheet equilibrium (the well-known “original sin”).

Originality/value
Under inflation targeting and flexible exchange rate regime, despite central banks pursue the control of short-term interest rate, in the long-run one could observe that it is the exchange rate that influences the interest rate, and that this reverse causality is stronger in emerging economies. This paper contributes by analysing the asymmetric relationship between the variables.
Macroeconomic effects of consumer confidence shock – evidence for state dependence
Authors: Ahmad Nazneen , Rangaraju Sandeep Kumar 
Published: November 2019

Purpose
The purpose of this paper is to investigate the impact of a consumer confidence shock on GDP and different types of consumer spending during a slack state as well as a non-slack state of an economy.

Design/methodology/approach
The authors use the US quarterly data from 1960Q1 to 2014Q4 and apply Jorda’s (2005) local projection method to compute the impulse responses of macroeconomic variables to a consumer confidence shock. The local projection method allows us to include non-linearities in the response function.

Findings
In general, the response of output, following a consumer confidence shock, is similar in slack and non-slack states and indicate that an unfavorable confidence shock is contractionary. However, the intensity and duration of impact of a confidence shock on different components of spending are state dependent. Overall, a negative confidence shock appears to have a stronger impact on non-slack time than on a slack time.

Practical implications
Policy makers should be careful about undertaking a policy action that may affect consumer confidence adversely, particularly during an economic good time. An adverse confidence shock can trigger a downfall in a well-functioning economy and the dampening effect may last for several quarters before the economy rebounds.

Originality/value
US economy is subject to fluctuations; however, the literature on the impact of confidence shock in different economic states is limited. The incremental contribution of this paper is that it investigates how the consumers respond to the confidence shock in a state-dependent model. Furthermore, the authors use a more robust and alternative estimation method that tackles any non-linear problems.
Liquidity in the UAE Islamic banks
Authors: ElMassah Suzanna , AlSayed Ola , Bacheer Shereen Mostafa 
Published: November 2019

Purpose
The purpose of this study is to investigate the main factors that affect liquidity risk in the UAE Islamic banks.

Design/methodology/approach
The study examines the annual data of the seven UAE Islamic banks over the period 2008-2014. Random effects panel data model is used to estimate the impact of four bank-specific variables and two macroeconomic ones on the liquidity risk of the UAE Islamic banks via their impact on five alternative liquidity ratios.

Findings
The paper finds that bank size has a negative impact on liquidity risk according to two liquidity ratios only, and an insignificant impact according to the other three. Both capital adequacy and London interbank offered rate have significant negative impacts on liquidity risk for three liquidity ratios, and insignificant impacts on two. The effect of credit risk is negative for all adopted ratios, while that of return on assets is negative for one ratio only. Finally, real GDP has a positive effect on two ratios and an insignificant one on the others.

Research limitations/implications
The study provides insights for policymakers and practitioners to choose appropriate liquidity management procedures. It emphasizes that identifying efficient procedures or policies depends on the liquidity ratio that is used as a proxy of liquidity risk and its definition, in addition to the correlation between the liquidity ratio and liquidity risk. The study also provides some guidance to Islamic banks in the UAE concerning the main factors impacting their liquidity, which can eventually enable them to support their liquidity management policies, in a way that would expand their customer base according to profitability aspects, and not only religious ones.

Originality/value
The paper adds to the relatively limited literature on liquidity risk in Islamic banks. It also is the first study that investigates the determinants of liquidity risk facing Islamic banks in the UAE using five alternative liquidity ratios.
Risk and returns inShari’ah-compliant cross-section stocks: evidence from an emerging market
Authors: Hanif Muhammad , Iqbal Abdullah , Shah Zulfiqar 
Published: November 2019

PurposeThis study aims to understand and document the impact of market-based – market returns and momentum – as well as firm-specific – size, book-to-market (B/M) ratio, price-to-earnings ratio (PER) and cash flow (CF) – factors on pricing ofShari’ah-compliant securities as explanation of variations in stock returns in an emerging market – Pakistan’s Karachi Stock Exchange.Design/methodology/approachInitially, the authors test Fama and French (FF) three-factor model – market risk premium, size and B/M – followed by modified FF model by including additional risk factors (PER, CF and momentum) over a 10-year period (2001-2010).FindingsOur results support superiority of FF three-factor model over single-factor capital asset pricing model. However, addition of further risk factors – including PER, CF and momentum – improves explanatory power of the model, as well as refines the selection of risk factors. In this study, CF, B/M and momentum factors remain insignificant. Traditional B/M factor in FF model is replaced by PER.Practical implicationsBased on the modified FF model, the authors propose a stock valuation model forShari’ah-compliant securities consisting of three factors: market returns, size and earnings, which explains 76per cent variations in cross sectional stock returns.Originality/valueTo the best of the authors’ knowledge, this is the first study (which combines market-based as well as fundamental factors) on pricing of Islamic securities and identification of risk factors in an emerging market – Karachi Stock Exchange.
Linking governance qualities and stewardship attributes: findings from Malaysian takaful operators
Authors: Muhamat Amirul Afif , McIver Ronald 
Published: November 2019

Purpose
As custodians of takaful contributors’ tabarru’ (donation) funds, takaful operators are expected to fulfil a stewardship role propagated under the precepts of Islam. The purpose of this paper is to analyse takaful operators’ stewardship, focusing on investment practices.

Design/methodology/approach
Structured interviews were conducted with senior investment staff from all of Malaysia’s takaful operators. Questions, developed using Delphi-style techniques, allowed a five-point Likert scale response addressing specific issues revolving around seven dimensions of governance quality – using the Malaysian Rating Corporation’s (MARC’s) governance rating guidelines for Islamic financial institutions (IFIs). Interviewees’ responses were assigned composite scores.

Findings
Malaysia’s takaful operators score well on most prescribed governance quality dimensions, although performance varies between operators and across dimensions. Areas for improvement are identified, especially regarding disclosure of information and contributor involvement in takaful operators’ management.

Research limitations/implications
Predetermined questions restrict flexibility in obtaining takaful operators’ information; however, end-of-interview, open-ended questions were asked to tap interviewee opinions on pertinent issues. A focus on takaful operators’ governance quality and stewardship of investments means findings may not be representative of all operational aspects of their businesses.

Practical implications
This study identifies governance quality guidelines which takaful operators may benchmark against and identifies where best to focus attempts to improve performance. These guidelines will also assist regulators assessing takaful operators’ stewardship performance.

Originality/value
This study uses governance quality as an indicator of stewardship, a concept aligned with the precepts of Shariah. It covers the opinion of the takaful industry in a country with a comprehensive Islamic financial system, Malaysia, extending understanding of takaful operators’ governance quality.
Does Islam impede development? A critical analysis
Authors: Sidani Yusuf 
Published: November 2019

Purpose
This paper aims to investigate the relationship between Islam and economic underdevelopment that characterizes many Muslim societies. It examines the Weberian thesis regarding Islam and development, assessing the role of Islamic law, in addition to the concepts of rationality and fatalism.

Design/methodology/approach
The paper reviews the major theses regarding the link between Islam and development and makes an attempt at explaining economic underdevelopment by engaging the most prominent arguments in this regard.

Findings
Lack of development in most Muslim societies is a multidimensional problem, and it would not help to rely on explanations that are culturally deterministic or sociologically reductionist.

Practical implications
Development requires improvements at various regulatory, economic, educational, and social levels. It also requires a significant transformation in people’s value systems that guide their actions. This requires a process of self-examination, not only looking at exogenous factors to explain failures, but also to focus on one’s own responsibility to alleviate crisis situations.

Originality/value
This paper challenges many of the for-granted theses regarding the purported link between Islam and development. While not dispelling the need for internal reflection for Muslim societies, it puts some of the popular arguments regarding this link in proper perspective.
The effect of managing different types of work on open innovation
Authors: Peris-Ortiz Marta , Rueda-Armengot Carlos , Estelles-Miguel Sofia 
Published: November 2019

PurposeThe purpose of this paper is to analyze the different types of work and to examine how they are related with open innovation, either by carrying out relationships with companies or external agents, or through the outsourcing of qualified and creative work.Design/methodology/approachAfter the theoretical analysis of the different types of work, the empirical study uses qualitative comparative analysis (QCA) to analyze the different variables and their relations which favor open innovation.FindingsThe combination of the variables in the QCA makes it possible to obtain three paths among the characteristics of the qualified work and open innovation, with a positive empirical result. The general conclusion is that the motivation level of the qualified work is relevant for open innovation.Research limitations/implicationsThe study has some limitations, notably the reliability of the measurement of the variables, based on the subjective assessment of the respondent employee. The limited number of cases is always a question to be considered, although the statistical results show consistency in the results.Practical implicationsThe most important implication for practice is the relevant connection between the internal efficiency in the management of the different types of work and open innovation.Originality/valueThe originality and value of this paper consist in relating the internal efficiency in the work management with the effectiveness and success of open innovation.
Long-run equity performance of firms that restate financial statements
Authors: Moon Gisung , Lee Hongbok , Waggle Doug 
Published: November 2019

Purpose
The authors investigate how the stock market reacts to financial restatements using the restatements data from the United States Government Accountability Office (GAO-06-678). In particular, the purpose of this paper is to examine the long-run equity performance of the restating firms, for holding periods of one to five years after the announcements of restatements.

Design/methodology/approach
This paper measures the long-run stock performance of restating firms with the buy-and-hold abnormal returns and time-series regression analyses based on Fama–French’s (1993) three-factor model and Carhart’s (1997) four-factor model.

Findings
The authors find that restating firms significantly underperform in the long run compared with their peers matched by industry, size and book-to-market. Restating firms’ underperformance is confirmed with time-series regression analyses based on Fama–French’s (1993) three-factor model and Carhart’s (1997) four-factor model. Further, the authors find the negative long-run abnormal performance of restating firms is primarily driven by large firms. The authors also report that self-prompted restatements and improper revenue accounting-triggered restatements result in worse long-run abnormal performance.

Originality/value
This paper is the first paper that thoroughly investigates the long-run stock returns of the firms that restate financial statements by fully considering the size effect.
Limit elastic analysis of rotating annular disks having sigmoid-FGM composition based on MROM
Authors: Madan Royal , Saha Kashinath , Bhowmick Shubhankar 
Published: November 2019

Purpose
The limit elastic speed of rotating disk is an important design criterion, as it defines the limit before onset of yielding initiates. The purpose of this paper is to establish the limit elastic speeds for S-FG disks and report the stresses induced at such speeds.

Design/methodology/approach
For S-FGM disk, effective Young’s modulus is calculated using modified rule of mixture and subsequently effective yield stress is also calculated by taking into consideration of stress-strain transfer ratio. The S-FGM disk is subject to centrifugal loading and the stress and deformation characteristics are investigated using variational principle wherein the solution is obtained by Galerkin’s error minimization principle. Based on von-Mises yield criteria, equivalent stress is calculated at different angular speeds till the equivalent stress at any given location in the disk attains the value of effective yield stress at the given location (location of yield initiation). This defines the limit elastic speed for the S-FGM disk (for given n).

Findings
The limit elastic speed of S-FGM disks for a range of grading index (n) and corresponding stresses within the disk are reported. Results are reported for uniform disks of different aspect ratio and the results reported could be used as practical design data.

Practical implications
Functional grading of material in structures opens a new horizon to explore the possibility of manufacturing high strength component at low weight. Material grading plays a significant role in achieving desired material properties, and literature review reveals reporting of numerous grading functions to approximate material distribution in structure.

Originality/value
The work has not been addressed earlier and findings provide a pioneering insight into the performance of S-FG disks.
Exploring bacterial pathogen community dynamics in freshwater beach sediments: A tale of two lakes
Authors: VanMensel Danielle , Chaganti Subba Rao , Droppo Ian G. , Weisener Christopher G. 
Published: November 2019

SummaryPathogenic bacteria associated with freshwater ecosystems can pose significant health risks particularly where recreational water use is popular. Common water quality assessments involve quantifying indicator Escherichia coli within the water column but neglect to consider physical and geochemical factors and contributions from the sediment. In this study, we used high‐throughput sequencing to investigate sediment microbial communities at four freshwater public beaches in southern Ontario, Canada and analysed community structure, function, and gene expression with relation to geographical characteristics. Our results indicate that beach sediments at the sediment–water interface could serve as potential sources of bacterial contamination under low‐energy environments with tightly packed small sediment particles compared with high‐energy environments. Further, the absence of pathogens but expression of pathogenic transcripts suggests occurrence of alternate gene acquisition. Pathogenicity at these locations included expression of Salmonella virulence factors, genes involved in pertussis, and antimicrobial resistance. Finally, we introduce a proposed universal bacterial pathogen model to consider the combined and synergistic processes used by these microbes. To our knowledge, this is the first study of its kind to investigate chemolithotrophic activity related to pathogens within bed sediment at freshwater beaches. This work helps advance current understanding of health risks in these environments.
The evolution of addiction treatment and harm reduction programs in Iran: a chaotic response or a synergistic diversity?
Authors: Ekhtiari Hamed , Noroozi Alireza , Farhoudian Ali , Radfar Seyed Ramin , Hajebi Ahmad , Sefatian Saeed , Zare‐bidoky Mehran , Razaghi Emran Mohammad , Mokri Azarakhsh , Rahimi‐Movaghar Afarin , Rawson Richard 
Published: November 2019

AbstractBackgrounds and aimsIran has 2.1 and 1.8% of its 15–64‐year‐old population living with illicit substance and opioid use disorders, respectively. To address these problems, Iran has been developing a large and multi‐modality addiction treatment system, spanning the time before and after the Islamic Revolution.MethodsIran's current drug treatment scene is a combination of services, ranging from medical/harm reduction services to punitive/criminal justice programs. Included in this array of services are drop‐in centers providing low‐threshold harm reduction services, such as distribution of sterile needles and syringes; opioid maintenance treatment clinics providing methadone, buprenorphine and opium tincture; and abstinence‐based residential centers. We will review the evolution of this system in four phases.ResultsIn 1980, Iran's revolutionary government shut down all voluntary treatment programs and replaced them with residential correctional programs. The first shift in the addiction treatment policies came 15 years later after facing the negative consequences. Addiction is viewed as a disease, and new voluntary treatment centers offering non‐agonist medications and psychosocial services were established. With an increased number of people who inject drugs and HIV/AIDS epidemics, in the second shift an extensive move towards harm reduction strategies and opioid‐maintenance programs has been implemented to reduce HIV‐related high‐risk behavior. The emergence of a methamphetamine use crisis creating an increased number of socially marginalized addicted people resulted in public and political demands for stricter policies and ended in the third shift starting in 2010, with extended compulsory court‐based residential programs. Currently, there is a new shift towards reducing the severity of criminal penalties for drug use/sales and promoting proposals for opium legalization.ConclusionIran's evolutionary experience in developing a large addiction treatment program in a complex combination of medical/harm reduction and punitive/criminal justice addiction treatment can be examined in its political, clinical and pragmatic context.
A clinical, pathological and immunohistochemical series of 9 cases of primary cutaneous apocrine carcinomas of the head and neck
Authors: Portelli Francesca , Salvati Lorenzo , Projetto Elisabetta , Gori Alessia , Scarfì Federica , Trane Luciana , Lo Russo Giulia , Innocenti Alessandro , De Giorgi Vincenzo 
Published: November 2019

AbstractBackground/ObjectivesPrimary cutaneous apocrine carcinoma is a rare malignant adnexal skin tumour that can recur locally, spread to regional lymph nodes and metastatize to visceral organs. Wide dissemination and death from disease are much less common. The axilla is the most common site of presentation. It is infrequently reported in the head and neck region.MethodsAll cases diagnosed as primary cutaneous apocrine carcinoma of the head and neck were retrospectively collected from the archives of the Division of Pathological Anatomy, University of Florence from 1996 to 2016. There was no history or clinical evidence of breast cancer. Clinical data and follow‐up were collected by the clinicians.ResultsNine cases were found, with a mean age of 76 years, ranging in size between 0.3 and 3.5 cm. Clinically, they were frequently mistaken for basal cell carcinomas. Histopathologically, all the tumours showed decapitation secretion, a tubular, solid or mixed (tubulo‐papillary and solid‐tubular) growth pattern and were predominantly classified as grade 2 tumours. GCDFP‐15 and hormone receptors were variably expressed. HER2 and podoplanin were negative in all cases.In one case, spreading to regional lymph nodes was observed. No cases were associated with death due to the disease.ConclusionAs immunohistochemical analysis lacks specificity in distinguishing primary cutaneous apocrine carcinoma from a cutaneous metastasis of breast carcinoma, detailed clinical history, breast examination, adequate treatment and follow‐up are necessary to confirm a diagnosis of primary cutaneous apocrine carcinoma.