Sheng, Andrew and Singh, Ajit (2013): Islamic Stock Markets in a Global Context. Published in: Economic Development and Islamic Finance: Directions in Development No. Chapter 10 (19 May 2013): 275 -296.
Preview |
PDF
MPRA_paper_53035.pdf Download (534kB) | Preview |
Abstract
This study is a sequel to the 2012 Sheng and Singh article that identified and explained the significance of the two central tenets of Islamic finance: namely, its underpinning by a strong ethical system, and the absolute prohibition of the use of interest rates. That study also argued that the cooperation between the conventional Western system and the Islamic system is eminently sensible and will lead to a Pareto optimal increase in world welfare
Item Type: | MPRA Paper |
---|---|
Original Title: | Islamic Stock Markets in a Global Context |
Language: | English |
Keywords: | Islamic Finance, interest rates, western system |
Subjects: | G - Financial Economics > G2 - Financial Institutions and Services P - Economic Systems > P4 - Other Economic Systems P - Economic Systems > P4 - Other Economic Systems > P49 - Other |
Item ID: | 53035 |
Depositing User: | Ajit Singh |
Date Deposited: | 19 Jan 2014 18:49 |
Last Modified: | 26 Sep 2019 16:42 |
References: | Allen, Franklin, and Douglas Gale. 2000. “Financial Contagion.” Journal of Political Economy 108 (1): 1–33. Baker, Malcolm P., and Jeffrey A. Wurgler. 2007. “Investor Sentiment in the Stock Market.” Journal of Economic Perspectives 21 (2): 129–52. Barberis, Nicholas, and Richard Thaler. 2003. “A Survey of Behavioral Finance.” In Handbook of the Economics of Finance, 1st ed. Vol. 1, chap 18, 1053–1128. Elsevier. Black, Fischer. 1986. “Noise.” Journal of Finance 41(3): 529–43. Also “Presidential Address,” American Finance Association. Blanchard, Olivier, 2009. “The Crisis: Basic Mechanisms and Appropriate Policies.” CESifo Forum, Ifo Institute for Economic Research at the University of Munich 10 (1): 3–14. http://www.cesifo-group.de/portal/pls/portal/docs/1/1200909.PDF El-Erian, M., and M. Kumar. 1995. “Emerging Equity Markets in Middle Eastern Countries.” In Development of Financial Markets in the Arab Countries, Iran and Turkey, edited by Economic Research Forum (ERF) for Arab Countries, Iran and Turkey, 129–75. Cairo: Economic Research Forum (ERF) for Arab Countries, Iran and Turkey. Fama, Eugene F. 1970 “Efficient Capital Markets: A Review of Theory and Empirical Work.” Journal of Finance 25 (2): 383–417. Glen, Jack, and Ajit Singh. 2003. “Capital Structure, Rates of Return and Financing Corporate Growth: Comparing Developed and Emerging Markets, 1994–00.” Working Paper 265, ESRC Centre for Business Research, University of Cambridge. ---------. 2005. “Corporate Governance, Competition, and Finance: Re-thinking Lessons from the Asian Crisis.” Eastern Economic Journal 31 (2): 219–43. Greenspan, Alan. 1998. Speech before the annual Financial Markets Conference of the Federal Reserve Bank of Atlanta, Miami Beach, Florida. http://www.federalreserve.gov/boarddocs/speeches/1998/19980227.htm Gügler, Klaus, and B. Burcin Yurtoglu. 2003. “Corporate Governance and Dividend Pay-out Policy in Germany.” European Economic Review 47 (4): 731–58. Gügler, Klaus, Dennis C.Mueller, and B. Burcin Yurtoglu. 2003. “The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries.” Economic Journal 113 (491): F511–F539. Hong, Harrison, and Jeremy C. Stein. 2007. “Disagreement and the Stock Market.” Journal of Economics Perspectives 21 (2): 109–128. Kay, John. 2012. “The Kay Review of UK Equity Markets and Long-Term Decision Making.” http://www.bis.gov.uk/kayreview. Keynes, John Maynard. 1936. The General Theory of Employment Interest and Money. New York: Harcourt, Brace and Company. Kindleberger, Charles. (1978) 1989. Manias, Panics, and Crashes: A History of Financial Crises. Reprint, New York: Basic Books. Revised and enlarged, 1989. Metwally, Mokhtar M. 1984. “The Role of the Stock Exchange in an Islamic Economy.” Journal for Research in Islamic Economics 2 (1): 21–30. Mirakhor, Abbas. 2011. “Keynote Address: Epistemological Foundation of Finance: Islamic and Conventional.” Foundations of Islamic Finance Conference Series, Epistemological Foundation of Finance: Islamic and Conventional, March 8–10. Myers, Stuart C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13 (2)” 187–221. Pagano, Marco. 1993. “Financial Markets and Growth: An Overview.” European Economic Review 37 (2–3): 613–22. Pagano, Marco, Fabio Panetta, and Luigi Zingales. 1998. “Why Do Companies Go Public? An Empirical Analysis.” Journal of Finance 53 (1): 27–64. Peacock, Alan, and Graham Bannock. 1991. “Corporate Takeovers and the Public Interest.” Aberdeen University Press. Porter, Michael E. 1992. “Capital Disadvantage: America’s Failing Capital Investment System.” Harvard Business Review. http://hbr.org/1992/09/capital-disadvantage-americas-failing-capital-investment-system/ar/1 Scherer, F. M. 2006. “A New Retrospective on Mergers.” Review of Industrial Organization 28 (4): 327–41. Sheng, Andrew, and Ajit Singh. 2012. “The Challenge of Islamic Finance.” http://www.project-syndicate.org/commentary/the-challenge-of-islamic-finance. Shiller, Robert J. 2000. Irrational Exuberance. Princeton, NJ: Princeton University Press. ---------. 2012. Finance and the Good Society. Princeton, NJ: Princeton University Press. Shleifer, A. 2000. Inefficient Markets: An Introduction to Behavioral Finance. Oxford University Press. Singh, Ajit. 1993. The Stock Market and Economic Development: Should Developing Countries Encourage Stock Markets? UNCTAD Review No. 4. http://cedeplar.ufmg.br/economia/disciplinas/ecn933a/crocco/Criacao_expansao_mercado_capitais/SINGH~31.PDF ---------. 1995. “Corporate Financial Patterns in Industrializing Economies: A Comparative International Study.” IFC Scientific Paper No. 2, International Finance Corporation, Washington, DC. ---------. 1997. “Financial Liberalisation, the Stock Market and Economic Development.” Economic Journal May: 771–82. ---------. 2003. “Competition, Corporate Governance and Selection in Emerging Markets.” Economic Journal 113 (491): 443–64. ---------. 2008. “Stock Markets in Low- and Middle-Income Countries” Working Paper 377, ESRC Centre for Business Research. Singh, Ajit, and Tabatabai Hamid, eds. 1993. Economic Crisis and Third World Agriculture. Cambridge University Press. Singh, A., J. Glen, A. Zammit, R. De Hoyos, A. Singh, Alaka, and B. Weisse. 2005. “Shareholder Value Maximisation, Stock Market and New Technology: Should the U.S. Corporate Model Be the Universal Standard?”Asia-Europe Papers, Discussion Paper No. 1, July 2005. Also published as CBR Working Paper 315. Subsequently published in International Review of Applied Economics 19 (4, October): 419–37. Solow, Robert M. 2009. “How to Understand the Disaster.” New York Review of Books 56 (8, May 14). http://www.nybooks.com/articles/archives/2009/may/14/how-to-understand-the-disaster. Tichy, G. 2002. “What Do We Know about the Success and Failure of Mergers?” Journal of Industry, Competition and Trade 1 (4). Tobin, James. 1984. “A Mean-Variance Approach to Fundamental Valuations.” Cowles Foundation Discussion Papers 711R, Cowles Foundation for Research in Economics, Yale University, New Haven, CT. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/53035 |