Financial systems are crucial to the allocation of resources in a modern economy. They channel household savings to the corporate sector and allocate investment funds among firms; they allow intertemporal smoothing of consumption by households and expenditures by firms; and they enable households and firms to share risks. These functions are common to the financial systems of most developed economies. Yet the form of these financial systems varies widely. In the United States and the United Kingdom competitive markets dominate the financial landscape, whereas in France, Germany, and Japan banks have traditionally played the most important role. Why do different countries have such different financial systems? Is one system better than all the others? Do different systems merely represent alternative ways of satisfying similar needs? Is the current trend toward market-based systems desirable? Franklin Allen and Douglas Gale argue that the view that market-based systems are best is simplistic. A more nuanced approach is necessary. For example, financial markets may be bad for risk sharing; competition in banking may be inefficient; financial crises can be good as well as bad; and separation of ownership and control can be optimal. Financial institutions are not simply veils, disguising the allocation mechanism without affecting it, but are crucial to overcoming market imperfections. An optimal financial system relies on both financial markets and financial intermediaries.

比较金融系统 = Comparing financial systems

目的 探讨CD25单抗在无血缘关系造血干细胞移植（UHSCT）中对干细胞植入和移植物抗宿主病（GVHD）的作用。方法 27例UHCST中，移植后1、4d给予CD25单抗1mg/kg。结果 27例中，除1例早期死亡外，26例患者造血全部重建。17例发生急性GVHD，其中Ⅱ度以上急性GVHD6例（23％）。复发3例，严重感染3例。26例可评价患者中，19例无病生存（73％）。结论 CD25单抗在UHSCT中对保证干细胞植入和预防GVHD有肯定的作用，白血病复发并不增加。此研究为UHCST和HLA不合的造血干细胞移植提供一个可选择的途径。

Risk and return characteristics of Islamic equity funds

Fascinating and provocative, Ariely's The Truth About Dishonesty is an insightful and brilliantly researched take on cheating, deception and willpower. Internationally bestselling author Ariely pulls no punches when it comes to home truths. Previous titles PREDICTABLY IRRATIONAL and THE UPSIDE OF IRRATIONALITY have becomes classics in their field, revealing unexpected and astonishing traits that run through modern humankind. Now acclaimed behavioural economist Dan Ariely delves deeper into the dark and murky recesses of contemporary psychology, daring to ask the big questions: What makes us cheat? How and why do we rationalise deception of ourselves and other people, and make ourselves 'wishfully blind' to the blindingly obvious? What affects our infuriatingly intangible willpower and how can we 'catch' the cheating bug from other bad apples? If you've ever wondered how a whole company can turn a blind eye to evident misdemeanours within their ranks, whether people are born dishonest and whether you can really be successful by being totally, brutally honest, then Dan has the answers, and many more.

The (honest) truth about dishonesty : how we lie to everyone--especially ourselves

The cognitive reflection test (CRT) is a short measure of a person's ability to resist intuitive response tendencies and to produce a normatively correct response, which is based on effortful reasoning. Although the CRT is a very popular measure, its psychometric properties have not been extensively investigated. A major limitation of the CRT is the difficulty of the items, which can lead to floor effects in populations other than highly educated adults. The present study aimed at investigating the psychometric properties of the CRT applying item response theory analyses (a two-parameter logistic model) and at developing a new version of the scale (the CRT-long), which is appropriate for participants with both lower and higher levels of cognitive reflection. The results demonstrated the good psychometric properties of the original, as well as the new scale. The validity of the new scale was also assessed by measuring correlations with various indicators of intelligence, numeracy, reasoning and decision-making skills, and thinking dispositions. Moreover, we present evidence for the suitability of the new scale to be used with developmental samples. Finally, by comparing the performance of adolescents and young adults on the CRT and CRT-long, we report the first investigation into the development of cognitive reflection. Copyright © 2015 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

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The development and testing of a new version of the cognitive reflection test applying item response theory (irt).

This study aims to examine the impact of workplace happiness, coworker support and job stress on employee innovative behavior. The mediating effects of coworker support and job stress are also explored.,The study uses survey data from 328 employees from different departments in four- and five-star hotels in the United Arab Emirates (UAE). Based on an extensive literature review, five main hypotheses were formulated and explored. These were tested through multiple regression analysis using the SPSS Process Macro plugin.,Workplace happiness is the most significant determinant of employees’ innovative behavior, while coworker support plays a significant mediating role. Contrary to the study hypothesis and assumption, job stress alone is not a significant mediator; it only plays a mediating role when combined with coworker support.,The sample is from a single sector (hotels) in a single country. Future research would benefit from examining the above relationships in other sectors (such as health and education) in the UAE. It could also explore the validity of these relationships in the tourism/hotels sector of other countries in the Middle East and Gulf regions.,Few studies have attempted to investigate factors that may promote or impede innovative behavior among employees in the hotels sector, particularly in the UAE. The data, model and findings of this study address this gap and add to the current state of knowledge.

Determinants of employees’ innovative behavior

This study provides new evidence on the risk and return performance of the Kuala Lumpur Syariah Index (KLSI) and the Kuala Lumpur Composite Index (KLCI). An Islamic stock market index such as KLSI selects stocks according to Islamic laws, and thus has a more stringent screening process than its conventional counterpart, KLCI. Our results, however, provide no evidence of significant statistical differences in riskadjusted returns between Islamic and conventional stock market indices during 1999– 2005. We also employ the causality and Johansen cointegration tests to examine their short- and long-run relationships. Besides a significant short-run presence of bidirectional causality, the long-term equilibrium indicates that both indices move in tandem. This suggests that the movement in KLCI gives a good indication as to where KLSI will move in the short-run and long-run. Therefore, prediction of one based on the other is constructive.

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Performance of syariah and composite indices: evidence from bursa malaysia

The objective of this study is to examine the relationship between dividend policy and share price volatility in the Malaysian market. A sample of 319 companies from Kuala Lumpur stock exchange were studied to find the relationship between stock price volatility and dividend policy instruments. Dividend yield and dividend payout were found to be negatively related to share price volatility and were statistically significant. Firm size and share price were negatively related. Positive and statistically significant relationships between earning volatility and long term debt to price volatility were identified as hypothesized. However, there was no significant relationship found between growth in assets and price volatility in the Malaysian market.

Mohamed Albaity

Papers

Determinants of employees’ innovative behavior

Performance of syariah and composite indices: evidence from bursa malaysia

Dividend policy and share price volatility

Competition and bank stability in the MENA region: The moderating effect of Islamic versus conventional banks

Novelty seeking, image, and loyalty—The mediating role of satisfaction and moderating role of length of stay: International tourists' perspective