“Unpaired Image-to-Image Translation using Cycle-Consistent Adversarial Networks”の学習報告

This paper solves explicitly a simple equilibrium model with liquidity risk. In our liquidityadjusted capital asset pricing model, a security s required return depends on its expected liquidity as well as on the covariances of its own return and liquidity with the market return and liquidity. In addition, a persistent negative shock to a security s liquidity results in low contemporaneous returns and high predicted future returns. The model provides a unified framework for understanding the various channels through which liquidity risk may affect asset prices. Our empirical results shed light on the total and relative economic significance of these channels and provide evidence of flight to liquidity. r 2005 Elsevier B.V. All rights reserved.

Market Liquidity: Asset Pricing with Liquidity Risk

Testing Trade-Off and Pecking Order Predictions about Dividends and Debt

The Random Character of Stock Market Prices.

第１章 会計理論の対象—ＡＳＯＢＡＴの序説を中心として 第２章 会計理論の形成方法—理論形成の方法論 第３章 会計理論の認識—会計における認識論 第４章 会計理論の基礎概念—ペイトン・リトルトンの基礎概念 第５章 会計理論の基礎単位—資産・負債・資本および費用・収益概念 第６章 会計理論の効用—リトルトンの所説を中心として

会計理論の構造 = Accounting theory

Islamic Banking is growing at a rapid speed and has showed unprecedented growth and expansion in last two decades in spite of mismatching of existing financial framework and business practices. By the end of 2012 volume of assets under Islamic finance has reached to US $ 1,460 Billion with operation in more than 50 countries. Middle East is the centre of Islamic finance with contribution of approximately 74% while 26% share is contributed by rest of the world. In Pakistan Islamic banking is at infant stage although last 10 years growth is marvelous. Islamic banking has grown at an average annual rate of 63% in the last ten years (01/04-09/13) in Pakistan. Although Islamic banking faces multi challenges however three of them are very vital for its existence. First is Shari’a compliance in its operations in an environment which is dominated by interest based practices even in Muslim societies. Second is perception of financial industry practitioners about its performance whether the system is able to serve the total needs of trade and industry. Third is the perception of a large majority of Muslims whether existing practice of Islamic banking is Shari’a compliant or mere copy of conventional practices under the banner of Shari’a. This study is an attempt to address the perceptional issues by identifying the similarities and differences in Islamic and conventional banking. Evidences suggest Islamic banking is very much practiced like modern conventional banking with certain restrictions imposed by Shari’a and addresses the large number of business requirements successfully hence perceiving Islamic banking as totally foreign to business world is not correct. It is further found in the study that Islamic banking is not a mere copy of conventional practices rather major differences exist in the operations of Islamic Financial Institutions (IFIs) in comparison with conventional banking. IFIs have succeeded in creating trust in the eyes of depositors and receive deposits on profit and loss sharing basis however investment and financing options available to Islamic banks are limited in comparison with conventional banks.

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Differences and Similarities in Islamic and Conventional Banking

The purpose of this empirical study is to analyze and compare the performance of Islamic and conventional banking in Pakistan and to find out which of the banking stream is performing better than other. For this study, sample of 22 conventional banks and 5 Islamic banks were selected. For in-depth understanding and sound comparison, key performance indicators were divided into external and internal bank factors. The external factor analysis includes studying the customer behavior and perception about both Islamic and conventional banking. Internal factor analysis includes measure of differences in performance of Islamic and conventional banks in terms of profitability, liquidity, credit risk and solvency. Nine financial ratios were used to gauge profitability, liquidity and credit risk; and a model known as “Bank-o-meter” is used to gauge solvency. Findings suggest in terms of profitability and liquidity conventional banking leads, while in credit risk management and solvency maintenance Islamic banking dominates. Motivating factors for customers of Islamic banking are the location and Shari’a compliance, while in case of conventional banking it is wide range of products and services.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1973569_code454519.pdf?abstractid=1959950&type=2

Comparative Performance Study of Conventional and Islamic Banking in Pakistan

Islamic financial instruments are categorized objectively as Sharia compliant and Sharia based. Sharia compliant instruments are used by Islamic Financial Institutions (IFIs) aggressively and the share of Sharia based financial instruments is even less than 3% A in investment portfolios of IFIs working in Pakistan. This study is conducted to evaluate the suitability of existing business environment in Pakistan for application of Sharia based financing. Opinion survey of finance professionals, Islamic bankers, entrepreneurs and academicians is conducted through questionnaire. Findings suggest a number of hurdles ( e.g. the dominance of conventional banking, earnings manipulation by firms, higher taxes, weaker auditing, lack of trust and confidence in the abilities of Musharaka partners, riskiness of Musharaka and inability of conventional financial reporting framework to ensure transparency) are there in the way of popularity of Musharaka financing. Increased awareness, new product development, capacity building of IFIs, reforms in financial reporting framework and strengthening audit institution, may help in the implementation of Musharaka financing.

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Islamic Financing and Business Framework: A Survey.

Capital Assets Pricing Model (CAPM) is the widely tested, accepted and rejected model of asset pricing. From its beginning (1964) it has occupied the prime place and still part of the text books on finance in leading business schools. This study is conducted in Pakistani institutional frame work covering six years period (2003 t0 2008). Purpose of the research is to form an opinion about authenticity and validity of CAPM. Our methodology includes the beta calculation through variance/covariance approach in order to predict the required return, consequently price the underlying security. Pricing of the security and risk calculation is required by the investors in portfolio composition. In this study returns used are the capital gains only due to unavailability of information about the dividends paid. Historical returns are used for calculation of results. Findings suggest that CAPM gives accurate results for a limited period and for few companies only. Out of 360 observations only 28 results supporting CAPM while 332 are against it, hence model is rejected in this institutional frame work.

Muhammad Hanif

Papers

Differences and Similarities in Islamic and Conventional Banking

Comparative Performance Study of Conventional and Islamic Banking in Pakistan

Islamic Financing and Business Framework: A Survey.

Validity of Capital Assets Pricing Model: Evidence from KSE-Pakistan

Islamic Banking: Theory & Practice