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  • Physics-based and data-driven approaches for lifetime estimation under variable conditions: Application to organic light-emitting diodes

    Helal, Sara; BenSaïda, Ahmed; Abed, Fidaa; El-Amin, Mohamed F.; Abdul Majid, Mohammed; Kittaneh, Omar; Department Collaboration; College collaboration; University Collaboration; External Collaboration; et al. (Wiley, 2024-03-04)
    The prognosis of organic light-emitting diodes (OLEDs) not only requires early detection of a bearing defect, but also the capability to predict their life data under all operational scenarios. The use of sophisticated machine learning (ML) algorithms is undoubtedly becoming an increasingly exciting research direction, as these algorithms can yield high predictive models with minimal domain expertise. The central question of this perspective is: how well can ML models advance our ability to forecast the lifetime of OLEDs compared to the physics based models? In this paper, data-driven methods, feed-forward neural networks (FFNN), support vector machines (SVMs), k-nearest neighbors (KNNs), partial least squares regression (PLSR), and decision trees (DTs), are used to predict the lifetime and reliability of OLEDs through analyzing the lumen degradation data collected from the accelerated lifetime test. The final predicted results indicate that both the data-driven and our physics-based OLED lifetime models fit well the experimental data. The main drawback of the former method is that their efficacy is highly contingent on the quantity and quality of the operational dataset. Among all these methods, much more reliability information (time to failure) and the highest prediction accuracy can be achieved by FFNN.
  • Impact of FinTech growth on bank performance in GCC region

    BenSaïda, Ahmed; Litimi, Houda; Raheem, Mohamed Mahees; Department Collaboration; External Collaboration; NA; 0; 0; Finance; 0; et al. (Sage, 2024-01)
    This article investigates the effect of financial technology (FinTech) growth on bank performance in the Gulf Cooperation Council (GCC) region. The application is conducted on a panel dataset containing annual observations of banks from 2012 to 2021 using the generalized method of moments (GMM) method. FinTech growth is set as an explanatory variable on three proxies of bank performance, namely, return on assets (ROA), return on equity (ROE), and net interest margin (NIM). Moreover, several control variables are added to the model, including bank-specific and macroeconomic variables. The results are significant as all the proxies of bank performance are negatively affected by the growth of FinTech startups. Consequently, banks are urged to proactively invest in FinTech startups and engage in partnerships to avoid the risk of disruption.
  • Resilience amidst turmoil: a multi-resolution analysis of portfolio diversification in emerging markets during global financial and health crises

    Smolo, Edib; Nagayev, Ruslan; Jahangir, Rashed; Tarazi, Christo S. C.; External Collaboration; NA; 0; 0; Finance; 0; et al. (2023-10-11)
    Using Wavelet Coherence, Frequency Interconnectedness and Spillover methodologies, this study investigates the dynamic comovements and spillover effects between emerging markets (BRICS and Türkiye) with a specific emphasis on the effects of the GFC and COVID-19 pandemic. It aims to compare the impact of these events on portfolio diversification in the equity markets from the perspective of international equity investors. The results indicate that the stock markets are positively interlinked and depend on the time and frequency of returns. Significant correlations among the equity markets and a spike in overall spillover are also evident in the recent period due to the COVID-19 pandemic. These findings can be useful for policymakers and investors in their decision making.
  • The efficiency of Participation Banking Sector in Turkey: A DEA Approach

    Smolo, Edib; Iqbal, Mohamed Ashraf; Akdemir, Ayşe; Finance (Springer, 2024-02-15)
    There are six participation banks in Turkey, and they are expected to contribute significantly to the economy in the future. The aim of this study is to assess the efficiency of these participation banks based on financial data from 2010 to 2020. Data envelopment analysis (DEA), a non-parametric efficiency approach, is used in this study with three input variables (profit share expenses, personnel expenses, and total funds), and two output variables (profit share income and net profit). While Kuveyt Türk, Ziraat Katılım, and Türkiye Finans are found to be the most efficient, Albaraka Türk and Vakıf Katılım are inefficient – at least when the most recent observations (2018-2020) and the four-year moving average efficiency score for both outputs and inputs are used. As for the overall average scores, Türkiye Finans is the most efficient participation bank, followed by Ziraat Katılım and Vakıf Katılım. The least efficient participation banks are Kuveyt Türk and Albaraka Türk. For participation banks to gain a larger share of the market and to continue contributing to overall economic growth, policymakers must pay attention to these underperforming banks.
  • Asymmetric Impact of Microfinance on Economic Growth: Evidence from Bosnia and Herzegovina

    Smolo, Edib; No Collaboration; NA; 0; 0; Finance; 0; Smolo, Edib (2023-12)
    This study explores the correlation between microfinance loans (MFL) and economic growth in Bosnia and Herzegovina (Bosnia). It utilizes the non-linear Autoregressive Distributed Lag (NARDL) method to examine cointegration and short-run dynamics by analyzing quarterly data spanning from 2010 to 2022. The findings underscore the link between MFL shocks and long-term economic growth. The study unveils the unique effects of both positive and negative MFL shocks on growth, suggesting a non-linear relationship between microfinance loans and economic growth in Bosnia. However, the study concludes that the impact of MFL on Bosnia's GDP is adverse. Short-term fluctuations in MFL show no substantial influence on Bosnian economic growth. The coefficient of the error correction model is both negative and significant indicating the stability of the long-term relationship. This implies a rapid correction, with 46.4 % of the previous quarter's imbalance rectified within the current quarter. While our results are based on a single country, they align with recent criticisms of microfinance practices. Furthermore, our study offers a novel approach as it represents the first examination of the asymmetric relationship between MFL and GDP in Bosnia, providing valuable policy recommendations.
  • A Bayesian Approach to Analyse the Nexus Between the Environmental and Financial Factors to Affect Energy Efficiency in the GCC Region

    Shaheen, Rozina; No Collaboration; Islamic Finance Studies Unit; 0; 0; Finance; 0; Shaheen, Rozina (2023-02-04)
    Energy, being a significant input in the production process is considered an important element in the socio- economic development of a country. In this context, global economy is concentrating on attaining financial stability through increased energy efficiency and plummeting the energy intensity. Efficient use of energy enables the countries to improve their trade balance whereas it helps to reduce operating costs at micro level. Using energy-efficient techniques can reduce the environmental risks posed by the higher level of economic activity. Similarly, development of financial sector stimulates economic efficiency through the expansion in the financial activities (Sadorsky, 2010). Financial development helps to reduce cost of borrowing and financial risk, thereby creating transparency between lenders and borrowers. In addition, financial sector development facilitates the acquisition of sophisticated energy efficiency products and technology. However, with the rapid economic development, the environmental degradation has become a focus point for the nations across the globe. The feedback effects from environment to economic growth have stimulated the researchers to investigate the reasons for environmental dilapidation and determine the solutions for environmental conservation. Many of these research studies are encircled around the environmental Kuznets curve (EKC) hypothesis (Grossman &Krueger, 1991) which elaborates the linkages between the environmental degradation and economic growth. Middle Eastern economies are heavily reliant on the energy-based revenues and any curb on the energy production directly affects their economic growth in the region. Furthermore, financial system in the Middle Eastern region is technologically advanced with strong regulatory frameworks related to data protection, consumer protection, cybersecurity, and anti-money laundering. These regional characteristics provide a strong base to assess the existence of environmental Kuznets curve in the region and to examine the nexus between the financial sector development, economic growth, energy efficiency and Co2 emission in the region. The relationship between the environmental quality and economic growth is explored by various studies such as Jaeger et al. (1995), Tucker (1995), Barbier (1997), Horvath (1997), Ansuategi et al. (1998), List and Gallet (1999), Stern and Common (2001), Roca (2003), Dinda and Coondoo (2006), Coondoo and Dinda (2008) and Akbostanci et al. (2009). However, this research is unique as it is first to examine the environmental Kuznets curve hypothesis for the oil based Middle Eastern economies while using a conditionally homogenous autoregressive model for the panel of Middle Eastern economies. This model considers homogeneity across the cross-sectional units with identical structural characteristics. The panel conditionally homogenous vector autoregressive specification permits the heterogeneity in the dynamic panel data set and evaluates the relationship between the observed heterogeneity across the units and their structural characteristics
  • Gender, entrepreneurship and the digital divide: a global perspective

    Visvizi, Anna; Lytras, Miltiadis; Chuman, Merwat; Sarirete, Akila; Kozłowski, Krzysztof; University Collaboration; Urban Design Lab; 0; 0; Entrepreneurship; et al. (Emerald Publishing, 2023-10-11)
    The concepts and terms defining the thrust of this special issue, i.e. gender, entrepreneurship (Berger et al., 2021), the digital divide (Bowen and Morris, 2019; Millan et al., 2021; Satalkina et al., 2021), Global South (Simaan, 2020) and Global North, are very well established in the literature. Nevertheless, relatively little has been written about (1) the gendered dimension of the digital divide, (2) the digital divide and the gendered dimension of entrepreneurship (Elliott et al., 2021); and finally, (3) the specificity of these topics as they are in the Global South and Global North's peripheries (Ojediran and Anderson, 2020; Wood et al., 2021; Althalathini et al., 2020). Even if research on each of these individual domains exists, relatively little research on the intersection of these three areas exists (but cf. Visvizi et al., 2023, and earlier Kasusse, 2005; Alden, 2003). Notably, given the pace and the pervasive impact of digital transformation globally, and their diverse political, social and economic manifestations, it is necessary that the mechanisms underlying these interconnected issues and developments are identified and explored. This special issue sought to encourage this kind of conversation, always in context of the United Nation's (UN) Sustainable Development Goals (SDGs).
  • Financial sector development and testing the environmental Kuznets curve (EKC) hypothesis through a PCHVAR specification for the Middle Eastern region

    Shaheen, Rozina; No Collaboration; Islamic Finance Studies Unit; 0; 0; Finance; 0; Shaheen, Rozina (Springer Berlin Heidelberg, 2023-08)
  • Testing Monetary Policy Trilemma for Middle Eastern Economies Under a Bayesian Panel VAR Specification

    Shaheen, Rozina; Almaktoom, Abdulaziz; College collaboration; Islamic Finance Studies Unit; 0; 0; Finance; 0; Shaheen, Rozina (2023-08-27)
    Purpose: This research aims to investigate the presence of monetary policy trilemma in the Middle Eastern region and evaluate the spillover effects of US monetary policy on the region. Theoretical framework: Middle Eastern economies follow the dollar pegged exchange rate policy with open capital account and this poses a question about the autonomy of the monetary policy stance adopted by the regional central banks. In this context, current research considers variables such as domestic interbank interest rate, domestic liquidity, oil price and federal fund rate to test the monetary policy trilemma in the region Design/methodology/approach: To investigate the presence of monetary policy trilemma in the Middle Eastern region, this research employs the time - varying Bayesian panel vector autoregression approach and selects a panel of five Middle Eastern countries which include Saudi Arabia, United Arab Emirates, Qatar, Oman and Kuwait while considering the monthly data for the sample period 2009m10 until 2021m12. Findings: This research finds that a positive shock in US federal fund rate increases the domestic interest rates in the Middle Eastern economies. In addition, this research finds a negative relationship between oil price shocks and domestic interest rates. Whereas a positive shock in US federal fund rates induces a reduction in the oil price. Research, Practical & Social implications: Current research provides insights for policy makers to determine the autonomy of domestic monetary policy stance to achieve its broader macroeconomic objectives. Originality/value: This research is unique as it examines the monetary policy trilemma while considering oil price as a control variable in the system under a time varying Bayesian panel vector autoregression specification.
  • Making Housing Affordable Through Solar Energy: A Proposal for Malaysia

    Raheem, Mohamed Mahees; External Collaboration; Islamic Finance Studies Unit; 0; 0; Finance; 0; Meera, Ahmed Kameel Mydin (Al Qasimia University Journal of Islamic Economics, 2022-06-22)
    Globally, housing affordability is becoming an increasing concern, particularly to the low and middle-income group. Housing priceshavebeen steadily growing over theyears, therebymake it even more burdensome,particularly for fresh graduates and low-income earners (B40),to own a home. The constant price increaseis mainly due to inflation in the property sector brought about by the very nature of the modern monetary system, particularly the fractional reserve banking andcompound interest charges, leading to housing and property bubbles. Accordingly, governments have generally failed in successfully solving the housing problem. In this regard, this paper provides an affordable housing solution through solar energy harvesting combined with Islamic financing provisions for the case of Malaysia. In our proposed model, housing can be provided in a very affordable manner regardless of the credit-worthiness of buyers with the possibilityof free-energy at the end of the tenure.
  • Safe haven property of gold and cryptocurrencies during COVID-19 and Russia-Ukraine conflict

    BenSaïda, Ahmed; No Collaboration; NA; 0; 0; Finance; 0; BenSaïda, Ahmed (2023-08-12)
    During recent years the world has witnessed several unprecedented crises that affected the international financial markets. Indeed, the COVID-19 pandemic and the Russia–Ukraine conflict caused major perturbations that slowed down the economic and financial development around the globe. International investors are switching their attention to more reliable assets as a refuge to their portfolios. This paper investigates the hedge and safe haven properties of gold and major cryptocurrencies, mainly Bitcoin and Ethereum. Empirical analysis is conducted on main fiat currencies using the multivariate asymmetric dynamical conditional correlation model. Results show that gold has a superior hedging effectiveness compared to cryptocurrencies. Moreover, the precious metal and the digital currencies are safe havens for almost all fiat currencies.
  • Extending the concept of financial literacy: A step toward a sustainable society

    Smolo, Edib; Knezović, Emil; Aydin, Šejma; Finance (Association "Research and Development Academy", 2023-05-22)
    This study analyzes financial literacy in Bosnia and Herzegovina by considering three areas: interest, inflation, and diversification, with financial literacy as a multi-dimensional construct consisting of financial knowledge and financial skills. Using a cross-sectional questionnaire-based survey, 638 valid responses were collected from working-age individuals (18-65 years old). Financial knowledge and skills were analyzed through a prism of several demographic factors, including age, education, household income, and gender. Welch's F tests, ANOVA with Brown-Forsythe, LSD post hoc tests, and Welch's t-tests were performed to test the hypotheses. The findings provide evidence of moderate financial literacy. Similarly to previous studies, financial knowledge and skills partially depend on the respondent's age, education, household income, and gender. The study contributes to the current literature by taking a much-needed non-functional approach to examining financial literacy, focusing not only on financial knowledge but also on often neglected financial skills and providing insight into the unique context of Bosnia and Herzegovina.
  • Dependence and risk management of portfolios of metals and agricultural commodity futures

    BenSaïda, Ahmed; Hanif, Waqas; Mensi, Walid; Vo, Xuan Vinh; Hernandez, Jose Arreola; Kang, Sang Hoon; External Collaboration; NA; 0; 0; et al. (Elsevier, 2023-05-12)
    This paper examines the dependence structure and the portfolio allocation characteristics of a main industrial portfolio metals (gold, platinum, palladium, aluminum, silver, copper, zinc, lead, and nickel), and of an agricultural commodities portfolio (wheat, corn, soybeans, coffee, sugar cane, sugar beets, cocoa, cotton, and lumber). Our methodology is based on regular vine copulas and the conditional Value-at-Risk. The motivation to investigate the dependence structure and connectedness between agricultural, and metal commodities is to identify ways in which agricultural and metal commodities can hedge each other and to explore the possibilities of parallel investments. The results indicate that the dependence dynamics of the main metals portfolio are characterized by symmetric features. However, the dependence dynamics of the agricultural commodities portfolio are characterized by symmetric and asymmetric features; symmetric dynamics are predominant. Finally, the metal commodities portfolio is observed to be less risky for financial resource allocation during the global financial crisis.
  • Finance-Growth Nexus: Evidence from Systemically Important Islamic Finance Countries

    Smolo, Edib; Nagayev, Ruslan; Finance (2023-05-08)
    Purpose The purpose of this study is to examine the effects of financial development on the economic growth of jurisdictions with systemically important Islamic finance. Design/methodology/approach The authors use several estimation methods. The primary analysis is based on the LSDVC method using a sample of 23 countries covering the period of 2000–2019. Findings The findings suggest that the financial sector may not be a significant factor in determining economic growth, or that it may decrease it depending on the proxy used. These results are in line with recent studies and robust across different estimation specifications and methods used. Practical implications Finance practitioners may reconsider the way they conduct their daily activities as their impact on economic growth is fading away. Similarly, policymakers should consider the role that financial development plays in economic growth alongside other factors that may influence its impact. It may be necessary to examine the moderating effects of institutional development on the relationship between finance and growth and consider the channels through which financial development can contribute to economic growth. Additionally, it would be useful to study the impact of Islamic finance on economic growth using different data sources. Originality/value Although the topic has been explored using different data sets and focusing on different samples, it has not been explored considering the impact of Islamic finance development on economic growth. Given the global appeal of the Islamic finance industry, it is worth investigating its significance for economic growth.
  • Dependence and risk management of portfolios of metals and agricultural commodity futures

    BenSaïda, Ahmed; Waqas, Hanif; Mensi, Walid; Vo, Xuan Vinh; Hernandez, Jose Arreola; Kang, Sang Hoon; Ben; External Collaboration; Finance; Waqas, Hanif (Elsevier, 2023-05)
    This paper examines the dependence structure and the portfolio allocation characteristics of a main industrial portfolio metals (gold, platinum, palladium, aluminum, silver, copper, zinc, lead, and nickel), and of an agricultural commodities portfolio (wheat, corn, soybeans, coffee, sugar cane, sugar beets, cocoa, cotton, and lumber). Our methodology is based on regular vine copulas and the conditional Value-at-Risk. The motivation to investigate the dependence structure and connectedness between agricultural, and metal commodities is to identify ways in which agricultural and metal commodities can hedge each other and to explore the possibilities of parallel investments. The results indicate that the dependence dynamics of the main metals portfolio are characterized by symmetric features. However, the dependence dynamics of the agricultural commodities portfolio are characterized by symmetric and asymmetric features; symmetric dynamics are predominant. Finally, the metal commodities portfolio is observed to be less risky for financial resource allocation during the global financial crisis.
  • A Model Of A Shariah Compliant Credit Clearing System To Facilitate Working Capital Management For Micro, Small And Medium Enterprises

    Raheem, Mohamed Mahees; External Collaboration; Finance; Raheem, Mohamed Mahees (2021-05-24)
    PalArch's Journal of Archaeology of Egypt / Egyptology ABOUT EDITORIAL TEAM INDEXATION CURRENT ARCHIVES SUBMISSIONS PUBLICATION ETHICS Search SEARCH Register Login HOME / ARCHIVES / VOL. 18 NO. 13 (2021): SPECIAL EDITION BOOK SERIES 1: EFFAT UNIVERSITY'S FINANCE AND ECONOMY PAPERS / Articles A MODEL OF A SHARIAH COMPLIANT CREDIT CLEARING SYSTEM TO FACILITATE WORKING CAPITAL MANAGEMENT FOR MICRO, SMALL AND MEDIUM ENTERPRISES Authors Mohamed Mahees Raheem Ahamed Kameel Mydin Meera Abideen Adeyemi Adewale ABSTRACT MSMEs enhance competition through economy-wide entrepreneurship, encouraging innovation and improving efficiency as their industries grow. In an increasingly globalized marketplace, it is important for local MSMEs to remain competitive in order to survive. Due to their size, they face many problems with regards to business operations. One of the main problems is access to financing for working capital management. The paper identifies the main problems faced by local MSMEs in raising finance to meet their working capital requirements, and also discusses the usage of trade credit within local MSMEs, and its impact on working capital management. The paper then proposes an alternative credit-clearing strategy that utilizes currency is backed by trade credit that can be employed by MSMEs to boost their liquidity positions. The proposed system directly benefits MSMEs, clearing houses, banks and local governments. In addition, this research also discusses alternative income generation methods for clearing houses, potential problems and remedies, and Shariah compliance
  • A Concept For Funding Universal Basic Income Through A “National Waqf” Scheme

    Raheem, Mohamed Mahees; No Collaboration; Finance; Raheem, Mohamed Mahees (2021-05-24)
    Modern governments are constantly seeking innovative ways of funding welfare programs for the wellbeing of their citizens. These methods may range from traditional welfare schemes to radical initiatives. One of the ideas that is gaining traction to this measure is universal basic income (UBI), which basically refers to a monthly payment that is given to all citizens, regardless of their income levels, economic and employment status. However, the main difficulty in the implementation of UBI is its funding. At the same time, the traditional Islamic concept of waqf (Islamic endowment) is also a sector that is underutilized, with a great potential to provide welfare for citizens. This paper seeks to provide a solution to both the funding of UBI and revitalization of the waqf sector.
  • Company online presence and its effect on stock returns

    Jamalallail, Raghad; BenSaïda, Ahmed; Tayachi, Tahar; External Collaboration; Finance; 1; Jamalallail, Raghad (2023-03-12)
    This paper investigates the relationship between stock prices and the online presence of companies. Mainly, we study the effect of the online presence of a company on its subsequent stock returns. Moreover, we examine the impact of companies’ engagement efforts and the popularity of their search-engine keywords on their stock returns. Based on the companies listed on the Dow Jones industrial average index, results suggest that stock returns are impacted by a change in online presence, as measured by search volumes. Nevertheless, the online engagement efforts show no significant relationship with the stock returns.
  • The Role of Sukuk in Sustainable Development

    Almadani, Hanan; Salah Alhammadi; External Collaboration; Islamic Finance Studies Unit; Finance
    Sukuk: Driving Sustainable Economic Development Abstract Sukuk, or Islamic bonds, have gained popularity as a Shariah-compliant approach for enterprises to obtain capital. In accordance with the principles of Islamic finance, Sukuk plays a key role in supporting sustainable development in addition to its financial rewards. Sukuk may assist fund initiatives that benefit society as a whole, increase risk-sharing among investors, and promote financial inclusion. A recent example of a green Sukuk issued by the Indonesian government highlights the capacity of Sukuk to fund environmentally beneficial initiatives. Sukuk may also be used to alleviate some of the issues that traditional finance faces, such as financial crises, and to enhance accountability and transparency in financial transactions. This article examines the relevance of Sukuk in Islamic finance and its role in sustainable development. This study focuses on the function and influence of Sukuk on human welfare and sustainable development. To attain human well-being and sustainable development, Sukuk investments must be for the benefit of everyone, including people, institutions, society, and the whole nation. The research shows that Shari'ah supervisory boards should focus more on the content when developing Sukuk in order to assist Islamic finance in reaching Maqasid AlShari'ah. Keywords: Sustainable development Maqasid AlShari'ah, Sukuk, Islamic finance, human well-being, safeguarding wealth.
  • Company online presence and its effect on stock returns

    BenSaïda, Ahmed; Tayachi, Tahar; Raghad, Jamalallail; External Collaboration; Finance; 1; Jamalallail, Raghad (InderScience, 2023-03-12)
    This paper investigates the relationship between stock prices and the online presence of companies. Mainly, we study the effect of the online presence of a company on its subsequent stock returns. Moreover, we examine the impact of companies’ engagement efforts and the popularity of their search-engine keywords on their stock returns. Based on the companies listed on the Dow Jones industrial average index, results suggest that stock returns are impacted by a change in online presence, as measured by search volumes. Nevertheless, the online engagement efforts show no significant relationship with the stock returns.

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