Suchergebnisse

AbstractMost research in contract theory concentrated on the role of incentives in shaping individual behavior. Recent research suggests that social norms also play an important role. From a point of view of a mechanism designer (a principal, a government, and a bank), responsiveness of an agent to the social norms is both a blessing and a curse. On the one hand, it provides the designer with extra instruments, while on the other it puts restrictions on how these new and the more conventional instruments can be used. The main objective of this paper is to investigate this trade-off and study how it shapes different contracts observed in the real world. We consider a model in which agent's cost of cheating is triggered by the principal's show of trust. We call such behavior a norm of honesty and trust and show that it drives incentives to be either low powerful or high powerful, eliminating contracts with medium powerful incentives.

This article presents recent developments on legal issues associated with corporate governance in the Islamic finance industry based on a contractual pyramid. It presents the Islamic corporate governance (ICG) model and discusses its viability in a 21st‐century corporate structure. The model is based on the institution of Hisba, which demands proper and honest bookkeeping, disclosure, and transparency based on the Shariah principles of Islamic ethics. This article proposes a model of ICG that reconciles the objectives of Shariah law with the stakeholder model of corporate governance. It argues that this may be viable due to the emphasis that Shariah laws place on property and Islamic financial contractual rights. The article also discusses a model of ICG that is consistent with principles outlined by the Organisation for Economic Co‐operation and Development as well as Shariah law. Such a model of corporate governance would encourage capital formation, foster strong markets, and encourage judgment and transparency, which are all principles central to Shariah laws.

This article presents recent developments on legal issues associated with corporate governance in the Islamic finance industry based on a contractual pyramid. It presents the Islamic corporate governance (ICG) model and discusses its viability in a 21st-century corporate structure. The model is based on the institution of Hisba, which demands proper and honest bookkeeping, disclosure, and transparency based on the Shariah principles of Islamic ethics. This article proposes a model of ICG that reconciles the objectives of Shariah law with the stakeholder model of corporate governance. It argues that this may be viable due to the emphasis that Shariah laws place on property and Islamic financial contractual rights. The article also discusses a model of ICG that is consistent with principles outlined by the Organisation for Economic Co-operation and Development as well as Shariah law. Such a model of corporate governance would encourage capital formation, foster strong markets, and encourage judgment and transparency, which are all principles central to Shariah laws. Adapted from the source document.

"This book bridges the gap between Islamic and conventional (micro)economics by demonstrating how modern tools and theories of microeconomics can be applied to Islamic assumptions regarding economics and finance. In contrast to the tendency for Islamic economics and finance proponents to use qualitative and normative approaches based on idealistic assumptions, the book demonstrates how one can instead construct analytical models of Islamic economics and finance and simply compare the implications with those predominant in today's world. The book also offers extensive literature reviews demonstrating that for a long time, the gap between Islamic and conventional economics and finance is not as wide as previously thought, allowing those with an interest in both fields to participate more effectively and meaningfully in the ongoing discourse between the two fields. The authors conceptualize a general approach and apply it to basic consumer theory. More advanced microeconomic ideas are then discussed, culminating in demonstrations of how contract theory can facilitate a deeper analysis and appreciation of Islamic financial securities. A wide spectrum of academic literature on both Islamic and conventional economics and finance is drawn upon to facilitate a better appreciation for both fields and to inspire future works comparing the two in a more objective manner"--

AbstractIn this article we explain how Islamic banks (IBs) maximize profitability in the presence of costly religiosity. Because of strong competition between IBs and conventional banks (CBs), a unique equilibrium emerges that affects the IB pricing structure. We propose a new model that identifies the optimal rate on the asset and liability sides of IBs. It shows that the financial products offered by IBs are not an exogenous function of religiosity; instead, they are endogenously determined by the nature of market forces in which IBs are operating. We show that in the presence of costly religiosity and competition, the rates of both converge. Moreover, the competitive pricing mechanism induces IBs to structure their asset‐ and liability‐side financial products (particularly Murabaha) with a risk profile similar to that of the CB loan system. This article empirically supports the theoretical propositions by using data from 17 Muslim majority countries where both IBs and CBs coexist from 2000 to 2015. We find that, holding other factors of bank returns constant, competition significantly affects IB asset‐ and liability‐side returns. The analysis also reveals that because of increasing competition between IBs and CBs, the market power of IBs has significantly declined over time.

PubMed ID: 24186907 ; Background. Interleukin 12Rß1 (IL-12Rß1)-deficient patients are prone to clinical disease caused by mycobacteria, Salmonella, and other intramacrophagic pathogens, probably because of impaired interleukin 12-dependent interferon production. About 25% of patients also display mucocutaneous candidiasis, probably owing to impaired interleukin 23-dependent interleukin 17 immunity. The clinical features and outcome of candidiasis in these patients have not been described before, to our knowledge. We report here the clinical signs of candidiasis in 35 patients with IL-12Rß1 deficiency.Results. Most (n = 71) of the 76 episodes of candidiasis were mucocutaneous. Isolated oropharyngeal candidiasis (OPC) was the most common presentation (59 episodes, 34 patients) and was recurrent or persistent in 26 patients. Esophageal candidiasis (n = 7) was associated with proven OPC in 2 episodes, and cutaneous candidiasis (n = 2) with OPC in 1 patient, whereas isolated vulvovaginal candidiasis (VVC; n = 3) was not. Five episodes of proven invasive candidiasis were documented in 4 patients; 1 of these episodes was community acquired in the absence of any other comorbid condition. The first episode of candidiasis occurred earlier in life (median age±standard deviation, 1.5 ± 7.87 years) than infections with environmental mycobacteria (4.29 ± 11.9 years), Mycobacterium tuberculosis (4 ± 3.12 years), or Salmonella species (4.58 ± 4.17 years) or other rare infections (3 ± 11.67 years). Candidiasis was the first documented infection in 19 of the 35 patients, despite the vaccination of 10 of these 19 patients with live bacille Calmette-Guérin.Conclusions. Patients who are deficient in IL-12Rß1 may have candidiasis, usually mucocutaneous, which is frequently recurrent or persistent. Candidiasis may be the first clinical manifestation in these patients. © The Author 2013. ; University of Chicago Tehran University of Medical Sciences and Health Services Institut National de la Santé et de la Recherche Médicale Rockefeller University Ege Üniversitesi University College London Istanbul Üniversitesi City, University of London, City Comer Children's Hospital, University of Chicago Medicine St. Giles Foundation Université Paris Descartes Ministerio de Economía y Competitividad: PI10/01718, PI06/ 1031 National Center for Advancing Translational Sciences: 8UL1TR000043 Institut National de la Santé et de la Recherche Médicale Fundación Canaria de Investigación y Salud, FUNCIS Ministerio de Ciencia y Tecnología, MICYT: 182817, 69992 European Social Fund, ESF Agence Nationale de la Recherche: GENCMCD 11-BSV3-005-01 Universidad de Las Palmas de Gran Canaria Rockefeller University ANR-10-LABX-62-IBEID National Center for Research Resources European Research Council European Regional Development Fund INREDCAN 05/06 ; 1Pediatric Hematology-Immunology Unit, National Bone Marrow Transplantation Center, Tunis, 2Faculty of Medicine, University of Tunis El Manar, 3Laboratory of Cytoimmunology, Pasteur Institut of Tunis, and 4Department of Cardiology, Ariana Hospital, Tunis, Tunisia; 5Department of Pediatric Immunology and Allergy, Ankara University School of Medicine, 6Immunology Division, Hacettepe University Children's Hospital, 7Department of Pediatric Infectious Diseases, Dr Sami Ulus Maternity and Children's Health and Diseases Training and Research Center, and 8Department of Pediatric Immunology, Dr Sami Ulus Children's Health and Diseases Training and Research Center, Ankara, 9Department of Pediatric Infectious Diseases and Clinical Immunology, Istanbul University and Istanbul Medical Faculty, 10Department of Pediatric Immunology, Ege University Faculty of Medicine, Izmir, and 11Department of Pediatric Immunology, Necmettin Erbakan University Meram Medical Faculty, Konya, Turkey; 12Department of Immunology, Gran Canaria Dr Negrín University Hospital, 13Department of Pediatrics and 14Department of Internal Medicine, Complejo Hospitalario Universitario Insular Materno Infantil, and 15Department of Medical and Surgical Sciences, School of Medicine, University of Las Palmas de Gran Canaria, Spain; 16Unit of Biochemistry and 17Laboratory of Microbiology, National Institute of Medical Sciences and Nutrition Salvador Zubirán (INCMNSZ), and 18Department of Pediatric Pulmonology, Laboratory of Pulmonary Physiology, Hospital Infantil de México Federico Gómez, Mexico City; 19Department of Internal Medicine, University Hospital, Maastricht, Netherlands; 20Department of Clinical Biochemistry and Immunology, Addenbrookes Hospital, Cambridge, and 21Department of Medicine, University College London, United Kingdom; 22Pediatric Department, Soroka Medical Center, Faculty of Health Sciences, Ben Gurion University, Beer Sheva, Israel; 23Department of Pediatric Infectious Diseases, Comer Children's Hospital, University of Chicago Medicine, and 24Department of Pediatrics, University of Chicago Medical Center, Illinois; 25St Giles Laboratory of Human Genetics of Infectious Diseases, Rockefeller Branch, Rockefeller University, New York, New York; 26Department of Pediatrics, UFRJ–Federal University of Rio de Janeiro, Brazil; 27Group of Primary Immunodeficiencies, University of Antioquia, Medellin, Colombia; 28Department of Pediatrics, Pediatric Infectious Diseases Research Center, Tehran University of Medical Sciences, Iran; 29Department of Pediatrics, Hospital Puerto Montt, Chile; 30Department of ?linical Immunology, Center for Pediatric Hematology, Oncology, Immunology, Moscow, Russia; 31Laboratory of Human Genetics of Infectious Diseases, Necker Branch, Institut National de la Santé et de la Recherche Médicale, 32University Paris Descartes, Imagine Institute, 33Study Center for Primary Immunodeficiencies, Necker Hospital, AP-HP, and 34Pediatric Hematology-Immunology Unit, Necker-Enfants Malades Hospital, AP-HP, Paris, France -- Financial support. This work was supported by Fondo de Investiga-ciones Sanitarias, Ministerio de Economía y Competitividad (grants PI06/ 1031 and PI10/01718), the European Regional Development Fund–European Social Fund (FEDER-FSE), Fundación Canaria de Investigación y Salud (Canarian government; INREDCAN 05/06), Foundation Caja Rural de Cana-rias-Chil y Naranjo (research prize 2004), Universidad de Las Palmas de Gran Canaria (fellowship to E. H. R), INSERM, University Paris Descartes, Rockefeller University, National Center for Research Resources and the National Center for Advancing Sciences of the National Institutes of Health (grant 8UL1TR000043), Laboratoire d'Excellence "Integrative Biology of Emerging Infectious Diseases" (grant ANR-10-LABX-62-IBEID), the European Research Council, Agence Nationale de la Recherche (grant GENCMCD 11-BSV3-005-01), the St Giles Foundation, the Candidoser Association, and Consejo Nacio-nal de Ciencia y Tecnología de Mexico (grants 69992 and 182817). Potential conflicts of interest. All authors: No reported conflicts. --