A review of Islamic mutual funds’ financial performance and investment style in Muslim and non-Muslim countries

Islamic finance has grown beyond its reputation of providing small-scale banking options and now provides investment and financing options for complex large-scale commercial transactions. Islamic investments are one area that has attracted the attention of investors due to its performance, especially during the economic downturn. The Shari’ah compliance nature of Islamic funds provides an opportunity for those Muslim investors to be part of the global investment sector who have previously been reluctant to invest in conventional mutual funds. The fact that the funds’ managers are prohibited from investing in activities such as weapons production, alcohol production and interest-bearing finance operations, makes Islamic mutual funds also attractive for those Non-Muslim investors who wish to invest ethically. Today there are hundreds of Islamic equity indices offered by Dow Jones, FTSE, MSCI and S&P. Despite the growing importance of Islamic funds, there have been limited studies exploring the performance of Islamic funds worldwide. Due to very limited data sets and not too rigorous analytical methods, these existent studies have neither investigated Islamic funds’ financial performance in noticeable detail nor analysed the investment style of more than six funds. For instance, relevant questions such as the financial performance of Islamic mutual funds’ beyond their investment styles or a difference in performance between funds from Muslim and non-Muslim countries have nearly not been investigated at all. Very recently, a study by Hoepner, Rammal and Rezec (2011) analysed the financial performance and investment style of 262 Islamic equity funds from 20 countries in five regions (Africa, Asia-Pacific, Europe, Gulf Cooperative Council-GCC, and North America). As comparison, previous studies did not even analyse 60 funds. Hoepner et al.’s study sampled a period of two decades and was therefore able to test the performance of the funds during economic booms as well as economic downturns. The findings of the study provide new insights into the performance of Islamic mutual funds in Muslim and Western markets and during financial crisis.

Chiral poly(aromatic amide ester) dendrimers bearing an amino acid derived C-3-symmetric core: synthesis and properties

The effect of hyperbranched macromolecular architectures (dendrimers) upon chirality has received significant attention in recent years in the light of the proposal of amplification of chirality. In particular, several studies have been carried out on the chiroptical properties of dendrimers that contain a chiral core and achiral branches in order to determine if the chirality of the central core can be transmitted to the distal. region of the macromolecule. In addition to interest of a pure academic nature, the presence of such chiral conformational order would be extremely useful in the development of asymmetric catalysts. In this paper, a novel class of chiral dendrimers is described - these perfect hyperbranched macromolecules have been prepared by a convergent route by the coupling of a chiral central core based upon tris(2-aminoethyl)amine and poly(aromatic amide ester) dendritic branches. The chiral properties of these dendrimers have been investigated by detailed optical rotation studies and circular dichroism analysis; the results of these studies are described herein. (C) Wiley-VCH Verlag GmbH Co.

A framework towards multi-modal fingerprinting scheme for multimedia assets

Fingerprinting is a well known approach for identifying multimedia data without having the original data present but what amounts to its essence or ”DNA”. Current approaches show insufficient deployment of three types of knowledge that could be brought to bear in providing a finger printing framework that remains effective, efficient and can accommodate both the whole as well as elemental protection at appropriate levels of abstraction to suit various Foci of Interest (FoI) in an image or cross media artefact. Thus our proposed framework aims to deliver selective composite fingerprinting that remains responsive to the requirements for protection of whole or parts of an image which may be of particularly interest and be especially vulnerable to attempts at rights violation. This is powerfully aided by leveraging both multi-modal information as well as a rich spectrum of collateral context knowledge including both image-level collaterals as well as the inevitably needed market intelligence knowledge such as customers’ social networks interests profiling which we can deploy as a crucial component of our Fingerprinting Collateral Knowledge. This is used in selecting the special FoIs within an image or other media content that have to be selectively and collaterally protected.

A framework towards a multi-modal fingerprinting scheme for multimedia assets

Fingerprinting is a well known approach for identifying multimedia data without having the original data present but instead what amounts to its essence or 'DNA'. Current approaches show insufficient deployment of various types of knowledge that could be brought to bear in providing a fingerprinting framework that remains effective, efficient and can accommodate both the whole as well as elemental protection at appropriate levels of abstraction to suit various Zones of Interest (ZoI) in an image or cross media artefact. The proposed framework aims to deliver selective composite fingerprinting that is powerfully aided by leveraging both multi-modal information as well as a rich spectrum of collateral context knowledge including both image-level collaterals and also the inevitably needed market intelligence knowledge such as customers' social networks interests profiling which we can deploy as a crucial component of our fingerprinting collateral knowledge.

International evidence on the predictability of returns to securitized real estate assets: econometric models versus neural networks

The performance of various statistical models and commonly used financial indicators for forecasting securitised real estate returns are examined for five European countries: the UK, Belgium, the Netherlands, France and Italy. Within a VAR framework, it is demonstrated that the gilt-equity yield ratio is in most cases a better predictor of securitized returns than the term structure or the dividend yield. In particular, investors should consider in their real estate return models the predictability of the gilt-equity yield ratio in Belgium, the Netherlands and France, and the term structure of interest rates in France. Predictions obtained from the VAR and univariate time-series models are compared with the predictions of an artificial neural network model. It is found that, whilst no single model is universally superior across all series, accuracy measures and horizons considered, the neural network model is generally able to offer the most accurate predictions for 1-month horizons. For quarterly and half-yearly forecasts, the random walk with a drift is the most successful for the UK, Belgian and Dutch returns and the neural network for French and Italian returns. Although this study underscores market context and forecast horizon as parameters relevant to the choice of the forecast model, it strongly indicates that analysts should exploit the potential of neural networks and assess more fully their forecast performance against more traditional models.

The impact of energy performance certificates on the rental and capital values of commercial property assets: some preliminary evidence from the UK

This paper focuses on the effect of energy performance ratings on the capital values, rental values and equivalent yields of UK commercial property assets. Of which a small number are also BREEAM rated, the study is based upon 708 commercial property assets held in the IPD UK Universe drawn from across all PAS segments. Incorporating a range of controls such as unexpired lease term, vacancy rate and tenant credit risk, hedonic regression procedures are used to estimate the effect of EPC rating. The study finds no evidence of a strong relationship between environmental and/or energy performance and rental and capital value. Bearing in mind the small number of BREEAM rated assets, there was a small but statistically significant effect on equivalent yield only. Similarly, there was no evidence that the EPC rating had any effect on Market Rent or Market Value with only minor effects of EPC ratings on equivalent yields. The preliminary conclusion is that energy labelling is not yet having the effects on Market Values and Market Rents that provide incentives for market participants to improve the energy efficiency of their commercial real estate assets.

Multi-modal fingerprinting for multimedia assets: optimisation of media security protection in online distribution environments

Since the advent of the internet in every day life in the 1990s, the barriers to producing, distributing and consuming multimedia data such as videos, music, ebooks, etc. have steadily been lowered for most computer users so that almost everyone with internet access can join the online communities who both produce, consume and of course also share media artefacts. Along with this trend, the violation of personal data privacy and copyright has increased with illegal file sharing being rampant across many online communities particularly for certain music genres and amongst the younger age groups. This has had a devastating effect on the traditional media distribution market; in most cases leaving the distribution companies and the content owner with huge financial losses. To prove that a copyright violation has occurred one can deploy fingerprinting mechanisms to uniquely identify the property. However this is currently based on only uni-modal approaches. In this paper we describe some of the design challenges and architectural approaches to multi-modal fingerprinting currently being examined for evaluation studies within a PhD research programme on optimisation of multi-modal fingerprinting architectures. Accordingly we outline the available modalities that are being integrated through this research programme which aims to establish the optimal architecture for multi-modal media security protection over the internet as the online distribution environment for both legal and illegal distribution of media products.

Intellectual property law on architectural design in collaborative design communication as digital assets

Digital Economy is one of the crucial elements promoted by the Digital Britain Report June 2009 and its Implementation Plan August 2009 in order to maintain and further the UK’s position as one of the world’s leading digital knowledge economies. Therefore, the application of Digital Technologies is high in the agenda. As pervasive digital technologies become more widely available, it becomes increasingly important to understand the legal implications of digital assets produced via digital technologies in collaborative design communication. Architects and engineers depend on intellectual property law to protect their original works. Copyright protection is automatic once a tangible medium of expression in any form of an innovative material, conforming the Copyright Designs and Patents Act 1988, is created. Although copyright law provides automatic protection to all original architectural plans, the limitation is that it only protects the expression of ideas but not the ideas themselves. The purpose of this research is to explore how effective the UK’s copyright law regime is for protecting the rights and interests of architects and engineers in their works as digital assets. The UK’s copyright law is ripe for modernisation not only to protect the rights of designers but also to further UK’s position in digital economy.

Bayesian estimation of co-integrating thresholds in the term structure of interest rates.

Threshold Error Correction Models are used to analyse the term structure of interest Rates. The paper develops and uses a generalisation of existing models that encompasses both the Band and Equilibrium threshold models of [Balke and Fomby ((1997) Threshold cointegration. Int Econ Rev 38(3):627–645)] and estimates this model using a Bayesian approach. Evidence is found for threshold effects in pairs of longer rates but not in pairs of short rates. The Band threshold model is supported in preference to the Equilibrium model.