The Nanggroe Aceh Darussalam law : a serious response to Acehnese separatism?

The passing of Law No. 18 of 2001 on 'Special Autonomy for the Province of Aceh Special Region as the Province of Nanggroe Aceh Darussalam' signified a major development in the Indonesian government's strategy to resolve Aceh's protracted conflict. Ratified by President Megawati Sukarnoputri on 9 August 2001, the 'NAD law' conferred unprecedented authority to Aceh over its internal affairs. This paper evaluates the challenges that have been involved in implementing the three main tenets of the legislation — aspects of Syari'ah (Islamic law), the return of Aceh's natural resource revenue and a provision to hold direct local elections. The paper argues that the Megawati administration's failure to redress Acehnese grievances through special autonomy largely stems from its suspicion of the NAD law itself, its greater reliance on militaristic measures than on political policies in Aceh, and pre-existing systemic factors such as Aceh's dysfunctional state infrastructure, corrupt political culture and war economy.

Rebellion and reform in Indonesia : Jakarta's security and autonomy polices in Aceh

Armed separatist movements in Papua, East Timor and Aceh have been a serious problem for Indonesia's central government. This book examines the policies of successive Indonesian governments to contain secessionist forces, focusing in particular on Jakarta's response towards the armed separatist movement in Aceh. Unlike other studies of separatism in Indonesia, this book concentrates on the responses of the central government rather than looking only at the separatist forces. It shows how successive governments have tried a wide range of approaches, including military repression, offers of autonomy, peace talks and a combination of these. It discusses the lessons that have been learned from these different approaches and analyzes the impact of the tsunami, including the successful accommodation of former rebels within an Indonesian devolved state structure and the expanding implementation of Islamic law.

Muslim personal law

The article examines the development of the legalism of Personal Law and provisions of community rights for disparate communities in modern India, and the role of religion and communal politics in their perpetuation. The case study undertaken here is specifically the Muslim community’s Constitutionally-sanctioned Personal law (MPL). MPL has not been without criticisms both from outside and within the community, particularly in respect of gendered disadvantages that arise within the provisions safeguarding the practices, which cover marriage, divorce, alimony, inheritance, custody, succession, and so forth.

The free Aceh movement : Islam and democratisation

The Free Aceh Movement (GAM) has been characterised by some observers and the Indonesian government as being a radical Islamic organisation intent on establishing an Islamic state in northern Sumatra. This article explores GAM's relationship with Islam and shows that while GAM members are devout Muslims and that Islam pervades their political thinking, the organisation and its members are explicitly opposed to the creation of an Islamic state or the imposition of Islamic law. The article reports how senior members of GAM's hierarchy discuss their personal relationship with Islam, noting consistencies and differences in their approaches. A common theme is that Islam provides a motive for the struggle, based on notions of justice and equality, and that these and related aspects of Acehnese political organisation provide the groundwork for a functional form of democracy in Aceh's post-peace settlement environment.

Panel data, cointegration, causality and Wagner's law : empirical evidence from Chinese provinces

This paper tests Wagner's law of increasing state activity using panels of Chinese provinces. The paper's main methodological contribution is in that we employ for the first time in the literature on Wagner's law a panel unit root, panel cointegration and Granger causality testing approach. Overall, we find mixed evidence in support of Wagner's law for China's central and western provinces, but no support for Wagner's law for the full panel of provinces or for the panel of China's eastern provinces.

Islamic or conventional mutual funds: who has the upper hand? Evidence from Malaysia

Contradictory results are documented in the literature regarding which type of mutual fund has superior performance; an Islamic or conventional mutual fund. Due to the relative short history of the Islamic mutual funds' industry, prior literature has inevitably relied on a small sample size with a short sample period. With the longest applicable sample period, this study represents one of the most recent attempts to address this conflicting evidence. We find there is no clear cut over performance by Islamic mutual funds against their conventional peers across the three financial crises in our sample period, with the exception of the most recent global financial crisis, where Islamic mutual funds generally outperformed their conventional counterparts. We further find that Islamic funds significantly outperformed conventional funds in the riskiest asset class, equity, one year before and during the global financial crisis. We further reveal that the modified value at risk for Islamic mutual funds was significantly lower than their conventional peers during the global financial crisis. This seems to indicate that Islamic mutual funds have better risk management compared to conventional peers.

Does financial news predict stock returns? New evidence from Islamic and Non-Islamic stocks

The paper extends the time-series financial news data set constructed by Garcia (2013) and uses it to examine whether financial news predicts returns of Islamic stocks differently compared to non-Islamic (conventional) stocks. We find that they do. First, while both positive and negative worded news predict most Islamic and conventional stock returns, positive words have a larger impact on both types of stock returns. Second, shock to returns from financial news reverses only in part for some stocks. Third, for a mean-variance investor, investing in Islamic stocks is relatively more profitable than investing in the corresponding conventional stocks. Fourth, we show that profits are robust to a range of time-series risk factors, namely, market risk, size-based risk, and momentum-induced risk.

Understanding evidence

The law of evidence is often seen as complex, inaccessible and difficult to master. This cases and materials book provides a concise accurate and invaluable analysis of this challenging discipline