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.

Comparison Of Demand Pattern Calibration In Water Distribution Networks With Geographic And Non-Geographic Parameterization

Demands are one of the most uncertain parameters in a water distribution network model. A good calibration of the model demands leads to better solutions when using the model for any purpose. A demand pattern calibration methodology that uses a priori information has been developed for calibrating the behaviour of demand groups. Generally, the behaviours of demands in cities are mixed all over the network, contrary to smaller villages where demands are clearly sectorised in residential neighbourhoods, commercial zones and industrial sectors. Demand pattern calibration has a final use for leakage detection and isolation. Detecting a leakage in a pattern that covers nodes spread all over the network makes the isolation unfeasible. Besides, demands in the same zone may be more similar due to the common pressure of the area rather than for the type of contract. For this reason, the demand pattern calibration methodology is applied to a real network with synthetic non-geographic demands for calibrating geographic demand patterns. The results are compared with a previous work where the calibrated patterns were also non-geographic.

Alocação de riscos e equilíbrio econômico-financeiro em contratos de gestão: o caso da fundação OSESP

As parcerias entre o governo e instituições da sociedade civil têm se mostrado um instrumento fundamental para a consecução das políticas públicas. O “Programa Nacional de Publicização”, focalizando os serviços públicos não-exclusivos, trouxe maior possibilidade de flexibilização da gestão dessas atividades, chamando as organizações do terceiro setor a um papel de protagonismo na oferta de serviços públicos no Brasil. A nova interação entre esses agentes cria a necessidade de melhor entendimento de suas relações jurídicas e de realinhamento de expectativas e incentivos, bem como melhor definição da alocação de riscos entre os parceiros. Este trabalho analisa as parcerias com as Organizações Sociais na área da Cultura no Estado de São Paulo. Mais especificamente, o contrato de gestão da Fundação Osesp no período de 2005 a 2015. A partir desse caso, analisamos as oportunidades e dificuldades encontradas na contratualização dos resultados, os impactos na governança corporativa da instituição, as condições de alocação dos riscos, suas formas de mitigação e as necessidades de reequilíbrio econômico-financeiro.

Morphophysiological Differences between the Metapleural Glands of Fungus-Growing and Non-Fungus-Growing Ants (Hymenoptera, Formicidae)

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Bandoniozyma gen. nov., a Genus of Fermentative and Non-Fermentative Tremellaceous Yeast Species

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Prevalence and risk factors for Toxoplasma gondii infection in certified and non-certified pig breeding farms in the Toledo microregion, PR, Brazil

A infecção pelo Toxoplasma gondii tem sido diagnosticada em suínos em todo o mundo. Perdas econômicas geralmente estão relacionadas a distúrbios reprodutivos. A infecção pelo Toxoplasma tem também importância em saúde pública, já que cistos teciduais do parasito podem persistir na carne e subprodutos oriundos de suínos, que servirão de fontes de infecção para o ser humano. O objetivo deste trabalho foi verificar a frequência e os fatores de risco associados à infecção pelo Toxoplasma em granjas de reprodutores suídeos certificados ou não da microrregião de Toledo, no Paraná, que inclui os municípios de Toledo, Nova Santa Rosa, São José das Palmeiras e São Pedro do Iguaçú. A frequência relativa de infecção foi 13,4%, sem diferença com o tipo de granja. A análise de regressão logística demonstrou os seguintes fatores associados à infecção: não utilização de funcionários separados por área da granja, o acesso de animais ao cocho de ração e ao reservatório de água, a não utilização de tampa neste reservatório, a não prevenção de roedores, o número e peso médio de leitões ao desmame por porca.

Interaction between the public and private sectors and the overall efficiency of the economy

Includes bibliography

Comparison between histopathologic features of leprosy in reaction lesions in HIV coinfected and non-coinfected patients

BACKGROUND: Leprosy and HIV are diseases that have a major impact on public health in Brazil. Patients coinfected with both diseases, appear to be at higher risk to develop leprosy reactions. OBJECTIVE: The aim of this study is to describe the histopathological aspects of cutaneous lesions during reactional states in a group of patients with HIV-leprosy coinfection, compared to patients with leprosy, without coinfection. METHODS: Two groups were established: group 1 comprised of 40 patients coinfected with HIV-leprosy; group 2, comprised of 107 patients with leprosy only. Patients presenting reactional states of leprosy had their lesions biopsied and comparatively evaluated. RESULTS: Reversal reaction was the most frequent feature in both groups, with dermis edema as the most common histopathological finding. Giant cells were seen in all group 1 histopathological examinations. Dermis edema was the most common finding in patients with erythema nodosum leprosum. CONCLUSION: Few histopathological differences were found in both groups, with reversal reaction as the most significant one, although this fact should be analyzed considering the predominant BT clinical form in the coinfected group and BB form in the group without HIV. Larger prospective studies in patients with HIV-leprosy coinfection are needed to confirm and broaden these results.

State-civil society partnership: issues for debate and new researches

Neste artigo analisamos a literatura de parceria entre o estado e a sociedade civil, em particular sobre a parceria entre as organizações públicas e as organizações sem fins lucrativos. Discutimos as diferentes perspectivas do conceito de parceria e objetivamos destacar algumas das principais preocupações teóricas sobre este conceito no contexto da governança. Buscamos mostrar que, em geral, o contexto histórico da parceria não tem sido incluído entre os fatores usados para explicar o seu uso no contexto da governança. Apontamos que, a despeito das análises sobre parceria que indicam que esta traz benefícios sociais, ainda existem lacunas no conhecimento que evidenciem que esta "tecnologia social" contribui efetivamente para empoderar as pessoas e os grupos sociais com menor poder de influência. A maior parte da literatura sugere que a parceria objetiva fortalecer a relação entre a população e o governo local e melhorar as possibilidades das pessoas e dos grupos sociais com menor poder de influência em participar na governança local. Entretanto, não encontramos na literatura sobre parceria evidências substantivas de que ela se direciona para modificar a estrutura de poder político. Finalmente, mostramos que não está claro se a interação entre as "pessoas comuns" e o estado, por via de um processo participativo, tem contribuído efetivamente para construir coesão social para diferentes grupos sociais. A principal contribuição do artigo é expandir o conhecimento dos fatores que influenciam (de forma positiva e negativa) o processo de parceria entre o estado e a sociedade civil para o desenvolvimento local.

Dental caries and related factors in Brazilian children from fluoridated and non-fluoridated areas

PURPOSE: To compare the caries prevalence, saliva buffering capacity (SBC), oral hygiene (OH), dietary habits, family income (FI) and frequency of visits to a dental office (Do) between Brazilian children living in areas with and without fluoridated public water supply. METHODS: Forty-six 5-7-year-old preschoolers were selected in Itatiba, SP, Brazil; 19 were from a fluoridated area, and 27 were from a non-fluoridated area. The caries index was determined according to the World Health Organization criteria, and the SBC was assessed by titration with hydrochloric acid. The FI, frequency of OH and visits to Do were estimated by questionnaire. The dietary habits were assessed with a diet chart. The differences between the groups were analyzed with Mann-Whitney-U tests (α=0.05). RESULTS: Children from the non-fluoridated area showed significantly higher dmft/DMFT than those from the fluoridated area, but they showed significantly lower SBC, OH frequency and FI. No significant differences were observed between the areas for dietary habits and visits to Do. CONCLUSION: Children from fluoridated areas showed higher salivary buffering capacity, family income and oral hygiene frequency as well as lower caries prevalence, supporting the beneficial effect of fluoride in the tap water for caries prevention.

Biosecurity in public and private office

Biosecurity is currently a concern for all health-related services, including dentistry, since infection control has a relevant importance. In dental practice, health-related occupations have contact with a great number of individuals who are potentially capable to transmit pathogens. This study comprised a descriptive evaluation of the universal precaution measures for infection control adopted by dental practitioners working at public and private offices in the city of Araçatuba, SP. Data collection was performed by a quiz with questions about individual and collective protection equipments. The results showed that the use of caps was reported by 55% of the professionals working at the public sector and 90% for the private sector. The use of masks and gloves was reported by all professionals surveyed; nevertheless, glove change between patients was not reported by 40% of professionals working at the public sector. There were more flaws in public offices as to the use of protective barriers, since except for the use of gloves, gowns and masks, the frequency of use of those barriers was smaller than at private offices.

CLINICAL CHARACTERISTICS AND SEVERITY OF PATIENTS ADMITTED TO PUBLIC AND PRIVATE ICUS

This study aimed to compare clinical characteristics, evolution and severity of adult patients admitted to public and private Intensive Care Units. It is a retrospective, longitudinal and quantitative analysis of 600 patients admitted to four Intensive Care Units of Sao Paulo, Brazil. Differences were found between patients admitted in private and public hospitals regarding the following variables: age, origin, length of stay and mortality in the critical unit, cardiologic, hematologic, neurologic and renal failures and some comorbidities. The results reveal the importance of analyzing in detail clinical characteristics and healthcare of patients admitted in public institutions, because of the high mortality found. The Intensive Care Nurse can contribute to change this scenario, because she/he plays a leading role in planning and providing resources for intensive care.

Das Ehrenamt im Technischen Hilfswerk

Das Ehrenamt hat sowohl in der Forschung als auch in der Politik seit Ende der 1980er Jahre zunehmend an Bedeutung gewonnen. Durch ökonomische und soziale Veränderungen, insbesondere die Reduktion staatlicher Leistungen, rückten Wohlfahrts- und Interessenverbände, Bürger- und Umweltinitiativen, Stiftungen und nichtstaatliche Organisationen verstärkt ins öffentliche Interesse. Damit einher ging die Diskussion um freiwillige, unentgeltliche Tätigkeit und die Personen, die diese Tätigkeiten ausüben. Offensichtlich sind nicht alle Menschen bereit, sich ehrenamtlich zu engagieren. Je nach Datenmaterial wird von einer bürgerschaftlichen Beteiligung am ehrenamtlichen Engagement zwischen 13% und 38% ausgegangen (vgl. Rauschenbach 1999: 400). Deshalb stellt sich neben Fragen nach der Funktion des Ehrenamts für die Ausgestaltung der modernen Gesellschaft und der Stabilisationsfunktion für Non-Profit-Organisationen u.a. auch die Frage danach, wie Bürgerinnen und Bürger für ehrenamtliche Dienste rekrutiert werden können. Es interessieren die Gründe dafür, dass sich manche Menschen freiwillig engagieren, während dies andere nicht tun. In der vorliegenden Arbeit soll das Augenmerk auf Personen gerichtet werden, die bereits freiwillig und unentgeltlich tätig sind. Dies schließt auch jene ein, die sich als Freigestellte in den entsprechenden Organisationen engagieren. Gefragt wird nach der Bedingung für die Motivation freiwillig tätiger Menschen, ihr Engagement aufrechtzuerhalten. Die langfristige Bindung Ehrenamtlicher an die Organisation steht damit im Vordergrund. Hiermit wird ein Beitrag zur Diskussion um die Aufrechterhaltung der Effizienzfähigkeit von Freiwilligenorganisationen geleistet, deren Ziel- und Zweckerreichung, so die These, durch die Motivation der Mitglieder maßgeblich getragen wird. Arbeits- und organisationstheoretische Arbeiten messen der Zufriedenheit von Personen dabei entscheidende Bedeutung zu. Die Besonderheit dieser Arbeit liegt in der Auseinandersetzung damit, Ansätze, die in der Forschung auf die Motivation von Angestellten in Unternehmen angewendet werden, auf die Motivation ehrenamtlich Tätiger theoretisch zu übertragen und diese Übertragung empirisch zu überprüfen. Am Beispiel des THW soll untersucht werden, ob die Motivation ehrenamtlicher Mitglieder von der Zufriedenheit mit dem Engagement abhängt.

Are Native and Non-native Populations of an Invasive Plant Really Different?

This presentation provides an overview of his transcontinental research on giant goldenrod an invasive plant species in Europe that originates from North America. He investigated the effects of reintroduction on the plant’s performance, the plant’s effect on species richness and the relationship between the plant’s competitive effects and its ecotypic variation.

The Integration of Formal and Non-formal Education: The Dutch “brede school”

The Dutch “brede school” (BS) development originates in the 1990s and has spread unevenly since: quicker in the primary than secondary educational sector. In 2007, there were about 1000 primary and 350 secondary BS schools and it is the intention of the government as well as the individual municipalities to extend that number and make the BS the dominant school form of the near future. In the primary sector, a BS cooperates with crèche and preschool facilities, besides possible other neighborhood partners. The main targets are, first, to enhance educational opportunities, particularly for children with little (western-) cultural capital, and secondly to increase women’s labor market participation by providing extra familial care for babies and small children. All primary schools are now obliged to provide such care. In the secondary sector, a BS is less neighborhood-orientated than a primary BS because those schools are bigger and more often located in different buildings. As in the primary sector, there are broad and more narrow BS, the first profile cooperating with many non-formal and other partners and facilities and the second with few. On the whole, there is a wide variety of BS schools, with different profiles and objectives, dependent on the needs and wishes of the initiators and the neighborhood. A BS is always the result of initiatives of the respective school and its partners: parents, other neighborhood associations, municipality etc. BS schools are not enforced by the government although the general trend will be that existing school organizations transform into BS. The integration of formal and non-formal education and learning is more advanced in primary than secondary schools. In secondary education, vocational as well as general, there is a clear dominance of formal education; the non-formal curriculum serves mainly two lines and objectives: first, provide attractive leisure activities and second provide compensatory courses and support for under-achievers who are often students with migrant background. In both sectors, primary and secondary, it is the formal school organization with its professionals which determines the character of a BS; there is no full integration of formal and non-formal education resulting in one non-disruptive learning trajectory, nor is there the intention to go in that direction. Non-formal pedagogues are partly professionals, like youth- and social workers, partly volunteers, like parents, partly non-educational partners, like school-police, psycho-medical help or commercial leisure providers. Besides that, the BS is regarded by government educational and social policy as a potential partner and anchor for community development. It is too early to make reliable statements about the effects of the BS movement in the Netherlands concerning the educational opportunities for disadvantaged children and their families, especially those with migrant background, and combat further segregation. Evaluation studies made so far are moderately positive but also point to problems of overly bureaucratized structures and layers, lack of sufficient financial resources and, again, are uncertain about long-term effects.