Islamic corporate financing : does it promote profit and loss sharing?

Islamic financing instruments can be categorised into profit and loss/risk sharing and non-participatory instruments. Although profit and loss sharing instruments such as musharakah are widely accepted as the ideal form of Islamic financing, prior studies suggest that alternative instruments such as murabahah are preferred by Islamic banks. Nevertheless, prior studies did not explore factors that influence the use of Islamic financing among non-financial firms. Our study fills this gap and contributes new knowledge in several ways. First, we find no evidence of widespread use of Islamic financing instruments across non-financial firms. This is because the instruments are mostly used by less profitable firms with higher leverage (i.e., risky firms). Second, we find that profit and loss sharing instruments are hardly used, whilst the use of murabahah is dominant. Consistent with the prediction of moral-hazard-risk avoidance theory, further analysis suggests that users with a lower asset base (to serve as collateral) are associated with murabahah financing. Third, we present a critical discourse on the contentious nature of murabahah as practised. The economic significance and ethical issues associated with murabahah as practised should trigger serious efforts to steer Islamic corporate financing towards risk-sharing more than the controversial rent-seeking practice.

MUES (Mid Wales - Users - Ethnic Services) Ethnic services provision 2007-08. Policy guidance for Libraries for Life: Delivering the entitlement agenda for library users in Wales 2007-09

Urquhart, C., Thomas, R., Crossan, S. & Hines, B. (2008). MUES (Mid Wales - Users - Ethnic Services) Ethnic services provision 2007-08. Policy guidance for Libraries for Life: Delivering the entitlement agenda for library users in Wales 2007-09. Aberystwyth: Department of Information Studies, Aberystwyth University. Relates to report of same title - http://hdl.handle.net/2160/609 Sponsorship: CyMAL

Ethics and Foreign Policy: The Antinomies of New Labour's 'Third Way' in Sub-Saharan Africa

Abrahamsen, Rita, Williams, Paul, 'Ethics and Foreign Policy: The Antinomies of New Labour's 'Third Way' in Sub-Saharan Africa', Political Studies (2002) 49(2) pp.249-264 RAE2008

Health, security and foreign policy

McInnes, C., Lee, K. (2006). Health, security and foreign policy. Review of International Studies, 32 (1), 5-23. RAE2008

Language, Policy and the Construction of a Torture Culture in the War on Terrorism

Jackson, R. (2007). Language, Policy and the Construction of a Torture Culture in the War on Terrorism. Review of International Studies. 33(3), pp.353-371 RAE2008

Welsh Water: role model or special case?

Thomas, D. (2001). Welsh Water: role model or special case?. Utilities Policy, 10 (2), 99-114. RAE2008

‘Complementary & alternative medicine’ (CAM): ethical and policy issues

Editorial for Bioethics 2016. 30:(2)

Analysis and Assessment of Conclusions in the White Book regarding Threats and Challenges in EU Common Security and Defence Policy

Among the many issues that were raised in the White Book on National Security of the Republic of Poland (WBNSRP), there were also those related to the functioning of a Common Security and Defence Policy (CSDP). Its importance for the security of Poland was indicated, as well as the need on the part of EU Member States to broaden collaboration in the sphere of security and defence. The key problems occurring in the context of CSDP were also emphasised and their causes indicated. The aim of the article is to present the factors responsible for the weakening of CSDP effectiveness, ones taken into account in the White Book, and subsequently to present a Framework for their analysis in the light of further scholarship.

The Iranian Foreign Policy in the Persian Gulf Region under the Rule of President Hassan Rouhani: Continuity of Change

Although Iran borders with many states and has direct access to the Caspian Sea as well as the Indian Ocean, the Persian Gulf region seems to be the most vital area to its security and prosperity. Yet since the 70’s Iran’s relations with the Arab states in the region have been rather strained and complex. The main reason for that had been the success of the Islamic revolution in 1979 which later resulted in a new dimension of Sunni-Shia rivalry. Moreover, post-revolutionary Iranian authorities also intended to maintain the regional hegemony from the Imperial State of Iran period. As a result, successive Iranian governments competed for hegemony in the Persian Gulf with the littoral Arab states which consolidated their regional positions due to close links and intensive cooperation with the West especially with the United States. Despite some political and economic initiatives which were undertaken by President Mahmoud Ahmadinejad, this rivalry was also evident between 2005–2013. The main aim of this article is to find out whether Iranian foreign policy towards the Arab states in the Persian Gulf region has undergone any significant changes since Hassan Rouhani became the President of the Islamic Republic of Iran in August 2013. According to Mohammad Reza Deshiri, the Iranian foreign policy after 1979 can be divided into so-called waves of idealism and realism. During dominance of idealism values and spirituality are more important than pragmatism while during the realistic waves political as well as economic interests prevail over spirituality. Iranian idealism is connected with export of revolutionary ideas, Shia dominance as well as the restoration of unity among all muslims (ummah). On this basis both presidential terms of Mahmoud Ahmadinejad can be classified as ‘waves of idealism’, albeit some of his ideas were very pragmatic. The question is if Hassan Rouhani’s foreign policy represents a continuity or a change. Is the current Iran’s foreign policy towards the Persian Gulf region idealistic or rather realistic? The main assumption is that there will be no Arab-Iranian rapprochement in the Persian Gulf without a prior normalization of political relations between Iran and the West especially the United States.

The Information Commons: a public policy report

This report describes the history of the information commons, presents examples of online commons that provide new ways to store and deliver information, and concludes with policy recommendations. Available in PDF and HTML versions.

The Catholic Indian missions and Grant's peace policy, 1870-1884.

http://www.archive.org/details/catholicindianmi013196mbp

Complying with the NIH Public Access Policy - Copyright Considerations and Options

On January 11, 2008, the National Institutes of Health ('NIH') adopted a revised Public Access Policy for peer-reviewed journal articles reporting research supported in whole or in part by NIH funds. Under the revised policy, the grantee shall ensure that a copy of the author's final manuscript, including any revisions made during the peer review process, be electronically submitted to the National Library of Medicine's PubMed Central ('PMC') archive and that the person submitting the manuscript will designate a time not later than 12 months after publication at which NIH may make the full text of the manuscript publicly accessible in PMC. NIH adopted this policy to implement a new statutory requirement under which: The Director of the National Institutes of Health shall require that all investigators funded by the NIH submit or have submitted for them to the National Library of Medicine's PubMed Central an electronic version of their final, peer-reviewed manuscripts upon acceptance for publication to be made publicly available no later than 12 months after the official date of publication: Provided, That the NIH shall implement the public access policy in a manner consistent with copyright law. This White Paper is written primarily for policymaking staff in universities and other institutional recipients of NIH support responsible for ensuring compliance with the Public Access Policy. The January 11, 2008, Public Access Policy imposes two new compliance mandates. First, the grantee must ensure proper manuscript submission. The version of the article to be submitted is the final version over which the author has control, which must include all revisions made after peer review. The statutory command directs that the manuscript be submitted to PMC 'upon acceptance for publication.' That is, the author's final manuscript should be submitted to PMC at the same time that it is sent to the publisher for final formatting and copy editing. Proper submission is a two-stage process. The electronic manuscript must first be submitted through a process that requires input of additional information concerning the article, the author(s), and the nature of NIH support for the research reported. NIH then formats the manuscript into a uniform, XML-based format used for PMC versions of articles. In the second stage of the submission process, NIH sends a notice to the Principal Investigator requesting that the PMC-formatted version be reviewed and approved. Only after such approval has grantee's manuscript submission obligation been satisfied. Second, the grantee also has a distinct obligation to grant NIH copyright permission to make the manuscript publicly accessible through PMC not later than 12 months after the date of publication. This obligation is connected to manuscript submission because the author, or the person submitting the manuscript on the author's behalf, must have the necessary rights under copyright at the time of submission to give NIH the copyright permission it requires. This White Paper explains and analyzes only the scope of the grantee's copyright-related obligations under the revised Public Access Policy and suggests six options for compliance with that aspect of the grantee's obligation. Time is of the essence for NIH grantees. As a practical matter, the grantee should have a compliance process in place no later than April 7, 2008. More specifically, the new Public Access Policy applies to any article accepted for publication on or after April 7, 2008 if the article arose under (1) an NIH Grant or Cooperative Agreement active in Fiscal Year 2008, (2) direct funding from an NIH Contract signed after April 7, 2008, (3) direct funding from the NIH Intramural Program, or (4) from an NIH employee. In addition, effective May 25, 2008, anyone submitting an application, proposal or progress report to the NIH must include the PMC reference number when citing articles arising from their NIH funded research. (This includes applications submitted to the NIH for the May 25, 2008 and subsequent due dates.) Conceptually, the compliance challenge that the Public Access Policy poses for grantees is easily described. The grantee must depend to some extent upon the author(s) to take the necessary actions to ensure that the grantee is in compliance with the Public Access Policy because the electronic manuscripts and the copyrights in those manuscripts are initially under the control of the author(s). As a result, any compliance option will require an explicit understanding between the author(s) and the grantee about how the manuscript and the copyright in the manuscript are managed. It is useful to conceptually keep separate the grantee's manuscript submission obligation from its copyright permission obligation because the compliance personnel concerned with manuscript management may differ from those responsible for overseeing the author's copyright management. With respect to copyright management, the grantee has the following six options: (1) rely on authors to manage copyright but also to request or to require that these authors take responsibility for amending publication agreements that call for transfer of too many rights to enable the author to grant NIH permission to make the manuscript publicly accessible ('the Public Access License'); (2) take a more active role in assisting authors in negotiating the scope of any copyright transfer to a publisher by (a) providing advice to authors concerning their negotiations or (b) by acting as the author's agent in such negotiations; (3) enter into a side agreement with NIH-funded authors that grants a non-exclusive copyright license to the grantee sufficient to grant NIH the Public Access License; (4) enter into a side agreement with NIH-funded authors that grants a non-exclusive copyright license to the grantee sufficient to grant NIH the Public Access License and also grants a license to the grantee to make certain uses of the article, including posting a copy in the grantee's publicly accessible digital archive or repository and authorizing the article to be used in connection with teaching by university faculty; (5) negotiate a more systematic and comprehensive agreement with the biomedical publishers to ensure either that the publisher has a binding obligation to submit the manuscript and to grant NIH permission to make the manuscript publicly accessible or that the author retains sufficient rights to do so; or (6) instruct NIH-funded authors to submit manuscripts only to journals with binding deposit agreements with NIH or to journals whose copyright agreements permit authors to retain sufficient rights to authorize NIH to make manuscripts publicly accessible.

An Online Distributed Algorithm for Inferring Policy Routing Configurations

We present an online distributed algorithm, the Causation Logging Algorithm (CLA), in which Autonomous Systems (ASes) in the Internet individually report route oscillations/flaps they experience to a central Internet Routing Registry (IRR). The IRR aggregates these reports and may observe what we call causation chains where each node on the chain caused a route flap at the next node along the chain. A chain may also have a causation cycle. The type of an observed causation chain/cycle allows the IRR to infer the underlying policy routing configuration (i.e., the system of economic relationships and constraints on route/path preferences). Our algorithm is based on a formal policy routing model that captures the propagation dynamics of route flaps under arbitrary changes in topology or path preferences. We derive invariant properties of causation chains/cycles for ASes which conform to economic relationships based on the popular Gao-Rexford model. The Gao-Rexford model is known to be safe in the sense that the system always converges to a stable set of paths under static conditions. Our CLA algorithm recovers the type/property of an observed causation chain of an underlying system and determines whether it conforms to the safe economic Gao-Rexford model. Causes for nonconformity can be diagnosed by comparing the properties of the causation chains with those predicted from different variants of the Gao-Rexford model.

Foundational Theory for Understanding Policy Routing Dynamics

In this paper we introduce a theory of policy routing dynamics based on fundamental axioms of routing update mechanisms. We develop a dynamic policy routing model (DPR) that extends the static formalism of the stable paths problem (introduced by Griffin et al.) with discrete synchronous time. DPR captures the propagation of path changes in any dynamic network irrespective of its time-varying topology. We introduce several novel structures such as causation chains, dispute fences and policy digraphs that model different aspects of routing dynamics and provide insight into how these dynamics manifest in a network. We exercise the practicality of the theoretical foundation provided by DPR with two fundamental problems: routing dynamics minimization and policy conflict detection. The dynamics minimization problem utilizes policy digraphs, that capture the dependencies in routing policies irrespective of underlying topology dynamics, to solve a graph optimization problem. This optimization problem explicitly minimizes the number of routing update messages in a dynamic network by optimally changing the path preferences of a minimal subset of nodes. The conflict detection problem, on the other hand, utilizes a theoretical result of DPR where the root cause of a causation cycle (i.e., cycle of routing update messages) can be precisely inferred as either a transient route flap or a dispute wheel (i.e., policy conflict). Using this result we develop SafetyPulse, a token-based distributed algorithm to detect policy conflicts in a dynamic network. SafetyPulse is privacy preserving, computationally efficient, and provably correct.

Principles of Safe Policy Routing Dynamics

We introduce the Dynamic Policy Routing (DPR) model that captures the propagation of route updates under arbitrary changes in topology or path preferences. DPR introduces the notion of causation chains where the route flap at one node causes a flap at the next node along the chain. Using DPR, we model the Gao-Rexford (economic) guidelines that guarantee the safety (i.e., convergence) of policy routing. We establish three principles of safe policy routing dynamics. The non-interference principle provides insight into which ASes can directly induce route changes in one another. The single cycle principle and the multi-tiered cycle principle provide insight into how cycles of routing updates can manifest in any network. We develop INTERFERENCEBEAT, a distributed algorithm that propagates a small token along causation chains to check adherence to these principles. To enhance the diagnosis power of INTERFERENCEBEAT, we model four violations of the Gao-Rexford guidelines (e.g., transiting between peers) and characterize the resulting dynamics.