Tag Archives: Return

Temporary Protection of the Refugee under International Law (Published)

the world is endowed with many conflicts generating a large number of refugees, who flee the unsafe and insecurity places looking for a refuge in a very safe where they can at least enjoy their rights, so, in order to  make refugees feel not abandoned ,states at the international level have set in place international instruments relating to the status of the refugees: the 1951 Convention and the 1967 Protocols ratified by 134  States respectively establishing a certain number of provisions for the wellbeing of refugees away from their country of origin, the way they should be treated being out of their habitual residence, that is why based on these international legal instruments we could say that refugees are matters of international law, to the extent they derive from one of the accepted trio of international law sources, treaties ,customs or general  principles of  law .so international refugee law ,which governs refugee protection as a branch of international law has been and still in the center of debates among scholars trying to find out  Good solutions  for the Protection of the refugees, then  at least in law, temporary protection is already  the universal norm. The intention here is to highlight the very position of international law concerning temporary protection of the refugees, and some challenges that states have been facing during the protection of the refugees, and some states behaviors during repatriation which breach the international law related to the refugees, temporary protection is a valuable norm in that it codifies a commitment to ensuring the safety and dignity of refugees until they are able to return to their own states.

Keywords: Country of origin, International law, Return, Temporary protection, international refugee law, refugees, repatriation

STOCK INVESTMENT ANALYSIS: CASE IN INDONESIA STOCK EXCHANGE (IDX) (Published)

This study show the growing interest of investors to invest in Indonesia’s capital market as emerging market. Before investing, it was very important for investor to consider the risk and rate of return factors. One method used to analyze the relationship between return and risk in stock investment is the Capital Asset Pricing Model (CAPM). This study aims to analyze the CAPM method to describe the risk and stock returns, and investment options to determine the best stock in the pharmaceutical company that listed in the Indonesian Stock Exchange (IDX) period 1/1/2009-31/12/2012.The study used 8 samples of pharmaceutical companies listed in the Indonesian Stock Exchange (IDX) period 1/1/2009-31/12/2012. The sample selection was purposive sampling technique with some criteria of research necessity. Results showed there were 5 pharmaceutical companies listed in Indonesian Stock Exchange (IDX) has a beta greater than 1 (β> 1) with the highest expected rate of return, and 3 pharmaceutical company has a beta less than 1 (β <1) with the lowest expected rate of return . Furthermore, the results of the analysis of stock investment decisions that used the Capital Asset Pricing Model (CAPM) were 7 companies from 8 companies were classified as undervalued stocks, it was recommended to buy the stock, and 1 company classified as overvalued, it was recommended to sell the stock.

Keywords: CAPM, Return, beta, stock investment decision

A SECTORIAL ANALYSIS OF SUKUK MARKET BASED ON DETERMINANTS OF RISK AND RETURN PERFORMANCES (Published)

The present study attempted to identify different types of risks embedded in sukuk structure and to determine the impact of different types of risks on return of sukuk. Further, this study has also attempted to explore the relationship between market risk, credit risk, operational risk, liquidity risk and sukuk returns. Researcher collected data from the year 2005 to 2013. Data were collected on periodic basis for determining the impact of the diverse risks on sukuk returns daily. This study analyzed the data using line charts, descriptive statistics, correlation analysis, and regressions i.e. ordinary least square with F and t statistics. Results of this study revealed that NASDAQ sectorial basis sukuk index found to have four models which explain from 84% to 91 % of variations in returns. As such global sukuk return, sovereign sukuk return, corporate sukuk return and financial sukuk return are explained by 84%, 91%, 86% and 88% respectively. These results might also be affected by interest rate risk, inflation risk, dollar rate risk, maturity risk, credit risk & default risk, legal & Shari’ah compliance risk, liquidity risk, and reinvestment risk. These results provided support for the hypotheses and shown a relationship between total return and different type of risks. Since sukuk markets are becoming famous in globally developed countries which try to adopt Islamic sukuk for prevailing financial crisis, this study has many implications for the managerial and policy making level.

Keywords: Market, Performance, Return, Risk, sukuk structure

DETERMINANTS OF RISK AND RETURN PERFORMANCE WITH SPECIAL REFERENCE TO GCC SUKUK MARKET STRUCTURE (Published)

The research study focusing on determinants of return and risk performance in the GCC sukuk market structure is sparse. Therefore, present study attempts to identify different types of risks embedded in sukuk structure, to determine the impact of different types of risks on return of sukuk and to explore and analyze the relationship between market risk, credit risk, operational risk, liquidity risk and sukuk returns in GCC market. This research covers nine years sample period beginning from January 2005 to June 2013. The 2282 daily observations of adjusted closed values of each index has downloaded from websites of Nasdaq Dubai sukuk market. This study used various methods o analyze the data. Results of this study reveal that Nasdaq sukuk index sectorial basis in GCC found that 91% of the GCC sukuk returs were explains by GSKI, 92% of the GCC sukuk returns were explained by GSKC and 93% of the GCC corporate sukuk returns were explained by GSKF. This variance are due to maturity risk, Shari’ah compliance risk , liquidity risk, reinvestment risk , interest rate risk, credit risk, inflation risk and dollar rate risk. Thereby the objectives set in this study proved the relationship between total return and different type of risks. The implications of this study, limitations and areas for further research are also discussed.

Keywords: Market, Performance, Return, Risk, Structure, Sukuk

DETERMINANTS OF RISK AND RETURN PERFORMANCE SIGNIFICANCE ON MATURITY BASED SUKUK MARKET STRUCTURE (Published)

This research focuses on determinants of recent return and risk performance in the sukuk market. Therefore, this paper attempted to identify different types of risks embedded in sukuk structure and to determine the impact of different types of risks on return of sukuk analyze the relationship between risk and sukuk returns as objectives. Data were collected on periodic basis for determining the impact on daily from 2005 to 2013. This research study considered sukuk returns as dependent variable and many independent variables such as diverse risks, which are interest rate risk, inflation risk, foreign exchange risk, legal risk, Shari’ah compliance risk, credit risk, default risk, maturity risk, liquidity risk, and reinvestment risk. The data presentation and analysis using line charts and descriptive statistics followed by the correlation analysis, regressions i.e. ordinary least square (OLS) are conducted with F and t statistics.Results of this study reveal that Dow Jones maturity base confirmed that four models explain 70% to 80 % of variation such as DJ M3T sukuk return is 80%, DJ M5T sukuk return is 78%, DJ M7T sukuk return is 75% and DJ M10T sukuk return is 75%.There is relationship between market risk ,credit risk ,operational risk , liquidity risk and Sukuk returns. These results revealed that objectives set in this research study proved the relationship between total return and different type of risks. This research has implications for the managerial and policy making level. Since sukuk markets are becoming famous globally developed countries try to adopt Islamic sukuk for prevailing financial crisis

Keywords: Market, Maturity, Performance, Return, Risk

A Comparative Study on Performance Evaluation of Pakistani Mutual Funds (Published)

This paper evaluate and compare the performance of different categories of Pakistani mutual funds, during seven year from 2004 to 2011.Mutual funds’ performance were analyzed using various evaluation techniques; Sharpe, Treyno, Jensen’s alpha, Sortino, Information/Appraisal ratio, Fama overall performance and performance attribution analysis. The findings suggest that performance of the mutual funds measured with first five methods, does not satisfy investors’ expectations based on the risk and return, mutual funds significantly under-perform the market. Those mutual funds analyzed with the last two methods, are not offering complete diversification thus managers fell short of matching expectations consistent with the actual risk level of portfolio, they have also not made active decision involving both in allocation of assets and in selection of individual security. This study facilitates the managers and investors in taking effective investment decisions by measuring the performance of funds they can allocate resources more efficiently in future.

Keywords: Investor, Mutual funds, Pakistan, Performance, Return, Risk