Resource mobilization under the Islamic profit-loss-sharing (PLS) principle has recently been a central theme for extensive discussion in academic and policy circles alike. Although the PLS scheme is widely practiced in many contemporary Muslim countries that are striving to Islamize their...

The purpose of this paper is to show that Metwally's conclusion suffers from misspecification biases. In the next section, I examine these potential biases and discuss possible ways to resolve them. I then outline in Section III an alternative money demand model and report the empirical results...

The main purpose of this paper is to present a theoretical model of an alternative fund-raising scheme for Muslim governments which are restricted by religious regulations against fixed-interest debt financing techniques. The proposed instrument is developed using the principles of a partial...

We examine how firm characteristics, particularly the degree of firm complexity and the firm's need for specialty knowledge, affect the relationship between corporate governance and the risk of bankruptcy. We find that having larger boards reduces the risk of bankruptcy only for complex firms....

This paper empirically explores the short- and long-run effects of fiscal and monetary policies on US stock returns and tests the validity of market efficiency. The results support the presence of a strong long-run (equilibrium) relation binding stock prices with fiscal (but not monetary)...

Despite its intuitive appeal, empirical evidence on the consumption-based CAPM remains unclear at best. Model restrictions are often rejected, parameters are estimated imprecisely, and inferences can be highly sensitive to model specifications and choice of instruments. This paper tests the fit...