The purpose of this research paper is to examine social Islamic mutual funds’ financial performance. Since Islamic mutual funds have only been around for the past two decades, most of the research on this topic is fairly new. In this study we apply the single factor model of Schwert and Seguin...

This study analyzes equity risk premium, that is the incremental return over and above the return on risk free securities for assuming the risk. Using GARCH estimate reveals strong positive correlation between growth rate of GDP and that of the equity risk premium. An increase in future economic...

This paper examines the long run relationship between the monetary base and other monetary aggregates with the permanent income and inflation rates predicated on the assumption that the velocity turn over of money is stable over time. Both the cusum square test and unit root test tend to confirm...

Official intervention in the foreign exchange rate market can prevent the exchange rate from behaving as a random walk. Since central banks have routinely intervened in the foreign exchange market, empirical tests should reject the random walk hypothesis. A number of alternative statistical...

This paper investigates the determinants of capital structure for 515 U.S. based multinational and domestic corporations for the 1973-1992 period. Key determinants include variables capturing the unlevered effective corporate tax rate, the intensity of use of non-debt tax shelters, and the...

In this paper we demonstrate that a Walrasian, competitive general equilibrium is consistent with some agents as a group dying off faster than the rest and having a worse quality of life. This may also be seen as an application of neoclassical labor economics to the problem of race relations in...

Based on the rational that some industry groups are more closely linked to the business cycle than others, we re-examined a previous analysis on the long-term relationship between stock return dispersion by industry and Gross Domestic Product (GDP), which evaluated data until 1987 by extending...