Ibrahim Jamali

The Effectiveness of Technical Trading for Arab Stocks

In this paper, we examine the profitability of technical analysis for a cross section of individual Arab stocks. Our analysis, undertaken from the perspective of an Islamic investor, reveals that technical trading rules do not yield economically or statistically significant returns. While our results uncover some scant statistical evidence of technical trading rule profitability, risk adjusting the returns weakens the evidence in favor of predictability. Furthermore, break-even transaction costs do not exceed estimated transaction costs or bid-ask spreads in the markets examined.

Determinants of diarrhea prevalence in urban slums: a comparative assessment towards enhanced environmental management

This study relies on a comparative assessment of diarrhea occurrence in two urban slums to identify salient factors influencing case prevalence. Primary data were collected from both areas using a structured closed-ended questionnaire coupled with bottled and public water quality sampling and analysis at households reporting diarrhea cases. The water quality analysis showed contamination at the household level due primarily to the location of water storage tanks, as well as in some brands of bottled water due to lack of enforcement of source monitoring. Descriptive statistics and chi-square distribution tests revealed significant difference in diarrhea cases in both study areas which was correlated with the educational level of household head, financial status, type of water storage tank, and corresponding cleaning frequency as well as the adoption of measures to treat water or the use of bottled water.

Monetary Policy Surprises, Positions of Traders, and Changes in Commodity Futures Prices

Using futures data for the period 1990–2008, this paper finds evidence that expansionary monetary policy surprises tend to increase crude and heating oil prices, and contractionary monetary policy shocks increase gold and platinum prices. Our analysis uncovers substantial heterogeneity in the magnitude of this response to positive and negative surprises across different commodities and commodity groups. The results also suggest that the positions of futures traders for the metals and energy commodities strongly respond to monetary policy shocks. The adjustment of the net long positions of hedgers and speculators appears to be a channel through which the monetary policy shocks are propagated to commodity price changes.

Monetary policy uncertainty, positions of traders and changes in commodity futures prices

This paper examines the sensitivity of commodity price changes to monetary policy uncertainty. We find evidence that the response of commodity price changes hinges on the sign of the monetary policy shock, the level of monetary policy uncertainty as well as a recession dummy. Uncertainty associated with negative monetary policy shocks leads to a decrease in commodity prices and excess speculative activity. The results from estimating an asset pricing model suggest that monetary policy uncertainty appears not to be a priced risk factor in the cross‐section of commodity price changes.

The corporate governance and social responsibility nexus in the Lebanese banking industry

The purpose of this paper is to explore the contrasting views of banks and banking authorities in Lebanon regarding the corporate governance (CG) and corporate social responsibility (CSR) nexus.,Using survey responses collected from the managers of five Lebanese banks and banking authorities, the authors conduct a qualitative comparative study of the opinions on CG, CSR and CG–CSR nexus.,The findings of this paper reveal that while a CG culture is well-instituted by the authorities and that some forms of CSR are already practiced by banks, disagreements exist between the Lebanese banks and banking authorities in defining the CG–CSR nexus. While CG is viewed as an all-encompassing concept by the banking authorities, most banks ascribe to the paradigm that CG is component of CSR.,The sample of this paper consists of large banks that have clear CG and CSR agendas. The results, therefore, cannot be generalized for the wider population of Lebanese companies that are characterized by family ownership and non-separation of ownership and control.,This paper informs both managers and policymakers on the differing views of the CSR–CG nexus while also contributing to informing the policy dialogue. Theoretically, this paper sheds light on the CG–CSR nexus in a developing country context.,There is a paucity of research on the CG–CSR nexus in the context of developing countries and for the banking sector in specific. This paper aims to address the gap in the literature by providing an in-depth qualitative examination of the CG, CSR and the CG–CSR nexus in the context of the Lebanese banking sector.