Dila Puspita, Adam Kolkiewicz and Ken Seng Tan
One important study in the portfolio investment is the study of the optimal asset allocations. Markowitz is the pioneer of modern portfolio theory that analyses the performance of…
Abstract
Purpose
One important study in the portfolio investment is the study of the optimal asset allocations. Markowitz is the pioneer of modern portfolio theory that analyses the performance of portfolio based on the mean (reward) and variance (risk). Motivated by the Markowitz's mean variance model, the purpose of this paper is to propose a new portfolio optimization model that takes into consideration both processes of purification and screening, which are key to constructing a Shariah-compliant portfolio. In practice, this paper introduces a stochastic purification variable and a probabilistic screening constraint into a portfolio model.
Design/methodology/approach
First, the authors study the stochastic nature of purification variable and apply it to both investment and dividend purification. Second, recognizing that the importance of on-going screening could adversely affect the portfolio strategy, the authors impose probabilistic constraints to control the risk of compliance change. They evaluate the proposed model by formulating the screening constraints at both asset and portfolio levels, together with three different financial screening divisors that are broadly used by the international Shariah boards. The authors also conduct an extensive empirical study using a sample of Shariah-compliant public companies listed on the Indonesia Stock Exchange.
Findings
Based on the empirical example presented in this paper, the authors found that the purification variable in the proposed model is closer to the practice in the Sharia capital market in terms of the nature of the non-constant data, and this variable reduces the total income of portfolio which has not been captured in the previous literature. The authors also have successfully derived the portfolio screening constraint to mitigate the risk of the asset change to be non-compliant in the future.
Originality/value
Based on the authors’ knowledge, this is the first paper that proposed the stochastic purification and the dynamic of screening processes into the Shariah portfolio model. This paper also examines the impact of non-short-selling, purification and screening policies to the performance of Shariah portfolio.
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Discusses Polish political‐economic developments during the first decade of transformation, aiming to identify the key features likely to shape the business climate in the new…
Abstract
Discusses Polish political‐economic developments during the first decade of transformation, aiming to identify the key features likely to shape the business climate in the new millennium. The paper has three parts: first, critical aspects of the Polish political scene are described and an attempt is made to map out likely futures and downside risks, emphasising business and economic connections; this is followed by a similarly structured economics section where description of recent performance and policy is followed by an outline of likely developments and risks; a third section summarises progress in FDI, privatisation and in shaping Polish capitalism, and again looks ahead to possible futures. The mainstream expectation is of continuing opening up of good business opportunities in a basically stable political environment but any serious downturn in the international economy will inevitably sharpen internal tensions and threaten to blow off course what has been a broadly successful system transformation.
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Gulshan Tajuria, Sue Read and Helena M. Priest
People with intellectual disabilities experiencing loss or bereavement are at risk of developing additional mental health problems, and may struggle to access suitable support…
Abstract
Purpose
People with intellectual disabilities experiencing loss or bereavement are at risk of developing additional mental health problems, and may struggle to access suitable support. The purpose of this paper is to present the adaptations done while using Photovoice as a creative method for bereaved people with intellectual disabilities participating in a research exploring loss and support. This paper will further briefly add information on how the use of Photovoice supported the development of whole research project.
Design/methodology/approach
This paper explores the use of Photovoice as a method of research engagement for bereaved adults with intellectual disabilities. Photovoice enables participants to take and discuss photographs illustrating their loss and support experiences. The paper focusses on a preparatory Photovoice workshop with the research participants, outlining the processes and activities used to maximise involvement, promote learning and achieve shared understanding.
Findings
Preparation was the key to the effectiveness of this workshop and it recommends that appropriate adaptions are useful in Photovoice with adults with intellectual disabilities effectively. The paper outlines principles of good practice for using Photovoice in this research context, which may transfer to other similar research settings. Using Photovoice facilitated later one-to-one interviews with the participants, where their photographs were discussed together.
Originality/value
This paper illustrates the innovative use of Photovoice methodology in research involving bereaved people with intellectual disabilities. Photovoice has not previously been used with this specific population within the bereavement and loss context, so this paper adds to the developing evidence base.