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The Welfare Consequences of ATM Surcharges

Evidence from a Structural Entry Model

We estimate a structural model of the market for automatic teller machines (ATMs) in order to evaluate the implications of regulating ATM surcharges on ATM entry and consumer and producer surplus. We estimate the model using data on firm and consumer locations, and identify the parameters of the model by exploiting a source of local quasi-experimental variation, that the state of Iowa banned ATM surcharges during our sample period while the state of Minnesota did not. We develop new econometric methods that allow us to estimate the parameters of equilibrium models without computing equilibria. Monte Carlo evidence shows that the estimator performs well. We find that a ban on ATM surcharges reduces ATM entry by about 12 percent, increases consumer welfare by about 10 percent and lowers producer profits by about 10 percent. Total welfare remains about the same under regimes that permit or prohibit ATM surcharges and is about 17 percent lower than the surplus maximizing level. This paper can help shed light on the theoretically ambiguous implications of free entry on consumer and producer welfare for differentiated products industries in general and ATMs in particular.

We estimate a structural model of the market for automatic teller machines (ATMs) in order to evaluate the implications of regulating ATM surcharges on ATM entry and consumer and producer surplus.

Analisis Perbandingan Risiko dan Tingkat Pengembalian Reksadana Syariah dan Reksadana Konvensional (Comparison of Risk and Level of Returns of Conventional Sharia and Consequences).

Indonesian Abstract: Penelitian ini bertujuan untuk mengetahui perhitungan risiko dan tingkat pengembalian PNM Amanah Syariah dan PNM Dana Sejahtera II dan untuk memberikan bukti empiris bahwa ada antara kinerja reksa dana syariah dan indeks syariah (indeks JII), antara kinerja reksa dana konvensional dan indeks konvensional indeks LQ45), dan juga antara kinerja reksa dana syariah dan reksa dana konvensional. Ini menggunakan metode deskriptif dengan studi banding dan menggunakan analisis statistik seperti independent sample t-test, paired sample t-test, dan analisis regresi sederhana untuk menguji hipotesis. Data dalam bentuk nilai aset bersih per unit partisipasi (NAV / unit), Indeks Harga Saham Gabungan (IHSG), Indeks Islam Jakarta (JII), Indeks LQ45 harian, suku bunga Sertifikat Bank Indonesia (SBI), dan Sertifikat Wadiah Bank Indonesia (SWBI) atau Sertifikat Bank Indonesia syariah (SBIS). Hasil hipotesis pertama menunjukkan bahwa dari tahun 2008 hingga 2010 rata-rata pengembalian reksa dana syariah dan indeks syariah JII identik atau serupa, tetapi rata-rata risiko variabel-variabel tersebut adalah sebaliknya. Hipotesis kedua menghasilkan bahwa dari tahun 2008 hingga 2010, pengembalian rata-rata reksa dana konvensional dan indeks LQ45 konvensional identik atau serupa, tetapi risiko rata-rata reksa dana konvensional dan indeks LQ45 konvensional adalah sebaliknya. Sementara hasil hipotesis ketiga dari 2008 hingga 2010 rata-rata pengembalian dan risiko reksa dana syariah dan reksa dana konvensional identik atau serupa kecuali pada tahun 2010, rata-rata risiko variabel tidak identik atau serupa. Berdasarkan angka indeks Sharpe, indeks Treynor, dan Indeks Jensen, hipotesis ketiga menunjukkan bahwa kinerja reksa dana syariah lebih baik daripada kinerja reksa dana konvensional. Kemudian, melalui model Jensen hipotesis ini juga menghasilkan kinerja reksa dana syariah lebih baik daripada kinerja pasar dan reksa dana konvensional sehingga dapat disimpulkan semakin tinggi kelebihan pengembalian pasar, semakin tinggi kelebihan pengembalian reksa dana portofolio dan sebaliknya, dengan mengasumsikan variabel lainnya konstan.

Indonesian Abstract: Penelitian ini bertujuan untuk mengetahui perhitungan risiko dan tingkat pengembalian PNM Amanah Syariah dan PNM Dana Sejahtera II dan untuk memberikan bukti empiris bahwa ada antara kinerja reksa dana syariah dan ...

Consequences

Science, Philosophy & the Christian-Islam Ideological Crisis

Decades of research by the authors provides their insights on a wide spectrum of Words of Wisdom, from seventy-five scholars: scientists, philosophers, and theologians. They guide readers through a maze of newly discovered scientific facts, philosophical ideas and theories that led civilization to where we are today. In every heart, there are questions that transcend all differences of culture, nationality, race or religion: Who am I? Where do I come from, and where am I going? Why is there evil in the world? What will there be after this life? With the stakes of our choices in life so high, it would be prudent to make every effort to choose correctly, especially your Worldview. That takes truth and knowledge from many sources, which fortunately today is more readily available. In this dialogue on the key issues that have divided Science and Faith, such as the Creation of the Universe, the Origin of Life and Mankind, Free Will, Consciousness, and Islam vs. Christianity, these writers conclude that Science, Philosophy and the Bible are not only compatible, they are mutually supporting. There is an Ideological War raging between fanatical Islamic and Christian thinking. Muslims will represent one-third of the worlds population by 2050. We had better find a solution to this serious ideological divide. The literalist reading of the Koran and Christian reading of the Bible misconstrues the true meaning of these holy texts. An open dialogue and debate between leading Islamic and Christian scholars might be the best approach to create a reformist movement (like the Reformation in the 16th century) with the next generation of young Muslims. Whatever you do (or dont do) in life, has Eternal Consequences!

We had better find a solution to this serious ideological divide. The literalist reading of the Koran and Christian reading of the Bible misconstrues the true meaning of these holy texts.

An Exploration of the Consequences of Two Alternatives on Women's Needs for Higher Education in Saudi Arabia

A Women's Independent University and a Women's Open University

The Qur ' an , which is the first source of Islamic jurisprudence , contains no verse
that deprives or denies women the right to be educated . The word Qur ' an itself
is derived from the word ' reading and the first verse of the Qur ' an is a call to ...

Deradicalizing and Disengaging the Children of the Islamic State - ISIS Radicalization Belgian Case Study, Physical and Psychological Consequences of Child Association With Terrorists Groups

Thousands of ISIS fighters and supporters, over 4,000 children being among them, were displaced after the Islamic State's proclaimed caliphate collapsed in 2019. While some countries have been either ambivalent or completely against repatriating ISIS children, other countries have planned to accept them back. This leads to several questions: are current deradicalization and disengagement programs applicable to the children of ISIS? Would these programs help to reintegrate children back into society? Are different approaches needed? To better answer these questions, the research in this thesis extracts key themes present in current deradicalization and disengagement programs and compares those themes with the factors motivating children to join terrorist organizations. Through qualitative analysis, this thesis finds that current programs are largely prison-based and place heavy emphasis on addressing radical ideologies and providing social aid. Unfortunately, these programs are not suited for child reintegration and are unprepared to handle the unique cognitive and social aspects of adolescents. Therefore, this thesis recommends that current deradicalization and disengagement programs replace strategies that address ideology and provide untailored social aid with programs that address positive peer contacts, foster constructive social networking, and provide psychological counseling and guidance, so that the children of ISIS can be successfully reintegrated back into society.This compilation includes a reproduction of the 2019 Worldwide Threat Assessment of the U.S. Intelligence Community.I. Introduction * A. Importance * B. Clarifying Terminology * C. Findings * D. Thesis Overview * II. Factors That Propel Children Into Radicalization * A. Structural, Social, and Individual Factors * 1. Structural * 2. Social * 3. Individual * B. Radicalizing Children Into ISIS: A Belgian Case Study * C. The Consequences of Child Association With Terrorists Groups * 1. Physical * 2. Psychological * D. Conclusion * III. An Analysis on Deradicalization and Disengagement Programs and Their Effectiveness * A. Key Elements of Deradicalization and Disengagement Programs * 1. Ideology * 2. Social Aid * B. Measuring the Effectiveness of Deradicalization and Disengagement Programs and Strategies * C. Conclusion * IV. Deradicalization and Disengagement Programs Applied to Children * A. Can Current Programs Help Children? * 1. Aspects of Deradicalization and Disengagement Programs Applicable to Children. * 2. Aspects of Deradicalization and Disengagement Programs Inapplicable to Children * 3. How to Improve Deradicalization and Disengagement Programs for Children * B. Additional Areas Of Concern * C. Conclusion The Islamic State of Iraq and Syria (ISIS), also known as the Islamic State (IS) or by the Arabic acronym Daesh, grabbed the attention of the world through its rapid expansion and gruesome, violent extremism. This group was able to seize and control territory inside Syria and Iraq the size of Britain that contained a population of eight million people. Thousands of Muslims from around the world flocked to ISIS when it claimed to have established the caliphate under its leader and self-proclaimed caliph Abu Bakr al-Baghdadi. During the height of its three-year rule starting in 2014, large swaths of followers including thousands of foreign citizens as well as children and adolescents traveled to Iraq and Syria in order to join ISIS and its attempt to rebuild the caliphate. Now that ISIS has experienced a loss of territory at the hands of an aerial campaign headed by the United States, foreign fighters are attempting to return to their host countries.

Therefore, this thesis recommends that current deradicalization and disengagement programs replace strategies that address ideology and provide untailored social aid with programs that address positive peer contacts, foster constructive ...

The Consequences of Social Movements

A new study of the personal, political, and institutional impacts of social movements.

A new study of the personal, political, and institutional impacts of social movements.