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Derivatives and Islamic Finance
2012Abstract This chapter studies how conventional derivatives—especially futures, options, and swaps—have been or may be based on bay’ salam, bay’ ʻurbun, and other traditional Islamic transaction structures. Bridging the gap between traditional Islamic transaction structures and conventional derivatives continues to be among the most ...
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Atomic sublattices and basic derivatives in finance
Positivity, 2019Suppose that E is a vector lattice where the ordering and the lattice operations in E are defined pointwise by a countable family $${\mathcal {F}}=\{f_i|i\in {{\mathbf {N}}}\}$$ of positive linear functional of E and Z is a sublattice of E. Based on algebraic and order properties of E we give necessary and sufficient conditions in order Z to be ...
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Risk management and derivatives in Islamic finance
2014From a single product offering in 1963, the Islamic financial services industry has grown to an estimated $1.6 trillion in assets. Products must comply with profit and risk-sharing criteria and regulations preventing banks from venturing into activities with high risk and excessive uncertainty.
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Embedded Financing: The Unsung Virtue of Derivatives
The Journal of Derivatives, 2013In theoretical derivatives pricing models, such as those for equity options, the interest rate is often simply specified as r, a fixed constant rate on a “bond” with no default risk. Rates must be treated as stochastically time varying for interest rate derivatives, but still, little attention is paid to the “financing rate.” Tuckman points out that ...
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FINANCE AND PROBABILITY: OPTIONS AND DERIVATIVES
2005Options are extraordinarily important because they capture the difference between obligation and freedom. Financial economists only recently developed the ability to quantify the effect of some options. This new ability to quantify options obviously has enormous value for legal analysis, because law focuses on obligations and freedoms.
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Derivatives, Money, Finance and Imperialism: A Response to Bryan and Rafferty
Historical Materialism, 2013Abstract This paper contributes to the debate on the role of financial derivatives for capitalism. It responds to Bryan and Rafferty’s defence of their analysis and their critique of my own. The paper argues that their analysis confuses what a financial derivative does, and mixes together different kinds of derivative – and non-derivative – that play ...
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Casino Capitalism with Derivatives: Fragility and Instability in Contemporary Finance
Review of Radical Political Economics, 2010This is a theoretical article exploring the relationship between financial fragility, derivative trading, and financial crisis. It synthesizes the work of Hyman Minsky (1977, 1985), Jan Toporowski (2001), and Dick Bryan and Michael Rafferty (2006). The decade immediately after 1971 is presented as a key period with key events that shaped a Wall Street
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Caching, Money, Magic, Derivatives, Mana and Modern Finance
SSRN Electronic Journal, 2008This paper investigates the nature of investment devices in cross-cultural comparison, placing special attention on the new global issues of hedge fund contracts and side letters, derivatives and other risk spreading concepts and practices. The function of these are compared to the behavior of the inventors and practitioners in other cultures ...
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The Use of Derivatives to Hedge Market Risk in Corporate Financing
SSRN Electronic Journal, 2018In this tutorial article, the strategies available to hedge market risks arising from different financing instruments are explained. Financial derivatives, whether futures or options have been widely applied in companies to mitigate or eliminate potential losses due to the uncertainty in interest or foreign exchange currency rates.
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