13. Ar-Ra’d/The Thunder
I/We begin by the Blessed Name of Allah
The Immensely Merciful to all, The Infinitely Compassionate to everyone.
13:01
Alif. Lam. Mim. Ra’.
These are the Messages of the Divine Book – The Qur’an.
What is revealed on to you – O The Prophet - from your Rabb - The Lord is the truth.
Yet most people do not believe it to be so.
13:02
It is Allah WHO raised up the celestial realm without any visible support as you can see.
Then, HE established HIMSELF upon the Throne of Almightiness.
And made the sun and the moon subservient to HIS laws, each running its predetermined course until the Last Hour.
Thus, HE directs all matters, distinctly explaining every sign of HIS Almightiness so that you may be convinced of the meeting with your Rabb - The Lord.
13:03
And it is HE WHO spread out the earth, and placed firm mountains upon it, and running
rivers,
and made two of a pair of every fruit/plant-vegetation,
and HE covers up the daytime with the nighttime.
Indeed, these are the wonders of HIS Unique Creative Power for a people who reflect.
13:04
And on the earth, there are tracts of land adjoining one another, and yet different from one another, and
vineyards, and
sown fields, and
date-palms,
growing in clusters from a shared root or not of a shared root,
yet they are all irrigated by the same one water stream.
And yet WE favor some of its fruit in flavor and taste over others.
Surely in that are wonders of HIS Unique Creative Power for a people of understanding.
13:05
And if you...
The learning process in the Palu State Islamic Education Madrasah has run as it should, although in terms of strategies, methods, and learning media used varies according to the conditions, both the material and the condition of the students, and the ability of the teacher itself is different from one another. Blended learning based learning at the Palu Model State Islamic Education Madrasah is considered effective and efficient because teachers are not preoccupied with making material designs, simply accessing the internet is needed including practice in the form of videos so that it will facilitate teachers, both in terms of time, effort and cost. The challenge of blended learning is that teachers are required to be more creative and able to use internet networks. While the opportunity is the Madrasah Tsanawiyah Negeri Model Palu already equipped with network facilities and infrastructure that can support blended learning.
The basic purpose of this research is to investigate herding behavior, the role of culture, the effect of macroeconomic shocks on herding behavior, and the existence of contagion of herding due to the crisis and extreme shocks in the market. This study investigates the herding behavior towards market consensus in a set of Developed, Emerging and Frontier Markets of Asia, Asia Pacific and Europe. For the identification of herding behavior towards market consensus this study employs return dispersion models and the state space model. The time variation in herding behavior is identified by estimating return dispersion model through Kalman filter estimation. One of the main objective of this research is to determine the role of culture in driving herding behavior. This study employs Hofstede’s six cultural dimensions of culture and introduces them as an explanatory variable in the return dispersion model. This study utilizes ARIMA residuals of macroeconomic variables and introduce them in state space model to figure out the effect of unexpected shocks of this variable on investor herding behavior. This study focuses on behavioral link namely contagion of herding (pure contagion) in a given set of market and determines the cross country linkages of each market with a global leader (US) through extreme shocks in macroeconomic components or crisis. For the said purpose conditional correlation between herding measures is generated through diagonal VECH bivariate GARCH (1,1) model. The major findings of the study report significant effect of herding behavior in the majority of the markets. state space model measure provide better results for all measure. Culture play a significant role in the determination of herding behavior. The presence of cultural dimensions changes the magnitude of the herding behavior in sample countries. The herding behavior of investor is affected by some macroeconomic shocks hitting the specific market. But macroeconomic shocks do not seem to play a major role in defining herding behavior in most of the markets. Majority of the markets exhibit a strong correlation with US market which is seen as turning vii points of herding measure during a global financial crisis of 2007-2009. This correlation also increased due to some specific macroeconomic shocks. This study provides a complete analytical framework in developed emerging and frontier markets of Asia, Asia Pacific and Europe, where economic, cultural, behavioral and external factors are simultaneously integrated to provide a better explanation of herding behavior. Therefore, in its unique design, this research is an attempt towards bridging a gap between, cultural finance, behavioral finance, and standard finance. Keywords: Herding Behavior, Cultural Dimensions, Macroeconomic Shocks, Financial Crisis, Contagion of Herding.