The objective of the present study is to find the determinants of equity market development with a panel data of Developed, Emerging and Frontier Equity Markets. The determinants of equity market include both the quantitative and qualitative factors, whereas the former represents the macroeconomic variables, and the later embodies the governance variables. The study incorporates the panel data set of world stock markets of 70 countries, which are classified by international group of Financial Times Stock Exchanges (FTSE) in three main regions of the world as Developed (25), Emerging (21) and Frontier (24) Equity Markets and period of the study is 20 years starting from 1996 to 2015. Given the panel nature of the data, the econometric methodologies of dynamic Generalized Methods of Moments (GMM) has been incorporated to find the significant relationships on subject matter Moreover, the study has incorporated multifaceted statistical methodologies in all three regions of the world stock markets. Despite having different dynamics and resources, there are few similarities but there are some of the stark differences, which lead them to identify their uniqueness. The study finds that effects of economic and governance factors on stock market development are peculiar in nature and quite unique as per the dynamics of that particular region. For instance, the study finds that economic and governance factors are more influential in developed region as compared to emerging and frontier regions which is mainly due to strong institutional quality in the developed countries. The study has formed a composite index of Economic and Governance factors through Principal Component Analysis by using factors for each region of the world equity markets. Afterwards, cross-index of Economic and Governance Factors is formed for exploring the joint effects of these variables. The study reveals that there is strong correlation in these composite indices in the developed region, where as there is no clear pattern in the developing countries. Moreover, there is quite dispersion in the composite data of the developing countries. So, there is no direct correlation in the composite factors of economic and governance in the developing countries. The studies on exploring the direct effects are quite in abundance but the literature on indirect and cross effects of governance and economic factors on the development of stock market are quite scarce. The present study explores the comprehensive direct and indirect effects of governance factors as well as vice versa effects on the development of economy and equity market in all regions of the world equity markets. After the estimation, the study finds that effects of economic and governance factors on stock market development are not only unidirectional, but also bidirectional as well. Particularly, the emerging markets have dual effects on economic and governance factors. The indirect effects of governance through economic factors are significant in developed region and cross effects of governance and economic factors are significant in emerging markets. The vice versa effects of stock market development and economic growth suggests that economic growth is also affected by the development of stock market and governance factors particularly in frontier markets. The reverse impacts of stock market development on the economic growth are quite captivating in which development of stock market also affects the growth of economy in all three regions of the world. In the end, the study recommends that determinants of equity market may not solely based on economic factors rather the significance of governance factors may be taken into account while taking the complete picture of the subject. This study will append the knowledge of prevailing institutional works on equity markets and economy as well. Moreover, the formation of composite indices for governance and economic factors for all the regions of developed, emerging and frontier markets may append the existing knowledge database of financial markets.
This research article is a comparative study of arguments on Istishab from Ahli-eSunnah and Ahli-e-Tashyyo School of thoughts. Istishab means presumption of continuity. The word "Istishab" also means the continuance of companionship. Technically it means the presumption of constant of an earlier rule or it continued absence. In this sense it means the maintenance of status with respect to the rule. The previous rule is accepted. Unless a new rule is found that goes against. It is an easy reference one may refer to "Istishab-ul-hal" as the "accompanying rule". But the fact is that, Istishab-ul-hal is not a source for establishing new rules, but it is merely a set of presumptions. Istishab has vital importance in Islamic jurisprudence. But the authenticity and Significance of "Istishab" only can prove through arguments therefore decided to arrange a unique and comparative study of ‘Istihab” form Ahil sunnat and Ahil tashyy School of thoughts. So we can prove the rule of Istishab as an authentic and acceptable rule for all Muslim.
Designing a suitable photocatalyst which solve both the issues (energy and environment) always remains a challenge. Energy savings and greenhouse-effect mitigation are embryonic due to the limited fossil fuel resources and increasingly stringent requirement for the environmental protection from major greenhouse gases, including carbon dioxide (CO2), The development of an “artificial photosynthetic system” (APS) having both the analogous important structural elements and reaction features of photosynthesis to achieve solar-driven water splitting and CO2 reduction is highly challenging. Here, the visible-light (≥ 420 nm) photoconversion of CO2methane (CH4) and methanol (CH3OH) over CeO2 nanoparticles, Bi2S3 and CdV2O6 nanorods, hollow and mesoporous CdS microspheres, and their nanocomposites (Bi2S3/CeO2 nanocomposites, CdS/CeO2 core shell nanocomposites and CdS- CdV2O6 common cation heterostructure) is reported. Methane and Methanol can further be used as the fuel. It has been demonstrated that owing to the sufficiently negative conduction band (CB) potential of Chalcogenides (Bi2S3 ~ −0.58 V and CdS ~ -0.80V against standard hydrogen electrode (SHE)), Bi2S3 and CdS based photocatalysts can be utilized as efficient APS for the photoreduction of CO2 into CH4 and CH3OH under visible-light irradiation. The as-synthesized photocatalysts have further been characterized through different techniques. The phase, crystal structure, morphology, composition, optical/photoluminescence property and alignment of energy levels of the as-synthesized Chalcogenide based photocatalysts have been thoroughly studied by different techniques, such as powder X-ray diffraction (XRD), scanning electron microscopy (SEM), transmission electron microscopy (TEM), energy dispersive X-ray spectroscopy (EDX), high resolution transmission electron microscopy (HRTEM), X-ray photoelectron spectroscopy (XPS), nitrogen adsorption-desorption BET, ultraviolet-visible-near infrared diffuse reflectance spectroscopy (UV-Vis-NIR) and Photoluminescence (PL) spectroscopy. The efficiency of the synthesized photocatalysts has been analysed by their application for the reduction of CO2 under visible light in the presence of H2O. Combination of visible light active Bi2S3 and CdS with different metal oxide semiconductors (i.e., CeO2 and CdV2O6) owing to the formation of interface between p-type Chalcogenides and n-type oxides, visibly increases the production of solar fuelsby efficiently promoting the electron transfer from the CB of Chalcogenides (Bi2S3 and CdS) to that of metal oxides (CeO2 and CdV2O6) under visible-light irradiation. As a class of advanced composite material, core/shell structures exhibit unique chemical composition and electro chemical properties. These properties are quite promising not only fundamental but also from the technological point of view as well and improve the interfacial charge transfer process. The high yield of solar fuel (CH4 and CH3OH) is observed in case of CdS/CeO2 coreshell due to formation of close contact in coreshell like morphology.Such composite have hollow structured microspheres coreof CdS with mesoporouschannels that can facilitate efficient adsorption and activation of CO2 for successive photoconversion into CH4 and CH3OH. In addition, the CdS-CdV2O6 hybrid microstructures synthesised by limited chemical conversion rout, CdS acts more like a sensitizer as in dye-sensitized solar cells, and remarkably improves the rate of CH4 production, which is ascribed to the modification of CdS over the CdV2O6 superstructure. Better photocatalytic activity of flower like CdS-CdV2O6 common cationheterostructure than that of single photocatalyst nanocrystals, and other composites isalso attributed to suitable band alignment and common ion which suppresses the electron-hole recombination Moreover, Stability of photocatalyst is also very important along with the photocatalytic efficiency for practical application. The XRD and SEM are recorded after photoreduction and photocatalyst applied for several runs to check the stability of photocatalyst. As synthesized composites show better stability than that of single Chalcogenides. Based on the evidences from the above experiments, chalcogenide/metal oxide composites seem to be promising for the visible-light induced photocatalytic conversion of CO2 into solar fuels.