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The Role of Credit Rating Agencies in the European Financial Markets

Thesis Info

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Author

Riaz, Yasir

Program

PhD

Institute

Lahore University of Management Sciences

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Bussiness & Management

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/12496/1/Yasir%20Riaz%20management%202019%20lums%20lhr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725127130

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This thesis investigates the role of Credit Rating Agencies (CRAs) in European financial markets. Traditional activities of CRAs include information supply, certification, and monitoring services for corporations and rating sovereign debt. Any change in the opinion of CRAs on the sovereign debt has strong implications on the financial markets and the real economy. This thesis contributes to literature by investigating: (i) the effect of sovereign rating and outlook changes on the shape of the sovereign yield curve; (ii) the impact of sovereign rating and outlook changes on stock markets at different levels of business cycle; (iii) the effect of financial liberalization on the growth in sovereign ratings; and (iv) the impact of sovereign rating and outlook instability on the access to credit by firms. In order to properly investigate these research questions, we employ a variety of pertinent statistical and econometric tools as required in every chapter. These techniques include but are not limited to state space modelling, vector autoregressions, maximum likelihood estimations, Kalman filter approach, generalized method of moments, and limited dependent variable methods. Findings of this thesis reveal, inter alia, that sovereign rating and outlook announcements play an important “confirmation role” in the financial markets; however, the extent of the effect depends on the announcement type, CRA specificity, kind of market and country characteristics. Specifically, the second chapter shows a significant effect of rating downgrades and an insignificant effect of rating upgrades on the sovereign yield curve; however, we observe mixed results for the effect of changes in outlook status of a sovereign country. The third chapter identifies that stock markets react more negatively to rating downgrades in recovery phases and more positively to rating upgrades in the contractionary period. However, we do not find any evidence of a pro-cyclical effect of sovereign rating and outlook change on stock returns. The fourth chapter indicates a positive impact of financial liberalization on sovereign ratings, and we show that we cannot reject the hypothesis that financial stability is independent of financial liberalization. Moreover, we show in this chapter that sovereign ratings tend to be stable and persistent, otherwise. The fifth chapter suggests a significant negative effect of sovereign rating and outlook instability on the access to credit by firms. The last chapter concludes the thesis with implications of these findings for understanding the role of rating agencies in financial markets, policymaking, designing regulations and for investors and firm owners, both in developing and developed economies.
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71. Nuh/Prophet Noah

71. Nuh/Prophet Noah

I/We begin by the Blessed Name of Allah

The Immensely Merciful to all, The Infinitely Compassionate to everyone.

71:01
a. Truly, WE assigned Noah with a Divine Mission to his people, saying:
b. ‘Warn your people of the consequences of disobedience to the Divine Message before a grievous punishment would actually afflict them!’

71:02
a. Thus he proclaimed:
b. ‘O My People!
c. I have been assigned to you as a Clear Warner and my message is simple to understand and easy to follow.

71:03
a. The message is:
b. ‘Submit in worship and reverence to Allah alone, and
c. fear HIS disobedience and be reverent to HIM,
d. and, thus, follow me’ in guidance.

71:04
a. By so doing, ‘HE will be forgiving some of your past sinful offenses, and grant you respite till an appointed time - the time of death – instead of destroying you immediately.
b. But when Allah’s Appointed Time will come, then it would neither be averted nor delayed, if only you knew.’

71:05
a. So Noah spent hundreds of years conveying the Divine Message but he faced immense opposition, insult, and mockery.
b. Thus he submitted:
c. O ‘My Rabb - The Lord!
d. Truly, I have appealed to my people by night and by day, as I was assigned to do,

71:06
a. but the more I would call, the farther they would run away’ from my advocacy.

71:07
a. And, truly, each time I would call them so that they would accept The Truth and YOU may
thus grant forgiveness to them,

682 Surah 71 * Nuh

...

استحسان کی اصلیت و ماہیت کے بارے میں مستشرقین کی آراء کا تنقیدی جائزہ

Islamic Fiqh is the representative of legal aspect of Islam. It has been originated and established on direct teachings of Qur’an and Sunnah of the Holy Prophet Muhammad (SAW). These two sources are called primary sources of Islamic law. There are some supplementary sources to the primary sources; Istihsan (Juristic Preference) is one of these. Orinetalist’s studied and produced literature on Islamic law. Istihsan has also been discussed by them but they have different opinions about its origin and its role in Islamic law. In this article their opinions are being critically analyzed and the definition, role and types of Istihsan being presented according to Muslim’s viewpoint. This research concluded that the Goldziher, Joseph Schacht, MicDonald, David Pearl, and Benjamin Jokisch explanations about the establishment of Isti╒san are not correct.

Removal of Heavy Metals from Industrial Wastewaters Using Microbial Biosorbents

Industrial effluents contain heavy metals. These are toxic. When released in environment these affect public health. When present in low concentration, conventional treatment technologies have limited capacity to remove them. In addition these are not cost effective. Microbial biosorbents may be used as an economical option. The objective of this research work was to study the potential of various biosorbents for the removal of heavy metals. The biomass of three bacterial strain of Bacillus sp. and three yeast strain of Candida sp was produced in laboratory. The biomass of each strain was then immobilized separately using calcium alginate. This process resulted in beads which were dried at 70 oC. This improved their mechanical properties. Three biosorbents were prepared from Bacillus sp. i.e. (1) immobilized Bacillus circulans beads (IBCB), (2) immobilzed Bacillus licheniformis beads (IBLB) and (3) immobilized Bacillus subtilis beads (IBSB). From Candida sp., the three biosorbent prepared were (1) immobilized Candida lypolytica beads (ICLB) (2) immobilized Candida tropical beads (ICTB) and (3) immobilized Candida utilus beads (ICUB). Removal of cadmium, lead, nickel and zinc ions was studied for batch and continuous flow process. The interaction between the biosorbent and metal ions was confirmed using FTIR and SEM analysis. FTIR analysis showed that the functional groups like hydroxyl, carboxyl, amines, amides and alcohol were mainly involved in the binding of metal ions on the biosorbent. The SEM micrographs revealed changes in the surface morphology of the biosorbents. After the biosorption of heavy metal ions cavities and fissions appeared showing adsorption of heavy metals ions. Cadmium biosorption process was investigated using the ICTB, ICUB, IBLB and IBSB. The optimum value of pH for the ICTB and ICUB was 5.17 whereas for IBLB and IBSB ranged from 5.18 to 5.92. Among these four biosorbents the IBSB showed the better performance for the removal of cadmium ions with maximum biosorption capacity of 225.56 mg g-1 at 25 oC, optimum pH and equilibrium time of 3 h. The significance of different parameters for the biosorption process of cadmium ions was analyzed using ANOVA (analysis of variance). It was found out that initial concentration of metal ions was most important parameter affecting biosorption ~ ii ~ Lead biosorption process was investigated using the ICTB, ICUB and IBSB. Batch studies showed that the optimum value of the pH for ICTB and ICUB was 4.85 whereas for IBSB it ranged from 4.85 to 5.78. Among the three biosorbents tested IBSB showed the highest efficiency with maximum biosorption capacity of 663.41 mg g-1 at 25 o C, optimum pH and equilibrium time of 2 h. Batch studies for nickel ions showed that the optimum pH value for the ICLB, ICTB and ICUB was 6.62 whereas for the IBCB, IBLB and IBLB was 6.04. Among these six biosorbents ICTB showed the best performance with maximum biosorption capacity of 160.49 mg g-1 at 25 oC, optimum pH and equilibrium time of 3 h. Zinc biosorption process was investigated using the ICLB, ICTB, ICUB and IBSB. The optimum value of the pH for ICLB, ICTB and ICUB was 5.17 and for IBSB was 6.35. Batch studies showed that among the four biosorbents ICUB showed best performance with biosorption capacity of 149.70 mg g-1 at 25 oC, optimum pH value and equilibrium time of 4 h. Removal of cadmium, lead, nickel and zinc, in continuous flow, was studied using three columns with internal diameter of 1.5, 2.4 and 3.0 cm. Depth of each column was varied from 20 to 50 cm. Best biosorbent for each metal, resulting from batch studies, was used for the dynamics studies. The dynamics biosorption data was investigated using the various column models. The uptake capacity for the cadmium ions, in column studies, was 48.93 mg g-1of IBSB. It was achieved in fixed bed with column having internal diameter of 2.4 cm, bed depth 20 cm, influent concentration 30 mg l-1 and flow rate of 20 ml min-1. Under similar operating parameters the uptake capacities for the lead ions was 178.57 mg g-1 of IBSB, for nickel ions was 31.28 mg g-1 of ICTB and for zinc ions was 29.50 mg g-1 of ICUB. The maximum uptake capacity of the biosorbents increased with the increase in the bed depth of the column, decrease in flow rate and decrease in internal column diameter for all the four heavy metal ions. In both the batch and continuous biosorption process the metal ions loaded biosorbents were successfully regenerated using the 0.1 M HCl solution. About 99 percent of the adsorbed metal ions were recovered in concentrated solution form. The regeneration proved successful for five consecutive cycles. This could be a major breakthrough in cyclic/commercial use of these immobilized biosorbents (IBs).