We analyze the implications of short-selling and margin purchase constraints for management compensation and portfolio optimization under moral hazard. First, looking at the manager’s problem, we show that her active portfolio (that is, net of the benchmark) will not be independent of the benchmark design. We solve analytically for the benchmark composition that maximizes e¤ort expenditure. Ana...

Current methods used for stochastic projection of the finances of the combined Old-Age and Survivors Insurance and Disability Insurance (OASDI) trust fund are described and found to have problems. Structural time series models and alternative Monte Carlo procedures are identified as new methods that may be able to solve these problems. The new methods are implemented using the productivity grow...

in spite of different ideas of islamic jurists, in iranian law, in article 184 of civil law, the suspended contract has been accepted and only exceptionally, this contract is null. in the french law and some of the islamic countries, there are two kinds or suspensions: suspension of formation of contract and suspension of dissolution of contract. in the civil law of these countries, the event t...

Takaful also known as Islamic insurance industry has been growing rapidly across the globe. The unique organizational structures of takaful operators, their products’ and participants’ rights have increased demand for transparency put additional pressure to voluntarily disclosed more information. This study focuses on disclosure information from user’s perspective. A checklist was developed rep...

the study of rights of obligee in any commercial contract, particularly contract of sale, is very important for the theoretical and practical reasons, in case that the other party performs part of contract only and is not able or ready to perform the other part; because, on the one hand, the obligor wants to know whether he entitles to expect from the obligee to accept the executed part of cont...