Social Studies of Finance

Der Beitrag rekonstruiert das Entstehen einer digitalen Aktenform im 21. Jahrhundert, mit der die eindeutige Nachvollziehbarkeit von Finanztransaktionen und Rechtsakten garantiert werden soll. Hierzu werden Blockchain-basierte Infrastrukturen – Bitcoin, Ethereum und Worldcoin – anhand der sie fundierenden technischen Whitepaper rekonstruiert und kontextualisiert. Gemeinsam ist diesen Infrastrukturen, wie auch dem PDF-Format, eine Produktion von ›Eineindeutigkeit‹, die grundsätzlich immer bearbeitbaren Daten einen fixen Wert zuschreibt. Gegenüber den intransparenten Akten generativer KI im maschinellen Lernen, so die These, bieten Blockchain-Medien die Option einer digitalen Fixierung, mit der alle möglichen sozialen, juristischen und ökonomischen Praktiken registriert und identifiziert werden.

Widespread, precarious credit risk management and technoscientific, algorithmic expertise precipitating and exacerbating repeated crises remain taken-for-granted and virtually unaccountable. Conspicuous in the ratings space, this paper analyses how geometric-based (sovereign) 'debt sustainability analysis' (DSA) increasingly informs algorithmic/automated decision-making (ADM) fixed-income futurity financialization. An in-depth study of primary-source documentation and semi-structured interviews helps problematize the (neoliberal) political economy of creditworthiness (PEC). Deconstruction/reconstruction of credit rating agency (CRA) and investor hybrid 'default risk/uncertainty' DSA techno-managerial modalities reveals synergistic sociotechnical rating methods/modeling digitalization promotes 'business-as-usual'. Advancing business management scholarship through economic sociology, we document suspect geometrics-dominant ADM/AI 'expertocracy'-knowledge-based expert rule-(re)validation of the organizational conditions and broader market affinities embedding data imbalances: crisis-prone PEC. Technoscientific ratings constitute and reproduce an (artificial) 'inertia' and mutual (CRA/investor) mitigation effects buffering against serious contestation and reform. Unpacking S&P, Moody's, and Vanguard platforms, we study scores Passive/Active management facilitation in their operational contexts to better explain their analytical, organizational, and normative CRA correspondence. Financial AI machine learning (ML) reinforces (quant) ratings (reflexive) portfolio performance. Entrenching a tenuous (disinflationary) PEC referential/data infrastructure status quo, consequently, AI-ML amplifies global (corporate) expertocracy and national democracy asymmetries. Necessary for rebalanced alternatives, our scrutiny aids disturb seemingly 'self-systemic', 'self-regulating', digital-driven (neoliberal) capitalist agencement PEC dominance. Otherwise, increasingly, market instability, authoritarian populist backlash, and climate crises jeopardize ratings programmatic.

Nous tenon à exprimer notre gratitude à DIEU tout puissant de nous avoir la donner la foi, la Sante, Le courage, et le temps pour réaliser ce présent Mémoire. Ensuite, nous tenons à adresser nos sincères remerciements à l'Université de Fianarantsoa dont les personnes suivantes :

Financial institutions face significant challenges in managing credit portfolios due to rising market volatility, sector connections, and changing borrower behaviors. Traditional credit risk models often struggle to capture dynamic non-linear relationships, rapidly shifting risk factors, and systemic shocks. This study looks at how machine learning (ML) techniques can improve credit portfolio optimization by balancing risk, return, and default correlation in volatile market conditions. The research combines ML models with financial theory, regulatory standards, and ESG (Environmental, Social, and Governance) factors. By using predictive algorithms, dependency modeling, and reinforcement learning, the study creates a framework for predicting credit risk, assessing correlation, and rebalancing portfolios dynamically. The findings show that MLdriven strategies enhance risk-adjusted returns, improve resilience during stressful situations, and increase transparency and fairness in decision-making. This study adds to academic literature by connecting financial theory and AI applications and offering practical advice for risk managers, regulators, and financial institutions.

Keywords: economic anthropology, Feminist Marxism, the household, microfinance, debt, sexuality

Feminist anthropology has radically re-worked the central terms and frameworks for how anthropology approaches the study of capitalism. Building outward from an ethnographic study of feminized microcredit loans, the argument of this chapter is that standard economic anthropology approaches to capitalism require radical reframing. This reframing calls attention to the persistent exclusions and erasures of gendered activities, spaces, roles, wealth, and work. Retheorizing capitalism from a gendered vantage point is part of a wider feminist project aimed at revealing the workings of power and domination. To do this, the chapter explores two thematic areas in the anthropology of capitalism: Firstly, economic units such as the household, the firm, or the national economy, and secondly economic subjects such as the entrepreneur, the worker, or the consumer. Throughout, the chapter calls attention to fieldwork epistemologies in economic anthropology. I suggest that we should re-centre attention on complex and contingent ways sex powerfully shapes financial markets, and take seriously the erotic dimensions of credit on their own terms.

This study aims to assess the social reporting practices of Saudi Islamic Banks (IBs) over a 15-year period. It seeks to evaluate the effectiveness with which Saudi IBs meet their social reporting expectations, including Sharıah disclosure requirements. A longitudinal content analysis method was utilized, underpinned by a specifically developed research instrument that is culturally relevant and reflects the unique characteristics of Islamic banking. This approach allows tracking of changes over an extended period and captures the dynamic nature of disclosure practices influenced by both internal ethical mandates and external regulatory pressures. The findings reveal a moderate disclosure rate of 51.11% across Saudi IBs, with notable deficiencies in crucial areas such as Sharıah governance and Al-Qard Al-Hasan. The study identifies a particularly low average disclosure rate of 36% for Sharıah governance, indicating a significant gap between IBs’ claims of Sharıah adherence and their actual reporting practices. This moderate level of transparency suggests that many areas critical to Islamic principles are not being fully disclosed. This research contributes to the literature by providing a comprehensive longitudinal analysis, which is rare in the field of Islamic banking. It addresses significant gaps within the Saudi context, a pivotal region for Islamic finance, offering new insights into the compliance with Sharıah standards over time. The study’s methodology and focus on cultural relevance in the development of the research instrument add a novel dimension to the exploration of Islamic banking practices

La critique de John L. Austin contre le représentationnalisme en philosophie de la perception l’a mené à soutenir que les sens sont « muets », c’est-à-dire qu’ils ne nous fournissent aucun contenu conceptuel. Cette thèse a été reprise par Charles Travis et Jocelyn Benoist, qui y voient tous les deux une raison d’abandonner toute conception normative de la perception. Si la thèse du mutisme des sens prescrit en effet un rejet du caractère conceptuel de la perception, le présent article s’efforce toutefois de montrer que la tendance à en déduire que la perception exclut toute norme relève en fait d’une radicalisation de la thèse originale d’Austin.

The aim of the research is to highlight the inimitability of the Qurʿān through the use of the word Bayt, over a long period, to designate what has become known as Kaʿaba. Initially, the building had a rectangular shape, with a semi-circular shape on the north side, since Ibrāhīm had rebuilt it with the help of his son Ismāʿīl. The cubic shape dates back to five years before the advent of Islam when Quraysh had rebuilt it after it was partly destroyed by a torrential rain. Hence the name Kaʿaba which means cube in Arabic. This explains why the use of the word bayt in the Qurʿān, under different forms, is more than five times greater than that of Kaʿaba. This iʿjāz of the Qurʿān in the judicious choice of words that accord with proven historical facts is paramount in the Revivification of the Awqāf Knowledge. The word Bayt refers to the House of Allah as a Ḥabs, that is, something that remains under the Mulk (Sovereignty) of Allah. This is the case by extension for any place of worship as al-Bukhārī mentions through one of his titles in his Collection of Authentic Aḥādīth. In this regard, the word Bayt is deeper than that of Kaʿaba, because it contains strata of meaning that are not found through the word Kaʿaba, and allows, consequently, to link things that the word Kaʿaba does not allow, by immersing us in the deep history of humanity in its innate state which pushes to sincerity of worship for Allah. Thus, in terms of the organization of life, in the beginning was the Rizq of Allah, which generated the building of the Bayt as a Ḥabs, then came the Maʿash to provide for those who visit it to worship Allah, and the ʿUmrān following the grouping of people to dwell around the House of Allah.

Research Originality: Cash waqf insurance is underexplored in Islamic finance, offering a unique lens for study. This research addresses the gap by examining how knowledge, perceived fairness, and perceived usefulness influence attitudes and behavioral intentions toward cash waqf insurance among Generation Z, Millennials, and Generation X. Research Objectives: The study aims to assess the impact of these factors on shaping attitudes and intentions toward cash waqf insurance. Integrating these factors into the Theory of Planned Behavior (TPB) optimizes public understanding and fosters positive engagement on cash waqf. Research Method: 437 data sets were collected from respondents across three generations and analyzed using Partial Least Squares-Structural Equation Modeling (PLS-SEM) and multi-group analysis (MGA). The study evaluates the direct effects of knowledge, perceived fairness, and perceived usefulness on attitudes, behavioral intentions, and generational differences in these relationships. Findings: Knowledge significantly affects attitudes for Gen Z and Millennials, but not Gen X. Perceived fairness strongly influences Gen X and Gen Z, but not Millennials. Perceived usefulness is a key factor across all generations, with the highest impact on Millennials. Implications: The findings highlight the need for targeted educational campaigns for younger generations and fairness-based strategies for older cohorts. Policymakers and institutions can use these insights to enhance engagement with cash waqf insurance products

Economics, as an academic discipline, can be characterised as performative
to the extent that it does not merely describe, but effectively institutes the very
phenomena it purports to study. This dissertation focuses on Barnesian
performativity as the “strongest” form of performativity in economics.
Barnesian performativity of an economic model occurs when its practical use
has a tendency to make economic processes more conformable to their
depiction in that particular model (MacKenzie, 2006). I argue that this
phenomenon arises due to the capacity of economic narrative to provide
simple and meaningful frames, which can be used to organise economic
reality and configure economic agency. I further argue that an economic
model can only qualify as Barnesian performative if it is usable; intelligible;
robust; creates new ontic furniture; and satisfies perspectival consistency. I
establish my account using the Black-Scholes options pricing model as a case
study.

In view of the growing stagnation-and in some places collapse-of the global economy, it is important to consider the last time that the world suffered from such conditions, the 1930s. Given some historical background, we can draw out some lessons for today. The Past. The post-1929 breakdown of both the prosperity of the United States and the shakier growth of Germany heralded the worldwide Great Depression of the 1930s, as primary-product producers went bankrupt, trade wars flared, and the banking system disintegrated. Because this series of events shook popular faith in capitalism's ability to "deliver the goods," economic historians have dedicated much time to understanding it. In this research, most emphasis has been on either the U.S. economy's collapse (as with Romer, 1993) or the instability of the world economy (Temin, 1989). The dominant neoclassical view of the causes of the 1929-33 collapse emphasizes the importance of accidents-shocks from the outside-to what is assumed to be an essentially stable system. Though some like Peter Temin (1976) and Christina Romer (1990) stress the largely unexplained fall of consumption or the exogenous stockmarket crash during 1929 as "shocks," policy errors receive the most attention: Milton Friedman and Anna Schwartz (1965), for example, blame the Federal Reserve for the "Great Contraction" of the U.S. money supply. Others (including Romer) emphasize that country's government's efforts to balance its budget in a recession, further cutting

Trump's latest announcement regarding digital assets has intensified speculation over the future of cryptocurrency in federal governance. His holdings reportedly include Solana (SOL), XRP, and Cardano (ADA), raising questions about whether his administration's financial strategy aligns with broader plans to introduce a U.S.-backed digital currency. With Elon Musk's fintech ambitions and X Payments expanding, could these forces be paving the way for a new national blockchain-based economy? This issue of Trumpology explores the intersections of regulatory restructuring, federal budget reallocations, and fintech consolidation, while analyzing whether Trump's crypto-friendly policies hint at a future federal digital asset strategy.

What metaphoric images does the metaphoric concept of liquidity deliver? Scholars have unanimously argued that it is a hydraulic metaphor invented by the rational motive of economists who want to define an economic phenomenon objectively. Opposing this conventional view, this article argues that liquidity is a chemical or alchemical metaphor invented by the irrational alchemic motive of financiers with the intention to create money. It further argues that property rights or personae are the philosopher's stones by which modern banking-including commercial banking, money market funds, repurchase agreements, and quantitative easing-transmutes credit into money. This argument contributes to the formation of a new critique of liquidity.

유동성이라는 은유적 개념은 어떤 은유적 이미지들을 전달하는가? 학자들은 경제 현상을 객관적으로 정의하고자 하는 경제학자들의 합리적 동기에 의해 고안된 수력학적 은유라고 만장일치로 주장해왔다. 이러한 통념에 반대하여, 본 논문은 유동성이 화폐를 창출하려는 의도를 가진 금융인들의 비합리적 연금술적 동기에 의해 고안된 화학적 또는 연금술적 은유라고 주장한다. 나아가 재산권 또는 법인격이 현대 은행업 - 상업은행, 단기금융펀드, 환매조건부매매, 양적완화를 포함하는 - 이 신용을 화폐로 변환시키는 현자의 돌이라고 주장한다. 이러한 주장은 유동성에 대한 새로운 비평의 형성에 기여한다.

O presente estudo tem por objetivo evidenciar como estão organizados os estudos em administração financeira e qual é o paradigma que dá sustentação às teorias apresentadas até a atualidade, contextualizando como a administração financeira é organizada dentro da Ciência da Administração em termos históricos e evolutivos. Baseando-se nas decisões do gestor financeiro de investimento, financiamento e operações, o estudo busca mostrar qual a base filosófica que sustenta as teorias desenvolvidas. Ainda para melhor entendimento separa-se a administração financeira em finanças pessoais, mercados financeiros e finanças corporativas, sendo esta última o enfoque principal do estudo. Com a revisão da literatura, foi possível dividir e estratificar os estudos em finanças corporativas para uma melhor compreensão. Ao analisar, sob um enfoque evolucionário, nota-se uma crescente demanda por outras correntes nos estudos em finanças, como as finanças públicas, finanças comportamentais e as aqui denominadas finanças verdes.

O presente estudo tem por objetivo evidenciar como estão organizados os estudos em administração financeira e qual é o paradigma que dá sustentação às teorias apresentadas até a atualidade, contextualizando como a administração financeira é organizada dentro da Ciência da Administração em termos históricos e evolutivos. Baseando-se nas decisões do gestor financeiro de investimento, financiamento e operações, o estudo busca mostrar qual a base filosófica que sustenta as teorias desenvolvidas. Ainda para melhor entendimento separa-se a administração financeira em finanças pessoais, mercados financeiros e finanças corporativas, sendo esta última o enfoque principal do estudo. Com a revisão da literatura, foi possível dividir e estratificar os estudos em finanças corporativas para uma melhor compreensão. Ao analisar, sob um enfoque evolucionário, nota-se uma crescente demanda por outras correntes nos estudos em finanças, como as finanças publicas, finanças comportamentais e as aqui deno...

La théorie de l’efficience des marchés financiers (EMH) est l’un des paradigmes fondamentaux en finance. En dépit de son apport considérable à la théorie économique et financière, elle se trouve depuis quelques années vivement contestées. Ses détracteurs mettent en avant l’incapacité de celle-ci à apporter des réponses pertinentes quant à certaines anomalies décelées sur les marchés financiers, notamment, le manque d’efficience, les effets calendriers, la sûr/sous-évaluation et la volatilité excessive ,  c’est pour cette raison que la finance comportementale s’est considérablement développée au cours des trente dernières années, amenant un nouveau regarde et  une nouvelle réflexion  sur l’analyse économique en général et la compréhension des  marchés financiers en particulier.

La théorie de l’efficience des marchés financiers (EMH) est l’un des paradigmes fondamentaux en finance. En dépit de son apport considérable à la théorie économique et financière, elle se trouve depuis quelques années vivement contestées. Ses détracteurs mettent en avant l’incapacité de celle-ci à apporter des réponses pertinentes quant à certaines anomalies décelées sur les marchés financiers, notamment, le manque d’efficience, les effets calendriers, la sûr/sous-évaluation et la volatilité excessive ,  c’est pour cette raison que la finance comportementale s’est considérablement développée au cours des trente dernières années, amenant un nouveau regarde et  une nouvelle réflexion  sur l’analyse économique en général et la compréhension des  marchés financiers en particulier.

Las finanzas son parte de la vida cotidiana de todas las personas, sin importar su condición social o edad, causando que sea un tema relevante para el manejo adecuado de los gastos, cumpliendo así diversos objetivos que solo se logran con una buena administración. Por ello, la educación financiera toma una gran relevancia, no solo en el sector personal, sino también en el fortalecimiento de la economía, propiciando mejores ambientes para el desarrollo de la sociedad.

This study aims to determine the level of efficiency of Zakat Management Organization period 2012-2014 using Data Envelopment Analysis (DEA) method with the production approach. Data Envelopment Analysis (DEA) is a non-parametric method used to measure the efficiency level of Decision Making Units (DMU). This method measures the ratio between output and input which are compared between the studied Zakat Management Organization. Output variables used are fund collected and channeled fund. While input variables used are personnel costs, socialization costs, and other operational costs. The results of this study show that the efficiency of Zakat Management Organization in the year 2013 is still better than in 2012 and 2014, both technically (93,50%), scale (73,28%), and overall (70,54%). Calculation of 7 Zakat Management Organization in 2013 with the assumption of Constant Return to Scale (CRS), shows only 3 Zakat Management Organization efficient, that is YBM BRI, BSM Ummat, and BAMUI...

Merci à Véronique Steyer, pour ce chemin partagé depuis le tout début, car ta présence fut inestimable : on a tout vu pendant ces années et appris à voir autrement ensemble pour tout redécouvrir, souvent angoissant mais aussi passionnant ! Merci à Sébastien Picard : si tu n'avais pas cru en moi avec autant d'entêtement ce travail aurait difficilement abouti, et ma vie professionnelle serait toute autre. Merci pour ta capacité à me sortir de mes préjugés et d'accepter de partager la plume, quel défi et quel bonheur d'avoir trouvé en toi un co--auteur et un ami aux milles projets ! Merci Xavier Philippe, Emilie Bérard, et Pilar Acosta : à des moments différents et parfois dans la distance, nous avons suivi le même chemin, et votre empreinte est particulièrement forte non seulement dans ce travail mais aussi pour la suite.

Le XXIe siècle se caractérise par une expansion continue de l'étendue et de la complexité des marchés financiers. Les innovations de ces dernières années ne ciblent pas seulement les marchés de marchandises ou de produits. De plus, les processus de couverture évoluent et progressent dans de nouvelles directions, souvent totalement imprévues. Les marchés liés au financement, à la gestion des liquidités, au risque de crédit et à bien d'autres choses encore gagnent en importance et sont directement affectés par les nouvelles tendances transactionnelles. Un besoin évident s'observe actuellement sur les marchés financiers : les capitaux doivent être refinancés.
Les véhicules à usage spécial sont une solution à cette évolution et peuvent être définis comme des sociétés qui utilisent des titres adossés à des actifs pour titriser des créances commerciales afin de créer de la liquidité. En effet, ces institutions sont des entreprises formées par un sponsor ou une société d'exploitation pour réaliser différents types d'opérations hors bilan, auxquelles les acteurs du marché ne sont généralement pas disposés à s'exposer directement. Par conséquent, ces entités peuvent également être considérées comme très avisées en matière d'optimisation du bilan. Le présent essai expliquera le contexte des opérations de refinancement nécessaires sur les marchés de capitaux, où il est nécessaire de se recentrer sur le développement des fonctionnalités des SPV. À cette fin, je dresse d'abord un examen conceptuel des marchés de capitaux et des SPV. Ensuite, j'aborde directement le mécanisme récent des SPV, où un sponsor vend des actifs de son bilan ou de sa société d'exploitation à un SPV émettant des titres adossés à des actifs à un investisseur. Enfin, il y aura plus de détails sur les différentes opportunités dans le rôle de refinancement ou de sûretés d'insolvabilité.

Finance after the Great COVID-19 Reset may include three trends of resilience finance in the largest-ever wave of governmental rescue and recovery funds given out all over the world. Responsible investment trends continue to rise with a particular focus on social equity and inequality alleviation with attention to the disparate impact of inflation. Lastly, finance has become political in divestiture but also active stakeholder engagement and regulation fostering community investment projects in the finance world after the COVID-19 pandemic.

This thesis sheds light on the valuation practices of financial market participants in three stages. First, a socio-historical approach outlines the conditions in which market participants operate today. The scope of buying and selling decisions has been amplified by the computerization of markets. These decisions are also increasingly taken on by a particular type of actor, due to the “asset management revolution”. Secondly, the valuation practices of market participants are clarified through an analysis of the main valuation supports used: the Bloomberg Terminal, stock market indices, central bank announcements and oil benchmarks. The influence of these supports was sometimes recognized, but the context of their emergence and the modalities of this influence remained poorly identified. Thirdly, we draw out some of the implications of the power of these valuation tools for the functioning of financial markets. Produced by a handful of financial information companies, the conventions studied give these companies a quasi-regulatory role in the markets. This other facet of financial regulation, less visible than legislation, cannot be ignored in reform proposals aimed at making markets more stable or sustainable.

This research explores the disruptive impact of social media on traditional finance, specifically
focusing on retail investors' behavior. The objective was to analyze how social media facilitates collective
investment actions, influences stock volatility, and challenges traditional financial dynamics. A mixed-methods
approach was employed, analyzing stock performance data alongside sentiment analysis from Reddit and
Twitter posts. Key findings reveal a significant positive correlation (r = 0.82, p < 0.05) between social media
activity and trading volumes in "meme stocks," with heightened stock volatility post-engagement (mean
increase = 25%, p < 0.01). These results suggest that social media is not only empowering retail investors but
also intensifying market volatility, necessitating updated regulatory frameworks. Recommendations include
enhanced financial regulations, sentiment monitoring tools, and investor education.
Key Words: Social Media, Retail Investors, Financial Disruption, Market Volatility, Meme Stocks

El mundo de la educación ha sido históricamente un reflejo de las tendencias, demandas y transformaciones de la sociedad. Esta capacidad adaptativa ha permitido que el aprendizaje evolucione y se moldee de acuerdo con los requerimientos cambiantes de la época. El ámbito académico de los Mercados Financieros, en particular, ha estado en el epicentro de una revolución pedagógica sin precedentes, llevando a los educadores y estudiantes por un viaje de descubrimiento y reinvención

Several studies have shown that the level of zakāh compliance varies by different age groups. When age and income increased, the awareness to pay zakāh also increased. However, compliance behaviour among youth to pay zakāh is low, and there is no assurance that level will increase as age increases. If the level of compliance does not improve, then potential to improve zakāh collection in the future is minimal. Therefore, it is very crucial to study the level of compliance behaviour on zakāh among youth and to identify factors influencing their obligation towards paying zakāh. This study was conducted to identify factors influencing zakāh compliance behaviour among youth in Klang 1 Lecturer, Department of Accounting, Faculty of Management and Muamalah International Islamic University College of Selangor (KUIS), tehsuhaila@kuis. edu.my 2 Lecturer, Department of Economics, Faculty of Management and Muamalah International Islamic University College of Selangor (KUIS), azashahnaz@kuis. e...

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The Covid-19 has a significant and long-lasting impact on economies and business practices. Extreme setbacks have been brought by pandemics in the global economy. In 2020 alone, more than 100 million people have descended into extreme poverty. Global economic growth is predicted to slow down from 5.5 percent in 2021 to 4.1 percent this year. Along with pandemic several other crises that are reshaping the world, such as the Russian invasion of Ukraine, concern over stagflation, and climate change, have made the effects severe on the world's health and economy and a confluence of those numerous complicated disruptions has come to characterize modern times. On the other hand, business practices have changed radically and will continue to change in order to be resilient to future shocks. Human resource policies, structures, and practices are evolving to align the new way of working. Employee social safety and health, remote working, shifting the focus from efficiency to resilience, and identifying digital tools to impart training to employees are among HR's new concerns. From a marketing standpoint, companies are eschewing traditional marketing tactics in favor of social media and digital platforms. Marketing professionals' top worries are, as brick-and-mortar stores introduce online ordering, and curb side pickup options, as consumer expectations and demand for digital experiences keep rising, content marketing opportunities are expanding, and brand loyalty is waning. Cashless economy is becoming a major agenda around the globe and digital finance solutions are changing the corporate financial planning. Risk management and emergency funds became more serious concern after the pandemic. During times of uncertainty, data can serve as business guide in making well-informed business decisions. Therefore, Business analytics or data science have become trending discipline. At both the organizational and industry levels, adoption of digital technology has increased substantially. As a result, cyber security concerns are also growing. Industry 4.0, the Internet of Things, Block chains, Cloud computing, and business intelligence became buzzwords. The organisations need to adapt to this volatile, uncertain, complex, and ambiguous world. They must move beyond from being reactive to proactive, adopt strategic approach with more futuristic perspective. The leaders and top management of the public-and private-sector organisations needs to develop a resurgence-based policy and build a resilience agenda and approach. Therefore CIBMIT 2022 team have decided to organize our conference on the theme of "Resilience, Resurgence and Sustainability".

Since the early or mid-1990s important changes have taken place in economic sociology. 1 This goes for its institutional status around the world as well as for its theoretical approach. New topics have also been added to its agenda, and interesting advances have been made in analyzing some of the topics that were discussed already during its initial phase in the 1980s. All of these developments will be touched on in this article. Let me start out by saying something about the place of economic sociology in the contemporary academic world. In the United States economic sociology is today represented at many of the major universities in the United States, such as Harvard, Stanford, Cornell and so on. In numerical terms, one can speak of a steady increase since the 1980s, even if exact figures are not available.

At the beginning of May 2018, after the Federal Reserve Bank had announced an increase in the benchmark interest rate, Argentina experienced a currency crisis that the central bank was unable to quell. As a result, the value of Argentina’s currency, the peso, fell nearly by 8 percent in one day against the US dollar, a devaluation noticeably higher than those experienced by other Latin American countries. For several days, in what has become a regular event over the past few decades, journalists eagerly discussed the peso–dollar exchange rate, which also had a prominent place in the news. In one prime time current affairs program, a journalist observed that during the first week of May, 3 percent of Twitter exchanges in Buenos Aires had included the word “dollar,” a percentage equivalent to that of New York City...

Through the Triptych waqf, umran, maash, the aim of the research is to explores the limits of the rhetoric which interpret sadaqah, zakat, waqf as elements of social finance. Among the main results in the research are: (1) The notion of social finance by assimilating sadaqah, zakat and waqf to capital impoverishes these phenomena that have deep historical roots and empties them of their substance; (2) The financialization of sadaqah, zakat and waqf leads to the extension of the domain of property, to the detriment of that of public goods and common goods, and to the increase in inequalities; (3)  This tendency constitutes a paradox to the extent that what has served for centuries to provide the essential social needs is subject to capture by private interests. The use of the adjective Islamic is more a matter of home-made lexicon than a result of a rigorous approach. At first glance, the rhetoric of Islamic social finance seems virtuous, but it turns out to be conceptually incoherent. What arouses the rhetoric of Islamic social finance is less difference than an exacerbated desire for convergence.

Through the Triptych waqf, umran, maash, the aim of the research is to explores the limits of the rhetoric which interpret sadaqah, zakat, waqf as elements of social finance. Among the main results in the research are: (1) The notion of social finance by assimilating sadaqah, zakat and waqf to capital impoverishes these phenomena that have deep historical roots and empties them of their substance; (2) The financialization of sadaqah, zakat and waqf leads to the extension of the domain of property, to the detriment of that of public goods and common goods, and to the increase in inequalities; (3)  This tendency constitutes a paradox to the extent that what has served for centuries to provide the essential social needs is subject to capture by private interests. The use of the adjective Islamic is more a matter of home-made lexicon than a result of a rigorous approach. At first glance, the rhetoric of Islamic social finance seems virtuous, but it turns out to be conceptually incoherent. What arouses the rhetoric of Islamic social finance is less difference than an exacerbated desire for convergence.

Continuous time-valuation models of financial options, real options, and fixed-income securities and term structure models have also been applied in a number of papers on the pricing of mortgage-backed securities with and without sophisticated prepayment structures (for example, see Dunn and Spatt,

For most of their respective histories, economics and sociology have shared surprisingly little common ground. In recent years, however, practitioners of the two disciplines increasingly find themselves working side by side, exploring the same topics, being challenged by similar issues, and sometimes coming to the same conclusions. The two disciplines have different reasons for coming together. While economists are moving out from the traditional disciplinary center to explore topics such as family, ethnicity, and bureaucracy, sociologists have moved into the heart of economics to uncover the institutional and organizational features of phenomena formerly understood only through a neoclassical lens. Among several areas of overlap, one particularly promising site of disciplinary exchange is forming around two key concepts: networks and markets. Following Joel Podolny and Karen Page (1998, 59), we can define an economic network as a group of agents who pursue repeated, enduring exchange relations with one another and, at the same time, lack a legitimate organizational authority to arbitrate and resolve the disputes that may arise during the exchange. The qualification regarding authority is necessary to distinguish a network from a hierarchy. By contrast, exchange in a market is episodic and anonymous and is mediated by competitively determined prices. Most simply, then, one could say that this book is about the intersection and interaction of personalized exchange with arm's-length exchange. Matters are not so simple, however. To begin, many sociologists would consider the Podolny-Page definition of economic networks too restrictive because, for example, it excludes agents connected only indirectly and occasionally by referral. 1 We might then substitute for the repeated-exchange definition of networks a weaker definition such as "a group of agents who know each other's relevant characteristics or can learn them through referral." Going still further, Mark Granovetter's (1985) work, which has served as the guiding formulation for economic sociology, stresses that all economic action is embedded in networks. Likewise, economists are no longer willing to refrain from applying the concept of "market" to personalized exchange, if in fact they ever were. 2 Indeed, the term "market" has become so elastic and ambiguous as to prompt one sociologist (Lie 1997, 342) to write: "The market is a central category of economics.. .. It is then curious that the market receives virtually no extended discussion in most works of economic theory or history.. .. The market, it turns out, is the hollow core at the heart of economics." One could even say that "market" has become the conceptual banner that economists carry when they move beyond the traditional subject-area boundaries of economics, and "network" has become the equivalent banner that economic sociologists carry as they move into the base of economics. 3 On the one hand, this use of the concepts of "network" and "market" maintains what we feel is a healthy lack of disciplinary convergence between economics and sociology. On the other hand, such an indiscriminate approach obscures what economists and sociologists can learn from each other. We argue that by recognizing personalized exchange among many agents as a network, economists can draw upon insights from economic sociology that they will find valuable, and that by recognizing arm's-length exchange mediated by prices as a market, sociologists can draw upon insights from economics that they will find valuable. The promise for such a mutual enrichment was the inspiration for the workshop that led to this book. This book concentrates on the core concepts of networks and markets and is designed to allow economists to think more deeply about how networks might be useful in economic analysis and sociologists to think more deeply about how markets might be useful in sociological

Ongoing European financial market integration relies on the creation of harmonized and centralized market infrastructures: the little-known institutions and systems that settle financial transactions across borders. Since the constitutional conception of market integration within the EU entails creating 'a level playing field' for competition, a fundamental problem emerges of how to provide that centralization and harmonization without violating the core principles of an open market economy either through private monopolization or public privatization. The paper presents a sociotechnological study of a recent major infrastructure initiative by the European Central Bank, called Target2 Securities (T2S). Embedding the analysis of the struggles and debates around the birth and development of T2S in an analysis of the structural problem of competition and centralization in European financial market integration, the paper suggests an alternative perspective to that of performativity dominating the research field.

What are the determinants of borrowing cost in international capital markets? Apart from macroeconomic fundamentals, are there any qualitative factors that might capture sovereign bond spreads? In this paper we consider to what extent Environmental, social and governance (ESG) performance can affect sovereign bond spreads. First, countries with good ESG performance tend to have less default risk and thus lower bond spreads. Moreover, the economic impact is stronger in the long-run, suggesting that ESG performance is a long-lasting phenomenon. Second, we examine the financial impact of separate ESG dimensions, and find that the environmental dimension appears to have no financial impact whereas governance weighs more than social factors. Third, we examine crosscountries differences and show that ESG performance has a more significant and stronger impact in the Eurozone than elsewhere in OECD countries. Fourth, we include evidence from the global financial crisis and find stronger influence of country sustainability performance during crisis period.

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Valuing the Unique has a seductive hook: it promises a theory of unique or incommensurable goods of all kinds. Singular goods are not simply items, such as a one-of-a-kind work of art, that are literally unique. Rather they are particular items-goods whose purchase is 'governed by the search for a "good" or the "right"' thing. Karpik calls goods like these singularities, and claims to present an economics of singularities that explains them; a general theory of particular things, then. It's an intriguing idea. The book itself is an example of the sort of good it talks about, and of the kind of problem it grapples with. From one point of view it is not unique at all. It is perfectly typical. It is an academic press paperback; it is of standard dimensions (9.1 × 6 × 0.7 inches); it retails for $39.50; it has an evocative title and a somewhat more informative subtitle. It is, in short, one of thousands of such monographs published in 2010. Even within its general field at least several dozen rough substitutes are available, as readers of the review section of this journal are likely to be aware. Moreover,

Jens Beckert es una figura central de la segunda generacion de sociologos y sociologas economicos/as que siguieron el re-surgimiento de la disciplina en los 1980s y los trabajos pioneros de Mark Granovetter, Harrison White, Paul DiMaggio, Viviana Zelizer, Frank Dobbin, Richard Swedberg, y Neil Fligstein. Durante los ultimos 20 anos su trabajo ha contribuido a la institucionalizacion de la sociologia economica en Europa. Desde 2005 Beckert ha sido el director del Max Planck Institute for the Study of Societies (MPIfG), uno de los institutos de investigacion lideres en los campos de la sociologia economica y la economia politica.La presente entrevista tuvo lugar el mes de Mayo de 2012 en el Max Planck Institute for the Study of Societies de Colonia, Alemania.

Finance after the Great COVID-19 Reset may include three trends of resilience finance in the largest-ever wave of governmental rescue and recovery funds given out all over the world. Responsible investment trends continue to rise with a particular focus on social equity and inequality alleviation with attention to the disparate impact of inflation. Lastly, finance has become political in divestiture but also active stakeholder engagement and regulation fostering community investment projects in the finance world after the COVID-19 pandemic.

This study aims to determine the level of efficiency of the zakat institutions for the period 2012-2016 and find out the causes of its inefficiencies. This study uses financial report from five zakat institutions that are sampled, namely BAZNAS, Rumah Zakat, Dompet Dhuafa, PKPU, and Rumah Yatim. The research method used is descriptive meth with data envelopment analysis (DEA) technique, the novelty from this research is on the newest period of zakat institutin financial report and the object variable. Based on the results of research conducted it is known that in the period 2012-2016, zakat institutions conditions in indonesia were not yet fully efficient. There are four zakat institutions that experience efficiency, and there are 4 efficient zakat institutionss from 23 zakat institutions in general from 2012-2016, namely Rumah Zakat 2015, 2016 and also PKPU in 2012, 2016, the rest are 15 zakat institutions which are not yet fully efficient. The cause of the inefficiency in the zakat institutions was mainly due to the high operational costs incurred and the still low receipt of zakat funds obtained and the distribution of zakat funds were only used for the short term.

The Greek economy has so far failed to shift its production structure towards more complex, high value-added activities incorporating knowledge-intensive practices. Greece lacks a systemic "activating knowledge" dimension. Given the country's low performance in innovation and knowledge diffusion relative to EU peers, we focus on two specific problem areas of Greek industry: skills and management practices. Both areas are key requirements to achieve robust productivity growth, in which Greece has been shown to be chronically lagging behind its peers. First, we provide an in-depth look at skills indicators to identify the scope for action, particularly in addressing mismatch. A novel result is that, by utilising mismatch indicators aggregated from microdata sourced from the recent OECD Survey of Adult Skills that was conducted as part of the Programme for the International Assessment of Adult Competencies (PIAAC), we show that Greece has the highest overskilling for professional occupations. We also corroborate previous findings about the negative relationship between skills mismatch and firm productivity. Second, we use firm-level data from the World Management Survey to give a review of management practices in Greek industry and explore the quality of these practices and their association with productivity. Finally, we use information from a novel survey on entrepreneurship, technological developments and regulatory change, and examine the structural characteristics of Greek firms that innovate and tend to adopt new technologies, with a focus on the role of size, ownership structure, global value chain participation and human resource practices. Our empirical findings provide valuable input into concrete policy proposals to increase productivity in Greek manufacturing.

The way in which financial markets operate has substantially been changed by the development of information technology. Automation of trading systems in financial markets represents the last phase of depersonalizing activities previously done by traders. Automated trading development enabled computers to determine the moment and the way of executing sales orders. Computers still do not make autonomous decisions regarding the choice of instruments to be traded or trading criteria. They implement the strategy a trader has decided on, choosing a favorable moment. This reduces the impact of human emotions on decision making and enables overcoming possible problems which arise due to neglect or lack of concentration. High-frequency trading enables the execution of algorithmic operations at a high speed. The main goal of the paper is to determine advantages and dangers produced by automated stock trading.

Rejetant la morosite ambiante, les consommateurs partent a la redecouverte de leurs sens, poussant les objets a devenir emotionnels et les entreprises a re-enchanter leur offre. La couleur joue un role cle dans ce besoin de divertissement au sein de la consommation. On constate depuis quelques temps son grand retour en force. La couleur habille les objets, debanalise les produits, impose la nouveaute et reintroduit le concept d’« achat plaisir ». Elle peut des lors representer un veritable atout au cœur de la strategie marketing des entreprises. Cet ouvrage s’attache a montrer, grâce a de nombreux exemples concrets, l’impact que peut avoir la couleur sur la strategie et le mix marketing.

A seleção da espécie Spermacoceae densiflora tem sido verificada em áreas com o uso contínuo do herbicida glifosato. O objetivo deste trabalho foi avaliar o efeito de herbicidas isolados ou associados ao glifosato aplicados em pós-emergência no controle de S. densiflora em plantas oriundas de sementes e de rebrota, em diferentes estádios fenológicos. Em ambos os casos, utilizou-se o delineamento experimental inteiramente casualizado, com 5 repetições, em esquema fatorial 2 x 17 + 1, sendo dois estádios fenológicos da planta daninha (4 e 8 folhas totalmente expandidas) e 16 tipos de controle químico mais a testemunha sem herbicida. Os tratamentos químicos foram: glifosato (1.440 g i.a ha-1), glufosinato de amônio (500 g i.a ha-1), 2,4-D (1.000 g i.a ha-1), chlorimuron-ethyl (20 g i.a ha-1), carfentrazone-ethyl (920 g i.a ha-1), flumioxazin (50 g i.a ha-1), s-metolachlor (960 g i.a ha-1), imazethapyr (100 g i.a ha-1), saflufenacil (50 g i.a ha-1) e a associação de glifosato com estes ...