Browsing by Author "Feroz, Ehsan H."

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Grameen La Riba Model: A Strategy for Global Poverty Alleviation
(2008) Feroz, Ehsan H.; Goud, Blake
"The objective of this paper is to develop and implement an Islamic micro-finance model, using the Grameen group financing methodology, which can be used as a tool for global poverty alleviation. We posit that the fundamentals of Shari'ah concerning: (i) equitable risk and return sharing between the lender (bank) and the borrower (client) and (ii) helping the poor especially, the 'poorest of the poor' to be self sustaining, provide the necessary foundation for an Islamic finance model that is better suited to help the poor increase their sustainable income and eventually escape poverty. Our model begins with providing carefully self-selected client groups with murabaha contracts before providing musharaka finance. The murabaha financing agreement includes fixed payments each period of repayment and therefore is easier to administer and can be used to screen out potentially problematic clients who are most likely to default. Those clients who are in groups with successful repayment of the murabaha finance will have a choice between murabaha and musharaka financing in future. Finally, we describe our implementation strategy and preparations for a pilot study in Colombo and Bibile, Sri Lanka."
Performance Measurement in Corporate Governance: Do Mergers Improve Managerial Performance in the Post-Merger Period?
(2005) Feroz, Ehsan H.; Kim, Sungsoo; Raab, Raymond L.
"Inspired by the Coase (1937) theory of the firm, we analyze the performance of Healy, Palepu, and Ruback (1992) sample of merged firms over a ten-year period using a managerially controlled efficiency measure, data envelopment analysis (DEA). Our individual, firm-level, year-by-year analyses indicate that the managerial performance of the merged firms generally improved in the post merger period as documented in the extant studies of mergers and acquisitions. However, there were also significant number of cases where we could not observe the improved managerial efficiency using this disaggregated approach. We conclude that the DEA based disaggregated approaches are useful tools in the hands of corporate governance boards with an interest in yearly or even quarterly managerial performance at the individual firm level."
Performance Measurement in Not-for-Profit Governance: An Empirical Study of the Minnesota Independent School Districts
(2008) Banker, Rajiv D.; Chang, Hsihui; Feroz, Ehsan H.
"Linearity and separability assumptions are pervasive in most not-for-profit governance and performance measurement systems. In this paper, we employ both parametric and nonparametric econometric methodologies to test the linearity and separability assumptions using data collected from the Minnesota Independent School Districts. Our test results reject both the assumptions for the Minnesota independent school districts. These findings suggest a need to develop alternative procedures that do not rely on these two pervasive assumptions if the information provided by not-for-profit performance measurement systems is to be relevant for governance decision making and performance evaluation."
Toward An Empirical Institutional Governance Theory: Analyses of the Decisions by the Fifty U.S. State Governments to Adopt Generally Accepted Accounting Principles
(2007) Carpenter, Vivian L.; Cheng, Rita H.; Feroz, Ehsan H.
"We develop and empirically test an institutional governance theory for explaining the decisions by the 50 US State Governments to adopt Generally Accepted Accounting Principles (GAAP) for external financial reporting. Governmental accounting studies have generally explained the choice of an accounting method in terms of the economic consequences of these choices for managerial welfare and other microeconomic determinants of those decisions. Our study develops an institutional governance theory and demonstrates that institutional governance variables in conjunction with traditional economic agency variables can improve the explanatory power of government accounting choice models. Our empirical results are consistent with the stipulations of the institutional governance theory."