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Footnotes:
| 1 |
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Muhammad Khalid Masud, Richard Thomas, "London Interbank Offered Rate and Murabaha - Strange Bedfellows?" Islamic Banker 1 (October 1995): 11-12.
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| 2 |
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Ibid.
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| 3 |
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Adeel Siddiqi, "De-Linking Islamic Finance from LIBOR," Islamic Banker 1 (October 1995): 12-13.
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| 4 |
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Adeel Siddiqi, "The Question of a Benchmark in Islamic Finance," New Horizon 55 (September 1996): 4.
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| 5 |
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Fahim Khan, "Time Value of Money in Islamic Perspective," International Institution of Islamic Economics, International Islamic University, Islamabad.
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| 6 |
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Mohsin S. Khan and Abbas Mirakhor, "The Financial System and Monetary Policy in an Islamic Economy," in Theoretical Studies in Islamic Banking and Finance, ed. Mohsin S. Khan and Abbas Mirakhor (Texas: The Institute for Research and Islamic Studies, 1988).
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| 7 |
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Kazuo Ogawa and Shin-ichi Kitasaka, "Market Valuation and the q-Theory of Investment," Institute of Social and Economic Research Paper no. 383, Osaka University, July 1995, 1-38.
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| 8 |
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Ricardo J. Caballero and John V. Leahy, "Fixed Costs: the Demise of Marginal Q," National Bureau of Economic Research Working Paper Series No. 5508, March 1996, 1-19.
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| 9 |
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Abbas Mirakhor, "Cost of Capital and Investment in Non-interest Economy," Islamic Economic Studies 4 (December 1996): 35-46.
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| 10 |
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Fumio Hayashi, "Tobin's Marginal q and Average q," Econometrica 50, 213-224.
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| 11 |
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Mirakhor, "Cost of Capital."
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| 12 |
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Hossein Askari and Zamir Iqbal, "Emerging Opportunities in Islamic Financial Markets," Banca Nazionale del Lavoro, Quarterly Review 194 (September 1995).
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| 13 |
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Zamir Iqbal, "Islamic Financial Systems," Finance and Development 34 (June 1997): 42-45.
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| 14 |
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Abbas Mirakhor and Iqbal Zaidi, "Stabilization and Growth in an Open Islamic Economy," International Monetary Fund, WP/88/22, February 1988.
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| 15 |
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Nurun N. Choudry and Abbas Mirakhor, "Indirect Instruments of Monetary Control in an Islamic Financial System," International Seminar on Mechanism and Development of Islamic Financial Instruments sponsored by Bangladesh Bank and Islamic Research and Training Institution, Islamic Development Bank, Bangladesh, 14-16 May, 1996.
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| 16 |
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Fumio Hayashi and Tohru Inoue, "The Relation between Firm Growth and q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms," National Bureau of Economic Research Working Paper No. 3326, April 1990.
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| 17 |
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Although marginal q is not observable, by employing time-series techniques, Ogawa and Kitasaka defined marginal q as an expected present value of the future productivity of capital utilizing a stochastic process of discount factor and profit rate. The study found that both the average q and marginal q had a unit root, but the average q deviated from the marginal q, and a cointegrating relationship was not detected between the two q measures.
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| 18 |
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Ogawa and Kitasaka, "Market Valuation and the q-Theory of Investment."
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| 19 |
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Nadeem ul Haque and Abbas Mirakhor, "The Design of Instruments for Government Finance in an Islamic Economy," IMF Staff Papers 1998.
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