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Purpose-This paper empirically investigates the performance of Islamic funds, which have been praised for weathering the 2008 financial storm relatively well and compares it to a European product designed to protect the most vulnerable of investors, UCITS funds. Design/methodology/approach-This paper builds on 128 time-series regressions using various factor models to analyse the risk-return relationship of 242 Islamic and UCITS funds relative to a market benchmark, over a 10-year period starting January 2006, to capture severe bear and bull market conditions. Findings-Islamic funds do not face a competitive disadvantage arising from their strict compliance with Sharīʿah principles, and their performance and investment style is relatively similar to UCITS schemes. Practical implications-Islamic funds represent a low risk investment due to their very mild betas. Therefore, when forming part of a diversified portfolio, they can act as a hedging tool against adverse market movements. Social implications-Muslim investors are not punished relative to conventional retail investors when following their own beliefs. Other investors can consider Islamic funds in their portfolio allocation, especially those who seek socially and ethically responsible investments. Originality/value-This paper fills a lacuna in the existing literature, because the sample is made up of Islamic funds established worldwide and includes not only equity, but also fixed income and mixed allocation funds.

This paper looks at productivity growth rates in Malta and Cyprus and proposes policies as to how these island states might augment their productivity and competitiveness. We identify three possible growth strategies for the two islands: an InnovationOriented Economy, a Controlled InputCost Economy and an Opportunistic Growth Model. In order to infer which strategy might be best suited to the two states, we conduct a comparative analysis amongst different EU countries in terms of productivity yardsticks. We also evaluate trends in gross value added (GVA), employment levels, and unit labour costs (ULCs) in the most important economic sectors of Malta and Cyprus. The research suggests that a Controlled Input Cost model is best suited to most Maltese and Cypriot economic sectors. Possible policies aimed at fostering future growth and competitiveness in the island states are proposed.

High-performance green buildings mitigate the adverse environmental effects of energy consumption and carbon emissions while simultaneously demonstrating that sustainability does not mean compromising utility, productivity, or comfort. We need to address the identified gap in the evolution of energy-efficient structures facilitated in building applications to enhance energy usage without mitigating comfort. The aim of this study was to provide a review of the current methods used to assess energy efficiency in buildings in Malta through secondary data and to supplement this with qualitative data from interviews. The study investigated the importance of certification, compulsory legislation, and regulations implemented by local authorities and the European Union to incentivise energy performance measures. The findings, supplemented with qualitative data from representatives of public entities, show that most participants agreed that the current method of assessing needs requires a complete overhaul in order to promote a proactive approach to sustainable development. Recent public awareness has highlighted the limited understanding of sustainable practices implemented in buildings to capture and conserve energy. However, it is widely recognised that the building industry has significant potential for energy savings, which applies to both new constructions and existing structures, but the current level falls short of what is necessary in Malta. The study findings emphasise the primary energy users and pinpoint the obstacles in the implementation process. In conclusion, the use of software EPRDM, which may be applied to raise the importance of energy performance in building standards, lacks a value-driven focus, resulting in its full utilisation and potential being unexplored. Future applications of this study include the categorisation of old buildings for a possible bid in energy retrofit; campaigns to promote responsiveness; and the utilisation of advanced technological tools, such as DESIGNBUILDER and related software, to enable the simulation of an optimal building envelope. While increased energy efficiency may result in elevated rental and sale prices for buildings, this knowledge, when disseminated to prospective purchasers via the energy performance certificate (EPC) system, can catalyse investments in structures that are more energy efficient for the end user.

Purpose This paper aims to derive the conditions under which a financial services firm will want to hire a compliance services company and show how much money they should spend. Design/methodology/approach This paper uses a mathematical model to show the intuition behind many of the compliance decisions that cost financial services firms billions every year. Findings This paper finds that hiring compliance firms may save banks and brokerages money. However, their advice may lead to an embarrass de riches – whereby the lower compliance costs and higher profit advantages they confer may lead to more regulation. Regulators may furthermore tighten regulation – with the expectation that financial service firms will adapt somehow. This paper presents a fresh perspective on the Menon hypothesis, deriving conditions under which financial regulations help the competitiveness of an international financial centre. Research limitations/implications The paper represents one of the first and only models of compliance spending by financial services firms. Practical implications This paper provides five potential policy responses for dealing with ever ratcheting financial regulations. Originality/value The paper hopefully launches literature on the compliance service industry – and the buy-or-do decision to engage in financial services compliance. This paper finds that efficient compliance can hurt firms, by encouraging regulation. This paper shows how firms can forestall the extra regulation that comes with easier internet and computerised monitoring.

Purpose - The paper aims to describe, construct, and compare alternative price indices for real estate in Malta over the period 1980-2010.Design methodology approach - The paper utilises the technique of hedonic regression analysis to construct four hedonic price indices. One of the constructed indices is based the unconstrained hedonic methodology. Two other indices are variants of the constrained hedonic technique, while the fourth consists of an imputed hedonic index. The hedonic indices are then compared to other 12 conventional indices, namely the Laspeyres, Paasche and Fisher indices (constant weight and chain linked) that are constructed by utilizing the mean and median house prices pertaining to 14 different types of houses.Findings - All indices are found to move closely together, growing between six and seven times between 1980 and 2010. The average annual compound growth rate of the 16 indices was found to be 6.5126 percent. The paper also shows how the estimated hedonic coefficients can be used to construct regional price indices for different combinations of housing characteristics.Originality value - The paper builds on previous work related to house prices in Malta. Its main contribution is the construction of hedonic indices that are based on advertised prices that span over a relatively long period of 31 years, together with the construction of constant weight and chain linked Laspeyres, Paasche and Fisher indices.

Historic buildings promote continuity of a place and represents nation’s cultural values and identity. Despite their wide acknowledged contribution to the tourism and leisure industry, several historic buildings are left abandoned, misused or demolished by neglect. The aim of this research was to examine regeneration policies for historic buildings on the Maltese Islands and their impact on the tourism and leisure industry. This research, based on a pragmatic philosophical stance, employed a mixedmethods sequential explanatory design, whereby a quantitative survey study was followed by qualitative interviews and focus groups for triangulation purposes. A pre-piloted questionnaire comprising of open, closed and 5-point Likert scales was developed from existing policies and distributed amongst all mayors from each of the 68 local councils within Malta and Gozo. Interviews followed with architects, investors, community representatives and decision making stakeholders representing national authorities. The final data collection phase included focus groups that convened all stakeholders that participated in the research. Thematic analysis was conducted from transcribed audio recorded interviews and focus groups. Response rate of questionnaire was 65% (44/68). Less than half of respondents (45%) strongly agreed/agreed that they were aware of the existing national legislation. Only 16% claimed that there is no conflict between planning policies as set out by the policy makers of national authorities and government. Key themes generated from all phases of this study were ‘regeneration potential for tourism and leisure industry, ‘governance for regeneration’ and ‘societal aspirations by regeneration’. This research highlighted the importance of encouraging a culture-led, “bottom-up” approach for regeneration rather than “top-down”. Research is original contribution to knowledge as it identified gaps in policies, and developed insights for niche markets in tourism and leisure industry. The setting up of a single entity responsible for regeneration is recommended to lead regeneration supported by evidence based policies and community participation to ensuring that a sustainable contemporary layer will eventually form part of heritage of future generations.