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"Schoon, Natalie"
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Financial Services After a Pandemic
At the time of publication of this article, we are in the middle of the second wave of the COVID-19 pandemic with increased restrictions on travel and sizes of meetings across the globe. At this point in time, we can only speculate what the impact of the pandemic will be on the global economy. Although history does not repeat itself, there are certain elements and trends that recur. This article contributes to the discussion forum of the journal through the consideration of what we can learn from past pandemics and how this can assist in forecasting what the likely effect will be on the global economy, in general, and the financial services industry in particular.
Journal Article
Islamic Finance – An Overview
One of the areas of the financial industry that appears to be the least harmed by the current market turmoil is the Islamic finance industry. Generally, it is accepted that the history of Islamic finance started in the early 1960s, but is that really where it all began? This article shows that Islamic finance has a much longer history than expected and is applying similar principles as debated by the Greek philosophers as well as early theologians. In addition, the main product types such as partnership contracts, predictable return products, leasing and investment certificates are explained.
Journal Article
Residual income models and the valuation of conventional and Islamic banks
As a result of the global growth of the Islamic banking industry it becomes increasingly important to be able to determine the value of Islamic banks and compare their ability to create value with other banks in the industry. This research starts with the identification of the most suitable model to determine value of banks in general. Different models are evaluated, and the most suitable model to explain the cross-sectional returns of banks is determined to be the Residual Income model. Estimation of the parameters of the model for conventional banks is fairly similar to that of other types of industries, with the exception of capital, which is defined as equity capital only since other capital can be regarded as operational funds. The Residual Income model is applied to conventional banks, to determine that the model, to a significant degree, captures the cross-sectional differences in stock market returns of conventional banks over a significant period of time. For Islamic banks, the estimation of parameters differs, amongst others due to the different balance sheet structure, and the lack of availability of market data. The application of the Residential Income model to Islamic banks results in the identification of a number of issues. Although indicative, this research finds that it is possible to determine the value of Islamic banks using the same model as can be applied to conventional banks. Once the issues surrounding the application of a Residual Income model to Islamic banks are resolved, further research will have to be undertaken to validate the initial results of this research.
Dissertation
Understanding protected area resilience: a multi-scale, social-ecological approach
Protected areas (PAs) remain central to the conservation of biodiversity. Classical PAs were conceived as areas that would be set aside to maintain a natural state with minimal human influence. However, global environmental change and growing cross-scale anthropogenic influences mean that PAs can no longer be thought of as ecological islands that function independently of the broader social-ecological system in which they are located. For PAs to be resilient (and to contribute to broader social-ecological resilience), they must be able to adapt to changing social and ecological conditions over time in a way that supports the long-term persistence of populations, communities, and ecosystems of conservation concern. We extend Ostrom's social-ecological systems framework to consider the long-term persistence of PAs, as a form of land use embedded in social-ecological systems, with important cross-scale feedbacks. Most notably, we highlight the cross-scale influences and feedbacks on PAs that exist from the local to the global scale, contextualizing PAs within multi-scale social-ecological functional landscapes. Such functional landscapes are integral to understand and manage individual PAs for long-term sustainability. We illustrate our conceptual contribution with three case studies that highlight cross-scale feedbacks and social-ecological interactions in the functioning of PAs and in relation to regional resilience. Our analysis suggests that while ecological, economic, and social processes are often directly relevant to PAs at finer scales, at broader scales, the dominant processes that shape and alter PA resilience are primarily social and economic.
Journal Article
Adaptive governance to promote ecosystem services in urban green spaces
Managing urban green space as part of an ongoing social-ecological transformation poses novel governance issues, particularly in post-industrial settings. Urban green spaces operate as small-scale nodes in larger networks of ecological reserves that provide and maintain key ecosystem services such as pollination, water retention and infiltration, and sustainable food production. In an urban mosaic, a myriad of social and ecological components factor into aggregating and managing land to maintain or increase the flow of ecosystem services associated with green spaces. Vacant lots (a form of urban green space) are being repurposed for multiple functions, such as habitat for biodiversity, including arthropods that provide pollination services to other green areas; to capture urban runoff that eases the burden on ageing wastewater systems and other civic infrastructure; and to reduce urban heat island effects. Because of the uncertainty and complexities of managing for ecosystem services in urban settings, we advocate for a governance approach that is adaptive and iterative in nature—adaptive governance—to address the ever changing social order underlying post-industrial cities and offer the rise of land banks as an example of governance innovation.
Journal Article
Interplay of multiple goods, ecosystem services, and property rights in large social-ecological marine protected areas
Protected areas are a cornerstone of biodiversity conservation, and increasingly, conservation science is integrating ecological and social considerations in park management. Indeed, both social and ecological factors need to be considered to understand processes that lead to changes in environmental conditions. Here, we use a social-ecological systems lens to examine changes in governance through time in an extensive regional protected area network, the Great Barrier Reef Marine Park. We studied the peer-reviewed and nonpeer-reviewed literature to develop an understanding of governance of the Great Barrier Reef Marine Park and its management changes through time. In particular, we examined how interacting and changing property rights, as designated by the evolving marine protected area network and other institutional changes (e.g., fisheries management), defined multiple goods and ecosystem services and altered who could benefit from them. The rezoning of the Great Barrier Reef Marine Park in 2004 substantially altered the types and distribution of property rights and associated benefits from ecosystem goods and services. Initially, common-pool resources were enjoyed as common and private benefits at the expense of public goods (overexploited fisheries and reduced biodiversity and ecosystem health). The rezoning redefined the available goods and benefits and who could benefit, prioritizing public goods and benefits (i.e., biodiversity conservation), and inducing private costs (through reduced fishing). We also found that the original conceptualization of the step-wise progression of property rights from user to owner oversimplifies property rights based on its division into operational and collective-choice rule-making levels. Instead, we suggest that a diversity of available management tools implemented simultaneously can result in interactions that are seldom fully captured by the original conceptualization of the bundling of property rights. Understanding the complexities associated with overlapping property rights and multiple goods and ecosystem services, particularly within large-scale systems, can help elucidate the source and nature of some of the governance challenges that large protected areas are facing.
Journal Article
Linking classroom learning and research to advance ideas about social-ecological resilience
There is an increasing demand in higher education institutions for training in complex environmental problems. Such training requires a careful mix of conventional methods and innovative solutions, a task not always easy to accomplish. In this paper we review literature on this theme, highlight relevant advances in the pedagogical literature, and report on some examples resulting from our recent efforts to teach complex environmental issues. The examples range from full credit courses in sustainable development and research methods to project-based and in-class activity units. A consensus from the literature is that lectures are not sufficient to fully engage students in these issues. A conclusion from the review of examples is that problem-based and project-based, e.g., through case studies, experiential learning opportunities, or real-world applications, learning offers much promise. This could greatly be facilitated by online hubs through which teachers, students, and other members of the practitioner and academic community share experiences in teaching and research, the way that we have done here.
Journal Article
Keeping the ‘Great’ in the Great Barrier Reef
As part of an international collaboration to compare large-scale commons, we used the Social-Ecological Systems Meta-Analysis Database (SESMAD) to systematically map out attributes of and changes in the Great Barrier Reef Marine Park (GBRMP) in Australia. We focus on eight design principles from common-pool resource (CPR) theory and other key social-ecological systems governance variables, and explore to what extent they help explain the social and ecological outcomes of park management through time. Our analysis showed that commercial fisheries management and the re-zoning of the GBRMP in 2004 led to improvements in ecological condition of the reef, particularly fisheries. These boundary and rights changes were supported by effective monitoring, sanctioning and conflict resolution. Moderate biophysical connectivity was also important for improved outcomes. However, our analysis also highlighted that continued challenges to improved ecological health in terms of coral cover and biodiversity can be explained by fuzzy boundaries between land and sea, and the significance of external drivers to even large-scale social-ecological systems (SES). While ecological and institutional fit in the marine SES was high, this was not the case when considering the coastal SES. Nested governance arrangements become even more important at this larger scale. To our knowledge, our paper provides the first analysis linking the re-zoning of the GBRMP to CPR and SES theory. We discuss important challenges to coding large-scale systems for meta-analysis.
Journal Article
Interplay of multiple goods, ecosystem services, and property rights in large social-ecological marine protected areas
Protected areas are a cornerstone of biodiversity conservation, and increasingly, conservation science is integrating ecological and social considerations in park management. Indeed, both social and ecological factors need to be considered to understand processes that lead to changes in environmental conditions. Here, we use a social-ecological systems lens to examine changes in governance through time in an extensive regional protected area network, the Great Barrier Reef Marine Park. We studied the peer-reviewed and nonpeer-reviewed literature to develop an understanding of governance of the Great Barrier Reef Marine Park and its management changes through time. In particular, we examined how interacting and changing property rights, as designated by the evolving marine protected area network and other institutional changes (e.g., fisheries management), defined multiple goods and ecosystem services and altered who could benefit from them. The rezoning of the Great Barrier Reef Marine Park in 2004 substantially altered the types and distribution of property rights and associated benefits from ecosystem goods and services. Initially, common-pool resources were enjoyed as common and private benefits at the expense of public goods (overexploited fisheries and reduced biodiversity and ecosystem health). The rezoning redefined the available goods and benefits and who could benefit, prioritizing public goods and benefits (i.e., biodiversity conservation), and inducing private costs (through reduced fishing). We also found that the original conceptualization of the step-wise progression of property rights from user to owner oversimplifies property rights based on its division into operational and collective-choice rule-making levels. Instead, we suggest that a diversity of available management tools implemented simultaneously can result in interactions that are seldom fully captured by the original conceptualization of the bundling of property rights. Understanding the complexities associated with overlapping property rights and multiple goods and ecosystem services, particularly within large-scale systems, can help elucidate the source and nature of some of the governance challenges that large protected areas are facing.
Journal Article