• The Importance of International Standards in Managing Defaults in Islamic Finance:
  Saudi Arabia and the Saad Group's Sukuk Default
  May, 2013
• The Economic Implications of Restricting Spectrum Purchases in the Incentive Auctions
  April, 2013
• Anatomy of a Special Tax Break and The Case for Broad Corporate Tax Reform
  March, 2013
• Report for API:
  College and University Endowments
  December, 2012
• Diabetes Research and the Public Good:
  Federal Support for Research on Type 1 Diabetes
  November, 2012
• The Financial Hazards and Risks Entailed in Extending Unlimited Federal Guarantees for Deposits in Transaction Accounts
  October, 2012
• Wage and Salary Growth in the United States: Average Americans Made Steady Progress for Two Generations, Until the Last Decade
  October, 2012
• Political Contributions and Their Effect on Shareholders
  June, 2012
• The Benefits of Reducing Violent Crime
  June, 2012
• The Employment Effects of Advances in Internet and Wireless Technology: Evaluating the Transitions from 2G to 3G and from 3G to 4G
  January, 2012
• Who Owns America's Oil and Natural Gas Companies
  October, 2011
• The Economic Impact of U.S. Trade Sanctions on Imports of Paper Products
  September, 2011
• What Ideas Are Worth: The Value of Intellectual Capital And Intangible Assets in the American Economy
  September, 2011
• The Contributions of Information and Communication Technologies To American Growth, Productivity, Jobs and Prosperity
  September, 2011
• The Revenue Implications of Temporary Tax Relief for Repatriated Foreign Earnings: An Analysis of the Joint Tax Committee's Revenue Estimates
  September, 2011
• The Financial Contribution of Oil and Natural Gas Company Investments To Major Public Pension Plans in Seventeen States for Fiscal Years 2005 – 2009
  June, 2011
• The Impact of Immigration and Immigration Reform on the Wages of American Workers
  May 10, 2011, By Robert J. Shapiro and Jiwon Vellucci,
• Foreign Direct Investments in Developing Nations:
  April 25, 2011, By Robert J. Shapiro,
• The Financial Contribution of Oil and Natural Gas Company Investments To Major Public Pension Plans in Four States, 2005 - 2009
  April 25, 2011, By Robert J. Shapiro and Nam D. Pham,
• Report on Taxpayer Costs for Higher Education
  September 8, 2010, By Robert J. Shapiro and Nam D. Pham,
• A New Analysis of Broadband Adoption Rates By Minority Households
  June 15, 2010, By Robert Shapiro and Kevin Hassett,
• The Employment Effects of Awarding Major U.S. Defense Contracts To U.S.-Based Firms, Compared to Foreign-Based Multinational Firms:
  An Economic Case Study of the Competition
  To Produce the KC-X Refueling Tanker
  March, 2010
• The Costs of “Charging It” in America:
  Assessing the Economic Impact of Interchange Fees for Credit Card and Debit Card Transactions
  February, 2010
• Towards Universal Broadband: Flexible Broadband Pricing and the Digital Divide
  August, 2009
• The Economic Benefits of Provisions Allowing U.S. Multinational Companies to Defer U.S. Corporate Tax on their Foreign Earnings And the Costs to the U.S. Economy of Repealing Deferral
  June, 2009
• The Impact of a Pre-Borrow Requirement for Short Sales On Failures-to-Deliver and Market Liquidity
  May, 2009
• The Benefits to U.S. Taxpayers from an Open Market Buyback of Treasury Inflation-Protected Securities
  March, 2009
• Economic Modernization in Mongolia:
  The Impact of Tax and Regulatory Policies on the Mining Sector
  January, 2009
• Using What We Have to Stimulate the Economy:
  The Benefits of Temporary Tax Relief for U.S. Corporations
  To Repatriate Profits Earned by Foreign Subsidiaries
  January, 2009
• The Impact of Private Equity Acquisitions and Operations
  On Capital Spending, Sales, Productivity, and Employment
  January, 2009
• The Social and Economic Value of Private and Community Foundations
  December, 2008
• The Role of Private Equity in US Capital Markets
  October, 2008
• The Effects of Proposed Hurricane Legislation
  August, 2008
• Addressing Climate Change Without Impairing the U.S. Economy:The Economics and Environmental Science of Combining a Carbon-Based Tax and Tax Relief
  June, 2008
• The Economic Implications of Patent Reform: The Deficiences and Costs of Proposals Regarding the Apportionment of Damages, Post-Grant Opposition, and Inequitable Conduct
  February, 2008
• Generic Biological Treatments and the Associated Cost Savings
  February, 2008
• American Jobs and the Impact of Private Equity Transactions
  January, 2008
• The Distribution of Ownership of U.S. Oil and Natural Gas Companies
  September, 2007
• The Economic Effects of Intellectual Property-Intensive Manufacturing in the United States
  August, 2007
• The Impact of Authorized Generic Pharmaceuticals on the Introduction of Other Generic Pharmaceuticals
  May, 2007
• Reducing Barriers to Investment in Fiber Connections and Advanced Broadband Services for American Households
  February, 2007
• Addressing the Risks of Climate Change: The Environmental Effectiveness and Economic Efficiency of Emission Caps and Tradable Permits, Compared to Carbon Taxes
  February, 2007
• Discredited: The Impact of Argentina's Sovereign Debt Default and Debt Restructuring on US Taxpayers and Investors
  October, 2006
• Maintaining Contact: The Provision of International Long-Distance Service for Low-Income Immigrants in the United States
  November, 2006
• Creating Broad Access to New Communications Technologies
  April, 2006
• The Economic Impact of a Windfall Profits Tax On Federal, State and Local Public Employee Pension Funds
  February, 2006
• The Economic Impact of a Windfall Profits Tax for Savers and Shareholders
  November, 2005
• The Future of Security Exchanges
  October, 2005
• Assessing the Economic Impact of Proposed Asbestos Legislation: A Reconsideration of the Evidence
  July, 2005
• The Economic Value of Intellectual Property
  July, 2005
• Healthy Returns: The Economic Impact of Public Investment in Transportation
  May, 2005
• Conserving Energy and Preserving the Environment: The Role of Public Transportation
  July, 2002

Latest Study -- May, 2013:

The Importance of International Standards in
Managing Defaults in Islamic Finance:
Saudi Arabia and the Saad Group's Sukuk Default

By Robert J. Shapiro

In June 2009, amidst the fallout from the global financial crisis, Saudi Arabia experienced its largest financial defaults in history when two prominent, family-owned conglomerates, the Saad Group and the Algosaibi Group, were forced to restructure an estimated $20 billion in debts owed to more than 100 financial institutions around the world. Some of those debts were sukuk, financial instruments comparable to corporate bonds but structured to comply with the Sharia law.

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