Abstract: In this paper it was examined the influence of margin
regulation on stock market volatility in EU 1993 – 2014. Regulating
margin requirements or haircuts for securities financing transactions
has for a long time been considered as a potential tool to limit the
build-up of leverage and dampen volatility in financial markets. The
margin requirement dictates how much investors can borrow against
these securities. Margin can be an important part of investment.
Using daily and monthly stock returns and there is no convincing
evidence that EU Regulation margin requirements have served to
dampen stock market volatility. In this paper was detected the
expected negative relation between margin requirements and the
amount of margin credit outstanding. Also, it confirmed that changes
in margin requirements by the EU regulation have tended to follow
than lead changes in market volatility. For the analysis have been
used the modified Levene statistics to test whether the standard
deviation of stock returns in the 25, 50 and 100 days preceding
margin changes is the same as that in the succeeding 25, 50 and 100
days. The analysis started in May 1993 when it was first empowered
to set the initial margin requirement and the last sample was in May
2014. To test whether margin requirements influence stock market
volatility over the long term, the sample of stock returns was divided
into 14 periods, according to the 14 changes in margin requirements.
Abstract: In the 13th Malaysia’s General Elections held in 2013,
it was observed that large numbers of urban constituencies saw
strongly decisive young voters (between 21-39 age group) determine
the outcome in their favour. Also, the Elections Commission had
approximated that 70% of some 4.2 million unregistered voters at the
time were citizens aged between 21 and 40 years old. If they are not
already considered an important form of political leverage, 450,000
young Malaysians turn 21 years old each year. Further compounding
this fact were the 2.4 million new voters registered in 2012, which at
the time constituted almost 30% of the entire voting population. This
article discusses the importance of issues for the youth, with
reference to the university students in Malaysia in their decision
making on polling day.
Abstract: This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from 2002 to 2010, we found that these forecasts are on average optimistic and two of the five test variables, earnings variability and financial leverage are significant in explaining ex post bias. Acknowledging the possibility that the bias is the result of the managers’ forecasting behavior, we then examine whether managers decide to under-predict, over-predict or forecast accurately for self-serving purposes. Explicitly, we examine the role of financial distress, operating performance, ownership by insiders and the economy state in influencing managers’ forecasting preferences. We find that managers of distressed firms seem to over-predict future earnings. We also find that when managers are given more stock options, they tend to under-predict future earnings. Finally, we conclude that the management earnings forecasts are affected by an intentional bias due to managers’ forecasting preferences.
Abstract: The Automobile Braking System has a crucial role for safety of the passenger and riding quality of the vehicle. The braking force mainly depends on normal reaction on the wheel and the co-efficient of friction between the tire and the road surface. Whenever a vehicle is loaded, the normal reaction on the rear wheel is increased. Thus the amount of braking force required to halt the vehicle with minimum stopping distance, is based on the pillion load on the vehicle. In this work, in order to vary the braking force in two wheelers, the mechanical leverage which operates the master cylinder is varied based on the pillion load. Thus the amount of braking force developed between ground and tire is varied. This optimum braking force on the disc brake helps in attaining the minimum vehicle stopping distance. In addition to that, it also helps in preventing sliding. Thus the system results in reducing the stopping distance of the two wheelers and providing a better braking efficiency than the conventional braking system.
Abstract: Wireless sensor network can be applied to both abominable
and military environments. A primary goal in the design of
wireless sensor networks is lifetime maximization, constrained by
the energy capacity of batteries. One well-known method to reduce
energy consumption in such networks is data aggregation. Providing
efcient data aggregation while preserving data privacy is a challenging
problem in wireless sensor networks research. In this paper,
we present privacy-preserving data aggregation scheme for additive
aggregation functions. The Cluster-based Private Data Aggregation
(CPDA)leverages clustering protocol and algebraic properties of
polynomials. It has the advantage of incurring less communication
overhead. The goal of our work is to bridge the gap between
collaborative data collection by wireless sensor networks and data
privacy. We present simulation results of our schemes and compare
their performance to a typical data aggregation scheme TAG, where
no data privacy protection is provided. Results show the efficacy and
efficiency of our schemes.
Abstract: Technology transfer is a common method for
companies to acquire new technology and presents both challenges
and substantial benefits. In some cases especially in developing
countries, the mere possession of technology does not guarantee a
competitive advantage if the appropriate infrastructure is not in place.
In this paper, we identify the localization factors needed to provide a
better understanding of the conditions necessary for localization in
order to benefit from future technology developments. Our
theoretical and empirical analyses allow us to identify several factors
in the technology transfer process that affect localization and provide
leverage in enhancing capabilities and absorptive capacity.The
impact factors are categorized within different groups of government,
firms, institutes and market, and are verified through the empirical
survey of a technology transfer experience. Moreover, statistical
analysis has allowed a deeper understanding of the importance of
each factor and has enabled each group to prioritize their
organizational policies to effectively localize their technology.
Abstract: Recent financial international scandals around the world have led to a number of investigations into the effectiveness of corporate governance practices and audit quality. Although evidence of corporate governance practices and audit quality exists from developed economies, very scanty studies have been conducted in Egypt where corporate governance is just evolving. Therefore, this study provides evidence on the effectiveness of corporate governance practices and audit quality from a developing country. The data for analysis are gathered from the top 50 most active companies in the Egyptian Stock Exchange, covering the three year period 2007-2009. Logistic regression was used in investigating the questions that were raised in the study. Findings from the study show that board independence; CEO duality and audit committees significantly have relationship with audit quality. The results also, indicate that institutional investor and managerial ownership have no significantly relationship with audit quality. Evidence also exist that size of the company; complexity and business leverage are important factors in audit quality for companies quoted on the Egypt Stock Exchange.
Abstract: This paper examines the factors, which determine
R&D outsourcing behaviour at Japanese firms, from the viewpoints of
transaction cost and strategic management, since the latter half of the
1990s. This study uses empirical analysis, which involves the
application of large-sample data. The principal findings of this paper
are listed below. Firms that belong to a wider corporate group are more
active in executing R&D outsourcing activities. Diversification
strategies such as the expansion of product and sales markets have a
positive effect on the R&D outsourcing behaviour of firms. Moreover,
while quantitative R&D resources have positive influences on R&D
outsourcing, qualitative indices have no effect. These facts suggest
that R&D outsourcing behaviour of Japanese firms are consistent with
the two perspectives of transaction cost and strategic management.
Specifically, a conventional corporate group network plays an
important role in R&D outsourcing behaviour. Firms that execute
R&D outsourcing leverage 'old' networks to construct 'new' networks
and use both networks properly.
Abstract: Purpose:This paper aims to gain insights to the influential factors of ERM adoptions by public listed firms in Malaysia. Findings:The two factors of financial leverage and auditor type were found to be significant influential factors for ERM adoption. In other words the findings indicated that firms with higher financial leverage and with a Big Four auditor are more likely to have a form of ERM framework in place. Originality/Value:Since there are relatively few studies conducted in this area and specially in developing economies like Malaysia, this study will broaden the scope of literature by providing novel empirical evidence.
Abstract: The role of corporate governance is to reduce the
divergence of interests between shareholders and managers. The role
of corporate governance is more useful when managers have an
incentive to deviate from shareholders- interests. One example of
management-s deviation from shareholders- interests is the
management of earnings through the use of accounting accruals. This
paper examines the association between corporate governance
internal mechanisms ownership concentration, board independence,
the existence of CEO-Chairman duality and earnings management.
Firm size and leverage are control variables. The population used in
this study comprises firms listed on the Tehran Stock Exchange
(TSE) between 2004 and 2008, the sample comprises 196 firms.
Panel Data method is employed as technique to estimate the model.
We find that there is negative significant association between
ownership concentration and board independence manage earnings
with earnings management, there is negative significant association
between the existence of CEO-Chairman duality and earnings
management. This study also found a positive significant association
between control variable (firm size and leverage) and earnings
management.
Abstract: With the global financial crisis turning into what more
and more appears to be a prolonged “Great Recession", we are
witnessing marked reductions in remittance transfers to developing
countries with the likely possibility that overall flows will decline
even further in the near future. With countless families reliant on
remittance inflows as a source of income maintaining their economic
livelihood, a reduction would put many at risk of falling below or
deeper into poverty. Recognizing the importance of remittance
inflows as a lifeline to the poor, policy should aim to (1) reduce the
barriers to remit in both sending and receiving nations thus easing the
decline in transfers; (2) leverage the development impacts of
remittances; and (3) buffer vulnerable groups dependent on
remittance transfers as a source of livelihood through sound countercyclical
macroeconomic policies.
Abstract: This paper presents a research agenda on the SCOR
model adaptation. SCOR model is designated to measure supply
chain performance and logistics impact across the boundaries of
individual organizations. It is at its growing stage of its life cycle and
is enjoying the leverage of becoming the industry standard. The
SCOR model has been developed and used widely in developed
countries context. This research focuses on the SCOR model
adaptation for the manufacturing industry in developing countries.
With a necessary understanding of the characteristics, difficulties and
problems of the manufacturing industry in developing countries-
supply chain; consequently, we will try to designs an adapted model
with its building blocks: business process model, performance
measures and best practices.
Abstract: The evolution of current modeling specifications gives rise to the problem of generating automated test cases from a variety of application tools. Past endeavours on behavioural testing of UML statecharts have not systematically leveraged the potential of existing graph theory for testing of objects. Therefore there exists a need for a simple, tool-independent, and effective method for automatic test generation. An architecture, codenamed ACUTE-J (Automated stateChart Unit Testing Engine for Java), for automating the unit test generation process is presented. A sequential approach for converting UML statechart diagrams to JUnit test classes is described, with the application of existing graph theory. Research byproducts such as a universal XML Schema and API for statechart-driven testing are also proposed. The result from a Java implementation of ACUTE-J is discussed in brief. The Chinese Postman algorithm is utilised as an illustration for a run-through of the ACUTE-J architecture.
Abstract: When earthquakes strike the city it results in great loss of lives. The present paper talks about a new innovative design system (MegEifel) for buildings which has a mechanism to mitigate deaths in case any earthquake strikes the city. If buildings will be designed according to MegEifel design then the occupants of the building will be safe even when they are in sleep or are doing day wise activities during the time earthquake strikes. The core structure is suggested to be designed on the principle that more deep the foundations are, the harder it is to uproot the structure. The buildings will have an Eifel rod dug deep into earth which will help save lives in tall buildings when earthquake strikes. This design takes a leverage of protective shells to save lives.
Abstract: Capital structure is one of the most important financial
decisions in corporate financing strategy. It involves the choice of
debt and equity level in financing a company-s operations. This study
aims to investigate whether the capital structure choice of Malaysian
electrical and electronic manufacturing companies that are listed in
the Bursa Malaysia can be explained by factors that have been found
by most studies as dominant determinants of capital structure
(company size, profitability, asset tangibility, liquidity and growth).
Using debt ratio as the proxy for capital structure and applying
pooled ordinary least square multiple regression estimation, the
results showed that on average, Malaysian electrical and electronic
manufacturing companies used less debt in funding their business
operations. The findings also showed that size and asset tangibility
has a significant positive relationship with debt level, while liquidity
has a negative significant relationship with leverage.
Abstract: Because of the reservoir effect, dynamic analysis of concrete dams is more involved than other common structures. This problem is mostly sourced by the differences between reservoir water, dam body and foundation material behaviors. To account for the reservoir effect in dynamic analysis of concrete gravity dams, two methods are generally employed. Eulerian method in reservoir modeling gives rise to a set of coupled equations, whereas in Lagrangian method, the same equations for dam and foundation structure are used. The Purpose of this paper is to evaluate and study possible advantages and disadvantages of both methods. Specifically, application of the above methods in the analysis of dam-foundationreservoir systems is leveraged to calculate the hydrodynamic pressure on dam faces. Within the frame work of dam- foundationreservoir systems, dam displacement under earthquake for various dimensions and characteristics are also studied. The results of both Lagrangian and Eulerian methods in effects of loading frequency, boundary condition and foundation elasticity modulus are quantitatively evaluated and compared. Our analyses show that each method has individual advantages and disadvantages. As such, in any particular case, one of the two methods may prove more suitable as presented in the results section of this study.
Abstract: The study examines the determinants of corporate cash holding of non-financial quoted firms in Nigeria using a sample of fifty four non-financial quoted firms listed on the Nigeria Stock Exchange for the period 1995-2009. Data were sourced from the Annual reports of the sampled firms and analyzed using Generalized Method of Moments(GMM). The study finds evidence supportive of a target adjustment model and that firms can not instantaneously adjust towards the target cash level owing to the fact that adjustment cost being costly,. Also, the result shows significant negative relationship between cash holdings and firm size, net working capital, return on asset and bank relationship and positive relationship with growth opportunities, leverage, inventories, account receivables and financial distress. Furthermore, there is no significant relationship between cash holdings and cash flow. In Nigerian setting, most of the variables that are relevant for explaining cash holdings in the Developed countries are found by this study to be relevant also in Nigeria.
Abstract: This paper aims to address the new trend of social
commerce as electronic commerce leverages Web 2.0 technologies
and online social media. The infusions of new technologies on the
World Wide Web connect users in their homes and workplaces,
thus transforming social formations and business transactions. An
in-depth study of the growth and success of a social commerce site,
Facebook was conducted. The investigation is finalized with a triad
relational model which reflects socioeconomic life in the Internet
today. The following three concepts work jointly to form a global
community that has already started to take the place of traditional
commerce and socialization: Web 2.0 technology, E-commerce,
and online social media. A discussion of the research findings
indicates that social commerce networks are sustainable because of
the various incentives given to users as they collaborate with others
regardless of their identity and location. The focus of this article is
to increase understanding on quickly developing Web 2.0 based
social media and their subsequent effects on the emerging social
commerce.
Abstract: Following the loss of NASA's Space Shuttle
Columbia in 2003, it was determined that problems in the agency's
organization created an environment that led to the accident. One
component of the proposed solution resulted in the formation of the
NASA Engineering Network (NEN), a suite of information retrieval
and knowledge-sharing tools. This paper describes the
implementation of communities of practice, which are formed along
engineering disciplines. Communities of practice enable engineers to
leverage their knowledge and best practices to collaborate and take
information learning back to their jobs and embed it into the
procedures of the agency. This case study offers insight into using
traditional engineering disciplines for virtual collaboration, including
lessons learned during the creation and establishment of NASA-s
communities.
Abstract: Availability of high dimensional biological datasets such as from gene expression, proteomic, and metabolic experiments can be leveraged for the diagnosis and prognosis of diseases. Many classification methods in this area have been studied to predict disease states and separate between predefined classes such as patients with a special disease versus healthy controls. However, most of the existing research only focuses on a specific dataset. There is a lack of generic comparison between classifiers, which might provide a guideline for biologists or bioinformaticians to select the proper algorithm for new datasets. In this study, we compare the performance of popular classifiers, which are Support Vector Machine (SVM), Logistic Regression, k-Nearest Neighbor (k-NN), Naive Bayes, Decision Tree, and Random Forest based on mock datasets. We mimic common biological scenarios simulating various proportions of real discriminating biomarkers and different effect sizes thereof. The result shows that SVM performs quite stable and reaches a higher AUC compared to other methods. This may be explained due to the ability of SVM to minimize the probability of error. Moreover, Decision Tree with its good applicability for diagnosis and prognosis shows good performance in our experimental setup. Logistic Regression and Random Forest, however, strongly depend on the ratio of discriminators and perform better when having a higher number of discriminators.