Modelling stock volatilities during financial crises: A time varying coefficient approach

We examine how the most prevalent stochastic properties of key financial time series have been affected during the recent financial crises. In particular we focus on changes associated with the remarkable economic events of the last two decades in the volatility dynamics, including the underlying volatility persistence and volatility spillover structure. Using daily data from several key stock market indices, the results of our bivariate GARCH models show the existence of time varying correlations as well as time varying shock and volatility spillovers between the returns of FTSE and DAX, and those of NIKKEI and Hang Seng, which became more prominent during the recent financial crisis. Our theoretical considerations on the time varying modelwhich provides the platformupon which we integrate our multifaceted empirical approaches are also of independent interest. In particular, we provide the general solution for time varying asymmetric GARCH specifications, which is a long standing research topic. This enables us to characterize these models by deriving, first, their multistep ahead predictors, second, the first two time varying unconditional moments, and third, their covariance structure.Open Access funded by European Research Council under a Creative Commons license

Firma Karakteristiginin Sermaye Yapisi Uzerindeki Analizi

Financial policies about asset usage and resource gathering which firms use in order to maintain optimal capital structure, define firm characteristics. In this study the effects of firm characteristics on capital structure analyzed empirically with panel data analysis. A capital structure determinant which represents firm characteristics is used as; debt ratio, liquidity ratio, interest coverage ratio, firm size and growth ratios. Research conducted through Basic Metal Industry, Metal Goods, Machinery and Tool Industry companies which operate in Istanbul Stock Exchange. According to the results all the determinants of firm characteristics except firm size have a negative impact on capital structureOptimal Capital Structure, Leverage Ratio, Firm Size, Panel Data Analysis

Bilateral pelvi.ureteric junction obstruction: Our experience in a developing country

Background: Bilateral pelvi.ureteric junction (PUJ) obstruction is rare and causes high morbidity and mortality. Recent advances have led to its diagnosis and management in the perinatal period. However, open surgery is still the mainstay of treatment in less endowed nations where late presentation is the norm.Materials and Methods: All patients with PUJ obstruction diagnosed and managed at the University of Maiduguri Teaching Hospital between January 2006 and December 2011 were retrospectively reviewed. All had open  surgery and all repairs were stented with double J stents or appropriate size feeding tube.Results: A total of 18 patients were analyzed, 11 males and 7 females with a ratio of 1.57:1 and mean age of 27.5 years (age range 2.38). The main clinical features were loin pain (72.22%) and fever (72.22%); while the main complications at presentation were hydronephrosis (55.56%),  impaired renal function (61.11%) and pyelonephritis (50%). The causes of obstruction were mainly congenital (50.0%) and due to schistosomal fibrosis/stricture (22.2%). Preliminary double J stents, tube nephrostomies and hemodialysis were used to recover renal function before surgery. Anderson.Hynes (41.7%) and Heineke.Mirhulicz (19.4%) pyeloplasty were the main procedures performed. The main post.operative complications were urinary tract infections (67.67%) and leakage (11.11%). The mean duration of symptoms was 23.72 months and the mean hospital stay was 13 days. The mortality rate was 5.56%.Conclusion: Bilateral PUJ obstruction is uncommon in Maiduguri, with  congenital causes and schistosomal fibrosis as the most common  etiologies. Aggressive treatment aimed at recovering renal function is necessary before open pyeloplasty if morbidity and mortality is to be reduced. Open pyeloplasty remained the best treatment option with favorable outcome.Key words: Bilateral pelviureteric junction obstruction, causes,  management, outcom

Implementasi Manajemen Berbasis Sekolah Dalam Peningkatan Mutu Pendidikan Di Madrasah Ibtidaiyah Swasta (Studi Multi Kasus Di Mi At Taqwa Dan Mi Muhammadiyah Kedungwinong Kecamatan Nguter Kabupaten Sukoharjo Tahun 2011)

Tujuan penelitian ini untuk mendiskripsikan Strategi perencanaan, Implementasi dan hasil implementasi Manajemen Berbasis Sekolah dalam Peningkatan Mutu Pendidikan di MI At Tagwa and MI Muhammadiyah Kedungwinong Kecamatan Nguter Kabupaten Sukoharjo Metode Penelitian kualitatif mengikuti konsep Miles dan Hubermen dengan 3 komponen yaitu data reduction, data display dan conclution verification. sedangkan metode pengumpulan datanya dengan cara observasi, wawancara dan dokumentasi, Adapun rumusan masalah yang dijadikan pijakan dalam melakukan langkah – langkah penelitian adalah :1.Strategi Implementasi Manajemen Berbasis Sekolah pada MI At Tagwa dan MIM Kedungwinong Sukoharjo.2.Implementasi Manajemen Berbasis Sekolah Dalam Peningkatan Mutu Pendidikan Di MI At Tagwa dan MIM Kedungwinong Sukoharjo.3.Hasil Implementasi Manajemen Berbasis Sekolah Dalam Peningkatan Mutu Pendidikan Di MI At Tagwa dan MIM Kedungwinong Sukoharjo Berdasarkan hasil penelitian yang telah dilakukan maka dapat diketahui bahwa dengan adanya Implementasi Manajemen Berbasis Sekolah (MBS) di MI At Tagwa dan MIM Kedungwinong Sukoharjo menunjukkan bahwa 1. strategi perencanaan yang diterapkan sudah baik terbukti tercapainya hasil MBS sesuai hasil yang direncanakan. 2. Implementasi MBS yang diterapkan di MI sudah bisa dilaksanakan hal tersebut dapat dilihat dengan pola kerja Kepala Sekolah, Guru,Karyawan yang meningkat,kreatif,inovatif dalam menyelesaikan permasalahan yang terjadi serta pengambilan keputusan selalu melibatkan partisipasi setiap konstituen seperti Guru Siswa, Karyawan, Tokoh Masyarakat. 3. Hasil Implementasi MBS menunjukkan hasil yang signifikan diberbagai bidang dari mutu pendidikan,jumlah siswa,kebijakan Kepala Sekolah peran guru dan masyarakat Kegiatan Belajar Mengajar, Kurikulum, , dan Sarana dan Prasarana. Hanya saja seiring keberhasilannya dalam mengimplementasikan MBS, tetapi ada beberapa kekurangan yang ada dalam Impementasi MBS di MI At Tagwa and MI Muhammadiyah Kedungwinong yaitu pada sisi Monitoring/pengawasan dan Evaluasi

Tinjauan Hukum Islam Terhadap Praktek Akad Jual Beli Ikan Nelayan (Studi Kasus Di Desa Pangkalan Kecamatan Sluke Kabupaten Rembang)

Perkembangan ekonomi pada masa sekarang ini telah banyak muncul berbagai macam praktek jual beli, diantaranya adalah praktek jual beli ikan nelayan. Praktek jual beli ikan sudah sejak zaman dahulu dan sudah menjadi kebiasaan di lingkungan masyarakat. Walaupun sering ditemui ada yang dijalankan sesuai dengan syariat maupun bertentangan dengan syariat. Maka penelitian ini bertujuan untuk mendeskripsiskan secara jelas tentang praktek akad jual beli ikan yang dilakukan nelayan di Desa Pangkalan, dan menjelaskan pandangan hukum Islam terhadap praktek akad jual beli ikan nelayan di Desa Pangkalan. Jenis penelitian ini adalah penelitian lapangan (field reseach), untuk mencapai tujuan tersebut penulis menggunakan pendekatan kualitatif yang bersifat deskriptif yaitu penelitian yang bertujuan memberikan peneliti terhadap keadaan atau fenomena sosial yang berhubungan dengan praktek akad jual beli ikan nelayan. Dalam pengumpulan data dalam penelitian ini menggunakan metode observasi, wawancara dan dokumentasi. Dalam penelitian ini peneliti menganalisa data yang diperoleh dengan cara deskriptif kualitatif yaitu analisis yang menggambarkan keadaan atau suatau fenomena dengan kata-kata atau kalimat, kemudian dipisahkan menurut kategori untuk memperoleh kesimpulan. Berdasarkan penelitian akad perjanjian yang ada di Desa Pangkalan dalam pelaksanaan praktek akad jual beli sesuai dengan adat yang ada di Desa tersebut. Bentuk akad yang dilakukan dalam pelaksanaan praktek jual beli di Desa Pangkalan Kecamatan Sluke Kabupaten Rembang adalah secara lisan tidak tertulis, karena mereka sistem kepercayaan diantara kedua belah pihak yang melakukan akad. Yang menjadi permasalahan dalam penulisan Skripsi ini yaitu dalam penetapan harga sepihak yang dilakukan oleh tengkulak sehingga menimbulkan unsur keterpaksaan pada pihak nelayan dan transaksi ini merasa dirugikan karena ada kecurangan ketika tengkulak melakukan penimbangan ikan tersubut, berdasarkan hal tersebut maka praktek jual beli ikan nelayan di Desa Pangkalan Kecamatan Sluke Kabupaten Rembang hukumnya tidak sah dalam pertentangan hukum Isla

Outcome of surgery for toxic goitres in maiduguri: A single teaching hospital’s perspective

Background: Thyrotoxicosis a common endocrine disorder of the thyroid gland in Nigeria is commonly treated surgically. The outcome of thyroidectomy for toxic goiters in Maiduguri Nigeria is evaluated.Materials and Methods: Over the last 5 years (Jan 2005-July 2010), in a prospective review, the demographic, and clinical data of patients operated for toxic goiters in our department was entered, into a predesigned proforma and analyzed. The objective of the study is to review our experience with subtotal and near-total thyroidectomy as treatment for benign toxic goiters.Results: Seventy-eight patients, 11 males (14.1%) and 67 females (85.9%), with male: female ratio of 1:6.1 and the mean age of 30 ± 10.9 (range, 17-65 years), underwent thyroidectomy for toxic goiters. The mean duration of symptoms was 41.9 (range 3-126 months). There were 53 patients with toxic diffuse goiters (Grave’s disease) with their mean age of 27.6 ± 6.93 (range 17-38 years), 23 with toxic multinodular goiters, the mean age of 43.7 ± 15.68 (range 17-65 years) and two with toxic nodule. There was no case of permanent recurrent laryngeal nerve palsy or permanent hypocalcemia. Transient hypocalcemia occurred in 9 (11.5%) patients and hemorrhage with hematoma, requiring exploration in 4 (5.1%). There were two cases of wound infection and no postoperative mortality. The mean hospital stay was 7.6 ± 2.34 (range 5-15 days). There was no disease recurrence over a mean follow-up of 20.7 (range 2-48) months.Conclusion: Subtotal thyroidectomy is an effective procedure for the treatment of thyrotoxicosis with few postoperative complications and majority of patients being euthyroid after long follow-up

Kurikulum Tingkat Satuan Pendidikan Pada Pembelajaran Agama Islam Ditinjau Dari Konsep Pendidikan Luqman Al-Hakim Dalam Surat Luqman (Studi Analisa SKKD dan Materi Pokok Pembelajaran Agama Islam Di SD Islam al-Azhar 16 Cilacap)

Penelitian ini bertolak dari satu pertanyaan: Bagaimanakah SKKD dan materi pokok pada KTSP pembelajaran agama Islam di SD Islam al-Azhar 16 Cilacap ditinjau dari konsep pendidikan Luqman al-Hakim dalam surat Luqman? Tujuan penelitian yaitu mendeskripsikan SKKD dan materi pokok pada KTSP pembelajaran agama Islam di SD Islam al-Azhar 16 Cilacap ditinjau dari konsep pendidikan Luqman al-Hakim dalam surat Luqman yang meliputi SKKD dan materi pokok pembelajaran keimanan, ibadah dan akhlak. Jenis penelitian yang digunakan adalah penelitian deskriptif komparatif dengan pendekatan kualitatif. Obyek utama penelitiannya adalah gagasan atau ide pada SKKD dan materi pokok. Pengumpulan data dilakukan melalui observasi, telaah terhadap dokumentasi serta wawancara tidak terstruktur. Data yang telah terkumpul dianalisis dengan menggunakan teknik analisis data kualitatif. Hasil penelitian adalah: (1) SKKD dan materi pokok pembelajaran keimanan; SD Islam al-Azhar 16 terdiri dari 6 komponen rukun iman, konsep pendidikan Luqman al-Hakim terdiri dari 3 komponen yaitu iman kepada Allah, iman kepada nama dan sifat-Nya serta iman kepada hari akhir. Persamaan; iman kepada Allah (nama-nama, sifat-sifat serta kekuasaan Allah) dan beriman kepada hari akhir. Kompetensi dan materi keimanan konsep pendidikan Luqman al- Hakim berbasis tauhid, sedangkan SD Islam al-Azhar 16 Cilacap terbatas pada iman kepada Allah dengan mengetahui dan mengenal asmaul husna beserta sifatsifat- Nya (2) SKKD dan materi pokok pembelajaran ibadah; SD Islam al-Azhar 16 Cilacap terdiri dari 7 kompetensi dan materi meliputi; 5 komponen rukun Islam, muamalah serta halal dan haram dalam makanan, konsep pendidikan Luqman al-Hakim sedikitnya terkandung 2 komponen yaitu perintah mendirikan salat serta amar ma'ruf nahi mungkar. Persamaan; kompetensi dan materi salat (3) SKKD dan materi pokok pembelajaran akhlak; SD Islam al-Azhar 16 Cilacap terdiri dari 5 komponen akhlak yaitu akhlak terhadap Allah, Rasulullah, diri sendiri, orang lain, dan makhluk Allah lainnya. Konsep pendidikan Luqman al-Hakim mengandung 3 komponen yaitu akhlak terhadap Allah, terhadap diri sendiri dan terhadap orang lain. Kompetensi dan materi yang terkandung dalam konsep pendidikan Luqman al-Hakim adalah konsep dasar akhlak, sedangkan SDI al-Azhar 16 Cilacap merupakan bentuk penjabaran dari konsep pendidikan akhlak Luqman al-Hakim yang tersurat dalam surat Luqma

Relationship between Corporate Governance and Risk Disclosure Practice from Malaysia Perspective

Past accounting scandals (Transmile and Megan Media) and recent 2007/2008 global financial crisis have triggered the need for vibrant risk management and high quality of risk reporting through sound corporate governance. This study will measure risk management through the disclosure in the annual reports. It wishes to determine the presence of risk information within the annual report of non-financial companies in Malaysia. The objective of the study is to examine the relationship between corporate governance characteristics and risk disclosure practice. The corporate governance characteristics examined include board independence, the board size, board gender, auditor independence and auditor tenure. A total of 721 companies are expected to be analyzed based on the Bursa Malaysia list from 2008 to 2017. To determine the level of risk disclosure, this study will employ content analysis. Descriptive statistics and multiple regression will be used in this study to examine this relationship

A saposin-lipoprotein nanoparticle system for membrane proteins.

A limiting factor in membrane protein research is the ability to solubilize and stabilize such proteins. Detergents are used most often for solubilizing membrane proteins, but they are associated with protein instability and poor compatibility with structural and biophysical studies. Here we present a saposin-lipoprotein nanoparticle system, Salipro, which allows for the reconstitution of membrane proteins in a lipid environment that is stabilized by a scaffold of saposin proteins. We demonstrate the applicability of the method on two purified membrane protein complexes as well as by the direct solubilization and nanoparticle incorporation of a viral membrane protein complex from the virus membrane. Our approach facilitated high-resolution structural studies of the bacterial peptide transporter PeptTSo2 by single-particle cryo-electron microscopy (cryo-EM) and allowed us to stabilize the HIV envelope glycoprotein in a functional state