Stock Returns and Equity Premium Evidence Using Dividend Price Ratios and Dividend Yields in Malaysia

The empirical findings of Goyal and Welch (2003) and Cochrane (2006) suggested that dividend yields and dividend ratios are robust predictors of annual stock returns and annual equity premia. However, Goyal and Welch (2003) asserted that many researchers considered dividend yields to be a good predictor for the equity premium before the 1990s but not after the 1990s. We apply these models to the Malaysian market. Our general findings suggest that the in-sample performances of the KLCI Malaysian datasets present similar results to those predicted by Goyal and Welch (2003, 2006). Meanwhile, the Mincer-Zarnowitz (1969) regression forecast tests for out of sample performances illustrate poor predictability of stock returns and equity premiums using both dividend price ratios and dividend yields. Cochrane (2006) suggested that if stock returns and dividend growth are not predictable, then price growth must be forecastable to bring the dividend yields back to equilibrium after any shock given that the dividend yields are stationary. We find that the growth of dividends is predictable using data deflated by changes in the consumer price index. Thus, the overall results suggest that both dividend price ratio and dividend yield models have significant effects though the dividend yield model is a superior predictor of stock returns and equity premiums in the Malaysian context.Dividend yields, Dividend price ratios, Stock returns, Equity premium, Asian financial crisis 1997

Conditional Beta Capital Asset Pricing Model (CAPM) and Duration Dependence Tests

This paper uses a sample of 50 companies continuously listed on Main Board of Bursa Malaysia from January 1994 until December 2001 and uses duration dependence tests whilst applying two asset pricing models based on the CAPM; the two Factor Model developed by Fama and French (F&F)(1998) and Ferson, Sarkissian and Simin's (FSS) (2008) conditional beta model applied to estimate the conditional beta of CAPM as to generate the positive and negative abnormal returns. The findings suggest that both the Log Logistic and Weibull hazard models seem to support the existence of negative duration dependence for both positive and negative runs of abnormal returns, consistent with the presence of bubbles theory as predicted by McQueen and Thorley (1994). The negative runs of abnormal returns for both the F&F and FSS models show that more than 80% of the sample seems to support the existence of negative duration dependence using both hazard models. Meanwhile the positive runs show that not more than 80% of the sample rejects the null hypothesis based on LR tests of the absence of duration dependence. Therefore, the analysis and results suggest that the negative runs of abnormal returns are consistent for both hazard models.Duration dependence, Two factor models, Rational bubbles, Log logistic and Weibull hazard models

Biomimetic bone-like apatite coating on anodised titanium in simulated body fluid under UV irradiation

Low temperature deposition techniques of bioceramics coatings are now being researched and developed to avoid deficiencies inherent in high temperature techniques. Biomimetic coatings are a solution-based method conducted at ambient temperature to deposit bioactive coatings on the surface. The current study aims to investigate the effect of ultraviolet (UV) irradiation on the coating of bone-like apatite on the anodised surface. High purity titanium foils were anodised with an applied voltage of 350 V, current density of 70 mA.cm-2 in mixture of 0.04 M β-glycerophosphate disodium salt pentahydrate (β-GP) and 0.4 M calcium acetate (CA) for 10 min. After anodic oxidation, UV light treatment was conducted in pH-adjusted distilled water for 12 h with ultraviolet light A (UVA) irradiation. Subsequently, the UV-treated anodised titanium foils were soaked in SBF for 7 days with/without UVA irradiation. After SBF immersion for 7 days, anodised titanium with combination of UV light treatment and UV irradiation during in vitro testing was fully covered by highly crystalline bone-like apatite at maximal thickness of 2.8 μm. This occurred mainly due to the formation of large amounts of Ti-OH groups which act as nucleation sites for bone-like apatite. This study also revealed that UV irradiation during in vitro testing is superior in promoting growth of bone-like apatite compared to UV light treatment. The suggested mechanism for bone-like apatite formation on anodised titanium under different UV irradiation conditions is illustrated in this article. The findings of this study indicated that biomimetic bone-like apatite coating with assistance of UV irradiation is an effective method in accelerating the formation of bone-like apatite

Behaviour of Soft Clay Foundation Beneath an Embankment

As a material, soft clay poses many challenges to geotechnical engineers. The material responds in a spectacular manner to stress changes. The paper describes the behaviour of five embankments constructed on lightly over consolidated soft Malaysian marine clays. The main finding is that the clay response to construction is not truly undrained. Significant consolidation develops initially in the over consolidated clay, which becomes normally consolidated during construction. Undrained behaviour develops only in the normally consolidated clay during the initial stages of construction

Application Of Dynamic Correlation Technique And Model Updating On Truck Chassis

Truck chassis is a major component in a vehicle system. It is often identified for refinement in order to develop vehicles with reduced cost and weight. Nowadays the process of chassis design in the automotive industry has been significantly refined with the high capabilities of advanced computer aided design and engineering tools,. The application of FEA such as structural modification and optimization is used to reduce component complexity, weight and subsequently cost. Because the level of model complexity can be high, the opportunity for error can also be high. For this reason, some form of model verification is needed before design decisions made in the FEA environment can be implemented in production. This paper looks into the application of dynamic correlation techniques for verification of the FEA models of truck chassis. The dynamic characteristics of truck chassis such as the natural frequency and mode shape were determined using finite element method. Experimental modal analysis was carried out to validate the FE models. Initial results from both analysis show that the truck chassis experienced 1st torsion mode for 1st natural frequency, 1st bending mode for 2nd natural frequency, 2nd torsion mode for 3rd natural frequency and 2nd bending mode for 4th natural frequency. However there is a small discrepancy in terms of frequency. Thus, the model updating of truck chassis model was done by adjusting the selective properties such as Modulus Young and Poisson ratio in order to get better agreement in the natural frequency between both analysis. Finally, the modifications of the updated FE truck chassis model was suggested such as by considering adding the stiffener. The purpose is to reduce the vibration as well as to improve the strength of the truck chassis

A comparison between the effectiveness of lycra and silon pressure garments for treatment of hypertrophic scar in burns

Introduction Hypertrophic scarring after burns remains a major challenge for burn care providers. Pressure garments and silicone sheets have been the mainstay of hypertrophic scar treatment. This study was to compare the effectiveness of the traditional Lycra pressure garment and the silicone incorporated pressure garment (Silon) and also to determine patients’ satisfaction with pressure garment among burns patients in Hospital Universiti Sains Malaysia. Methodology This is was a two-phased study. Phase I was a retrospective study, which involved patients who were treated with the Lycra pressure garments from June 2007 until Jun 2009. Meanwhile, phase II was a prospective study, involving patients who were treated with the Silon pressure garments from June 2008 until June 2010. Demographic details collected included age, type and depth of burn, total burn surface area (TBSA) and cause of injury. The effectiveness of the treatment was determined based on the Vancouver Scar Scale score. Patients’ scars were assessed 2 weeks after complete wound healing, and every 4 months, for up to 1 year. Results Repeated measures ANOVA showed significant improvement in terms of scar vascularity, itch and pain within each study group (p 0.05). Meanwhile, there was no significant difference within and between the 2 study groups in terms of scar height, pigmentation and pliability. Majority of the patient complained of itch, sweating, discomfort and tightness upon wearing the pressure garments. In addition to interfering with their daily activities, they also reported no improvement of their scar appearance. Nevertheless, they still believe that compliance with the treatment is of great importance in order to gain optimal result. Conclusion We cannot conclude that the combined pressure garment and silicone therapy (Silon) was more effective than the traditional pressure garment (Lycra). Hypertrophic scars following burns injuries can take up to 2 years to reach maturity. Thus, it is recommended that scars should be monitored and pressure garment treatment should be carried out for at least 2 years

Deformation and Shear Strength Characteristics of Some Tropical Peat and Organic Soils

Peat and organic soils commonly occur as extremely soft, unconsolidated surficial deposits that are an integral part of the wetland systems. They may also occur as strata beneath other surficial deposits. These soils are problematic as they are very highly compressible and are of very low shear strength. In countries like Malaysia, peat and organic soils are found in abundance. Utilization of this marginal ground is required in increasing number of instances in the recent years. Hence suitable geotechnical design parameters and construction techniques needed to be found for this type of ground condition. This paper presents results of laboratory and field tests on the deformation and shear strength characteristics of tropical organic and peat soil. The soil samples were collected from several locations in Malaysia, namely from the states ofJohore, Perak, Sarawak and Selangor. These soils represented tropical peat and organic soils with organic content ranging from 50% to 95%.The soil compression index is found to increase with increase in the organic content and natural moisture content. While for case of undrained strength, the shear strength of tropical peat and organic soil is found to decrease with increase in the organic content and natural moisture content. The shear strength of the soil is also dependent on the degree of humification of the soil, with more fibrous soils having higher undrained strength

Enhancement of systematic sampling for clinical survey: systematic sampling with consecutive approach / Mohamad Adam Haji Bujang

Survey is a one of the common primary data collection approaches in research in various fields including the clinical field. Findings from clinical surveys are important because recommendations from the findings will have a direct impact towards public’s health. Data collection process in clinical survey usually involves an ordered sampling frame and has become very challenging for clinical researchers, who need to handle multiple tasks in their clinical service whereby the clinical service is their top priority. Therefore, due to time constraints, the general practice of data collection in clinical survey is to adopt non-probability sampling such as consecutive sampling. The consequence of this kind of practice would produce results that can be invalid since the results could be influenced by sampling bias. In order to reduce sampling bias and to obtain more precise results is to promote the use of probability sampling technique in a clinical survey

Ideologies underlying the use of photographs in newspaper coverage of BERSIH 3.0 rally: a social semiotic analysis

BERSIH 3.0 rally that was held on 28th April 2012 has witnessed visual war among the mass media in Malaysia which had caused polarization among the Malaysian society. This study aims to analyze how the mainstream and alternative newspapers transfuse their ideology about the rally through visual depiction of the event. Three dominant newspapers namely Utusan Malaysia, The Star and Harakah were chosen based on their political economic background and their high circulations status. Based on the visual constructions of the two mainstream newspapers; Utusan Malaysia and The Star, it is found that both newspapers were critical towards BERSIH 3.0. Apart from that, both newspapers also embedded their own racial agenda in which it was found that Utusan Malaysia tries to associate the rally with the dark tragedy of 13th May 1969 while The Star tries to neutralize the involvement of the Chinese through positive imagery. In contrast, Harakah celebrated the revival and the unity of the people from all races in their struggle towards social justice as the main theme. At the same time, Harakah visually portrayed PAS as a political party that honoured pluralism, gain acceptance from young people and committed with the PR. The research has proved that photo has the capabilities to be a medium to disseminate ideology