Stock Market Calendar Anomalies: Evidence from ASEAN-5 Stock Markets

To challenge the appropriateness of the theory of the weak-form market efficiency, this study examines the day-of-the-week effect and the twist-of-the-Monday effect for the ASEAN – 5 stock markets for the period June 10, 2002 through August 21, 2009. Our Kruskal-Wallis statistic test finds support for the day-of-the-week effect in Malaysia and Thailand stock markets. In addition, the Wilcoxon Rank Sum Test shows that Monday has significantly lower returns compared to Thursday and Friday returns in Malaysian stock market. On the other hand, Friday has the highest returns in a week and this is significantly different compared with other days in Thailand stock market. This study also found evidence on the twist-of-the-Monday effect, where returns on Mondays are influenced by the previous week's returns in Indonesia, Malaysia and the Philippines stock markets.Calendar Anomalies, Day-of-the-week, Twist-of-the-Monday, Non-parametric test

Stock Market Anomalies in South Africa and its Neighbouring Countries

This study adopted the alternative approach called closure test principle which is proposed by Alt et al. (2011) to examine the stock market anomalies in South Africa and its Neighbouring Countries. Overall, Egypt is the only country that has a strong Monday effect. On the other hand, weak Monday effect is found in Mauritius, Nigeria and Tunisia stock markets. When the time-varying volatility in the market returns is taken into account by the EGARCH – M model, strong Monday volatility is found in Egypt while Kenya and Nigeria is found to have weak Monday volatility.Monday Effect, Multiple Hypotheses Testing, Closed Test Procedures

The Hirota's direct method and multi-soliton solutions

The study of soliton theory is always a major source of mathematical and physical inspiration. For the past few decades, soliton theory has attracted considerable attention in diverse physical applications and the various mathematical methods of solution. This project discusses on the direct method of Hirota to obtain the multi-soliton solutions of physically significant nonlinear waves equations. This includes equations with single bilinear form and coupled system of bilinear form, together with the use of Hirota D-operator and various types of transformation. Singularity analysis is used to formulate the suitable transformation

Chromatic equivalence classes of complete tripartite graphs

AbstractSome necessary conditions on a graph which has the same chromatic polynomial as the complete tripartite graph Km,n,r are developed. Using these, we obtain the chromatic equivalence classes for Km,n,n (where 1≤m≤n) and Km1,m2,m3 (where |mi−mj|≤3). In particular, it is shown that (i) Km,n,n (where 2≤m≤n) and (ii) Km1,m2,m3 (where |mi−mj|≤3, 2≤mi,i=1,2,3) are uniquely determined by their chromatic polynomials. The result (i), proved earlier by Liu et al. [R.Y. Liu, H.X. Zhao, C.Y. Ye, A complete solution to a conjecture on chromatic uniqueness of complete tripartite graphs, Discrete Math. 289 (2004) 175–179], answers a conjecture (raised in [G.L. Chia, B.H. Goh, K.M. Koh, The chromaticity of some families of complete tripartite graphs (In Honour of Prof. Roberto W. Frucht), Sci. Ser. A (1988) 27–37 (special issue)]) in the affirmative, while result (ii) extends a result of Zou [H.W. Zou, On the chromatic uniqueness of complete tripartite graphs Kn1,n2,n3 J. Systems Sci. Math. Sci. 20 (2000) 181–186]

Long-run Validity of Export-Led Growth: An Empirical Reinvestigation from Linear and Nonlinear Cointegration Test

This study is able to uncover long-run cointegration relationship for Singapore and South Korea, based on the Breitung (2001) rank test procedures. Breitung (2001) rank test can detect both linear and nonlinear cointegration relationships, added value to the literature with strong evidences of nonlinear cointegration on GDP growth and export.Export-led growth; Cointegration; Johansen; Nonlinear; Rank Tests

Long-run validity of purchasing power parity and rank tests for cointegration for Central Asian Countries

This study finds that Purchasing Power Parity holds in the long-run for Azerbaijan, Kazakhstan and Kyrgyzstan, based on Breitung’s (2001) rank tests for cointegration. Results from further analysis indicates that nominal exchange rates and relative prices are nonlinearly interrelated. Trade barriers, transportation costs and government intervention in the pricing system in these countries may have resulted in the establishment of the above-mentioned nonlinear relationship.Purchasing power parity; Cointegration; Nonlinear; Rank tests; Central Asia.

BRANCHING OUT FROM AUTISTIC SAVANTISM: IDENTFYING AND DEFINING AUTISTIC CRYPTO-SAVANTISM IN INDIVIDUALS WITH NON-VERBAL/VERBAL LOW-FUNCTIONING AUTISM

With the escalating prevalence of autism spectrum disorder, there is also an increasing number of autistic savants, who besides their autistic disorder, also possess both extraordinary special abilities and remarkable memory. Within this group of autistic savants, there is a hidden category of low-functioning individuals with autism first identified by Rimland (1990) as autistic crypto-savants – unable to communicate (with little or no speech) but possess savant talents hidden, or remained secret, and are unknown to those around them. The existence of such individuals cannot be denied unless proven otherwise. Hence, in this paper the authors hope to focus on two key issues: firstly, the need to fully understand and explain their aetiologies; and secondly, with no conclusions drawn currently, the need to fully explore the ramifications of autistic crypto-savants. The term autistic crypto-savantism and its definition, like the broader term autism, has evolved over the past decades due to better understanding and/or new discoveries. Hence, the authors of this paper strongly feel that there is a need to re-examine the existence of autistic crypto-savantism within the wider context of autistic savantism and current definition of autism.  Article visualizations

Role and development of GLP-1 receptor agonists in the management of diabetes

Glucagon-like peptide-1 (GLP-1) is a hormone secreted from enteroendocrine L cells of the intestine in response to food. Exogenous GLP-1 administration at pharmacological doses results in many effects that are beneficial for treating type 2 diabetes, these include: (1) an increase in insulin secretion from β cells; (2) a suppression of glucagon secretion from α cells in the presence of hyperglycemia but not hypoglycemia; (3) a delay in gastric emptying and gut motility which in turns delays absorption of ingested nutrients and dampens post-prandial glucose excursion; and (4) an increase in the duration of postprandial satiety therefore suppressing appetite and decreasing food intake which eventually leads to weight loss. However, GLP-1 is subject to rapid enzymatic degradation, and therefore, not suitable for long-term treatment. A synthetic enzyme-resistant GLP-1 receptor agonist that reproduces the biological effects of GLP-1 is in use and more are under development. This review aims at providing a summary of the properties of GLP-1 and the development of GLP-1-based therapies for treatment of diabetes

Does Hysteresis in Unemployment Occur in OECD Countries? Evidence from Parametric and Non-Parametric Panel Unit Roots Tests

This study tests the hysteresis hypothesis of unemployment in fourteen OECD countries by examining the stationarity of unemployment rates using several panel unit root tests. Empirical results show that the hysteresis hypothesis cannot be rejected for majority of the OECD when the tests are conducted on the basis of individual countries. However, rejection is obtained when cross-country interdependence in unemployment rates is incorporated in the estimation. Therefore, it is crucial to consider the cross-country labor markets interdependence when testing the hysteresis hypothesis as the labor market institutions and the stabilization policy of the labor markets in these OECD countries can play an important role in maintaining the unemployment to sustainable levels.Unemployment, Hysteresis Hypothesis, Panel Unit Root Test, Parametric Test, Non-Parametric Test, OECD

A re-examination of the calendar anomalies during the Asian financial crisis: Some empirical evidence from the closure test principle and the EGARCH-mean model

The Asian financial crisis was a remarkable financial crisis that hit many East Asia economies and prompted large financial bailouts. The financial crisis started in Thailand in July 1997 with slumping currency, devalued stock market and other asset prices. Indonesia, South Korea, Hong Kong, Malaysia and the Philippines were also hurt by the slump due to financial contagion. The financial crisis also put pressure on the United States, as its market was severely hit in October 1997. The movement of the major Asian indices and the Chicago Board Option Exchange (CBOE) Volatility Index (VIX), which is often referred to as the fear index, are plotted in Figure 5.1. As seen in Figure 5.1, the financial markets were calm from June to early October 1997, with major indices in a decreasing trend. However, the crisis changed the trend, the markets became extremely volatile and stock prices of a few markets dropped significantly towards the end of October 1997