5,236 research outputs found
Financial Liberalization, Weighted Monetary Aggregates and Money Demand in Indonesia
This study investigates the significance of Divisia monetary aggregates in formulating the monetary policy in Indonesia. A money demand function has been constructed to compare the relative performance for Simple-sum M1 and M2 (SSM1 and SSM2) and Divisia M1 and M2 (DM1 and DM2) monetary aggregates. The econometrics testing procedures that have been utilized in the estimation include unit root test, cointegration test, Vector Error Correction Model (VECM), Granger causality test and residual test. Empirical findings indicate that only DM1 model yields credible result amongst all of the money demand models. The obtained coefficients for DM1 model are consistent with a prior theoretical expectation and carry plausible magnitudes. The DM1 model is satisfactory as proven by the diagnostic tests. Divisia monetary aggregates are proven not only theoretical superior but also empirical valid as useful measurement of money for the case of Indonesia. The central bank of Indonesia may consider using Divisia monetary aggregates as the policy variables in formulating monetary policy.Money Demand; Divisia Money; VECM
White-collar crime and stock return: Empirical study from announcement effect
White-collar crime continues to hit the headlines across Malaysia and it remains a serious issue influencing organizations globally. A share price event study is thus conducted on a group of public listed companies in Malaysia to examine the announcement effect of white-collar crime. The period of the study is from 1996 to 2010, covering both the Asian Financial Crisis in 1997/98 and the sub-prime mortgage crisis in 2008/09. Results indicate the existence of significant negative abnormal share price reaction on 10 trading days subsequent to the day of announcement. It means that the stock market in Malaysia is not efficient. However, it implies that the market possesses the power to discipline unethical companies as the shareholders drive down their value by disposing their stocks following the announcement.Share Price, Event Study; White-Collar Crime
Thermal Modelling of the Ventilation and Cooling inside Axial Flux Permanent Magnet Generators
Axial flux permanent magnet generators are of particular interest for power generation in harsh and confined conditions. Due to their compactness and high power density, the ventilation and cooling inside axial flux permanent magnet generators have becoming increasingly important for further performance improvement. This thesis describes the developments of a lumped parameter, thermal modelling technique for axial flux permanent magnet generators. The main aim of this research is to develop a fast and accurate thermal modelling tool which can be used for rapid machine design and ultimately, to replace complex and time consuming CFD analyses in the machine design process.
The thesis illustrates the construction of a generic thermal equivalent circuit, which comprises of conductive and convective sub-circuits, to model the conduction and convection heat transfers and temperature distributions in the radial and axial directions, within these machines. The conduction heat transfer between the solid components of these electrical machines is modelled by an annulus conductive thermal circuit derived from previous researchers; whereas, for convection heat transfer between the working fluid (air) and solids, the author has developed two convective thermal circuits, which are demonstrated as the Temperature Passing Method (TPM) and Heat Pick-up method in (HPM) in the thesis. Several case studies were designed to investigate the validity and accuracy of these thermal sub-circuits with both steady and transient boundary conditions. Since all the thermal impedances and capacitances used in the thermal circuits are in dimensionless form, the developed generic thermal equivalent circuit is capable of performing thermal simulations for axial flux generators of different sizes and topologies. Furthermore, special correction factors were introduced into the developed generic thermal equivalent circuit, to take into account the heat transfer in the circumferential direction in axial flux machines.
The thesis also demonstrates how the heat transfer in the stator windings is modelled in the generic thermal equivalent circuit. Two analytical models, which are the Simple Concentric Model (SCM) and Concentric-annulus Layer Model (CLM) were developed, for the evaluation of the thermal resistances of the stator windings. The results evaluated from these analytical models were validated by several numerical models and experimental results of two-phase materials published by previous researchers.
Lastly, experimental validation of the lumped parameter thermal equivalent circuit model and CFD simulations was conducted. Heat transfer coefficient measurements were carried out on two separate test rigs, which were a simplified single-sided axial flux machine test rig and a large-scale low speed axial flux machine. The experimental results were compared with the numerical results obtained from both the lumped parameter and CFD models. Good agreement between the experimental, lumped parameter model and CFD results were found. These indicate that the developed generic thermal circuit is potentially capable of replacing CFD analyses in the axial flux machines design process
Factors stimulating corporate crime in Malaysia
Building on the perception of both existing and potential investors in Kuching, Sarawak, this study aims to identify the factors that appear to stimulate corporate crime activity in organizations. A survey was carried out by distributing questionnaires to both types of investors selected on randomly basis. The findings reveal that corporate crime activities are mostly due to inadequate cash security practices, inadequate supervision as well as a lack of internal auditing. To minimize the effects of corporate crime on investors and organizations, managers should pay extra attention to these factors. On the other hand, future research within the context of corporate crime may consider the extent to which organizational crime can affect the shareholder value creation of organizations.Corporate Crime; Internal Control
On the Long-Run Monetary Neutrality: Evidence from the SEACEN Countries
This paper tests the long run neutrality (LRN) and long run superneutrality (LRSN) propositions using annual observation from 10 member countries of the South East Asian Central Banks (SEACEN) Research and Training Centre. The Fisher and Seater (1993) methodology is applied to do the task. Special attention has been given in identifying the number of unit root and cointegrating vector, as a meaningful LRN (LRSN) test is critically depends on such properties. Empirical results reveal that LRN can be deviated from the case of Asian developing economies. In particular, monetary expansion seems to have long run positive effect on real output in the economies of Indonesia, Taiwan and Thailand. However, LRSN is neither fail or not addressable in our study.Neutrality and superneutrality of money; sequential unit root test; SEACEN
Outward FDI of Malaysia: An Empirical Examination from Macroeconomic Perspective
Outward FDI of Malaysia was nearly non-existent prior to 1970s. Nonetheless, recently Malaysia has not only been able to sustain FDI inflows position, but also emerged as the fifth largest investor among the developing economies in Asia region (UNTACD, 2005). This study aims to investigate the selected macroeconomic determinants of outward FDI of Malaysia, namely income, exchange rate and openness. The Johansen and Juselius cointegration test and the vector error correction model are applied in this study to analyze the quarterly data from 1991:Q1 to 2004:Q4. The findings verified that the outward FDI of Malaysia is determined by income, exchange rate and openness of the economy in both the short- and long-run.
Some Empirical Evidence on the Quantity Theoretic Proposition of Money in ASEAN-5
This study examines the international evidence on long-run neutrality (LRN) of money based on low frequency data from five emerging ASEAN economies, namely, Indonesia, Malaysia, the Philippines, Singapore, and Thailand, using a nonstructural reduced-form bivariate ARIMA model proposed by Fisher and Seater (1993). Empirical evidence shows that the classical proposition cannot be rejected with respect to real export except for Thailand. However, the LRN test results are not robust to changes in money supply in countries under study with respect to real output. The narrow monetary aggregate seems to have greater impact on Indonesia, Malaysia, and Thailand economic activities as compared to the other two countries.Long-run neutrality of money; ARIMA model; ASEAN
Testing the Rational Expectations Hypothesis on the Retail Trade Sector Using Survey Data from Malaysia
The rational expectations hypothesis states that when people are expecting things to happen, using the available information, the predicted outcomes usually occur. This study utilized survey data provided by the Business Expectations Survey of Limited Companies to test whether forecasts of the Malaysian retail sector, based on gross revenue and capital expenditures, are rational. The empirical evidence illustrates that the decision-makers expectations in the retail sector are biased and too optimistic in forecasting gross revenue and capital expenditures.REH, Unbiasedness, Non-serial Correlation, Weak-form Efficiency
THE IMPLICATIONS OF EMERGENCE OF CHINA TOWARDS ASEAN-5: FDI-GDP PERSPECTIVE
The relationship between Foreign Direct Investment (FDI) and Gross Domestic Products (GDP) had become the centre piece of recent researches in identifying the short run and long run implications between the two variables. Using the hypotheses of FDI led GDP and GDP led FDI as theoretical framework, this study intends to analyze the implications of the rise of China towards the ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand from the perspective of FDI and GDP. The cointegration and vector error correlation estimate test results showed that there is a significant positive long run relationship between FDI of China and GDP of ASEAN-5. However, we failed to detect any short run causal relationship among the variables under study.Cointegration; Granger causality; FDI; ASEAN-5
THE IMPLICATIONS OF EMERGENCE OF CHINA TOWARDS ASEAN-5: FDI-GDP PERSPECTIVE
The relationship between Foreign Direct Investment (FDI) and Gross Domestic Products (GDP) had become the centre piece of recent researches in identifying the short run and long run implications between the two variables. Using the hypotheses of FDI led GDP and GDP led FDI as theoretical framework, this study intends to analyze the implications of the rise of China towards the ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand from the perspective of FDI and GDP. The cointegration and vector error correlation estimate test results showed that there is a significant positive long run relationship between FDI of China and GDP of ASEAN-5. However, we failed to detect any short run causal relationship among the variables under study.Foreign Direct Investment; Gross Domestic Product; ASEAN-5; China
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