Malaysia pension fund performances and Islamic vs conventional fund performances

Many earlier studies have discussed the performances of conventional funds and Islamic funds. However, there are only few studies have empirically examined on the Pension fund performances and can large pension fund such as Malaysia Employees Provident Fund (EPF) able to outperform the market. Hence to help in filling this gap in empirical literature, this paper attempt to examine the performances of Malaysia pension fund, EPF against Malaysia market index. To examine the performances of EPF, Treynor and Mazuy market timing model is adapt. By using Treynor and Mazuy model, we get to figure out on the EPF Jensen alpha or its selective ability and the fund timing ability. To document the performances of EPF, a time series data from 1986 to 2016 are collected. The variable collected are the yearly dividend of EPF, Malaysia market index (KLCI), and Malaysia government bond which represent the risk free rate. Our empirical result shows that there a strong significant Jensen alpha in the regression while for the market timing ability shows a weak significant and a non-significant beta for market premium. While the second part of this paper shows an empirical testing on the performances of Islamic fund with conventional fund. Many studies have examine the relationship between Islamic fund and conventional fund however there are only few studies which empirically examine the performances of Islamic fund and conventional fund in Malaysia. A panel data were collected from 2014 to 2017 on monthly basis with 28 Islamic and conventional funds. The result shows that based on the average return, risk, and beta, the result shows that Islamic funds outperform the conventional funds. However for Sharpe, Treynor and Jensen Alpha, more conventional funds able to beat its respective market than Islamic funds. This might due to the poor performance of conventional index as a benchmark for conventional funds

Necrotizing fasciitis in liver cirrhosis

SummaryBackgroundNecrotizing fasciitis (NF) is associated with a high mortality rate. Hepatitis is endemic in Taiwan, and liver cirrhosis is associated with the development of NF. The characteristics of these patients, however, have not been well documented or the predictors of mortality clearly identified. The purpose of this study is to identify predictors of mortality in patients with liver cirrhosis and necrotizing fasciitis.MethodsThis study was conducted at the Chi-Mei Medical Center in southern Taiwan. Demographic data, clinical characteristics, and the microorganisms responsible for NF in patients with liver cirrhosis were recorded. To identify independent predictors associated with mortality, univariate analysis followed by multivariate logistic regression modeling was performed.ResultsDuring the period 2003–2011, a total of 55 patients with liver cirrhosis and NF were treated at the Chi-Mei Medical Center. Most patients had infections by monomicrobial Gram-negative bacilli. Univariate analysis revealed that severity of liver cirrhosis, shock, band polymorphonuclear neutrophil (>10%), international normalized ratio (>1.5), serum creatinine (>2.0 mg/dL), serum albumin (<2.5 g/dL), and activated partial thromboplastin time (>60 seconds) were significantly associated with mortality. However, multivariate logistic regression analysis revealed that serum albumin of <2.5 g/dL was the only independent predictor of mortality in patients with liver cirrhosis and NF.ConclusionNF in the vast majority of cirrhotic patients was caused by Gram-negative bacilli. Hypoalbuminemia (serum albumin <2.5 g/dL) was associated with mortality in patients with liver cirrhosis and NF. Further studies are needed to assess whether resuscitation with albumin-containing solutions lowers the mortality rate in such patients

Associations between diet and disease activity in ulcerative colitis patients using a novel method of data analysis

BACKGROUND: The relapsing nature and varying geographical prevalence of ulcerative colitis (UC) implicates environmental factors such as diet in its aetiology. METHODS: In order to determine which foods might be related to disease activity in UC a new method of dietary analysis was developed and applied. Eighty-one UC patients were recruited at all stages of the disease process. Following completion of a 7 d diet diary, clinical assessment including a sigmoidoscopic examination (scale 0 (normal mucosa) to 6 (very active disease)) was conducted. Food weights for each person were adjusted (divided) by the person's calorific intake for the week. Each food consumed was given a food sigmoidoscopy score (FSS) calculated by summing the products of the (adjusted) weight of food consumed and sigmoidoscopy score for each patient and occurrence of food and dividing by the total (adjusted) weight of the food consumed by all 81 patients. Thus, foods eaten in large quantities by patients with very active disease have high FSSs and vice versa. Foods consumed by <10 people or weighing <1 kg for the whole group were excluded, leaving 75 foods. RESULTS: High FSS foods were characterized by high levels of the anti-thiamin additive sulfite (Mann-Whitney, p < 0.001), i.e. bitter, white wine, burgers, soft drinks from concentrates, sausages, lager and red wine. Caffeine also has anti-thiamin properties and decaffeinated coffee was associated with a better clinical state than the caffeine containing version. Beneficial foods (average intake per week) included pork (210 g), breakfast cereals (200 g), lettuce (110 g), apples and pears (390 g), milk (1250 ml), melon (350 g), bananas (350 g), bacon (120 g), beef and beef products (500 g), tomatoes (240 g), soup (700 g), citrus fruits (300 g), fish (290 g), yogurt (410 g), cheese (110 g), potatoes (710 g) and legumes (120 g). CONCLUSIONS: The dietary analysis method described provides a new tool for establishing relationships between diet and disease and indicates a potentially therapeutic diet for UC

Nonvirally Modified Autologous Primary Hepatocytes Correct Diabetes and Prevent Target Organ Injury in a Large Preclinical Model

BACKGROUND: Current gene- and cell-based therapies have significant limitations which impede widespread clinical application. Taking diabetes mellitus as a paradigm, we have sought to overcome these limitations by ex vivo electrotransfer of a nonviral insulin expression vector into primary hepatocytes followed by immediate autologous reimplantation in a preclinical model of diabetes. METHODS AND RESULTS: In a single 3-hour procedure, hepatocytes were isolated from a surgically resected liver wedge, electroporated with an insulin expression plasmid ex vivo and reimplanted intraparenchymally under ultrasonic guidance into the liver in each of 10 streptozotocin-induced diabetic Yorkshire pigs. The vector was comprised of a bifunctional, glucose-responsive promoter linked to human insulin cDNA. Ambient glucose concentrations appropriately altered human insulin mRNA expression and C-peptide secretion within minutes in vitro and in vivo. Treated swine showed correction of hyperglycemia, glucose intolerance, dyslipidemia and other metabolic abnormalities for > or = 47 weeks. Metabolic correction correlated significantly with the number of hepatocytes implanted. Importantly, we observed no hypoglycemia even under fasting conditions. Direct intrahepatic implantation of hepatocytes did not alter biochemical indices of liver function or induce abnormal hepatic lobular architecture. About 70% of implanted hepatocytes functionally engrafted, appeared histologically normal, retained vector DNA and expressed human insulin for > or = 47 weeks. Based on structural tissue analyses and transcriptome data, we showed that early correction of diabetes attenuated and even prevented pathological changes in the eye, kidney, liver and aorta. CONCLUSIONS: We demonstrate that autologous hepatocytes can be efficiently, simply and safely modified by electroporation of a nonviral vector to express, process and secrete insulin durably. This strategy, which achieved significant and sustained therapeutic efficacy in a large preclinical model without adverse effects, warrants consideration for clinical development especially as it could have broader future applications for the treatment of other acquired and inherited diseases for which systemic reconstitution of a specific protein deficiency is critical

Comparison of central banking polices in Singapore

30 p.There exist a conflict between monetary stability and exchange rate objectives. The main objective of this paper is to find out which of the two is of greater concern to the Monetary Authority of Singapore.BUSINES

Malaysia pension fund performances and Islamic vs conventional fund performances

Many earlier studies have discussed the performances of conventional funds and Islamic funds. However, there are only few studies have empirically examined on the Pension fund performances and can large pension fund such as Malaysia Employees Provident Fund (EPF) able to outperform the market. Hence to help in filling this gap in empirical literature, this paper attempt to examine the performances of Malaysia pension fund, EPF against Malaysia market index. To examine the performances of EPF, Treynor and Mazuy market timing model is adapt. By using Treynor and Mazuy model, we get to figure out on the EPF Jensen alpha or its selective ability and the fund timing ability. To document the performances of EPF, a time series data from 1986 to 2016 are collected. The variable collected are the yearly dividend of EPF, Malaysia market index (KLCI), and Malaysia government bond which represent the risk free rate. Our empirical result shows that there a strong significant Jensen alpha in the regression while for the market timing ability shows a weak significant and a non-significant beta for market premium. While the second part of this paper shows an empirical testing on the performances of Islamic fund with conventional fund. Many studies have examine the relationship between Islamic fund and conventional fund however there are only few studies which empirically examine the performances of Islamic fund and conventional fund in Malaysia. A panel data were collected from 2014 to 2017 on monthly basis with 28 Islamic and conventional funds. The result shows that based on the average return, risk, and beta, the result shows that Islamic funds outperform the conventional funds. However for Sharpe, Treynor and Jensen Alpha, more conventional funds able to beat its respective market than Islamic funds. This might due to the poor performance of conventional index as a benchmark for conventional funds

Banks and restaurants - a study in Singapore.

The present study sought to establish the banking needs and behaviour of restaurants. In particular, the study focused on the rating of certain bank selection criteria, establishing the banks with which restaurants have a relationship, quantifying their multiple banking practices, and identifying their use of financial products and services. The results showed that the forty-one respondents rated “Accuracy of monthly bank statements” as the most important bank selection criterion. All forty-one of respondents had a relationship with at least one local bank. United Overseas Bank had the biggest market share, this being 61%. Within the sample, 39% were single-banking restaurants and 61% were multiple banking restaurants. The most common reason cited for practising multiple banking was that certain banks provide specialised services. Overall, multiple banking restaurants had 2.75 bank relationships. It was seen that current accounts were used by all restaurants, while other products (such as fixed deposits) were used by fewer restaurants. Of all the various non-cash means of settlement made available, credit cards were the most widely accepted.BUSINES

An evaluation of life insurance markets of selected Asian countries

152 p.The economic performance of Asia in the 1990s has been remarkable. Although the 5 countries (Malaysia, The Philippines, Thailand, Indonesia and India) under studied are not totally representative of the Asian region, it indicates the vast potential abound in it. In support of this growing Asian economy, the financial sector, which includes the life insurance industry, would also undoubtedly expands.BUSINES