Capital Structure and Investment Behaviour of Malaysian Firms in the 1990s: A Study of Corporate Governance before the Crisis

This is an empirical study analyzing the corporate finance and governance structure in Malaysia before and after the financial crisis of 1997, utilizing the agency cost approach. The contribution of this paper is to link the corporate governance mechanism with the role of banks and corporate ownership structure taking into account the institutional framework and historical background of the Malaysian financial system. Based on data for 375 non-financial KLSE (Kuala Lumpur Stock Exchange) listed companies during fiscal years 1995-99, our analysis is organized into three parts. Section 2 outlines characteristics of corporate finance in Malaysia in the 1990s using aggregated time-series data. Section 3 examines determinants of capital structure via cross-sectional regressions in terms of dependency on banks, availability of internal funds, ownership concentration, ethnic ownership structure, industry effects, etc. And in section 4, we estimate simple investment functions with panel data in order to examine the effects of debt financing on corporate investments before the crisis. Empirical results show that the commitment of banks to finance corporate debt as well as lending obviously increased debt ratios. Ownership concentration mitigates conflict between managers and owners. Foreign ownership also contributed to a reduction in the agency costs of equity financing. However, increasing ownership by native Malays (Bumiputera), both the direct and indirect holding of corporate shares, played no significant role in disciplining corporate management. Finally, high dependency on debt led to excessive corporate investment before the crisis. These results imply that the concentration of risks on the banking sector and social policy advocating the dispersion of corporate ownership weakened the corporate governance mechanism, thereby exacerbating the distress of Malaysia's corporate sector during the financial crisis.

Optimizing double-base elliptic-curve single-scalar multiplication

This paper analyzes the best speeds that can be obtained for single-scalar multiplication with variable base point by combining a huge range of options: • many choices of coordinate systems and formulas for individual group operations, including new formulas for tripling on Edwards curves; • double-base chains with many different doubling/tripling ratios, including standard base-2 chains as an extreme case; • many precomputation strategies, going beyond Dimitrov, Imbert, Mishra (Asiacrypt 2005) and Doche and Imbert (Indocrypt 2006). The analysis takes account of speedups such as S – M tradeoffs and includes recent advances such as inverted Edwards coordinates. The main conclusions are as follows. Optimized precomputations and triplings save time for single-scalar multiplication in Jacobian coordinates, Hessian curves, and tripling-oriented Doche/Icart/Kohel curves. However, even faster single-scalar multiplication is possible in Jacobi intersections, Edwards curves, extended Jacobi-quartic coordinates, and inverted Edwards coordinates, thanks to extremely fast doublings and additions; there is no evidence that double-base chains are worthwhile for the fastest curves. Inverted Edwards coordinates are the speed leader

Using LDGM Codes and Sparse Syndromes to Achieve Digital Signatures

In this paper, we address the problem of achieving efficient code-based digital signatures with small public keys. The solution we propose exploits sparse syndromes and randomly designed low-density generator matrix codes. Based on our evaluations, the proposed scheme is able to outperform existing solutions, permitting to achieve considerable security levels with very small public keys.Comment: 16 pages. The final publication is available at springerlink.co

Near-Surface Interface Detection for Coal Mining Applications Using Bispectral Features and GPR

The use of ground penetrating radar (GPR) for detecting the presence of near-surface interfaces is a scenario of special interest to the underground coal mining industry. The problem is difficult to solve in practice because the radar echo from the near-surface interface is often dominated by unwanted components such as antenna crosstalk and ringing, ground-bounce effects, clutter, and severe attenuation. These nuisance components are also highly sensitive to subtle variations in ground conditions, rendering the application of standard signal pre-processing techniques such as background subtraction largely ineffective in the unsupervised case. As a solution to this detection problem, we develop a novel pattern recognition-based algorithm which utilizes a neural network to classify features derived from the bispectrum of 1D early time radar data. The binary classifier is used to decide between two key cases, namely whether an interface is within, for example, 5 cm of the surface or not. This go/no-go detection capability is highly valuable for underground coal mining operations, such as longwall mining, where the need to leave a remnant coal section is essential for geological stability. The classifier was trained and tested using real GPR data with ground truth measurements. The real data was acquired from a testbed with coal-clay, coal-shale and shale-clay interfaces, which represents a test mine site. We show that, unlike traditional second order correlation based methods such as matched filtering which can fail even in known conditions, the new method reliably allows the detection of interfaces using GPR to be applied in the near-surface region. In this work, we are not addressing the problem of depth estimation, rather confining ourselves to detecting an interface within a particular depth range

Peritoneal defense in continuous ambulatory versus continuous cyclic peritoneal dialysis

Peritoneal defense in continuous ambulatory peritoneal dialysis versus continuous cyclic peritoneal dialysis. Several centers have reported a lower rate of peritonitis among adult patients on continuous cyclic peritoneal dialysis (CCPD) as compared to those undergoing continuous ambulatory peritoneal dialysis (CAPD). Preliminary results of our ongoing prospective randomized study comparing CAPD-Y with CCPD also suggest a lower peritonitis incidence among CCPD-treated patients. To investigate whether the two dialysis regimens could result in differences in local host defense, we studied peritoneal macrophage (PMO) function and effluent opsonic activity in eight patients established on CAPD-Y matched with eight chronic CCPD patients. Since short and long dwell times are inherent to both dialysis modalities, and we previously found that dwell time has an impact on PMO function and effluent opsonic activity, patients were studied after both a short (4hr) and a long (15hr) dwell time. In both patient groups PMO phagocytic capacity increased significantly with dwell time (39 ± 3.3% at 4hr vs. 58 ± 4.2% at 15hr in CAPD patients, and 40 ± 3.9 vs. 72 ± 3.3% in CCPD patients; P < 0.01), as did PMO peak chemiluminescence response (31 ± 4.9 vs. 77 ± 7.2 counts · min-1/104 cells in CAPD, and 22 ± 3.9 vs. 109 ± 21.2 counts · min-1/104 cells in CCPD; P < 0.01) and effluent opsonic activity (41 ± 7.6 vs. 73 ± 5.8% in CAPD and 39 ± 6.2 vs. 70 ± 5.9% in CCPD; P < 0.01). However, no significant difference was found in either variable between CAPD and CCPD patients when dwell times were equal. In conclusion, no differences were observed in PMO function or effluent opsonic activity between matched CAPD-Y and CCPD patients when dwell times were equal. In both patient groups prolongation of dwell time enhanced PMO function as well as effluent opsonic activity, thereby providing a better host defense. The improvement in peritoneal defenses may, in part, be responsible for the lower peritonitis incidence observed among CCPD-treated patients

Undertaking a scoping review: a practical guide for nursing and midwifery students, clinicians, researchers, and academics.

Aim: The aim of this study is to discuss the available methodological resources and best-practice guidelines for the development and completion of scoping reviews relevant to nursing and midwifery policy, practice, and research. Design: Discussion Paper. Data Sources: Scoping reviews that exemplify best practice are explored with reference to the recently updated JBI scoping review guide (2020) and the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Scoping Review extension (PRISMA-ScR). Implications for nursing and midwifery: Scoping reviews are an increasingly common form of evidence synthesis. They are used to address broad research questions and to map evidence from a variety of sources. Scoping reviews are a useful form of evidence synthesis for those in nursing and midwifery and present opportunities for researchers to review a broad array of evidence and resources. However, scoping reviews still need to be conducted with rigour and transparency. Conclusion: This study provides guidance and advice for researchers and clinicians who are preparing to undertake an evidence synthesis and are considering a scoping review methodology in the field of nursing and midwifery. Impact: With the increasing popularity of scoping reviews, criticism of the rigour, transparency, and appropriateness of the methodology have been raised across multiple academic and clinical disciplines, including nursing and midwifery. This discussion paper provides a unique contribution by discussing each component of a scoping review, including: developing research questions and objectives; protocol development; developing eligibility criteria and the planned search approach; searching and selecting the evidence; extracting and analysing evidence; presenting results; and summarizing the evidence specifically for the fields of nursing and midwifery. Considerations for when to select this methodology and how to prepare a review for publication are also discussed. This approach is applied to the disciplines of nursing and midwifery to assist nursing and/or midwifery students, clinicians, researchers, and academics

The politics of innovation: why innovations need a godfather

Innovation is closely linked to the development of technology. Hence it is often assumed that when an innovation fails it is the technology that is at fault. While this may be true in many instances, there are occasions when it is not the technology that is at fault, rather, it is managerial and organisational aspects that cause problems and lead to failure. Studies have shown that individuals who take on specific roles can play an important part in avoiding these problems. These roles include the technological gatekeeper, the product champion and the sponsor/coach. In addition to these roles, this paper argues that there is another, namely that of godfather. With this role a highly respected, senior figure within an organisation provides support that is critical in ensuring the project overcomes the hurdles that lie in the path of any major new development. The nature of the godfather role is explored through three case studies. These provide examples of the role and show how it can facilitate the innovation process

Urine Fetuin-A is a biomarker of autosomal dominant polycystic kidney disease progression.

BACKGROUND: Autosomal dominant polycystic kidney disease (ADPKD) is a genetic disorder characterized by numerous fluid-filled cysts that frequently result in end-stage renal disease. While promising treatment options are in advanced clinical development, early diagnosis and follow-up remain a major challenge. We therefore evaluated the diagnostic value of Fetuin-A as a new biomarker of ADPKD in human urine. RESULTS: We found that renal Fetuin-A levels are upregulated in both Pkd1 and Bicc1 mouse models of ADPKD. Measurement by ELISA revealed that urinary Fetuin-A levels were significantly higher in 66 ADPKD patients (17.5 ± 12.5 μg/mmol creatinine) compared to 17 healthy volunteers (8.5 ± 3.8 μg/mmol creatinine) or 50 control patients with renal diseases of other causes (6.2 ± 2.9 μg/mmol creatinine). Receiver operating characteristics (ROC) analysis of urinary Fetuin-A levels for ADPKD rendered an optimum cut-off value of 12.2 μg/mmol creatinine, corresponding to 94% of sensitivity and 60% of specificity (area under the curve 0.74 ; p = 0.0019). Furthermore, urinary Fetuin-A levels in ADPKD patients correlated with the degree of renal insufficiency and showed a significant increase in patients with preserved renal function followed for two years. CONCLUSIONS: Our findings establish urinary Fetuin-A as a sensitive biomarker of the progression of ADPKD. Further studies are required to examine the pathogenic mechanisms of elevated renal and urinary Fetuin-A in ADPKD

5-ht inhibition of rat insulin 2 promoter cre recombinase transgene and proopiomelanocortin neuron excitability in the mouse arcuate nucleus

A number of anti-obesity agents have been developed that enhance hypothalamic 5-HT transmission. Various studies have demonstrated that arcuate neurons, which express proopiomelanocortin peptides (POMC neurons), and neuropeptide Y with agouti-related protein (NPY/AgRP) neurons, are components of the hypothalamic circuits responsible for energy homeostasis. An additional arcuate neuron population, rat insulin 2 promoter Cre recombinase transgene (RIPCre) neurons, has recently been implicated in hypothalamic melanocortin circuits involved in energy balance. It is currently unclear how 5-HT modifies neuron excitability in these local arcuate neuronal circuits. We show that 5-HT alters the excitability of the majority of mouse arcuate RIPCre neurons, by either hyperpolarization and inhibition or depolarization and excitation. RIPCre neurons sensitive to 5-HT, predominantly exhibit hyperpolarization and pharmacological studies indicate that inhibition of neuronal firing is likely to be through 5-HT1F receptors increasing current through a voltage-dependent potassium conductance. Indeed, 5-HT1F receptor immunoreactivity co-localizes with RIPCre green fluorescent protein expression. A minority population of POMC neurons also respond to 5-HT by hyperpolarization, and this appears to be mediated by the same receptor-channel mechanism. As neither POMC nor RIPCre neuronal populations display a common electrical response to 5-HT, this may indicate that sub-divisions of POMC and RIPCre neurons exist, perhaps serving different outputs

First demonstration of all-optical programmable SDM/TDM intra data centre and WDM inter-DCN communication

We successfully demonstrate a flat-structured DCN powered by large-port-count fibre-switch-based OCS, PLZT-switch enabled TDM and MEFs supported SDM. The inter-DCN ToR-to-ToR direct optical connections are setup through metro/core networks using all-optical SDM/WDM converters