Characteristics and strategies of a consistently profitable proprietary day trader at bursa Malaysia / Saw Imm Song, Ei Yet Chu and Tian So Lai

Proprietary day trading is relatively new in Malaysia. This study looks into the background characteristics, strategies, behaviour of an above average proprietary trader and factors that determined her success. Recent literature in the developed markets found that the majority of the day traders failed in the first year of trading. Few studies have looked into the winning characteristics and strategies of the traders. Contrary to the findings on failed traders, who traded actively, speculatively, and to their detriment, this case study found that a successful trader on the other hand is highly attentive and disciplined. On average the trader had executed approximately 20 counters per day for  about 100 transactions. More than 50% of the roundtrips transactions were completed within half an hour and 70% were completed within 2 hours.  The trader was most active in the morning for buy transactions and the majority of the roundtrips were completed in the afternoon. The trader usually holds large positions only for shorter periods to minimise huge losses and disposition effect.  It was evident that the trader employs scalping strategies that she profits from very short run and small movement of prices rather than employing fundamental analysis which requires longer term investment horizon. If the trader made profits in the morning, the likelihood is the trader will be more aggressive in the afternoon trades. The regression results reveal that factors that significantly explained the profitability of the trader were the transaction values and the time entering the trades. Market sentiment and duration of holding time do not significantly explain the profitability made by the trader. It shows that in a bullish market, the trader tended to trade more transactions; however that does not contribute significantly to the profits made

Characteristics and strategies of a consistently profitable proprietory day trader at bursa Malaysia

Proprietary day trading is relatively new in Malaysia. This study looks into the background characteristics, strategies, and behaviour of an above average proprietary trader and factors that determine her success. Recent literature in the developed markets found that a majority of day traders fail in the first year of trading. Few studies have looked into the winning characteristics and strategies of traders. Contrary to the findings on failed traders, who trade actively, speculatively, and to their detriment, this case study found that a successful trader on the other hand is highly attentive and disciplined. On average the trader had executed approximately 20 counters per day for about 100 transactions. More than 50% of the roundtrip transactions were completed within half an hour and 70% were completed within 2 hours. The trader was most active in the morning for buy transactions and the majority of the roundtrips were completed in the afternoon. The trader usually holds large positions only for shorter periods to minimise huge losses and the disposition effect. It is evident that the trader employs scalping strategies that she profits from in a very short run and small movement of prices rather than employing fundamental analysis which requires a longer-term investment horizon. If the trader made profits in the morning, the likelihood is the trader will be more aggressive in the afternoon trades. The regression results reveal that factors that significantly explain the profitability of the trader were the transaction values and the time of entering the trades. Market sentiment and duration of holding time do not significantly explain the profitability made by the trader. It shows that in a bullish market, the trader tends to trade more transactions; however, that does not contribute significantly to the profits made

Corporate governance and financial constraints in family controlled firms: Evidence from Malaysia

The hypothesis of financial constraints suggests that firms will be denied profitable investment due to inaccessible to external capital markets as debt and equity financing are no longer perfect substitutions after firms utilize internal capital. In view of reduced investments during global financial crisis in 2008-2009, the study investigates 157 firms, whether they face the issues of financial constraints in Malaysia. In general, non-family firms rely heavily on the external debt market while family controlled firms utilizing internal cash and reducing their dependence on debt market for their investments, confirming financial constraints in family firms. However, the presence of CEO duality does not exaggerate the problem of financial constraints, but rather leads family firms to become stagnant in their investments. Independent directors appear to be ineffective in governing family firms in issuing finances for investment. Apparently, their presence in family firms reduces firms’ investment opportunities either through internal cash and external debt financing, which could reduce shareholders’ value in the long-term

Financial constraints and corporate governance in family controlled firms in Malaysia

The hypothesis of financial constraints suggest that firms be denied profitable investment due to inaccessible to external capital markers as debt and equity financing are no longer perfect substitution after firms utilise internal capital. In view of reducing investments during global financial crisis in 2008-2009, the study investigates 157 firms whether they face the issues of financial constraint in Malaysia. In general, non-family firms rely heavily on external debt market while family controlled firms utilising internal cash and reducing their dependence on debt market for their investments. However, the presence of CEO duality does not exaggerate the problem of financial constraints firms, but rather lead family firms to become stagnant in their investments. Independent directors appear to be ineffective in governance family firms for issuing financing for investment. Apparently, their presence in family firms reduce firms’ investment opportunities either through internal cash flow and external debt financing, which could reduce shareholders’ value in long-term

Impacts of foreign currency exposure on Malaysia’s firm value: Firm value, hedging and corporate governance perspectives

Purpose: This study examines and assesses the relationship between foreign currency exposures in terms of account receivable and payable and firm value of Malaysia firms. Design/methodology/approach: The study takes the balance sheet approach where a total sample firm of 148 Malaysia public reported their foreign currencies exposure from 2006 to 2013. Foreign currencies exposures in USD and SGD are regressed on firm value as these are most reported foreign currencies exposures. The study examines the issues from the perspective of firms’ size, hedging strategy, and corporate governance perspective. Findings: The findings suggest that Malaysia firms do not manage their exposures to USD well, both account payable and receivable. Large firms are also not well equipped to improve firm value when it is highly exposed, especially to USD as compared to SGD. Hedging strategies are not effective in the country as it does not significantly improve firm value. However, the presence of independent directors and large shareholders assert some monitoring effects on USD payables exposures and SGD receivable exposures, which lead to a positive firm value. Research limitations/implications: Corporate governance could substitute the role of hedging strategy in managing foreign currencies exposures. The research is hindered by the limitation information on hedging reported in annual reports. Practical implications: The study suggests the role of corporate governance is essential in various perspective of financial management. Large shareholders and independent directors could assert an effective role in monitoring risk as their controlling stake increases. In terms of USD exposures, which is more volatile, Malaysia firms are not managing USD exposures well and lead to declining of firm value. Malaysia firms should be more prepared financially and strategically when dealing with USD exposure, which is more volatile. Originality/value: The study applies balance sheet approach based on account payable and receivable on currencies exposure. Various perspective, especially issues on corporate governance is new when approaching the issues of foreign currencies exposures, especially in the contexts of emerging economy

Two-year efficacy and safety of relugolix combination therapy in women with endometriosis-associated pain: SPIRIT open-label extension study.

STUDY QUESTION: What is the efficacy and safety of long-term treatment (up to 2 years) with relugolix combination therapy (CT) in women with moderate to severe endometriosis-associated pain? SUMMARY ANSWER: For up to 2 years, treatment with relugolix CT improved menstrual and non-menstrual pain, dyspareunia, and function in women with endometriosis; after an initial decline of <1%, the mean bone mineral density (BMD) remained stable with continued treatment. WHAT IS KNOWN ALREADY: Endometriosis is a chronic condition characterized by symptoms of dysmenorrhea, non-menstrual pelvic pain (NMPP), and dyspareunia, which have a substantial impact on the lives of affected women, their partners, and families. SPIRIT 1 and 2 were phase 3, randomized, double-blind, placebo-controlled studies of once-daily relugolix CT (relugolix 40 mg, oestradiol 1 mg, norethisterone acetate 0.5 mg) in premenopausal women (age 18-50 years) with endometriosis and moderate-to-severe dysmenorrhea and NMPP. These trials demonstrated a significant improvement of dysmenorrhea, NMPP, and dyspareunia in women treated with relugolix CT, with minimal decline (<1%) in BMD versus placebo at 24 weeks. STUDY DESIGN, SIZE, DURATION: Patients participating in this open-label, single-arm, long-term extension (LTE) study of the 24-week SPIRIT pivotal studies (SPIRIT 1 and 2) received up to an additional 80 weeks of once-daily oral relugolix CT treatment between May 2018 and January 2023. PARTICIPANTS/MATERIALS, SETTING, METHODS: Premenopausal women with confirmed endometriosis and moderate to severe dysmenorrhea and NMPP who completed the 24-week pivotal studies (SPIRIT 1 and 2 trials; Giudice et al., 2022) and who met all entry criteria were eligible to enrol. Two-year results were analysed by treatment group based on original randomization in pivotal studies: relugolix CT, delayed relugolix CT (relugolix 40 mg monotherapy for 12 weeks, followed by relugolix CT), or placebo→relugolix CT (placebo for 24 weeks followed by relugolix CT). The primary endpoints of the LTE study were the proportion of dysmenorrhea and NMPP responders at Week 52 and Week 104/end-of-treatment (EOT). A responder was a participant who achieved a predefined, clinically meaningful reduction from baseline in Numerical Rating Scale (NRS) scores (0 = no pain, 10 = worst pain imaginable) for the specific pain type with no increase in analgesic use. The predefined clinically meaningful threshold for dysmenorrhea was 2.8 points and for NMPP was 2.1 points. Secondary efficacy endpoints included change from baseline in Endometriosis Health Profile-30 (EHP-30) pain domain scores, a measure of the effects of endometriosis-associated pain on daily activities (function), NRS scores for dysmenorrhea, NMPP, dyspareunia, and overall pelvic pain, and analgesic/opioid use. Safety endpoints included adverse events and changes in BMD. MAIN RESULTS AND THE ROLE OF CHANCE: Of 1261 randomized patients, 1044 completed the pivotal studies, 802 enrolled in the LTE, 681 completed 52 weeks of treatment, and 501 completed 104 weeks of treatment. Demographics and baseline characteristics of the extension population were consistent with those of the original randomized population. Among patients randomized to relugolix CT at pivotal study baseline who continued in the LTE (N = 277), sustained improvements in endometriosis-associated pain were demonstrated through 104 weeks. The proportion of responders at Week 104/EOT for dysmenorrhea and NMPP was 84.8% and 75.8%, respectively. Decreases in dyspareunia and improvement in function assessed by EHP-30 pain domain were also sustained over 2 years. At Week 104/EOT, 91% of patients were opioid-free and 75% of patients were analgesic-free. Relugolix CT over 104 weeks was well tolerated with a safety profile consistent with that observed over the first 24 weeks. After initial least squares mean BMD loss <1% at Week 24, BMD plateaued at Week 36 and was sustained for the duration of 104 weeks of treatment. Efficacy and safety results were generally consistent in women in the placebo→relugolix CT and delayed relugolix CT groups. LIMITATIONS, REASONS FOR CAUTION: The study was conducted as an open-label study without a control group over the 80 weeks of the extension period. Of the 802 patients who were enrolled in this LTE study, 681 patients (84.9%) and 501 patients (62.5%) of patients completed 52 and 104 weeks of treatment, respectively. In addition, there currently are no comparative data to other hormonal medications. Finally, a third (37.4%) of the study population terminated participation early. WIDER IMPLICATIONS OF THE FINDINGS: In conclusion, relugolix CT offers an additional option to help address an important unmet clinical need for effective, safe, and well-tolerated medical treatments for endometriosis that can be used longer-term, reducing the need for opioids and improving quality of life. The findings from this study may help support the care of women with endometriosis seeking longer-term effective medical management of their symptoms. STUDY FUNDING/COMPETING INTEREST(S): This study was funded by Myovant Sciences GmbH (now Sumitomo Pharma Switzerland GmbH). C.M.B. reports fees from Myovant, grants from Bayer Healthcare, fees from ObsEva, and Chair of ESHRE Endometriosis Guideline Group (all funds went to the University of Oxford); N.P.J. reports personal fees from Myovant Sciences, during the conduct of the study, personal fees from Guerbet, personal fees from Organon, personal fees from Roche Diagnostics; S.A.-S. reports personal fees from Myovant Sciences, personal fees from Bayer, personal fees from Abbvie, personal fees from UpToDate; J.S.P., and R.B.W. are employees and shareholders of Myovant Sciences; J.C.A.F. and S.J.I. are shareholders of Myovant Sciences (but at time of publicaion are no longer employess of Myovant Sciences); M.S.A. and K.W. have no conflicts to declare; V.M. is a consultant to Myovant; L.C.G. reports personal fees from Myovant Sciences, Inc and Bayer. The authors did not receive compensation for manuscript writing, review, and revision. TRIAL REGISTRATION NUMBER: NCT03654274