Value Relevance of Financial and Non-Financial Information: Evidence from the Gaming Industry

Using financial and non-financial data from casino gaming firms listed in the United States from 1999–2017, we explore two research questions: (1) Is financial information value relevant to financial markets in the casino gaming industry? (2) Does non-financial information have incremental explanatory power over financial information? In general, we find that accounting numbers can explain a firm’s market value and stock returns in the casino gaming industry, except for accounting accruals, which may behave differently compared to other industries. We also find that non-financial information, such as the number of table games, number of slot machines, and their relative proportion, have significant value relevance in explaining market valuation. Our findings contribute to a better understanding of the value relevance of financial and non-financial information in the casino gaming industry. We also provide analysis of firms characterized by these non-financial attributes. Keywords: hospitality, casino, gaming, value relevance, table games, slot machines JEL Code: L83, M19, M4

Image segmentation with scalable spatial information

A general approach is proposed for the design of image segmentation algorithms utilizing spatial information which is the combined properties of a collection of neighborhood pixels. With different types of properties and different number of neighborhood pixels being utilized, segmentation algorithms with different speed and accuracy performance can be designed. Six algorithms have been implemented with their performance investigated and compared.published_or_final_versio

Maximum a posteriori spatial probability segmen

An image segmentation algorithm that performs pixel-by-pixel segmentation on an image with consideration of the spatial information is described. The spatial information is the joint grey level values of the pixel to be segmented and its neighbouring pixels. The conditional probability that a pixel belongs to a particular class under the condition that the spatial information has been observed is defined to be the a posteriori spatial probability. A maximum a posteriori spatial probability (MASP) segmentation algorithm is proposed to segment an image such that each pixel is segmented into a particular class when the a posteriori spatial probability is a maximum. The proposed segmentation algorithm is implemented in an iterative form. During the iteration, a series of intermediate segmented images are produced among which the one that possesses the maximum amount of information in its spatial structure is chosen as the optimum segmented image. Results from segmenting synthetic and practical images demonstrate that the MASP algorithm is capable of achieving better results when compared with other global thresholding methods.published_or_final_versio

Application potential of ground-coupled heat pumps for multi-storey office buildings in Hong Kong

In this paper, the application potential of ground-coupled heat pumps (GCHP) in a multi-storey office building in Hong Kong was investigated. It was found that within the limited land area occupied by the building, the GCHP could only handle the cooling load for one floor over a range of the ground thermal conductivities and undisturbed ground temperatures. The year-round energy consumption of the GCHP was compared with those using the conventional vapour-compression chiller systems. An energy saving of at least 13.2% and 2.6% could be achieved against those using an air-cooled and a water-cooled vapour-compression chiller with rated coefficients of performance equal to 3.0 and 5.0 respectively.published_or_final_versio

An iterative image segmentation algorithm utilizing spatial information

An iterative image segmentation algorithm that segments an image on a pixel-by-pixel basis is described. The observation information to be utilized is the joint gray level values of the pixel to be segmented and those of its neighborhood pixels. The iterative process is initialized by thresholding the image with Otsu's (1979) method. Each pixel is segmented into a class when the a posteriori probability, conditioned on the observation information, that it belongs to this class is a maximum. The newly segmented image is employed to re-estimate the a posteriori probabilities and the segmentation process is repeated until there is no further pixel classification change in a particular run. Among those segmented images generated in the iterative process, the best segmented image is chosen, according to a maximum entropy criterion. Simulation studies demonstrate that the proposed algorithm can achieve very significant improvement in segmentation performance as compared to the more popular thresholds approach. Furthermore, the performance is neither sensitive to the initial threshold value nor the form of the probability density function of the image. Segmentation of practical images also demonstrates that the proposed algorithm is capable of good segmentation results for real-life images.published_or_final_versio

Ultrasonic Detection using Wideband Discrete Wavelet Transform

This paper describes the design of a wideband spatial processor for the detection of a straight-line object by an ultrasonic pulse-echo detection system. An ultrasonic pulse is transmitted from the transducer and the two wavelets diffracted from the two end points of the straight-line object are received by three spatially separated receivers. Three stages of signal processing are carried out. At the first stage, the mother wavelet operator generates three sets of two-dimensional wavelet coefficients. At the second stage, cross wavelet transforms are performed on wavelet coefficients obtained in the first stage. At the third stage, cross wavelet transforms are performed on cross wavelet coefficients obtained in the second stage. As a result of this three-stage operation, a high-resolution image of the environment is generated and the range and bearing of the two end points of the straight-line object are obtained. A simulation program is developed to investigate the processing algorithm in an ultrasonic detection environment.published_or_final_versio

Helicobacter pylori infection and gastric cancer

Gastric cancer is the second most common fatal malignant neoplasm in the world. In mainland China, gastric cancer is now the second most common malignant neoplasm while in Hong Kong, the mortality rate ranked fourth of all cancers in 1995. Dietary factors seem to be involved in gastric carcinogenesis, and beta carotene, selenium, and vitamin E (tocopherols) have been shown to help reduce gastric cancer mortality. Prospective case-control studies have shown an increased risk for the development of gastric cancer of between 2.8 and 6.0 among carriers of Helicobacter pylori. In addition, cagA-positive strains of Helicobacter pylori have been found to be associated with gastric cancer and duodenal ulceration. The exact role of Helicobacter pylori in gastric carcinogenesis is still being investigated. Helicobacter pylori eradication programmes to help prevent gastric cancer are being conducted in China and other parts of the world. In high-risk areas such as China, a combination approach that includes Helicobacter pylori eradication and dietary supplementation may be necessary.published_or_final_versio

Catalytic microwave pyrolysis of waste engine oil using metallic pyrolysis char

Microwave pyrolysis was performed on waste engine oil pre-mixed with different amounts of metallic-char catalyst produced previously from a similar microwave pyrolysis process. The metallic-char catalyst was first prepared by pretreatment with calcination followed by analyses to determine its various properties. The heating characteristics of the mixture of waste oil and metallic-char during the pyrolysis were investigated, and the catalytic influence of the metallic-char on the yield and characteristics of the pyrolysis products are discussed with emphasis on the composition of oil and gaseous products. The metallic-char, detected to have a porous structure and high surface area (124 m2/g), showed high thermal stability in a N2 atmosphere and it was also found to have phases of metals and metal oxides attached or adsorbed onto the char, representing a potentially suitable catalyst to be used in pyrolysis cracking process. The metallic-char initially acted as an adsorptive-support to adsorb metals, metal oxides and waste oil. Then, the char became a microwave absorbent that absorbed microwave energy and heated up to a high temperature in a short time and it was found to generate arcing and sparks during microwave pyrolysis of the waste oil, resulting in the formation of hot spots (high temperature sites with temperature up to 650 °C) within the reactor under the influence of microwave heating. The presence of this high temperature metallic-char, the amounts of which are likely to increase when increasing amounts of metallic-char were added to the waste oil (5, 10, and 20 wt% of the amount of waste oil added to the reactor), had provided a reducing chemical environment in which the metallic-char acted as an intermediate reductant to reduce the adsorbed metals or metal oxides into metallic states, which then functioned as a catalyst to provide more reaction sites that enhanced the cracking and heterogeneous reactions that occurred during the pyrolysis to convert the waste oil to produce higher yields of light hydrocarbons, H2 and CO gases in the pyrolysis products, recording a yield of up to 74 wt% of light C5–C10 hydrocarbons and 42 vol% of H2 and CO gases. The catalytic microwave pyrolysis produced 65–85 wt% yield of pyrolysis-oil containing C5–C20 hydrocarbons that can potentially be upgraded to produce transport-grade fuels. In addition, the recovered pyrolysis-gases (up to 33 wt%) were dominated by aliphatic hydrocarbons (up to 78 vol% of C1–C6 hydrocarbons) and significant amounts of valuable syngas (up to 42 vol% of H2 and CO in total) with low heating values (LHV) ranging from 4.7 to 5.5 MJ/m3, indicating that the pyrolysis-gases could also be used as a gaseous fuel or upgraded to produce more hydrogen as a second-generation fuel. The results indicate that the metallic-char shows advantages for use as a catalyst in microwave pyrolysis treatment of problematic waste oils. [Graphical abstract - see article]The authors acknowledges the financial support by the Ministry of Science, Technology, and Innovation Malaysia (MOSTI), Ministry of Higher Education Malaysia (MOHE), and University Malaysia Terengganu for the conduct of the research under the E-Science fund (UMT/RMC/SF/13/52072(5), Vot No: 52072), the Fundamental Research Grant Scheme (Project No: FRGS/1/2013/TK05/UMT/02/2, Vot No: 59296), and the Research Acculturation Grant Scheme (Project No: RAGS/2012/UMT/TK07/3, Vot No: 57085).This is the author accepted manuscript. The final version is available from [publisher] via http://dx.doi.org/10.1016/j.apcatb.2015.04.01

Effect of initial conditions on interaction between a boundary layer and a wall-mounted finite-length-cylinder wake

Author name used in this publication: Y. ZhouAuthor name used in this publication: C. K. ChanAuthor name used in this publication: K. S. Lam2006-2007 > Academic research: refereed > Publication in refereed journalVersion of RecordPublishe

Hereditary spastic paraplegia: Identification of an SPG3A gene mutation in a Chinese family

Hereditary spastic paraplegias are a heterogeneous group of chronic central motor system disorders, characterised by progressive lower limb spasticity. Hereditary spastic paraplegia is clinically classified into pure and complicated forms, by the absence or presence of additional neurological or extra-neurological features. Hereditary spastic paraplegias follow all modes of inheritance and the pure-form autosomal dominant type is the one most commonly reported. Spastic paraplegia 4, autosomal dominant (SPG4, MIM#182601) and spastic paraplegia 3, autosomal dominant (SPG3A, MIM#182600), account for most autosomal dominant hereditary spastic paraplegias. Using DNA mutation analysis, the authors identified an SPG3A missense mutation (p.R239C) in a Chinese family where three members have early-onset pure spastic paraplegia. To our knowledge, this is the first report of a gene mutation in hereditary spastic paraplegias in our locality. DNA-based diagnosis plays a key role in the early diagnosis of familial hereditary spastic paraplegias.published_or_final_versio