Intraday Analysis of the Malaysian Stock Index Futures Market

The use of any aggregate financial data to examine the relationship between information and prices using daily, weekly and monthly data leads to loss of information. The problem with such studies that employ time aggregated data is that it ignores the real time price dynamics and intraday interaction of the markets. Generally, most Malaysian financial economists have employed such inadequate methods. Specifically, for the Malaysian futures market, the intraday properties of the Kuala Lumpur Stock Exchange Composite Index (KLCI) futures contracts (FKLI) have not thoroughly examined, and hence, not well understood. Intraday analyses are crucial for investors and policy makers since many of the price adjustments could have taken place during the trading hours. Such real time adjustments can only be captured effectively by the intraday price analysis. In this study, the intraday data of 5-minute and 15-minute intervals of KLCI and FKLI is used to investigate the intraday price discovery mechanism, trading activity, volatility characteristics and spillover effects which has not been examined before by proir studies. The causal effect of both markets is measured by the computation of the bivariate Granger causality. The intraday lead and lag relationships between the KLCI and FKLI were examined under the orientation of multiple regression analysis. The short run dynamics of the volatility movement of the two markets is studied by the impulse response functions. In addition, in order to study the intraday volatility spillover between the cash and futures markets, the Bivariate Error Correction- Exponential Generalised Autoregressive Conditional Heteroscedasticity (ECMEGARCH) model is employed to capture the long-run equilibrium relationship, shortrun causality effect and the nature of the time varying variance in the series. Besides, this model is also used to investigate the asymmetric impact of shocks on stock and futures markets volatility, known as the leverage effect. The empirical evidence obtained from this study indicates that the intraday price volatility of FKLI does not exhibit a convex U-shaped pattern but instead a ‘reverse Jshaped’ pattern. However, the conventional U-shaped curve exists in the tick volume analyses. The results from the bivariate cointegration analysis are in line with those found in the developed markets. The futures prices appear to react more rapidly to new information as compared to the cash prices. The study of lead and lag relationships between the futures and cash markets revealed a bi-directional relationship. The futures returns tends to lead strongly the cash returns, in the time period up to 20 minutes; while the cash returns leads weakly the futures returns, in the time period between 5 to 10 minutes. Generally, the futures index consistently indicates a stronger degree of price discovery and price leadership over the cash index.The bivariate EGARCH analysis of volatility spillover found that there is a persistent bi-directional information flow between the futures and cash markets. It implies that innovations in the futures market could predict the future volatility of the cash market, or vice versa. However, the futures index has a higher degree of volatility spillover as compared with the cash index. Thus, it can be used by market participants to anticipate the future performance of the cash index. Finally, both markets exhibit the asymmetric volatility effects as predicted. In other words, any bad news tends to create greater impact on volatility, than the good news, for both markets. In conclusion, the interesting microstructure discoveries with a reverse J-shape for volatility and a U-shape for tick volume is definitely important for all market participants. As a result, investors with different risk appetite should be able to time their trades in accordance with the volatility and trading activity patterns of FKLI revealed in this study. In terms of price leadership and price discovery, the futures index seems to play a more dominant role in the information transmission mechanism of the two markets, as it possesses a stronger degree of price leadership over the cash index. Hence, the futures index can be perceived as a vehicle for price discovery and the performance of the intraday futures prices can be used by traders to predict the future movements of the cash prices. Finally, emphasizing that volatility is a proxy for information flow, the bivariate ECM-EGARCH analysis indicates that a bi-directional volatility spillover exits between the KLCI and the FKLI markets. However, the spillovers from the futures market to the cash market are more significant and prominent than the reverse. These results are consistent with the evidence supporting the dominant role of FKLI in price discovery. Therefore, it is proven that the futures market is more informationally efficient than the cash market

Technocoat Group (M) Sdn Bhd Go Or Not To Go

At around 7.30 pm. Mr Freddie Yan, Managing Director of Technocoat Group (M) Sdn Bhd (TGSB) was still in his office. Like usual, he sank into deep thought, but this time is different. "I need to make up my mind before next Friday," he told himself. Mr C. S. Gan, Executive Director, the owner of Box Matel Sdn Bhd had just called him again, he wanted to find out the decision on the expansion project of TGSB into the India market. Mr. Freddie Yan sat at his high back chair and look at the report prepared by his International Business Manager, Mr S. S. Leong. Regarding the alternative ways to penetration into India market. He recalled the responses of other directors and senior managers in the directors meeting few days ago. Mr K. H. Wong, Senior Technical Manager had high lighted that the company is expanding too fast for the existing man power. Especially skilled technical staff could not cope with the expansion. Mr. Eddy Ong had mentioned that, the administrating process and operation system was not functioned properly, only the accounting and finance system are good order as done by appointed accountant finn. Mr. Freddie Yan ponder upon the internal problems that been listed down by Mr. Ong, 20% rejection rate, delay in production, delivery problem, high expenses, conflict between head office and branches Mr. Freddie Yan was informed in the meeting that the problems occur since TGSB established its two overseas projects in Indonesia and Thailand about 1 year ago. TGSB had entered Indonesian market without any proper planning, and there were only slim profit return from Thailand's investment. These return from those investments are not up to the expectation of Mr. Freddie Van

The Echoes of Buddha, Jesus Christ, and Fredrich Nietzsche in Cormac McCarthy’s The Sunset Limited

As many of Cormac McCarthy scholars have agreed, McCarthy’s film adaptations as well as published novels conspicuously have engaged in religious themes. The purpose of this thesis is to explore religious aspects of the film adaptation of McCarthy’s The Sunset Limited (2011) from Buddhist, Christian, and atheist perspectives. This thesis’ Buddhist reading of The Sunset Limited is the first attempt among religious interpretations of McCarthy’s text, and this is expected to open a new horizon in the religious analysis of McCarthy’s film. The Sunset Limited shows a tension between Black and White, and the tension represents collisions of will to live and self-destruction. First, focusing on the Buddhist notion of pain (dukkha), this research contends that White’s (understanding of) pain aligns with the Buddhist doctrine, but his solution to pain is antithetical to Buddhist philosophy. In addition, this study explores how Black’s theory of redemption and his own salvation conflicts with the Buddhist notion of redemption. The film also exhibits a collision between the Christian faith and atheist total nihilism. Secondly, this thesis compares White’s atheism to the Book of Job and how his mistrust of God prevents White from receiving salvation on contrary to Job. Furthermore, the second chapter claims how Black, who tries to dissuade White from another suicide attempt, miscarries his comforter role of White. Lastly, this thesis examines how White’s nihilism and atheism are different from that of Nietzsche based on his book, The Gay Science (1882), which famously declares “God is dead.” Addressing Buddhist, Christian, and atheist perspectives on The Sunset Limited will bring more vital and various discourses about McCarthy’s film with regard to the religious reading of this film adaptation

Rapid microwave-assisted CNBr cleavage of bead-bound peptides

Large libraries of peptides, cyclic peptides, and other molecules are standard tools for the discovery of drugs, molecular probes, and affinity reagents. In particular, one-bead-one-compound (OBOC) libraries,(1) prepared by the split-and-mix method,(2) provide access to a broad chemical space with a minimum of reagents. Once such a library has been screened against the target of interest, the chemical identity of the library elements on the hit beads is identified. For peptide libraries and their variants, mass spectrometry (MS) based peptide sequencing provides the most rapid method for such analysis. OBOC libraries are constructed in a number of ways to facilitate MS analysis,(3-5) but one common feature is that the peptide must be cleaved from the bead prior to being introduced into the mass spectrometer. While a number of chemical(6) and photochemical(7) cleavage strategies have been developed, the most common strategy is to incorporate a CNBr-cleavable methionine-linker group at the C-terminus of the peptide.(8) CNBr cleavage has also been widely used in proteomics to cleave proteins.(9) With such chemistry, up to 100 beads from an OBOC peptide library can be sequenced in a 24 h period.(10) A large fraction of that time, however, is devoted to the CNBr cleavage step. Standard literature protocols describe CNBr cleavage as requiring between 12 and 24 h, using 20−30 μL of 0.25 M CNBr in 70% aqueous formic acid at room temperature.(11) Although the CNBr cleavage time may be reduced to 2−4 h at elevated temperatures (47 °C), significant side-products may be generated.(12) All reports that we have found that describe CNBr cleavage chemistry from single beads have used the same conditions as for proteomics, although the two chemical processes are not necessarily equivalent

Relationship between emotional labor and job satisfaction: a study on preschool teachers

Teaching is a demanding profession that necessitates complex social and emotional skills. It has frequently been linked to negative outcomes such as tension, turnover, and job discontent. Every day, preschool educators interact with children and adults and must always maintain emotional control. This study aimed to examine the relationship between emotional labor and job satisfaction among preschool teachers. The study utilized a self-questionnaire; 280 first-line preschool teachers in Henan Province, Mainland, China, were selected to disseminate questionnaires. The overall mean score for emotional labor among preschool teachers was 3.90, indicating that these teachers are required to perform a great deal of emotional labor at work. Deep acting received the highest score, surface acting the second highest, and natural acting the lowest. There were considerable differences in emotional labor based on gender, kindergarten type, marital status, age, and job position. The correlation analysis revealed a significant positive relationship between preschool teachers’ emotional labor and job satisfaction. A regression analysis revealed that deep acting positively predicted job satisfaction by a mean of 28.4%

Recent Advances in Bioimaging for Cancer Research

Molecular imaging techniques as well as nanoparticle applicable to molecular imaging are being explored to improve the cancer detection accuracy, which help to manage efficiently at the early stage. Among the various imaging technologies, optical imaging is a highly sensitive detection technique that allows direct observation of specific molecular events, biological pathways, and disease processes in real time through imaging probes that emit light in a range of wavelengths. Recently, nanoparticles have provided significant progresses that can be simultaneously used for cancer diagnosis and therapy (cancer theranostics). Theranostics aims to provide “image-guided cancer therapy,” by integrating therapeutic and imaging agents in a single platform. In addition, molecular imaging techniques facilitate “image-guided surgery” enabling maximization of tumor excision and minimization of side effects. The optical signals generated by fluorescence nanoparticles offer the possibility to distinguish tumor sites and normal tissues during surgery by real-time guidance, thereby increasing the long-term patient survival. These techniques will considerably contribute to reducing cancer recurrence and developing more effective cures. In this chapter, we will introduce diverse research on nanomaterials-based optical imaging for effective cancer therapy

The Locomotion of Bipedal Walking Robot with Six Degree of Freedom

AbstractA bipedal walking robot is a type of humanoid robot which mimics like human being and can be programmed to perform some tasks as required. In this paper, a prototype robot is built to provide a test bed for the physical locomotion that is used to control the robot movements such as moving forward, backward, turn left and right, get up from front and back, rollover from left and right. The paper also describes how the bipedal robot is built; how the movement steps are obtained and the detection when it falls down. The movement of the robot also can be controlled by using a remote controller. This bipedal robot can assist human to carry out the tasks or activities in hazardous environment. This could eliminate human's risk of injury or life casualty

Development of an Integrated Evaluation System for a Stretchable Strain Sensor

Recently, much research has been focused on stretchable or flexible electronic sensors for the measurement of strain or deformation on movable and variably shaped objects. In this research, to evaluate the performance of stretchable strain sensors, we have designed an integrated evaluation system capable of simultaneously measuring the change in stress and conductance of a strain sensor. Using the designed system, we have successfully evaluated the deformation characteristics, sensing range and sensing sensitivity of a stretchable strain sensor. We believe that the developed integrated evaluation system could be a useful tool for performance evaluation of stretchable strain sensors.1143Ysciescopu