Volatility Co-movement of ASEAN-5 Equity Markets

Purpose – Economic cross-linkages and the increased co-movement of asset prices across international markets are important outcomes as the result of globalization. Hereby, the nature of international stock markets and the extent to which the 1997-1998 East Asian turmoil had affected the market relationship of five countries of Association of Southeast Asian Nations (ASEAN-5) remain as probing questions. Design/methodology/approach – We resort to the standard time series econometrics analysis. These include the unit root, cointegration and the Granger causality tests. Hereby, further empirical analyzes is conducted upon two sub-periods of interest: (1) pre-crisis period from 1987:1 to 1997:7 and (2) post-crisis period from 1997:8 to 2007:12. This is to allow for possible transitional motion leading to and departing from the crisis. Findings – Using an array of econometrics analysis upon the stock price volatility series, we found partial market integration for the pre-crisis; whereas in the post-crisis, complete integration prevails. Hence, the financial meltdown in 1997 is said to be a contagion led crisis as markets integrate well off after the crisis than prior to it. Nonetheless, long run portfolio asset diversification benefits across the ASEAN-5 basin are reduced as markets are integrated in both the pre- and post-crisis. Originality/value – The paper is of value by showing to uncover the issue of interdependence of stock market integration focusing on the ASEAN-5 economies. The formation of the ASEAN Investment Area (AIA- 1998) parallel with the establishment of a developed ASEAN Index-Financial Times Stock Exchange (FTSE) regional index is viable to foster deeper regional market convergence.ASEAN-5, Portfolio Diversification, Volatility co-movement

Factors stimulating corporate crime in Malaysia

Building on the perception of both existing and potential investors in Kuching, Sarawak, this study aims to identify the factors that appear to stimulate corporate crime activity in organizations. A survey was carried out by distributing questionnaires to both types of investors selected on randomly basis. The findings reveal that corporate crime activities are mostly due to inadequate cash security practices, inadequate supervision as well as a lack of internal auditing. To minimize the effects of corporate crime on investors and organizations, managers should pay extra attention to these factors. On the other hand, future research within the context of corporate crime may consider the extent to which organizational crime can affect the shareholder value creation of organizations.Corporate Crime; Internal Control

Simplex-centroid mixture formulation for optimised composting of kitchen waste.

Composting is a good recycling method to fully utilise all the organic wastes present in kitchen waste due to its high nutritious matter within the waste. In this present study, the optimised mixture proportions of kitchen waste containing vegetable scraps (V), fish processing waste (F) and newspaper (N) or onion peels (O) were determined by applying the simplex-centroid mixture design method to achieve the desired initial moisture content and carbon-to-nitrogen (CN) ratio for effective composting process. The best mixture was at 48.5% V, 17.7% F and 33.7% N for blends with newspaper while for blends with onion peels, the mixture proportion was 44.0% V, 19.7% F and 36.2% O. The predicted responses from these mixture proportions fall in the acceptable limits of moisture content of 50% to 65% and CN ratio of 20-40 and were also validated experimentally

Survey Evidence on the Rationality of Business Expectations: Implications from the Malaysian Agricultural Sector

The rational expectations hypothesis (REH) serves as an appealing mechanism in forming expectations compared to that of extrapolative or adaptive frameworks because of its consistency with the basic principles of maximizing behavior. This argument is particularly true as the basic idea of REH maintains that expectations in an uncertain world are formed under assumptions where no systematic errors and information are fully utilized. However, empirical findings from the present study showed diverse evidence of rationality in business operational forecasts formed by Malaysian agriculture firms, as capital expenditure expectations were found to be irrational but gross revenue expectations were supportive of the REH proposition. This implies that the survey of business forecasts may not work well in reflecting the true business outlook, specifically in value-related operational forecasts, which in turn would directly influence investment decisions as well as the capital budgeting process.Rational Expectations Hypothesis; Unbiasedness Test; Non-serial Correlation Test; Weak-form Efficiency Test

An overview of out-of-step protection in power systems

Power system is subjected to an extensive variety of little or bigger disturbance to the system during the operation. The power system that designed as one of the main requirement is to survive from the larger type of disturbances like faults. The power swing in certain system is the variation in three phase power flow in the power system. This paper mainly discussed the power swing and distance relay and the effect of the power swing on the distance relay and demonstrate about the basic power system stability and power swing phenomena. Moreover, out of step protection and detection applications are revised as well. At the end, the paper also demonstrated the past study of out of step application of TNB 275 KV network

Co-composting of palm oil mill wastes.

Co-composting is one of the important bio-waste treatments in the palm oil industry for achieving sustainable process and zero waste. However, improper conditions of composting may cause several problems such as gas emission, bad odour, low quality product, production delay and high handling cost. Enhancing the efficiency of waste composting becomes a vital issue to overcome these problems. This review provides information on the practices and developments related to co-composting of the palm oil mill waste. The description on a typical palm oil mill process and the wastes generated, i.e. empty fruit bunch and palm oil mill effluent, as composting substrates are given. The common windrow composting system is described. The recent venture of using microorganisms in composting processes are also covered under the pretext of several researchers’ interpretation that composting can be accelerated by the introduction of microorganism to the process through its influence on the physical, dynamic and biological behaviours of organic material. The criteria of choosing functional microbes for fast composting are discussed