The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia

We investigate how a firm's decision to hold excessive cash or to overinvest could influence its dividend payout policy in Indonesia. Additionally, we examine the association between corporate ownership structure and cash dividends. Using a data set of Indonesian listed firms for the period from 1995 to 2014, we find that excessive cash holding (overinvestment) positively (negatively) affects a firm's likelihood of paying dividends. Also, we find that family, foreign, state and institutional ownership have significantly negative links with dividends, which suggests the signals of expropriation of firms' wealth by major shareholders. These findings strongly support the expropriation hypothesis that commonly applies to firms with higher level of concentration or to firms in a weak legal environment by which the rights of minority interests are put at risk by large shareholders

Immune-Mediated Inflammation May Contribute to the Pathogenesis of Cardiovascular Disease in Mucopolysaccharidosis Type I.

BackgroundCardiovascular disease, a progressive manifestation of α-L-iduronidase deficiency or mucopolysaccharidosis type I, continues in patients both untreated and treated with hematopoietic stem cell transplantation or intravenous enzyme replacement. Few studies have examined the effects of α-L-iduronidase deficiency and subsequent glycosaminoglycan storage upon arterial gene expression to understand the pathogenesis of cardiovascular disease.MethodsGene expression in carotid artery, ascending, and descending aortas from four non-tolerized, non-enzyme treated 19 month-old mucopolysaccharidosis type I dogs was compared with expression in corresponding vascular segments from three normal, age-matched dogs. Data were analyzed using R and whole genome network correlation analysis, a bias-free method of categorizing expression level and significance into discrete modules. Genes were further categorized based on module-trait relationships. Expression of clusterin, a protein implicated in other etiologies of cardiovascular disease, was assessed in canine and murine mucopolysaccharidosis type I aortas via Western blot and in situ immunohistochemistry.ResultsGene families with more than two-fold, significant increased expression involved lysosomal function, proteasome function, and immune regulation. Significantly downregulated genes were related to cellular adhesion, cytoskeletal elements, and calcium regulation. Clusterin gene overexpression (9-fold) and protein overexpression (1.3 to 1.62-fold) was confirmed and located specifically in arterial plaques of mucopolysaccharidosis-affected dogs and mice.ConclusionsOverexpression of lysosomal and proteasomal-related genes are expected responses to cellular stress induced by lysosomal storage in mucopolysaccharidosis type I. Upregulation of immunity-related genes implicates the potential involvement of glycosaminoglycan-induced inflammation in the pathogenesis of mucopolysaccharidosis-related arterial disease, for which clusterin represents a potential biomarker

Non-local modulation of the energy cascade in broad-band forced turbulence

Classically, large-scale forced turbulence is characterized by a transfer of energy from large to small scales via nonlinear interactions. We have investigated the changes in this energy transfer process in broad-band forced turbulence where an additional perturbation of flow at smaller scales is introduced. The modulation of the energy dynamics via the introduction of forcing at smaller scales occurs not only in the forced region but also in a broad range of length-scales outside the forced bands due to non-local triad interactions. Broad-band forcing changes the energy distribution and energy transfer function in a characteristic manner leading to a significant modulation of the turbulence. We studied the changes in this transfer of energy when changing the strength and location of the small-scale forcing support. The energy content in the larger scales was observed to decrease, while the energy transport power for scales in between the large and small scale forcing regions was enhanced. This was investigated further in terms of the detailed transfer function between the triad contributions and observing the long-time statistics of the flow. The energy is transferred toward smaller scales not only by wavenumbers of similar size as in the case of large-scale forced turbulence, but by a much wider extent of scales that can be externally controlled.Comment: submitted to Phys. Rev. E, 15 pages, 18 figures, uses revtex4.cl

The relationship between psychological distress with salivary á-amylase and physical symptoms among breast cancer survivors

Background and Aims: This study examined the stress levels, the stressors and biomarker such as Alpha (α)-Amylase enzyme which is secreted under distress conditions. The aim was to determine the relationship between these three variables. Methods: The study respondents were made up of cancer outpatients from 3 hospitals namely the Hospital Kuala Lumpur, Seberang Jaya and Johor Baru, Pantai Ipoh and Putrajaya. The Personal Stress Inventory (PSI) questionnaire was used to identify stressors, while the Hospital Anxiety and Depression Scale (HADS) were used to determine the psychological distress levels. The Salimentary Oral Swab (SOS) Technique was used to collect the saliva and then the Salivary α-Amylase Assay Kit was used to analyse for α amylase. Results: The majority of respondents were stressed due to their sensitive emotion and nervousness in their daily lives (68.7%), they had poor memory and short attention spans of carrying out job tasks (67.3%) as well as they were emotionally depressed (65.3%). Their poor memory and short attention span (p = 0.037), heavy work load and poor task delivery (p = 0.008) were predictors for distress using HADS. The salivary α-amylase concentration was significantly related to the stress levels (p = 0.002). Conclusion: Breast cancer respondents with musculoskeletal system related symptoms, with heavy work load and poor task delivery, as well as had poor memory and short attention span were at higher risk of experiencing psychological distress. The salivary α-amylase which had significant relationships with psychological distress was therefore, a potential biological indicator for distress, while the musculoskeletal system related symptoms from the PSI questionnaire were predictors for distress

Potential effects of the COVID-19 pandemic on future birth rate

Here, we examine the potential effect of the COVID-19 pandemic on future birth rates. This highly contagious disease originated in China, and rapidly spread worldwide, leading to extensive lockdown policies being implemented globally with the aim of containing the infection rates and its serious attendant consequences. Based on previous extant literature, this paper overviews the potential demographic consequences of the current progressively widespread epidemic on conception and fertility as driven by the data obtained during similar prior incidents. In general, epidemics manifest a common pattern as far as their impact on population, which is remarkably similar to natural disasters, i.e., a steep decline in birth rates followed by gradual increases and then followed by a baby boom. Additionally, we have also depicted how economic conditions, mental health, fear, and mortality may also influence future birth rates

Using LES to Study Reacting Flows and Instabilities in Annular Combustion Chambers

Great prominence is put on the design of aeronautical gas turbines due to increasingly stringent regulations and the need to tackle rising fuel prices. This drive towards innovation has resulted sometimes in new concepts being prone to combustion instabilities. In the particular field of annular combustion chambers, these instabilities often take the form of azimuthal modes. To predict these modes, one must compute the full combustion chamber, which remained out of reach until very recently and the development of massively parallel computers. Since one of the most limiting factors in performing Large Eddy Simulation (LES) of real combustors is estimating the adequate grid, the effects of mesh resolution are investigated by computing full annular LES of a realistic helicopter combustion chamber on three grids, respectively made of 38, 93 and 336 million elements. Results are compared in terms of mean and fluctuating fields. LES captures self-established azimuthal modes. The presence and structure of the modes is discussed. This study therefore highlights the potential of LES for studying combustion instabilities in annular gas turbine combustors

On the reliability of computed chaotic solutions of nonlinear differential equations

In this paper a new concept, namely the critical predictable time $T_c$, is introduced to give a more precise description of computed chaotic solutions of nonlinear differential equations: it is suggested that computed chaotic solutions are unreliable and doubtable when $t > T_c$. This provides us a strategy to detect reliable solution from a given computed result. In this way, the computational phenomena, such as computational chaos (CC), computational periodicity (CP) and computational prediction uncertainty, which are mainly based on long-term properties of computed time series, can be completely avoided. So, this concept also provides us a time-scale to determine whether or not a particular time is long enough for a given nonlinear dynamic system. Besides, the influence of data inaccuracy and various numerical schemes on the critical predictable time is investigated in details by using symbolic computation software as a tool. A reliable chaotic solution of Lorenz equation in a rather large interval $0 \leq t < 1200$ non-dimensional Lorenz time units is obtained for the first time. It is found that the precision of initial condition and computed data at each time-step, which is mathematically necessary to get such a reliable chaotic solution in such a long time, is so high that it is physically impossible due to the Heisenberg uncertainty principle in quantum physics. This however provides us a so-called "precision paradox of chaos", which suggests that the prediction uncertainty of chaos is physically unavoidable, and that even the macroscopical phenomena might be essentially stochastic and thus could be described by probability more economically.Comment: 29 pages, 13 figures, 1 tabl