Dividend Yield and Stock Return in Different Economic Environment: Evidence from Malaysia

This study investigates the relationship between dividend yields and stock returns in bull and bear markets. Evidences from developed countries show that there should be a positive correlation between dividend yields and stock return in bear markets and a negative correlation between dividend yields and stock return during the bull markets. Findings of this study, in emerging market content, show that there is a positive relation between dividend yield and stock returns in both bull and bear markets which are not consistent with previous works.Dividend Yield; Stock Return; Economic Environment; Bull/Bear Market; Malaysia

Recent Advances in Quantum Dots-Based Biosensors

Biosensors can be developed using quantum dots (QDs). An inorganic nucleus with organic molecules attached to its surface is referred to as a QD, and they are a type of new fluorescent nanomaterial. QDs possess unique excellent optical properties and chemical properties, including broad excitation spectra, adjustable particle sizes, confined emission spectra, emission of multiple fluorescence colors, superior signal brightness, and extended fluorescence lifetime. QDs have abundant functional groups, which make it easy to form hybrid nanomaterials that perform analytically well. With functionalized sensing systems, we can detect metal ions, biomarkers, and antibiotics sensitively and selectively through the hybridization of QDs with nanomaterials. In this chapter, we first introduce the research trends in the application of QDs and then discuss their surface modification for biological applications

Contractual Structures and Payoff Patterns of Sukūk Securities

This paper is about the six different Sukūk securities, which originated in 1990s, and are now traded in some 11 markets as the new debt-like securities classed under Islamic finance. The outstanding value of these contracts is estimated to be US $850 billion. This paper proposes a classification for Sukūk contracts as pure debt, equity-based, and asset-backed based on the intrinsic nature and purpose of fund-raising. This classification has more practical use compared to existing classification. Futher, the contract peculiarities of the six instruments (mudārabah, mushārakah, murābahah, ijārah, salam and istisnāh) are carefully specified for the first time. To start a discussion on how the economic behaviour may be modeled for theory building, the potential cash flow pattern of each type of Sukūk contracts is specified. The paper aims to contribute to advanced studies by specifying the basic behavioural characteristics

Dividend Yield and Stock Return in Different Economic Environment: Evidence from Malaysia

This study investigates the relationship between dividend yields and stock returns in bull and bear markets. Evidences from developed countries show that there should be a positive correlation between dividend yields and stock return in bear markets and a negative correlation between dividend yields and stock return during the bull markets. Findings of this study, in emerging market content, show that there is a positive relation between dividend yield and stock returns in both bull and bear markets which are not consistent with previous works

Sukuk securities and conventional bonds: evidence of significant differences

Sukuk securities have similar features with conventional bonds. The financial press has, however, inappropriately referred to Sukuk as Islamic bonds. This paper investigates sukuk securities empirically by first examining the yields to maturities of sukuk securities and conventional bonds of various issuers and maturities. Tests of differences in performance of the two classes of securities and Granger causality tests substantiate that these securities are different. This paper identifies some significant differences between the yield curves of sukuk securities and those of conventional bonds of the same issuers for the same term and rating. Results show significant differences between the average yields of sukuk and those of conventional bonds with the same quality and term issued by the same issuers from 2005 to 2012. Granger causality tests confirm that the yields of bonds do not Granger-cause the yields of sukuk, verifying no causality between the two. There is strong empirical evidence that the two types of debt instruments are not the same. This prompts re-examination of investment advisory and valuation methodology currently applied in the sukuk industry of 11 capital markets

Moderation Effect of Market Condition on the Relationship between Dividend Yield and Stock Return

This paper examines the existence of moderation effect of market condition on the relationship between dividend yield and stock return in Bursa Malaysia. Results confirm the existence of moderating effect of market condition. However, if the market condition is assumed to have direct impact on the stock return, the tested moderating variable fails to be significant in all forms of market condition. Results also suggest that incorporating moderation variable will improve the explanation power of the model in terms of R-square. In addition, models have been controlled for the size effect of the firms

Ranking strategic objectives in a strategy map based on logarithmic fuzzy preference programming and similarity method

This paper aims to rank strategic objectives in a strategy map to improve the efficiency of strategy implementation. Objectives are ranked based on strategic destinations using the combination of Logarithmic Fuzzy Preference Programming (LFPP) and similarity method. In the first step, the weight of strategic destinations is obtained using LFPP technique; then objectives are ranked by similarity method. Similarity method uses the concept of alternative gradient and magnitude for effectively solving the general multi-criteria analysis problem. Finally, objectives are ranked in an actual strategy map. As a practical and efficient tool, the proposed approach can assist managers and decision-makers in drawing more efficient output from strategy maps.publishe

The effects of dietary lysozyme on growth performance and haematological indices of rainbow trout (Oncorhynchus mykiss) fingerling

The present study investigates the effects of dietary lysozyme on growth performance and haematological indices of rainbow trout (Oncorhynchus mykiss) fingerlings. One hundred and twenty Juvenile rainbow trout fish (initial average weight 5.46±0.05 g) were fed on varying levels of dietary lysozyme (0, 0.5, 1 and 1.5 g kg-1) for 8 weeks. Thereafter, growth performance as well as haematological indices including WBC, RBC and Hct were measured. Evaluation of growth performance showed no significant increase in fishes fed on different levels of dietary lysozyme (P>0.05). Also, feeding on dietary lysozyme significantly increased WBC compared control (P<0.05); the highest level was detected in 1.5 g kg-1 treatment. Furthermore, RBC of fish fed 1 or 1.5 g kg-1 lysozyme were significantly higher than other treatments. The same results were noticed in case of Hct which was higher in fish fed treated diet. These results indicated that dietary lysozyme affect haematological parameters rather than growth performance

Ranking new comers to work based on commitment propensity through hybrid method of AHP and TOPSIS

This research provides a tool to select and prioritize new comers to work based on their pre-entry organizational commitment propensity through examining links between the big five personality factors: extroversion, agreeableness, conscientiousness, neuroticism, openness; and three component model of organizational commitment: affective commitment, continues commitment, normative commitment. Findings show that extroversion and openness respectively have positive and negative effects on all three components of organizational commitment. Results gained by Structured Equation Modelling (SEM) indicate neuroticism is negatively related to affective and continues commitment and positively to conscientiousness effects on continues commitment. In the second part of the study, the received results are applied to extract the general equations that enables to estimate new comer’s pre-entry organizational commitment and to rank them using TOPSIS and AHP. The AHP is used to determine the relative weights of commitment criteria and TOPSIS is employed for the final ranking of new comers based on these criteria’s.publishersversionpublishe