Economic forces and Islamic stock market: Empirical evidences from Malaysia

Manuscript type: Research paper Research aims: This study aims to investigate the impact of macroeconomic forces on the Malaysian Islamic stock market. Design/ Methodology/ Approach: The study employs Auto Regressive Distributed Lag (ARDL) bound testing approach and Vector Error Correction Model (VECM) in an attempt to investigate the impact of macroeconomic forces on the Malaysian Islamic stock market. Various domestic economic factors including money supply, industrial activities, inflation, Islamic interbank rate and international issues (e.g., real effective exchange rate and Federal funds rate), are taken into consideration in the analysis. Research findings: Based on the ARDL approach, this study finds that all macroeconomic factors, with the exception of Islamic interbank rate are significantly related to Islamic stock price in the long term. However, the findings from VECM method confirm the significant causal flow from all macroeconomic forces into Islamic stock prices in the longer term. Nevertheless, in the short term, only Islamic stock prices have immediate replies in response to the industrial activities, inflation, real effective exchange rate and Federal funds rate data. Theoretical contributions/ Originality: While there is vast literature on the Islamic stock market, the effect of macroeconomic forces on the Islamic stock price has not been well-researched. This study fills in the gap by investigating the relationship between macroeconomic variables and Islamic stock price. Practitioner/ Policy implications: The findings demonstrate that investors and policymakers should take into account the fluctuations in the macroeconomic variables since they have high information content regarding the future movements of Islamic stock price. The foreign factors, in particular, depict stronger influence on the Islamic stock market than the domestic factors. Research limitations/ Implications: Cheaper currency would accelerate export sector and recovery of the U.S. economy might put Islamic stock market at disadvantage because there is possibility that international investors will switch back their investment

Gelam Honey Has a Protective Effect against Lipopolysaccharide (LPS)-Induced Organ Failure

Gelam honey exerts anti-inflammatory and antioxidant activities and is thought to have potent effects in reducing infections and healing wounds. The aim of this study was to investigate the effects of intravenously-injected Gelam honey in protecting organs from lethal doses of lipopolysaccharide (LPS). Six groups of rabbits (N = 6) were used in this study. Two groups acted as controls and received only saline and no LPS injections. For the test groups, 1 mL honey (500 mg/kg in saline) was intravenously injected into two groups (treated), while saline (1 mL) was injected into the other two groups (untreated); after 1 h, all four test groups were intravenously-injected with LPS (0.5 mg/kg). Eight hours after the LPS injection, blood and organs were collected from three groups (one from each treatment stream) and blood parameters were measured and biochemical tests, histopathology, and myeloperoxidase assessment were performed. For survival rate tests, rabbits from the remaining three groups were monitored over a 2-week period. Treatment with honey showed protective effects on organs through the improvement of organ blood parameters, reduced infiltration of neutrophils, and decreased myeloperoxidase activity. Honey-treated rabbits also showed reduced mortality after LPS injection compared with untreated rabbits. Honey may have a therapeutic effect in protecting organs during inflammatory diseases

EFFECT OF ALUMINUM FOILS NUMBER AND ITS LENGTH IN IMPROVEMENT OF ELECTRIC FIELD DISTRIBUTION OF HIGH VOLTAGE CONDENSER BUSHING

High voltage condenser bushing is one of the important component that is widely used in the high voltage system. At high voltage levels more than 52kV the distribution of electric field in condenser bushing is irregular between the lead conductor and the grounded metallic flange. This paper studied the effects of changing in both: the number layers of aluminum foils and Oil Impregnated Paper (OIP), increasing the length of aluminum foils layers, and also increasing the thickness of OIP layer on the distribution of electric potential and electric field in condenser bushing by using Finite Element Method (FEM) and built the bushing model in ANSYS software. The harmonic analysis was performed of the bushing model at maximum value of withstand voltage test at 50Hz, from the analysis results are obtained the maximum value of electric field on the inner and outer surface of the bushing, the obtained electric field values were good and acceptable compared to the permissible electrical stress values of the dielectric insulators. This work can also aid in the design of high voltage bushing stress control, a knowledge of the electrical field distribution in bushing geometry. Moreover, the results of analysis are shown as contour plots, graphs plotted, and tables

Análise de desenhos experimentais com outliers

Primary purpose of the article is to develop outlier robust designs. As a matter of fact, negative effect of outliers in any experimental settings is established where the outliers at any specific design point can destroy the features of the design for which it is being developed. It is attempted here in this article to develop a version of robustness for central composite designs which may protect it for outliers by introducing the idea of minimax outlying effect. This involves the calculation of the degree of outlying effect(s) outlier(s) may produce and then minimize the maximum of these outlying effects in an attempt to equalize the influence of all design points. On comparison, these outlier robust designs are proved to be more optimal, on the scales of A, D, and E optimalities, against existing conventional rotatable, orthogonal, and other such designs. The outlier robust designs, developed here, are suitable for settings prone to outliers where conventional designs fail to represent and analyze the processes and systems.El objetivo principal del artículo es desarrollar diseños robustos atípicos. De hecho, el efecto negativo de los valores atípicos en cualquier configuración experimental se establece donde los valores atípicos en cualquier punto de diseño específico pueden destruir las características del diseño para el que se está desarrollando. En este artículo se intenta desarrollar una versión de robustez para los diseños compuestos centrales que pueden protegerlo de los valores atípicos mediante la introducción de la idea del efecto periférico minimax. Esto implica el cálculo del grado de efecto (s) externo (s) que puede producir un valor atípico y luego minimizar el máximo de estos efectos externos en un intento de igualar la influencia de todos los puntos de diseño. En comparación, se demuestra que estos diseños robustos atípicos son más óptimos, en las escalas de las optimidades A, D y E, frente a los diseños convencionales existentes, ortogonales, rotativos y otros similares. Los diseños robustos atípicos, desarrollados aquí, son adecuados para configuraciones propensas a los valores atípicos en los que los diseños convencionales no representan ni analizan los procesos y sistemas.Objetivo principal do artigo é desenvolver projetos robustos outlier. De fato, o efeito negativo de outliers em qualquer ambiente experimental é estabelecido onde os outliers em qualquer ponto de design específico podem destruir os recursos do design para o qual ele está sendo desenvolvido. Neste artigo, tenta-se desenvolver uma versão de robustez para projetos compostos centrais que possam protegê-lo de outliers, introduzindo a ideia de efeito periférico minimax. Isso envolve o cálculo do grau de efeito (s) outlier (s) outlier (s) pode produzir e, em seguida, minimizar o máximo desses efeitos periféricos em uma tentativa de equalizar a influência de todos os pontos do projeto. Em comparação, esses designs robustos discrepantes são comprovadamente mais otimizados, nas escalas de otimalidades A, D e E, contra os designs convencionais rotacionais, ortogonais e outros existentes. Os designs robustos outlier, desenvolvidos aqui, são adequados para configurações propensas a outliers em que projetos convencionais não representam e analisam os processos e sistemas

Financial deepening and poverty reduction: causality linkage in the case of Malaysia

This paper investigates the interaction between financial deepening and poverty reduction in the case of Malaysia from period of 1975 to 2012. We employed ARDL bounds testing approach to find long run cointegration as well as Granger causality to discover the short run and long run dynamics between the variables. Our findings show that when monetization variable is used a proxy for financial deepening, poverty reduction measured by per capita consumption seems to cause the development of financial sector irrespective of whether the causality test is conducted in the short run or in the long run. The results reflect the importance of aggregate demand on goods and services among households to trigger the size of liquid money in Malaysian economy

Dentists\u27 Attitudes Towards Chairside Medical Conditions Screening in a Dental Setting in Saudi Arabia: An Exploratory Cross-Sectional Study.

BACKGROUND: Screening for medical conditions (MCs) of public health importance is a first step in disease prevention and control. Prior studies in the United States found oral health care providers (OHCPS) embrace screening for increased risk of medical conditions in the dental setting. Our objectives were to assess Saudi Arabian (SA) dentist\u27s attitudes, willingness and perceived barriers towards implementing screening for MCs into their dental practices. METHODS: A self-administered, 5-point Likert Scale (1 = very important/willing to 5 = very unimportant/unwilling) questionnaire was given to a convenience sample of 190 practicing dentists. Friedman nonparametric analysis of variance was used to compare responses within each question. RESULTS: Of the 143 responding dentists the mean age was 31 years; 102 (71%) were men. The majority felt it was important for a dentist to screen for cardiovascular disease (98.6%), hypertension (97.9%), diabetes (97.9%), human immunodeficiency virus (HIV) (97.9%), and hepatitis C virus (98.6%). Respondents were willing to refer a patient to a physician (97.9%); send samples to an outside laboratory (96.1%); conduct screening that yields immediate results (96.2%); and discuss results immediately with the patient (93.7%). Respondents were willing to measure/collect blood pressure (67.2%); weight and height (63.7%); and finger stick blood (54.6%). The whole responding dentists (100%) reported time as an important barrier. Respondents were significantly more willing to refer a patient for consultation than send samples to an outside laboratory (mean ranks: 2.32, 2.81, P \u3c 0.001); significantly more willing to measure blood pressure than take oral fluids for salivary diagnostics (mean ranks 2.22, 2.75, p = 0.003). Insurance was significantly (P \u3c 0.05) less important barrier than time, cost, patients\u27 willingness or liability (mean ranks 3.56, 2.63, 3.00, 2.79, 3.02, respectively). CONCLUSIONS: The majority of dentists in this study reported positive attitudes towards and willingness to perform medical screenings in their practice. Time was an important factor

Dentists\u27 Attitudes Towards Chairside Medical Conditions Screening in a Dental Setting in Saudi Arabia: An Exploratory Cross-Sectional Study

BACKGROUND: Screening for medical conditions (MCs) of public health importance is a first step in disease prevention and control. Prior studies in the United States found oral health care providers (OHCPS) embrace screening for increased risk of medical conditions in the dental setting. Our objectives were to assess Saudi Arabian (SA) dentist\u27s attitudes, willingness and perceived barriers towards implementing screening for MCs into their dental practices. METHODS: A self-administered, 5-point Likert Scale (1 = very important/willing to 5 = very unimportant/unwilling) questionnaire was given to a convenience sample of 190 practicing dentists. Friedman nonparametric analysis of variance was used to compare responses within each question. RESULTS: Of the 143 responding dentists the mean age was 31 years; 102 (71%) were men. The majority felt it was important for a dentist to screen for cardiovascular disease (98.6%), hypertension (97.9%), diabetes (97.9%), human immunodeficiency virus (HIV) (97.9%), and hepatitis C virus (98.6%). Respondents were willing to refer a patient to a physician (97.9%); send samples to an outside laboratory (96.1%); conduct screening that yields immediate results (96.2%); and discuss results immediately with the patient (93.7%). Respondents were willing to measure/collect blood pressure (67.2%); weight and height (63.7%); and finger stick blood (54.6%). The whole responding dentists (100%) reported time as an important barrier. Respondents were significantly more willing to refer a patient for consultation than send samples to an outside laboratory (mean ranks: 2.32, 2.81, P \u3c 0.001); significantly more willing to measure blood pressure than take oral fluids for salivary diagnostics (mean ranks 2.22, 2.75, p = 0.003). Insurance was significantly (P \u3c 0.05) less important barrier than time, cost, patients\u27 willingness or liability (mean ranks 3.56, 2.63, 3.00, 2.79, 3.02, respectively). CONCLUSIONS: The majority of dentists in this study reported positive attitudes towards and willingness to perform medical screenings in their practice. Time was an important factor

Development of an automated multidirectional pest sampling detection system using motorized sticky traps

Insect detection and counting constitute a considerable challenge in the field of agriculture. However, among various biotic issues of agricultural production, pest infestation is a major challenge, with the humid environment surrounding the crops encouraging the survival and proliferation of pests. In addition, electronic traps need protection, especially from rain. This study describes the design and development of a prototype for an automatic pest sampling and detection system for agricultural crops. To the best of our knowledge, the proposed system is the first motorized automatic trap developed to handle monitoring operations in two directions of precise movement (i.e., clockwise and counterclockwise) and cover four directions of insect sampling that provides additional details of insect infestation direction. A square-shaped sticky box was designed, and an optical sensor was attached to a scalable arm. The movements of the sticky box and the camera arm were generated by motors. Preprocessing was conducted by using morphological operations, whereas insect detection and counting were implemented by an algorithm of connected components labeling that applied by using MATLAB image processing toolbox. Different kernel functions, such as disk, diamond, square, and sphere, were used as matching functions for the insect detection and counting algorithm. The average accuracy of the highest sphere kernel was 85.2%. Test results of the hardware show the reliability, flexibility, and system protection of the automatic system to provide accurate movements in two degrees of freedom

The effect of stock splits announcement and implementation to share prices

This Research tries to clarify the role of stock splits, especially in views of its market effect.Past researches snowed that firms engaged in these exercises record a substantially amount of abnormal returns occurs upon its announcement.This research covers only companies that announced and implemented its stock splits program between 1st January 1980 up to 31st. December 1993.Mean Adjusted Return (MAR)Models is use to validate the significance of the events.Furthermore, Ordinary Least Square-Uni-variate is use to test relationship between Cumulative Average Abnormal Return (CAAR) and prior dividend yield.Test results show there is no significant abnormal returns occur on.However, results confer abnormality in returns during the observed period of stock splits implementations.A change in prior dividend yield, to stock splits announcement significantly correlated to abnormal returns and a similar occurrence were viewed with split implementation.Lastly, ever increasing CAAR, before the announcement or implementation to stock splits, indicate an information leakage and information discount by the marke

Recruitment sources for supervisors in the manufacturing sector in Malaysia

This study was carried out to describe the current recruitment for supervisors according to the ownership types, and sizes in the manufacturing sector. The population for this research consisted of all companies (with a minimum of 75 employees) in the manufacturing sector in Malaysia.The population frame was the listing of 3214 companies in the 1998 directory provided by MIDA (Malaysian Industrial Development Agency) Samples were chosen by using the stratified random sampling according to the industries.Data were collected by means of mail questionnaire.1907 questionnaires were mailed to the selected companies.Minus the undelivered mails, 130 questionnaires were received representing 8.27 percent response rate.Job posting on bulletin board or printed bulletins leads the most frequently used recruitment methods for supervisors, followed by newspaper advertising, skill inventories, and employee referrals.This finding emphasizes the importance of current employees as a source to fill up vacancies at the supervisory level since other than newspaper advertising all sources are from the internal recruitment.No significant difference in terms of sizes and types of ownership was found among these most frequently used methods.However, this study also finds that manufacturing companies in Malaysia do use other sources to recruit supervisors even though collectively the usage percentages are low.These sources include internship or practical training,publicly funded employment agencies, private employment agencies, former employees, walk-ins or unsolicited applications, customers, campus visit, suppliers and also trade unions.Another important finding of this study is that only 25.6 percent of the organizations do maintain a record on time-lapse data i.e. the average time that elapses between points of decision making for each recruitment source used and only 24.2 percent of the organizations do maintain a record on yield ratio i.e. the ratio of applicants to hires at each step in the recruitment process.The two findings above tell a lot about the efficiency of the practices of the firm's human resource managers.It is quite safe to say that their ratings were only based on their perceptions and were not based on any empirical evidence because only 25.6 percent and 24.2 percent of them conducted the time-lapse and yield and yield ratio study.These finding expose weakness in the practice of staffing among the companies in Malaysia because without these data, it is very hard for any practitioners to do the human resource planning and staffing effectively and efficiently.However, in terms of the training aspect for the recruiters, majority of the organizations do provide some training on the process of recruitment before they were given a recruitment assignment, do not give a recruitment assignment to their recruiters before they fully understand the knowledge, skills, abilities, and experience required for the vacant jobs and do not give a recruitment assignment to their recruiters before they fully comprehend the values and goals of the organization.These findings reveal quite a good sign of concerned of the human resource managers towards the quality of hiring even though they did not maintain any record on the time-lapse data and yield ratio