Operational Trans-Resistance Amplifier Based Tunable Wave Active Filter

In this paper, Operational Trans-Resistance Amplifier (OTRA) based wave active filter structures are presented. They are flexible and modular, making them suitable to implement higher order filters. The circuits implement the resistors using matched transistors, operating in linear region, making them well suited for IC fabrication. They are insensitive to parasitic input capacitances and input resistances due to the internally grounded input terminals of OTRA. As an application, a doubly terminated third order Butterworth low pass filter has been implemented, by substituting OTRA based wave equivalents of passive elements. PSPICE simulations are given to verify the theoretical analysis

Is There Seasonality in the Sensex Monthly Returns?

The presence of the seasonal or monthly effect in stock returns has been reported in several developed and emerging stock markets. This study investigates the existence of seasonality in Indias stock market. It covers the post-reform period. The study uses the monthly return data of the Bombay Stock Exchanges Sensitivity Index for the period from April 1991 to March 2002 for analysis. After examining the stationarity of the return series, we specify an augmented auto-regressive moving average model to find the monthly effect in stock returns in India. The results confirm the existence of seasonality in stock returns in India and the January effect. The findings are also consistent with the "tax-loss selling" hypothesis. The results of the study imply that the stock market in India is inefficient, and hence, investors can time their share investments to improve returns.

The Expected Stock Returns of Malaysian Firms: A Panel Data Analysis

We used panel data set of 1729 observations (247 Malaysian companies listed on the Kuala Lumpur Stock Exchange for 1993-2000) to identify variables that could explain expected returns of Malaysian stocks. Our results are based on the fixed effects regression model as it performed better than the random effects model and OLS model without the firm effects. Results of the fixed-effect univariate regressions indicated that beta, size, book-to-market value (B/M) ratio, earnings-price (E/P) ratio and dividend yield individually played a significant role in explaining stock returns and payout and leverage had no effect. The explanatory power of size (natural log of market capitalisation) was the highest. The fixed-effect multivariate regression results showed that size was persistently a significant dominant variable together with other variables in explaining stock returns. Beta was found to have consistently a positive relation with stock returns by itself and together with other variables. But its explanatory power was less than size and other variables. Contrary to the results of Fama and French (1992), B/M ratio was not persistently a significant variable; its significance disappeared when we incorporated size and E/P ratio in regression.

Capital Structure and the Firm Characteristics: Evidence from an Emerging Market

We examine the determinants of capital structure of Malaysian companies utilizing data from 1984 to 1999. We classify data into four sub-periods that correspond to different stages of Malaysian capital market. Debt is decomposed into three categories: short-term, long-term and total debt. Both book value and market value debt ratios are calculated. The results of pooled OLS regressions show that profitability, size, growth, risk and tangibility variables have significant influence on all types of debt. These results are normally consistent with the results of fixed effect estimation with the exception that risk variable loses its significance. Unlike the evidence from the developed markets, investment opportunity (market-to-book value ratio) has no significant impact on debt policy in the emerging market of Malaysia. Our results are generally robust to time periods, but the significance of some variables changes over time. Profitability has a persistent and consistent negative relationship with all types of debt ratios in all periods and under all estimation methods. This confirms the capital structure prediction of the pecking order theory in an emerging capital market.

Capital Structure and MarketPower

This paper provides new insights on the way in which the capital structure and market power and capital structure and profitability are related. We predict and show that capital structure and market power, as measured by Tobins Q, have a cubic relationship. That is, at lower and higher ranges of Tobins Q, firms employ higher debt, and reduce their debt at intermediate range. This is due to the complex interaction of the market conditions, agency problems and bankruptcy costs. We also show saucer-shaped relation between capital structure and profitability because of the interplay of agency costs, costs of external financing and debt tax shield. To our knowledge, we are the first to uncover these results.

Model Reduction Tools For Phenomenological Modeling of Input-Controlled Biological Circuits

We present a Python-based software package to automatically obtain phenomenological models of input-controlled synthetic biological circuits that guide the design using chemical reaction-level descriptive models. From the parts and mechanism description of a synthetic biological circuit, it is easy to obtain a chemical reaction model of the circuit under the assumptions of mass-action kinetics using various existing tools. However, using these models to guide design decisions during an experiment is difficult due to a large number of reaction rate parameters and species in the model. Hence, phenomenological models are often developed that describe the effective relationships among the circuit inputs, outputs, and only the key states and parameters. In this paper, we present an algorithm to obtain these phenomenological models in an automated manner using a Python package for circuits with inputs that control the desired outputs. This model reduction approach combines the common assumptions of time-scale separation, conservation laws, and species' abundance to obtain the reduced models that can be used for design of synthetic biological circuits. We consider an example of a simple gene expression circuit and another example of a layered genetic feedback control circuit to demonstrate the use of the model reduction procedure

Dividend Behaviour of Indian Companies Under Monetary Policy Restrictions

In this study we examine the dividend behaviour of Indian companies. We use GMM estimator, which is the most suitable methodology in a dynamic setting. Our results show that the Indian firms have lower target ratios and higher adjustment factors. The most significant result is that the restricted monetary policies have significant influence on the dividend behaviour of Indian firms, causing about 5-6 percent reduction in the payout ratios. The significance of macro economic policy variable suggest that monetary policy restrictions do have impact on cost of raising funds, and the information asymmetry between lenders and borrowers increases that forces companies to reduce their dividend payout.