Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates

When external capital markets are stressed they may not reallocate resources between firms. We show that resource allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using data on US conglomerates we empirically verify that firms shift resources between industries in response to shocks to the financial sector. We estimate a structural model of internal capital market to separately identify and quantify the forces driving the reallocation decision and how these forces interact with external capital market stress. The frictions in internal capital markets drive a large wedge between productivity and investment: the weaker (stronger) division obtains too much (little) capital, as though it is 12 (9) percent more (less) productive than it really is. The cost of accessing external capital funds quadruple during extreme financial market dislocations, making resource allocation within firms significantly cheaper. The estimated model allows us to simulate the propagation of the 2007/2008 financial market dislocation. The counterfactual out of sample simulated data is remarkably consistent with the actual data and shows that improved resource allocation in internal capital markets offset financial market stress during the recent financial crisis by 16% to 30% relative to firms with no internal capital markets.

Inconsistent Regulators: Evidence From Banking

US state chartered commercial banks are supervised alternately by state and federal regulators. Each regulator supervises a given bank for a fixed time period according to a predetermined rotation schedule. We use unique data to examine differences between federal and state regulators for these banks. Federal regulators are significantly less lenient, downgrading supervisory ratings about twice as frequently as state supervisors. Under federal regulators, banks report higher nonperforming loans, more delinquent loans, higher regulatory capital ratios, and lower ROA. There is a higher frequency of bank failures and problem-bank rates in states with more lenient supervision relative to the federal benchmark. Some states are more lenient than others. Regulatory capture by industry constituents and supervisory staff characteristics can explain some of these differences. These findings suggest that inconsistent oversight can hamper the effectiveness of regulation by delaying corrective actions and by inducing costly variability in operations of regulated entities.

Technological Innovation, Resource Allocation, and Growth

We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. We combine patent data for US firms from 1926 to 2010 with the stock market response to news about patents to assess the economic importance of each innovation. Our innovation measure predicts productivity and output at the firm, industry and aggregate level. Furthermore, capital and labor flow away from non-innovating firms towards innovating firms within an industry. There exists a similar, though weaker, pattern across industries. Cross-industry differences in technological innovation are strongly related to subsequent differences in industry output growth.

ANTIDIABETIC ACTIVITY ON METHANOLIC EXTRACTS OF SCHREBERA SWIETENOIDES ROXB. ROOTS IN STREPTOZOTOCIN INDUCED DIABETIC RATS

Objective: The aim of study was to evaluate acute toxicity and antidiabetic activity of methanolic extract of Schrebera swietenoides roots in streptozotocin induced diabetic rats.Methods: Acute toxicity of the methanolic extracts of Schrebera swietenoides roots was studied in Wistar albino rats at a dose level upto 2 g/kg b.w. The animals were also closely examined for signs of intoxication, lethargy, behavioral modification and morbidity. The plant was evaluated for antidiabetic activity against Streptozotocininduced diabetic model in different concentrations of 100,200 and 400 mg/kg body weight. The mean and percent blood glucose reduction levels were calculated and comparable with the standard drug, glibenclamide (0.45 mg/kg b. w).Results: The extracts did not produce any toxic signs during the observation period for 24 h. The oral administration of 400 mg/kg b. w of methanolic extract of Schrebera swietenoides roots showed significant (P<0.05) decrease in blood glucose levels up to 18th h, more significant (P<0.01) decrease in blood glucose levels at 4th and 12th h and highly significant (P<0.001) decrease in blood glucose levels at 8th h respectively.Conclusions: From the studies it is concluded that, the methanolic extract of Schrebera swietenoides roots is suitable to prepare ayurvedic formulations for the treatment of diabetes.Â

Menentukan Invers Matriks Vandermonde Menggunakan Metode Dekomposisi Pecahan Parsial

One method that can be used to calculate the inverse of a matrix is ​​the adjoin method. In this method, the process begins by calculating the value of the determinant and adjoin of a matrix. This study discusses a method for calculating the inverse, especially on the Vandermonde matrix using partial fraction decomposition. The advantage of this method is that it can calculate the inverse of a matrix, without the need to calculate the value of the determinant and adjoin of a matrix. The steps taken are to define a rational function and then write it in the form of a partial fraction, then by using a formula to calculate the coefficient of a partial fraction, a formula is derived to calculate the inverse of the Vandermonde matrix. After obtaining the formula for calculating the inverse, then comparing the results of the inverse calculation of the Vandermonde matrix using the partial fraction decomposition method with the adjoin method. The results obtained a formula to calculate the inverse of the Vandermonde matrix, V-1=WxA. Based on the case examples given, it can be concluded that the results of the inverse calculations performed using the partial fraction decomposition method are the same as the results of the calculations performed using the adjoin method. However, the calculations performed using the partial fraction decomposition method are more effective and efficient than using the adjoin methodSalah satu metode yang dapat digunakan untuk menghitung invers matriks adalah metode adjoin. Pada metode ini, prosesnya dimulai dengan menghitung nilai determinan dan adjoin dari suatu matriks. Penelitian ini membahas mengenai suatu metode untuk menghitung invers khususnya pada matriks Vandermonde menggunakan dekomposisi pecahan parsial. Kelebihan metode ini yaitu dapat menghitung invers matriks tanpa perlu menghitung nilai determinan dan adjoin dari suatu matriks. Langkah-langkah yang dilakukan yaitu mendefinisikan fungsi rasional kemudian menuliskannya dalam bentuk pecahan parsial, selanjutnya dengan menggunakan formula untuk menghitung koefisien pecahan parsial, diturunkan suatu formula untuk menghitung invers dari matriks Vandermonde. Setelah diperoleh formula untuk menghitung invers, selanjutnya dibandingkan hasil perhitungan invers matriks Vandermonde menggunakan metode dekomposisi pecahan parsial dengan metode adjoin. Hasil penelitian diperoleh suatu formula untuk menghitung invers matriks Vandermonde, yaitu V-1=WxA . Berdasarkan contoh kasus yang diberikan, dapat disimpulkan bahwa hasil perhitungan invers yang dilakukan dengan metode dekomposisi pecahan parsial sama dengan hasil perhitungan yang dilakukan menggunakan metode adjoin. Akan tetapi, perhitungan yang dilakukan menggunakan metode dekomposisi pecahan parsial lebih efektif dan efisien dibandingkan dengan menggunakan metode adjoin

PENINGKATAN KUALITAS SDM PAPUA MELALUI PELATIHAN PENGGUNAAN APLIKASI GOOGLE CLASSROOM UNTUK MENUNJANG PEMBELAJARAN DARING DI JAYAPURA

The COVID-19 pandemic has had an impact on education in Indonesia. The learning process that was initially carried out at school became learning carried out from home online. This condition caused the unpreparedness of various parties, including students who live at the Balim Yalimo Orphanage in Jayapura City. To overcome this, PKM activities are carried out which aim to improve the ability of students at the orphanage, in using the Google Classroom application as a support for online learning. The method used is a training and mentoring which consists of 3 stages, namely the preparation, implementation, and evaluation stages. The results obtained are that from 70% of participants who use Google Classroom as an online learning application, there are 43% of participants who are able to use the application well. However, after participating in the training, there was an increase in the ability of participants to use the Google Classroom application by 42%.Keywords: application; google classroom; training; online learning

ANALISIS RISIKO VAR DAN CVAR PADA HASIL PREDIKSI HARGA SAHAM PT. ASTRA INTERNATIONAL TBK.

Ketika melakukan investasi, selain mengetahui prediksi nilai saham dimasa mendatang, penting juga untuk mengetahui tingkat risiko yang mungkin terjadi pada investasi tersebut. Hal ini dilakukan agar investor dapat menyiapkan dana cadangan untuk mewaspadai risiko yang akan terjadi. Value at Risk (VaR) dan Conditional Value at Risk (CVaR) merupakan metode yang umum digunakan untuk mengukur besarnya risiko dalam industri keuangan. Tujuan dari penelitian ini adalah mengimplementasikan VaR dan CVaR untuk menghitung besarnya risiko pada harga saham PT. Astra International Tbk., yang diprediksi menggunakan Geometric Brownian Motion (GBM). Langkah-langkah yang dilakukan yaitu menghitung nilai return saham hasil prediksi, melakukan uji normalitas, dan menghitung nilai VaR dan CVaR menggunakan simulasi Monte Carlo. Hasil penelitian yang diperoleh pada tingkat kepercayaan 90%, 95%, dan 99% untuk VaR adalah -0,03177; -0,04043; -0,05669, dan 0,04167; 0,04889; 0,06302 untuk CVaR, dalam jangka waktu satu hari kedepan. Nilai CVaR yang diperoleh lebih besar dibandingkan dengan VaR untuk setiap tingkat kepercayaan

Development and validation of a new RP-HPLC method for the determination of process related impurities in pioglitazone hydrochloride

A reversed phase high performance liquid chromatographic method for the determination of process related impurities in pioglitazone hydrochloride was developed and validated. High-quality separation was achieved on a Luna C18 column (150 mm × 4.6 mm, 3 µm) using gradient elution at a flow rate of 1 mL/min and a column temperature of 45 °C. UV detection was performed at 254 nm. The validation was performed according to the International Conference on Harmonization (ICH) guidelines. In addition, the solution stability and method robustness were examined. The method gives satisfactory separation of impurities of pioglitazone hydrochloride and so it is suitable for quantification of the process related impurities as well as for the assay of the active compound

Nanoformulated Delivery Systems of Essential Nutraceuticals and Their Applications

Malnutrition and poor diet constitute the number one driver of the global burden of disease. Undernutrition is responsible for up to 50% of all deaths in children under the age of 5. In South Africa, 25% of the country’s children suffer from undernutrition. This increases the risk of child mortality as well as contracting infectious diseases. It also affects the physical and intellectual development of the children. The greatest drawback in malnutrition is the deficiency of essential nutraceuticals involved in important biological functions. Innovative technologies such as nanoformulated products are needed for food and agriculture in order to enhance the children’s health. The evaluation and application of various nanoformulated delivery systems will be explored for improving the stability and bioavailability of essential nutraceuticals for consumers