How Capital Structure Adjusts Dynamically during Financial Crisis

The availability of a unique data set of financially distressed firms enabled this study to apply the dynamic capital structure adjustment model to a study of capital structure. In addition, the factors driving capital structure adjustment of financially distressed and of healthy firms were estimated. The results identified 13 significant variables, which included many macroeconomic variables previously not studied, thus evidence is produced of the impact of macroeconomic factors on capital structure for the first time. We also estimated the adjustment parameters using a new dynamic adjustment model applied to an unbalanced panel data set of distressed and healthy firms. It is found that the adjustment parameters are different in the short term and long term. These new findings add to the capital structure literature.

Liquefaction of a Soil Deposit During an Earthquake

Large number of cases have been rep or ted where liquefaction has occurred during the earthquake, but only in a few cases, soil report in the zones of liquefaction are available. A wide spread damage because of liquefaction of soil deposit was observed during tile Niigata Earthquake of 1964 in Japan. A very systematic study on soil exploration in the zone of liquefaction was carried out and is well reported. Two sites were selected for the analysis from Niigata in the same area (i) where heavy damage occurred (ii) where no damage occurred. A case study was made using two different methods having different philosophy of analysis for prediction of possibility of liquefaction during an earthquake. The results of different methods are in good agreement with the observed behaviour where liquefaction was observed during the earthquake. But a wide controversy is observed between the two methods where liquefaction did not occur. The paper presents the case study

Non-linear Lateral Pile Deflection Predictions in Clays

A method to predict lateral load-deflection relationships for single free-headed piles in clay, considering the non-linear modulus of the sub grade reaction is proposed on the basis of the analysis of full-scale test data on ten piles. The modulus of the horizontal subgrade reaction, kh, was obtained from the field load-deflection data of six piles in soft clay and four piles in stiff clay. The kh values depend on lateral (shear) strain, which is related to pile diameter and deflection. Empirical equations of normalized modulus degradation with shear strain have been proposed for both soft and stiff clays. The maximum value of the modulus of horizontal subgrade reaction, khmax, has been related with the undrained shear strength of clays. A comparison of the results from the present method and the p-y method with the measured load-deflection curves has also been made. The proposed method predicts upper and lower bound load-deflection curves which are valuable guides to making informed decisions

On Predictions and Performance of Machine Foundations

A model for predicting the amplitude versus frequency response for surface footings under vibrations is presented. The model considers the effects of soil nonlinearity and confining pressures on soil modulus and has been verified by comparing model predictions with performance field tests. The elastic half space analog solutions have been used to develop a computer program for this prediction model (Manyando, 1990). Soil nonlinearity has been accounted for by incorporating an iterative procedure in the computer program. The computer program was used to predict the footing response in vertical, torsional and coupled rocking and sliding vibrations. Predicted resonant amplitudes, resonant frequencies and the total sweeps have been compared with the measured values. It has been found that predictions by this model closely match the measured data. Vertical and coupled rocking and sliding vibrations predictions closely match measured data when material damping is neglected. Predictions for torsional vibrations are observed to be satisfactory when 10 percent material damping is used and the slip at the base of the footing is neglected

January Effect on the Thinly Traded KLSE: Tests with Appropriate Refinements

Over recent years the January Effect has been documented as an anomaly on stock markets around the world. The January regularity refers to the phenomenon that security returns in early January are higher than in any other period of the year. The pesence of the January Regularity on the Kuala Lumpur Stock Exchange (KLSE) has been established. However, this study investigates further the possible explanations, taking into consideration the returns on stocks rather than indices, contml for thinness of trading and the association of the regularity with size effects. The evidence indicates that returns on 298 stocks traded in KSLE do exhibit the January seasonality, and the average returns net of cost for January are 1. 75 per cent. However, these net average returns are not adjusted for 1isk, therefore it is difficult to confirm the valuational efficiency of the regularity. In contrast to the documented evidence in developed securities markets, the size effect cannot rationalise the regularity in the developing Kuala Lumpur Stock Excrhange. The possibility of the thinness of trading as a factor that could partially eXplain the regularity is support

Load Settlement Characteristics and Bearing Capacity of Clays Under Transient Load

The investigation presented here utilizes finite element technique coupled with Galerikins weighted residual process to predict the settlement of footing resting on the surface of clays and subjected to transient load. The predicted quantities have been compared with the experimental observations of model footing tests. The influence of fundamental natural period of soil and foundation system on the settlement and bearing capacity of footing has been brought out

Antidepressant, analgesic activity and SAR studies of substituted benzimidazoles

Purpose. Benzimidazole class of compound is found to have diverse biological properties. From the literature study, it is observed that depression is a severe mental disease affecting a huge population and pain is affecting about 20% of world population. In continuation of our previous research work, we selected benzimidazole pharmacophore to further explore its pharmacological activities. Methods. Forced swim test and Thermal stimulus test were used to assess the antidepressant and analgesic activity of synthesized benzimidazole analogs. Results. The antidepressant activity results showed that compound 3j was found most potent having Mean ± SEM value 21.6 ± 0.8 for treated group. Furthermore, in the analgesic test, 3b, 3j, and 3o showed Mean ± SEM values; 1.8 ± 0.10, 2.3 ± 0.10 and 2.2 ± 0.10, respectively. The study results suggested that these compounds could be explored further for the development of better antidepressant and analgesic agents. Conclusion. From the present study, it may be concluded that these active benzimidazole derivatives have been found to possess potential antidepressant and analgesic activit

Auditor switch decision of Malaysian listed firms: tests of determinants and wealth effect

This article examines the economic rationale for auditor change by Malaysian listed firms by examining audit switch effect on share prices. The auditor change decision by management to retain or to change involves a switch across audit firms with different quality. Audit quality is defined by classifying the audit firms into Tier 1 (Big-5) firms and Tier 2 (non-Big 5) firms. The distinguishing attribute between the two groups of audit products is believed to be the credibility that each group brings to the audit engagement. Factors associated with the choice of audit firm and changes for firm characteristics associated with auditor choice were investigated using the logistic regression model. The findings show that the auditor switch of Malaysian listed firms is partly explained by changes in management and turnover growth. Changes in firms' characteristics such as asset growth, purchase of fixed asset to total asset, leverage and changes in financing activities explain auditor switches. There appears to be no evidence of significant wealth effect from auditor switch announcements

Simultaneous co-delivery of neuroprotective drugs from multiloaded PLGA microspheres for the treatment of glaucoma

Glaucoma is a multifactorial neurodegenerative disorder and one of the leading causes of irreversible blindness globally and for which intraocular pressure is the only modifiable risk factor. Although neuroprotective therapies have been suggested to have therapeutic potential, drug delivery for the treatment of ocular disorders such as glaucoma remains an unmet clinical need, further complicated by poor patient compliance with topically applied treatments. In the present study we describe the development of multi-loaded PLGA-microspheres (MSs) incorporating three recognised neuroprotective agents (dexamethasone (DX), melatonin (MEL) and coenzyme Q10 (CoQ10)) in a single formulation (DMQ-MSs) to create a novel sustained-release intraocular drug delivery system (IODDS) for the treatment of glaucoma. MSs were spherical, with a mean particle size of 29.04 ± 1.89 μm rendering them suitable for intravitreal injection using conventional 25G-32G needles. Greater than 62% incorporation efficiency was achieved for the three drug cargo and MSs were able to co-deliver the encapsulated active compounds in a sustained manner over 30-days with low burst release. In vitro studies showed DMQ-MSs to be neuroprotective in a glutamate-induced cytotoxicity model (IC50 10.00±0.94 mM versus 6.89±0.82 mM in absence of DMQ-MSs) in R28 cell line. In vivo efficacy studies were performed using a well-established rodent model of chronic ocular hypertension (OHT), comparing single intravitreal injections of microspheres of DMQ-MSs to their equivalent individual single drug loaded MSs mixture (MSsmix), empty MSs, no-treatment OHT only and naïve groups. Twenty one days after OHT induction, DMQ-MSs showed a significantly neuroprotective effect on RGCs compared to OHT only controls. No such protective effect was observed in empty MSs and single-drug MSs treated groups. This work suggests that multi-loaded PLGA MSs present a novel therapeutic approach in the management of retinal neurodegeneration conditions such as glaucoma