What moves the primary stock and bond markets? Influence of macroeconomic factors on bond and equity issues in Malaysia and Korea

This paper examines the impact of macroeconomic factors on the stock and bond market activities in two Asian countries. We examine the influence of interest rate changes, expected inflation rate, and stock market returns on aggregate stock and bond issuance in Malaysia and Korea. Using vector autoregressive models (VARs) and variance decomposition techniques, our result show that dynamics of equity and bond issuance in both countries vary significantly. Our findings show that there has been a two-way relationship between interest rate changes and bond issuance in the case of South Korea, whereas, stock returns have significantly influenced the bond issuance (instead of equity issuance) in Malaysia. The findings seem to support emerging popularity of corporate bond markets in Asian region.stock and bond markets, macroeconomic factors, VAR, Malaysia, South Korea

Product Market Competition, Regulation and Dividend Payout Policy of Malaysian Banks

This paper investigates the impact of the product market competition, regulations on the dividend policies of We find significant differences in the payout of the banks categorized as selling a non-interest based banking products and mix of both interest and non-interest based banking products. We find that the decision to increase dividends is significantly related to earnings, and the decision to cut dividend is significantly related to the changes in the non-performing loans, corporate and real estate sectors loans ratio and earnings loses. Research findings have implication for the regulators of the banks. The research provides a clear link between banks' portfolio choice and earnings that have implications for the dividends in the emerging markets.Dividends, Banks, Non-performing loans, Ordered Probit Model, Malaysia

Sustainable slow maintained pile load test

Slow maintained load test is widely used by contractors in Malaysia to ensure the driven pile could accommodate the design load of the structure. Slow maintained load test is a test to determine load-settlement curve and pile capacity for a period of time using conventional load test. Conventional static pile load test equipment is large in size thus making it heavier and takes a long time to install. In addition, it consumes a lot of space which causes congestion at construction sites. Therefore, the objective of this thesis is to conduct a conventional load test by replacing the pile kentledge load with anchorage and reaction pile. Preparations of ten designs comprising six commercial designs were reviewed. In addition, four proposed designs were suggested for the setup. Final design was produced based on its safety factors and criteria referred via literature review. The test frame consists of reaction frame with four reaction helical pile with two helixes per reaction pile. The deformation shapes, safety factor, stress, and strain of the design and finite element of the model has been analysed with the use of SolidWorks and Plaxis 3D software. SolidWorks software emphasizes on the model load-deflection relationship while Plaxis 3D ensures a correlation of reaction between pile uplift force and soil. Then, the model was tested on site to determine the relationship between physical load-deflection and pile-soil uplift force. The results of uplift force and displacement for numerical and physical test were nearly identical which increment of load-displacement graph pattern. The higher the uplift force, the higher the displacement obtained. In conclusion, the result obtained and the design may be considered as a guideline for future application of sustainable slow maintained pile load test

The New Zealand Construction Contracts Amendment Act 2015 - For Better or Worse?

Adjudication has been statutorily introduced as an alternative dispute resolution method in 14 jurisdictions including New Zealand. Whilst adjudication under the New Zealand Construction Contracts Act 2002 has been hailed a success, further refinements were proposed in the Construction Contracts Amendment Bill first published in 2013. As part of the legislative process, 48 submissions were made to the Commerce Committee. There was general support for most of the amendments, but some parties expressed concerns on some of the changes. A documentary analysis of the Amendment Bills and submissions to the Commerce Committee was made to critically evaluate the changes proposed and establish if they were improvements. The findings show the major changes proposed include (i) removing most of the distinctions between the treatment of residential and commercial contracts under the Act, (ii) extending the scope of the Act to apply to contracts for certain professional services, (iii) removing the distinction between enforcement of payment determinations and of those relating to rights and obligations, and (iv) making the enforcement process more efficient. The findings also show that during a period of over two years from when the Bill was first introduced in January 2013, one other significant improvement for retentions to be held in trust was made. A few proposals to further refine the Bill such as the suggestion to mandate retentions to be kepts in a separate trust account were however not accepted. The Construction Contract Amendment Bill (Bill 97-3) was uninanimously passed during the third and final reading in Parliament on 20 October 2015 with most of the amendments coming into force on 1 December 2015, those incorporating professional services on 1 September 2016, and the retention provisions on 31 March 2017. Royal assent was given on 11 October 2015 leading to the enactment of the Construction Contracts Amendment Act 2015

Telespectrograph Patent

Telespectrograph for analyzing upper atmosphere by tracking bodies reentering atmosphere at high velocitie

Male patients commencing FOLFOX / FOLFIRI chemotherapy in 2014, descriptive statistics

Background: Metastatic colorectal cancer is an incurable illness; however the advent of chemotherapy has significantly improved survival and symptom control. FOLFOX and FOLFIRI are used at SPBOH as the standard of care for patients with metastatic disease. No statistical data is available on that cohort of patients; this study aims to establish a population data-set for patients on FOLFOX/FOLFIRI. Methods: This retrospective cross-sectional study included all patients on FOLFOX and FOLFIRI in 2014. Only male patients were included, data was retrospectively extracted from the ward’s logbook and ISOFT clinical manager. Cycle 1, 6 and 12 dates were documented. Data was analysed using clinically reliable statistical tools, all reported p-values were statistically significant at <0.05. Results: From a total of 108 patients, 4 patients were excluded from the analysis. The average age of patients was 65.2 years. The average length of 12 cycles was 24.5 weeks. 19% of patients had cycles longer than 7 months whereas only 10% lasted more than 8 months on treatment. 41% of patients dropped out before completing the full course with a complication and mortality rate of 17%. Patients on FOLFIRI were more likely to have their chemotherapy changed and were also more likely to have received previous treatment. Conclusion: Although chemotherapy increases survival in metastatic colorectal cancer we have to appreciate that many patients do not proceed smoothly with their treatment. Many of those patients are middle aged independent individuals, after-all the physician must draw the line at the appropriate time and focus on palliative care rather than continuing ineffectively with chemotherapy.peer-reviewe

Multi-party Poisoning through Generalized pp-Tampering

In a poisoning attack against a learning algorithm, an adversary tampers with a fraction of the training data $T$ with the goal of increasing the classification error of the constructed hypothesis/model over the final test distribution. In the distributed setting, $T$ might be gathered gradually from $m$ data providers $P_1,\dots,P_m$ who generate and submit their shares of $T$ in an online way. In this work, we initiate a formal study of $(k,p)$-poisoning attacks in which an adversary controls $k\in[n]$ of the parties, and even for each corrupted party $P_i$, the adversary submits some poisoned data $T'_i$ on behalf of $P_i$ that is still "$(1-p)$-close" to the correct data $T_i$ (e.g., $1-p$ fraction of $T'_i$ is still honestly generated). For $k=m$, this model becomes the traditional notion of poisoning, and for $p=1$ it coincides with the standard notion of corruption in multi-party computation. We prove that if there is an initial constant error for the generated hypothesis $h$, there is always a $(k,p)$-poisoning attacker who can decrease the confidence of $h$ (to have a small error), or alternatively increase the error of $h$, by $\Omega(p \cdot k/m)$. Our attacks can be implemented in polynomial time given samples from the correct data, and they use no wrong labels if the original distributions are not noisy. At a technical level, we prove a general lemma about biasing bounded functions $f(x_1,\dots,x_n)\in[0,1]$ through an attack model in which each block $x_i$ might be controlled by an adversary with marginal probability $p$ in an online way. When the probabilities are independent, this coincides with the model of $p$-tampering attacks, thus we call our model generalized $p$-tampering. We prove the power of such attacks by incorporating ideas from the context of coin-flipping attacks into the $p$-tampering model and generalize the results in both of these areas