Essays on the Impact of Institutional Investors on Firms\u27 Liquidity and Payout Policy

This dissertation consists of 2 essays in the area of corporate finance. The title of my first essay is “Impact of Institutional Investors on Firms’ Financial Constraint and Liquidity”. We can find ample evidences in existing literature which show that institutional investors play a vital role in the corporate world. Many researchers have linked institutional investors to activism, monitoring benefits, mitigating the cost of debt using government bond, spin off activities and improving information asymmetry problem. In the first essay, I would like to add another dimension to institutional investors’ literature by examining institutional investors’ role in mitigating financial constraint problem in the firm. Institutional investors have large financial networks and make large financial investment in firms. Their presence might help firms attract external capital. I am using 2 financial constraint measurements; KZ index (Lamont, Polk, Saa-Requejo, 2001) and bank line of credit (Sufi, 2009). I am also adding additional measurement for financial constraint using notes payable. I find evidences to support the hypotheses that institutional investors’ presence and ownership mitigate financial constraints. The title of my second essay is “Long- and Short-Term Institutional Investors and Payout Policy”. In the second essay, I examine the relationship between the firms’ payout policy and the presence/ownership of certain type of institutional investors. I classify the types of institutional investors using Bushee’s (1998, 2001) classification of institutional investors. I find that the presence and the magnitude of long term institutional investors positively affect the likelihood and the magnitude of dividend. I also find that the presence and the magnitude of short term institutional investors positively affect the likelihood and the magnitude of share repurchases. This study suggests that the presence of different types of institutional investors can affect certain type of payout policy. Keywords: Transient; dedicated; monitoring; tradin

Essays on the Impact of Institutional Investors on Firms\u27 Liquidity and Payout Policy

This dissertation consists of 2 essays in the area of corporate finance. The title of my first essay is “Impact of Institutional Investors on Firms’ Financial Constraint and Liquidity”. We can find ample evidences in existing literature which show that institutional investors play a vital role in the corporate world. Many researchers have linked institutional investors to activism, monitoring benefits, mitigating the cost of debt using government bond, spin off activities and improving information asymmetry problem. In the first essay, I would like to add another dimension to institutional investors’ literature by examining institutional investors’ role in mitigating financial constraint problem in the firm. Institutional investors have large financial networks and make large financial investment in firms. Their presence might help firms attract external capital. I am using 2 financial constraint measurements; KZ index (Lamont, Polk, Saa-Requejo, 2001) and bank line of credit (Sufi, 2009). I am also adding additional measurement for financial constraint using notes payable. I find evidences to support the hypotheses that institutional investors’ presence and ownership mitigate financial constraints. The title of my second essay is “Long- and Short-Term Institutional Investors and Payout Policy”. In the second essay, I examine the relationship between the firms’ payout policy and the presence/ownership of certain type of institutional investors. I classify the types of institutional investors using Bushee’s (1998, 2001) classification of institutional investors. I find that the presence and the magnitude of long term institutional investors positively affect the likelihood and the magnitude of dividend. I also find that the presence and the magnitude of short term institutional investors positively affect the likelihood and the magnitude of share repurchases. This study suggests that the presence of different types of institutional investors can affect certain type of payout policy. Keywords: Transient; dedicated; monitoring; tradin

The effect of parameter setting on classification of domestic water consumption using simplified Fuzzyqsba

Water is essential in human daily life and it is renewable. However, the resources of water are reducing due to climate and other factors. Hence many researches were conducted to predict the water consumption and applying many different approaches to solve this problem. Therefore the aim of this research is to enhance an existing method for producing a better and reliable technique with more accurate results. The proposed method is FuzzyQSBA and the parameter settings of the membership function are manipulated to investigate its effect on the accuracy of the method. Here, simplified FuzzyQSBA is used for the classification of domestic water. There are four different parameter settings, the performances of each setting are compared and it shows that parameter setting does effects the final results. Next, the result of the best parameter setting is then compared with other existence fuzzy method using a software name WEKA. Results claimed that the proposed method is compatible with other method in terms of it accuracy

Production of Slime Layer by Staphylococcus epidermidisIsolated From Corneal Infection

A total of 37 Staphylococcus epidermidis isolates, isolated from corneal scraping of patients with bacterial keratitis and 20 isolates from healthy eyes (as control) (all isolates, isolated from, Ibn Al- Haietham eye hospital / Baghdad), were tested for slime production, 52.63% of all isolates were positive-slime production (23 isolates from patients and 7 isolates from controls). It was found that positive-slime producing S. epidermidis were exhibited a high resistance to antibiotics as compared to negative-slime producing isolates

Curing of mice skin infections using ethanol flower extract of chamomile

This experiment was conducted in order to estimate azulene and apigenin in chamomile flowers. Ethanol extracts were examined singly or in combination with some drugs in their biological activity against some pathogens causing skin infection. Ethanol extract was applied at a concentration of 40 mg/ml for the treatment of induced skin infection of mice. Among the topicals used, Claforan was found the most effective on microorganisms causing skin diseases; ethanol extract was more effective than the drug Candimazole solution 1%. HPLC was used for the determination of azulene and apigenin active compounds of chamomile plant

Tobacco-Free Policy Support among Students in University Campuses

The purpose of this study was to determine support for various tobacco-free policies among students in public universities. This cross-sectional study was conducted among 406 students from three main campuses of a university in July 2018. Three hundred ninety-two students responded from three campuses in Selangor. There was a significant association between knowledge of secondhand smoke (SHS) and the types of tobacco-free policies.  Students who perceived knowing the dangers of SHS also supported smoke-free cars and campus policy. In conclusion, knowledge of secondhand smoke, third-hand smoke, and tobacco-free policies should be enhanced. Keywords:  Tobacco-free campus, Second-hand smoker, students. eISSN: 2398-4287© 2020. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., UK. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia. DOI: https://doi.org/10.21834/ebpj.v5i14.224

Damage Cost/Value Clustering in Timber Harvesting Decision Making for Sustainable Forest Management

The most important factor to ensure forest regrowth strongly relies on minimizing damage as well as maintaining an adequate quantity and quality of residual stands. Currently, most of the Malaysian concessions are applying the Selective Management System (SMS). The SMS had been introduced about 40 years ago and various studies discovered that it contributes a negative impact on the forest. Thus, revision and adoption of an appropriate harvesting method are required. The main objective of this study is to propose a new method that promotes forest regrowth and reduces damages due to logging activities for Sustainable Forest Management (SFM). The two primary elements introduce in this new method are 1) to determine the minimum damage cost/value to the residual trees according to tree felling direction and 2) on the division of logging area into clusters where only certain clusters will be affected in a logging operation and the rest are conserved. The overall results of this study proven that the analysis of potential logged value, productions, damage value, and damage volume by dividing forest into clusters able to minimize damage and maintain forest regeneration

Solving Robin problems in bounded doubly connected regions via an integral equation with the eneralized Neumann Kernel

This paper presents a boundary integral equation method for finding the solution of Robin problems in bounded multiply connected regions. The Robin problems are formulated as a Riemann-Hilbert problems which lead to systems of integral equations and the related differential equations are also constructed that give rise to unique solutions are shown. Numerical results on several test regions are presented to illustrate that the approximate solution when using this method for the Robin problems when the boundaries are sufficiently smooth are accurate

Design of a Sky Camera-Based Cloud Monitoring Camera at the Agam Space and Atmospheric Observation Station, Bukit Kototabang

Indonesia is a center of convection and acts as a driving force for global atmospheric circulation due to its geographical position. Moreover, Kototabang Hill is one of the national strategic areas in the equatorial atmospheric observation room with limited cloud cover data so that tools and development are needed to meet these data needs. Sky Camera for the purpose of observing clouds (Cloud Camera) is urgently needed to complement the need for cloud cover data to support observation and research activities in the field of the atmosphere. The Cloud Camera design is done by modifying the CCD Camera with several supporting devices including fish eye, solar tracker, sun filter and dome. Evaluation of the urgency of these enhancements is discussed in this paper. Among the four combinations of using supporting instruments (dome and sun filter) for the Cloud Camera device, the best image obtained is the device that uses a sun filter and without a dome. Among the four combinations of using supporting instruments (dome and sun filter) for the Cloud Camera device, the best image obtained is the device that uses a sun filter and without a dome