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Is emerging foreign exchange market efficient?
This study examines the weak form efficiency in the eight selected Asian foreign exchange markets from January 2010 to September 2020. The selected foreign exchange markets are Malaysia, India, Pakistan, China, Taiwan, Thailand, South Korea, and Indonesia. Augmented Dickey-Fuller (ADF) test, Phillips-Perron (PP) test and Kwiatkowski, Phillips, Schmidt, and Shin (KPSS) test are adopted to investigate the weak form efficiency. The outcomes for all tests indicated that all the selected foreign exchange markets were weak form efficient except Taiwan when tested with the KPSS test. These findings have important implication to investors, fund managers and policy makers
Digital transformation of the higher education sector in Maldives
Due to the massive developments in information technology, the world as we know it has been massively changing and evolving. This revolution has been named Industrial Revolution 4.0. IR4.0 shrinks the gap between the digital, more technical world and the physical world. The higher education institutes are now being forced to move into a more digital form of education because if they are not, they are found institutes that are too stubborn to move on from the traditional method of education. The more modern technologies such as data analysis, artificial intelligence and other technologies such as cloud computing need to be concentrated on while going through digital transformation. This paper includes an outlook on digitization, benefits of digital transformation, challenges of implementation, how to have a smooth transition to a more digital environment and the different mechanisms that are in place, that could be improved. Because of the fact that as the generations pass, more and more of the students are getting tech savvy, so, if there is any time to implement digital transformation, it is now. This study will be focused on the Maldives and as it is a small island nation, it comes with a set of challenges that other countries most probably do not have
A comparative study on legal frameworks on renewable energy in Malaysia and India: towards the commitments under the Paris agreement
Climate change has always been an agenda for the international
community, individually and collectively, due to global warming and
unusual weather conditions. The International Renewable Energy
Agency (IRENA) believes that the adequate deployment of clean
energy can achieve the targets of the Paris Climate Change Agreement.
Many countries have shown their commitments to decrease their carbonemission levels substantially, and they have done so by resorting to
renewable energy sources. The renewable energy generation opens
a viable door for climate change mitigation efforts. Both Malaysia
and India are committed to fulfilling their obligations under the Paris
Agreement. This comparative study evaluated the laws and policies
related to renewable energy in Malaysia and India, as these countries
progress towards their commitments under the Climate Change
Convention (UNFCCC). This study operated under the comparative
qualitative methodological framework and utilised secondary sources
for analysis. Based on the comparative expositions, Malaysia can
learn measures adopted by India to accelerate renewable energy
development as well as reduce greenhouse gas (GHG) emission,
which will prove beneficial to the country as well as comply with
international conventions and agreements
Parametric Flatten-T Swish: An adaptive non-linear activation function for deep learning
QActivation function is a key component in deep learning that performs non-linear mappings between the inputs and outputs. Rectified Linear Unit (ReLU) has been the most popular activation function across the deep learning community. However, ReLU contains several shortcomings that can result in inefficient training of the deep neural networks, these are: 1) the negative cancellation property of ReLU tends to treat negative inputs as unimportant information for the learning, resulting in performance degradation2) the inherent predefined nature of ReLU is unlikely to promote additional flexibility, expressivity, and robustness to the networks3) the mean activation of ReLU is highly positive and leads to bias shift effect in network layersand 4) the multilinear structure of ReLU restricts the non-linear approximation power of the networks. To tackle these shortcomings, this paper introduced Parametric Flatten-T Swish (PFTS) as an alternative to ReLU. By taking ReLU as a baseline method, the experiments showed that PFTS improved classification accuracy on SVHN dataset by 0.31%, 0.98%, 2.16%, 17.72%, 1.35%, 0.97%, 39.99%, and 71.83% on DNN-3A, DNN-3B, DNN-4, DNN-5A, DNN-5B, DNN-5C, DNN-6, and DNN-7, respectively. Besides, PFTS also achieved the highest mean rank among the comparison methods. The proposed PFTS manifested higher non-linear approximation power during training and thereby improved the predictive performance of the networks
Private cost of capital and incremental business value of mid-market firms
This study examined the implications of private cost of capital on the incremental business value (IBV) of middle market firms in Nigeria. Specifically, three costs were identified as follows: private cost of debt (PCD), private cost of equity (PCE), and overall private cost of capital (PCOC). The purpose was to investigate the extent to which private cost of capital, which is calculated differently from weighted average cost of capital for large enterprises, could contribute to incremental business value of middle market (mid-market) firms. Two panel data regression models were specified with one dependent variable (incremental business value). The first model has private cost of equity and private cost of debt as independent variables, while the second has private cost of capital as the independent variable. The panel comprised 10 middle market enterprises registered as members of the Nigerian Association of Stock Dealers (NASD). Middle market enterprises are operators in the private sector whose total assets (excluding land and building) are above one hundred and fifty thousand USD but not more than one million five hundred thousand USD. The study adopted the fixed effect model as the best linear estimator after a model validation with the aid of the Hausman test. We found that private cost of debt, private cost of equity, and overall private cost of capital have negative and significant effects on the incremental business value of middle market firms. We concluded that incremental business value is more elastic to changes in private cost of equity than private cost of debt, and that this is as a result of two phenomena: firstly, higher explicit private cost of equity than debt, and secondly, greater proportion of private equity than private debt in the capital structure of middle market firms in Nigeria
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