1,720,963 research outputs found
The Influence of Trading Frequency on Lead-Lag Effect Between Index Futures and Stock Index in Malaysia
Get PDFThe presence of lead-lag effect between index futures and stock index has lead finance researchers to focus on identifying the source of such phenomenon. In general, index futures play an important role in the price discovery process since it is found that index futures leads the stock index in reacting to the arrival of new information. Such phenomenon is attributed to the problem of stale prices among some components of stock index. The problem arises due to nonsynchronous trading as well as infrequent trading among inactive component stocks, resulting in stock index reporting weightage value of past prices unlike index futures, which is being updated constantly. This study examines the influence of trading frequency among component stocks on the presence of lead-lag effect between the two markets in Malaysia. The period of study runs from January 2000 to October 2003. It employs regression analysis using system estimators approach. The result shows that index futures does not only lead the inactive component stocks but also the active component stocks. As such, the finding contradicts the proposed theory, which stipulates that the presence of lead-lag effect is due to the problem of infrequent trading among inactive component stocks. Therefore, consistent with Chan (1992) and Martikainen et al. (1995) who investigate the same issue in the United States and Finland, this study provides empirical evidence that trading frequency does not contribute towards the presence of lead-lag effect between index futures and stock index in Malaysia
On risk-return relationship: an application of GARCH (p,q)-M model to Asia _ Pacific region
Get PDFDespite the criticisms on the validity of the CAPM, finance researchers continue to adopt the model in trying to describe the relationship between risk and return. The introduction of the GARCH(p,q)-M model provides an avenue for testing the model within the time-varying variance framework. This study employs the same model to address the issue within ten selected Asia Pacific countries. The result, though not comprehensive, shows that the CAPM still holds in explaining the risk-return relationship in China and Malaysia. The significant positive risk parameter coefficient suggests a positive linear relationship which indicates that investors are compensated for assuming high risk. Judging by the significant finding in China and Malaysia, this study provides evidence that the conditional CAPM is a useful tool for decision making in investments and corporate finance
Niat Keusahawanan dalam kalangan Pelajar Baharu di Universiti Awam Malaysia
No full textPeranan keusahawanan dalam pertumbuhan ekonomi tidak dapat dinafikan sumbangannya terutama dalam meningkatkan taraf hidup masyarakat selepas pandemik COVID-19 melanda dunia. Pendedahan awal kepada belia perlu dilaksanakan agar keusahawanan sentiasa dapat diperkasakan dalam kalangan masyarakat. Oleh itu, kajian ini bertujuan untuk mengenal pasti niat keusahawanan dalam kalangan pelajar baharu di Universiti Kebangsaan Malaysia berdasarkan sikap peribadi, norma subjektif dan kawalan tingkah laku. Seramai 395 orang pelajar baharu yang terlibat dalam kajian ini. Analisis korelasi Spearman Rho menunjukkan bahawa ketiga-tiga pemboleh ubah bebas mempunyai hubungan positif yang signifikan dengan niat keusahawanan. Di samping itu, hasil analisis regresi ordinal menunjukkan sikap peribadi merupakan faktor peramal yang terdekat bagi niat keusahawanan dalam kalangan pelajar. Hasil kajian ini boleh dijadikan rujukan oleh pihak bertanggungjawab untuk memperkasakan lagi elemen keusahawanan dalam kalangan pelajar yang berkecenderungan dalam bidang keusahawanan.  
3rd Financial Markets Asia-Pacific Conference
Get PDFDespite the criticisms on the validity of the CAPM, finance researchers continue to adopt the model in trying to describe the relationship between risk and return. The
introduction of the GARCH(p,q)-M model provides an avenue for testing the model within the time-varying variance framework. This study employs the same model to address the issue within ten selected Asia Pacific countries. The result, though not comprehensive, shows that the CAPM still holds in explaining the risk-return relationship in China and Malaysia. The significant positive risk parameter coefficient suggests a positive linear relationship which indicates that investors are compensated for assuming high risk. Judging by the significant finding in China and Malaysia, this study provides evidence that the conditional CAPM is a useful tool for decision making in investments and corporate finance
Tahap Penggunaan serta Persepsi Usahawan Mikro dan Kecil Terhadap E-Dagang
No full textAntara strategi dalam membantu meningkatkan hasil jualan usahawan mikro dan kecil adalah melalui e-dagang. Kajian ini bertujuan untuk mengenal pasti tahap penggunaan media digital dan persepsi usahawan mikro dan kecil terhadap e-dagang. Seramai 615 orang usahawan mikro dan kecil sekitar Lembah Klang dan Kota Kinabalu, Sabah telah terlibat dalam kajian ini. Hasil kajian mendapati kebanyakan responden hanya berada pada tahap asas penggunaan media digital. Manakala persepsi mereka terhadap e-dagang adalah positif secara keseluruhan. Selain itu, hasil kajian mendapati responden di kawasan Lembah Klang lebih ramai menggunakan media digital untuk memasarkan produk berbanding usahawan di Kota Kinabalu, Sabah. Responden di Lembah Klang juga mempunyai persepsi yang lebih positif terhadap e-dagang berbanding dengan responden di Kota Kinabalu, Sabah. Walau bagaimanapun, tiada perbezaan persepsi yang signifikan antara jantina responden terhadap e-dagang. Hasil kajian ini menjelaskan bahawa walaupun tahap penggunaan e-dagang adalah rendah dalam kalangan usahawan mikro dan kecil, namun mereka mempunyai tanggapan yang positif terhadap e-dagang. Penemuan ini boleh dijadikan rujukan kepada agensi-agensi berkaitan bagi menyediakan program intervensi kepada usahawan mikro dan kecil untuk membantu mereka meningkatkan hasil jualan
Measuring the value added intellectual capital on financial performance: a case of malaysian green technology companies / Noor Sharida Badri Shah and Noor Azuddin Yakob
Get PDFThe purpose of this study is to examine the relationship between Intellectual Capital (IC) components and financial performance of Malaysian green technology companies. IC consists f three main components which are Human Capital (HC), Structural Capital (SC) and Capital Employed (CA). The data are gathered from the annual report of ten (10) selected Malaysian green technology companies (Ecofriendly companies) from 2014 until 2018 in various industries. Empirical findings reported that Value Added Structural Capital (STVA) is the most significant factor compared to Value Added Human Capital (VAHU), Value Added Capital Employed (VACA) and Value Added Intellectual Coefficient (VAIC). It shows that the companies depended highly on STVA (the companies used database, process, competitive intelligence and system which resulted from the product or system that is created by a firm) to increase their financial performance. This study proved that structural capital is an important element in intellectual capital for green technology companies since it will lead to an effective and efficient business operation (less cost of operations) to sustain competitive advantage of the company
Seasonality in the Asia Pacific stock markets
Get PDFThis paper examines the issue of stock market seasonality in the Asia Pacific stock market. Using the most recent set of data, the paper employs the GARCH(1,1) and GARCH(1,1)-M models to study the day-of-the-week, month-of-the-year, monthly and holiday effects in ten Asia Pacific countries, namely Australia, China, Hong Kong, Japan, India, Indonesia, Malaysia, Singapore, South Korea and Taiwan. Overall, evidence to support the presence of day-of-the-week effect is documented in five countries, month-of-the-year effect is detected in eight countries, monthly effect is reported in six countries and holiday effect is found in four countries. In most cases, the calendar effects cannot be associated with conditional risk. This study shows that stock market seasonality is a global phenomenon, and it continues to persist today. Although the presence of seasonality implies a lack of informational efficiency in the respective stock market, this study does not refute the validity of the Efficient Market Hypothesis, as the presence of significant returns is not tantamount to abnormal profits. Further studies are necessary to ensure that stock market seasonality can yield significant returns in excess of transaction costs
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Trend of Risk Components among Malaysian Stocks: Evidence from 2008 to 2014
Get PDFThis study examines the nature of risk among Malaysian stocks from January 2008 to July 2014. The paper applies the concept of risk decomposition as stipulated by the single index model (SIM) in which the total risk is partitioned into two main components, i.e. systematic and unsystematic risks. Forty-five companies were randomly selected as the sample for this study. The results show that the unsystematic risk is greater than the systematic risk for all three different time periods used in the study. The level of both types of risk changed over the two sub-periods. The portion of systematic risk has decreased and the unsystematic risk component has increased considerably. This suggests the need for analysts and investors to focus on the company-specific factors when evaluating the risk associated with Malaysian stocks given the greater influence that the unsystematic risk has on total risk
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