Portfolio optimisation is one of the most crucial issues in investment decision-making and has received considerable attention from researchers and practitioners. Traditionally, the portfolio optimisation models are formulated based on the assumption that investors have complete information on the distribution of random returns. However, in real life case, this is not possible since decisions have to be made under uncertainty. This paper deals with a fuzzy portfolio optimisation problem in which returns and turnover rates of securities are represented by fuzzy variables. A goal programming model is proposed to optimise three objectives: maximisation of portfolio return, maximisation of liquidity and minimisation of the portfolio risk. The cardinality constraints, floor and ceiling constraints are also taken into consideration. Finally, a numerical experiment using real data is conducted to demonstrate the applicability of the model.
COVID'19 pandemic has devastated several industries and solar energy is no exception. In its economic relief package, Malaysia has announced approximately US$ 2.9 billion in expenditure for the installation of new grids, LED street lights and rooftop solar panels. The Government will also open the tender for a 1400 MW solar power project in the year 2020, which is expected to generate 5 billion ringgit (US$1.1 billion) in investments. As these measures are intended to sustain the existing growth of solar energy potential in the country, it is vital to assess its status quo. Hence, this paper aims to review the current status of renewable energy in Malaysia as well as the initiatives taken before the pandemic to promote solar photovoltaic (PV) technology to meet the energy demands through the low-carbon pathway.
The Sub-Saharan Africa (SSA) is far lag behind the sustainable targets that set out in the United Nation's Sustainable Development Goals (SDGs), which is highly needed to embark the priorities by their member countries to devise sustainable policies for accessing clean technologies, energy demand, finance, and food production to mitigate high-mass carbon emissions and conserve environmental agenda in the national policy agenda. The study evaluated United Nation's SDGs for environmental conservation and emission reduction in the panel of 35 selected SSA countries, during a period of 1995-2016. The study further analyzed the variable's relationship in inter-temporal forecasting framework for the next 10 years' time period, i.e., 2017-2026. The parameter estimates for the two models, i.e., CO2 model and PM2.5 models are analyzed by Generalized Method of Moment (GMM) estimator that handle possible endogeneity issue from the given models. The results rejected the inverted U-shaped Environmental Kuznets Curve (EKC) for CO2 emissions, while it supported for PM2.5 emissions with a turning point of US$5540 GDP per capita in constant 2010 US$. The results supported the "pollution haven hypothesis" for CO2 emissions, while this hypothesis is not verified for PM2.5 emissions. The major detrimental factors are technologies, FDI inflows, and food deficit that largely increase carbon emissions in a panel of SSA countries. The IPAT hypothesis is not verified in both the emissions; however, population density will largely influenced CO2 emissions in the next 10 years' time period. The PM2.5 emissions will largely be influenced by high per capita income, followed by trade openness, and technologies, over a time horizon. Thus, the United Nation's sustainable development agenda is highly influenced by socio-economic and environmental factors that need sound action plans by their member countries to coordinate and collaborate with each other and work for Africa's green growth agenda.
Matched MeSH terms: Investments/trends; Investments/statistics & numerical data
We examine the evidence from the long-run abnormal returns using data for 76 health care and biopharmaceutical initial public offerings (IPOs) listed in a 29-year period between 1986 and 2014 in the Association of Southeast Asian Nations (ASEAN) countries such as Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Myanmar, and Laos. Based on the event-time approach, the 3-year stock returns of the IPOs are investigated using cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR). As a robustness check, the calendar-time approach, related to the market model as well as Fama-French and Carhart models, was applied for verifying long-run abnormal returns. We found evidence that the health care IPOs overperform in the long-run, irrespective of the alternative benchmarks and methods. In addition, when we divide our sample into 5 groups by listing countries, our results show that the health care stock prices of the Singaporean firms behaved differently from those of most of the other firms in ASEAN. The Singaporean IPOs are characterized by a worse post-offering performance, whereas the IPOs of Malaysian and Thai health care companies performed better in the long-run.
The purpose of this study was to examine the impact of aging on economic growth. The study used dynamic growth model and employed Autoregressive Distributed Lag (ARDL) approach for the period of 1980 to 2011. Three proxies for aging are used namely fertility rate, life expectancy and old dependency ratio. However, only fertility rate is detected to have a long run cointegration. The major finding of this study showed that a reduction of fertility rate lead to higher economic growth. This implied that even though Malaysia will face aging society by 2020, the economic growth is still stable and can increase by investing more on human capital.
President Obama of the United States of America announced this April the Brain Research Through Advancing Innovative Neurotechnologies (BRAIN for short) investment, while Professor Henry Markram's team based in the European Union will spend over a billion euros on the Human Brain Project, breaking through the unknowns in the fifth science of the decade: Neuroscience. Malaysia's growth in the same field needs to be augmented, and thus the Universiti Sains Malaysia's vision is to excel in the field of clinical brain sciences, mind sciences and neurosciences. This will naturally bring up the level of research in the country simultaneously. Thus, a center was recently established to coordinate this venture. The four-year Integrated Neuroscience Program established recently will be a sustainable source of neuroscientists for the country. We hope to establish ourselves by 2020 as a global university with neurosciences research as an important flagship.
Pulmonary sequestration is defined as a segment of ç separated from the tracheobronchial tree and receiving its blood supply from a systemic artery rather than a pulmonary arterial branch. Classically, it has been described in two forms: (1) intralobar sequestration (ILS), in which the sequestrated part of lung lies within normal pulmonary visceral pleura, and (2) extralobar sequestration (ELS), in which the abnormal segment of lung is completely separate and enclosed in its own pleural investment. The term sequestration was coined by Pryce in 1946 to describe a disconnected bronchopulmonary mass or cyst with an anomalous systemic artery. Since this original description, terminology has become confusing as investigator has recognized many variants of sequestration not strictly meeting the original description. The spectrum now recognized as a continuum, with normal vessels supplying abnormal lung at one end and abnormal vessels supplying normal lung at the other end. Recently, we incidentally found an asymptomatic, intralobar pulmonary sequestration during CT pneumocolon.
Following decades of reducing greenhouse gas emissions in the transportation industry, most car companies will stop producing petrol cars and promote the development of new energy vehicles in the near future, even in China. This study is based on energy vehicle exports using China's 31 provinces' panel data from 2010 to 2020. Considering that China mainly engages in processing trade, this study analyzes the domestic energy vehicle's export sophistication after deleting intermediate goods, measuring the relationship between export sophistication and industrial upgrading with static and dynamic panel models. Then, heterogeneity tests were deployed to examine the domestic export sophistication of three major economic belts partition. The results revealed that improving export sophistication is conducive to realizing China's industrial upgrading. China's new energy vehicles industry is positively affected by export sophistication, R&D, foreign direct investment, average GDP growth rate, market factors, and human resources over the long run. Regarding regional stratification, domestic export sophistication in the eastern and western regions has more significant effects on promoting industrial upgrading than in the central region. In particular, in western regions, every increase in export sophistication by one unit will bring a significant industrial upgrading effect. Given this, China's new energy vehicles should increase export sophistication to help the country's industrial upgrading.
People with HIV/AIDS (PLWHA) commonly pose problems to their family as well as to society because of their vulnerable health and economic conditions. Contrarily, PLWHA encounter social discrimination and adverse realities while finding it difficult to continue in their jobs. These complex phenomena interact to push them into a low economic status. A microfinance program can hopefully assist poor patients to cope with the negative economic consequences of this disease. But the conventional market-oriented microfinance institutions show reluctance to serve this group of people due to the possibilities of having credit risk. In this paper, we propose an alternative microfinancing technique that can provide a better economic life of the PLWHA while absorbing the credit risks. A comprehensive model is designed using specific Islamic financial instruments in conjugation with household economic portfolio theory. Critical realism method was adopted to construct this model. We concluded that the application of Islamic microfinance can enhance income of HIV patients while reducing the productivity-loss. This model can be useful to the microfinance practitioners and policymakers for addressing a different market segment, diversifying products, and formulating policy.
Present climate change consists of global warming that is caused by the emission of greenhouse gases, generally carbon dioxide. The study examines the pollution haven, pollution halo, and environmental Kuznets curve for a number of Asian countries during the period of 1985 to 2020. Outcomes suggest that urbanization, gross domestic product per capita, energy consumption, and foreign direct investment inflow have positive effects, while gross domestic product square, foreign direct investment square, and tourism have negative effects on emissions of carbon dioxide. Furthermore, findings support the validity of the environmental Kuznets curve, pollution haven, and pollution halo hypothesis for the selected Asian countries. We also find robust results of rationality of the environmental Kuznets curve hypothesis for Pakistan, Bangladesh, India, China, Indonesia, Korea, Japan, Malaysia, Vietnam, and Singapore; of pollution haven hypothesis for Bangladesh, China, Indonesia, Japan, Pakistan, and Singapore; and of pollution halo hypothesis for Bangladesh, China, Indonesia, Japan, Pakistan, and Singapore.
In this paper, we present a method to estimate the market parameters modelled by an asymmetric jump diffusion process. The method proposed is based on Kou's jump diffusion model while the market parameters refer to the market drift, the market volatility, the jump intensity on market price, and the rate of jump occurrence in a consistent manner throughout the entire paper. The model captures the asymmetric nature of the price fluctuation during up trend markets and down trend markets. The results are compared to conventional options to observe the impact of jump effects. The results from simulation show that the asymmetric jump diffusion model can estimate the fair prices of European call options and annuity better than the Black-Scholes model and the symmetric jump diffusion model proposed by Kou and Merton.
In the wake of various catastrophic consequences of climate change, Malaysia, a rapidly developing economy, is also inevitably experiencing environmental degradation that merits prompt and serious attention from policymakers and its government. Hence, this study simultaneously highlights the short and long-run dynamic connections between carbon emission in Malaysia and the trio of corruption levels, foreign investment inflow, and trade liberalization. The study also controls for a combination of other factors including energy use, GDP, and urbanization. A robust empirical analysis was conducted on time series observations for the country based on the recent Dynamic ARDL simulation. It was observed that Malaysia's per capita pollution levels significantly reduces based on the corruption perception levels during the sampling period while the economic expansion's effect on emission levels is positive. Additionally, urbanization, trade levels and energy use all aggravate the emission levels. On the other hand, although FDI poses an insignificant environmental damage in the short run, its environmental sustainability enhancement roles were supported by its long-run negative impacts on carbon emission. Lastly, the EKC was established and as such, essential policy directions were provided for stakeholders in the rapidly emerging Malaysian economy.
The adoption of green construction practices (GCP) has been on the increase in recent years as a means of reducing the negative effects of construction on the natural environment. However, GCP have been discovered to expose the construction workers to numerous health and safety (HS) risks, resulting from a decline in safety investment due to the economic burden associated with its adoption. This study explores the means through which GCP influence the HS performance of construction projects through economic performance. To obtain the views of contractors, a survey questionnaire was developed, and data was collected from project managers and site managers of "class A" contractors, with a response rate of 81.55%. The partial least squares structural equation modeling (PLS-SEM) technique was adopted to analyze the data. The results show that the effect of GCP on HS performance is fully mediated by economic performance. The study concludes that for projects that adopt GCP to have high levels of HS performance, they are required to have an optimal economic performance. Efforts should be intensified by the government in providing subsidies, tax waivers, and other incentives for adopters of GCP to ensure the economic performance of their projects since it guarantees high HS performance.
This study examined the influence of tail risks on global financial markets, which aids in better understanding of the emergence of COVID-19. This study looks at the global and Vietnamese stock markets impacted by the COVID-19 pandemic to identify systemic emergencies. Risk dependent value (CoVaR) and Delta link VaR are two important tail-related risk indicators used in Conditional Bivariate Dynamic Correlation (DCC) (CoVaR). The empirical findings demonstrate that when COVID-19's worldwide spread widens, the volatility transmission of systemic risks across the global stock market and multiple exchanges shifts and becomes more relevant over time. At the time of COVID-19, the world industrial market was larger than the Vietnamese stock market, and the Vietnamese stock market posed a lesser danger to the global market. A closer examination of the link between the Vietnam value-at-risk (VaR) range index sample and the world stock index indicates a significant degree of downside risk integration in key monetary systems, particularly during the COVID-19 era. Our study findings may help regulators, politicians, and portfolio risk managers in Vietnam and worldwide during the unique moment of uncertainty created by the COVID-19 epidemic.
The study of stock market volatility has been the focus of market participants primarily because most
of the applications in financial economics are concerned with volatility. The economic structure in
Malaysia is divided into three sectors: primary, secondary and tertiary. As the stability of the stock
market is important for businesses, this paper carefully reviews the concept of volatility and analyses
how different business sectors in Malaysia are affected by stock market volatility.
The objective of this research is to examine the trends in the exchange rate markets of the ASEAN-5 countries (Indonesia (IDR), Malaysia (MYR), the Philippines (PHP), Singapore (SGD), and Thailand (THB)) through the application of dynamic moving average trading systems. This research offers evidence of the usefulness of the time-varying volatility technical analysis indicator, Adjustable Moving Average (AMA') in deciphering trends in these ASEAN-5 exchange rate markets. This time-varying volatility factor, referred to as the Efficacy Ratio in this paper, is embedded in AMA'. The Efficacy Ratio adjusts the AMA' to the prevailing market conditions by avoiding whipsaws (losses due, in part, to acting on wrong trading signals, which generally occur when there is no general direction in the market) in range trading and by entering early into new trends in trend trading. The efficacy of AMA' is assessed against other popular moving-average rules. Based on the January 2005 to December 2014 dataset, our findings show that the moving averages and AMA' are superior to the passive buy-and-hold strategy. Specifically, AMA' outperforms the other models for the United States Dollar against PHP (USD/PHP) and USD/THB currency pairs. The results show that different length moving averages perform better in different periods for the five currencies. This is consistent with our hypothesis that a dynamic adjustable technical indicator is needed to cater for different periods in different markets.
Many cities across the world are facing many problems climate change poses to their populations, communities and infrastructure. These vary from increased exposures to floods, to discomfort due to urban heat, depending on their geographical locations and settings. However, even though some cities have a greater ability to cope with climate change challenges, many struggle to do so, particularly in cities in developing countries. In addition, there is a shortage of international studies which examine the links between climate change adaptation and cities, and which at the same time draw some successful examples of good practice, which may assist future efforts. This paper is an attempt to address this information need. The aim of this paper is to analyse the extent to which cities in a sample of developing countries are attempting to pursue climate change adaptation and the problems which hinder this process. Its goal is to showcase examples of initiatives and good practice in transformative adaptation, which may be replicable elsewhere. To this purpose, the paper describes some trends related to climate change in a set of cities in developing countries across different continents, including one of the smallest capital cities (Georgetown, Guyana) and Shanghai, one the world's most populous cities. In particular, it analyses their degree of vulnerability, how they manage to cope with climate change impacts, and the policies being implemented to aid adaptation. It also suggests the use of transformative approaches which may be adopted, in order to assist them in their efforts towards investments in low-carbon and climate-resilient infrastructure, thereby maximizing investments in urban areas and trying to address their related poverty issues. This paper addresses a gap in the international literature on the problems many cities in developing countries face, in trying to adapt to a changing climate.
We had reviewed the current practice in stocks market analysis where stock is represented by its closing price, and then found that this approach may be misleading. In actuality, in the daily activity of stocks market, stock is represented by four prices, namely opening, highest, lowest, and closing prices. Thus, stock is a multivariate time series of those four prices and not a univariate time series of closing price only. In this paper all four prices will be considered. Then, the notion of multivariate time series similarity among stocks will be developed as a generalisation of univariate time series similarity. The results are used to construct stocks network in multivariate setting. To filter the economic information contained in that network, the standard tools in econophysics is used. Furthermore, the topological properties of stocks are analysed by using the most common centrality measures. As an example, Bursa Malaysia data are investigated and we show that the proposed approach can better figure out the real situation compared to the current one.
This research aims to look into the effect of COVID-19 on emerging stock markets in seven of the Association of Southeast Asian Nations' (ASEAN-7) member countries from March 21, 2020 to April 31, 2020. This paper uses a ST-HAR-type Bayesian posterior model and it highlights the stock market of this ongoing crisis, such as, COVID-19 outbreak in all countries and related industries. The empirical results shown a clear evidence of a transition during COVID-19 crisis regime, also crisis intensity and timing differences. The most negatively impacted industries were health care and consumer services due to the Covid-19 drug-race and international travel restrictions. More so, study results estimated that only a small number of sectors are affected by COVID-19 fear including health care, consumer services, utilities, and technology, significance at the 1%, 5%, and 10%, that measure current volatility's reliance on weekly and monthly variables. Secondly, it is found that there is almost no chance that the COVID-19 pandemic would positively affect the stock market performance in all the countries, mainly Indonesia and Singapore were the countries most affected. Thirdly, results shown that Thailand's stock market output has dropped by 15%. Results shows that COVID-19 fear causes an eventual reason of public attention towards stock market volatility. The study presented comprehensive way forwards to stabilize movement of ASEAN equity market's volatility index and guided the policy implications to key stakeholders that can better help to mitigate drastic impacts of COVID-19 fear on the performance of equity markets.
The outbreak of COVID-19 has weakened the economy of Australia and its capital market since early 2020. The overall stock market has declined. However, some sectors become highly vulnerable while others continue to perform well even in the crisis period. Given this new reality, we seek to investigate the initial volatility and the sectoral return. In this study, we analyse data for eight sectors such as, transportation, pharmaceuticals, healthcare, energy, food, real estate, telecommunications and technology of the Australian stock market. In doing so, we obtain data from Australian Securities Exchange (ASX) and analysed them based on 'Event Study' method. Here, we use the 10-days window for the event of official announcement of the COVID-19 outbreak in Australia on 27 February 2020. The findings of the study show that on the day of announcement, the indices for food, pharmaceuticals and healthcare exhibit impressive positive returns. Following the announcement, the telecommunications, pharmaceuticals and healthcare sectors exhibit good performance, while poor performance is demonstrated by the transportation industry. The findings are vital for investors, market participants, companies, private and public policymakers and governments to develop recovery action plans for vulnerable sectors and enable investors to regain their confidence to make better investment decisions.