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Fulltext Entropy-based financial asset pricing: Evidence from Pakistan

Wang S, Khan SA, Munir M, Alhajj R, Khan YA

PLoS One, 2022;17(12):e0278236.
PMID: 36548250 DOI: 10.1371/journal.pone.0278236

Entropy is an alternative measure to calculate the risk, simplify the portfolios and equity risk premium. It has higher explanatory power than capital asset price model (CAPM) beta. The comparison of Entropy and CAPM beta provide in depth analysis about the explanatory power of the model that in turn help investor to make right investment decisions that minimizes risk. In this context, this study aims to compare Shannon and Rennyi Entropies with the CAPM beta for measuring the risk. Ordinary Least square approach has been utilized using a dataset of 67 enterprises registered in Pakistan Stock exchange. The comparative analysis of CAPM beta and entropy has been carried out with the R2 parameters. The result indicates that entropy has more explanatory power as compare to CAPM beta's explanatory power, and this turns out to be the best option to evaluate the risk performances. The result implies that an investor should make the best investment decision by choosing an enterprise that provide with good returns at minimum risk based on entropy technique.

Matched MeSH terms: Financial Statements*
Fulltext MARKOWITZ THEORY IN PORTFOLIO OPTIMIZATION FOR HEAVY TAILED ASSETS

WONG GHEE CHING, CHE MOHD IMRAN CHE TAIB

UMT Journal of Undergraduate Research, 2019;1(3):1-14.
MyJurnal

This paper aims at solving an optimization problem in the presence of heavy tail behavior of financial assets. The question of minimizing risk subjected to a certain expected return or maximizing return fora given expected risk are two objective functions to be solved using Markowitz model. The Markowitz based strategies namely the mean variance portfolio, minimum variance portfolio and equally weighted portfolio are proposed in conjunction with mean and variance analysis of the portfolio. The historical prices of stocks traded at Bursa Malaysia are used for empirical analysis. We employed CAPM in order to investigate the performance of the Markowitz model which was benchmarked with risk adjusted KLSE Composite Index. We performed a backtesting study of portfolio optimization techniques defined under modern portfolio theory in order to find the optimal portfolio. Our findings showthat the mean variance portfolio outperformed the other two strategies in termsof performance of investment for heavy tailed assets.

Matched MeSH terms: Financial Statements
A replenishment inventory model for items under time-varying demand rates considering trade credit period and cash discount for a finite time horizon

MOHD OMAR

Sains Malaysiana, 2012;41:493-497.

Many researchers have developed various economic ordering quantity models by assuming an infinite time horizon and constant demand rate. However due to rapid technological advancement, shorter product life cycle and severe competition, those assumptions are no longer realistic. In this paper, we complement that shortcoming by considering an inventory model that satisfies a continuous time-varying demand rate for a finite time horizon when trade credit period and unit cash discount are allowed. The time horizon consists of n different cycles with equal or different cycles length. The trade credit period was assumed to be proportional to the cycle length. We developed mathematical models and presented a numerical example to support the effectiveness of these models.

Matched MeSH terms: Financial Statements
Fulltext 20 Years of the Evidence Base on What Works to Prevent Child Marriage: A Systematic Review

Malhotra A, Elnakib S

J Adolesc Health, 2021 05;68(5):847-862.
PMID: 33446401 DOI: 10.1016/j.jadohealth.2020.11.017

PURPOSE: This review assesses evaluations published from 2000 to 2019 to shed light on what approaches work, especially at scale and sustainably, to prevent child marriage in low- and middle-income countries.
METHODS: We conducted a search of electronic databases and gray literature and evaluated the methodological quality and risk of bias of included studies.
RESULTS: A total of 30 studies met the inclusion criteria. Interventions that support girls' schooling through cash or in-kind transfers show the clearest pattern of success in preventing child marriage, with 8 of 10 medium-high quality studies showing positive results. Although limited in number, five studies on favorable job markets and targeted life skills and livelihoods training show consistent positive results. Comparatively, asset or cash transfers conditional on delaying marriage show success only among two of four evaluations, and the three studies on unconditional cash transfers for poverty mitigation show no effect. Findings also show a low success rate for multicomponent interventions with positive results in only one of eight medium-high quality studies. Further, single component interventions were much more likely to be at scale and sustainable than multicomponent interventions.
CONCLUSIONS: These results indicate that enhancement of girls' own human capital and opportunities is the most compelling pathway to delaying marriage. In contrast, low rates of success, scale-up, and sustainability of multicomponent programs requires reconsideration of this approach.

Matched MeSH terms: Financial Statements
Complexity in financial asset returns: Evidence from the compass rose

Batten JA, Lucey BM, Peat M

Chaos, 2018 Dec;28(12):123109.
PMID: 30599539 DOI: 10.1063/1.5029226

The compass rose pattern in financial data may indicate the presence of a nonlinear, possibly chaotic, data generating mechanism. The analysis of three key financial asset and denoised returns, gold, the Great British Pound/US dollar spot exchange rate, and the Standard & Poor's 500 stock index, reveals that over four equivalent subperiods, from 1996 to 2015, the compass rose pattern changes. This finding provides an opportunity to establish how noise affects financial time series. We conclude that the compass rose pattern is unlikely the product of an underlying nonlinear structure, since there is evidence of nonlinearity in all time periods, even those where the compass rose pattern is not evident. Therefore, the compass rose patterns, seen in the denoised data, suggest that the presence of noise masks the underlying dynamics of the asset returns.

Matched MeSH terms: Financial Statements
Fulltext Does audit quality matters in Malaysian public sector auditing

Aida Hazlin Ismail, Natasha Muhammad Merejok, Muhamad Ridhuan Mat Dangi, Shukriah Saad

Journal of Academia Universiti Teknologi MARA Negeri Sembilan, 2019;7(101):102-116.
MyJurnal

Auditors play a key role in contributing to the credibility of the financial statements on which they are reporting. High quality audits s upport financial stability. The responsibility for performing quality audits of financial statements rests with the auditors. However, audit quality is best achieved in an environment where there is support from and appropriate interactions among partici pa nts in the financial reporting supply chain. Most prior studies look into audit quality from the perspective of private sector however this study focus on the quality of public sector auditing in Malaysia. There are three independent variables being inve st igated in this study that are the auditor’s independence, auditor’s competency and auditor’s workload. Data were collected through the distribution of questionnaires to 114 samples of auditors involved in public sector audit in Malaysia. The data were an al ysed using correlation test and regression test. The findings of this study show that there are positively significant relationship between auditor’s independence and auditor’s competency on audit quality. The results revealed that auditor’s competency i s the most significant factor affecting the audit quality in public sector audit. However, results show that auditor’s workload has a negative and insignificant impact on audit quality. Hence, this study recommends that the audit departments to strengthen th e audit quality and could improve the quality of the financial reporting in the public sector. In addition, auditor’s competency should be enhanced among the auditors in public sector to ensure high quality of audit work performed. Future studies should ex plore other variables such as client satisfaction, auditor switching and auditor’s turnover in public sector auditing

Matched MeSH terms: Financial Statements
Fulltext The impact of government incentives on financial viability of selected aquaculture species in Malaysia

Sara, R.R., Ismail, M.M., Kamarulzaman, N.H., Mohamed, Z.A.

International Food Research Journal, 2014;21(4):1451-1456.
MyJurnal

Aquaculture businesses in Malaysia require careful and comprehensive financial analysis to be successful. Comprehensive financial analysis has three key components, namely financial position, profitability and liquidity/cash flow. This research focuses on using pro forma income statements to analyze financial positions and to evaluate the effect of government incentives on sustainability of Malaysian aquaculture farms. This paper is divided into two sections; the first section discusses and provides the finding and comparability of the financial analysis on freshwater and brackish water producers. In the first section, the discussion was based on financial viability criteria, namely net present value (NPV), internal rate of return (IRR) and benefit cost ratio (BCR)) for base study. The evaluation process was carried out using four different phases; base study and government incentives simulations, Pioneer Status (PS), Investment Tax Allowance (ITA), and Accelerated Capital Allowance (ACA) for effectiveness of government incentives and roles in increase of profitability and production. The results showed that in all brackish water farms, NPV after the ACA incentive showed a higher and positive value comparable to individual PS and ITA. The effect of Government Incentive on Penaeus vannamei and Grouper showed that IRR and NPV on ACA (based on PS) is 2% and 9%, respectively higher than ACA (based on ITA). Meanwhile, in Barramundi farming ACA (based on ITA) was 8% higher than ACA (based on PS). The results on freshwater showed that ACA (based on ITA) on Tilapia and Catfish was 8% and 6% higher than ACA (based on PS). This paper concludes that the aquaculture operators should choose to accept PS with ACA on Penaeus vannamei and Grouper and choose ACA based on ITA on Barramundi, Tilapia and Catfish in order to maximize private profitability.

Matched MeSH terms: Financial Statements
Fulltext Food availability and the rising obesity prevalence in Malaysia

Khor, Geok-Lin

International e-Journal of Science, Medicine & Education, 2012;6(10):0-0.
MyJurnal

It is estimated that more than 1.1 billion adults and 115 million children worldwide are overweight. In Malaysia, the second and third National Health and Morbidity Surveys in 1996 and 2006 respectively reported a three-fold increase in obesity prevalence among adults, surging from 4.4% to 14% over the 10-year period. Evidence of rising childhood obesity has also emerged. The aim of this article is to gather evidence from food availability data for an insight into population shifts in dietary patterns that may help explain the rising obesity in this country. The nutrition transition was delineated in conjunction with the epidemiologic transition in order to explain the convergence of dietary practices, and the high prevalence of obesity and diet-related non-communicable diseases worldwide. The Food Balance Sheets for Malaysia from 1967 to 2007 were used to provide estimates and trends for the availability of foods and calories. Evidence is generated that indicate at least two major upward shifts in the dietary patterns in Malaysia in the past 4 decades.
These shifts have led to the rising availability of calories from animal products, and from sugar and sweeteners. These major dietary shifts, together with increased sedentariness, constitute core public health challenges faced in addressing the country’s obesity and noncommunicable diseases (NCD) conundrum.

Matched MeSH terms: Financial Statements
Fulltext Trends and dietary implications of some chronic non-communicable diseases in peninsular Malaysia

Khor GL, Gan CY

Asia Pac J Clin Nutr, 1992 Sep;1(3):159-68.
PMID: 24323170

Non-communicable diseases with dietary implications, ischaemic heart disease, diabetes mellitus and cancers of the breast and colon are discussed in relation to their prevalence and mortality rates in peninsular Malaysia during the past few decades. The mortality rate due to diseases of the circulatory system has more than doubled since 1970, deaths due to ischaemic heart disease being the major cause. The prevalence of diabetes mellitus has risen from 0.65% in 1960 to about 4% currently. The mortality risk for both ischaemic heart disease and diabetes is highest in the Indian compared to Malay and Chinese populations. The Chinese show the highest mortality rate for cancers of the breast and colon. This could reflect, partly, because more people especially in the urban areas are seeking treatment and improved diagnosis. Empirical dietary data indicate an increase in the prevalence of hypercholesterolaemia among urban adults and overweight among urban and rural adults. Aggregate data from food balance sheets indicate increased availability of energy intake from fats and oils, sugar, and animal products, with concomitant decline in available energy from plant products. Continued public health education on the important linkage between diet and disease is called for.

Matched MeSH terms: Financial Statements
Fulltext Intake of added sugar in Malaysia: a review

Amarra MS, Khor GL, Chan P

Asia Pac J Clin Nutr, 2016;25(2):227-40.
PMID: 27222405 DOI: 10.6133/apjcn.2016.25.2.13

The term 'added sugars' refers to sugars and syrup added to foods during processing or preparation, and sugars and syrups added at the table. Calls to limit the daily intakes of added sugars and its sources arose from evidence analysed by WHO, the American Heart Association and other organizations. The present review examined the best available evidence regarding levels of added sugar consumption among different age and sex groups in Malaysia and sources of added sugars. Information was extracted from food balance sheets, household expenditure surveys, nutrition surveys and published studies. Varying results emerged, as nationwide information on intake of sugar and foods with added sugar were obtained at different times and used different assessment methods. Data from the 2003 Malaysian Adult Nutrition Survey (MANS) using food frequency questionnaires suggested that on average, Malaysian adults consumed 30 grams of sweetened condensed milk (equivalent to 16 grams sugar) and 21 grams of table sugar per day, which together are below the WHO recommendation of 50 grams sugar for every 2000 kcal/day to reduce risk of chronic disease. Published studies suggested that, for both adults and the elderly, frequently consumed sweetened foods were beverages (tea or coffee) with sweetened condensed milk and added sugar. More accurate data should be obtained by conducting population-wide studies using biomarkers of sugar intake (e.g. 24-hour urinary sucrose and fructose excretion or serum abundance of the stable isotope 13C) to determine intake levels, and multiple 24 hour recalls to identify major food sources of added sugar.

Matched MeSH terms: Financial Statements