A review on Black-Scholes model in pricing warrants in Bursa Malaysia

This paper studies the accuracy of the Black-Scholes (BS) model and the dilution-adjusted Black-Scholes (DABS) model to pricing some warrants traded in the Malaysian market. Mean Absolute Error (MAE) and Mean Absolute Percentage Error (MAPE) are used to compare the two models. Results show that the DABS model is more accurate than the BS model for the selected data

Gerakan Sosial Masyarakat Tegal Binangun Kabupaten Banyuasin Provinsi Sumatera Selatan

The title of this research is "Tegal Binangun Community Social Movement Banyuasin Regency, South Sumatra Province". This movement is in order to maintain their administrative status from the demands of recognition of the Banyuasin District Government based on Law Number 23 of 1988 concerning Changes to the Regional Levels of the Palembang Second Level Region, Musi Banyuasin District Level II District and Ogan Komering Ilir Level II District. The purpose of this study was to determine the dynamics and patterns used by the community movement so that the demands and resistance of the Tegal Binangun community were realized by the Government of the Province of South Sumatra and Banyuasin District.               The method used in this research is a qualitative research method with a case study approach with stages, namely interviews, observation, and documentation. Meanwhile, the source of this research is primary data sources. Based on the results of the study it can be seen that, this movement carried out resistance against the Banyuasin District Government, ranging from peaceful actions to delivering letters to the DPRD of South Sumatra Province, the Governor of South Sumatra, the President, the DPR-RI, the Minister of Youth and Sports, the Minister of Home Affairs, and Mayor of Palembang.               The researcher uses the theory from Sidney Tarrow that is in line with this conflict that a group of people or ordinary citizens who join and form an alliance with figures or groups that have a large influence in a country, groups or the like move together to make a fight against the holders of power or the political elite if what is considered to be a policy is not in accordance with what is desired. Until now, when the Banyuasin District Government put pressure on the community, immediately the Tegal Binangun community took the fight. This conflict has not found a solution because it is still being resolved by the Government of South Sumatra Province. In this study it was found that the social movement of the Tegal Binangun community was formed to carry out resistance to the Banyuasin District Government's unilateral recognition of the Tegal Binangun area

MANAGEMENT DECISION SUPPORT SYSTEM OF SOLVENT-BASED POST-COMBUSTION CARBON CAPTURE

A management decision-support framework for a coal-fired power plant with solvent based post combustion CO2 capture (PCC) (integrated plant) is proposed and developed in this thesis. A brief introduction pertaining to the solvent-based PCC technology, thesis motivations and objectives are given in Chapter 1. Chapter 2 comprises a comprehensive literature review of solvent-based PCC plant from the bottom level (PCC instrumentation level) until the top level (managerial decision of PCC system). Chapter 3 describes the development of solvent-based PCC dynamic model via empirical methods. Open-loop dynamic analyses are presented to provide a deeper understanding of the dynamic behaviour of key variables in solvent-based PCC plant. Chapter 4 presents the design of the control architecture for solvent-based PCC plant. Two control algorithms developed, which utilise conventional proportional, integral and derivative (PID) controller and advanced model predictive control (MPC). Chapter 5 proposes a conceptual framework for optimal operation of the integrated plant. The MPC scheme is chosen as the control algorithm while mixed integer non-linear programming (MINLP) using genetic algorithm (GA) function is employed in the optimization algorithm. Both algorithms are integrated to produce a hybrid MPC-MINLP algorithm. Capability and applicability of the algorithm is evaluated based on 24 hours and annual operation of integrated plant. Chapter 6 extends the scope of Chapter 5 by evaluating the relevance of solvent-based PCC technology in the operation of black coal-fired power plant in Australia. This chapter considers a prevailing climate policy established in Australia namely Emission Reduction Fund (ERF). Finally, the concluding remarks and future extensions of this research are presented in Chapter 7

A study on the market reaction to hybrid securities announcements

Abstract The thesis presents three studies that focus on the wealth effects of hybrid securities namely: convertible bonds and warrant-bonds. The wealth effects of these hybrid securities are investigated through both meta-analysis and event-studies. Chapter 2 incorporates a review of the literature on wealth effects associated with the announcement of convertible bonds and warrant-bond loans. The findings of 35 event studies, which include 84 sub-samples and 6,310 announcements, are analysed using meta-analysis. A mean cumulative abnormal return of 1.14% for convertible bonds compared with 0.02% for warrant-bonds are observed, the significant difference confirming a relative advantage for warrant-bonds. Abnormal returns for hybrid securities issued in the United States are significantly more negative than for those issued in other countries. In addition, issuing hybrid securities to refund debt does not seem to be favoured by investors. Finally, several factors identified as important by theory or in prior research are not significant within the cross-study models, suggesting that more evidence is needed to confirm whether they are robust. Chapter 3 presents a study that examines the market reaction to hybrid security announcements in an emerging country, specifically Malaysia, from January 1996 to December 2009. The results indicate that announcements of the intention to issue convertible bonds in Malaysia are associated with significantly negative abnormal returns of 1.10% (significant at the 10% level) on the event window of (-1, 1). On the other hand, announcements of the intention to issue warrant-bonds document significantly positive abnormal returns of 2.25% (significant at the 10% level) on the same event window. The ‘univariate’ test confirms that the wealth effects associated with the announcement of the intention to issue warrant-bonds is larger (i.e., more positive) than convertible bonds in line with few studies in different markets: Japan (Kang, Kim, Park, and Stulz, 1995), the Netherlands (De Roon and Veld, 1998), and German (Gebhardt, 2001). Non-significant abnormal returns of 0.81% and 0.23% on the event window ( 1, 1) are reported for announcements of hybrid securities by means of private placements and rights offerings, respectively, contradict with the ‘certification hypothesis’ of Hertzel and Smith (1993), and ‘signalling hypothesis’ of Heinkel and Schwartz (1986). This chapter also finds that there is no support for ‘information-signalling’ hypothesis (Ross, 1977), as non-significant abnormal returns are observed in the event window ( 1, 1) for announcements of hybrid securities for all purposes of offering (i.e., debt restructuring, mergers and acquisitions, capital expenditure, and working capital). These findings also highlight that listed firms in Malaysia with high risk uncertainty contribute to more negative abnormal returns in comparison to lower risk uncertainty firms, which contradicts with the ‘risk uncertainty hypothesis’. The final study presented in this thesis, Chapter 4, considers the wealth effects of hybrid security announcements in a developed country, the United Kingdom. This third study investigates the wealth effects of announcements of the intention to issue convertible bonds in the UK market over a period from January 1990 until July 2010. The study period also allows for an investigation on the market reaction to announcements of convertible bonds during the financial crisis that started in August 2007. Using the standard event study methodology, a negative abnormal return of 1.75% (significant at the 5% level) on the two-day event window is reported, confirming the findings of previous UK studies (Abyhankar and Dunning, 1999, and Wolf et al., 1999) which are also in line with studies performed using data from other countries such as US, Canada, Australia, and others. There are no significant differences between the results of the sub-samples before and during the financial crisis, suggesting that the economic conditions do not influence the market response. The results of the event study and the multivariate analysis in this chapter are consistent with the ‘market timing hypothesis’ implying that managers in the UK announce their intention to issue convertible bonds after a period of good stock price performance

STUDY OF TEACHER POTENTIAL DEVELOPMENT OF TEACHER IN TADIKA NETWORK CENTER OF PRINCESS OF NARADHIWAS UNIVERSITY

This research aimed to 1) studying the knowledge and understanding on the teaching management of teachers of Princess of Naradhiwas University tadika network, and 2) Studying the ways to develop the pontential of the teachers of Princess of Naradhiwas University. It was a survey tadika network and qualitative research from 80 samples, who are the 2nd to 4th year-students of Princess of Naradhiwas University, using questionnaire in collecting data and using SPSS instant computer program in analyzing the data to be presented in the table of percentage, mean and standard deviation. The results of the research showed that: 1) The knowledge and understanding of the teachers of Princess of Naradhiwas University’s tadika network was an average at the medium level, representing the average of 3.37, with standard deviation of 0.08; 2. The ways of efficiency development of the teachers of Princess of Naradhiwas University’s tadika network was an average at the high level, representing the average of 4.18, with the standard deviation of 1.58. When considered the overall level was at the medium, the average of 3.77, with the standard deviation of 1.60. @font-face {font-family:"Cordia New"; panose-1:2 11 3 4 2 2 2 2 2 4; mso-font-charset:222; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-2130706429 0 0 0 65537 0;}@font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-536870145 1107305727 0 0 415 0;}@font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-469750017 -1073732485 9 0 511 0;}@font-face {font-family:Garamond; panose-1:2 2 4 4 3 3 1 1 8 3; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:647 0 0 0 159 0;}p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0cm; margin-right:0cm; margin-bottom:8.0pt; margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; mso-bidi-font-size:14.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Cordia New"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-bidi-language:TH;}p {mso-style-priority:99; mso-style-unhide:no; margin:0cm; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman",serif; mso-fareast-font-family:"Times New Roman"; mso-ansi-language:EN-US;}.MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:11.0pt; mso-ansi-font-size:11.0pt; mso-bidi-font-size:14.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Cordia New"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-bidi-language:TH;}.MsoPapDefault {mso-style-type:export-only; margin-bottom:8.0pt; line-height:107%;}div.WordSection1 {page:WordSection1;

STUDY OF TEACHER POTENTIAL DEVELOPMENT OF TEACHER IN TADIKA NETWORK CENTER OF PRINCESS OF NARADHIWAS UNIVERSITY

This research aimed to 1) studying the knowledge and understanding on the teaching management of teachers of Princess of Naradhiwas University tadika network, and 2) Studying the ways to develop the pontential of the teachers of Princess of Naradhiwas University. It was a survey tadika network and qualitative research from 80 samples, who are the 2nd to 4th year-students of Princess of Naradhiwas University, using questionnaire in collecting data and using SPSS instant computer program in analyzing the data to be presented in the table of percentage, mean and standard deviation. The results of the research showed that: 1) The knowledge and understanding of the teachers of Princess of Naradhiwas University’s tadika network was an average at the medium level, representing the average of 3.37, with standard deviation of 0.08; 2. The ways of efficiency development of the teachers of Princess of Naradhiwas University’s tadika network was an average at the high level, representing the average of 4.18, with the standard deviation of 1.58. When considered the overall level was at the medium, the average of 3.77, with the standard deviation of 1.60. @font-face {font-family:"Cordia New"; panose-1:2 11 3 4 2 2 2 2 2 4; mso-font-charset:222; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-2130706429 0 0 0 65537 0;}@font-face {font-family:"Cambria Math"; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:-536870145 1107305727 0 0 415 0;}@font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-469750017 -1073732485 9 0 511 0;}@font-face {font-family:Garamond; panose-1:2 2 4 4 3 3 1 1 8 3; mso-font-charset:0; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:647 0 0 0 159 0;}p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin-top:0cm; margin-right:0cm; margin-bottom:8.0pt; margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; mso-bidi-font-size:14.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Cordia New"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-bidi-language:TH;}p {mso-style-priority:99; mso-style-unhide:no; margin:0cm; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman",serif; mso-fareast-font-family:"Times New Roman"; mso-ansi-language:EN-US;}.MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:11.0pt; mso-ansi-font-size:11.0pt; mso-bidi-font-size:14.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Cordia New"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-bidi-language:TH;}.MsoPapDefault {mso-style-type:export-only; margin-bottom:8.0pt; line-height:107%;}div.WordSection1 {page:WordSection1;

Analisis Makna Hidangan Pulut Kuning dalam Adat Bebantang Masyarakat Tidung, Pulau Sebatik, Sabah

Adat bebantang merupakan salah satu pelaksanaan tingkat adat dalam perkahwinan etnik Tidung di Pulau Sebatik, Sabah. Adat ini secara amnya merujuk kepada pasangan yang disandingkan di atas tilam (pelamin) sambil rombongan tetamu akan makan beramai-ramai berdekatan dengan pasangan pengantin. Pada masa yang sama, pulut kuning akan dihidangkan kepada pasangan pengantin yang diraikan. Hal ini berlaku demikian kerana pulut kuning merupakan hidangan wajib dalam adat bebantang yang mana menitikberatkan lima aspek utama iaitu aspek warna, jenis acuan, jenis bahan dan hiasan serta bekas yang digunakan dalam proses penyediaan makanan tersebut. Objektif kajian ialah menganalisis makna pulut kuning dalam pelaksanaan adat bebantang dari sudut pandang komunikasi bukan lisan. Kajian menggunakan pendekatan etnografi dengan pengkaji turut serta dalam adat yang dilaksanakan. Data diperoleh melalui temu bual mendalam bersama informan utama, mak andam dan pengamal adat. Lokasi kajian terletak di Kampung Mentadak Baru, Pulau Sebatik, Tawau, Sabah. Analisis data menjelaskan bahawa pulut kuning yang diterjemahkan menerusi bentuk, warna dan cara hidangan semasa pelaksanaan adat bebantang membawa makna kasih sayang, tanda keislaman, kebahagiaan dan kesuburan

Studies On Mass Transfer Characteristics Of Palm Kernel Oil Extraction Using Supercritical Carbon Dioxide

To exploit further the application of supercritical carbon dioxide (SC-COz) extraction, as a simplified and environmental friendly process, a study on the palm kernel oil yield, fundamental of diffusivity and mass transfer coefficients of palm kernel oil in situation of overall single palm kernel and a packed-bed column of the overall single palm kernels was studied. The study also incorporated mathematical models formulation for describing the mass transfer phenomena of palm kernel oil at the supercritical conditions. Thus, this study has focused on the candidate sample of overall single palm kernels of size 6 mm (outside diameter) by using a laboratory Supercritical Carbon Dioxide (SC-CO2) equipment. The experimental runs of the supercritical conditions considered in this study vary in a range of temperatures and pressures of 40 °C, 50 °C, 60 °C, 70 °C and 80 °C and pressures of 27.6 MPa, 34.5 MPa, 41.4 MPa and 48.3 MPa respectively for an overall single palm kernel, and at a constant temperature of 50 °C, 60 °C and 70 °C and within the same pressure range for a packed bed of overall single palm kernels. The findings of this study on an overall single palm kernel, demonstrated that first, the laboratory SC-CO2 extraction process managed to extract a maximum yield of 5 percent PKO at the best supercritical conditions of temperature 80 °C and pressure 48.3 MPa respectively. Secondly, the solubility of PKO in SC-CO2 increases with temperatures at a particular constant pressure, and likewise increases with pressures at a particular constant temperature. Thirdly, the study shows that the diffusion coefficients of PKO at the supercritical condition, based on an overall single palm kernel, is strongly dependent on pressures from 27.6 MPa to 48.3 MPa, at each constant temperature of 50 °C, and 60 °C