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ANALISIS Jilid 6, Bil. 1 & 2 Jun/Disember 1999


 
A Note Cautioning Against Financial Analysts' High Reliance on Profitability Data: The Case of the Pharmaceutical and Construction Sectors in the UK
Shamsul Nahar Abdullah
 
Abstract Ɩ Full Text
In this paper, the author puts forward several issues that need to be considered before a financial analyst can rely on profitability data when making inferences about a company's value. Two issues are addressed namely, the accrual accounting method and earnings management. In order to illustrate the issues, the author used the Ohlson's model (1991) which argued that the value of a firm is the sum of the book value of the equity and the present value of the expected future clean surplus residual income. To facilitate the illustration, the author selected two UK companies from the pharmaceutical sector and two UK companies from the construction sector. The two sectors were selected because they were affected differently by the application of the accrual accounting method. Generally, our evidence from the financial data supported intuitively Ohlson's model. In addition to using Ohlson 's model, the author also discusses the issue of earnings management which potentially affects the usefulness of profitability data.
 

 
An Economic Analysis of the Relationship Between Stock Returns and the Anticipated and Unanticipated Money Growth: The Case of Malaysia
Azali Mohamed, Muzafar Shah Habibullah & Ahmad Zubaidi Baharumshah
 
Abstract Ɩ Full Text
This paper investigates the relationship between stock returns and both the anticipated and unanticipated components of money supply growth using quarterly data for the period 1978:l- 1997:4. The objective of the paper is to determine whether the components of both, narrow (MI) and broad (M2) money supply growth has been incorporated in the movements of stock returns. Using the Barro two-step procedure, our results suggest that the efficient market hypothesis for the KLSE cannot be rejected with respect to both narrow and broad money components.
 

 
Optimization of a Multiob Jective Programming Problem
Lim Kong Teong
 
Abstract Ɩ Full Text
The purpose of this paper is to suggest the use of the Generalized Distance Approach in the field of multi objective programming to find "compromising" conditions on the decision variables that will give a "near" optimal value for each of the objectives. A global optimization technique called the Controlled Random Search (CRS) procedure has been used to minimize the distance function derived from the Generalized Distance Approach. It is numerically shown that this approach works well in solving multi objective optimization problems.
 

 
Public Subsidisation of Higher Education and Educational Inequality in Malaysia
Rosni Bakar
 
Abstract Ɩ Full Text
The paper examines the relationship between the public subsidy to schooling and educational access in Malaysia. Not many studies have been done on related areas, thus the present study relies heavily on methods used by Psacharopoulos (1977a) and Ram (19 82). Using the Gini index and the educational inequality index in the form of the coefficient of variation of student enrolment at three levels of education, it has been possible to assess the influence of public subsidization of higher education on the inequality of educational opportunity access in Malaysia. The findings of this study suggests that subsidization at the second (secondary) and the third level (university) of public education in Malaysia does reduce inequality in educational access to higher education.
 

 
A New Parallel 3-Point Explicit Block Method for Solving Second Order Ordinary Differential Equations Directly
Zurni Omar & Mohamed Suleiman
 
Abstract Ɩ Full Text
A new parallel 3-point explicit block method for solving second order ordinary differential equations (ODES) directly is developed. The method computes the numerical solution of the equations at three points simultaneously. Each problem was tested on the shared memo y parallel computer Sequent S27 using both the sequential and parallel implementations of the new method and the conventional 1-point method. Numerical results are presented comparing the two methods in terms of the number of steps taken, accuracy and execution times. The results indicate that the parallel implementation of the new method is the best choice for solving second order ODES directly, particularly when the step size becomes finer.
 

 
Improving Generalization Of Neural Networks Using Length As Discriminant
Fadzilah Siraj & Derek Partridge
 
Abstract Ɩ Full Text
This paper discusses the empirical evaluation of improving generalization performance of neural networks by systematic treatment of training and test failures. As a result of systematic treatment of failures, a discrimination technique using LENGTH was developed. The experiments presented in this paper illustrate the application of discrimination technique using LENGTH to neural networks trained to solve supervised learning tasks such as the Launch Interceptor Condition 1 problem. The discriminant LENGTH is used to discriminate between the predicted "hard-to-learn" and predicted "easy-to-learn" patterns before these patterns are fed into the networks. The experimental results reveal that the utilization of LENGTH as discriminant has improved the average generalization of the networks increased.
 

 
Evaluation of Internal Control: Are the Judgements of External and Internal Auditors Similar?
Hasnah Hj. Haron, Wserrie Zainuddin & Ishak Ismail
 
Abstract Ɩ Full Text
Evaluation of the internal control system is a critical area in which the duties of internal and external auditors overlap. Internal auditors design and maintain internal controls which are evaluated, and often relied upon by external auditors. Both groups of professionals should be interested in any systematic differences, which may exist between their judgement practices. Specifically, this study examines whether internal auditors as a group, make similar judgements as external auditors. The study was conducted by means of a questionnaire which includes a brief description of the internal control environment of a hypothetical company. A pre-answered internal control questionnaire for a payroll internal control system was included. Each auditor receives six similar cases to test for judgement consensus and two repeat cases to test for judgement consistency. Both the repeat cases are unique for each auditor. h e of them follows the 1/4 replicate of 28 design and the other is a repeat of the case The case, which follows the experimental design, is used to determine the judgement model of each group of external and internal auditors. The final judgement model was able to explain 39.8% of the judgements of external auditors and 37.4% of judgements of the internal auditors. The overall conclusion was that judgements of both external and internal auditors were quite similar to each other in their ratings of the internal control strength of a given system.
 

 
Third World Multinationals : The Case of Malaysia
Bala Ramasamy
 
Abstract Ɩ Full Text
Although literature on Multinational Corporations is abundant, research on those MNCs Originating from the Third World is scant. In fact, there has been no systematic study of MNCs originating from Malaysia thus far. This paper attempts to fill that gap. The purpose of the paper is to, first, identify companies from Malaysia that could be referred to as MNCs, and secondly, to determine some salient characteristics that distinguish the MNCs from purely domestic ones. The study uses a qualitative approach for the first part and a quantitative one, i.e. using the logit model for the second part. The results revealed that 207 of the 436 companies listed in the main board of the Kuala Lumpur Stock Exchange met all the requirements necessary for an MNC. Multinational companies are spread across all continents around the globe. The results also indicated that the size of the firm, measured in terms of assets, increased the likelihood that a firm is a multinational. Other characteristics such as profitability and age of the firm are not statistically significant.
 

 
Do Our Doctors and Nurses Cope Well with their Stress?
Mahmood Nazar Mohamed & Sabitha Mawan
 
Abstract Ɩ Full Text
Stress exists in all spheres of life. One which is most researched is stress related to work. This study investigates the experience of stress among the health profession in the state of Kedah and how they cope with the stress. Data was collected from a total of 346 doctors, nurses and administrators by using Demographic Profile Questionnaire, Stress Inventory (Gmelch, 1982) and the COPE Scale (Carver, Scheier & Weintraub, 1989). The most common stressors are of organizational-type, that is, the health professionals feel stressed by their role con.ict, by limitations in the organizational structure and by the amount of workload. Overall, stress that originates from family and their own personal life ranked fourth. As for coping strategies, most of the health professionals turn to religion (such as praying and meditating) when they feel stressed followed by some cognitive-behavioral approach such as planning, strategizing and directly handling the problem at hand. Poor coping strategies such as the use of denial (defense mechanism) and drugs were not preferred and were least used as a form of coping strategy. This study concluded that health professionals in the state of Kedah faced some organizational-type stress and used health coping mechanism to overcome their stress.
 

 
Rambatan Balik: Satu Alternatif Terhadap Pengkelasan Keberuntungan Syarikat
Noriszura Hj. Ismail, Saiful Hafizah Hj. Jaaman, Sit1 Mariyam Hj.Shamsuddin & Noriza Majid
 
Abstrak Ɩ Full Text
Kertas kerja ini bertujuan meramal dan membezakan syarikat yang untung atau rugi menggunakan kaedah regresi linear berbilang. Kebiasaannya, analisis keberuntungandigunakan untuk mengetahui kecekapan prestasi keuntungan syarikat secara terpeinci.Perbandingan terhadap kaedah rambatan balik dan kaedah regresi linear berbilang untukmenganalisis keberuntungan syarikat juga dilakukan. Kedua-dua kaedah ini menggunakandata syarikat yang sama dan ianya diambil daripada syarikat yang tersenarai di BursaSaham Kuala Lumpur.
 

 
Corak Kemandirian dan Risiko Kewangan Bon Korporat di Malaysia
Noriszura Hj. Ismail & Tan Kay How
 
Abstrak Ɩ Full Text
Penerbitan bon merupakan alternative terbaik bagi mendapatkan pembiayaan selain daripada pinjaman bank dan penerbitan saham. Namun demikian, pelabur bon korporat akan sentiasa terdedah kepada risiko kewangan bon iaitu ketidakupayaan firma untuk membayar balik nilai tebusan dan kupon bon. Kertas kerja ini bertujuan untuk menganalisis corak kenandirian dan risiko kewangan bon korporat tersenarai di Malaysia. Model Altman adalah model yang bersesuaian untuk digunakan dalam kajian risiko kewangan ini kerana ia mengadaptasi kaedah aktuari dalam menilai kemortalan hayat manusia. Di samping itu, perbandingan terhadap risiko kewangan bon kotporat di Malaysia dengan bon korporat di Amerika Syarikat juga dilakukan.
 

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