Managerial ownership concentration and agency conflict using logistic regression approach : evidence from Bursa Malaysia

This paper adopted logistic regression model to examine the relationship between level of managerial ownership concentration and agency conflict which are proxied by level of risk, firms leverage and firms dividend policy. The study covers a period of 5 years from 1997 through 2001. The study is based on the 100 blue-chip stocks, majority of which are derived from CI components. The findings suggest a positive and significant association between level of level of risk at lower level and managerial ownership while a negative and significant association is also evidenced between risk at higher level and managerial ownership concentration. While debt policy which serves as positive monitoring substitute for agency conflict is found to be positive and significant explaining the level of ownership concentration. Furthermore, dividend policies, which also serve as monitoring, substitute to reduce agency conflict between manager and external shareholders do not appear to have any significant impact on managerial ownership. On the other hand, the level of institutional ownership, which serves as external monitoring force, is found to have inverse impact on level of managerial ownership concentration. This is marginally significant at 10 level (p=.12). The findings, in part explain the argument that the managerial ownership help reduce agency conflict between outside equity holders and managers.

A fast malware feature selection approach using a hybrid of multi-linear and stepwise binary logistic regression

Malware replicates itself and produces offspring with the same characteristics but different signatures by using code obfuscation techniques. Current generation anti-virus engines employ a signature-template type detection approach where malware can easily evade existing signatures in the database. This reduces the capability of current anti-virus engines in detecting malware. In this paper, we propose a stepwise binary logistic regression-based dimensionality reduction techniques for malware detection using application program interface (API) call statistics. Finding the most significant malware feature using traditional wrapper-based approaches takes an exponential complexity of the dimension (m) of the dataset with a brute-force search strategies and order of (m-1) complexity with a backward elimination filter heuristics. The novelty of the proposed approach is that it finds the worst case computational complexity which is less than order of (m-1). The proposed approach uses multi-linear regression and the p-value of each individual API feature for selection of the most uncorrelated and significant features in order to reduce the dimensionality of the large malware data and to ensure the absence of multi-collinearity. The stepwise logistic regression approach is then employed to test the significance of the individual malware feature based on their corresponding Wald statistic and to construct the binary decision the model. When the selected most significant APIs are used in a decision rule generation systems, this approach not only reduces the tree size but also improves classification performance. Exhaustive experiments on a large malware data set show that the proposed approach clearly exceeds the existing standard decision rule, support vector machine-based template approach with complete data and provides a better statistical fitness.

Dysglycaemia and other predictors for progression or regression from impaired fasting glucose to diabetes or normoglycaemia

Aims. Diabetes mellitus is a growing health problem worldwide. This study aimed to describe dysglycaemia and determine the impact of body composition and clinical and lifestyle factors on the risk of progression or regression from impaired fasting glucose (IFG) to diabetes or normoglycaemia in Australian women. Methods. This study included 1167 women, aged 20-94 years, enrolled in the Geelong Osteoporosis Study. Multivariable logistic regression was used to identify predictors for progression to diabetes or regression to normoglycaemia (from IFG), over 10 years of follow-up. Results. At baseline the proportion of women with IFG was 33.8% and 6.5% had diabetes. Those with fasting dysglycaemia had higher obesity-related factors, lower serum HDL cholesterol, and lower physical activity. Over a decade, the incidence of progression from IFG to diabetes was 18.1 per 1,000 person-years (95% CI, 10.7-28.2). Fasting plasma glucose and serum triglycerides were important factors in both progression to diabetes and regression to normoglycaemia. Conclusions. Our results show a transitional process; those with IFG had risk factors intermediate to normoglycaemics and those with diabetes. This investigation may help target interventions to those with IFG at high risk of progression to diabetes and thereby prevent cases of diabetes.