Financial crisis and central bank independence and governance (CBIG)

This study examines the impact of Asian financial crisis on central bank independence and governance in the Asia Pacific. It applies a unique CBIG index-model for 36 countries for the period 1991 to 2005. This paper examines changes in the CBIG in the Asia Pacific before and after the Asian financial crisis in 1997. It applies a panel data pooled regression model and finds that the Asian financial crisis dummy is significantly different in the post-crisis period compared to the pre-crisis period. As a result the improved CBIG in the post-crisis period has contributed to lower the inflation in the entire region.

Spatial model for predicting the presence of cinnamon fungus (Phytophthora cinnamomi) in sclerophyll vegetation communities in south-eastern Australia

The pathogen Phytophthora cinnamomi causes extensive 'dieback' of Australian native vegetation. This study investigated the distribution of infection in an area of significant sclerophyll vegetation in Australia. It aimed to determine the relationship of infection to site variables and to develop a predictive model of infection. Site variables recorded at 50 study sites included aspect, slope, altitude, proximity to road and road characteristics, soil profile characteristics and vegetation attributes. Soil and plant tissues were assayed for the presence of the pathogen. A geographical information systyem (GIS) was employed to provide accurate estimations of spatial variables and develop a predictive model for the distribution of P. cinnamomi. The pathogen was isolated from 76% of the study sites. Of the 17 site variables initially investigated during the study a logistic regression model identified only two, elevation and sun-index, as significant in determining the probability of infection. The presence of P. cinnamomi infection was negatively associated with elevation and positively associated with sun-index. The model predicted that up to 74% of the study area (11 875 ha) had a high probability of being affected by P. cinnamomi. However, the present areas of infection were small, providing an opportunity for management to minimize spread into highly susceptible uninvaded areas.

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.

Sequential fixed-width confidence bands for kernel regression estimation

We consider a random design model based on independent and identically distributed (iid) pairs of observations (Xi, Yi), where the regression function m(x) is given by m(x) = E(Yi|Xi = x) with one independent variable. In a nonparametric setting the aim is to produce a reasonable approximation to the unknown function m(x) when we have no precise information about the form of the true density, f(x) of X. We describe an estimation procedure of non-parametric regression model at a given point by some appropriately constructed fixed-width (2d) confidence interval with the confidence coefficient of at least 1−. Here, d(> 0) and 2 (0, 1) are two preassigned values. Fixed-width confidence intervals are developed using both Nadaraya-Watson and local linear kernel estimators of nonparametric regression with data-driven bandwidths.

The sample size was optimized using the purely and two-stage sequential procedure together with asymptotic properties of the Nadaraya-Watson and local linear estimators. A large scale simulation study was performed to compare their coverage accuracy. The numerical results indicate that the confidence bands based on the local linear estimator have the best performance than those constructed by using Nadaraya-Watson estimator. However both estimators are shown to have asymptotically correct coverage properties.

Sample size determination for kernel regression estimation using sequential fixed-width confidence bands

We consider a random design model based on independent and identically distributed pairs of observations (Xi, Yi), where the regression function m(x) is given by m(x) = E(Yi|Xi = x) with one independent variable. In a nonparametric setting the aim is to produce a reasonable approximation to the unknown function m(x) when we have no precise information about the form of the true density, f(x) of X. We describe an estimation procedure of non-parametric regression model at a given point by some appropriately constructed fixed-width (2d) confidence interval with the confidence coefficient of at least 1−. Here, d(> 0) and 2 (0, 1) are two preassigned values. Fixed-width confidence intervals are developed using both Nadaraya-Watson and local linear kernel estimators of nonparametric regression with data-driven bandwidths. The sample size was optimized using the purely and two-stage sequential procedures together with asymptotic properties of the Nadaraya-Watson and local linear estimators. A large scale simulation study was performed to compare their coverage accuracy. The numerical results indicate that the confi dence bands based on the local linear estimator have the better performance than those constructed by using Nadaraya-Watson estimator. However both estimators are shown to have asymptotically correct coverage properties.

Fusion of GRNN and FA for online noisy data regression

A new online neural-network-based regression model for noisy data is proposed in this paper. It is a hybrid system combining the Fuzzy ART (FA) and General Regression Neural Network (GRNN) models. Both the FA and GRNN models are fast incremental learning systems. The proposed hybrid model, denoted as GRNNFA-online, retains the online learning properties of both models. The kernel centers of the GRNN are obtained by compressing the training samples using the FA model. The width of each kernel is then estimated by the K-nearest-neighbors (kNN) method. A heuristic is proposed to tune the value of Kof the kNN dynamically based on the concept of gradient-descent. The performance of the GRNNFA-online model was evaluated using two benchmark datasets, i.e., OZONE and Friedman#1. The experimental results demonstrated the convergence of the prediction errors. Bootstrapping was employed to assess the performance statistically. The final prediction errors are analyzed and compared with those from other systems.Bootstrapping was employed to assess the performance statistically. The final prediction errors are analyzed and compared with those from other systems.

Panel bootstrap tests of slope homogeneity

This paper proposes two bootstrap-based tests that can be used to infer whether the individual slopes in a panel regression model are homogenous. The first test is suitable when wanting to infer the null of homogeneity versus the general alternative, while the second is suitable when wanting to infer the units of the panel that can be pooled. Both approaches are shown to be asymptotically valid, a property that is verified in small samples using Monte Carlo simulation.

The value of retail rents with regression models: a case study of Shanghai

Abstract
Purpose– The purpose of this paper is to estimate the determinants of the retail space rent in Shanghai.
Design/methodology/approach – Hedonic model and spatial regression models are used in the paper. The problem of spatial autocorrelation is tested by Moran’s I statistics, and the root mean square error (RMSE) test is performed to find out the best model.
Findings – The significant explaining variables are the age, the area of retail space, the distance to the Jing An CBD centre, the type of the retail and the district of the property. A new classification of district in retail research context is suggested in this paper, and it is proved to be better than the districts set up by government to explain the retail rent variation.
Originality/value – This paper presents the first empirical study about the retail rental market in Shanghai. The research helps retail property investors and retail tenants deepen their understanding of the retail market in Shanghai. Spatial econometrics techniques are first introduced into the empirical retail rent research to produce a more precise estimation.

The impact of computer-assisted learning on academic grades: an assessment of students' perceptions

This study examines student perceptions of the usefulness of Computer-Assisted Learning (CAL) packages in learning accounting concepts in terms of the influence on academic performance. Various additional factors  affecting academic performance [such as gender, prior studies of  accounting, and computer systems, together with entry background] are incorporated in the development of a multiple regression model, together with perceptions of CAL. The study uses a sample of 280 second-year undergraduate accounting students from an Australian university to test the model. In contrast to prior studies (e.g. Lane and Porch, 2002, Accounting Education: an international journal, 11(3), pp. 217-233), this study showed that positive perceptions of the usefulness of CAL significantly influenced performance. Additionally, it was found that international students, many of whom enter university at the second year level having obtained advanced standing credits, had significantly poorer performance than local students. The findings show that gender, prior studies of accounting and computing systems were not significant influences on academic performance. Overall, the results have implications for accounting educators utilising CAL in courses as a means of improving students' understanding of accounting concepts and academic performance.

Influences on undergraduate students` intentions to become qualified accountants : evidence from Australia

In this study, first year commerce students in Australia were surveyed about their perceptions of their accounting studies and their perceptions of the attributes required of professional accountants. The paper specifically addresses the factors important in determining whether first year students intend to become accountants. The study uses a logistic regression model incorporating demographic and academic factors, as well as students' perceptions of the work of accountants, to predict intention to become an accountant. The results show that the perception of importance of generic skills, intrinsic interest in the discipline area, and course satisfaction were significant in determining intention to pursue a career as an accountant. As many students formed their judgments about the work of accountants from their accounting studies, the findings have implications for accounting educators in terms of the enthusiasm and motivation required in teaching accounting, as well as curriculum development that reflects the skill set required for an increasingly sophisticated business environment.

Estimating the effects of energy imbalance on changes in body weight in children

BACKGROUND: Estimating changes in weight from changes in energy balance is important for predicting the effect of obesity prevention interventions. OBJECTIVE: The objective was to develop and validate an equation for predicting the mean weight of a population of children in response to a change in total energy intake (TEI) or total energy expenditure (TEE). DESIGN: In 963 children with a mean (+/-SD) age of 8.1 +/- 2.8 y (range: 4-18 y) and weight of 31.5 +/- 17.6 kg, TEE was measured by using doubly labeled water. Log weight (dependent variable) and log TEE (independent variable) were analyzed in a linear regression model with height, age, and sex as covariates. It was assumed that points of dynamic balance, called "settling points," occur for populations wherein energy is in balance (TEE = TEI), weight is stable (ignoring growth), and energy flux (EnFlux) equals TEE. RESULTS: TEE (or EnFlux) explained 74% of the variance in weight. The unstandardized regression coefficient was 0.45 (95% CI: 0.38, 0.51; R(2) = 0.86) after including covariates. Conversion into proportional changes (time(1) to time(2)) gave the equation (weight(2)/weight(1)) = (EnFlux(2)/EnFlux(1))(0.45). In 3 longitudinal studies (n = 212; mean follow-up of 3.4 y), the equation predicted the mean follow-up measured weight to within 0.5%. CONCLUSIONS: The relation of EnFlux with weight was positive, which implied that a high TEI (rather than low physical activity and low TEE) was the main determinant of high body weight. Two populations of children with a 10% difference in mean EnFlux would have a 4.5% difference in mean weight.

Moving a unit online: a quantitative evaluation of student repsonses

In 2005, a unit was converted to ‘wholly online’ delivery mode, where all teaching occurred online. Student evaluation survey data for 2005 suggested that students rated many aspects of the wholly online unit delivery significantly lower than previously. For 2006, ten percent of the unit marks were dedicated to an assessed assignment activity based around an online discussion area. Based on student evaluation items common to the preand post-2006 period, overall student satisfaction with the unit returned to the same levels as prior to the introduction of wholly online delivery. These findings suggest that careful thought, but not necessarily major changes, may be required to avoid student disillusionment and maximise student learning outcomes when moving an existing unit to wholly online delivery. During 2005 and 2006, the same unit was included in a large survey to gauge students’ perceptions of studying wholly online units. The sub-set of respondents relating to this unit was found to have a good demographic match to the total unit enrolment. The survey included the following question item, ‘39: How satisfied have you been with this unit being offered wholly online?’, as an overall measure of student satisfaction with studying the unit in wholly online mode. Multivariate linear regression analysis was conducted with survey item 39 as the dependent variable. While the resultant regression model should not be interpreted literally as a formula for student satisfaction, it does suggest some areas for action to improve student satisfaction with studying this unit in wholly online mode.

VNTR polymorphism of the insulin gene and childhood overweight in a general population

Objective: The VNTR polymorphism 5' of the insulin gene has been related to obesity in a previous study on children with early onset of severe obesity. Our purpose was to analyze the association between this polymorphism and adiposity variability in an unselected population of children and adolescents in northern France.

Research Methods and Procedures: In 293 nuclear families from the Fleurbaix Laventie Ville Santé study, we genotyped the INS VNTR polymorphism in 431 children and adolescents (8 to 18 years of age) and their parents. Overweight was defined according to the international definition in both children and adults. A transmission disequilibrium test in families with an overweight offspring was performed. The prevalence of overweight was compared according to genotype. The effect of the genotype on BMI and waist circumference was tested with a linear regression model, adjusting for age, gender, and Tanner stage.

Results: There was an undertransmission of class III alleles from heterozygous parents to their overweight offspring (p < 0.002). Overweight was associated with class I alleles in children and adolescents (12% I/I, I/III vs. 3% III/III; p < 0.08). Those with a class III/III genotype had a 1 kg/m2 lower mean BMI (p = 0.04) and 3 cm lower waist circumference (p = 0.02) than those bearing one or two class I alleles. No association of adiposity or obesity with class I alleles was found in parents.

Discussion: INS VNTR polymorphism seems to contribute to differences in adiposity level in the general population of children and adolescents.

Predicting the grade of disability 1 year after stroke following rehabilitation

The purpose of this study was to identify predictors of grades of disability at least 1 year after stroke rehabilitation therapy. We recruited stroke patients from the inpatient rehabilitation department of a university hospital. The degree of disability was graded using the disability evaluation at least 1 year after stroke onset. Functional ability was evaluated using the Functional Independence Measure instrument on admission, on discharge from the inpatient rehabilitation program, and at the 6-month follow-up visit after discharge. Major sociodemographic, medical, and rehabilitative factors were also collected during the hospitalization period. Of the 109 patients surveyed, 64 (58.7%) had severe or very severe grades of disability. The correlates of severe or very severe disability in logistic regression analyses were bilaterally affected (odds ratio, OR, 10.8), impaired orientation (OR, 3.6), and poorer functional ability at discharge (OR, 7.6). Based on the significant predictors identified, the logistic regression model correctly classified severe or very severe disability in 68.0% of subjects. The higher frequency of severe or very severe disability in this study may have been due to the relatively more severely affected stroke patient population in the inpatient rehabilitation service and the use of unique disability evaluation criteria. These results may provide information useful in planning continuous rehabilitation care and setting relevant socio-welfare policies for stroke victims.

Effects of high-intensity progressive resistance training on self-reported health status in older persons with type 2 diabetes

Purpose: To evaluate the influence of high-intensity progressive resistance training (PRT) on self-reported physical and mental health in older persons with type 2 diabetes.

Methods: We performed a 12-month RCT with 36 overweight men and women with type 2 diabetes (aged 60-80 years) who were randomly assigned to a moderate weight-loss diet plus PRT (PRT&WL) or a moderate weight-loss diet plus a control (stretching) program (WL). Gymnasium-based training for 6 months was followed by an additional 6 months of home-based training. The SF-36 (v1) questionnaire was used to obtain physical (PCS) and mental (MCS) health component summary scores at baseline, 6 and 12 months.

Results: Subject retention was 81% and 72% after 6 and 12 months respectively. Exercise adherence during gymnasium- and home-based training was 88% and 73% for the PRT&WL group, and 85% and 78.1% for the WL group respectively. In a regression model adjusted for age and sex, PCS improved in the PRT&WL group compared to the WL group after 6 months of gymnasium-based training (2.3 versus -2.0, p = 0.05), which persisted after 12 months training (0.7 versus -4.1, p = 0.03). There were no between-group differences at 6 or 12 months for the MCS.

Conclusion: High-intensity PRT was effective in improving self-reported physical health, but not mental health. PRT provides an effective exercise alternative in lifestyle management for older adults with type 2 diabetes.