The impact of ownership structure on corporate debt policy : two stage least square simultaneous model approach for post crisis period : evidence from Kuala Lumpur Stock Exchange

Ownership concentration as a governance mechanism has received considerable attention among academician, practitioners as well as policy makers because large-block shareholders are increasingly active in their demands that corporations adopt effective governance mechanisms to control managerial decisions, which include corporate debt policy. Earlier study on the agency model of the firm widely recognizes that the managerial ownership and external debt play an important role in mitigating agency conflicts and enhancing firm value. They also found that increase in the external monitors, for example the institutional investors, can actually play a useful role in limiting agency problems in the firm. This paper, using 100 Composite Index companies from Brusa Malaysia between 1998 to 2002 explores the impact of institutional holdings on managerial ownership and debt policy in an integrated framework by using a simultaneous equations estimation procedure (2SLS). The findings show that there is a significant impact of institutional ownership which serves effective control mechanism on managerial ownership and corporate debt policy as hypothesized. Findings of such evidence suggest that institutional holding thus have played an important role in managers' strategic management decision and reduce agency conflict. In addition, corporate debt policy too is governed by managerial ownership and exhibited a negative relation.

A new rodent model to assess blood stage immunity to the plasmodium falciparum antigen merozoite surface protein 119 reveals a protective role for invasion inhibitory antibodies

Antibodies capable of inhibiting the invasion of Plasmodium merozoites into erythrocytes are present in individuals that are clinically immune to the malaria parasite. Those targeting the 19-kD COOH-terminal domain of the major merozoite surface protein (MSP)-119 are a major component of this inhibitory activity. However, it has been difficult to assess the overall relevance of such antibodies to antiparasite immunity. Here we use an allelic replacement approach to generate a rodent malaria parasite (Plasmodium berghei) that expresses a human malaria (Plasmodium falciparum) form of MSP-119. We show that mice made semi-immune to this parasite line generate high levels of merozoite inhibitory antibodies that are specific for P. falciparum MSP-119. Importantly, protection from homologous blood stage challenge in these mice correlated with levels of P. falciparum MSP-119–specific inhibitory antibodies, but not with titres of total MSP-119–specific immunoglobulins. We conclude that merozoite inhibitory antibodies generated in response to infection can play a significant role in suppressing parasitemia in vivo. This study provides a strong impetus for the development of blood stage vaccines designed to generate invasion inhibitory antibodies and offers a new animal model to trial P. falciparum MSP-119 vaccines.

Bringing innovation to centre stage : the rhetoric of commercialisation and cross-sector collaboration

As a key element in Australia's national innovation system, public sector organizations, such as universities and public-funded research agencies, have increasingly become involved in R&D collaborations with firms. Government policy has encouraged this cross-sector collaboration, and in the most recent policy "act" has focused on the commercialisation of research findings (through which R&D outputs are translated into marketable commodities) and has encouraged public sector organizations to become more directly involved in this activity. But while the policy rhetoric has contributed to a discourse of marketization, through which cultural change in the research performing organizations is both promoted and legitimised, there are other voices in the unfolding policy drama which point to the complex and multifaceted nature of commercialisation in national economies. These countervailing voices emphasise the multiple roles that public sector organizations play in national innovation systems, and this introduces organizational role ambiguity into the discourse leading to confusion among the research performing actors. It is concluded that, given the complex and subtle nature of innovation processes, the traditional dichotomy between applied (or commercially-focused) research and "public good" research is no longer tenable nor helpful in the policy debates.

Chemical immobilization of adult female Weddell seals with tiletamine and zolazepam: effects of age, condition and stage of lactation

Background

Chemical immobilization of Weddell seals (Leptonychotes weddellii) has previously been, for the most part, problematic and this has been mainly attributed to the type of immobilizing agent used. In addition to individual sensitivity, physiological status may play an important role. We investigated the use of the intravenous administration of a 1:1 mixture of tiletamine and zolazepam (Telazol®) to immobilize adult females at different points during a physiologically demanding 5–6 week lactation period. We also compared performance between IV and IM injection of the same mixture.
Results

The tiletamine:zolazepam mixture administered intravenously was an effective method for immobilization with no fatalities or pronounced apnoeas in 106 procedures; however, there was a 25 % (one animal in four) mortality rate with intramuscular administration. Induction time was slightly longer for females at the end of lactation (54.9 ± 2.3 seconds) than at post-parturition (48.2 ± 2.9 seconds). In addition, the number of previous captures had a positive effect on induction time. There was no evidence for effects due to age, condition (total body lipid), stage of lactation or number of captures on recovery time.
Conclusion

We suggest that intravenous administration of tiletamine and zolazepam is an effective and safe immobilizing agent for female Weddell seals. Although individual traits could not explain variation in recovery time, we suggest careful monitoring of recovery times during longitudinal studies (> 2 captures). We show that physiological pressures do not substantially affect response to chemical immobilization with this mixture; however, consideration must be taken for differences that may exist for immobilization of adult males and juveniles. Nevertheless, we recommend a mass-specific dose of 0.50 – 0.65 mg/kg for future procedures with adult female Weddell seals and a starting dose of 0.50 mg/kg for other age classes and other phocid seals.

The relationship between performing media and lives on stage

The purpose of this paper is to consider when technology and media’s use in theatre can be described as a co-player with actors on stage. This will be investigated specifically within the realm of ‘dramatic theatre’, which has historically been the domain of live human actors that play characters in a closed fictional world driven by a dramatic text.

Teaching in play-based contexts

For some lay observers, play is mistakenly viewed as a leisure and uncomplicated activity done by young children. Lay observers may also see early childhood play-based settings as lacking academic opportunities for young children and may regrettably view the role of teachers in early childhood play-based contexts as simply custodial managers of chaos. However, a play-based context sets a stage for meaningful exchanges of thought that can beneficially challenge children's understandings and be particularly suitable for transforming children's everyday understandings to scientific knowledge.

While there have been shifts in theoretical approaches and differing texts on how one may view young children engaging in the human venture of science, early childhood play-based environments are settings for scientific inquiry, which can engender even the youngest of children to be critical thinkers, problem solvers, and reflectors of reason.

Prevalence and stability of active play, restricted movement and television viewing in infants

This study describes engagement in and stability of physical activity and sedentary behaviours in early life, and assesses associations with sex, maternal education and developmental stage. Maternal-report data at child age 4, 9 and 20 months were collected from 542 families in the Melbourne Infant Feeding Activity and Nutrition Trial Program. Parents estimated average time per day their child spent in active pursuits or pursuits that restricted movement. With increasing age, children generally spent more time in active pursuits and watching television, and less time in situations that restrict movement. Associations were found with age of developmental milestone attainment but not sex or maternal education. Stability over time was strongest for television viewing (β = 0.34–0.38) and time spent outdoors (β = 0.27–0.33). Contrary to guidelines, television viewing increased and showed stability, suggesting a need to target this behaviour very early in life to achieve optimal longer term outcomes.

Investigation of progress of reactions and evolution of radial heterogeneity in the initial stage of thermal stabilization of PAN precursor fibres

The relationship between process parameters and structural transformations in the fibres at each stage of the carbon fibre manufacturing process play a crucial role in developing high performance carbon fibres. Here we report a systematic method which uses the combination of Taguchi approach and scientific evaluation techniques to establish these relationships for the initial stage of thermal stabilization. Density, cyclization index and fraction of reacted nitriles of a precursor containing acrylonitrile, methacrylate and itaconic acid (AN/MA/IA) were used to assess the progress of stabilization in the fibres with respect to various combinations of process parameters. The extent of progress of stabilization improved with increase in temperature (from 225 to 235 °C) and time (from 12 to 24 min) whereas an opposite trend was observed with increase in the tension on the fibres from (1600-2550 cN). According to optical microscopy, radial heterogeneity was observed in the fibres treated at 235 °C. Interestingly, we were able to identify the existence of heterogeneous modulus distribution from skin to core of the precursor fibres which was further transferred to treated fibres. The overall radial modulus of treated fibres was higher than the precursor fibres. In contrast to the literature, the fracture morphology of the fibre samples indicated that initiation of crack is caused by surface defects rather than radial heterogeneity.