An empirical investigation of the effect of rights issue announcements on share returns and the determinants of abnormal returns on the Kuala Lumpur Stock Exchange

This thesis examines the effect of rights issue announcements on stock prices by companies listed on the Kuala Lumpur Stock Exchange (KLSE) between 1987 to 1996. The emphasis is to report whether the KLSE is semi strongly efficient with respect to the announcement of rights issues and to check whether the implications of corporate finance theories on the effect of an event can be supported in the context of an emerging market. Once the effect is established, potential determinants of abnormal returns identified by previous empirical work and corporate financial theory are analysed. By examining 70 companies making clean rights issue announcements, this thesis will hopefully shed light on some important issues in long term corporate financing. Event study analysis is used to check on the efficiency of the Malaysian stock market; while cross-sectional regression analysis is executed to identify possible explanators of the rights issue announcements' effect. To ensure the results presented are not contaminated, econometric and statistical issues raised in both analyses have been taken into account. Given the small amount of empirical research conducted in this part of the world, the results of this study will hopefully be of use to investors, security analysts, corporate financial managements, regulators and policy makers as well as those who are interested in capital market based research of an emerging market. It is found that the Malaysian stock market is not semi strongly efficient since there exists a persistent non-zero abnormal return. This finding is not consistent with the hypothesis that security returns adjust rapidly to reflect new information. It may be possible that the result is influenced by the sample, consisting mainly of below average size companies which tend to be thinly traded. Nevertheless, these issues have been addressed. Another important issue which has emerged from the study is that there is some evidence to suggest that insider trading activity existed in this market. In addition to these findings, when the rights issue announcements' effect is compared to the implications of corporate finance theories in predicting the sign of abnormal returns, the signalling model, asymmetric information model, perfect substitution hypothesis and Scholes' information hypothesis cannot be supported.

Pathways utilized by heavy metal pollutants in urban stormwater runoff

The research concerned the assessment of the pathways utilized by heavy metal pollutants in urban stormwater runoff. A separately sewered urban residential catchment of approximately 107 hectares in Chelmsley Wood, north-east Birmingham was the subject of the field investigation. The catchment area, almost entirely residential, had no immediate industrial heavy metal input, however, industry was situated to the north of the catchment. The perimeter of the catchment was bounded by the M6 motorway on the northern and eastern sides and was believed to contribute to aerial deposition. Metal inputs to the ground surface were assumed to be confined to normal suburban activities, namely, aerial deposition, vehicular activity and anthropological activities. A programme of field work was undertaken over a 12 month period, from July 1983 to July 1984. Monthly deposition rates were monitored using a network of deposit cannisters and roadside sediment and soil samples were taken. Stormwater samples were obtained for 19 separate events. All samples were analysed for iron, lead, zinc, copper, chromium, nickel and cadmium content. Rainfall was recorded on site with additional meteorological data obtained from local Meteorological Offices. Use was made of a simple conceptual model designed for the catchment to substantiate hypotheses derived from site investigations and literature, to investigate the pathways utilized for the transportation of heavy metals throughout the catchment.

Is there a global model of learning organizations? An empirical, cross-nation study

This paper develops and tests a learning organization model derived from HRM and dynamic capability literatures in order to ascertain the model's applicability across divergent global contexts. We define a learning organization as one capable of achieving on-going strategic renewal, arguing based on dynamic capability theory that the model has three necessary antecedents: HRM focus, developmental orientation and customer-facing remit. Drawing on a sample comprising nearly 6000 organizations across 15 countries, we show that learning organizations exhibit higher performance than their less learning-inclined counterparts. We also demonstrate that innovation fully mediates the relationship between our conceptualization of the learning organization and organizational performance in 11 of the 15 countries we examined. It is the first time in our knowledge that these questions have been tested in a major, cross-global study, and our work contributes to both HRM and dynamic capability literatures, especially where the focus is the applicability of best practice parameters across national boundaries.

Statistical models for rainfall:characterisation and forecasting

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Improving a stocastic rainfall fporecasting model

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