Revisiting capital structure theory : a test of pecking order and static order trade-of model from Malaysian capital market

This study revisits the capital structure theory and test Pecking Order Hypothesis (POH) and Static Order Trade-off theory (STOT) using Malaysian Listed firms over a period from 1999 to 2002. The evidence from pecking order model suggests that the internal fund deficiency is the most important determinant that possibly explains the issuance of new debt in Malaysian capital market despite the lower predicting power.  While static trade off-model is not fit to explain the issuance of new debt issue in Malaysian capital market. This is an interesting findings that confirm the fact that Malaysian firms do not too much care about tax-shield benefit derive from employ both debt and non-debt tax-shield. The finn's size, which is used to neutralize the size effect, appears to provide some explanation for the variation in its capital structure policy choice; however asset structure and growth no evidence of static-order-trade-off is observed in Malaysian capital market.

UV-shielding ceramic nanoparticles synthesised by mechanochemcial processing

ZnO, TiO₂ and CeO₂ are known as UV-shielding ceramic materials that have advantages over organic UV absorbers for their photo-stability and non-hazardous nature to human bodies. However, they normally cause low transparency in the visible-light range due to light scattering by large particles, which is undesirable for many transparent UV-blocking applications in cosmetic and plastic industries. Light-scattering efficiency of particles can be drastically reduced by decreasing the particle sizes down below 100 nm. This paper reviews recent investigation on the synthesis of ZnO and CeO₂ nanoparticles by mechanochemical processing. The resulting particles had a significantly low degree of agglomeration, having mean particle sizes of ~ 25 nm and ~ 10 nm, respectively. The aqueous suspensions of the nanoparticles showed strong absorption in the UV-light range and high transmittance in the visible-light range. Mechanochemical processing offers the possibility of industrial-scale production of transparent UV-shielding ceramic particles for many applications.

People's war under modern conditions : an investigation into Chinese defence strategy, 1977-2049

This thesis is an investigation of the relevance of ‘people's war’ to contemporary Chinese defence policy. This loose concept has been eroded by 'modernity’, but a guerilla-based defence remains the essential theme. Prior to China's acquisition of nuclear weapons, people's war was the sole element of the state's deterrent policy, aiming to swamp an invader with China's numerical strength. In the 1980s and beyond people's war finds effectiveness through a combination of materiel of middle range technology and the traditional usage of massive manpower. People's war under modern conditions remains essentially defensive, but now incorporates 'active defence’ with accent on greater mobility. However, the central thesis of this work relates to how the traditional strategy may influence nuclear doctrine. This thesis proposes that China could abandon long-range ballistic missiles and adopt a new concept in nuclear strategy: that of, Guerilla Nuclear Warfare. Trained in guerilla tactics and equipped with battlefield nuclear weapons, this would represent the logical extension of China's people's war strategy to the new nuclear conditions associated with superpower research into space-based ballistic missile defences and which, in full deployment, could nullify a Chinese nuclear deterrent based only on 'mid-tech' delivery systems. Guerilla Nuclear Warfare, as a strategy, would involve the irregular use of locally held and controlled tactical nuclear weapons, but it would also be a method of circumventing the proposed Soviet missile defence shield by not challenging it. Guerilla Nuclear Warfare does not exist in the late 1980s, but evidence exists to suggest its development. It cannot yet be proven as the new direction but China's strategic circumstances add weight to available indications: unless the Strategic Defence programs of the established superpowers are arrested then it appears the sole option available to the Chinese for the maintenance of a nuclear deterrent in the early part of the 21st Century.

Exposure to fumes and gases during welding operations

The exposure to fumes and gases is one of the hazards associated with welding operations. Apart from research conducted on the mechanism of fume and gas formation and the relationship between fume formation rates and common welding parameters, little is known about the exposure process during welding. This research project aimed to identify the factors that influence exposure, develop an understanding of their role in the exposure process and through this understanding formulate strategies for the effective control of exposure during welding. To address these aims a literature review and an experimental program was conducted The literature review surveyed epidemiological, toxicological and exposure data. The experimental program involved three approaches, the first, an evaluation of the factors that influence exposure by assessing a metal inert gas/mild steel welding process in a workshop setting. The second approach involved the study of exposure in a controlled environment provided by a wind tunnel and simulated welding process. The final approach was to investigate workplace conditions through an assessment of exposure and control strategies in industry. The exposure to fumes and gases during welding is highly variable and frequently in excess of the health based exposure standards. Exposure is influenced by a number of a factors including the welding process, base material, arc time, electrode, arc current, arc voltage, arc length, electrode polarity, shield gas, wire-to-metal-work distance (metal inert gas), metal transfer mode, intensity of the UV radiation (ozone), the frequency of arc ignitions (ozone), thermal buoyancy generated by the arc process, ventilation (natural and mechanical), the welding environment, the position of the welder, the welders stance, helmet type, and helmet position. Exposure occurs as a result of three processes: the formation of contaminants at or around the arc region; their transport from the arc region, as influenced by the entry and thermal expansion of shield gases, the vigorous production of contaminants, thermal air currents produced by the heat of the arc process, and ventilation; and finally the entry of contaminants into the breathing zone of the welder, as influenced by the position of the welder, the welders stance, helmet type, and the helmet position. The control of exposure during welding can be achieved by several means: through the selection of welding parameters that generate low contaminant formation rates; through the limitation of arc time; and by isolating the breathing zone of the welder from the contaminant plume through the use of ventilation, welder position or the welding helmet as a physical barrier. Effective control is achieved by careful examination of the workplace, the selection of the most appropriate control option, and motivation of the workforce.

Geared equity investments : a case study of tax arbitrage down under

Geared Equity Investment (GEI) contracts are an over-the-counter financial derivative product offered by Macquarie Bank, Ltd. to individual investors in Australia and New Zealand as a managed-risk investment in local shares carrying significant tax shield benefits. Upon issuance, a geared equity contract has three stakeholders: (1) the investor; (2) the issuer; and (3) the national tax authority. We assess the value of these contracts to each stakeholder and their support for tax arbitrage. We find that the national tax authority provides a significant subsidy to GEI contracts via tax shield benefits. These benefits support investor tax arbitrage in certain cases and issuer tax arbitrage in all cases examined.

In vitro spheroids and metastatic epithelial ovarian cancer

This thesis investigated the role of cellular aggregation in the spread of epithelial ovarian cancer. Cell aggregation was studied in vitro in order to identify markers of disease progression and cell-cell adhesion. Proteomics was then used to identify additional proteins associated with cell aggregation and survival.

Multicellular spheroids in ovarian cancer metastases: Biology and pathology

Epithelial ovarian cancer (EOC) has a relatively high mortality rate (~55%). One of the presiding causes is that the current chemotherapeutic regimes are unable to achieve sustained remission, despite frequently producing a positive response at first treatment. One of the reasons that EOC is difficult to treat is that the mechanism of dissemination is unusual. EOC dissemination characteristically involves local invasion of pelvic and abdominal organs. Unlike many epithelial cancers, initial dissemination rarely requires the vasculature, although the vasculature is often implicated in the advanced stages of disease. Recently, it has become apparent that aggregates of malignant cells (spheroids) contained within malignant ascites represent a significant impediment to efficacious treatment of late stage EOC. In vivo, spheroids are present in the malignant ascites of EOC patients, while in vitro cultured spheroids are capable of tumorgenesis in vivo and display a reduced response to chemotherapeutic drugs when compared to monolayers. A major problem associated with the current generation of chemotherapy agents is that they do not address the anchorage and vascular-independent growth conditions associated with a 3-dimensional structure that has formed and/or grown in suspension. Thus, spheroid formation may represent a key component of platinum/taxanesensitive recurrence. If this is correct, a better understanding of spheroid biology may contribute to the identification of new treatment opportunities for the sustained treatment of metastatic EOC. This review article outlines the key biological features of spheroids, specifically discussing their role in EOC dissemination and chemo-response as well as providing insights into spheroid functionality.

Neighbourhood renewal in Victoria, Australia : an effective way to address social inclusion

People who live in disadvantaged communities are at increased risk of social exclusion through diminished access and quality of services, lack of opportunity and feeling powerless over decisions relating to their neighbourhoods. Neighbourhood Renewal (NR) is a Victorian State Government initiative that seeks to address this. This paper presents the findings from two individual project sites, side-by-side. Data were collected in 2004/5 and 2009 using face-to face interviewing with convenience samples of 900 NR residents across the two NR sites at each time period. A comparison group for each NR site consisted of a sample of 150 people living in the same suburb or town but outside the NR site, data were collected by telephone. Data were analysed separately for each NR project site. Findings indicate that neighbourhood renewal strategies can be effective in improving trust in government, perceptions of community participation, influence and control over community decisions and improved services. Community level strategies are valuable in addressing area-level determinants to improve social inclusion. The successes of the NR scheme support the implementation and continuation of area-specific interventions to address disadvantage and social exclusion across Victoria, Australia.

Australia's defence policy : a market-state approach?

In 2002, Professor Philip Bobbitt published 'The Shield of Achilles', in which he postulates that the nation-state is evolving into a fundamentally new form - the market state. It is my contention that Australia is evolving into something approximating Bobbitt's market-state and therefore its defence policy shuld be informed by market-state strategy.

Allosteric Modulation of the HIV-1 gp120-gp41 Association Site by Adjacent gp120 Variable Region 1 (V1) N-Glycans Linked to Neutralization Sensitivity

The HIV-1 gp120-gp41 complex, which mediates viral fusion and cellular entry, undergoes rapid evolution within its external glycan shield to enable escape from neutralizing antibody (NAb). Understanding how conserved protein determinants retain functionality in the context of such evolution is important for their evaluation and exploitation as potential drug and/ or vaccine targets. In this study, we examined how the conserved gp120-gp41 association site, formed by the N- and Cterminal segments of gp120 and the disulfide-bonded region (DSR) of gp41, adapts to glycan changes that are linked to neutralization sensitivity. To this end, a DSR mutant virus (K601D) with defective gp120-association was sequentially passaged in peripheral blood mononuclear cells to select suppressor mutations. We reasoned that the locations of suppressors point to structural elements that are functionally linked to the gp120-gp41 association site. In culture 1, gp120 association and viral replication was restored by loss of the conserved glycan at Asn136 in V1 (T138N mutation) in
conjunction with the L494I substitution in C5 within the association site. In culture 2, replication was restored with deletion of the N139INN sequence, which ablates the overlapping Asn141-Asn142-Ser-Ser potential N-linked glycosylation sequons in
V1, in conjunction with D601N in the DSR. The 136 and 142 glycan mutations appeared to exert their suppressive effects by altering the dependence of gp120-gp41 interactions on the DSR residues, Leu593, Trp596 and Lys601. The 136 and/or 142
glycan mutations increased the sensitivity of HIV-1 pseudovirions to the glycan-dependent NAbs 2G12 and PG16, and also pooled IgG obtained from HIV-1-infected individuals. Thus adjacent V1 glycans allosterically modulate the distal gp120-
gp41 association site. We propose that this represents a mechanism for functional adaptation of the gp120-gp41 association site to an evolving glycan shield in a setting of NAb selection.

An explanation of capital structure of China's listed property firms

Purpose– The purpose of this paper is to investigate the determinants of the capital structure of listed property firms in China.Design/methodology/approach– The study is based on quantitative methods such as dynamic panel data models and a panel data set containing financial and accounting data for all listed property companies from 2006 to 2010 in China.Findings– The findings confirm that the state-own shares, the fixed asset values, the total size of assets and profitability have a positive and significant impact on the leverage ratio of listed property firms in China. The negative impact of the tax shields and the currency ratio, and significant impact of state-own shares on capital structure cannot be explained by existing capital structure theory but the unique property market regulation environment and market conditions in China.Research limitations/implications– The findings confirm the applicability of trade-off theory (except for the correlation between leverage and the tax shield) on property companies in China. They also highlight the importance of government policies and special market conditions in explaining the financing behaviour of property companies in transaction countries like China.Practical implications– Complimentary policies should be established along with property market restriction policies to offset their unequal negative effect on property companies with less state-owned shares. Furthermore, government should invest efforts to eliminate the discrimination credit treatment of banks against property companies with non-existent or few state-owned shares.Originality/value– The special financial behaviour of China's property firms and the unique financial and property market conditions highlight the necessity of researching the capital structure of listed property firms in China. However, most of the existing literature focuses on the company financial behaviour in developed countries, and very few studies have been done concerning property firms’ financing behaviour in emerging economies such as China, and this research prospects to fill this blank.

Determinants of mastitis in women in the CASTLE study: a cohort study

BACKGROUND: Mastitis is an acute, debilitating condition that occurs in approximately 20 % of breastfeeding women who experience a red, painful breast with fever. This paper describes the factors correlated with mastitis and investigates the presence of Staphylococcus aureus in women who participated in the CASTLE (Candida and Staphylococcus Transmission: Longitudinal Evaluation) study. The CASTLE study was a prospective cohort study which recruited nulliparous women in late pregnancy in two maternity hospitals in Melbourne, Australia in 2009-2011.

METHODS: Women completed questionnaires at recruitment and six time-points in the first eight weeks postpartum. Postpartum questionnaires asked about incidences of mastitis, nipple damage, milk supply, expressing practices and breastfeeding problems. Nasal and nipple swabs were collected from mothers and babies, as well as breast milk samples. All samples were cultured for S. aureus. "Time at risk" of mastitis was defined as days between birth and first occurrence of mastitis (for women who developed mastitis) and days between birth and the last study time-point (for women who did not develop mastitis). Risk factors for incidence of mastitis occurring during the time at risk (Incident Rate Ratios [IRR]) were investigated using a discrete version of the multivariable proportional hazards regression model.

RESULTS: Twenty percent (70/346) of participants developed mastitis. Women had an increased risk of developing mastitis if they reported nipple damage (IRR 2.17, 95 % CI 1.21, 3.91), over-supply of breast milk (IRR 2.60, 95 % CI 1.58, 4.29), nipple shield use (IRR 2.93, 95 % CI 1.72, 5.01) or expressing several times a day (IRR 1.64, 95 % CI 1.01, 2.68). The presence of S. aureus on the nipple (IRR 1.72, 95 % CI 1.04, 2.85) or in milk (IRR 1.78, 95 % CI 1.08, 2.92) also increased the risk of developing mastitis.

CONCLUSIONS: Nipple damage, over-supply of breast milk, use of nipple shields and the presence of S. aureus on the nipple or in breast milk increased the mastitis risk in our prospective cohort study sample. Reducing nipple damage may help reduce maternal breast infections.

Integração de dados geofísicos e geológicos na avaliação ambiental e epidemiológica de radiações naturais (radônio) no escudo Sul-Riograndense (RS-Brasil)

Os efeitos provocados por radiações são conhecidos na literatura por meio dos estudos em usinas nucleares e em testes bélicos. Entretanto, os efeitos da radiação natural vêm despertando a atenção das autoridades da saúde, dentre as quais se destaca a Environmental Protection Agency (EPA) nos Estados Unidos e a National Radiological Protection Board (NRPB) no Reino Unido. Os efeitos epidemiológicos ocasionados por radiação de origem natural, mais especificamente a radiação emanada pelo gás radônio que fica acumulado em residências enclausuradas por muito tempo, tem sido alvo de intensas investigações. Nessa dissertação, foi realizada uma avaliação ambiental preliminar da radiação natural devida ao radônio como elemento epidemiológico no Escudo Sul-riograndense. Os dados utilizados para determinar o risco epidemiológico foram: neoplasias, radiação, geologia e população. O banco de dados dos casos de óbitos por neoplasias do estado foi obtido da Secretaria da Saúde, por meio do Núcleo de Informação em Saúde. A radiação natural devida ao radônio foi determinada a partir dos dados gamaespectrométricos obtidos de levantamento aerogeofísico da CPRM no Escudo Sul-riograndense, nos projetos Camaquã e Extremo Sudeste do Brasil realizados nos anos de 1973 e 1978, respectivamente. Os dados geológicos foram obtidos do Mapa Geológico do Estado de 1989. Os dados de população foram obtidos junto ao Instituto Brasileiro de Geografia e Estatística (IBGE). A integração de dados foi realizada usando a metodologia de matriz de sobreposição entre os dados de casos de óbitos por neoplasia e de gamaespectrometria. Os dados de população foram empregados para normalizar os dados de neoplasias, e o dado de geologia para correlacionar com a gamaespectrometria. Os resultados da integração são mapas classificados pelo grau de risco epidemiológico, nos quais é apresentada a relação entre os casos de neoplasias pela intensidade de radiação devida ao radônio. Nesse sentido, uma boa relação foi assinalada e são recomendados estudos adicionais sobre esse mesmo banco de dados.