• Asian-Australasian Journal of Animal Sciences
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• v.12 no.5
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• pp.747-751
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• 1999

The Hohenheim in vitro gas test was used to assess the nutritional value of some crop residues of known in vivo digestibility. The crop residues are groundnut shells (GNS) corn cobs (CC); cassava peels (CaP); unripe and ripe plantain peels (UPP, RPP) and citrus pulp/peels (CPP). Compared to other crop residues, crude protein (CP) content of CC was low. Except for CaP and CPP that had low neutral detergent fibre (NDF) and acid detergent fibre (ADF), other residues contained a high amount of cell wall constituents. Net gas production was significantly different among the crop residues (p<0.05). Gas production was highest in CPP followed by CaP. CC, UPP and RPP have the same volume of net gas production, while the least net gas production was in GNS. True dry matter (TDM) digestibility was significantly different (p<0.05) among the residues. GNS was the least in TDM digestibility. CaP, UPP and RPP had similar TDM digestibility values, while the highest TDM digestibility was obtained in CPP. OM digestibility was different among the residues (p<0.05). CaP and CPP had the same ME value while CC, UPP and RPP had close ME values and GNS the least in ME (p<0.05). The potential extent (b) and rate (c) of gas production were statistical different among the residues (p<0.05). The Hohenheim gas test gave high in vitro organic matter (OM) digestibility for CC, CaP, UPP and RPP and CPP. Fermentable carbohydrates and probably available nitrogen in the crop residues influenced net gas production. The results showed that crop residues besides, providing bulk are also a source of energy and fermentable products which could be used in ruminant livestock production in the tropics.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.125-148
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• 2004

This paper deals with the relationship between money supply and the stock market. However, unlike past works, it has employed a rational expectation hypothesis and an efficient market hypothesis drawn from new classical macroeconomics and new Keynesian macro-economics, respectively. Accordingly, hypothesis 1 states that if economic subjects have rational expectation, they will immediately respond to a change in money supply. On the other hand, hypothesis 2 supposes that the expectation of economic subjects has changed after the currency crisis. This paper has first identified unit root by using the augmented Dickey-Fuller test and the Phillips-Perron test, then testing both hypotheses by employing the Johansen Procedure and vector error correction model for the periods before and after a currency crisis.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.10
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• pp.513-521
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• 2020

In this paper, we have developed a Fama - French five factor model (FF5 model) from Fama & French (2015) by using concept of time-varying coefficient. For a data set, we have used monthly data form Kenneth R. French home page, it include Japan portfolios (classified by using size and book-to-market) and 5 factors from July 1990 to April 2020. The first analysis, we used Augmented Dickey-Fuller test (ADF test) for the stationary test, from the result, all Japan portfolios and 5 factors are stationary. Next analysis, we estimated a coefficient of Fama - French five factor model by using a generalized additive model with a thin-plate spline to create the time-varying coefficient Fama - French five factor model (TV-FF5 model). The benefit of this study is TV-FF5 model which can capture a different effect at different times of 5 factors but the traditional FF5 model can't do it. From the result, we can show a time-varying coefficient in all factors and in all portfolios, for time-varying coefficients of Rm-Rf, SMB, and HML are significant for all Japan portfolios, time-varying coefficients of RMW are positively significant for SM, and SH portfolio and time-varying coefficients of CMA are significant for SM, SH, and BM portfolio.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.3
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• pp.101-113
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• 2020

The study aims to investigate the existence of overconfidence bias in Vietnam, Thailand, and Singapore. This paper focuses on the Vietnam Stock Market and other two countries of ASEAN, namely Singapore and Thailand. Data was collected over the period from January 1, 2014 to December 31, 2018, daily returns for each of the securities. This paper uses the time series method, namely ADF test, Granger Causality and VAR approach to find evidences of the overconfidence effect in Vietnam in relation to some ASEAN markets. The results show similarities between the observed countries with slight variations, with focus on Vietnam market. In general concrete evidences of overconfidence were found in both Vietnamese and Singaporean markets, in which Singaporean investors show higher degree of overconfidence than Vietnamese investors. Overconfidence is not as clear in Thai market, however a direct causal link from increased returns to increased investor confidence was found. From the model deployed in the paper, there are reasons to conclude that Thai investors are under-confident. The findings of the study shed lights into the existence of overconfidence bias in Vietnam, Thailand, and Singapore on a comparative basis, provide more insights and implications for future research in this new and rising field of research.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.1-9
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• 2021

This paper investigates the impact of the domestic and global outbreak of the coronavirus (COVID-19) pandemic on the trading size of the Malaysian stock (MS) market. The theoretical model posits that stock markets are affected by their response to disasters and events that arise in the international or local environments, as well as to several financial factors such as stock volatility and spread bid-ask prices. Using daily time-series data from 27 January to 12 May 2020, this paper utilizes the traditional Augmented Dickey and Fuller (ADF) technique and Zivot and Andrews with structural break' procedures for a stationarity test analysis, while the autoregressive distributed lag (ARDL) method is applied according to the trading size of the MS market model. The analysis considered almost all 789 listed companies investing in the main stock market of Malaysia. The results confirmed our hypotheses that both the daily growth in the active domestic and global cases of coronavirus (COVID-19) has significant negative effects on the daily trading size of the stock market in Malaysia. Although the COVID-19 has a negative effect on the Malaysian stock market, the findings of this study suggest that the COVID-19 pandemic may have an asymmetric effect on the market.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.9
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• pp.1-9
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• 2021

This study aimed to investigate the existence of the Feldstein-Horioka (1980) puzzle in international macroeconomics by applying the conditional Autoregressive Distributed Lag (ARDL) model to examine the long-run relationship between national savings and investments in Thailand and China. The input of this study relied on annual national savings and investments as a fraction of GDP during 1980-2019 which was collected from China National Bureau of Statistics (NBS) and Thailand National Economic and Social Development Council (NESDC). Hypothetically, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests were applied to test the stationary properties and to investigate the integration level of selected time series. The empirical results, confirmed by cumulative sum (CUSUM) and cumulative sum square (CUSUMSQ), maintained no serial correlation and structural break problems. The finding of this study suggested that the Feldstein-Horioka puzzle in Thailand did not exist significantly. Thailand's national savings and investments nexus was independent, following the classic economic idea that financial liberalization, or perfect capital mobility, allowed national savings and investments to flow freely to countries with better interest rates. Whereas, a strong significant correlation was found in the case of China during the fixed exchange rate regime switching in 1994 and post WTO participation after 2001-2019.

• Nuclear Engineering and Technology
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• v.54 no.5
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• pp.1664-1673
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• 2022

Achieving sustainable development requires an increasing share of green technologies. World energy demand is expected to rise significantly especially in developing economies. The increasing energy demands will be entertained with conventional energy sources at the cost of higher emissions unless eco-friendly technologies are used. This study examines the asymmetric effects of nuclear energy on carbon emissions for Pakistan from 1974 to 2019. Augmented Dickey-Fuller (ADF) and Phillips Perron (PP) unit root tests suggest that variables are integrated of order one and bound test of Autoregressive Distributed Lag (ARDL) and nonlinear ARDL confirm a long-run relationship among selected variables. The ARDL, Fully Modified Ordinary Least Squares (FMOLS), and Dynamic Ordinary Least Squares (DOLS) results show that the coefficient of nuclear energy has a negative and significant impact on emissions in both short and long run. Further, the NARDL finding shows that there exists an asymmetric long-run association between nuclear energy and CO₂ emissions. The vector error correction method (VECM) results indicate that there exists a bidirectional causal relationship between nuclear energy and carbon emissions in both the short and long run. Additionally, the impact of nuclear energy on ecological footprint has been examined and our findings remain robust.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.11-18
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• 2022

Current research intended to measure the spillovers of education and on-the-job training to enhance sustainable economic development. Consideration of research and development expenditures for on-the-job training expands the impact of education and, thus, may provide spillovers for Pakistan's economic growth. The primary focus of this research is to look at the combined impact of education and research and development spending as value-added variables for sustainable growth. The econometric study uses data from a variety of sources, including the Pakistan Bureau of Statistics, the Pakistan Economic Survey, and world development indices. The secondary annual time series data from 1976 to 2019 are analyzed. To adequately estimate the empirical model, ARDL has been used while the presence of the unit root has been tested using the ADF test. The findings show that education, research, and development all contribute to all-inclusive, sustainable economic growth. Labor and capital, among other traditional components, continue to be the backbone of the development process. Still, the spillover effect is much enhanced with the expansion in education and the on-job training in the form of research and development expenditures. Consequently, the introduction of research and development in education will lead to a sustainable and inclusive economy.

• Journal of Korean Society of Transportation
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• v.34 no.1
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• pp.1-14
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• 2016

In the recent years, the internet has become accessible without limitation of time and location to anyone with smartphones. It resulted in more convenient travel information access both on the pre-trip and en-route phase. The main objective of this study is to conduct a stationary test for traffic information web/mobile application access indexes from TCS (Toll Collection System); and analyzing the relationship between the web/mobile application access indexes and actual traffic volume on expressways, in order to analyze searching behavior of expressway related travel information. The key findings of this study are as follows: first, the results of ADF-test and PP-test confirm that the web/mobile application access indexes by time periods satisfy stationary conditions even without log or differential transformation. Second, the Pearson correlation test showed that there is a strong and positive correlation between the web/mobile application access indexes and expressway entry and exit traffic volume. In contrast, truck entry traffic volume from TCS has no significant correlation with the web/mobile application access indexes. Third, the time gap relationship between time-series variables (i.e., concurrent, leading and lagging) was analyzed by cross-correlation tests. The results indicated that the mobile application access leads web access, and the number of mobile application execution is concurrent with all web access indexes. Lastly, there was no web/mobile application access indexes leading expressway entry traffic volumes on expressways, and the highest correlation was observed between webpage view/visitor/new visitor/repeat visitor/application execution counts and expressway entry volume with a lag of one hour. It is expected that specific individual travel behavior can be predicted such as route conversion time and ratio if the data are subdivided by time periods and areas and utilizing traffic information users' location.

• Asian-Australasian Journal of Animal Sciences
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• v.22 no.7
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• pp.1016-1025
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• 2009

Two experiments were conducted to determine energy and nutrient digestibility in four sources of distillers dried grains with solubles (DDGS) produced from corn and fed to growing pigs. The objective was to test the hypothesis that energy and nutrient digestibility in DDGS does not vary if samples are procured from ethanol plants that use similar production technologies and use corn that is grown within a narrow geographical area. The four sources of DDGS that were used were procured from ethanol plants that were less than 10 yr old and located within 250 km of each other. In Exp. 1, five growing barrows (initial BW = 71.4 kg) that were fitted with a T-canula in the distal ileum were allotted to a 5${\times}$5 Latin square design and used to measure apparent (AID) and standardized (SID) ileal digestibility of AA in the four sources of DDGS. Results of this experiment showed that the SID of CP and all AA except Cys and Pro were greater (p<0.05) in two of the DDGS sources than in the other two sources. Exp. 2 was conducted to measure the concentration of DE and ME and the apparent total tract digestibility (ATTD) of energy, N, P, ether extract, NDF, and ADF in corn and in the same four sources of DDGS as used in Exp. 1. Five pigs (initial BW = 29.7 kg) that were placed in metabolism cages and allotted to a 5${\times}$5 Latin square design were used. Results of Exp. 2 showed that the average DE and ME in DDGS were 4,072 and 3,750 kcal/kg DM, respectively, which was less (p<0.01) than the DE and ME in corn (4,181 and 4,103 kcal/kg DM, respectively). The average ATTD for P in DDGS was 56.1%, which was greater (p<0.01) than the ATTD for P in corn (31.9%). The ATTD for ADF in DDGS was also greater (p<0.05) than in corn, but the ATTD for ether extract and NDF were greater (p<0.05) in corn than in DDGS. It is concluded that energy and nutrient digestibility vary among sources of DDGS even when the DDGS is procured from ethanol plants that use corn grown within a narrow geographical region. Thus, factors other than corn growing region are responsible for the variability of energy and nutrient digestibility in DDGS.