title: Does bursa Malaysia overreact?

authors: Ali, Norli

subjects: market efficiency

abstract: Findings for the whole period from January 1987 to December 2006 reveal that loser has insignificantly becomes loser and winner has significantly reversed in the subsequent period. Arbitrage portfolio does not provide any significant abnormal return thus, not consistent with the overreaction hypothesis. This is due to the reason that Malaysian investors are overoptimistic. After controlling for size, both small and large stocks have significantly support the overreaction hypothesis even after adjustment for difference in risk. No evidence of January effect is reported during the period; however, there is evidence of Chinese New Year effect documented in the findings. The study also shows that Malaysian Stock Market overreacts prior to 1997 Asian Financial crisis. During the post crisis, the results are not consistent with overreaction hypothesis. One possible reason to this behaviour is that investors are more aware of the phenomenon and have altered their trading strategy. As a result, overreaction behaviour diminishes and stock market gradually becomes efficient in the post crisis. These findings suggest that stock overreaction behaviour in Malaysian stock market only benefited the short-term investors. However, when the strategy is based on a longer formation period such as 5-year formation period, long-term investors are able to earn significant positive abnormal returns.

text: Does bursa Malaysia overreact? Findings for the whole period from January 1987 to December 2006 reveal that loser has insignificantly becomes loser and winner has significantly reversed in the subsequent period. Arbitrage portfolio does not provide any significant abnormal return thus, not consistent with the overreaction hypothesis. This is due to the reason that Malaysian investors are overoptimistic. After controlling for size, both small and large stocks have significantly support the overreaction hypothesis even after adjustment for difference in risk. No evidence of January effect is reported during the period; however, there is evidence of Chinese New Year effect documented in the findings. The study also shows that Malaysian Stock Market overreacts prior to 1997 Asian Financial crisis. During the post crisis, the results are not consistent with overreaction hypothesis. One possible reason to this behaviour is that investors are more aware of the phenomenon and have altered their trading strategy. As a result, overreaction behaviour diminishes and stock market gradually becomes efficient in the post crisis. These findings suggest that stock overreaction behaviour in Malaysian stock market only benefited the short-term investors. However, when the strategy is based on a longer formation period such as 5-year formation period, long-term investors are able to earn significant positive abnormal returns.

year: 2009

title: Groundwater characteristics at Seabee Hook, Cape Hallett, Antarctica

authors: Hofstee, Erica H.

subjects: groundwater chemistry

abstract: Seabee Hook is a low lying gravel spit adjacent to Cape Hallett, northern Victoria Land, in the Ross Sea region of Antarctica and hosts an Adélie penguin (Pygoscelis adeliae) rookery. Dipwells were inserted to monitor changes in depth to, and volume of, groundwater and tracer tests were conducted to estimate aquifer hydraulic conductivity and groundwater velocity. During summer (November–February), meltwater forms a shallow, unconfined, aquifer perched on impermeable ice cemented soil. Groundwater extent and volume depends on the amount of snowfall as meltwater is primarily sourced from melting snow drifts. Groundwater velocity through the permeable gravel and sand was up to 7.8 m day−1, and hydraulic conductivities of 4.7 × 10−4 m s−1 to 3.7 × 10−5 m s−1 were measured. The presence of the penguin rookery, and the proximity of the sea, affects groundwater chemistry with elevated concentrations of salts (1205 mg L−1 sodium, 332 mg L−1 potassium) and nutrients (193 mg L−1 nitrate, 833 mg L−1 ammonia, 10 mg L−1 total phosphorus) compared with groundwater sourced away from the rookery, and with other terrestrial waters in Antarctica.

text: Groundwater characteristics at Seabee Hook, Cape Hallett, Antarctica Seabee Hook is a low lying gravel spit adjacent to Cape Hallett, northern Victoria Land, in the Ross Sea region of Antarctica and hosts an Adélie penguin (Pygoscelis adeliae) rookery. Dipwells were inserted to monitor changes in depth to, and volume of, groundwater and tracer tests were conducted to estimate aquifer hydraulic conductivity and groundwater velocity. During summer (November–February), meltwater forms a shallow, unconfined, aquifer perched on impermeable ice cemented soil. Groundwater extent and volume depends on the amount of snowfall as meltwater is primarily sourced from melting snow drifts. Groundwater velocity through the permeable gravel and sand was up to 7.8 m day−1, and hydraulic conductivities of 4.7 × 10−4 m s−1 to 3.7 × 10−5 m s−1 were measured. The presence of the penguin rookery, and the proximity of the sea, affects groundwater chemistry with elevated concentrations of salts (1205 mg L−1 sodium, 332 mg L−1 potassium) and nutrients (193 mg L−1 nitrate, 833 mg L−1 ammonia, 10 mg L−1 total phosphorus) compared with groundwater sourced away from the rookery, and with other terrestrial waters in Antarctica.

year: 2006

title: The rhetorical organisation of Maori discourse: An illustration

authors: Crombie, Winifred

subjects: Māori medium education

abstract: Almost 20% all Māori students in New Zealand schools are involved in some form of Māori-medium education. These students need to develop competence in using the language for a wide range of purposes. They need, therefore, to understand a range of written discourse conventions. In seeking to assist them in this task, elders and scholars are turning to the works of major Māori figures of the past, works composed when the language was used widely in a range of discourse contexts. However, scholars need ways of analysing these texts and of communicating their findings to others. The primary aim of this paper is to demonstrate one such approach. A single letter of condolence written in Māori is analysed here in terms of rhetorical discourse structure. On the basis of the analysis, a number of hypotheses concerning epistolary discourse in Māori are put forward. The primary hypothesis is that letters of condolence written in Māori by highly competent users of the language are likely to be characterized by an overall Problem-Solution rhetorical prototype involving spiral multilayering.

text: The rhetorical organisation of Maori discourse: An illustration Almost 20% all Māori students in New Zealand schools are involved in some form of Māori-medium education. These students need to develop competence in using the language for a wide range of purposes. They need, therefore, to understand a range of written discourse conventions. In seeking to assist them in this task, elders and scholars are turning to the works of major Māori figures of the past, works composed when the language was used widely in a range of discourse contexts. However, scholars need ways of analysing these texts and of communicating their findings to others. The primary aim of this paper is to demonstrate one such approach. A single letter of condolence written in Māori is analysed here in terms of rhetorical discourse structure. On the basis of the analysis, a number of hypotheses concerning epistolary discourse in Māori are put forward. The primary hypothesis is that letters of condolence written in Māori by highly competent users of the language are likely to be characterized by an overall Problem-Solution rhetorical prototype involving spiral multilayering.

year: 2001-02