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This study delves into the effects of crude oil and gas prices on the United States’ (US) conventional, Islamic, and environmental, social, and governance (ESG) stock indices from January 2013 to December 2022. Decomposing original time series data to minimise inherent fluctuations and using the Quantile-on-Quantile (QQ) regression approach presents a nuanced view of how these energy prices impact different stock indices. The findings reveal that crude oil prices have a variable impact on the indices: high prices negatively influence the indices, low prices have a positive effect, and moderate prices yield a moderate positive impact. After data decomposition, this positive influence diminishes in higher quantiles, indicating an emerging neutral effect in stabilised conditions. In contrast, gas prices show a limited impact, with high prices slightly benefiting conventional and ESG indices but less so for the Islamic index. This suggests a more pronounced influence of oil prices on the indices, likely due to the dependence of many listed companies on oil. The study emphasises the importance of considering oil-related risks in investment strategies and highlights the asymmetric impact of crude oil prices on the US stock indices. These findings have significant implications for investors and policymakers. They underscore the need for careful consideration of oil price dynamics in investment decisions and the importance of staying vigilant against shifts in oil prices that could lead to market instability.

The aim of this article is to find diversification opportunities by examining the time-varying and time-scale-based volatility and correlation of the US and Chinese stock market indices with crude oil, gold and Bitcoin price returns, as well as the exchange rate of the Chinese Yuan Renminbi against the US Dollar (CNY/USD) using a vector error correction model (VECM), namely, maximum overlap discrete wavelet transformation (MODWT). Furthermore, individual and institutional investors may also reduce the risk of their investment portfolio by investing in commodities and stock markets from countries with a negative or substantially low correlation. Our VECM result shows that Bitcoin, crude oil and CNY/USD lead the other variables under consideration, indicating that changes in the prices of Bitcoin, crude oil and CNY/USD affect the US and Chinese stock market indices, as well as gold. Our research utilising the MODWT technique shows that Bitcoin leads crude oil at almost all levels, indicating that crude oil prices will respond to Bitcoin price movement in the long and medium term. However, investors may be deterred from using Bitcoin as a diversification tool due to its extreme volatility. The research also indicates that diversification with gold may help US investors. However, the continuous wavelet transformation finding shows that the diversification benefit effects will persist for a holding period of little more than 64 days. Our study results tend to emphasise the significance of using reasonably modern methods to identify diversification possibilities for investors with diverse investment horizons or holding stocks for various periods.

AbstractThis paper aims to investigate the extent of hedging and diversification opportunities available for an Australian investor who holds a portfolio consisting of Australian conventional and Islamic indices, crude oil, gold, Bitcoin, and the Australia–US exchange rate of daily data from 2011 to 2021. The relevant time-varying and time-scale dependent techniques, such as MGARCH dynamic conditional correlation (MGARCH-DCC), continuous wavelet transform (CWT), and maximal overlap discrete wavelet transform (MODWT) are employed to discern the correlation and volatilities of the variables. The paper’s unique contribution lies in unveiling an Australian investor’s diversification opportunities of a portfolio containing Bitcoin, gold, oil, Islamic indices, conventional indices, and exchange rates. Findings from MGARCH-DCC analysis suggest that Bitcoin is the least correlated variable. However, investors may be discouraged from choosing Bitcoin as a diversification instrument due to its high volatility. The evidence further suggests that Australian investors may benefit from diversification with gold. Nonetheless, the CWT result shows that the diversification benefits effects will last for a holding period no longer than 64 days. Our research findings tend to indicate the importance of finding diversification opportunities for investors with heterogeneous investment holdings over various periods by utilising relatively advanced techniques.

This paper is the first attempt at testing the ‘time-varying’ and ‘time-scale dependent’ volatilities of and correlations between the selected Islamic stock indices of South East Asian countries and selected commodities for enhancing portfolio diversification benefits. Consistent with the results of our VECM, our analysis based on the application of the recent wavelet technique MODWT, indicates that the Singapore Islamic index is leading the other Islamic indices and the commodities. From the point of view of portfolio diversification benefits, based on the extent of dynamic correlations between variables, our results suggest that an investor should be aware that the Philippine Islamic stock index is less correlated with the crude oil in the short run (as evidenced in the continuous wavelet transform analysis) and that an investor holding the crude oil can gain by including the Malaysian Islamic stock index in the portfolio (as evidenced in the Dynamic conditional correlation analysis).

The palm oil industry often faces international pressure because it is believed to contribute to climate change, disrupt the ecosystems and cause forest destruction. Palm oil companies are demanded to demonstrate accountability through environmental information reporting. Previous studies have shown that companies are unable to provide sufficient information to the global community which leads to the information asymmetry problem. This problem causes the palm oil industry to continue facing disputes, especially from the community in the European Union. Thus, in general, this study was carried out to identify problems existed in environmental information reporting in the palm oil industry and examine improvement measures through a systems approach. This study uses a qualitative approach where data was collected through interviews and document analysis. This study finds that information reporting problem in the palm oil industry stems from the documentation problems at the middlemen level that connect the upstream sector, especially involving smallholders and the middle sector involving palm oil manufacturers. Further research finds that documentation problem also exist at the smallholder level. Results suggest that MSPO Trace can be used for reducing information asymmetry problem and increasing the traceability of palm oil produced in Malaysia. The findings provide important inputs on two aspects that need to be improved on MSPO Trace that should be relevant to the Malaysian government, which are the comparability of information and the usefulness of information. [ABSTRACT FROM AUTHOR]

An increase in plasma ANG II causes neuronal activation in hypothalamic nuclei and a slow pressor response, presumably by increasing sympathetic drive. We evaluated whether the activation of a neuromodulatory pathway, involving aldosterone and 'ouabain,' is involved in these responses. In Wistar rats, the subcutaneous infusion of ANG II at 150 and 500 ng x [kg.sup.-1] x [min.sup.-1] gradually increased blood pressure up to 60 mmHg at the highest dose. ANG II at 500 ng x [kg.sup.-1] x min increased plasma ANG II by 4-fold, plasma aldosterone by 25-fold, and hypothalamic aldosterone by 3-fold. The intracerebroventricular infusion of an aldosterone synthase (AS) inhibitor prevented the ANG II-induced increase in hypothalamic aldosterone without affecting the increase in plasma aldosterone. Neuronal activity, as assessed by Fra-like immunoreactivity, increased transiently in the subfornical organ (SFO) but progressively in the paraventricular nucleus (PVN) and supraoptic nucleus (SON). The central infusion of the AS inhibitor or a mineralocorticoid receptor blocker markedly attenuated the ANG II-induced neuronal activation in the PVN but not in the SON. Pressor responses to ANG II at 150 ng x [kg-] x [min.sup.-1] were abolished by an intracerebroventricular infusion of the AS inhibitor. Pressor responses to ANG II at 500 ng x [kg.sup.-1] x [min.sup.-1 were attenuated by the central infusion of the AS inhibitor or the mineralocorticoid receptor blocker by 70-80% and by Digibind (to bind 'ouabain') by 50%. These results suggest a novel central nervous system mechanism for the ANG II-induced slow pressor response, i.e., circulating ANG II activates the SFO, leading to the direct activation of the PVN and SON, and, in addition, via aldosterone-dependent amplifying mechanisms, causes sustained activation of the PVN and thereby hypertension. Fra-like immunoreactivity; aldosterone synthase inhibitor; eplerenone; telemetry; angiotensin II doi: 10.1152/ajpheart.00256.2010.

In rats, both central and systemic ANG II type 1 ([AT.sub.1]) receptor blockade attenuate sympathetic hyperactivity, but central blockade more effectively attenuates left ventricular (LV) dysfunction post-myocardial infarction (MI). In protocol 1, we examined whether functional effects on cardiac load may play a role and different cardiac effects disappear after withdrawal of the blockade. Wistar rats were infused for 4 wk post-MI intracerebroventricularly (1 mg x [kg.sup.-1] x [day.sup.-1]) or injected subcutaneously daily (100 mg x [kg.sup.-1] x [day.sup.-1]) with losartan. LV dimensions and function were assessed at 4 wk and at 6 wk post-MI, i.e., 2 wk after discontinuing treatments. At 4 and 6 wk post-MI, LV dimensions were increased and ejection fraction was decreased. Intracerebroventricular but not subcutaneous losartan significantly improved these parameters. At 6 wk, LV peak systolic pressure (LVPSP) and maximal or minimal first derivative of change in pressure over time (dP/[dt.sub.max/min]) were decreased and LV end-diastolic pressure (LVEDP) was increased. All four indexes were improved by previous intracerebroventricular losartan, whereas subcutaneous losartan improved LVEDP only. In protocol H, we evaluated effects of oral instead of subcutaneous administration of losartan for 4 wk post-MI. Losartan (~200 mg x [kg.sup.-1] x [day.sup.-1]) either via drinking water or by gavage similarly decreased [AT.sub.1] receptor binding densities in brain nuclei and improved LVEDP but further decreased LVPSP and dP/[dt.sub.max]. These results indicate that effects on cardiac load by peripheral [AT.sub.1] receptor blockade or the pharmacokinetic profile of subcutaneous versus oral dosing do not contribute to the different cardiac effects of central versus systemic [AT.sub.1] receptor blockade post-MI. losartan; cardiac remodeling; echocardiography; Millar catheter; brain; ANG II type 1

In Wistar rats, increasing cerebrospinal fluid (CSF) [Na.sup.+] concentration ([[Na.sup.+]]) by intracerebroventricular (ICV) infusion of hypertonic saline causes sympathetic hyperactivity and hypertension that can be prevented by blockade of brain mineralocorticoid receptors (MR). To assess the role of aldosterone produced locally in the brain in the activation of MR in the central nervous system (CNS), Wistar rats were infused ICV with artificial CSF (aCSF), [Na.sup.+]-rich (800 mmol/1) aCSF, aCSF plus the aldosterone synthase inhibitor FAD286 (100 [micro]g*[kg.sup.-1] * [day.sup.-1]), or [Na.sup.+]-rich aCSF plus FAD286. After 2 wk of infusion, rats treated with [Na.sup.+]-rich aCSF exhibited significant increases in aldosterone and corticosterone content in the hypothalamus but not in the hippocampus, as well as increases in resting blood pressure (BP) and sympathoexcitatory responses to air stress, and impairment of arterial baroreflex function. Concomitant ICV infusion of FAD286 prevented the [Na.sup.+]-induced increase in hypothalamic aldosterone but not corticosterone and prevented most of the increases in resting BP and sympathoexcitatory and pressor responses to air stress and the baroreflex impairment. FAD286 had no effects in rats infused with ICV aCSF. In another set of rats, 24-h BP and heart rate were recorded via telemetry before and during a 14-day ICV infusion of [Na.sup.+]-rich aCSF with or without FAD286. [Na.sup.+]-rich aCSF without FAD286 caused sustained increases (~10 mmHg) in resting mean arterial pressure that were absent in the rats treated with FAD286. These data suggest that in Wistar rats, an increase in CSF [[Na.sup.+]] may increase the biosynthesis of corticosterone and aldosterone in the hypothalamus, and mainly aldosterone activates MR in the CNS leading to sympathetic hyperactivity and hypertension. brain sodium; brain steroids; mineralocorticoid receptor; cytochrome P-450 aldosterone synthase; hypothalamus; sympathoexcitation; diurnal variation

This research examined the potential for diversifying Malaysian Islamic and conventional stock indexes with other commodities, such as crude oil, Bitcoin, and gold, with time-varying differences or investors' varied investment horizons, which researchers had previously overlooked. Methods like the Multivariate GARCH-Dynamic Conditional Correlation (MGARCH-DCC) and the continuous wavelet transformation (CWT) were employed since they are time-varying and time scale-dependent. Crude oil, Bitcoin, and gold are shown to be leading the stock indices in our vector error correction model (VECM) analysis, implying that changes in the price of these commodities influence the stock indices. The findings also indicate that investors exposed to Malaysian stock indexes and investing in Bitcoin may benefit from significant diversification advantages across almost all investment horizons. However, the MGARCH-DCC result shows that Bitcoin is highly unpredictable. As a precaution, Malaysian investors should choose gold as a diversification instrument which is more stable. The wavelet model demonstrates that investors in Malaysia's Islamic and conventional indices may benefit from the gold holding for durations ranging from 1 to 64 days and 128 days beyond. The findings highlight the importance of using contemporary techniques to identify diversification opportunities for investors with varied investment horizons or holding stocks for various times. [ABSTRACT FROM AUTHOR]

A study of the intensity of radiation emitted by the gas molecules excited with high frequency high voltage power input to the gas has been presented. Experimental results are given to show that the intensity of radiation due to molecular glow discharge and the decay processes depends on traces of impurities in the gas atmosphere. A method has been proposed for the on-line quality testing of devices that use gases as essential components for their successful operation.

Companies that face financial distress are always regarded as the root cause of enormous financial and economic losses for many stakeholders and at the same time, contribute to social unrest within the society. Identifying the determinants of financial distress in advance will bring many advantages to stakeholders so that they can manage their companies effectively. This study aimed to identify the determinants of financial distress for Malaysian public listed companies (PLC) by utilising financial ratios and market data. Additionally, this study focuses on finding a better distress prediction model between the traditional statistical approach that utilises a logistic regression and an artificial neural networks (ANN) model. Sixteen ratios were selected in the study and two techniques were used to assess the data of 192 Malaysian PLC. The empirical findings from this research show that current assets turnover (CAT), working capital to total assets (WCTA,) and retained earnings to total assets (RETA) display the highest ability to distinguish between financially distressed and non-distressed groups. The results also indicate that the mentioned variables possessed a high discriminant and predictive power. This study also found that the ANN model has a higher predictive accuracy compared to the logistic regression model. [ABSTRACT FROM AUTHOR]