Showing papers by "Mahidol University International College published in 2012"

Identification of prohibitin as a Chikungunya virus receptor protein

Abstract: National Center for Genetic Engineering and Biotechnology, National Science and Technology Development Agency,Pathumthani, ThailandChikungunya virus (CHIKV) has recently re-emerged causing millions of infections in coun-tries around the Indian Ocean. While CHIKV hasa broad host cell range and productively infectsa number of different cell types, macrophageshave been identified as a potential viral reser-voir serving to increase the duration of symp-toms. To date no CHIKV interacting protein hasbeen characterized and this study sought toidentify CHIKV binding proteins expressed ontarget cell membranes. Two-dimensional virusoverlay identified prohibitin (PHB) as a micro-glial cell expressed CHIKV binding protein. Co-localization, co-immunoprecipitation as well asantibody and siRNA mediated infection inhibi-tion studies all confirmed a role for PHB in me-diating internalization of CHIKV into microglialcells. PHB is the first identified CHIKV receptorprotein, and this study is evidence that PHBmay play a role in the internalization of multipleviruses. J. Med. Virol. 84:1757–1770,2012.

Fdi and income inequality: evidence from a panel of u.s. states

Abstract: This study employs state-level panel data to explore the relationship between inward foreign direct investment (FDI) and income inequality in the United States. Using panel cointegration techniques that allow for cross-sectional heterogeneity, cross-sectional dependence, and endogenous regressors, we find that the short-run effects of FDI on income inequality are insignificant or weakly significant and negative. In the long run, however, FDI exerts a significant and robust negative effect on income inequality in the United States. This result for the United States as a whole does not imply that FDI narrows income gaps in the long run in each individual state. There is considerable heterogeneity in the long-run effects of FDI on income inequality across states, with some states (21 out of 48 cases) exhibiting a positive relationship between FDI in income inequality.

Capital Structure, CEO Dominance, and Corporate Performance

Abstract: We use agency theory to investigate the influence of CEO dominance on variation in capital structure. Due to agency conflicts, managers may not always adopt leverage choices that maximize shareholders’ value. Consistent with the prediction of agency theory, the evidence reveals that, when the CEO plays a more dominant role among top executives, the firm adopts significantly lower leverage, probably to evade the disciplinary mechanisms associated with debt financing. Our results are important as they demonstrate that CEO power matters to critical corporate outcomes such as capital structure decisions. In addition, we find that the impact of changes in capital structure on firm performance is more negative for firms with more powerful CEOs. Overall, the results are in agreement with prior literature, suggesting that strong CEO dominance appears to exacerbate agency costs and is thus detrimental to firm value.

Analyst Following, Staggered Boards, and Managerial Entrenchment

Abstract: We use agency theory to explore how analyst coverage is influenced by the managerial entrenchment associated with the staggered (or classified) board. The empirical evidence suggests that firms with staggered boards attract significantly larger analyst following. We also document that firms with staggered boards experience less information asymmetry. Staggered boards insulate managers from the discipline of the takeover market. Entrenched managers are well-protected by the staggered board and have fewer incentives to conceal information, resulting in less information asymmetry. The more transparent information environment facilitates the analyst’s job. As a consequence, more analysts are attracted to firms with staggered boards. Our results also show that the impact of staggered boards on analyst coverage exceeds, by five to seven times, the average effect of other corporate governance provisions. We also document the beneficial role of analyst coverage in improving firm value. Our results are consistent with the notion that analysts, as information intermediaries, provide oversight over management and thus help alleviate agency conflicts. The positive effect of analyst coverage, however, is severely reduced when the firm has a staggered board in place.

Analyst following, staggered boards, and managerial entrenchment.

Abstract: We use agency theory to explore how analyst coverage is influenced by the managerial entrenchment associated with the staggered board. The evidence suggests that firms with staggered boards attract significantly larger analyst following. We also document that firms with staggered boards experience less information asymmetry. Staggered boards insulate managers from the discipline of the takeover market. Entrenched managers are well-protected by the staggered board and have fewer incentives to conceal information, resulting in less information asymmetry. The more transparent information environment facilitates the analyst’s job. As a consequence, more analysts are attracted to firms with staggered boards. We also document the beneficial role of analyst coverage in improving firm value. Our results confirm the notion that analysts, as information intermediaries, provide oversight over management and thus help alleviate agency conflicts. The positive effect of analyst coverage, however, is severely reduced when the firm has a staggered board in place.

A phase‐separable second‐generation hoveyda‐grubbs catalyst for ring‐opening metathesis polymerization

Abstract: Polyisobutylene-supported second-generation Hoveyda-Grubbs catalyst is shown to be an effective nonpolar phase tag for ring-opening metathesis polymerization (ROMP). The catalytic activities of the supported Ru―carbene complex in ROMP are comparable to those of their homogeneous counterparts. The separability of these catalysts leads to lower Ru contamination (0.5 ppm levels) in the polymer products in comparison to the nonsupported Hoveyda-Grubbs catalyst (10 PPM).

Information Transmission Among World Major Gold Futures Markets: Evidence from High Frequency Synchronous Trading Data

Abstract: This study examines the international information transmission among three major gold futures markets namely COMEX, MCX, and TOCOM. Two well documented approaches, which are VECM and information share, are utilized to measure the process of price discovery under this trivariate system. The uniqueness of this study is that it employs synchronous intraday time series which can mitigate the stale price problem from daily observations. The evidences indicate that the three gold futures prices are cointegrated and driven by one common factor. New arrival information disseminates efficiently among the three markets and the pricing information transmission among exchanges is very rapid. However, the lead-lag relationship among markets still exists with the dominance of COMEX gold futures as the centre of price discovery.

Stimulant Methamphetamine and Dextromethorphan Use Among Thai Adolescents: Implications for Health of Women and Children

Abstract: For over a decade, amphetamine-type stimulants have made their way into the adolescent culture of Thailand. Coupled with the more recent emergence of the legal, over-the-counter cough medicine dextromethorphan (DM), they represent the most commonly abused substances among Thai youths today. Methamphetamine is the second most popular drug of abuse in Thailand, the first being cannabis. It is available in the crystalline version, ICE, and the less pure methamphetamine tablets. The tablets are frequently crushed and smoked. Its use has gained enormous popularity among teenagers and young adults, including women of child-bearing age. As such, it has become the most common drug being detected in the urine of peripartum women, resulting in peripartum and postpartum complications for both mother and child. DM is a newer drug which has gained popularity among middle school and high school students due to its easy availability as a single product over the counter. It is usually taken with soft drinks at parties and gathering. It is metabolized by CYP4502D6 to dextrorphan, the substance responsible for the feeling of euphoria. Consequently, those who are poor metabolizers often experience the “negative” effects associated with the drug. The recreational use of methamphetamine and dextromethorphan in teenagers and young adults in Thailand is a serious problem. Recognizing not only the toxicological but also the emotional and psychosocial impacts of these drugs on Thai youth is an integral part of approaching the problem.

Towards a greater understanding of the effectiveness of reflective journals in a university language program

Abstract: This paper investigates the effectiveness of using reflective journals in a university language program, through written student feedback, in-class discussion, and the author’s observations and experience of their use over a period of three college semesters. Students in the English Languages Studies Program at Mahidol University International College primarily had used journals for recording course content with a view to revision for the final exam, and journal entries were therefore mainly descriptive. The paper assesses the lessons learned from incorporating reflection into the curriculum during this period and the author’s attempts to provide a more effective framework for critical reflection during this time. Factors that may contribute to the quality of student reflection include defining reflection and clarifying its purpose, and providing scaffolding, such as feedback and guidelines on assessment. Teachers need to apply flexible frameworks for reflection depending on the contexts.

Thailand's Human Resource Competencies in Airline Service Quality: Voices from the Airline Industry

Abstract: Service quality is one of the major factors in obtaining a competitive advantage for airlines and is achieved by fostering highly competent human resources in all operations. Through this article the authors explore Thai competencies in human resources and service quality on the airline industry's ground operations at Suvarnabhumi International Airport in Thailand. The Employment and Training Administration competency model developed by the United States Department of Labor, SERVQUAL, airline surveys, and academic articles about airlines were used to frame the scope of questions on service quality competencies. The results highlight many high competencies of participating Thai employees, but also indicated certain competencies that require improvement and attention from managers to improve airline service quality. The findings also identified the use of handling agents as a major factor that potentially limits airline service quality. On the basis of the findings, it is suggested that (a) to make employee...

Exploring the Agency Cost of Debt: Evidence from the ISS Governance Standards

Abstract: Corporate governance is usually viewed in the context of strengthening shareholder rights and enhancing shareholders’ welfare. However, the impact of corporate governance on bondholders is much less understood. We explore how corporate governance influences the cost of debt financing. Using broad governance metrics encompassing fifty governance attributes reported by The Institutional Shareholder Services (ISS), we document that stronger corporate governance is associated with a higher cost of debt. As governance strengthens by one standard deviation, the cost of debt rises by as much as 11%. The results are robust even after controlling for both firm-specific and issue-specific characteristics. Our results are important because they suggest that corporate governance has a palpable effect on critical corporate outcomes such as credit ratings and bond yields. More importantly, we show that, while corporate governance may mitigate the agency conflict between managers and shareholders, it appears to exacerbate the agency conflict between shareholders and bondholders (the agency cost of debt).

The effect of an audit firm's brand on security pricing

Abstract: Purpose – The purpose of this paper is to examine the demand for high quality auditors and the effect of their brand names on a security's pricing at the time of its initial public offering. Because the Thai capital market is highly regulated, especially in terms of auditor selection (i.e. the Thai Security and Exchange Commission provides a list of individually qualified auditors and underwriting firms that the issuing firms have to choose from), it is therefore of interest to look at the demand for reputable audit firms and the importance of reputation capital in the signaling mechanism.Design/methodology/approach – Data were collected from 100 issuing firms that went public between 2003 and 2008. Logistic regression and OLS regression were applied to test the relationship between the use of reputable audit firms and the level of underpricing of new issues. The demand for reputable audit firms in this highly regulated capital market is also examined.Findings – The results suggest that only the newer lar...

Capital Structure, Cost of Debt and Dividend Payout of Firms in New York and Shanghai Stock Exchanges

Abstract: The Study collects panel data of listed firms in New York Stock and Shanghai Stock Exchanges during 1992 to 2008. The data are used to perform panel regression estimates for firms in each stock market. The main purpose is to compare the decision on dividend payout of listed firms in the two stock markets. The results from fixed effect estimates show that factors that can explain dividend payout of firms in New York Stock Exchange poorly explain dividend payout of firms in Shanghai Stock Exchange. This paper adds to the literature in that it provides an evidence of difference in dividend policy of firms between advanced and emerging stock markets. For policymakers in the Chinese economy, implementation of measures to enhance the advancement of bond market is necessary. Additionally, firms in Shanghai Stock Exchange should adjust their capital structure to provide room for investors to diversify and adjust their portfolios of stocks and bonds. Keywords : Dividend payout; debt financing; equity financing; cost of debt; panel regression; stock markets JEL Classifications : G35; G30

Internationalization Factors of Thai Multinationals and Thailand's Bilateral Trade Policy

Abstract: This article investigates the impact of Thailand's recent bilateral free-trade agreements (FTAs) on the internationalization of Thai multinational enterprises (MNEs). The results highlight the relative importance of internal and external factors in the internationalization of developing country MNEs. The empirical evidence indicated that Thai MNEs judged bilateral FTAs as a critical facilitator of internationalization success. The FTAs facilitated firms' exports to a certain degree and marginally expedited firms' international purchasing activities. The influence of FTAs on firms' foreign investment was not discernible.

Does Delaware Incorporation Affect Executive Compensation? An Empirical Analysis

Abstract: Motivated by agency theory, this study attempts to ascertain whether chief executive compensation is influenced by legal rules. In particular, we analyze whether Delaware law has an impact on CEO pay. Legal rules have been argued to impact agency conflicts. Agency costs, in turn, affect CEO compensation. Thus, we contend that Delaware law influences CEO pay through their associations with agency problems. The empirical evidence corroborates this hypothesis, showing that Delaware firms pay their CEOs significantly more generously than do non-Delaware firms (about 36% higher in total compensation). Furthermore, Delaware firms exhibit significantly lower pay-performance sensitivity (almost 50% lower), implying that the higher pay more likely reflects rent expropriation rather than shareholder wealth maximization.

Contour, Motion and Gesture in Abstract Score Animation: a First Approach

Abstract: This study examines the creation of animated music scores through the ‘bracketing’ of musical motion. The aesthetic claim that music could be perceived in terms of (spatial) motion is tested by means of abstract animations in the form of straightforward, one might say ‘naive’, mappings of musical parameters onto space. The proposed method establishes detailed blueprints of movement that (i) differ essentially from coarse motion types like those suggested by the German pioneers Becking and Truslit, (ii) are the result of interpretative ‘hands-on’ modeling rather than products of reductive algorithms (iii) depart from systematic methodological considerations with regard to contour, motion and gesture that sets our method apart from idiosyncratic (abstract) animation artwork. A comparison between simple ‘duration-loudness’ animations with the visualization of pitch-based trajectories concretizes the aesthetic speculation about spatial metaphors being involved in the perception of music. Score animation suggests that motion types could be instantiated in both the visual and the audible realms and thus complement rhythmic and accentuated structure as a transferable autonomous ‘synaesthetic’ phenomenon. However, our approach provides evidence that with the ‘spatial’ variability between two diachronic notes, kinematic or tempo-based models of expressive timing ignore a crucial factor. We demonstrate that only with reference to this hidden musical parameter can one understand what could be seen a paradox: that when music’s pulse slows, its motion can still accelerate.

Pediatric fatality from gun bluing solution: the need for a chemical equivalent of the one-pill-can-kill list

Abstract: Gun bluing solution is commonly used to polish guns and prevent rusting. The authors report a case of a 2-year-old boy who inadvertently ingested approximately 15 ml of his father's Fox Gun Blue solution. The patient subsequently developed acidosis, hypotension, and coma. He died within four hours after ingestion. His plasma selenium level was 857 ng/ml. A brief review of other reported ingestion of gun bluing liquid in both adults and children is also included. Language: en

N-Acetyl-3,5-dibromo-l-tyrosine hemihydrate

Abstract: The title compound, C11H11Br2NO4·0.5H2O, was prepared by an electrophilic bromination of N-acetyl-l-tyrosine in acetonitrile at room temperature. The two independent mol­ecules do not differ substanti­ally and a mol­ecule of water completes the asymmetric unit. The synthesis of the title compound does not modify the stereochemical center, as shown by the absolute configuration found in this crystal structure. Comparison with the non-bromo starting material differs mainly by rotation features. For instance the H(methine)—C(chiral center)—C(methyl­ene)—C(ipso) is 173.0 (2)° torsion angle in one mol­ecule and 177.3 (2)° in the other, indicating a trans arrangement. This is in contrast with approximately 50° in the starting material. A short inter­molecular Br⋯Br separation is observed [3.2938 (3) A]. The molecules in the crystal are connected via a network of hydrogen bonds through an N—H⋯O hydrogen bond between the hydroxy group of the phenol of the tyrosine and the N—H of the amide of the other molecule and an O—H⋯O hydrogen bond between the hydroxy group of the carboxylic acid and the oxygen of the carbonyl of the amide.

Thai and Indian Cultural Linkage: The Religious Festivities

Abstract: There is a long history of cultural linkage between India and theSoutheast Asian region. The Indian influence can be found in culturaland religious practices, arts, scriptures, and language. One of thecommon cultural heritages shared is the celebration of the majorreligious festivals. The festivals have originated in India and are widelycelebrated in the Southeast Asian countries. In this paper, I am interestedin examining the Indian cultural influence with an emphasis on fourmajor annual festivals celebrated in Thailand. The major Thai festivalsinclude Songkran, Loy Krathong, Thai-Chinese Vegetarian festival,and the Long boat race. These festivals share a common culturalheritage with Holi, Karthik Purnima & Deepavali, Navratre, and Onam.My research revisits the Thai-Indian Cultural linkage through thesereligious festivals that are celebrated at the same time of the year butunder different names. Key Words: Hindu; Festivals; Religion; Thailand; Songkran; Holi;Deepavali; Loy Krathong; Navratre; Onam

Ranking and the Globalization of Higher Education

Abstract: Since the 1980s, the idea of ranking universities has becomeincreasingly widespread. Originating in national rankings systems inthe USA, the rankings movement has become international. This paperexamines the varied indices of university excellence that are employedin the main rankings systems; asks how valid they are as measuresof university quality and the reasons they have become so popular;identifies the ways in which they exhibit systematic bias and the variousconsequences they have for academic life; describes the emergence of ananti-rankings movement in American universities; and suggests variousways in which universities may respond to rankings in the future.A paper presented to a conference on ‘University Excellence andthe Liberal Arts Tradition’, organized by the Social Science Division,Mahidol University International College, Mahidol University, Thailand,on 27 May 2011.My thanks to Ilyas Baker and Christian Osterheld for theircomments on an earlier draft of this paper.The academic world has experienced a number of profoundchanges over the past couple of decades, making the experiences ofteaching and learning at most universities significantly different nowthan they were in the period up to about the 1980s. Four major changesof particular importance have been: (i) the enormous expansion of higher education, especially in terms of student numbers, but also in the numberof colleges; (ii) the growing impact of ‘academic capitalism’ and the‘audit culture’; (iii) the recent focus – some would say obsession – withuniversity rankings and branding; and (iv) the increasing impact of‘internationalization’ and ‘globalization’. The present paper will examineaspects of this third theme, and subsequent papers will examine the otherthree. Key Words : University Ranking; Globalization

European Integration: Re-orientations of History and Political Studies

Abstract: Europe United: Power Politics and the Making of the European Community. By Sebastian Rosato. Ithaca, NY: Cornell University Press, 2012. 280 pp., $35.00 hardcover (ISBN-13: 978-0-801-44935-2). Political Theory of the European Union. Edited by Jurgen Neyer, Antje Wiener. New York: Oxford University Press, 2011. 248 pp., $99.00 hardcover (ISBN-13: 978-0-199-58730-8). From the late 1990s throughout the 2000s, the subdisciplinary study of EU integration regarding its foundations and early history could be generalized as settling into an equilibrium of supranational/federalist (Haas 1968;Schmitter 1969; Hallstrom 2003; Benson and Jordan 2011) vs liberal/institutional intergovernmentalist (Gilbert 2003; Moravcsik 1991, 1998, 2000a,b) vs ideational perspectives (Parsons 2000, 2002, 2006). With the onset of the 2008 financial crisis and the deteriorating state of affairs surrounding the European Union, uncertainties on the future of European integration have taken center stage and given way to prescient questions which seek to re-open integration studies. The inherent weaknesses of economic and monetary union, which were hailed in the 1990s as the crowning achievement of an integrated Europe, have come into question. More pointedly, the fundamental nature and usefulness of European institutions in binding European states into peaceful cooperation has been brought into question. With internal and external instabilities undermining a half century of integration, the need to re-examine the state of European integration, explore the relationships that Europe has shared with its external partners, and shed fresh light on where the Union is heading has never been greater. Europe United , by Sebastian Rosato, contains six chapters that analyze early European integration from the immediate postwar period up to the Treaty of Rome and formation of the European Economic Community (EEC). He analyzes the European Coal and Steel Community (ECSC), European Defense Community (EDC), and EEC. The author focuses his study on Britain, France, and West Germany, finding consistent external geopolitical and internal (West European) security concerns determined balancing behavior in the early postwar period. His theoretical framework closely approximates an external and internal balance of power rational, materialist perspective. Rosato focuses and substantiates his historical inquiry by highlighting three …