Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in...Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in Malaysia and plays a significant role in financial development and economic growth. The objective of this paper is to provide an overview of the development and the performance trends of unit trust investment schemes in Malaysia. There are several types of unit trust products available in Malaysia： both conventional as well as Islamic unit trust schemes （UTSs）. The rapid growth of investment management industry over the last 10 years was largely driven by the unit trust industry, in which the net asset value （NAV） grew annually by 18.0% from RM43.3 billion in 2000 to RM226.8 billion in 2010. The penetration rate of the unit trust industry rose from 10.0% in 2000 to 17.8% in 2010.展开更多
This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level da...This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.展开更多
Stem cells are the core of tissue repair and regeneration,and a promising cell source for novel therapies.In recent years,research into stem cell therapies has been particularly exciting in China.The remarkable advanc...Stem cells are the core of tissue repair and regeneration,and a promising cell source for novel therapies.In recent years,research into stem cell therapies has been particularly exciting in China.The remarkable advancements in basic stem cell research and clinically effective trials have led to fresh insights into regenerative medicine,such as treatments for sweat gland injury after burns,diabetes,and liver injury.High hopes have inspired numerous experimental and clinical trials.At the same time,government investment and policy support of research continues to increase markedly.However,numerous challenges must be overcome before novel stem cell therapies can achieve meaningful clinical outcomes.展开更多
文摘Unit trust is a collective investment scheme for investors, who seek to meet their long-term investment objectives for better returns with diversified portfolios. Unit trust is one of the largest sources of funding in Malaysia and plays a significant role in financial development and economic growth. The objective of this paper is to provide an overview of the development and the performance trends of unit trust investment schemes in Malaysia. There are several types of unit trust products available in Malaysia： both conventional as well as Islamic unit trust schemes （UTSs）. The rapid growth of investment management industry over the last 10 years was largely driven by the unit trust industry, in which the net asset value （NAV） grew annually by 18.0% from RM43.3 billion in 2000 to RM226.8 billion in 2010. The penetration rate of the unit trust industry rose from 10.0% in 2000 to 17.8% in 2010.
文摘This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.
基金supported in part by the National Natural Science Foundation of China(81121004,81372066,81230041)the National Basic Research Program of China(2012CB518105)
文摘Stem cells are the core of tissue repair and regeneration,and a promising cell source for novel therapies.In recent years,research into stem cell therapies has been particularly exciting in China.The remarkable advancements in basic stem cell research and clinically effective trials have led to fresh insights into regenerative medicine,such as treatments for sweat gland injury after burns,diabetes,and liver injury.High hopes have inspired numerous experimental and clinical trials.At the same time,government investment and policy support of research continues to increase markedly.However,numerous challenges must be overcome before novel stem cell therapies can achieve meaningful clinical outcomes.
