219 research outputs found

    Agency Problems, Product Market Competition and Dividend Policies in Pakistan

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    The present study investigates the influence of product market competition on the dividend policies of the listed companies at KSE 100 index in Pakistan. It identify whether product market competition mitigates agency problems between controlling shareholders and minority shareholders. In particular, we examine firm dividend policies in competitive market, the study use three statistical measures for the analysis of 30 textile firms. The result shows that the product market competition have no significant impact on dividend policies of Pakistan. This study recommends that the product market competition can be an effective tool that can force the managers to give cash to shareholders. Keywords: Agency Problem, Dividend Policy, Corporate Governance, Product Market Competition, Textile Industr

    Benefits of Mergers and Acquisitions in Banking Industry of Pakistan: A Case Study of Five Latest Transactions

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    One of the principal objectives of merger and acquisition is to reap up the benefits of economies of scale especially in the banking sector around the globe. Over the last decade, banking sector in Pakistan has not only grown-up in term of size but also consolidated, matured and diversified to contribute towards constructing a strong financial system. The current study has analyzed five mergers cases in banking industry of Pakistan. Different variables like change in growth of capital, deposits, advances and investment pattern were taken to investigate effect of pre and post mergers. Null hypothesis was proposed as no mean difference in the values of variables of interest. On the base of empirical findings, null hypothesis was rejected and alternative hypothesis was accepted. It was concluded that latest mergers and acquisitions providing benefits to the banking sector in term of synergy. Thus, more mergers and acquisitions were recommended in future. Keywords: Merger; Acquisition; Banks

    How Billionaires Become Valuable Millionaires? Psychological Impact of Redenomination on Economy

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    The study aims to investigate the psychological impact of deleting zeroes from the value of national currency. The data were collected from five countries: Israel, Argentina, Poland, Turkey and Brazil to investigate the impact of deleting zeroes. Line graphs and simple percentages were used to analyze the impact of redenomination on inflation. The results revealed almost positive impact of redenomination on economy in all cases. Negative impacts were found only in two events of the countries i.e. Argentina and Brazil in 1983 and 1996 respectively. It was concluded that the redenomination can be used to create value and to control inflation. Keywords: Currency Redenomination, Value Creation; Inflation, National Economy; Psychological Impac

    Long-run Performance of Public vs. Private Sector Initial Public Offerings in Pakistan

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    The private sector had its major share in the economic development of the country in the early years of its independence in the 1950s. However, the private sector suffered a set back in the early 1970s, when a huge process of nationalisation of a large number of private industrial units was undertaken by the then government. Over the decades these enterprises were not professionally managed and the political influences in the management and running of these enterprises played havoc with them and consequently the experiment proved to be a failure. Attending to the weaknesses and inefficiencies inherent in the public sector enterprises, privatisation was systematically initiated by the then government in the early 1990s. Various privatisation commissions were set up in subsequent years and the privatisation process got some momentum during the present government and many large and profitable firms were privatised in the last few years, particularly at a time when the overall climate in the country was responsive and conducive for investment. The government, however, privatised many enterprises through public offerings on individual-case basis

    Spectrophotometric Quantification of Trace Elements and Toxic Metals in Raw Milk Samples of Peshawar City, Pakistan

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    The present study focused on the physicochemical characterization and spectrophotometric determination of the concentrations of trace elements (Zn, Cu, Fe and Mn) and toxic heavy metals (Cd and Pb) in raw milk samples collected from various commercial sites of Peshawar city, Pakistan. Evaluation of the nutritional values as well as the possible health concerns associated with the consumption of contaminated milk shown the average percentage composition of protein, fats, solid non-fats, lactose, salts and added water in the milk sample as 2.78, 4.81, 6.41, 3.05, 0.47 and 31.1 %, respectively. The values of pH, conductivity, density and freezing point were observed as 6.59, 3.51 mS/cm, 1.04 g/mL and -0.3674 ºC at 26 ºC. The physicochemical characteristics such as percentage protein, fat, lactose, salts, water, solid not fat, total solids, pH, conductivity and density were evaluated and found in the safe limits of the WHO/FAO. The average concentration of trace elements such as zinc and copper were found to be 1.4035 mg/L and 0.2588 mg/L, respectively. The concentration of Zn and Cu was found within permissible limits suggested by WHO. However, the average concentration of Fe, Mn, Cd and Pb were found higher than the permissible limits of WHO. The observed concentrations were: Fe = 1.5553, Mn = 0.4354, Cd = 0.1865 and Pb = 1.1162 mg/L. The presence of the non-essential and hazardous Cd and Pb in milk samples even in lower concentrations may cause severe health problems since these are the most noxious pollutants due to their non-biodegradable and bio-accumulative nature. Over-dose of Fe and Mn also leads to several health issues. A thorough and more precise investigation of raw milk consumption in Peshawar is highly recommended to ascertain the actual reasons and sources in the larger public interests

    Wideband and High Gain Array Antenna for 5G Smart Phone Applications Using Frequency Selective Surface

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    This work presents an eight element array antenna with single layer frequency selective surface (FSS) to obtain high gain. The eight elements are fed by single port. The FSS consists of 14 × 6 unit cells with one unit cell size is 5 × 5 mm2 having wideband behavior. The antenna uses Rogers RT Duroid 5880 substrate and giving very wide bandwidth from 20 GHz to 65 GHz, covering millimeter wave 5G bands (including 28 GHz, 38 GHz and 60 GHz). The designed FSS is showing stop band transmission characteristics below −10 dB threshold from 25 GHz to 42 GHz and 59 GHz to 61 GHz. The eight element antenna integrated with the FSS reflector, which results an improvement in the gain level from 12 dB to 15 dB at 28 GHz, from 10 dB to 12 dB at 38 GHz, and from 9.5 to 11 dB at 60 GHz. The dimensions of the antenna are 65 × 27 × 0.857 mm3. The proposed antenna shows stable gain and directional radiation patterns. The simulation findings are experimentally confirmed, by testing the fabricated prototypes of the proposed antenna system