Adjustment speed towards target capital structure and its determinants in Pakistan

This study investigates the dynamism of the capital structure of the non-financial listed firms in Pakistan for the period from 2003 to 2012. Specifically, the main objectives of the study are to estimate the adjustment speed towards target capital structure, determining the factors affecting the adjustment speed towards target capital structure, and identifying the factors affecting the target capital structure. Firm specific and country specific factors are used to investigate the determinants of adjustment speed and target capital structure. Difference Generalized Method of Moments (GMM) is used as the estimation technique to avoid the endogeneity and serial correlation problems. The study confirms the existence of optimal capital structure for Pakistani non-financial listed firms, and concludes that firms make full adjustment towards optimal capital structure in 1.46 years to 2.03 years, depending upon the proxy of target debt used. Similarly, factors affecting adjustment speed towards target are also found to be dependent upon the proxy of debt used. Firms’ profitability, stock market development, and distance are found to be relatively consistent determinants of the adjustment speed. Firm and country specific factors affecting target capital structure are also found to vary across the proxies of debt used. However, tangibility, earning volatility, cash, and industry median leverage appear consistently and significantly affecting the target leverage. Interest rate, the only country specific factor, is found to affect target debt when total liabilities to total assets and total debt to total assets are used as measure of the debt. This study contributes in the existing literature of the capital structure by providing evidence regarding the existence of target capital structure in Pakistan. In addition, this is the first attempt that estimates the adjustment speed towards target capital structure, and identifies factors affecting adjustment speed towards target capital structure for Pakistan using four different proxies of leverage

Hardware emulation of stochastic p-bits for invertible logic

The common feature of nearly all logic and memory devices is that they make use of stable units to represent 0's and 1's. A completely different paradigm is based on three-terminal stochastic units which could be called "p-bits", where the output is a random telegraphic signal continuously fluctuating between 0 and 1 with a tunable mean. p-bits can be interconnected to receive weighted contributions from others in a network, and these weighted contributions can be chosen to not only solve problems of optimization and inference but also to implement precise Boolean functions in an inverted mode. This inverted operation of Boolean gates is particularly striking: They provide inputs consistent to a given output along with unique outputs to a given set of inputs. The existing demonstrations of accurate invertible logic are intriguing, but will these striking properties observed in computer simulations carry over to hardware implementations? This paper uses individual micro controllers to emulate p-bits, and we present results for a 4-bit ripple carry adder with 48 p-bits and a 4-bit multiplier with 46 p-bits working in inverted mode as a factorizer. Our results constitute a first step towards implementing p-bits with nano devices, like stochastic Magnetic Tunnel Junctions

Weighted p-bits for FPGA implementation of probabilistic circuits

Probabilistic spin logic (PSL) is a recently proposed computing paradigm based on unstable stochastic units called probabilistic bits (p-bits) that can be correlated to form probabilistic circuits (p-circuits). These p-circuits can be used to solve problems of optimization, inference and also to implement precise Boolean functions in an "inverted" mode, where a given Boolean circuit can operate in reverse to find the input combinations that are consistent with a given output. In this paper we present a scalable FPGA implementation of such invertible p-circuits. We implement a "weighted" p-bit that combines stochastic units with localized memory structures. We also present a generalized tile of weighted p-bits to which a large class of problems beyond invertible Boolean logic can be mapped, and how invertibility can be applied to interesting problems such as the NP-complete Subset Sum Problem by solving a small instance of this problem in hardware

Restoration of glenohumeral motion in erb\u27s palsy by tendon transfers

Background: Children with erb\u27s palsy have significant functional disability, mainly related to the shoulder. The objective of this study was to analyze the functional outcome of tendon transfers performed for restoration of shoulder motion in patients with Erb\u27s palsy.Methods: This descriptive case series was conducted at Aga Khan University Hospital from May 1999 to December 2003. Ten patients who had functional deficit of shoulder elevation were operated by a single surgeon. The surgical procedure; modified Sever L\u27Episcopo procedure was uniform in all cases. The data was collected through patient interviewing and medical records maintained through Health Information Management System (HIMS). Mallet class was recorded preoperatively and postoperatively.Results: Ten patients; seven females (70%) and three males (30%), with average age of 75 months at operation were included in this series. Right shoulder was affected in seven cases (70%) while left in three cases (30%). Preoperative mallet class for global abduction improved from 3 to 4; for global external rotation from 2 to 4 and for ability to bring the hand to mouth and neck from 1 to 3. Post operatively mallet class improved in all aspects to 4 and 5; statistically significant on paired t-test with p value of less than 0.005. There was a significant improvement in abduction, forward flexion and external rotation as compared to -preoperative values; statistically significant on paired t-test with p value of less than 0.005.Conclusion: Tendon transfer improves the functional status of shoulder in late cases of Erb\u27s Palsy with significant improvement in mallet class, cosmesis and patient satisfaction. A motivated patient, compliance and aggressive rehabilitation are important outcome parameters

Delayed supramalleolar flap: An innovative technique for enhanced viability

Background: Delaying flap rotation for 48 to 72 hours leads to opening of choke anastomotic vessels linking adjacent vascular territories. This mechanism enhances flap circulation. Lateral supramalleolar flap with larger dimensions or vascular variations can potentially have survival problems. The purpose of this study is to assess the outcome of delayed lateral supramalleolar flap.Methods: This descriptive case series was conducted at Aga Khan University Hospital, Karachi from May 1999 to December 2004. Eight cases of delayed lateral supramalleolar flap were identified through medical records maintained through Health Information Management Systems (HIMS). A detailed questionnaire was developed addressing variables of interest.Results: Eight patients required flap delay for 48 hours out of 25 patients, who underwent lateral supramalleolar flap for coverage of foot and ankle soft tissue defects. There were six male (75%) and two female (25%) patients with average age of 31.25 years ranging from 5-52. The reasons for delaying lateral supramalleolar flap were larger flap dimension in four (50%), absent peroneal artery perforator in three (37.5%) and one patient (12.5%) had poor circulation in immediate postoperative period. All the patients required two stage procedure and had excellent coverage of defects. No flap failure occurred subsequent to the delay procedure.Conclusions: Flap delay enhanced survival and extended the viable dimensions of lateral supramalleolar flap. Compromised circulation in larger flaps and flaps with vascular variations can be improved by delaying flap transfer to the recipient site for 48 hours following its elevation

National economic and environmental development study: the case of Pakistan

Pakistan is a developing country bracing for significant economic growth and development in the future. In this regards, the country is poised to shift towards an increased reliance upon its indigenous coal reserves to fuel its development in the 2010-2050 time frame. Although this will significantly raise its projected greenhouse gas emissions, the present study has identified numerous measures which can be taken to shift this future development pathway on to a lower carbon and more climate friendly trajectory. The country, however, requires this shift to be supported through the access and transfer of appropriate technologies and finance. The ensuing “additional” financial needs for mitigation for a cleaner development future range from between U$8 billion and U$ 17 billion. These have been identified in this report along with a potential of 18% and 40% reduction of emissions between below “Business As Usual” scenario which is possible with a shift towards cleaner technologies. These clean development investments, however, need to be made in the near future as otherwise the energy future of Pakistan will get locked into the lower cost - higher carbon options. This mitigation costing estimate will, however, need to be refined and focused further as Pakistan identifies not only the specific technologies that it needs for this low carbon shift (through carrying out the “Technology Needs Assessment”) but also the programmatic, sectoral as well as project specific NAMAs (Nationally Appropriate Mitigation Actions) in the near future. Pakistan is also highly vulnerable to the impacts of climate change and faces immense associated challenges in coping with its unavoidable effects and economic implications. This study has highlighted the need to treat adaptation to climate change as a primary development issue for Pakistan. The potential impacts and sectors demanding prioritized adaptation have been identified in this study and the, associated, costs of adaptation have been estimated utilizing three diverse modeling methodologies – using GDP projections, per-capita figures and “flood” disaster modeling. The resulting adaptation cost figures range from between U$6 billion to U$ 14 billion/year that Pakistan would have to spend at an average in the 2010-2050 time frame to cope with the effects of climate change while it will be also left to, unavoidably, bear significant “residual damage” costs induced due to climate change. The top-down adaptation costing analysis applied in this report is aimed at providing a reasonable first approximation that can be refined over time as relevant and reliable local data becomes available especially from research focusing on sector specific adaptation costing. Most significantly the report reinforces the fact that the issue of climate change is, thus, not only an environmental issue challenging the country but an issue which will directly impinge upon the country’s economic, financial and development future as it deals with its extreme vulnerability to climate change. The significant climate costs identified in this study inextricably shows that climate change is an issue which Pakistan can ill afford to ignore in the future. Finally the report has identified the major financing options available for climate change related activities in Pakistan as well as the significant unilateral climate resources, U$ 4.5 billion in 2007-2009 alone, that the country is already committing to climate change without getting any global recognition for its efforts. In future, global financing will need to augment and leverage such national financial commitments. Also, as climate finance becomes increasingly available at the global level, it would be essential to enact appropriate assimilative national capacity in Pakistan to direct this finance towards nationally identified priorities as well as channelize it transparently and efficiently through consolidated financial mechanisms like a National Climate Change Fund which has been proposed through this study.climate change Pakistan

Factors affecting product quality and reliability: A comparison of developed and developing countries

Increasing global competition has led to the need for organisations to continually improve their quality performance. In particular, developing countries such as China are focused on catching up with more developed countries. This study examines the relationships between improvement in three factors (health and safety conditions, worker motivation and satisfaction, work/life balance policies) in increase in product quality and reliability in developed countries. Based on a questionnaire, the study shows that improvement in health and safety conditions have a significant direct impact on increase in product quality and reliability while improvement in work/life balance do not have the same effect

Understanding Trust Transference Among Social Nerwork Friends In Social Commerce

This study aims to examine the trust transference among social network friends in social commerce through a randomized experimental design. A total of 558 respondents participated in the experimental study. The findings of this study suggest that trust propagates from one to another in a transitive network path structure (i.e. between a direct-friend relationship, to one of friend-of-friend, friend-of-friend-of-friend or virtual friend relationship) in the social commerce context. Trust is also positively transfers between strong-tie friends when it is examined in the context of message framing with positive and negative attributes

Transferring Entrepreneurship Education knowledge in a conflict environment : Insights from Boko Haram Heartland

In this paper we use interview data to demonstrate the efficacy of training as a mechanism of knowledge transfer of entrepreneurship education within a conflict environment. In particular, we found that entrepreneurship education is indeed a vital component that impacts the entrepreneurial knowledge and skills acquisition as well as the entrepreneurial intentions amongst a group of University students severely affected by the Boko Haram insurgency in northern Nigeria. We draw from our findings to outline the central tenets and policy implications of using training as a mechanism of knowledge transfer