Social connections in merger and acquisition framework

This thesis comprises three empirical studies that investigate the impact of bidders’ social linkages with politicians and financial advisors on merger behaviour, M and A deal characteristics and takeover returns. The resource based theory postulates that politically connected firms have competitive advantage over the unconnected firms in terms of privileged access to resources and relaxed regulatory standard. Federal regulatory agencies apply relaxed standards when reviewing merger proposals initiated by politically connected bidders. Whereas, the private interest theory states that politicians extract rents from their connected firms. Politically connected firms might encourage to undertake acquisition to protect their political interest. These contrast theories motivate the empirical investigation as to whether or not the bidders’ ties with the politicians affect the M and A process and its outcome. Chapter 3 looks at bidders’ social linkages with politicians and investigates merger frequency, M and A deal size and other characteristics of takeover deals initiated by politically connected bidders in the USA. It is found that politically connected bidders in the USA have a high likelihood of undertaking multiple acquisitions and targeting public firms. It appears that politically tied bidders do not prefer cash to finance merger deals. The evidence further shows that mergers in unrelated industries and large takeover deals are not associated with politically connected bidders. The overall findings suggest that the acquisition behaviour of politically connected bidders in the USA is influenced by the bidder’s self-interest of market and corporate control. Chapter 4 examines the bidder’s gain in acquisitions undertaken by politically connected bidders in the USA. It is noted that politically connected bidders in the USA underperform as compared to their counterparts. The results further show that politically connected bidders experience worse post-merger returns in the long-term as compared to non-politically connected bidders. Even after controlling self-selection bias through propensity score matching, politically connected bidders experience negative merger returns as compared to matched sample of non-political bidders. The “private interest theory” doesn’t explain the underperformance of politically connected bidders as the USA is a well governed economy and it’s not easy for politicians to extract personal benefits from their connected firms to the detriment of shareholders. Further, three hypotheses have tested to explore the reason(s) for the underperformance of politically connected bidders in the USA. No significant evidence is found for the free cash flow and financial constraint hypothesis, which implies that underperformance of politically connected bidders is not due to their easy access to the capital market. The empirical evidence suggests that after controlling bidder size, the underperformance of politically connected bidders disappear. It implies that politically connected bidders’ underperformance in both the short run and long run can be explained to an extent by the implications of a bidder’s large corporate size. It suggests that politically connected bidders in the USA suffer losses due to the agency implications of large corporate size which cannot be offset by benefits inherited by their political linkages. Consistent with agency theory, politically connections are indicative of agency issues within bidding firms which arises due to their large corporate size. The last empirical chapter examines the role of the social network hierarchy of financial advisors in a mergers and acquisitions framework. Theoretically, more centrally located financial advisors who have access to more and superior quality information should help acquire and target firms to achieve positive merger outcomes. However, the findings indicate that more centrally located advisors fail to create value for both bidders and targets while they charge higher advisor fees. The central financial advisors are more likely to be involved in high fee generating merger deals, hence they are found to have high likelihood to be involved in higher M and A activity, more likely to advise bidders than targets, large bidders, public and large deals. The overall results highlight that financial advisors exploit their relative power in their network to undertake takeover deals and pursue private benefits

Role of the ICT in Women Empowerment and Achieving SDGs: A Case Study of Developing Countries

The aim of the study is to analyze the ways women are empowed through information and communication technology (ICT) and fostering the process of achieving the Sustainable Development Goals (SDGs). Women in developing countries are facing economic and social hardships and have limited access to ICT, which in turn translate into their lack of skills, lower literacy rate and restricted social engagement. Therefore, present study explores the role of ICT on women empowerment in 51 developing countries by conducting dynamic panel data modelling over the period of 2000-17. The study finds that ICT has significant and positive contribution on female labor force participation rate. We have used Generalized Method of Moment (GMM) for handling estimation of dynamic panel data. Control variables like GDP growth and government expenditure on education have positive and statistically significant role to enhance women empowerment. Findings of this study implies that the ICT has an impact on women empowerment and ICT can help in achieving the SDGs related to women empowerment. Keywords: ICT, women, developing countries, empowerment, education, female labor force. DOI: 10.7176/JIEA/11-1-01 Publication date: January 31st 202

The Flow - Performance Relationship: Evidence from Pakistani Mutual Funds

we use the novel sample of Pakistani mutual funds to examine the flow performance relationship.  We apply linear regression model with fixed effect on unbalanced panel data for the period of 2012 to 2018. Consistence with the existence literature  using sample of US and other developed countries ,we find positive flow- performance relationship , but the prior performance do not have larger impact on subsequent fund flows.  Our results also exhibit that the shape of the relationship is not linear; it’s convex like other developed countries. In other words, the past high performing funds attracts larger inflow in the next periods whereas the past low performing fund suffer from minimal out flow in the next period

HYPERTENSION AS A PREDICTOR OF DIABETIC RETINOPATHY AT A TERTIARY CARE HOSPITAL

Background; In the year 2000, there were around 171 million people with diabetes globally, and by 2030, it is estimated that this number would increase to 366 million. These microvascular complications are linked to the duration of diabetes mellitus, poor glycemic control and systolic hypertension. Objective: To determine the frequency diabetic retinopathy (DR) in diabetic patients with hypertension. Subjects and Methods; A total of 365 diabetic patients having hypertension were included in our study using non – probability consecutive sampling technique. These patients were screened for diabetic retinopathy. All the information was recorded in the proforma and data was analyzed by using SPSS version 22. Results; Of these 365 study cases, 226 (61.9 %) were male patients while 139 (38.1 %) were female patients. Mean age of our study cases was 50.92 ± 5.77 years (with minimum age of our study cases was 40 years while maximum age was 60 years). Of these 365 study cases, 127 (34.8 %) belonged to rural areas and 238 (65.2 %) belonged to urban areas. Monthly family income up to Rs. 25000 was noted in 188 (51.5%) and 177 (48.5%) had monthly family income rupees more than 25000. History of smoking was present in 89 (24.4%) of our study cases. Mean body mass index was 26.32 ± 2.45 kg/m2 and obesity was present in 112 (30.7 %) of our study cases. Mean disease duration was 12.35 ± 7.52 years and 239 (65.5%) had duration of illness more than 5 years. Of these 365 study cases, 238 (65.2 %) were illiterate and 127 (34.8 %) were literate. Controlled diabetes was noted in 75 (20.5%) and 75 (20.5%) were taking proper treatment. Diabetic retinopathy was 151 (41.4%) of our study cases. Conclusion; Very high frequency of diabetic retinopathy was noted in patients with diabetes and hypertension in our study. Diabetic retinopathy was significantly associated with residential status, increasing age, monthly family income, smoking, treatment status, disease duration and obesity. Diabetic retinopathy was not associated with control of diabetes and hypertension. All clinicians treating such patients must educate their patients regarding regular eye check up to decrease disease morbidity.  Keywords; Diabetic retinopathy, hypertension, frequency

Amalan Dan Cabaran Mengamalkan Nilai Dan Etika Kerja Sosial Dalam Kalangan Pegawai Jabatan Kebajikan Masyarakat Malaysia

Elemen nilai dan etika dilihat sebagai faktor penting dalam pengekalan kompetensi praktis profesional kerja sosial. Ahli akademik dan pengamal kerja sosial telah berusaha membangunkan kaedah bagi mengekalkan nilai dan etika dalam profesion ini sejak mula kemunculan bidang ini lagi. Kajian ini merupakan satu kajian awal dalam konteks nilai dan etika dalam kerja sosial di Malaysia. Tujuan utama kajian ini adalah untuk mengkaji amalan dan cabaran dalam mempraktikkan nilai dan etika kerja sosial dalam kalangan pekerja kebajikan di Jabatan Kebajikan Masyarakat Malaysia (JKMM). Antara objektif kajian ialah untuk menentukan sama ada pekerja kebajikan mengamalkan nilai dan etika kerja sosial serta mengenal pasti masalah yang mereka hadapi dalam mempraktikkannya. Kaedah kajian adalah berbentuk „triangulation‟ di mana kedua-dua kaedah utama iaitu kuantitatif dan kualitatif telah digunakan. Bagi kaedah kuantitatif ‟Skala Pendapat Profesional‟ (Professional Opinion Scale, POS) yang dibangunkan oleh Abbott (2003) telah digunakan. Kenyataan dalam skala ini mengandungi nilai-nilai asas profesional kerja sosial yang dilabelkan sebagai 1) Menghargai hak asasi, 2) Rasa tanggungjawab sosial, 3) komitmen terhadap kebebasan individu atau keadilan sosial dan 4) Sokongan terhadap keputusan kendiri. Satu kaedah lagi ialah penggunaan vignette yang merupakan 4 simulasi kes bagi mendapatkan gambaran bagaimana pekerja kebajikan mengamalkan nilai dan etika dalam praktis harian. Penganalisisan terhadap tindakan yang dinyatakan oleh pekerja kebajikan terhadap setiap simulasi kes dilakukan secara kualitatif. Kajian telah dijalankan ke atas 298 pekerja sosial di Jabatan Kebajikan Masyarakat Malaysia yang bertugas di empat buah negeri di semenanjung Malaysia yang mewakili setiap zon iaitu Kedah, Kelantan, Selangor dan Negeri Sembilan. Pekerja kebajikan yang terlibat dalam kajian ini ialah mereka yang bekerja secara langsung dengan klien iaitu terdiri daripada pegawai kebajikan masyarakat (S41), penolong pegawai kebajikan masyarakat (S27 – S32) dan pembantu kebajikan (S17). Hasil kajian menunjukkan latar belakang responden hanya berkaitan secara signifikan dalam salah satu domain nilai yang dikaji iaitu menghargai hak asasi individu

ASSOCIATION OF MEAN PLATELET VOLUME WITH DISEASE SEVERITY OF PSORIASIS VULGARIS

Background; Psoriasis is a common chronic recurrent inflammatory skin disease and platelet activation has been reported to be associated with its pathogenesis. This study was done to document mean MPV levels in patients with psoriasis vulgaris in our population as local data is scarce on this topic. Objectives; To determine MPV in patients with psoriasis vulgaris and to compare MPV in psoriasis with PASI > 10 and PASI < 10. Material and Methods; Patients fulfilling the stated criteria were recruited through Dermatology OPD of Nishtar Hospital, Multan, Pakistan. Purpose of the study was explained to them and informed consent was signed before their enrolment into the study. Relevant history, physical examination, PASI, and BMI was carried out. Laboratory parameters included CBC (hemoglobin, White blood cell, platelet count, MPV, PDW) and was measured using an auto-analyzer (Sysmex XE 2000 Germany). Alanine aminotransferase(ALT), Blood urea nitrogen(BUN), Creatinine, plasma sugar levels, Uric acid, Serum cholesterol, ESR, Hepatitis B and C screening and a baseline ECG was performed. Data was entered and analyzed by software SPSS version 15. Results; Our study comprised of a total of 100 patients meeting inclusion criteria of our study. Of these 100 study cases, 66 (66%) were male patients while 34 (34 %) were female patients. Mean age of our study cases was 39.98 ± 9.66 years (with minimum age of our study cases was 26 years while maximum age was 60 years). Of these 100 study cases, 41 (41 %) belonged to rural areas and 59 (59 %) belonged to urban areas. Monthly family income up to Rs. 50000 was noted in 48 (48%) while more than 50000 rupees was noted in 52 (52 %) of our study cases. Mean body mass index of our study cases was 23.62 ± 2.18 kg/m2 and BMI more than 25 kg/m2 was noted in 18 (18 %) of our study cases. Of these 100 study cases, 78 (78%) had PASI less than 10 while 22 (22%) had PASI equal /more than 10. Mean MPV was 8.63 ±  0.67 fL (with minimum MPV was 7.8 fL while maximum was 9.9 fL). Conclusion; Mean platelet volume (MPV) was elevated among patients having psoriasis vulgaris and was significantly increased in patients with PASI ≥ 10 or disease severity. MPV is a good marker for disease severity of psoriasis vulgaris. MPV was significantly associated with gender, age, socioeconomic status, BMI and disease severity. All the clinicians treating such patients should regularly monitor MPV levels for early diagnosis of severity of the disease for better clinical outcomes. Keywords; Psoriasis, mean platelet volume, disease severity

Prevalence and risk factors of Hepatitis B among pregnant women.

Introduction: Globally Hep C virus (HBV) a public health problem account for 2 billion infection and 400 million of them were chronically infected1,2,3. In Pakistan prevalence among general population is 4.3 % with carrier rate 3-5% (7-9 million) 4.  The prevalence of HBV among pregnant women 5% (range 0.6% to >20%) worldwide, leading mother to child transmission causing fetal and neonatal hepatitis, attributed for 30% to 50% of chronic carriers. Methodology: A cross-sectional study was conducted among randomly selected 140pregnantwomen attended the antenatal clinic of the District hospital of Rahim-Yar-Khan in June-July 2013. Rapid diagnostic tests kits were used to access for HB surface antigen (HBsAg).  A face to face interview was carried out by using structured pre-tested questionnaire to obtain demographic and other information. Results: 16(9.3%) out of 140 pregnant women were found to be positive for HBsAg, higher risk age group was 20-29 years 10(62.5%) , 16(100%) out of 16 infected women and 6(4.83%) out of 124 non-infected women had Negative history of HBV in Husband. Blood transfusion in last pregnancy was 14(87.5%) out of 16 infected women and 52(41.93%) out of 124 non-infected women. 10(62.5%) out of 16 infected women and 5(4.03%) out of 124 non-infected women has passed through dental procedures. Therefore, negative history of HBV in Husband, blood transfusion and dental procedures in last pregnancy were the most prevalent risk factors among infected women. Among the total 124, 76(61.29%) were vaccinated against HBV, while 0(0%) out of 16 infected women were not vaccinated. Conclusion: Prevalence of the HBV among pregnant women in Rahim-Yar-Khan is of intermediate endemicity (11.4%). Past history of blood transfusion and HBV infected Husband was the most prevalent risk factor. Health education regarding risk factors, preventive measures should be given to pregnant women with the involvement of Lady Health Worker and mass media. Free screening and immunization of pregnant women should be incorporated in antenatal and postnatal program of hospital

Role of the ICT in Women Empowerment and Achieving SDGs: A Case Study of Women Labor Force in Developing Countries

The aim of the study is to analyze the ways women are empowered through information and communication technology (ICT) and fostering the process of achieving the Sustainable Development Goals (SDGs). Women in developing countries are facing economic and social hardships and have limited access to ICT, which in turn translate into their lack of skills, lower literacy rate and restricted social engagement. Therefore, present study explores the role of ICT on women empowerment in 51 developing countries by conducting panel data modeling over the period of 2000-17. The study finds that ICT has significant and positive contribution on female labor force participation rate by Generalized Method of Moment (GMM). Control variables like GDP growth and government expenditure on education have positive and statistically significant role to enhance women empowerment. Findings of the study imply that the ICT has an impact on women empowerment and which helps in fostering the process of achieving SDGs 2030

Response of Manufacturing Sector to Financial Liberalization in Pakistan

It has been believed that financial liberalization can stimulate industrial growth which may be translated into overall growth of the economy by efficient allocation of credit which generates investment opportunities by reducing the cost of investment, deregulations, privatizations and reduced capital controls. This paper aims to examine the impact of financial liberalization on industrial response in manufacturing industry measured as new firm entry. Moreover, moderating effect of external finance dependence on the relationship of financial liberalization and firm entry is estimated. We estimate the model using Generalized methods of moments and found that external finance dependence has a significant negative impact of new firm entry, while financial liberalization has a positive but insignificant impact on firm entry. Nevertheless, a statistically significant positive moderating impact of external finance dependence is documented which implies that the sectors which are more dependent on external finance gain disproportionate benefit from financial liberalization