Asset Pricing Model Conditional on Up and Down Market for Emerging Market: The Case of Pakistan

This study proposes an asset pricing model conditional on up and down market for emerging market and tests its validity in Pakistan on individual stocks of Karachi Stock Exchange from July 2004 to December 2012. The basic capital asset pricing model is also tested. The results indicate that when emerging market undergoes negative market excess return, basic capital asset pricing model is inaccurate to predict stock returns. Although the conditional asset pricing model accurately predicts the risk-return trade off with beta as sole determinant of stock returns when there is up market, however yet it is significantly variant during down market where significant impact of residuals is evinced on stock returns.  The market excess returns of up and down markets are also found asymmetric. The study implies that conditional asset pricing model can be an adequate technique for investors and portfolio managers considering investments in emerging markets. Keywords: Asset Pricing Model, Conditional, Pakistan, Emerging Market, Up Market, Down Market. JEL Codes: C21, C22, G10, G12, G1

ALUATION OF MUTUAL FUNDS AND SELECTION ABILITIES OF FUND MANAGERS IN PAKISTAN

Mutual funds are decent tools to encourage savings andinvestments, especially in developing nations like Pakistan whichrely heavily on foreign aids. This study explores the mutual fundperformance in Pakistan by using seven different performancemeasures, i.e. Sharpe, Treynor, Sortino, Information, Jensen Alpha,M2/RAP, Fama decomposition measures. This study covers a periodranging from July 2005 to June 2013 and includes 27 mutual fundschemes out of which 20 funds are open ended while 07 funds areclosed ended. Results prove underperformance on the part of all themutual funds and the whole industry was found weak on the part ofthe selection abilities of the fund managers and the portfolios werefound less diversified. However, it was noticed that closed ended fundsare better performers as compared to the open ended funds. Resultswere also inconsistent for the performance of individual funds asnone of the funds had the same rankings with respect to all the measuresused

UNDERSTANDING ASIAN EMERGING STOCK MARKETS

We use a three-step process employing multifractal detrended fluctuation analysis tostudy time-varying changes in the volatility and efficiency of Asian emerging equitymarkets. Our findings suggest that, in emerging markets, long-term stability andefficiency are linked to market development and liberalization. Our findings furthersuggest that financial crises have a negative impact on the efficiency of emergingmarkets but only in the short term.We use a three-step process employing multifractal detrended fluctuation analysis tostudy time-varying changes in the volatility and efficiency of Asian emerging equitymarkets. Our findings suggest that, in emerging markets, long-term stability andefficiency are linked to market development and liberalization. Our findings furthersuggest that financial crises have a negative impact on the efficiency of emergingmarkets but only in the short term

THE INFLUENCE OF PARTICIPATIVE MANAGEMENT ON ORGANIZATIONAL COMMITMENT OF EMPLOYEES: A MEDIATING ROLE OF EMPLOYEE INVOLVEMENT IN PAKISTAN

Organizational commitment is an important factor because the extent to which employees feel attached and committed to their organizations, will lead to higher productivity and lower turnover. Committed employees are also more focused on their respective tasks. The study is based on the service sector and private NGOs were surveyed, from where 280 responses were collected as part of the survey. The dimensions through which participative management was measured were employee priorities, managerial attitude and training consistency. The study found that there was a moderate positive relationship between all the dimensions of participative management and organizational commitment. The study also found that employee involvement mediated the relationship of participative management with organizational commitment. The mediating effect of Employee Involvement was proven with the help of step wise regression analysis and Sobel test. This study can contribute to managerial sector as it clearly shows that employee involvement is  necessary for organizational commitment to fully perpetuate in organization. If organizations involve employees at different levels, it will lead to a more concerned approach towards organization and will ultimately generate organizational commitmen

Business challenges among halal cosmetic and personal care entrepreneurs

The growth of halal cosmetic and personal care industry encourage the entrepreneur cosmetic and personal care applying halal certification standard to increase their business performance. Yet, a study and efforts to explain halal cosmetic and personal care challenges remain scant compared to other halal product such as food, slaughter, and financial banking system.This conceptual paper explores the business challenges faced by the entrepreneurs in halal cosmetic and personal care. The source of this study based on a library study review from available statistics, annual reports as well as reliable articles. Overall, there are several challenges faced by entrepreneurs in this industry that is fulfill consumer demand, understanding shariah requirement, market competition, and organization capability

Active slip control of a vehicle using fuzzy control and active suspension

This paper presents an active slip control system (ASCS) for a four-wheel drive electric vehicle (EV) using an active suspension of the vehicle. The integrated control mechanism is designed using a combination of a fuzzy controller and a nonlinear back-stepping controller to control the slip of the individual wheels with the help of the active suspension of the vehicle. In this research, the presented control mechanism is implemented in two steps. In the first step, based on the friction coefficient calculated from a nonlinear tire model, the fuzzy controller will generate the vehicle roll and pitch angles required to reduce the slipping of the individual wheels by changing the vertical load of the individual wheel. In the second step, a nonlinear back-stepping controller is used to track the required roll and pitch angles using the active suspension of the vehicle. A linear seven degree of freedom (DOF) vertical mathematical model is used for the design of the nonlinear back-stepping controller, while the rules of the fuzzy controller are interpreted from the friction coefficients of the tyre model. The performance of the presented control mechanism is verified using a 14-DOF nonlinear model with nonlinear tyre dynamics. The simulations using a nonlinear vehicle model show that the presented controller can successfully improve vehicle stability by reducing the slipping of the individual wheel

A Trainee’s Approach for Effective Operating Room Learning

Introduction: Surgical training has gone through a paradigm shift in recent years. The trends have shifted from an apprenticeship model to a new era of self-teaching and an attitude-driven learning. In this study, we aim to comprehensively investigate the knowledge and attitude pertaining to the perception of preparation required for the operating room and how the residents prepare themselves for it. Method: A quantitative study was conducted via predefined questionnaire. Surgical residents at a single tertiary care institution were asked to complete the survey via Google forms that was distributed by means of email to residents of the general surgery department. Inclusion and exclusion criteria were defined. Results: Forty surgical residents opted to participate in the survey. The majority of the residents had a similar perception of operating room preparation. The most prominent theme that emerged following the discussion was that the residents learned through trial and error, and advice solicited from co-residents, which in the majority of the cases, were senior level resident. The resources defined by the residents were similar among majority and factors that affected their preparation were variable. An important aspect highlighted through the discussion was that the level of postgraduate training affected the preparation done by residents in order to better perform in operation theatres. Conclusion: Knowledge and attitude regarding operating room preparation was quite similar among the surgical residents. They varied in their practice for preparation

Salvage of infected non-union of the tibia with an Ilizarov ring fixator.

Abstract PURPOSE: To review outcomes of 24 patients who underwent Ilizarov ring fixation for infected nonunion of the tibia. METHODS: Medical records of 21 men and 3 women aged 13 to 74 (mean, 38) years who underwent Ilizarov ring fixation for infectednon-union of the tibia were reviewed. The mean bone defect was 3.3 (range, 2-5) cm. The mean time from injury to presentation was 11.9 (range, 1-36) months. The mean number of previous surgeries was 2 (range, 0-14). A local flap was used in 2 patients and a free flap was used in one patient. Nine of the patients underwent Ilizarov ring fixation without soft tissue and bony resection, as inadequate stability was the reason for non-union. Patients were assessed using the Association for the Study and Application of the Method of Ilizarov criteria. RESULTS: Patients were followed up for a mean of 11 (range, 8-46) months. Functional outcome was excellent in 8 patients, good in 12, fair in 2, and failure in one, whereas bone union outcome was excellent in 6 patients, good in 14, fair in one, and poor in 2. The mean time to union was 8 (range, 3-31) months. The mean external fixation index was 4.2 (range, 1.5-15.7) cm/month. Complications encountered were pin tract infection (n=5), re-fracture (n=2), soft tissue impingement by Ilizarov rings (n=2), recurrence of wound infection (n=1), mal-union (n=1), and mortality (n=1). CONCLUSION: Ilizarov ring fixation is a viable option for infected non-union of the tibia. Adequate assessment of bone union is crucial before removal of fixator to prevent re-fracture

The Impact of Perceived Leadership Behavior and Organizational Commitment of Employees in the Education Sector of Pakistan

This paper aims to study the effect of perceived leadership behavior on organizational commitment of employees and the industry that this paper conducts the study in is the education sector of Pakistan. After a thorough review of the literature, research gap was identified and data was collected with the help of questionnaires. Out of 200 questionnaires that were handed out, 170 complete responses were received with a response rate of 85% as part of this self-administered questionnaire filling activity. These responses were obtained from the faculty members of different colleges and universities in Lahore, Pakistan. Random sampling was carried out for selection of the sample for this study. For analyzing the data Pearson’s product moment correlation and regression were used. This study found that there was a positive effect of participative and supportive leadership behavior and the organizational commitment of employees whereas there was a negative relationship between directive leadership and organizational commitment of employees. These findings are useful for managers to understand how they can increase organizational commitment amongst employees for greater organizational productivity. Limitations and future research possibilities have also been indicated