Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

Do liquidity shocks matter? While even a simple `yes' or `no' presents identification challenges, going beyond this entails tracing how such shocks to lenders are passed on to borrowers, and whether borrowers can in turn cushion these shocks through the credit market. This paper does so by using data that follows all loans made by lenders to borrowing firms in Pakistan, and exploiting cross-bank variation in liquidity shocks induced by the unanticipated nuclear tests in 1998. We isolate the causal impact of the bank lending channel by showing that for the same firm borrowing from two different banks, its loan from the bank experiencing a 1% larger decline in liquidity drops by an additional 0.6%. The liquidity shock also lowers the probability of continued lending to old clients and extending credit to new ones. Although this lending channel affects all firms significantly, large firms and those with strong business and political ties completely compensate the effect by borrowing more from more liquid banks - both through existing and new banking relationships. In contrast, small unconnected firms are entirely unable to hedge and face large drops in overall borrowing and increased financial distress. The liquidity shocks thus have large distributional consequences.

Bank Credit and Business Networks

We construct the topology of business networks across the population of firms in an emerging economy, Pakistan, and estimate the value that membership in large yet diffuse networks brings in terms of access to bank credit and improving financial viability. We link two firms if they have a common director. The resulting topology includes a "giant network" that is order of magnitudes larger than the second largest network. While it displays "small world" properties and comprises 5 percent of all firms, it accesses two-thirds of all bank credit. We estimate the value of joining this giant network by exploiting "incidental" entry and exit of firms over time. Membership increases total external financing by 16.6 percent, reduces the propensity to enter financial distress by 9.5 percent, and better insures firms against industry and location shocks. Firms that join improve financial access by borrowing more from new lenders, particularly those already lending to their (new) giant-network neighbors. Network benefits also depend critically on where a firm connects to in the network and on the firm's pre-existing strength.

Identification and political advertising: Exploring the role of ethnic identification in political advertising campaigns

Issues of race and ethnic diversity have emerged as important consideration in campaigning and developing political advertising. This study examines the moderating effect of the strength of ethnic identity for Hispanic and non-Hispanic White voters. The results of the between-subject factorial design indicate that non-Hispanic White individuals with strong ethnic identities hold more favorable attitudes toward a political candidate that advocates against same-sex marriage than non-Hispanic Whites with weak ethnic identities. Non-Hispanic White individuals with strong ethnic identities also expressed greater intentions to vote for and perceptions of similarity to the anti-same-sex marriage candidate. Conversely, Hispanic individuals with strong ethnic identities hold more favorable attitudes toward a political candidate that supports same-sex marriage than Hispanic individuals with weak ethnic identities. Findings show that the degree to which racial/ethnic members affirm their racial/ethnic affiliations influence their voting proclivities when facing a religiously controversial and morally framed social issue such as same-sex marriage

Effective Cross-cultural Advertising: Moderating Roles of Ethnic Identity and Religiosity in Pitching Controversial Vs. Non-controversial Products to Diasporic Communities

This study evaluates the impact of casting ethnically identical actors in advertisements to elicit a favourable attitude towards the advertisement and the product. Our study explores the effectiveness of cross-cultural advertising and investigates the effectiveness of advertisements. In this experimental study, a national sample (N = 252) was recruited with an equal number of Indian and Middle Eastern subjects, which were randomly chosen across the United States. The results reflect that attitude formation patterns for Indians and Middle Easterners are dissimilar when they are exposed to advertisements containing actors with varied ethnicities

Bank Credit And Business Networks

We construct the topology of business networks across the population of firms in an emerging economy, Pakistan, and estimate the value that membership in large yet diffuse networks brings in terms of access to bank credit and improving financial viability. We link two firms if they have a common director. The resulting topology includes a "giant network" that is order of magnitudes larger than the second largest network. While it displays "small world" properties and comprises 5 percent of all firms, it accesses two-thirds of all bank credit. We estimate the value of joining this giant network by exploiting "incidental" entry and exit of firms over time. Membership increases total external financing by 16.6 percent, reduces the propensity to enter financial distress by 9.5 percent, and better insures firms against industry and location shocks. Firms that join improve financial access by borrowing more from new lenders, particularly those already lending to their (new) giant-network neighbors. Network benefits also depend critically on where a firm connects to in the network and on the firm's pre-existing strength

EMPLOYEE EMPOWERMENT AND ITS INFLUENCE ON EMPLOYEE PERFORMANCE: A CASE OF HAZARA UNIVERSITY

The aim of this study was to analyze the effect of employee empowerment on the performance of faculty members at Hazara University. In this regard survey approach was used and data was collected through self-administered questionnaires. Out of total population of 490 faculty members, 450 were selected as a sample and questionnaires were distributed among them out of which 360 were received back. The findings of the study revealed that trust, reward and communication have a statistically significant and positive effect on employee performance. Additionally, knowledge has a negative relationship with employee performance but it is statistically in significant

Does Stress affect job performance of male and female employees differentially? A study of the perceptions of employees of Sungi in Hazara Region of Pakistan

This study was carried out to find how stress affects the performance of male and female employees in the NGO sector in Pakistan. The authors have used a case study approach. The data was collected using in-depth interviews of the employees of Sungi foundation in district Abbottabad of Khyber-Pakhtunkhwa province in Pakistan. Our results suggest that stress differentially impacts both male and female employees in the NGO sector in Pakistan. Although both males and females thought they experienced a drop in performance due to stress, the female employees felt they were affected more. This is due to their family responsibilities in addition to job duties. The study does not seek to generalize to all the other settings and the authors strongly suggest further studies to replicate the findings. The use of rigorous quantitative methodologies will lend more rigors to the results

EMPLOYEE EMPOWERMENT AND ITS INFLUENCE ON EMPLOYEE PERFORMANCE: A CASE OF HAZARA UNIVERSITY

The aim of this study was to analyze the effect of employee empowerment on the performance of faculty members at Hazara University. In this regard survey approach was used and data was collected through self-administered questionnaires. Out of total population of 490 faculty members, 450 were selected as a sample and questionnaires were distributed among them out of which 360 were received back. The findings of the study revealed that trust, reward and communication have a statistically significant and positive effect on employee performance. Additionally, knowledge has a negative relationship with employee performance but it is statistically in significant

How does the blockchain find its way in the UAE? The blockchain as a sociotechnical system

Blockchain is emerging as a powerful technological force that promises to change society\u27s status quo. The UAE has taken a proactive approach to blockchain innovation and development. With the framing of blockchain as a sociotechnical system, blockchain initiatives in the UAE are critically examined in terms of prospects, challenges, and implications for future digital societies. Blockchain developmental trajectories are analysed from a sociotechnical lens, i.e., societal, technological, industrial, and economic trends that characterise the interfaces and interaction among people, organisations, technology, and society, eliciting underlying potential influences of cultural, ethical, and legal rhetoric. Despite strong initiatives, a series of challenges, such as trust, privacy, and transparency, has emerged as blockchain begins to develop its full potential. With these issues, sociotechnical concerns have increased regarding how to respond to the possible consequences that such a policy choice would entail, how to govern blockchains, and how to create a sustainable blockchain ecosystem. The socio-political ramifications of UAE blockchains are critically assessed to establish key features and conceptualise issues to unlock opportunities to guarantee a sociotechnical approach to blockchains

Structural Analysis & Shape Optimization for a Control Arm of a Vehicle’s Suspension.

This paper's primary goal is to develop and conduct a structural analysis of a sheet metal control arm used in the front suspension system. The control arm permits the wheel to move up and down but prohibits it from moving forward or backward. Additionally, the part is exposed to intense loads while performing its duty because the wheelbase is attached to the chassis on one end. To create sustainable and competitive products, component material and design selection is a crucial topic in the industry. Shape optimization can be utilized as a design tool in the initial stages of the design process to fully satisfy the strength and endurance requirements on a component level. Here the focus is on a control arm where the structural requirements on it involve the part being exposed to stress-strain due to the applied forces which can be treated and reduced during the optimization process. This would enable engineers to design better products while reducing the cost of development significantly