Economic and structural reforms and bank efficiency : a comparative analysis of India and Pakistan 1990-1998

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A modified Corrado test for assessing abnormal security returns

Event studies typically use the methodology developed by Fama et al. [19699. Fama , E. , Fisher , L. , Jensen , M. and Roll , R. 1969 . The adjustment of stock prices to new information . International Economic Review , 10 ( 1 ) : 1 – 21 . [CrossRef] View all references. The adjustment of stock prices to new information. International Economic Review 10, no. 1: 1–21] to segregate a stock's return into expected and unexpected components. Moreover, conventional practice assumes that abnormal returns evolve in terms of a normal distribution. There is, however, an increasing tendency for event studies to employ non-parametric testing procedures due to the mounting empirical evidence which shows that stock returns are incompatible with the normal distribution. This paper focuses on the widely used non-parametric ranking procedure developed by Corrado [19896. Corrado , C. 1989 . A nonparametric test for abnormal security price performance in event studies . Journal of Financial Economics , 23 ( 2 ) : 385 – 95 . [CrossRef], [Web of Science ®] View all references. A nonparametric test for abnormal security price performance in event studies. Journal of Financial Economics 23, no. 2: 385–95] for assessing the significance of abnormal security returns. In particular, we develop a consistent estimator for the variance of the sum of ranks of the abnormal returns, and show how this leads to a more efficient test statistic (as well as to less cumbersome computational procedures) than the test originally proposed by Corrado (19896. Corrado , C. 1989 . A nonparametric test for abnormal security price performance in event studies . Journal of Financial Economics , 23 ( 2 ) : 385 – 95 . [CrossRef], [Web of Science ®] View all references). We also use the theorem of Berry [19413. Berry , A. 1941 . The accuracy of the Gaussian approximation to the sum of independent variates . Transactions of the American Mathematical Society , 49 ( 1 ) : 122 – 36 . [CrossRef] View all references. The accuracy of the Gaussian approximation to the sum of independent variates. Transactions of the American Mathematical Society 49, no. 1: 122–36] and Esseen [19458. Esseen , C. 1945 . Fourier analysis of distribution functions: A mathematical study of the Laplace–Gaussian law . Acta Mathematica , 77 ( 1 ) : 1 – 125 . [CrossRef] View all references. Fourier analysis of distribution functions: A mathematical study of the Laplace–Gaussian law. Acta Mathematica 77, no. 1: 1–125] to demonstrate how the distribution of the modified Corrado test statistic developed here asymptotically converges towards the normal distribution. This shows that describing the distributional properties of the sum of the ranks in terms of the normal distribution is highly problematic for small sample sizes and small event windows. In these circumstances, we show that a second-order Edgeworth expansion provides a good approximation to the actual probability distribution of the modified Corrado test statistic. The application of the modified Corrado test developed here is illustrated using data for the purchase and sale by UK directors of shares in their own companies

Time-varying Managerial Overconfidence and Corporate Debt Maturity Structure

We examine the impact of managerial overconfidence on corporate debt maturity. We build upon the argument that managerial overconfidence is likely to mitigate the underinvestment problem, which is often the major concern for long-term debt investors. Within this context, we hypothesise that managerial overconfidence increases debt maturity. Our empirical evidence, based on time-varying measures of overconfidence derived from computational linguistic analysis and directors’ dealings in their own companies’ shares, supports this hypothesis. Specifically, we find that the changes in both first person singular pronouns and optimistic tone are positively related to the change in debt maturity. Moreover, we find that the insider trading-based overconfidence of CEO, who is most likely to influence investment decision and thus the underinvestment problem, has a stronger impact on debt maturity than the overconfidence of other directors (e.g. CFO). Overall, our study provides initial evidence for a positive overconfidence-debt maturity relation via overconfidence mitigating the agency cost of long-term debt

Institutional Investor Heterogeneity and Corporate Response to the Covid‐19 Pandemic

We examine the role of institutional investors in determining firms’ decisions whether to reduce dividends and share buybacks during the Covid‐19 pandemic. Our simple model predicts that the probability of cuts in payouts is linked to the holdings and types of institutions. We link our model to the attention‐based theories of the firm. We posit that the highly proximate nature of the pandemic may encourage greater risk aversion in organizations. Consequently, the presence of institutions that actively engage with managers results in a reduction in shareholders’ payouts during the pandemic to enable firms to deal with increased uncertainty, while institutions that seek short‐term value releases reduce the probability of cuts. We test our hypotheses using novel hand‐collected data on shareholders’ payout cuts in the UK during the Covid‐19 lockdown. We find that in firms with larger institutional holdings, shareholders’ payouts are more likely to be reduced as a response to the pandemic. However, institutional heterogeneity matters as institutions with a view to improve firms’ long‐term growth are more likely to affect corporate payout decisions. In contrast, institutions that focus on regular income (e.g. pension funds) seem to resist cuts even in the aftermath of a severe exogenous shock like the Covid‐19 pandemic

Social capital, environmental justice and carcinogenic waste releases: US county-level evidence, 1998–2019

We examine the role of social capital in explaining the highly unequal regional distribution of firms’ carcinogenic releases. Our model predicts that social capital, by enabling information-sharing and coordination among community members, decreases carcinogenic releases. Our analysis, based on the US county-level releases derived from around 2 million chemical-facility-level reports during the period 1998–2019 and the instrumental variables approach, confirms our prediction. However, the impact is reduced when counties rely on waste-releasing firms for economic opportunities. An important policy implication of our study is that the efficacy of initiatives to alleviate environmental injustice is likely to depend on communities’ social capital

Residual Government Ownership in Public-Private Partnership Projects

Social and economic infrastructure are essential for economic development. However, over the last three decades, many infrastructure projects in developing countries have failed. These failures raise the question as to the role of governments in the provision, and longevity, of much needed infrastructure. In this paper, we seek to examine the significance of governments’ residual ownership in determining the failure of infrastructure projects that started as Public-Private Partnerships (PPP). We utilise duration analysis to analyse 2,721 PPP projects across six regions globally and find that assigning the residual ownership of infrastructure projects to the government reduces the probability of project failure. It may be the case that assigning the risk of residual ownership to governments makes the project more affordable to end users. We also find that both project size and sector play an important role in determining the probability of project failure. These findings provide policy insights and highlights issues around the way infrastructure projects in developing countries are negotiated between the private sector and governments

EXPLORANDO O PAPEL DA UNIVERSIDADE PRÍNCIPE SATTAM BIN ABDULAZIZ NA ABORDAGEM DE CAUSAS E CONSEQUÊNCIAS DE FRUSTRAÇÃO ENTRE ESTUDANTES: UM ESTUDO DE CAMPO

Frustration among university students is a prevalent and often overwhelming emotion resulting from a variety of academic, personal, and social pressures, significantly impacting their overall college experience. This study aims to investigate the role of Prince Sattam bin Abdulaziz University in addressing the causes and consequences of students’ frustration. We employed a descriptive research methodology and surveyed 87 faculty members from the colleges of Wadi Al-Dawasir and Al-Sukayyia using an 18-item questionnaire. Data were analyzed using appropriate statistical methods. The results indicated that, from the perspective of faculty members, the role of Prince Sattam bin Abdul Aziz University in addressing the causes and consequences of student frustration was moderate. The dimensions of this role were ranked as follows: first, the university's role in raising students' awareness about the causes and consequences of frustration; second, the university's educational role; and third, the university's preventive role in alleviating student frustration. The study proposes a conceptual framework to activate the preventive, awareness-raising, and educational roles of Prince Sattam bin Abdulaziz University in addressing the issue of student frustration.A frustração entre os estudantes universitários é uma emoção predominante e muitas vezes avassaladora, resultante de uma variedade de pressões acadêmicas, pessoais e sociais, impactando significativamente a sua experiência universitária em geral. Este estudo tem como objetivo investigar o papel da Universidade Príncipe Sattam bin Abdulaziz na abordagem das causas e consequências da frustração dos estudantes. Empregamos uma metodologia de pesquisa descritiva e entrevistamos 87 professores das faculdades de Wadi Al-Dawasir e Al-Sukayyia usando um questionário de 18 itens. Os dados foram analisados utilizando métodos estatísticos apropriados. Os resultados indicaram que, do ponto de vista dos docentes, o papel da Universidade Príncipe Sattam bin Abdul Aziz na abordagem das causas e consequências da frustração dos estudantes foi moderado. As dimensões deste papel foram ordenadas da seguinte forma: primeiro, o papel da universidade na sensibilização dos estudantes sobre as causas e consequências da frustração; segundo, o papel educativo da universidade; e terceiro, o papel preventivo da universidade no alívio da frustração dos estudantes. O estudo propõe uma estrutura conceitual para ativar os papéis preventivos, de conscientização e educacionais da Universidade Príncipe Sattam bin Abdulaziz na abordagem da questão da frustração dos estudantes

Modelling Permafrost Distribution in Western Himalaya Using Remote Sensing and Field Observations

Acknowledgments: M.A.R.K. and P.P. are thankful to the director Indian Institute of Remote Sensing, ISRO, Dehradun for help and support. S.S. and A.B. would like to acknowledge the University of Aberdeen Pump Prime grant to support their research in Ladakh, India. S.N.A. acknowledges the Director, Birbal Sahni Institute of Palaeosciences, Lucknow for encouragement and support.This study did not receive any external funding.Peer reviewedPublisher PD

Self-Perceived Competence of New Dental Graduates in Pakistan – A Multi-institution Study

Objective: To investigate the self-perceived competence of house-officers from three dental institutions in Pakistan. Study Design: Cross-sectional study. Place and Duration of Study: Islamabad Dental Hospital, Fatima Memorial Dental Hospital and Islamic International Dental Hospital, from Jan to Dec 2018. Methodology: House-officers from three dental institutions were invited to participate in a cross-sectional study. A previously validated preparedness assessment scale was used to gauge the perceptions and experiences of the participants on a range of clinical, cognitive and affective skills. The results were compared to data from Dental Foundation Trainees in the UK. Results: In total 128 house-officers responded to the online questionnaire (18 participants were excluded due to missing data). All but four participants were in the 20-25 years age group (96.4%). The mean overall score of participants was 70/100 (SD ± 11.71). Self-perceived competence was reported to be low for clinical skills in radiography, crowns, cast-partial dentures and endodontics on multi-rooted teeth. Conclusions: This study investigated self-perceived competence amongst new graduates and provides information for comparison with data from Foundation Dentists in the UK. Pakistani House-Officers felt less prepared than Dental Foundation Trainees in 49/50 attributes. Several areas were identified where graduates from both countries may benefit from further education, training and consolidation. The findings may be of interest to dental educators and other stakeholders. Keywords: , ,

Analysis of the dual active bridge-based DC-DC converter topologies, high-frequency transformer, and control techniques

A power conversion system needs high efficiency for modern-day applications. A DC-DC isolated bidirectional dual active bridge-based converter promises high efficiency and reliability. There are several converter topologies available in the market claiming to be the best of their type, so it is essential to choose from them based on the best possible result for operation in a variety of applications. As a result, this article examines the characteristics, functionality, and benefits of dual active bridge-based DC-DC converter topologies and the other members of the family, as well as their limits and future advances. A high-frequency transformer is also an important device that is popular due to high leakage inductance in dual active bridge (DAB) converters. Therefore, a detailed review is presented, and after critical analysis, minimized leakage inductance in the toroidal transformer is obtained using the ANSYS Maxwell platform. Furthermore, this work includes a comprehensive examination of the control approaches for DAB converters, which is important for selecting the most appropriate technique for a certain application. The outcome of ANSYS Maxwell is integrated with a DAB-based boost inverter in the MATLAB/Simulink environment, and the results are validated with the help of an experimental prototype.Web of Science1523art. no. 894