An Ensemble Classifier Based on Individual Features for Detecting Microaneurysms in Diabetic Retinopathy

Individuals with diabetes are more likely to develop Diabetic Retinopathy (DR), a chronic ailment that can lead to blindness if left undiagnosed. Early-stage Diabetic Retinopathy (DR) is characterized by Microaneurysms (MA), which appear as tiny red lesions on the retina. This paper investigates a unique approach for the automated early identification of microaneurysms  in eye images. A unique ensemble classifier technique is suggested in this work. Classifiers like SVM, KNN, Decision Tree, and Naïve Bayes are chosen in this study for building an ensemble model. After preprocessing the image, certain common image characteristics such as shape and intensity features were retrieved from the candidate. The mean absolute difference of each feature is computed. Based on mean ranges that would give improved classification results, an expert classifier is chosen and trained. The outputs of the classifiers are integrated for each of the distinct characteristics, and the number of categories that have been most frequently repeated is utilized to reach a final decision. The process has been comprehensively validated using two available open datasets, like e-ophtha and DIARETDB1. On the e-ophtha and DIARETDB1 datasets, the ensemble model achieved an AUC of 0.928 and 0.873, Sensitivity of 90.7% and 85%, Specificity of 90% and 91% respectively

Use of Financial Instruments and Interaction with Islamic Financial Law

This research provide an analysis of how financial instruments are used in markets, and to what extent they are related to Islamic financial law. Islamic law prohibits usury, uncertainty, and those transactions that involve ambiguity. Conventional finance on the other hand is debt based and involves a lot of risk. We used structured interview questionnaire, and experts from the field of conventional and Islamic finance were interviewed. Results of structure interview reveal that many things are common between Islamic and conventional finance such as rent for services in case of both conventional and Islamic lease. The Murabaha is somewhat similar to asset backed risky loan. The features of Mudaraba are closer to European option such that profits from Mudarabah offset call price. In addition the deposits are collected under both systems. This research also found that best financial instrument for increasing value of a firm is equity financing, while debt financing is not a good choice, because the later increases risk and decreases value of a firm. Swaps and forwards are used for hedging risks and saving the future. It is concluded that most of the conventional instruments are not prohibited, and they intersect at various points with Islamic financial law. The gap of two systems can be reduced by taking number of steps such as transferring ownership of a leased asset after first installments. Furthermore the gap can also be reduced if shares are offered for purchase of an asset at beginning, and when that asset begins to produce cash flows, then distributing profits equally, but the bank or organization providing services will be provided service charges. Keywords: Islamic Financial Instruments, Conventional Instruments, Sukuk

EFFECTS OF REMITTANCES ON PER CAPITA ECONOMIC GROWTH OF PAKISTAN

This study investigates the effects of remittances on per capita economicgrowth of Pakistan for the period 1976 to 2013. The Auto RegressiveDistributed Lag (ARDL) Bounds testing model was employed toexplore short run and long run liaison of remittances with per capitaeconomic growth. The analyses evidence statistically significantpositive long run and short run impacts of remittances on per capitaeconomic growth. Based upon the empirical results, this study suggeststhat government should formulate and adopt policies which canfurther motivate and enhance remittances inflow, and hence a morepromising economic growth

Consumer’s Perception on General Banking Activities of Commercial Banks: A Study in the Banking Context of Bangladesh

To cope up with the competitive and highly regulated banking sector, every bank is trying to put their focus on satisfying its customers. As a result consumers’ need is required to be found out. This research focuses on the issues to find out consumers’ perception on general banking activities of a commercial bank. The paper provides an understanding of different factors that affect consumer perception on general activities of a bank. Here 3 factors are generated with the help of factor analysis. This sort of research is also helpful to find out consumer’s perception in different industries and organizations. Keyword: Factor analysis, General banking activities, Commercial bank

Size premium, value premium and market timing: evidence from an emerging economy

Purpose - This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of Pakistan over the period 1995 to 2015. Furthermore, this study tests the validity of the capital asset pricing model (CAPM) and Fama and French model. Design/methodology/approach - This study considers monthly stock returns of 167 firms and constructs six different portfolios on the basis of different size and book to market ratio. The Treynor and Mazuy model is used to capture the market timing strategy. Findings - The results indicate evidence of the market timing in normal market conditions. However, there is less supportive evidence of market timing in up-market, down-market and in-financial-crisis situations. This study also confirms the validity of the capital asset pricing model and Fama and French three-factor model with strong support of value premium and size premium in the stock market. Practical implications - The findings of this study are helpful to companies in estimating the cost of issuing equity more accurately. The investors can use market timing to make their investment in a more better and profitable manner. Originality/value - Unlike other previous studies, this study considers an extended period to test the validity of the capital asset pricing model and Fama and French model. In addition, this study is novel in testing the marketing timing of the firms in the context of emerging economy of Pakistan.Objetivo - Este estudio tiene como objetivo investigar la estrategia de sincronización del mercado en diferentes condiciones de mercado (es decir, situación al alza, a la baja, normal y en situación de crisis financiera) en el mercado emergente de Pakistán durante el período 1995 a 2015. Además, este estudio prueba la validez de la modelo de valoración de activos de capital (CAPM) y modelo Fama y francés. Diseño / metodología / enfoque - Este estudio considera los rendimientos mensuales de las acciones de 167 empresas y construye seis carteras diferentes sobre la base de diferentes tamaños y relaciones entre libros y mercado. El modelo de Treynor y Mazuy se utiliza para capturar la estrategia de sincronización del mercado. Recomendaciones - Los resultados indican evidencia de la sincronización del mercado en condiciones normales de mercado. Sin embargo, hay menos evidencia de apoyo de la sincronización del mercado en situaciones de mercado al alza, a la baja y en situaciones de crisis financiera. Este estudio también confirma la validez del modelo de fijación de precios de los activos de capital y el modelo de tres factores de Fama y el francés con un fuerte apoyo de la prima de valor y la prima de tamaño en el mercado de valores. Implicaciones prácticas - Los hallazgos de este estudio son útiles para que las empresas estimen con mayor precisión el costo de emisión de acciones. Los inversores pueden utilizar la sincronización del mercado para hacer su inversión de una manera mejor y más rentable. Originalidad / valor - A diferencia de otros estudios anteriores, este estudio considera un período extendido para probar la validez del modelo de valoración de activos de capital y el modelo francés y de Fama. Además, este estudio es novedoso al probar el momento de comercialización de las empresas en el contexto de la economía emergente de Pakistán

Debt capacity, debt choice, and underinvestment problem: Evidence from China

This study investigates how short-term debt and debt capacity help firms to make efficient financing decisions and reduce underinvestment problem. The sample includes Chinese nonfinancial firms listed on the Shanghai and Shenzhen Stock Exchanges over the period 2007 to 2017. The findings indicate that short-term debt is positively related to leverage. The results also indicate that growth positively influences leverage. The results further show that short-term debt enhances the positive impact of growth on leverage. These findings reveal that short-term debt makes firms financially flexible, and allows them to obtain more cost-effective debt by repricing and renegotiation of debt contracts in the presence of valuable growth opportunities. Furthermore, the results illustrate that debt capacity is positively associated with leverage, suggesting that debt capacity helps firms to have an easy access to the credit market and reduce liquidity risk. Overall, the findings remain consistent across different types of firms (state-owned [S.O.E.] and non-state-owned enterprises [N.S.O.E.]) and by considering alternative proxy of growth

Analytical Hierarchy Process (AHP) Approach on Consumers’ Preferences for Selecting Telecom Operators in Bangladesh

This study is designed for the analysis of the consumers’ preferences for selecting the telecom operators in Bangladesh. This study includes an empirical analysis using AHP model based on some criteria of consumers’ preferences. This study provides relevant ranking using AHP model rather than finding the causal relationship among the variables. The results of the empirical analysis shows that the respondents preferred the network criterion as most important criterion for their preferences, and also preferred two telecom operators Grameen Phone and Airtel under different criteria. Finally, the global weights of the AHP analysis show that the respondents preferred Grameen Phone most than all other telecom operators in Bangladesh. Keywords: AHP Analysis, Telecom Operators, Consumers’ Satisfaction

Sarcoidosis of the Intra- and Extrahepatic Bile Ducts with Concomitant Cholangitis in a Patient with Ulcerative Colitis

Cholangitis in patients with ulcerative colitis (UC) can lead to misdiagnosis of primary sclerosing cholangitis (PSC). Furthermore, it can mimic cholangiocellular carcinoma, which also can lead to inappropriate and potentially harmful treatment of the patient. An 18-year-old male patient with known UC presented with pain in his right upper abdomen and elevation of the cholestatic liver enzymes (alkaline phosphatase: 197 U/L, γ-glutamyltransferase: 229 U/L) and increased inflammatory parameters (leukocytosis and CrP of 13.6 mg/L). Magnetic resonance cholangiopancreatography revealed unclear stenosis in the bifurcation of the main hepatic bile duct as well as in the prepapillary bile duct. Ultrasound (US) examination and endoscopic retrograde cholangiopancreatography showed dilatation of the intra -and extrahepatic bile ducts, which raised the suspicion of PSC. US image with dilated intra- and extrahepatic dilatation of the bile duct was also suggestive for autoimmune cholangitis. However, serum analysis revealed an elevated soluble interleukin-II receptor (1,305 U/mL), while immunoglobulin G4 was within normal ranges. Liver biopsy demonstrated hepatic inflammation and presence of granulomatous cells within the portal fields – convenient to sarcoidosis. After starting treatment with steroids, we observed a rapid clinical response with improvement of the dilated bile ducts and decrease of the initially elevated cholestatic liver enzymes. Sarcoidosis within the bile duct is a rare condition. Steroids are the treatment of choice and – along with the histology – are furthermore helpful to differentiate between several potential differential diagnoses like IgG4 cholangitis, primary biliary cholangitis, or PSC

Pathogen- and Host-Directed Antileishmanial Effects Mediated by Polyhexanide (PHMB)

BACKGROUND:Cutaneous leishmaniasis (CL) is a neglected tropical disease caused by protozoan parasites of the genus Leishmania. CL causes enormous suffering in many countries worldwide. There is no licensed vaccine against CL, and the chemotherapy options show limited efficacy and high toxicity. Localization of the parasites inside host cells is a barrier to most standard chemo- and immune-based interventions. Hence, novel drugs, which are safe, effective and readily accessible to third-world countries and/or drug delivery technologies for effective CL treatments are desperately needed. METHODOLOGY/PRINCIPAL FINDINGS:Here we evaluated the antileishmanial properties and delivery potential of polyhexamethylene biguanide (PHMB; polyhexanide), a widely used antimicrobial and wound antiseptic, in the Leishmania model. PHMB showed an inherent antileishmanial activity at submicromolar concentrations. Our data revealed that PHMB kills Leishmania major (L. major) via a dual mechanism involving disruption of membrane integrity and selective chromosome condensation and damage. PHMB's DNA binding and host cell entry properties were further exploited to improve the delivery and immunomodulatory activities of unmethylated cytosine-phosphate-guanine oligodeoxynucleotides (CpG ODN). PHMB spontaneously bound CpG ODN, forming stable nanopolyplexes that enhanced uptake of CpG ODN, potentiated antimicrobial killing and reduced host cell toxicity of PHMB. CONCLUSIONS:Given its low cost and long history of safe topical use, PHMB holds promise as a drug for CL therapy and delivery vehicle for nucleic acid immunomodulators