Optimal portfolio and spending rules for endowment funds

We investigate the role of different spending rules in a dynamic asset allocation model for university endowment funds. In particular, we consider the fixed consumption-wealth ratio (CW) rule and the hybrid rule which smoothes spending over time. We derive the optimal portfolios under these two strategies and compare them with a theoretically optimal (Merton) strategy. We show that the optimal portfolio with habit is less risky compared to the optimal portfolio without habit. A calibrated numerical analysis on U.S. data shows, similarly, that the optimal portfolio under the hybrid strategy is less risky than the optimal portfolios under both the CW and the classical Merton strategies, in typical market conditions. Our numerical analysis also shows that spending under the hybrid strategy is less volatile than the other strategies. Thus, endowments following the hybrid spending rule use asset allocation to protect spending. However, in terms of the endowment’s wealth, the hybrid strategy comparatively outperforms the conventional Merton and CW strategies when the market is highly volatile but under-performs them when there is strong stock market growth and low volatility. Overall, the hybrid strategy is effective in terms of stability of spending and intergenerational equity because, even if it allows short-term fluctuation in spending, it ensures greater stability in the long run

Some Quadratic Transformations and Reduction Formulas associated with Hypergeometric Functions

In this paper, we construct four summation formulas for terminating Gauss’ hypergeometric series having argument “two and with the help of our summation formulas. We establish two quadratic transformations for Gauss’ hypergeometric function in terms of finite summation of combination of two Clausen hypergeometric functions. Further, we have generalized our quadratic transformations in terms of general double series identities as well as in terms of reduction formulas for Kampé de Fériet’s double hypergeometric function. Some results of Rathie-Nagar, Kim et al. and Choi-Rathie are also obtained as special cases of our findings

PLANNED BEHAVIOR ENTREPRENEURSHIP AND INTENTION TO CREATE A NEW VENTURE AMONG YOUNG GRADUATES

This paper attempts to investigate whether young graduates possess the leadership style that is pre-requisite to become entrepreneur. The paper further examines the role of higher education towards the desire of new venture creation among young graduates in developing economies specially. This study analyzed the response of 225 final-semester students at different universities in Islamabad, Rawalpindi and Lahore. A questionnaire based survey instrument was used. Result of the present study shows that education and new venture creation are positively and significantly correlated. The results further indicate that all variables used in this study are significantly correlated with intention to create a new venture. The limitation of this study is that it includes business and economics discipline students only. Further studies may investigate and examine the possibilities of similar outcomes among students of other disciplines including science, engineering, medicine, agriculture and law etc. The present study will, however, provide insight to future policy makers and planners to consider strategies for optimally utilizing the expertise and potentials of the young graduates. The academicians, educators, and university authorities have rethink what to teach? How to teach? In order to effectively prepare-young generation for the forthcoming challenges.entrepreneurship, leadership style, new venture creation, planned behavior, young graduates.

Macular Thickness by Age and Gender in Healthy Eyes Using Spectral Domain Optical Coherence Tomography

PURPOSE: To determine normal macular thickness and its variation by age and gender in healthy eyes using spectral-domain optical coherence tomography (SD-OCT). METHODS: In this cross-sectional analysis, two hundred and twenty eyes of 220 healthy subjects underwent raster scanning using Topcon SD-OCT system, at the Department of Ophthalmology, Dow University of Health Sciences and Civil Hospital Karachi, Pakistan. Macular thickness from all 9 regions of the ETDRS map was documented for each subject. Variations in macular thickness measurements by age and gender were determined. RESULTS: The 220 subjects had a mean age of 45.3 years (16-80 years). Using the ETDRS map, foveal thickness for all subjects was measured to be 229±20.46 µm. Mean macular thickness for all subjects was 262.8±13.34 µm. Male gender was associated with greater foveal (p<0.0001) and mean macular (p<0.0001) thickness compared to females. There was no association of mean macular thickness (r(2) = 0.01; p>0.05) and foveal thickness (r(2) = 0.00004; p>0.05) with age. CONCLUSION: We have provided normative data for macular thickness using Topcon SD-OCT system. Our results are comparable to some and vary from other reports using the similar OCT system. Our results suggest that male gender is associated with greater macular thickness, while macular thickness has no association with age in healthy eyes. This is the first normative data for macular thickness from Pakistan; benchmark for diagnosing and monitoring macular pathologies. The values obtained in this study may be useful for comparison with other populations, other SD-OCT systems and future imaging technologies

Effect of gamma radiation on ultraviolet, visible and infrared studies of NiO, Cr2O3 and Fe2O3-doped alkali borate glasses

AbstractBorate glasses with basic composition xR2O.(100−x)B2O3 where R=Na, K, were colored by doping with one of transition metal ions Ni, Cr, Fe or doping with mixing of them. The effect of glass composition and gamma ray irradiation on the optical and infrared absorption spectra was studied and interpreted in terms of structural concepts. A resolution of the observed absorption spectra showed the existence of each transition metal ion in the possible coordination state according to the composition of the glass. The IR measurements reveal characteristic absorption bands due to various groups of triangular and tetrahedral borate network. The introduction of trace amounts of mixed dopants Cr2O3, Fe2O3 and NiO has no major effect on the structure of the studied glasses. The induced absorption spectra exhibit the characteristic absorption bands caused by the intrinsic base borate glass and the respective transition metal ions. The response of the doped glasses to gamma ray irradiation is assumed to be related to the formation and annihilation of the induced color centers

Areca nut chewing and dependency syndrome: Is the dependence comparable to smoking? a cross sectional study

<p>Abstract</p> <p>Background</p> <p>Areca nut is the seed of fruit oriental palm known as <it>Areca catechu</it>. Many adverse effects of nut chewing have been well documented in the medical literature. As these nuts are mixed with some other substances like tobacco and flavouring agents, it has been hypothesized that it might also cause some dependency symptoms among its users. Therefore, the objective of this study was to investigate dependency syndrome among areca nut users with and without tobacco additives and compare it with dependency associated with cigarette smoking among the male Pakistani population.</p> <p>Methods</p> <p>This was an observational cross sectional study carried out on healthy individuals, who were users of any one of the three products (areca nut only, areca nut with tobacco additives, cigarette smokers). Participants were selected by convenience sampling of people coming to hospital to seek a free oral check up. Information was collected about the socio-demographic profile, pattern of use and symptoms of dependency using the DSM-IV criteria for substance dependence. We carried out multiple logistic regressions to investigate association between socio-demographic profile, pattern of substance use and dependency syndrome.</p> <p>Results</p> <p>We carried out final analysis on 851 individuals, of which 36.8% (n = 314) were areca nut users, 28.4% (n = 242) were the chewers of areca with tobacco additives and 34.7% (n = 295) were regular cigarette smokers. Multivariate analyses showed that individuals using areca nut with tobacco additives were significantly more likely to have dependency syndrome (OR = 2.17, 95% CI 1.39-3.40) while cigarette smokers were eight times more likely to have dependency syndrome as compared to areca nut only users.</p> <p>Conclusions</p> <p>Areca nut use with and without tobacco additives was significantly associated with dependency syndrome. In comparison to exclusive areca nut users, the smokers were eight times more likely to develop dependence while areca nut users with tobacco additives were also significantly more likely to suffer from the dependence.</p

The effect of the natural raw barite and the dolomite material on borate glass formation

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Cloud Computing Adoption: A Mapping Of Service Delivery And Deployment Models

The recent upward trend in adopting cloud computing by businesses worldwide reflects the captivating opportunity of cost effective computing brought by cloud computing to replace the traditional IT computing services model. However, the decision to adopt cloud computing is somewhat complex. This paper will review the literature of cloud computing service and deployment models with the aim to determine the relevant characteristics of both service delivery and deployment models. Then, the authors will develop a mapping between the two sets of characteristics of cloud computing models. The mapping will lead to the development of a decision-making framework for managing cloud-computing adoption

Clinacanthus nutans: A review of the medicinal uses, pharmacology and phytochemistry

AbstractClinacanthus nutans Lindau is known as snake grass belonging to the Acanthaceae family. This plant has diverse and potential medicinal uses in traditional herbal medicine for treating skin rashes, insects and snake bites, lesions caused by herpes simplex virus, diabetes, and gout in Malaysia, Indonesia, Thailand and China. Phytochemical investigations documented the varied contents of bioactive compounds from this plant namely flavonoids, glycosides, glycoglycerolipids, cerebrosides and monoacylmonogalatosylglycerol. The pharmacological experiment proved that various types of extracts and pure compounds from this species exhibited a broad range of biological properties such as anti-inflammatory, antiviral, antioxidant, and anti-diabetic activities. The findings of toxicity study showed that extracts from this plant did not show any toxicity thus it can be used as strong therapeutic agents for specific diseased conditions. However, further experiments on chemical components and their mode of action showing biological activities are required to elucidate the complete phytochemical profile and assess to confirm their suitability for future drugs. This review summarizes the medicinal uses, phytochemistry and pharmacology of this plant in order to explore its therapeutic potential and gaps necessitating for prospected research work