A UNIQUE COMBINATION OF MASK IN BINARY FOUR-POINT SUBDIVISION SCHEME

A unique binary four-point approximating subdivision scheme has been developed in which one part of binary formula have stationary mask and other part have the non-stationary mask. The resulting curves have the smoothness of C3 continuous for the wider range of shape control parameter. The role of the parameter has been depicted using the square form of discrete control points

Is Bankruptcy Risk a Systematic Risk? Evidence from Pakistan Stock Exchange

This study empirically investigates the relationship between default risk and cross-section of stock returns in the Pakistan Stock Exchange (PSX). Stock price data from all listed and delisted companies use to calculate monthly returns from 2001-2016. Ohlson's O-score is employed to measure exposure of firm to systematic deviation within bankruptcy risk. Besides, asset-pricing models like the Capital Asset Pricing Model (CAPM) and Fama French (FF) models are employed. Portfolios are sorted in deciles by default probability. This result finds that stocks of firms significantly exposed to not diversified Default Risk yield higher returns. Besides that, the FF models explain cross-sectional stock returns since factors incorporate information on financial distress and default. After that, the book-to-market equity factor is not significant in elucidating returns of distressed firms because of market inefficiency. Results have practical implications for portfolio managers and investors of an emerging economy in developing diversified portfolios during periods of uncertainty and market volatility.JEL Classifications: G12, G15, G33How to Cite:Chhapra, I. U., Zehra, I., Kashif, M., & Rehan, R. (2020). Is Bankruptcy Risk a Systematic Risk? Evidence from Pakistan Stock Exchange. Etikonomi: Jurnal Ekonomi, 19(1), 51 – 62. https://doi.org/10.15408/etk.v19i1.11248

Are Stock Prices a Random Walk? An Empirical Evidence of Asian Stock Markets

Investigating if the market is efficient is an old issue as market efficiency is imperative for channeling investments to best-valued projects and its importance endures. There is contradictory evidence in the literature provided by empirical researches. The primary purpose of this research has been to find out whether share prices are a random walk process by applying multiple unit root tests, Runs Test and newly developed State Space Model. The empirical findings of the study provide sufficient evidence that the stock prices of KSE 100 Index, S &amp; P BSE 500 Index, and CSE All Share Index is not a random walk process and are thus weak form inefficient hypothesis. In this study, the concept of the random walk is examined considering only the stock markets while bypassing the other asset markets. This research supply exciting facts about independent samples from Pakistan, India, and Bangladesh and complement the existing literature on emerging markets.DOI: 10.15408/etk.v17i2.7102</p

Hydrophilic polymers based sustained release matrix tablets of Ibuprofen: Optimization of formulation using Box-Behnken statistical design

The current study was aimed to formulate sustained release matrix tablets of Ibuprofen; a Propionic acid derivative, and is non-steroidal anti-inflammatory agent (NSAID) with analgesic and antipyretic properties and optimize by using a 3-factor 3-level Box-Behnken statistical design as an optimization tool. Matrix tablets were prepared by direct compression technique using HPMC(X1), NaCMC(X2) and Xanthan Gum(X3) as independent variables and % release at 2hr (Y1), % release at 12hr (Y2) and hardness (Y3) of tablet were selected as dependent variables. Regression analysis was performed on dissolution data and construct polynomial regression models for these response variables. Polynomial models were further validated using ANOVA and results indicate that all the polymers used have significant effect on selected response (p&lt;0.05). Contour plots were drawn to evaluate the effect of polymer combination on selected responses. The results obtained from kinetic modeling indicate that drug release follows the non-fickian diffusion process. Hence Box-Behnken statistical design facilitates the formulation and optimization of Ibuprofen sustained release matrix tablets to achieve better bioavailability. Keywords: Matrix tablets, Sustained release, Ibuprofen, Ant-inflammatory, Box-Behnken statistical desig

Shape Preservation of Ternary 4-point Non-Stationary Interpolating Subdivision Scheme

The paper suggests conditions for preserving the shape prop-erties of the original data using the ternary 4-point non-stationary inter-polating subdivision scheme. Sufficient conditions with a suitable selec-tion of the starting tension parameter are determined, which guaranteeto retain the properties of positivity, monotonicity and convexity fromthe initial data to the curves generated for a limited number of iterations.The obtained results are significantly extended in the limiting case formaintaining such shape properties in the limit functions. The geometricinterpretation of results is depicted through different numerical example

Chaikin’s perturbation subdivision scheme in non-stationary forms

AbstractIn this paper two non-stationary forms of Chaikin’s perturbation subdivision scheme, mentioned in Dyn et al. (2004), have been proposed with tension parameter ω. Comparison among the proposed subdivision schemes and the existing non-stationary subdivision scheme depicts that the trigonometric form is more efficient in the reproduction of circles and ellipses and the hyperbolic form is more suitable for the construction of many analytical curves

A non-integer order dengue internal transmission model

Abstract A non-linear mathematical model with non-integer order γ, 0 1 $\mathcal{R}_{0} > 1$ , F 0 $\mathcal{F}_{0}$ is not stable, the endemic equilibrium (EE) F ∗ $\mathcal{F}^{*}$ exists, and it is an attractor. Numerical examples of the proposed model are also proven to study the behavior of the system