Evidence of random walk in Pakistan stock exchange: An emerging stock market study

Abstract. The study reports the empirical evidence on the presence of weak-form efficiency under the random walk hypothesis on the emerging stock market of Pakistan; Pakistan stock exchange (PSX), formerly known as Karachi stock exchange (KSE) from January 01, 2009 to August 31, 2014, by investigating two categories of stock indices; one in which the selection of firms is based upon market capitalization and the other where the selection criteria of firms is based upon free-float methodology. The study applied both non-parametric and parametric tests; Kolgomorov-Simirnov (K-S), runs, serial correlation and unit root tests on daily returns of KSE-100 index; KSE- all share index; KSE-30 index and KMI-30 index. The study finds absence of random walk on the former two indices, where chronology of firms and selection criteria are based on traditional market capitalization technique. However, evidence of random walk is found in stock-indices where selection of firms is based on free floating methodology. The trace of random walk advocates the free floating methodology over market capitalization criteria.Keywords. Random walk, Weak-form efficiency, Karachi stock exchange, Pakistan stock exchange, Unit root test, Autocorrelation.JEL. G10, G12, G14

Impact of service quality on Loyalty & Mediating role of Trust: An empirical investigation of Restaurants

Study was conducted to investigate the relationship between service quality, trust and loyalty. The trust is mediating between service quality and loyalty. Service quality provided to the customer is responsibility of the restaurants. Using a convenient sampling data was collected from consumers. Service quality positively associated with trust and loyalty and trust is also positively linked with loyalty and mediates the relationship between service quality and loyalty according to our finding. This article helps the organizations to understand the importance of service quality provide and how consumers become loyal to the organization. Customer retention is higher and profitability is greater for the business over the long period of time.&nbsp

Variance Ratio Test in Pakistani Stock Market

This study is an attempt to investigate the evidence of random walk on KSE-100, KSE-30, all-share index, KMI-30 from Pakistan stock exchange (PSX) and 40 independent firms from randomly selected for the period from January 01, 2009 to August 31, 2014 by using the conventional Lo and Mackinlay (1988). Both positive and negative autocorrelation is found in the return series of indices and individual stocks. KSE-100 shows negative autocorrelation, KSE-all and KMI-30 are positively autocorrelated. Large number of firms have found to possess negative correlation and profits are earned by mean reversion trend. For KSE-30 and for 10 other firms the null hypothesis of random walk cannot be rejected revealing unpredictability in KSE-30. Therefore, it is concluded that large investors earn profits by over-reaction and small investors by trend-chasing in the market where possible. Keywords: Variance ratio test, Pakistan stock exchange; random walk DOI: 10.7176/EJBM/11-9-11 Publication date:March 31st 201

Impact of Transport Cost and Travel Time on Trade under China-Pakistan Economic Corridor (CPEC)

China is the second biggest economy in the world and almost 40% of its trade in 2016 is transported through the South China Sea. China needs a small, secure, and low-cost path to trade with Europe and the Middle East and China-Pakistan Economic Corridor (CPEC) is a feasible solution to this requirement. This research analyzes the effect of CPEC on trade in terms of transport cost and travel time. In addition, the study compares the existing routes and the new CPEC route. The research methodology consists of qualitative and descriptive statistical methods. The variables (transport cost and travel time) are calculated and compared for both the existing route and new CPEC route. The results show that transport cost for 40-foot container between Kashgar and destination ports in the Middle East is decreased by about $1450 dollars and for destination ports in Europe is decreased by$1350 dollars. Additionally, travel time is decreased by 21 to 24 days for destination ports in the Middle East and 21 days for destination ports in Europe. The distance from Kashgar to destination ports in the Middle East and Europe is decreased by 11,000 to 13,000 km. Document type: Articl

Precipitating Factors and The Outcome of Hepatic Encephalopathy in Liver Cirrhosis

Objective: To determine precipitants of hepatic encephalopathy (HE) and their impact on hospital stay and mortality. Study Design: Cross-sectional, analytical study. Place and Duration of Study: The Aga Khan University Hospital, from January 2005 to December 2007. Methodology: Consecutive patients admitted with different grades of HE were evaluated between January 2005 and December 2007. The precipitants of HE were correlated with the different grades of HE, and length of hospital stay and mortality. Chi-square test was used to compare the proportion of precipitating factors versus hospital stay and grade with significance at p \u3c 0.05. Results: Of the 404 patients 252 (62%) were males. Hepatitis C virus was the cause of cirrhosis in 283 (70%); Child Turcotte Pugh (CTP) class C was present in 317 (78%) patients. On presentation, 17% patients had grade 1 HE while 44%, 29% and 10% had grades 2, 3 and 4 respectively. The most common precipitant of HE was spontaneous bacterial peritonitis in 83 (20.5%), constipation in 74 (18.3%) and urinary tract infection in 62 (15.3%). One hundred and forty (35%) patients had ³ 2 precipitating factors while no precipitant was noted in 50 (12%) patients. Mean hospital stay was 4±3 days. The lesser the number of precipitants, shorter was the length of stay (p \u3c 0.01) and lesser was the grade of HE (p=0.025). Complete reversal of HE was noted in 366 patients (91%) while the remaining had grade 1 HE on discharge. Nine (2.2%) patients died during the hospital stay. No mortality was noted in patients without precipitants. Conclusion: Patients presenting with ³ 2 precipitating factors and advanced grade of HE had a prolonged hospital stay. Moreover, patients without precipitants had better outcomes

Optimization of the Ugi Reaction Using Parallel Synthesis and Automated Liquid Handling

The optimization of a Ugi reaction involving the mixing of furfurylamine, benzaldehyde, boc-glycine and t-butylisocyanide is described. Triplicate runs of 48 parallel experiments are reported, varying concentration, solvent and the excess of some of the reagents. The isolation of the product was achieved by a simple filtration and wash procedure. The highest yield obtained was 66% from 0.4 M methanol with 1.2 eq. of imine. This is significantly above the 49% yield obtained from the initial reaction under equimolar concentration at 0.4 M in methanol. Methanol solutions with reagent concentrations of 0.4M or 0.2M gave superior yields while all solvent systems at 0.07M performed poorly. At 0.2M, methanol and ethanol/methanol (60/40) mixtures were statistically equally good while THF/methanol (60/40) was poor and acetonitrile/methanol (60/40) was intermediate. Good reproducibility of the precipitate yields was obtained in these replicate experiments, allowing for subtle interaction effects to be positively identified

Potential impact of microbial consortia in biomining and bioleaching of commercial metals

Biomining is the use of microorganisms for the commercial extraction of lavish metals from ores and mines with least effect on environment. Microbes play vital role in bioleaching procedures in commercial mining. The bacterial cells are used to detoxify/replace waste cyanide, marginal biomass and activated carbon. These methods are preferred over conventional techniques due to energy efficient, low cost, environment friendly and production of useful by-products. At industrial scale, different microbial strains (Acidophilic, Sulphobacillus, Rhodococcus, Ferrimicrobium &chemolithotrophic) are deployed to boost the processes of copper and uranium bioleaching. About 20% of the world’s copper is extracted by using this technique. These extraction procedures involve oxidation of insoluble metal sulphides to soluble sulphates. The isolation of thermophilic microbes for mineral biooxidation increase the commercial extraction of minerals at industrial scale. The conventional pyrometallurgical techniques have environmental concerns as they result in depletion of high grade ores and release harmful gaseous. The microbe-assisted gold mining is expected to double the yield of gold and needs to be fully explored using diverse array of microbes. Bioleaching is simple and low cost method for the developing countries with large ore deposits. About 30 strains of microbes have been discovered so for with potential impact on bioleaching. With advances in molecular genetics, physiology and microbial genomics, more promising strains with increased bioactivities are possible. Further efforts are underway to culture diverse range of archaea and improving its genetic potential to be used as industrial tool for commercial bioleaching. The currents review enlightens the recent trends in biomining/bioleaching and implementation of modern biological approaches to engineer target microbes for commercial use