Differentiation between heuristic and meticulous domain of financial risk taking propensity

Relaxing the assumption of rational human being, this study examined the risk taking aspect of financial decision making. In this study financial risk taking propensity is explored with altogether new facet and classify it in two domains. First domain highlights advantageous aspect for wealth and economic prosperity while second can be a menace for wealth and prosperity. Literature is precisely collected to sharpen this peculiarity and to reach on imperative determinants of each domain. Objective is to create differentiation (distinction, discrepancy, peculiarity) between affective (heuristic) and cognitive domain of financial risk taking propensity using empirical approach.  Our results predict that in heuristic domain the bias of dispositional affect and propensity to rely on emotions are significantly dominant factors to take risky investment. Whereas, in beneficial risk taking domain (called cognitive), financial literacy, financial self-efficacy, stock market knowledge and thoughtful analytical processing style found to have significant impact. The evidences reported in this study not only support insightful investment decisions but also elaborate risky behavior of renowned financial players

UNFOLDING ORGANIZATIONAL RISK AND COST ASSOCIATION FROM STAKEHOLDERS PERSPECTIVE: EVIDENCE FROM ASIAN EMERGING MARKETS

In this study we extend the conventional risk-return debate to a more intriguing and practically significant conundrum of risk-cost association. The analysis is performed on large sample of 4609 listed companies operating in nine Asian emerging markets, using 2SLS estimation. We established that risk act as a specter and have consequences for long term contractual relationship between key stakeholders and organization. Further, organizational costs are directly affected by organizational risks hence it also provides an immediate opportunity to management to take corrective measures. As whole, the empirical evidence provides an essential perspective and insight to understand the nature of organizational risk, slack, stakeholders and it implication for organizational costs in Asian emerging markets.Â

UNFOLDING ORGANIZATIONAL RISK AND COST ASSOCIATION FROM STAKEHOLDERS PERSPECTIVE: EVIDENCE FROM ASIAN EMERGING MARKETS

In this study we extend the conventional risk-return debate to a more intriguing and practically significant conundrum of risk-cost association. The analysis is performed on large sample of 4609 listed companies operating in nine Asian emerging markets, using 2SLS estimation. We established that risk act as a specter and have consequences for long term contractual relationship between key stakeholders and organization. Further, organizational costs are directly affected by organizational risks hence it also provides an immediate opportunity to management to take corrective measures. As whole, the empirical evidence provides an essential perspective and insight to understand the nature of organizational risk, slack, stakeholders and it implication for organizational costs in Asian emerging markets.

Contemporary challenges confronting Islamic banking & finance

The philosophy of Islamic economics is "brining economics in consonance with Shariah", guiding Islamic banking and finance to abolish interest from operations, has reported a monumental growth, envisaged the most lucrative and unsusceptible segment of the economy. Islamic finance is undoubtedly flourishing worldwide entails trajectory development but at other front it encounters a number of impediments in development since its inception. The emphasis of this study is to encapsulate in tabular form, the contemporary problems and challenges Islamic finance has encountered during the span of last 28-years from 1988 to 2015. The austere Shariah compliance; regulatory and prudential challenges; misconception among western society about Islamic banking philosophy; unavailability of money and capital market for scant Islamic financial instruments; piercing competition; privation of Islamic banking and finance awareness; absence of uniform reporting standards; complexities of regulatory and supervisory issues; lack of central supervisory body, governance and dearth of consensus among Shariah scholars been the precarious challenges among many others. A unified central regulatory and supervisory mechanism required in converging sprinkled Islamic finance practices and to foster a synchronized and standardized regulatory framework consensus need to be developed among all Shariah scholar

Aftermarket performance of initial public offerings and its determinants in Pakistan

The aftermarket performance of initial public offerings (IPOs) is considered a puzzling phenomenon due to its abnormal returns in the short—run as well as in the long—run. In general, an IPO firm generates abnormal positive returns in the short-run and abnormal negative returns in the long-run, which are considered as direct and indirect losses of money for the issuing firm as well as for the investors. Previous studies mainly focused on the firm—and-offerings, and country—specific characteristics to determine the IPO’s aftermarket performance. However, very little attention has been given to examining the direct impact of industry—specific characteristics on IPO’s aftermarket performance. Therefore, this study aims at determining the aftermarket performance of IPOs and its determinants at industry-specific characteristics along with firm-and—offerings, and country-specific characteristics. This study contributes to the existing body of literature from three distinctive ways. Firstly, this study investigated the impact of firm—and—offering specific, and country—specific characteristics in addition to industry—specific characteristics on the IPO’s short—run performance. Secondly, this study examined the impact of firm-and-offering level characteristics in addition to industry level and country level characteristics on the IPO’s long-run performance. Thirdly, this study highlighted the relative importance of each level factors that best explains the IPO’s short—run and long-run performance. An analysis of 77 non-financial IPO’S firms listed on the Pakistan Stock Exchange (PSX) was conducted from the period of 2000 to 2015. This study utilized three estimators namely ordinary least square, logit, and probit regression to determine the both IPO’s short-run and long-run performance. To examine the relative importance of each level factors, this study employed artificial nested testing procedure and nested statistics. The results demonstrated that the industry—specific factors such as munificence, dynamism, and industry concentration as well as country—specific characteristics such as rule of law, corruption perception, and political risk play an important role in determining the IPO’s short—run and long—run performance. Furthermore, the industry—specific and country—specific characteristics explained about 7% and 9% of the variation in the level of IPO’s short-run performance (underpricing), respectively. However, in the long-run, about 8% and 19% of the variations in the level of underperformance were caused by industry—specific and country-specific characteristics, respectively. The outcome of this study provides policy direction and practical implications for firms and investment banks to better understand the behavior of IPO’s aftermarket performance in protecting the issuing firms and investors from potential losses

Review of short term and long term performance of initial public offering

In today’s modern corporate world the concept of initial public offerings has gained much importance because it’s over and under performance can significantly affect the success of company. The current study aims at conducting a nonsystematic review of literature on the concept of initial public offering in order to understand its meaning and dimensions. In this regard a thorough review of existing literature has done and it has found that initial public offering concept has been explained by theorists in different ways. It meaning has significantly changed with changes in the business trends of corporate world. It was further found that over performance in short run and underperformance in the long run of initial public offering has remained mystified for the researchers although the performance of initial public offerings has significant effect on success or failure of a company. It is therefore concluded that the researchers should try to comprehend the conceptual nature and dimensions of initial public offering by examining its effects on the success of companies. In this way the companies in modern corporate world can ensure their success through effective utilization of initial public offerings

Digitalized data in effective management of diabetes: a structured survey of family physicians in Islamabad / Rawalpindi, Pakistan

A small-scale questionnaire-based, cross-sectional study was conducted to gauge knowledge, attitudes, and practices regarding use of digitalized data to manage patients with diabetes in ten family physicians working as freelance consultants in Rawalpindi / Islamabad. The Study was done in collaboration with University of Cumbria United Kingdom (UK) for a period of six months. The total sample size comprised of ten respondents. The data was consolidated and analyzed using Microsoft Excel. Analysis was descriptive in nature. A vast majority of respondents (80%) replied that they were aware of the importance of digitalized data while one (10%) said that they were not aware and one (10%) responded that they were somewhat aware. It is imperative that the health system be improved in Pakistan scientifically through use of digitalized data in clinical medicine