Juxtaposition of micro and macro dynamics of dividend policy on stock price volatility in financial sector of Pakistan : (comparative analysis through common, fixed, random and GMM effect)

The purpose of this study is to analyze the dividend policy dynamics in context to firm specific and macroeconomic variables with stock price volatility in the financial sector of Pakistan. Panel data is used for the period 2006-2014 to identify the common, fixed, random and GMM effect. It is concluded that dividend payout ratio, market value, interest volatility and inflation volatility have positive significant correlation with price volatility. Common effect model shows that dividend payout and interest volatility has a significant positive impact on the share prices. Whereas fixed effect model is more appropriate and good fit than random effect model and model indicate that dividend payout ratio has significant positive impact and market volatility has significant negative impact on stock prices. GMM results also support the fixed and random effect outcomes with more robustness. This study significantly contributes in dividend policy decisions and elaborates the dynamic roll of micro and macro variables on stock price volatility in financial sector of Pakistan.peer-reviewe

Predictability of extreme daily returns and Preference for lottery-like stocks in an emerging market

This study investigates the presence of the MAX effect – stocks with extreme daily (positive) return in the current month perform poorly in the following month – in the Pakistani stock market (PSX). Similar to the US, Europe, and Chinese stock markets, we find a negative effect of MAX on risk-adjusted returns. Furthermore, we find that the MAX effect persists even if we extend the holding period to three- and six-month. Our results are robust for both portfolio-level and firm-level cross-sectional analyses and across subperiods, size groups, and alternative factor definitions and models. Interestingly, contrary to findings reported elsewhere, we find that the MAX effect in Pakistan exists only when the overall economy is in an expansion state. A battery of tests suggests that triviality in MAX effect during economic contraction in Pakistan is driven by the more negative subsequent performance of low-MAX stocks (short-leg), whereas, in other markets, more negative subsequent performance of high-MAX stocks (long-leg) is evident during economic downturns. Our potential explanation is partially supported by the theoretical model of Palfrey & Wang, who find that demand for speculative stocks (i.e. lottery-like stocks) is higher during ‘good’ economic news (expansion) than ‘bad’ economic news (contraction)

Association of particles of lipoprotein subclasses with arterial stiffness in a high-risk working population: the Baptist Employee Healthy Heart Study (BEHHS)

Background: Arterial stiffness is an independent predictor of cardiovascular disease (CVD) morbidity and mortality. A risk factor-independent association of arterial stiffness with traditional lipids has been described extensively, but it is still unclear whether an independent relationship exists between arterial stiffness and particles of lipoprotein subclasses. Methods: The Baptist Employee Healthy Heart Study (BEHHS) is a lifestyle intervention study examining the effects of web-based programs on reducing CVD risk in high-risk persons. Participants had their brachial arterial augmentation index (AI, a measure arterial stiffness) assessed using the EndoPAT 2000 device. Cardio IQ™ ion mobility lipoprotein fractionation was utilized for measurement of particles of lipoprotein subclasses. Results: The population consisted of 182 participants, (74% women, 49% Hispanic) with a mean age of 52 ± 9 years. There was a significant trend association between quartiles of AI and total cholesterol, HDL-c, large LDL-p, small IDL-p, large IDL-p, and all subclasses of HDL particles (total HDL-p, small HDL-p, and large HDL-p). In logistic regression analysis, only HDL-c, total LDL-p, large LDL-p, small IDL-p, large IDL-p, total HDL-p, small HDL-p, and large HDL-p demonstrated significant independent association with AI. Conclusion: Several lipoprotein subclasses demonstrate independent significant associations with arterial stiffness. A safe and relatively inexpensive blood test may be useful in identifying subclinical atherosclerosis process in a relatively young high CVD risk population

Experimental investigation of engine valve train friction considering effects of operating conditions and WPC surface treatment

Reduction in friction ensures fuel economy, control on emissions and durability of components in internal combustion engines. A modern gasoline internal combustion engine was instrumented to determine the friction values at the cam–roller interface considering the effects of surface treatment and engine operating state. A series of tests under different operating speeds and lubricant inlet temperatures were undertaken using both an original surface roller and a Wonder Process Craft (WPC) surface-treated engine roller. The results clearly revealed a substantial reduction in friction magnitude for the WPC surface-treated engine roller in comparison to the original roller while operating under similar conditions, indicating their strong potential for employment in engines. An increase in friction with the rise in temperature was also observed for both types of rollers, whereas increased lubricant entraining velocity due to higher operating speed had the opposite impact. A considerable reduction in frictional drive torque ranging from 8% to 28% was observed by employing the WPC-treated roller in comparison to original/untreated roller at various operating conditions, which signifies the strong potential for employment of WPC surface treatment in the roller/follower valve train engines

Data Envelopment Analysis and Tobit Analysis for Firm Efficiency in Perspective of Working Capital Management in Manufacturing Sector of Pakistan

This research is performed for dealing with some of the important working capital management policies and efficiency regarding to manufacturing sector of Pakistan. For this purpose data from 37 firms have been taken for the period 2009-2014. Data envelopment analysis (DEA) and Tobit regression analysis has been performed to achieve the objective of this study. DEA results indicate that only fifteen companies require increase in inputs to attain better output whereas six companies require decrease in the input. However sixteen companies have to consistent with their existing proportionate of inputs to sustain the output maximization. Tobit regression analysis concludes that average collection period has significant negative impact on efficiency and current ratio, gross working capital turnover ratio and financial leverage ratio have positive significant impact on efficiency. Keywords: Working Capital Management, Efficiency, Data Envelope Analysis, Tobit Analysis, Manufacturing Sector JEL Classifications: C8, G

Impact of diabetes mellitus on nerves

Background: Involvement of the peripheral and autonomic nervous systems is probably the most common complication of diabetes. The main symptoms of diabetic polyneuropathy include negative symptoms (those related to nerve fiber loss or dysfunction) such as numbness and weakness, and positive symptoms (those related to abnormal function of surviving nerve fibers) such as tingling and pain.Methods: This was a cross-sectional study held in diabetic clinic of Nishter hospital, Multan, Pakistan. The study included any diabetic patients showing symptoms of neuropathy.Results: There were total of 140 in this study. This study included 85% of male and 15% of female. Most common symptoms of diabetic neuropathy were pain (70%) and tingling (70%) followed by numbness in 65% of patients. There were 28 patients in 5 years duration of diabetes, 35 people in 6-10 years duration, 21 patients in 11-15 years duration, and 14 patients in 20+ years duration.Conclusions: Neuropathy due to diabetes is crippling especially when pain is the prominent symptoms. Autonomic symptoms like constipation and lightheadedness are discomforting for the patients. The most commonly used screening test is vibrating tuning fork test which is east to perform is clinical setting and is not time consuming. Diabetic patients need to take special care of

BIMp-chart — a global decision support system for measuring BIM implementation level in construction organizations

Building Information Modeling (BIM) is recognized as one of the most significant technological breakthroughs in the Architecture, Engineering, and Construction (AEC) industry. The pace of implementation of BIM in AEC has increased during the past decade with an enhanced focus on sustainable construction. However, BIM implementation lags its potential because of several factors such as readiness issues, lack of previous experience in BIM, and lack of market demand for BIM. To evaluate and solve these issues, understanding the current BIM implementation in construction organizations is required. Motivated by this need, the main objective of this study is to propose a tool for the measurement of BIM implementation levels within an organization. Various sets of indexes are developed based on their pertinent Critical Success Factors (CSFs). A detailed literature review followed by a questionnaire survey involving 99 respondents is conducted, and results are analyzed to formulate a BIMp-Chart to calculate and visualize the BIM implementation level of an organization. Subsequently, the applicability of the BIMp-Chart is assessed by comparing and analyzing datasets of four organizations from different regions, including Qatar, Portugal, and Egypt, and a multinational organization to develop a global measurement tool. Through measuring and comparing BIM implementation levels, the BIMp-Chart can help the practitioners identify the implementation areas in an organization for proper BIM implementation. This study helps understand the fundamental elements of BIM implementation and provides a decision support system for construction organizations to devise proper strategies for the effectual management of the BIM implementation process

Atmospheric Pollution Interventions in the Environment: Effects on Biotic and Abiotic Factors, Their Monitoring and Control

Atmosphere is polluted for all living, non-living entities. Concentrations of atmospheric pollutants like PM2.5, PM10, CO, CO2, NO, NO2, and volatile organic compounds (VOC) are increasing abruptly due to anthropogenic activities (fossil fuels combustion, industrial activities, and power generation etc.). These pollutants are causing soil (microbial diversity disturbance, soil structure), plants (germination, growth, and biochemistry), and human health (asthma, liver, and lungs disorders to cancers) interventions. All the effects of these pollutants on soil, plants, animals, and microbes needed to be discussed briefly. Different strategies and technologies (HOPES, IOT, TEMPO and TNGAPMS) are used in the world to reduce the pollutant emission at source or when in the atmosphere and also discussed here. All gaseous emissions control mechanisms for major exhaust gases from toxic to less toxic form or environmental friendly form are major concern. Heavy metals present in dust and volatile organic compounds are converted into less toxic forms and their techniques are discussed briefly