Investor sentiment, momentum, and stock returns: an examination for direct and indirect effects

This paper aims to analyse the impact of behavioural biases on asset pricing by hypothesising that sentiment and momentum are relevant risk factors in Pakistan equity market. The paper also examines the influence of sentiment and momentum factors on market risk, size, and value premiums by estimating the interacted asset-pricing model. To carry out the empirical analysis, monthly stock returns of firms listed on Pakistan Stock Exchange are used for the period 2000–2013. The empirical results indicate that both investor sentiment and momentum factors have a significant impact on the required rate of returns. Specifically, it is found that the premium for both factors is positive and statistically significant. Further, the estimated results provide evidence that the inclusion of these two factors in the Fama-French three-factor model considerably increases the prediction power of the model. The results also reveal that the inclusion of sentiment factor in the Carhart four-factor model significantly increases the prediction power of the model. Yet, the estimation results indicate that the prediction power of the model further increases when the interaction terms are added to the model in order to examine the indirect effects of sentiment and momentum. The results of the interacted model provide evidence of a significant impact of investor sentiment and momentum factors on market risk, size, and value premiums. Although investor sentiment negatively affects all the three premiums, the effect of momentum is positive for both market risk and size premium, whereas, it is negative for value premium. The findings are helpful in explaining and understanding the effects of behavioural biases on stock returns in Pakistan. The findings of the indirect effects suggest that investor sentiment and momentum factors significantly increase the chance of mispricing in Pakistan equity market

Incidence, outcome and risk factors for sepsis- a two year retrospective study at surgical intensive care unit of a teaching hospital in Pakistan

Background: Sepsis is amongst the leading causes of admission to the intensive care units and is associated with a high mortality. However, data from developing countries is scarse. Aim of conducting this study was to determine the incidence, outcome and risk factors for sepsis on admission to surgical intensive care unit (SICU) of a teaching hospital in Pakistan. Methods: Two year retrospective observational study included all consecutive adult admissions to the surgical intensive care unit (SICU) of a University Hospital, from January 2012 to December 2013. Results: Two hundred and twenty-nine patients met the inclusion criteria. Average age of the patients was 46.35±18.23 years (16–85), mean Acute Physiology and Chronic Health Evaluation II (APACHE II) score was 15.92±8.13 and males were 67.6%. Median length of ICU stay was 4 [IQR 5]. 43% patients fulfilled the criteria of sepsis at the time of admission to the SICU and incidence of severe sepsis/septic shock was 35%. Abdominal sepsis was the most frequent source of infection (57.5%). The overall intensive care unit mortality was 32.31% but the mortality of sepsis-group was 51.15% as compared to 17.7% of the non-sepsis group. Stepwise logistic regression model showed that increasing age, female gender, non-operative admission, admission under general surgery and co-morbidities like ischaemic heart disease and chronic kidney disease were significant predictors of sepsis. Conclusion: The incidence of sepsis and severe sepsis/septic shock, on admission to SICU is high and mortality of the sepsis group is nearly three times the mortality of the non-sepsis group

APACHE II analysis of a surgical intensive care unit population in a tertiary care hospital in Karachi (Pakistan)

Purpose: Performance of prognostic models deteriorates over time by changes in case-mix and clinical practice. This study was conducted to describe the case-mix of a surgical intensive care unit (SICU) and assess the performance of APACHE II scoring system in this cohort. Methodology: We analyzed 213adult patients admitted to the surgical intensive care unit (SICU) of Aga Khan University Hospital, from January 2011 to December 2012 and the performance of APACHE II scoring system was assessed in this population. Results: The mean age of patients was 46.31 years (SD ±18.43), 67.1% patients were male and mean length of ICU stay was 6.54 days (SD ± 7.18).Admissions to SICU were from seven service departments with the highest admissions from general surgery followed by trauma and neurosurgery. The mean APACHE II score of this SICU population was 15.89 (SD ±8.06), 12.88 (SD ±6.29) in survivors and 22.24 (SD ±7.66) in non-survivors (p Conclusion: APACHE II scoring system allows meaningful analysis of SICU population, therefore, it is recommend, that this simple and cost effective scoring system should be used to identify patients with high risk of death to justify the decisions of withholding expensive therapies in resource limited settings

Correlation of serum sodium with severity of hepatic encephalopathy in liver cirrhosis patients presenting at Dr. Ruth K.M. Pfau Civil Hospital Karachi.

Introduction: Cirrhotic patients suddenly or insidiously develop hepatic en-cephalopathy. Approximately three-fourth of the patients usually die within 3 years of onset of their first episode of hepatic encephalopathy. Hypo-natremia, a multifactorial phenomenon in cirrhotic patients may lead to cer-ebral edema and astrocytes swelling.Objective: To determine the correlation of serum sodium with severity of hepatic encephalopathy in liver cirrhosis patients presenting at tertiary care hospital, Karachi.Methodology: This prospective cross-sectional study conducted at Depart-ment of Medicine, Civil Hospital, Karachi between October 31, 2019 till April 4,2020. Data collected from 138 patients after taking written consent; pre-sented as was as mean, standard deviation, frequency and percentages. Effect modifiers were controlled through stratification to see the effect of these on the outcome variable taking p-value of ≤0.05 as significant.Results: Among 138 patients 92 (66.7%) were male and 46 (33.3%) were female. Mean age, duration of symptoms, height, weight and serum sodium in our study was 51.14±4.49 years, 12±7.21 hours, 161±6.78 cm, 85.2±8.54 kg and 132.7±6.32 mEq/L. Out of 136 patients, 28 (20.3%), 35 (25.4%), 54 (39.1%) and 21 (15.2%) patients belonged to sodium quartile 1, 2, 3 and 4; while 21 (15.2%), 41 (29.7%), 28 (20.3%) and 48 (34.8%) belonged to hepatic encephalopathy severity grade 1, 2, 3 and 4. Hepatic encephalopathy severi-ty showed correlation with rising sodium levels.Conclusion: Hyponatremia was found with increased frequency in patients with cirrhosis of liver having a correlation with frequency and severity of hepatic encephalopathy.Key words: Encephalopathy, Liver Cirrhosis, Hyponatremia

Clinical profile and outcomes of paediatric patients with diabetic ketoacidosis at a tertiary care hospital in Pakistan

OBJECTIVES: This study aims to present an experience in the management and clinical features of 88 children presenting with diabetic ketoacidosis (DKA) from Pakistan. METHODS: A retrospective medical chart review of all patients, \u3c or = 15 years of age, who presented to the Aga Khan University Hospital, Karachi, Pakistan in the last ten years with a diagnosis of diabetic ketoacidosis was carried out. Severity of DKA was defined as mild (venous pH \u3c 7.30 or bicarbonate=15mEq/l), moderate (venous pH \u3c 7.2 or bicarbonate = 10 mEq/l) and severe (venous pH \u3c 7 or bicarbonate \u3c 5 mEq/l). These classes correspond to 1st, 2nd and 3rd degrees of diabetic ketoacidosis severity respectively. Cases in which diabetic ketoacidosis had occurred at onset of diabetic diagnosis were not included in the study. RESULTS: Mean age was 7.5 +/- 3.6 years; 58 (66%) patients were male. Twenty six patients had mild diabetic ketoacidosis, 44 had moderate while 18 had severe diabetic ketoacidosis at the time of presentation. Severity of diabetic ketoacidosis was significantly associated with the presence of infection, history of omission of insulin, poor compliance, presence of shock at time of presentation, length of stay in the hospital, final outcome (p \u3c 0.01 for each of these associations) and Glasgow Coma Scale score (p = 0.02). Mortality in this series was 3.4%. CONCLUSION: Poor compliance was associated with the severity of diabetic ketoacidosis. Paediatric endocrinologists\u27 should ensure that patients and their parents understand the importance of the need for regular insulin injections and regular monitoring of blood glucose

Humsathi : empowering girls to become their own advocates and boys as allies to end early child and forced marriage

Seeking to catalyse a sustainable community-owned rejection of child/early marriages, the intervention study aimed to deepen understanding of what and who drives child marriages. It addresses these factors and empowers girls to become their own advocates, with other allies for change. An unexpected finding is the pivotal role of reproductive health knowledge for unlocking girls’ agency. The study confirmed that as the least empowered family and community members, girls require strong reliable allies. The model tested by the Humsathi project proved to be viable. By project end, the vast majority of project-enjoined girls (79.31 percent) had taken actions to stop child and early age marriages

Breast imaging reports for malignant lesions: Are we maintaining recommended BI-RADS® lexicon standards

Background: The purpose of this study was to evaluate mammography reports for diagnosed breast cancer cases in major government and private centers in Karachi, Pakistan, with respect to concordance with the Breast Imaging Reports And Data System (BI-RADS®) lexicon.Methods: A prospective, descriptive, multicenter study was conducted in the radiology sections of the Aga Khan University Hospital, Pakistan Naval Station Shifa Hospital, Advanced Radiology Clinic, Karachi Institute of Radiotherapy and Nuclear Medicine, and Civil Hospital Karachi between May and October 2010 after approval from the ethical review committee of Aga Khan University. Mammograms reported as BI-RADS category 4 and 5 were included in the study. Mammograms reported as BI-RADS category 0, 1, 2 and 3 were excluded. Fifty reports were collected from each center. Data were collected about the clinical indication, breast density, location and description of the lesion, calcification, and comments on axillary lymph nodes. This description was compared with the BI-RADS lexicon.Results: The mean age of the patients was 50 ± 12 years. The clinical indication, breast parenchymal density, lesion location, and presence of calcification were better described by the private centers, while description of lymph node status was better stated by the government centers. This difference was statistically significant, except for lesion description. The description of masses by the two reporting groups was comparable.Conclusion: Mammographic reporting of malignant breast lesions in the private sector is more in line with the BI-RADS lexicon, as compared with government sector hospitals in Karachi, Pakistan. Lymph node documentation was better in government sector reports

Structural modifications in Bermuda grass [Cynodon dactylon (L.) Pers.] ecotypes for adaptation to environmental heterogeneity

IntroductionIt is well known that different ecotypes adopt different mechanisms to survive under environmental stress conditions. In this regard, each ecotype showed different type of modifications for their existence in a specific habitat that reflects to their ecological success.MethodsHere, differently adapted ecotypes of Bermuda grass [Cynodon dactylon (L.) Pers.] were collected to evaluate their differential structural and functional modifications that are specific to cope with environmental stress conditions. The soil that adheres ecotypes roots were highly saline in case of DF-SD (Derawar Fort-Saline Desert), UL-HS (Ucchali Lake-Hyper Saline) and G-SSA (Gatwala-Saline Semiarid) ecotypes. Soils of S- HS (Sahianwala-Hyper Saline), S-SW (Sahianwala-Saline Wetland) and PA-RF (Pakka Anna-Reclaimed Field) were basic (pH 9 to 10). Soils of UL-HS and PA- HS (Pakka Anna-Hyper Saline), KKL-S (Kalar Kahar Lake-Saline), BG-NS (Botanic Garden-Non Saline) and G-SSA were rich in organic matter, and soil of BG-NS and DF-SD were rich in minerals. Anatomical modifications were performed by using the free hand sectioning technique and light microscopy.Results and DiscussionDF-SD is one of the best ecotypes which showed anatomical modifications to cope with environmental changes. These modifications included stem cross-sectional area and leaf sheath thickness that contribute towards water storage, vascular tissues for proficient translocation of solutes and trichomes that provide resistance to water loss. On the other hand, sclerification in root is the only notable modification in the Gatwala Saline Semiarid (G-SSA) ecotype from saline arid habitat where rainfall is not as low as in the Cholistan Desert. Two ecotypes from hyper-saline wetlands, UL-HS and KL-HS showed increased number and size of vascular tissue, central cavity and sclerification in stem which are important for solutes conduction, water loss and salts bulk movement, respectively. The ecotype from reclaimed site was not much different from its counterpart from hyper-saline dryland. Overall, anatomical modifications to maintain water conservation are key mechanisms that have been identified as mediating stress tolerance in C. dactylon ecotypes

The Pakistan risk of myocardial infarction study: A resource for the study of genetic, lifestyle and other determinants of myocardial infarction in south Asia

The burden of coronary heart disease (CHD) is increasing at a greater rate in South Asia than in any other region globally, but there is little direct evidence about its determinants. The Pakistan Risk of Myocardial Infarction Study (PROMIS) is an epidemiological resource to enable reliable study of genetic, lifestyle and other determinants of CHD in South Asia. By March 2009, PROMIS had recruited over 5,000 cases of first-ever confirmed acute myocardial infarction (MI) and over 5,000 matched controls aged 30-80 years. For each participant, information has been recorded on demographic factors, lifestyle, medical and family history, anthropometry, and a 12-lead electrocardiogram. A range of biological samples has been collected and stored, including DNA, plasma, serum and whole blood. During its next stage, the study aims to expand recruitment to achieve a total of about 20,000 cases and about 20,000 controls, and, in subsets of participants, to enrich the resource by collection of monocytes, establishment of lymphoblastoid cell lines, and by resurveying participants. Measurements in progress include profiling of candidate biochemical factors, assay of 45,000 variants in 2,100 candidate genes, and a genomewide association scan of over 650,000 genetic markers. We have established a large epidemiological resource for CHD in South Asia. In parallel with its further expansion and enrichment, the PROMIS resource will be systematically harvested to help identify and evaluate genetic and other determinants of MI in South Asia. Findings from this study should advance scientific understanding and inform regionally appropriate disease prevention and control strategies

Review of Peltier and Resistive Heating Elements through Infrared Imaging

Poster presented at The International Conference of Multiphysics. Arranged by The International Society of Multiphysics, in Zurich, 08.12.16 - 09.12.16.The study includes the review of the heating elements to develop the fundamental understanding. The heating elements to be investigated are Peltier and Resistive types. Both have different working principles and they are used in various industrial applications for cooling and heating purposes. The Infrared (IR) wavelength is emitted by each object at a temperature above absolute zero. IR light is electromagnetic radiation that has a longer wavelength as compared to the visible light. It has a spectral range starting from the edge of the visible red light from 0.74μm to 300μm. The infrared spectral band has four sub-bands; near infrared (0.75–3μm), medium wavelength infrared (3–6μm) MWIR, long wavelength infrared (6–15μm) LWIR and very long wavelength infrared (15–1000μm) VLWIR. The working principle of IR camera is based on the thermographic imaging. A thermal signature is produced based on the emitted infrared radiations. These thermal radiations are captured by the detector elements of an imaging device such as an IR camera. In this work, the heat fluxes will be observed and compared using LWIR imaging. LWIR imaging will shed light on the thermal capability of the heating elements