Do Outliers Matter in Return and Volatility Linkages? A Case of Sectoral Stock of PSX and Brent Oil

This paper focuses at the return and volatility link between Brent Oil and stock sectors of Pakistan Stock Exchange by taking into account the outliers. The newly proposed Laurent et al. (2016) methodology has been applied for the detection and correction of outliers. Bivariate VAR(1)-AGARCH(1,1) model has been estimated using data sampled from 01-01-2001 till 31-12-2015. Optimal weights and hedge ratios for oil-stock portfolio holdings have also been analyzed. It has been observed that the model estimates are alive to the presence of outliers. Unidirectional short-run price spillovers are found significant from oil market to the stock sectors. Whereas, no volatility spillover between Brent oil and sectors of Pakistan Stock Exchange have been found neither in the short-run and nor in the long-run. The outcomes of this study will help investors, portfolio and hedge fund managers in making sane decisions about portfolio diversification, risk management, and international assets allocation

Extended Value-Added Intellectual Coefficient and Financial Reporting Quality: Moderating Role of Global Financial Crisis

Besides traditional approaches, this study aimed to construct and validate the new model of intellectual capital and financial reporting quality and created a deeper and better understanding through the use of rigorous secondary data. It adopted new formula of intellectual capital instead of traditional primary measures and explored the role of financial reporting quality in financial success of firms. Study is helpful for decision makers, especially from the manufacturing sector, to mould their practices accordingly and they will also realize the importance of high financial reporting quality. The study used Three-stage least squares regression analysis to investigate the relationship between variables. Extended Value-Added Intellectual Coefficient method is used to measure intellectual capital and discretionary revenues method is used to measure financial reporting quality. Panel data was collected from 50 firms, included in fortune global 500 companies list from 2007 to 2017. Findings disclosed that intellectual capital and process capital has a significant impact on financial performance. Human capital and relational capital negatively influence however, innovation capital and financial reporting quality positively influence financial performance. Global Financial Crisis positively moderates the effect of intellectual capital on financial performance but it doesn’t moderate the effect of financial reporting quality on financial performance. Keywords: Financial Reporting Quality, Intellectual Capital, Global Financial Crisis, Financial Performance, Three-stage least squares regression DOI: 10.7176/RJFA/10-10-12 Publication date:May 31st 2019

Comparison of Tzanakis and Alvarado scoring system in diagnosis of acute appendicitis, with Histopathology as gold standard

Objective: To determine the diagnostic accuracy of Tzanakis and Alvarado score for the diagnosis of acute appendicitis taking histopathology as the gold standard. Materials and Methods: It was a Cross-sectional validation study The study was carried out at the emergency department of RMC allied hospital Rawalpindi. The study was completed in eighteen months from 1st May 2016 till 30th Nov 2017. After approval from the ethical committee total of 420 patients fulfilling inclusion criteria from the emergency department of District head Quarter hospital, Rawalpindi was taken. Informed consent was taken from patients or their attendants, and their demographic information like name, age, sex, and address was obtained. Alvarado score and Tzanakis score were calculated (as per operational definition) at the time of admission of the patients. After surgery, the specimen appendix was sent for histopathology in the hospital lab.  The diagnosis of the acute appendix was based on a positive histological report which was verified by a pathologist. All the data was entered by a researcher who will collect the data by himself. Results: The mean age of patients in this study was 20.15±7.13 years with 218 (51.9%) males and 202 (48.1%) females. The mean Alvardo score was recorded as 7.22±1.58 with the mean Tzanakis score being 9.64±3.13. The histopathology for diagnosing appendicitis showed positive for 367 (87.4%) patients and negative for 53 (12.6%) patients. The sensitivity of Alvarado score for diagnosing appendicitis, keeping histopathology as the gold standard was 86.92%, specificity was 92.45%, Positive Predictive Value was 98.76%, and Negative Predictive Value was 50.52% and overall diagnostic accuracy was 87.62%. The sensitivity of the Tzanakis score for diagnosing appendicitis, keeping histopathology as the gold standard was 88.83%, specificity was 88.6%, Positive Predictive Value was 98.19%, Negative Predictive Value was 53.41% and overall diagnostic accuracy was 88.81%. Conclusion: The sensitivity of the Tzanakis score was high when compared to the Alvarado score. And specificity was high in the Alvarado score when compared to the Tzanakis score. Moreover, the overall diagnostic accuracy of the Tzanakis score was high when compared to the Alvarado score. SoTzanakis score can be utilized to predict appendix and in the future, we can avoid negative appendectomies

Comparison of Tzanakis and Alvarado scoring system in diagnosis of acute appendicitis, with Histopathology as gold standard

Objective: To determine the diagnostic accuracy of Tzanakis and Alvarado score for the diagnosis of acute appendicitis taking histopathology as the gold standard. Materials and Methods: It was a Cross-sectional validation study The study was carried out at the emergency department of RMC allied hospital Rawalpindi. The study was completed in eighteen months from 1st May 2016 till 30th Nov 2017. After approval from the ethical committee total of 420 patients fulfilling inclusion criteria from the emergency department of District head Quarter hospital, Rawalpindi was taken. Informed consent was taken from patients or their attendants, and their demographic information like name, age, sex, and address was obtained. Alvarado score and Tzanakis score were calculated (as per operational definition) at the time of admission of the patients. After surgery, the specimen appendix was sent for histopathology in the hospital lab.  The diagnosis of the acute appendix was based on a positive histological report which was verified by a pathologist. All the data was entered by a researcher who will collect the data by himself. Results: The mean age of patients in this study was 20.15±7.13 years with 218 (51.9%) males and 202 (48.1%) females. The mean Alvardo score was recorded as 7.22±1.58 with the mean Tzanakis score being 9.64±3.13. The histopathology for diagnosing appendicitis showed positive for 367 (87.4%) patients and negative for 53 (12.6%) patients. The sensitivity of Alvarado score for diagnosing appendicitis, keeping histopathology as the gold standard was 86.92%, specificity was 92.45%, Positive Predictive Value was 98.76%, and Negative Predictive Value was 50.52% and overall diagnostic accuracy was 87.62%. The sensitivity of the Tzanakis score for diagnosing appendicitis, keeping histopathology as the gold standard was 88.83%, specificity was 88.6%, Positive Predictive Value was 98.19%, Negative Predictive Value was 53.41% and overall diagnostic accuracy was 88.81%. Conclusion: The sensitivity of the Tzanakis score was high when compared to the Alvarado score. And specificity was high in the Alvarado score when compared to the Tzanakis score. Moreover, the overall diagnostic accuracy of the Tzanakis score was high when compared to the Alvarado score. SoTzanakis score can be utilized to predict appendix and in the future, we can avoid negative appendectomies

Emergency Surgery during Lockdown: Experience at a tertiary care hospital

Introduction: COVID-19 has halted the economic and social progression of the human race. This pandemic has exposed the vulnerabilities of all walks of life. But, most of all, this crisis has jolted the health care systems around the globe. A decrease in emergency surgical interventions was observed at District headquarters Hospital, Rawalpindi. The purpose of this study was to evaluate the impact of a pandemic on acute surgical emergency presentation and referral to a tertiary care hospital. Material and Methods: It is a retrospective cohort study. We compared emergency surgical interventions requiring spinal or general anaesthesia followed by admission in a ward at DHQ hospital, Rawalpindi during a control period (15th March 2019–15th June 2019) and during the pandemic lockdown period (15th  March 2020- 15th June 2020). Results: A total of 228 cases were included in the study including both groups. About 73% (167 ) cases were performed in an emergency during Pre COVID-19 period i.e. from March 15th- June 15th, 2019.  A total of 41 exploratory laparotomies were performed in a total of which 28 (68%) were done in the control period while 13 (32%) were done during the lockdown period. Out of 13 laparotomies due to road traffic accidents, only 3 were done during the lockdown period. Civilian Violence causing penetrating trauma resulted in 21 laparotomies in total out of which 11 were before the COVID-19 crisis and 10 during the lockdown. A total of 107 appendectomies were performed. Out of which 75 (70%) were performed in the Pre COVID-19 pandemic. Less than half the number (32) of appendectomies were done during the lockdown.  A marked decrease in emergency hernia surgeries was observed. In the Pre COVID-19 time period, 13 emergency hernia surgeries were done, while only 03 surgeries were done during the lockdown. Regarding Hepatobiliary emergency surgeries, none was done during lockdown while 08 were done during three months of the Pre COVID-19 period. Conclusion: Firstly, Keeping these figures under consideration, surgical units should expect more complicated cases in the coming days and a high influx of patients should be expected once the lockdown is over. Secondly, the question that remains unanswered is that Are we doing unnecessary surgeries other than trauma in an emergency? Thirdly, there is room to consider that all appendicitis and cholecystitis don’t always need surgery. Fourthly, the private sector has the potential to share the burden on public hospitals

Sistem Penunjang Keputusan Pemilihan Karyawan Terbaik dengan Metode Simple Additive Weighting pada Kantor Kelurahan Ulujami

Salah satu usaha kantor Kelurahan Ulujami untuk mewujudkan sumber daya manusia yang tangguh, berkualitas dan profesional adalah dengan melaukan pemilihan karyawan terbaik setiap tahunnya sehingga dapat meningkatkan motivasi karyawan dalam melakukan pekerjaan sehingga memiliki output hasil pekerjaan yang optimal, memupuk rasa bangga karyawan terhadap instansi tempat mereka bekerja, sekaligus membangun kepercayaan karyawan terhadap instansi. Tetapi dalam proses teknis penilaian dan pemilihan karyawan terbaik saat ini dilakukan dengan kurang sistematis dan transparan. Aspek dan kriteria yang digunakan sebagai acuan penilaian belum baku, proses penilaiannya belum transparan dan cenderung bersifat subjektif. Maka dibangunlah sistem penunjang keputusan untuk memilih karyawan terbaik dengan metode Simple Additive Weighting (SAW), yaitu suatu metode yang digunakan untuk mencari alteratif optimal dari sejumlah alternatif dengan kriteria tertentu. Dengan sistem ini proses pemilihan karyawan terbaik memiliki proses, kriteria pemilihan, perhitungan dan penilaian yang jelas, dan proses yang transparan dan dapat dipertanggung jawabkan, sehingga mempermudah dalam menunjang keputusan dalam memilih karyawan terbaik sekaligus membangun kepercayaan karyawan terhadap instansi

Molecular diagnostics for foodborne pathogen (Salmonella spp.) from poultry

Background: Salmonella species (spp.) are among major food-borne pathogens all over the world. Salmonella typhimurium is the main cause of food poisoning in humans. The fundamental objective of this study is to develop a rapid and reliable method to detect Salmonella (a foodborne pathogen) in raw poultry meat by using molecular approaches. Methods: Total 200 samples of raw poultry meat were collected from different regions of Lahore and analyzed for the presence of Salmonella spp. fimA gene.  Similarly, sent genes were selected for the detection of Salmonella typhimurium and Salmonella enteritidis respectively. PCR technique was optimized for diagnosis of contamination.Results: Out of 200 samples, 2% samples had shown successful amplification of fimA gene representing the presence of serovar Salmonella typhimurium. PCR assay combined with enrichment can enhance the efficiency for detection of Salmonella in poultry. Conclusion: A robust, simple and convenient PCR based method has been developed for the detection of one of the major food-borne pathogen Salmonella typhimurium.