Testing the Financial Cointegration of Equity Markets:Analysis of Developed and Developing Economies

This study explored the financial co-integration of equity markets of developed and developing countries for the period of January 2001 to October 2011. Ten equity markets were included in this study i.e. Pakistan, Australia, France, Germany, United Kingdom, Japan, United State of America, Canada, India and Hong Kong. Multivariate Co-integration with weekly based data was used for analysis. Results found from the study that the KSE offers over all highest return of 46% weekly at appropriate risk tolerance level. The equity markets of Australia, France, Germany, United Kingdom, Japan, United State of America, Canada, India and Hong Kong show less return on high risk or above average risk level as compare to equity market of Pakistan which shows the good economic conditions of the country if other things remaining the same. Equity market of Pakistan is not co integrated with all other stock markets except the equity market of TSX. The Non-cointegration of markets shows that there exist the chances of portfolio diversification. Investors from these countries can be benefited from the diversification of their own structured portfolios on the basis of their own ranked risk profile and risk appetite of investment horizon. Behavioral biases and framing their investing decisions under different risk and return trade off pattern in different environment should be considered for taking the maximum edge from portfolio diversification. According to both multivariate co integration analysis Max-Eigen value statistics and multivariate co-integration analysis trace statistics there are 5 co integrating equations at the 0.05 level that shows there exist five common patterns in our selected series of equity markets and shows there exist long run relationship. Impulse response analysis and variance decomposition analysis shows that KSE and BOMBAY stock market are seems to some extent out of organism as most of these markets shocks are explained by these own innovations. Keywords: co-integration, equity markets, multivariate co-integration analysi

POWER POLITICS OF SPORTS IN INTERNATIONAL RELATIONS AND ITS EFFECTS ON CRICKET

Sports can influence people like all other cultural activities. They act as a diplomatic tool to alleviate tensions and improve ties between states. Millions worldwide follow their favourite sports passionately; however, states and leaders sometimes exploit these feelings to further their political agenda. There are examples of cricket diplomacy when relations between states (Pakistan and India) were tense, and it helped normalize the situation but never securitised itself. Securitization of sports is a recent phenomenon that, unfortunately, has marred the beauty of cricket. Political theorists suggest that existing issues of even low politics can hold more sway and attention among the masses if proponents of these issues succeed in securitizing them. Hence, by securitizing an innocuous subject like cricket, matters of low politics have been dragged into the domain of high politics. The recent abandonment of cricket tour to Pakistan by the New Zealand cricket team is an example of getting high politics into sports. This article, therefore, explores the dynamic power of sports in international relations besides analysing the role of high politics in cricket. It accentuates that punishing a country politically by depriving it of hosting international teams can disservice cricket, though it is a diplomatic tool for peace.   Bibliography Entry Qadeer, Abdul. 2021. "Power Politics of Sports in International Relations and Its Effects on Cricket." Margalla Papers 25 (2): 84-90

ANALYSIS OF DETERMINING CONCENTRATION OF 3QUINUCLIDINOL IN DRUG SUBSTANCES

The goal of the study was to determine low level concentrations of 3-quinuclidinol in solifenacin succinate drug substance by using gas chromatography system. 3-quinuclidinol was used as an intermediate in the process of synthesis of solifenacin succinate. The method development was initiated with solifenacin succinate, solubility of 3-quinuclidinol, extraction and miscibility studies, chosen with 6 N sodium hydroxide solution and chloroform solvents. The method of the study was validated based on the guidelines provided by ICH. The criteria were method precision, robustness, accuracy, linearity, limit of quantification, limit of detection, and individuality in terms of specificity. In conclusion, in the present study, we developed a reliable gas chromatography method which was validated based on 3quinuclidinol in solifenacin succinate drug substance. Findings of different validation criteria used shows that the proposed method in this study is accurate, robust, precise, linear, sensitive, and specific

Reactive metal/graphene oxide doping to fabricate porous geopolymers for arsenic removal

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Size, P/E Ratio and Equity Stock Returns in Pakistan

This study examine the impact of size and price earning ratio on equity returns by using Fama and French (1992, 1993).Results demonstrate that market premium exist in Pakistani equity market and size factor found positive related to portfolio returns. Size premium does not explain the big portfolios returns. In the period of 2002 to 2011 and 2007 to 2011 HML better explains the low price earning stocks and price earning is a negative proxy for book to market. In addition this study also confirms that Fama and French three factor model is a better approach to explain the returns in Pakistani equity market. JEL Classification Number: G11, G12, C52 Keywords: CAPM, APT, Fama and French Three Factor, Equity Marke

Practice Management & Patient Health Record System

General Physicians or Specialists who has less number of patients often cannot afford to buy high end Practice management software which often costs thousands of dollars. Online Personal health record (PHR) sharing system is an emerging patient oriented model created for health information exchange following all HIPAA regulations, Using this application patient can share his/her health record with organizations (Hospitals, Health insurance firms.. etc.). It is an application which helps connect doctors and billers together and provides hassle free experience and it does not need any additional plugins or hardware and can be accessed from any device like personal computer, laptop or tablets instantly. In this application we are providing two registration forms, one for Patient and another for organization, unless patient or organization registers they will not be able use this application. If patient wants to share information with a third person who is not registered with the application they can do it so without any fright of exploitation of their record as the files would be encrypted and can only be accessed by the key. This key is system generated and it is generated at the time of patient sending his/her Health Record. For the patients, it gives the pleasure of staying at ease about their scheduled appointments with the doctor also providing them a platform to save their medical history at one organized easily accessible place to share, study and review. For the medical billers, PHR is a boon which saves the staff a lot of time to access the record and bill the patients’ insurances effectively complying with HIPAA norms

A Review on Stem Cells: A New Toll in Diseases Therapy

Stem cells are known as special somatic cell types that have the ability to self-renew and differentiate into various types of cells. They are categorized into two major groups such as embryonic stem cells and adult stem cells. Embryonic stem cells are pluripotent, which have the potency to differentiate into almost all cell types and grow up from the mesoderm, endoderm, and ectoderm germ layers at the beginning stages of embryo. While adult stem cells can be pluripotent or multipotent, which can differentiate into the family of a closely related cells. Over few decades, researchers have been studying and exploring new ways to treat different types of diseases like Parkinson’s and Alzheimer’s disease by using stem cells. Hence, embryonic and adult stem cells have been widely used in stem cell therapy. Here, we elaborate the problems of using embryonic stem cells and adult stem cells in stem cell therapy and its possible solutions, and discuss the applications of both stem cells types in biology-based field including disease modelling, regenerative medicine, drug discovery and cytotoxicity studies

Impact of magnetic resonance imaging on arthroscopic surgeries of knee joint

Background: Though magnetic resonance imaging (MRI) is popular as a diagnostic tool, questions arise regarding imaging when clinical diagnosis of most internal derangements of knee can be done. Treatment of meniscal and anterior cruciate ligament (ACL) injuries usually involves arthroscopic surgery after MRI. But accurately performed examination with positive signs alone will be justified for arthroscopy directly without MRI. The aims and objectives of this study are to assess the impact of MRI in selecting or excluding cases which genuinely require an arthroscopic surgery. To know whether routine MRI is required pre-operatively in all cases with positive clinical findings.Methods: 60 cases underwent clinical examination of affected knee and a preliminary diagnosis was made. Further they were subjected to MRI. Results of arthroscopy were considered as definitive diagnosis and results of clinical examination and MRI were judged accordingly.Results: Of 60 patients, examination revealed 85% accuracy, 82% sensitivity, 89% specificity for ACL injuries. For medial meniscus 58% accuracy, 66% sensitivity, 48% specificity. For lateral meniscus 55% accuracy, 58% sensitivity, 50% specificity. MRI revealed 73% accuracy, 82% sensitivity, 63% specificity for ACL injuries. For medial meniscus 63% accuracy, 90% sensitivity, 39% specificity. For lateral meniscus 62% accuracy, 79% sensitivity, 50% specificity.Conclusions: Clinical examination is more sensitive, specific and accurate in diagnosis of ACL. MRI is more sensitive but less specific for meniscal injuries. Clinical examination for cruciate injuries can surpass the MRI findings. Arthroscopy can be performed without MRI in single lesion injuries. However, MRI will play a role in meniscal injuries or doubtful cases