Financial development, fiscal policy and economic growth: The role of institutional quality in Pakistan

The study examines the influence of financial development, fiscal policy , and institutional quality on Pakistan’s economic growth. We investigate whether financial development and or fiscal policies promote economic growth. We also analyse the effect of institutional quality on economic growth in Pakistan. We use time series data from 1985 - 2016 , and use GDP to proxy economic growth. We use unit - root tests to check for stationary of our sample. We perform a logarithmic transformation on the series to reduce outlier effects and use Autoregressive Distributed Lag (ARDL) Model . The results show that financial development and revenue have a positive impact on growth. Our study results implicate that sound, strategic, and result - oriented policies should be formulated to transform our institutions and financial sectors into the well organized, powerful, and trusted frameworks. These transformations will ensure efficient and productive utilization of savings

Asymmetric Flow-Performance Relationship: Case of Chinese Equity Funds

We investigate the relationship of fund flow and fund performance by using the sample of 557 Chinese equity mutual funds for the period of 11 years. We apply fund fixed effect regression model on unbalanced panel data and find that relationship between fund flow and fund performance is positive. Like previous studies, our findings also exhibit the asymmetric flow-performance relationship which implies that investors' response is more sensitive to good past performance as compared to bad past performance. Furthermore, size and age of fund weaken the flow-performance relationship. Keywords: Fund Flow, Mutual funds, China, Flow-Performance Relationship JEL Classifications: G23, L1

Human Cryptosporidiosis: An insight into Epidemiology, Modern Diagnostic Tools and Recent Drug Discoveries

Cryptosporidiosis is an emerging food and water borne zoonotic disease, which is caused by genusCryptosporidium. The first Cryptosporidium spp. was isolated from mice in 1907 and gained importance when it was found in an HIV positive patient. It usually causes self-limiting diarrhea in young children and immunocompetent patients. However, it may lead to chronic diarrhea with life threatening condition in immunocompromised patients. Other complications related to this transmittable infection may include respiratory problems, skin rashes and headache. HIV/AIDS patients are highly susceptible host for this parasite. Cryptosporidium parvum and Cryptosporidium hominis are the known pathogenic species, prevalent among humans and they are being transmitted through contaminated food and water. Usually, the diagnosis of Cryptosporidium spp. is dependent on microscopic technique in many countries, which has a low sensitivity and specificity leading to false positive results. However, for a step forward to successful epidemiological studies, advanced techniques (Serological and DNA-based) provide us the better ways of diagnosis with more sensitivity and specificity. Furthermore, no antiparasitic drug has found to be effective againstCryptosporidium spp. except Nitazoxanide which is FDA-approved and effective only when administered along with antiretroviral therapy. In this regard, present review summarizes the various epidemiological studies conducted around the globe along with modern diagnostic tools and the suitable treatment available now a days. This systemized review will help the scientists to better understand all the aspects of cryptosporidiosis at one platform which may help in designing surveillance studies through selection of sensitive diagnostic techniques. The new drugs mentioned in this review may also help to better control this parasite in humans, especially immunocompromised individuals

Do mutual funds have consistency in their performance?

Using a comprehensive data set of 714 Chinese mutual funds from 2004 to 2015, the study investigates these funds’ performance persistence by using the Capital Asset Pricing model, the Fama-French three-factor model and the Carhart Four-factor model. For persistence analysis, we categorize mutual funds into eight octiles based on their one year lagged performance and then observe their performance for the subsequent 12 months. We also apply Cross-Product Ratio technique to assess the performance persistence in these Chinese funds. The study finds no significant evidence of persis- tence in the performance of the mutual funds. Winner (loser) funds do not continue to be winner (loser) funds in the subsequent time period. These findings suggest that future performance of funds cannot be predicted based on their past performance.info:eu-repo/semantics/publishedVersio

Religiosity and Entrepreneurial Intentions in Pakistan

Purpose: The primary objective of this study is to develop an inclusive model that represents the relationship between entrepreneurial intentions and religiosity. Design/Methodology/Approach: This research was conducted using sample of 338 undergraduate business students from universities in Punjab, Pakistan. The method used for collecting data was through self-administered questionnaire survey which contained two sections related to demographic characteristics and constructs of religiosity and entrepreneurial intentions. Analysis on the data was done using PLS-SEM. Findings: Contrary to the theory, the results revealed that entrepreneurial goal intention (EGI) is not influenced by social norms. However, EGI is positively influenced by extrinsic and intrinsic religiosity, perceived desirability, and opportunity for entrepreneurship, where extrinsic and intrinsic religiosity was found to have a mediating role between opportunity for entrepreneurship and EGI. Implications/Originality/Value: Deeper understanding of how religiosity influences entrepreneurial intentions in different cultures, settings and situations could help in the further advancements of knowledge in this field of study. Religious leaders, policy makers, university administrators can utilize the results of this study to encourage entrepreneurship in the country

Performance persistence in institutional investment management: The case of Chinese equity funds

This paper investigates the performance and persistence in performance of equity funds in China. We apply the capital asset pricing model (CAPM) and the Carhart four-factor model to examine 520 equity funds for an eleven-year period with 39,449 observations. To investigate persistence, the entire sample is divided into ten portfolios (deciles) on the basis of lagged one-year performance and then observed over the next 12 months. We find that equity funds in China outperform their benchmark market but do not find any evidence of persistence in the performance of equity funds. Top-performing (worst-performing) funds do not continue to perform well (worse) in the following year. Top-performing funds are younger and have lower expense ratios than the worst-performing funds. However, the size of the top-performing funds and the worst-performing funds show no significant difference. Our results suggest that past performance of equity funds is not predictive of future fund performance

Corporate Governance, Cash Flows, and Bank Performance: Developed and Developing Countries

International audienceThe purpose of the study is to investigate the impact of corporate governance on bank performance and the mediating role of cash flows between corporate governance and bank performance in developed and developing countries. The study collects data for 2006-2015 for 30 commercial banks operating in five countries (Bangladesh, Malaysia, Pakistan, Australia, and the USA) and applies bank, time (year), and country fixed effects regression analysis to determine the direct impact of corporate governance and cash flows on bank performance. Structural equation modeling is employed to investigate the mediating role of cash flows between corporate governance and bank performance. The results suggest that the impact of corporate governance on bank performance is more significant in developed countries than in developing countries. The results also show that investment cash flows mediate the relationship between corporate governance and bank performance in developed as well as developing countries, while operating cash flows mediate the relationship between bank performance and corporate governance in developing countries only

Impact of High Commitment HRM Practices on the Non-Academic Staff Performance: Mediating Role of Affective Commitment and Job Satisfaction

Purpose: The purpose of this study is to scrutinize the relationship between non-academic staff and student support services by developing a conceptual model of the mediation impact of affective commitment and job satisfaction on the relationship between high commitment HRM practices and non-academic staff performance. Design/Methodology/Approach:      For this study, primary data has been collected from survey methods of 250 respondents from non-academic staff and students of HEIs in public and private sectors. In order to examine the mediating mechanism of variables, 8 hypotheses were constructed based on the conceptual model and literature study and tested using the SPSS 25 and Smart PLS using the bootstrapping approach. Findings: The study's findings demonstrate that high-commitment HRM practices have a statistically significant influence on non-academic staff perceptions of behavioral outcomes such as affective commitment and satisfaction. Likewise, the extracted results show a statistically positive association between non-academic performance and student support services. Implication/Originality/Value: HEIs carry out HCHRPs, they will be able to replicate the level of organizational commitment and job satisfaction of their administrative staff which lead to student support services

Impact of High Commitment HRM Practices on the Performance of University Administrations in Pakistan: Two Stage Mediation and Moderation

Purpose: The primary goals of this study are to scrutinise the relationship between high-commitment and non-academic staff performance by developing a conceptual model of mediation impact of affective commitment, normative commitment, and continuance commitment on the relationship between high-commitment HRM practises and non-academic staff performance; and the moderate impact of human capital factors on the relationship between high-commitment HRM practises and affective commitment, normative commitment, and continuance commitment. Design/Methodology/Approach: For this study, primary data has been collected from a survey method of 250 respondents who are working as non-academic staff in HEIs in Pakistan. In order to examine the moderation and mediating mechanisms of variables, 13 hypotheses were constructed based on the conceptual model and literature study and tested using SPSS 25 and Smart PLS using the bootstrapping approach. Finding: The study's findings demonstrate that high-commitment HRM practises have a statistically significant influence on non-academic staff perceptions of behavioural outcomes such as affective commitment, normative commitment, and continuance commitment. Likewise, the extracted results are also statistically significant that HC factors positively moderate the relationship between high-commitment HRM practises and affective commitment, normative commitment, and continuance commitment. Implication/Originality/Value: HEIs carry out HCHRMPs, they will be able to effectively elevate the level of organizational commitment of their non-academic staff performance