Economic Fluctuations and Corporate Bond Spreads: Evidence from Canadian Bond Markets

This paper attempts to address the question whether the signaling properties of credit spreads in Canada are useful for predicting future economic activity. This It extents Gilchrist, et al. (2009) paper “Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets” by examining the predictive power of credit spreads on corporate debt for future economic activity in Canada. In this paper, the credit spreads were constructed using monthly data on prices corporate bond traded over the 2002 -2017 period issued by 60 Canadian corporations. Overall the results suggest that movements specific to credit markers account for a considerable fraction of volatility in Canadian economic activity during the period under study

Size premium, value premium and market timing: evidence from an emerging economy

Purpose - This study aims to investigate the market timing strategy in different market conditions (i.e. up, down, normal and in-financial-crisis situation) in the emerging market of Pakistan over the period 1995 to 2015. Furthermore, this study tests the validity of the capital asset pricing model (CAPM) and Fama and French model. Design/methodology/approach - This study considers monthly stock returns of 167 firms and constructs six different portfolios on the basis of different size and book to market ratio. The Treynor and Mazuy model is used to capture the market timing strategy. Findings - The results indicate evidence of the market timing in normal market conditions. However, there is less supportive evidence of market timing in up-market, down-market and in-financial-crisis situations. This study also confirms the validity of the capital asset pricing model and Fama and French three-factor model with strong support of value premium and size premium in the stock market. Practical implications - The findings of this study are helpful to companies in estimating the cost of issuing equity more accurately. The investors can use market timing to make their investment in a more better and profitable manner. Originality/value - Unlike other previous studies, this study considers an extended period to test the validity of the capital asset pricing model and Fama and French model. In addition, this study is novel in testing the marketing timing of the firms in the context of emerging economy of Pakistan.Objetivo - Este estudio tiene como objetivo investigar la estrategia de sincronización del mercado en diferentes condiciones de mercado (es decir, situación al alza, a la baja, normal y en situación de crisis financiera) en el mercado emergente de Pakistán durante el período 1995 a 2015. Además, este estudio prueba la validez de la modelo de valoración de activos de capital (CAPM) y modelo Fama y francés. Diseño / metodología / enfoque - Este estudio considera los rendimientos mensuales de las acciones de 167 empresas y construye seis carteras diferentes sobre la base de diferentes tamaños y relaciones entre libros y mercado. El modelo de Treynor y Mazuy se utiliza para capturar la estrategia de sincronización del mercado. Recomendaciones - Los resultados indican evidencia de la sincronización del mercado en condiciones normales de mercado. Sin embargo, hay menos evidencia de apoyo de la sincronización del mercado en situaciones de mercado al alza, a la baja y en situaciones de crisis financiera. Este estudio también confirma la validez del modelo de fijación de precios de los activos de capital y el modelo de tres factores de Fama y el francés con un fuerte apoyo de la prima de valor y la prima de tamaño en el mercado de valores. Implicaciones prácticas - Los hallazgos de este estudio son útiles para que las empresas estimen con mayor precisión el costo de emisión de acciones. Los inversores pueden utilizar la sincronización del mercado para hacer su inversión de una manera mejor y más rentable. Originalidad / valor - A diferencia de otros estudios anteriores, este estudio considera un período extendido para probar la validez del modelo de valoración de activos de capital y el modelo francés y de Fama. Además, este estudio es novedoso al probar el momento de comercialización de las empresas en el contexto de la economía emergente de Pakistán

EEffect of folic acid on fluoride induced morphological alterations in the liver of albino wistar rats

Objective: To observe the histomorphological changes in liver of Albino wistar rats induced by Fluoride and effect of Folic acid.Methodology: This quasi experimental study was conducted at Anatomy department & postgraduate Laboratory of Isra University Hyderabad Sindh from April 2018 to September 2018. Total forty healthy rats 8-12 weeks old and weight 150-250gm were selected. Animals were divided in 4 groups in equal numbers. Animals of Group A, were given normal diet, Group B, received distilled water mixed with Fluoride (10.0mg/kg) and group C received distilled water mixed with Fluoride (10mg/kg) along with folic acid supplement (2.5mg/kg). Group D, animals received Fluoride (10mg/kg) for four weeks initially and then folic acid (2.5mg/kg) mixed distilled water was given for additional four weeks.  After completion of experiment, the rats were sacrificed and hepatic tissues were processed to prepare paraffin blocks. 4-6 micrometer sections were obtained for slides and stained with hematoxylin and eosin to observe under light microscope. All the data was recorded in proforma. Results: Liver weight was insignificant among all study groups. On histological examinations, fibrotic changes were significantly higher among all experimental groups as compare to control group whereas folic acid consumption reduced it. Necrotic changes, hepatic inflammatory changes, sinusoidal dilatation and congested portal veins were found higher among animals of experimental group B as compared to group C and group D, while no changes found in control group.Conclusion: Fluoride exposure that impair liver architecture, is potently supported by the portal inflammation, necrosis, and histological alterations. Folic acid is the best supplement to prevent and revert the hepatic histological alterations caused by fluorid

EEffect of folic acid on fluoride induced morphological alterations in the liver of albino wistar rats

Objective: To observe the histomorphological changes in liver of Albino wistar rats induced by Fluoride and effect of Folic acid.Methodology: This quasi experimental study was conducted at Anatomy department & postgraduate Laboratory of Isra University Hyderabad Sindh from April 2018 to September 2018. Total forty healthy rats 8-12 weeks old and weight 150-250gm were selected. Animals were divided in 4 groups in equal numbers. Animals of Group A, were given normal diet, Group B, received distilled water mixed with Fluoride (10.0mg/kg) and group C received distilled water mixed with Fluoride (10mg/kg) along with folic acid supplement (2.5mg/kg). Group D, animals received Fluoride (10mg/kg) for four weeks initially and then folic acid (2.5mg/kg) mixed distilled water was given for additional four weeks.  After completion of experiment, the rats were sacrificed and hepatic tissues were processed to prepare paraffin blocks. 4-6 micrometer sections were obtained for slides and stained with hematoxylin and eosin to observe under light microscope. All the data was recorded in proforma. Results: Liver weight was insignificant among all study groups. On histological examinations, fibrotic changes were significantly higher among all experimental groups as compare to control group whereas folic acid consumption reduced it. Necrotic changes, hepatic inflammatory changes, sinusoidal dilatation and congested portal veins were found higher among animals of experimental group B as compared to group C and group D, while no changes found in control group.Conclusion: Fluoride exposure that impair liver architecture, is potently supported by the portal inflammation, necrosis, and histological alterations. Folic acid is the best supplement to prevent and revert the hepatic histological alterations caused by fluorid

Skeletal manifestations of scurvy: A case report from dubai

Introduction: Nutritional deficiencies are rarely reported in developed countries. We report a child of Pakistani origin brought up in Dubai who developed skeletal manifestations of scurvy due to peculiar dietary habits. Case Presentation: A 4.5 year old boy presented with pain and swelling of multiple joints for three months and inability to walk for two months. Dietary history was significant for exclusive meat intake for the preceding two years. On examination the child\u27s height and weight were below the 5th percentile for his age. He was pale and tachycardic. There was significant swelling and tenderness over the wrist, knee and ankle joints, along with painful restriction of motion. Basic blood workup was unremarkable except for anemia. However, X-rays showed delayed bone age, severe osteopenia of the long bones, epiphyseal separation, cortical thinning and dense zone of provisional calcification, suggesting a radiological diagnosis of scurvy. The child was started on vitamin C replacement therapy. Over the following two months, the pain and swelling substantially reduced and the child became able to walk. Repeat X-rays showed improvement in the bony abnormalities. Conclusion: Although scurvy is not a very commonly encountered entity in the modern era, inappropriate dietary intake can lead to skeletal abnormalities which may be confused with rickets. A high index of suspicion is thus required for prompt diagnosis of scurvy in patients with bone and joint symptoms

Spectrum of electroencephalogram finding in Children with newly diagnosed epilepsy –an Experience at a tertiary care hospital.

Epilepsy is the most common neurological disorders that affect all age groups. It is characterized by at least two unprovoked seizures more than 24 hours apart. The most common investigation used for both diagnosis and management is an Electroencephalogram (EEG), which is relatively cheap and easy to perform. However, EEG requires technical expertise and is prone to misinterpretation. Objective: To determine the frequency of abnormal EEG findings in children with newly diagnosed epilepsy at tertiary care hospital

COMPARATIVE ANALYSIS OF ASTHMA SEVERITY & CONTROL AMONG PATIENTS PRESENTING WITH & WITHOUT CO-MORBID RHINITIS

Objective: This study hopes to compare the severity and control of asthma among patients presenting with and without co-morbid rhinitis. Methodology:This retrospective, comparative analysis was conducted upon a total of 377 asthmatic patients, presenting at the medical out-patient department with and without co-morbid rhinitis. The data was collected using a structured interview based questionnaire (after taking written informed consent) which included in-depth inquiries regarding the asthma severity and control for the past 4 week. The data obtained was analyzed using SPSS v. 21. 0. Results: Among the 377 subjects, 200 were males while 177 were females. Mean age of the subjects was 36 years. 172 asthmatic patients in the sample suffered from the co-morbid rhinitis, while the remaining did not have the said comorbidity. Asthmatic patients with co-morbid rhinitis experienced more frequent asthmatic attacks. The incidence of visits to the emergency room and frequency of hospital admissions too was high among asthmatic patients with co-morbid rhinitis. Conclusion: The results reveal that, all attempts to draw a comparison of asthma severity and control among patients with and without comorbid rhinitis yield clear and unidirectional results, leading to a transparent conclusion i.e. the asthma severity and control is considerably poorer in asthmatics with co-morbid rhinitis. Keywords: Asthma, Severity, Control, Rhinitis and Co-morbidity

Milligan Morgan Haemorrhoidectomy vs LigaSure Haemorrhoidectomy : Comparative Postoperative Outcomes

Objective: To compare the traditional Milligan Morgan haemorrhoidectomy with haemorrhoidectomy using LigaSure in terms of postoperative complications, patient satisfaction and hospital stay. Methodology: This is a randomized controlled trial carried out at the Department of Surgery Liaquat university hospital Jamshoro from July 2017 to June 2019. A total of 88 patients were admitted with the diagnoses of 3rd and 4th degree haemorrhoid were included in the study. Patients were randomly divided into two groups by lottery method. Group A underwent Milligan Morgan Haemorrhoidectomy and group B underwent Haemorrhoidectomy by Ligasure after the informed consent. Outcomes of both procedures were also compared by complications, patient satisfaction and hospital stay. Results: Out of 88 patients 35 were male (39.78%) and 53 were female (60.22%). The most common group of age involved was between 35–55 years. Third degree Haemorrhoids were present in 40 (45.45%) of patients while the remaining 48 (54.55%) had fourth degree Haemorrhoids. Group A included 44(50%) cases while Group B included 44 (50%) cases. The mean operating time of Group A was 50.5 (minutes) with a standard deviation of 11.5 while it was 35.5 ± 9.4 in B group. The mean blood loss in group A was 65.30 ml with a standard deviation of 14.58 while it was 45.45 ml ± 20.49 in group B. Conclusion: The Haemorrhoidectomy done by Ligasure is comparatively better than the Milligan Morgan Heamorrhoidectomy, in terms of operative time, less bleeding, less pain, less hospital stays and early return to work

SPECTRUM OF PLEURAL EFFUSION DUE TO RENAL PATHOLOGIES AT TERTIARY CARE HOSPITAL

Objective: To determine the spectrum of pleural effusion due to renal pathologies at tertiary care hospital. Patients And Methods: The one year cross sectional study was conducted at tertiary care hospital. All the patients either gender who were diagnosed as chronic kidney disease (on haemodialysis) were included in the study. These patients were allowed to undergo necessary investigations and treatment. All the specific patients had thorough clinical history, relevant clinical examination and important investigations to explore the pulmonary pathology (pleural effusion) while the frequency / percentages (%) and means ±SD computed for study variables. Results: During one year study period total fifty patients with pleural effusion were explored and studied. The frequency for male and female population was 32 (64%) and 18 (36%) with mean ± sd for age of male and female individuals was 59.82±7.83 and 53.85±6.94 respectively. Gender male 30 (60%), female 20 (40%), pleural effusion 32 (64%). The cause includes idiopathic (unknown) 05 (10%), over hydration 15 (30%), heart failure 06 (12%), parapneumonic effusion 08 (16%), uremic pleuritis 05 (10%), tuberculous pleurisy 06 (12%), malignancy (prostate cancer) 05 (10%). Conclusion: Pleural effusion is regular in hospitalized patients getting long haul hemodialysis due to chronic kidney disorders. Keywords: Pleural effusion, Kidney, Lung and Renal disease