Impact of Model Specification Decisions on Unit Root Tests

Performance of unit tests depends on several specification decisions prior to their application e.g., whether or not to include a deterministic trend. Since there is no standard procedure for making such decisions, therefore the practitioners routinely make several arbitrary specification decisions. In Monte Carlo studies, the design of DGP supports these decisions, but for real data, such specification decisions are often unjustifiable and sometimes incompatible with data. We argue that the problems posed by choice of initial specification are quite complex and the existing voluminous literature on this issue treats only certain superficial aspects of this choice. We also show how these initial specifications affect the performance of unit root tests and argue that Monte Carlo studies should include these preliminary decisions to arrive at a better yardstick for evaluating such tests.model specification, trend stationary, difference stationary

Most Stringent Test for Location Parameter of a Random Number from Cauchy Density

We study the test for location parameter of a random number from Cauchy density, focusing on point optimal tests. We develop analytical technique to compute critical values and power curve of a point optimal test. We study the power properties of various point optimal tests. The problem turned out to be different in its nature, in that, the critical value of a test determines the power properties of test. We found that if for given size  and any point m in alternative space, if the critical value of a point optimal test is 1, the test optimal for that point is the most stringent test.Cauchy density, Power Envelop, Location Parameter, Stringent Test

Prospects of Oman as a Destination for Halal Tourism

Although a vast majority relates the concept of ‘halal’ or what is permissible in Islam to food only. However, halal industry covers many sectors such as food, fashion, transport, finance and even tourism. Halal tourism is not just about halal food, it is also about the overall experience, which is amenable with the Shariah (Islamic jurisprudence). Oman has a plethora of natural beauty and many places of interest for all types of tourists. It is one of the most secure and peaceful countries in the world. Having a well-developed Infrastructure, Oman is ready to take its tourism to new heights. The ever-hospitable Omanis are proud of their rich cultural and historical heritage. Thus, Oman appears to have all what it takes to become a prime destination for halal tourism. The objective of this study is to assess the prospects of Oman as a destination for halal tourism. Based on the interviews of experts like academicians, tourism professionals, officials and clerics, Oman’s competitiveness as a destination for halal tourism was assessed by developing a Strengths, Weaknesses, Opportunities and Threats (SWOT) profile. The findings of the SWOT were compared with the data from the Global Muslim Travel Index (GMTI) from the year 2014 to 2018. Based on the analysis, Oman is found to have the right mix of environment and enabling services for halal tourism. However, it is found lacking in public transport, communication and customer outreach. Oman is also found to be losing its rank among the top 10 destinations for halal tourism to close competitors like Qatar, Bahrain, Morocco, etc. The concerned authorities need to make conscious efforts to resolve these issues as it becomes imperative for Oman to revamp its tourism strategy.  JEL codes: Z31, M3

Safety and efficacy of radiofrequency ablation for varicose veins: An initial experience from Pakistan

OBJECTIVE: To evaluate the safety and efficacy of radiofrequency ablation (RFA) for varicose veins. STUDY DESIGN: Observational case series. PLACE AND DURATION OF STUDY: Section of Vascular Surgery, Aga Khan University Hospital, Karachi, from September 2016 to August 2018. METHODOLOGY: Data of RFA procedures performed on 40 patients were collected on a questionnaire from the medical records. It included patients\u27 demographics, pre- and postoperative clinical, etiological, anatomical and pathological (CEAP) system score, venous clinical severity score (VCSS), procedural details and intra- or postoperative complications. Outcome measures were \u27safety of the procedure, which was measured by presence of any complications; and \u27efficacy of the procedure\u27 which was measured by improvements in the CEAP and VCSS score. RESULTS: The mean age of the patients was 44.7±11.5 years. Twenty-one (52.5%) patients were women. Preoperative median VCSS [range] was 7 [2-15], which improved to 1 [0-3] (p \u3c0.001). Preoperative median CEAP [range] was 3 [2-6] and improved to 1 [0-4] (p \u3c0.001). One patient had recurrence and five patients (12.5%) had minor complications, which were treated conservatively. CONCLUSION: RFA in patients with symptomatic varicose veins can be performed with minimal complications. This modality is also effective in reducing the disease severi

Technology Based Employees Training and Organizational Performance as Perceived by Employees

The present study explores the nature of the technology-based HR trainings practices with a focus on the banking sector in Pakistan. The study was carried out in the twin-cites of Rawalpindi and Islamabad. Random sampling technique was adopted and population mainly was categorized into six Islamic banks and 6 conventional Banks. The study recommends that by implementing the technology-based training and acquiring the inputs from the top level management and the internal customers using this input and information for the organizational strategies and goal, can further the market shares and the profitability

Does Macroeconomic and Firm Specific Factors drive Corporate Profitability? New Evidence from Pakistan

The aim of the paper is to analyze the impact of macroeconomic and firm specific factors on corporate profitability. Data for the period 2010-2019 is collected from listed Pakistani firms. Findings of the study reveal that corporate profitability is significantly and positively influenced by firm size and liquidity whereas corporate profitability is significantly and negatively influenced by leverage. GDP affects EPS positively but its impact on ROE and ROA is negative. Exchange rate also has a negative impact on corporate profitability. Real interest has a strong negative effect on ROA but on EPS and ROE, the effect is insignificant. Real interest has a strong negative effect on ROA but on ROE and EPS the effect is insignificant

NEGATIVE AFFECTIVITY, CONSCIENTIOUSNESS AND JOB SCOPE (A CASE OF IT AND TELECOM INDUSTRY)

Based on a sample of 350 employees in the telecommunication and telecommunication, we obtained empirical evidence suggesting that while individuals high on conscientiousness tended to react more positively to job scope, individuals high on negative affinity tended to react less positively. Job scope was defined as the extent to which a job required the jobholder to be mentally and physically involved to get it done effectively. Typically, a job characterized by a high job scope would be non-repetitive, would need a great deal of independent thought/action and training, would entail the job holder to keep track of his/her progress, and others. The affirmative results obtained in regard of the moderating roles of personality factors in the present study suggested that job design researchers should further explore individuals’ personality differences in response to job scope

FINANCIAL LEVERAGE, WORKING CAPITAL MANAGEMENT AND FIRM PROFITABILITY: EMPIRICAL EVIDENCE FROM PAKISTAN STOCK EXCHANGE

This study aims to investigate the working capital management practices and its effects on firms’ profitability with moderating role of leverage. The Generalized Method of Moments estimation technique under fixed effect specification is used to analyze the cross-industries sample of 210 nonfinancial firms listed on Pakistan Stock Exchange. The result showed that receivable collection period and payable payment period have positive significant impact on profitability of firms, on the other hand cash cycle has significant negative impact on profitability of firms, and where as the impact of payable payment period is found insignificant on profitability. In case of moderation of leverage with respect to relationship of working capital with profitability the results showed that leverage weakens this relationship significantly. The study suggests that managers in nonfinancial sector should take into consideration the moderating role of leverage with respect to working capital management