Determinants of herding behaviour among individual investors of Pakistan stock exchange

The most crucial role for investors is to make rational investment decisions in which it depends on their investment behaviour. Investment behaviour of investors plays a vital role in the performance of an investment. Normally, investors are unable to gather relevant information which leads them to behavioural biases and cognitive errors. Ultimately, investors might make a wrong investment decision that could become the cause of failure to the investment. Numerous cognitive factors have influenced investors' behaviour during the decision-making process, and lead them to herd the acts of others. This herding behaviour is irrational as it becomes the cause of asset mispricing in the stock market. To address these issues, the current study highlights the role of investors' cognitive profile, past investment experience and information availability on herding behaviour. This study also examines the moderating role of financial literacy on the relationship between the cognitive factors, past investment experience, information availability and herding behaviour. The data of the study was gathered from individual investors in the Pakistan Stock Exchange by using random sampling technique. Using the survey questionnaire, 540 questionnaires were distributed which yielded a 56.29% response rate. Partial Least Square (PLS)-Structural Equation Modeling (SEM) was used to analyse the data. It was concluded that illusion of control, self-attribution, overconfidence and past investment experience have a significant positive influence on the herding behaviour among individual investors in the Pakistan Stock Exchange. Meanwhile, information availability mitigated the herding behaviour of individual investors in Pakistan Stock Exchange. Besides, financial literacy has moderating role on the relationship of illusion of control and past investment experience with herding behaviour. This study could be beneficial for Pakistan Stock Exchange (PSX), Security and Exchange Commission of Pakistan (SECP) and the Pakistani government in formulating strategies to mitigate the herding behaviour among individual investors by enhancing their financial literacy

Solving a novel designed second order nonlinear Lane-Emden delay differential model using the heuristic techniques

The aim of the present study is to present a new model based on the nonlinear singular second order delay differential equation of Lane–Emden type and numerically solved by using the heuristic technique. Four different examples are presented based on the designed model and numerically solved by using artificial neural networks optimized by the global search, local search methods and their hybrid combinations, respectively, named as genetic algorithm (GA), sequential quadratic programming (SQP) and GA-SQP. The numerical results of the designed model are compared for the proposed heuristic technique with the exact/explicit results that demonstrate the performance and correctness. Moreover, statistical investigations/assessments are presented for the accuracy and performance of the designed model implemented with heuristic methodology.This paper has been partially supported by Ministerio de Ciencia, Innovación y Universidades, Spain grant number PGC2018-0971-B-100 and Fundación Séneca de la Región de Murcia, Spain grant number 20783/PI/18

Water resources and tourism development in South Asia: an application of dynamic common correlated effect (DCCE) model

The current study explores the relationship between water resources and tourism in South Asia for the period of 1995-2017. The study employs the CIPS unit root test for stationarity of the variables and the CD test for cross-sectional dependence among cross-sectional units. As for the long-run parameters, a novel technique, known as dynamic common correlated effect (DCCE) model, is used which was recently developed by Chudik and Pesaran (J Econ 188:393-420, 2015b). The outcomes from the DCCE method suggest that water resources have a positive impact on tourism in South Asia. It is also proven that ignoring cross-sectional dependence among the cross-sectional units may bring about misleading outcomes. The findings of the study can be helpful for policymakers to understand the role of water resources in boosting tourism and contributing to the economic prosperity of South Asian countries

Communication of Corporate Social Responsibility and Loyalty of Customer’s In Kuala Lumpur Hypermarket Industry

Purpose of the study This study aims at contributing to assessing the impact of corporate social responsibility communications on the loyalty of customers in the Hypermarket Industry in Kuala Lumpur. It focuses on deterioration and the lack of quality service in the hypermarket.Design/methodology/approach The hypotheses of the study are to recognize the relationships between variables CSR communications (corporate website, public relations, advertising, social media) and customer loyalty. Each of them was tested for study scope by regression equation using the SPSS and Smart PLS software. This study enhances its empirical validity by collecting data from 384 respondents in Kuala Lumpur of Malaysia. Findings Results of the statistical analysis show that acceptance of central research hypothesis the existence of a positive relationship between variables CSR communications (corporate website, public relation, advertising, social media) and customer loyalty and this means the corporate social responsibility communications in the applied hypermarket are to understand the importance of quality services. Quality services from the hypermarket contribute to making the organization's effectiveness more positive to achieve organizational goals and improve overall performance. This results in increased customer loyalty, which requires a joint action starting from the hypermarket management to the simplest employee. Social implications The research has been concluded with several recommendations. The most important one is that hypermarkets must-have experiences, knowledge, and outstanding abilities to work together for the best performance by the impact on customers to make them more loyal to the hypermarket. Originality/value This paper establishes the role of variables CSR communications and customer loyalty for the hypermarket industry in Malaysia. Additionally, the empirical results focus on analyzing CSR's impact on customer behavior and strongly encourage hypermarkets to continue investing; CSR communication (corporate website, public relations, advertising, social media) can be strategic marketing tools to promote customer loyalty of hypermarket

Factors affecting International Finance Corporation

In order to succeed in business, the key is to understand how different processes, practices, rules, regulations, and institutions affect the way the firm is directed, administered, or controlled. The study attempted to investigate factors influencing international finance corporation at small and medium businesses in Erbil. Accordingly, the researchers used six factors for instance; legal factor, environmental factor, political factor, social factor, technical factor, and economic factor to measure influencing international finance.  The researchers employed quantitative research method to examine the current study. The questionnaire was distributed randomly among 130 administrative staffs of small and medium businesses. The participants of the present study were 124 participants from different small and medium businesses in Kurdistan region of Iraq.  Many different elements, such as currency exchange rates, inflation rates, and the existence of various cultures and languages, determine how profitable international finance can be for companies. This also means that, on the other hand, international finance could be a nightmare if any of these aspects are not handled properly. This also implies that corporations that find themselves involved in financing such deals have no choice but to engage, they must ensure that it is done efficiently. The study demonstrates multiple regression analysis to investigate six research hypotheses, as for first research hypothesis which stated that legal factor influences international finance corporation at small and medium businesses in Erbil, it was found that the value of Beta was .606 with significant level of .000 this indicated that the first research hypothesis was supported, as for second research hypothesis which stated that environmental factor influences international finance corporation at small and medium businesses in Erbil, it was found that the value of Beta was .669 with significant level of .000 this indicated that the second research hypothesis was supported, as for third research hypothesis which stated that political factor influences international finance corporation at small and medium businesses in Erbil, it was found that the value of Beta was .601 with significant level of .002 this indicated that the third research hypothesis was supported, as for fourth research hypothesis which stated that social factor influences international finance corporation at small and medium businesses in Erbil, it was found that the value of Beta was .642 with significant level of .000 this indicated that the fourth research hypothesis was supported, as for fifth research hypothesis which stated that technical factor influences international finance corporation at small and medium businesses in Erbil, it was found that the value of Beta was .642 with significant level of .001 this indicated that the fifth research hypothesis was supported, and as for sixth research hypothesis which stated that technical factor influences international finance corporation at small and medium businesses in Erbil, it was found that the value of Beta was .637 with significant level of .000 this indicated that the sixth research hypothesis was supported

The Effect of Human Resources Management Skills on Accounting Information Quality in Kurdistan Public Sector

The article’s purpose is to measure the impact of human resources management skills on accounting information quality in kurdistan public sector. To enable the study to measure human resource management skills at public sectors in Kurdistan region of Iraq, the researchers used five human resources management skills elements, first is communication skill, second is flexibility skill, third is negotiation skill, fourth is ethical action skill, and fifth is compassion skill. To assess the current study, the researchers used a quantitative research method in the form of a survey. The questionnaire was delivered at random to 84 administrative employees from several government departments in the Kurdistan region. The researchers, on the other hand, were able to collect 78 completed questionnaires. The results showed that as for the impact of communication skill on accounting information system was found the value of Beta is .632 with significant level .000 this indicated that first research hypothesis is supported which is Communication skill as human resource management skills has a positive and significant influence on accounting information system. As for the impact of Flexibility skill on accounting information system was found the value of Beta is .611 with significant level .000 this indicated that second research hypothesis is supported which is Flexibility skill as human resource management skills has a positive and significant influence on accounting information system. As for the impact of Negotiation skill on accounting information system was found the value of Beta is .642 with significant level .000 this indicated that third research hypothesis is supported which is Negotiation skill as human resource management skills has a positive and significant influence on accounting information system. As for the impact of Ethical actions skill on accounting information system was found the value of Beta is .649 with significant level .000 this indicated that fourth research hypothesis is supported which is Ethical actions skill as human resource management skills has a positive and significant influence on accounting information system, and lastly, as for the impact of Compassion skill on accounting information system was found the value of Beta is .661 with significant level .000 this indicated that fifth research hypothesis is supported which is Compassion skill as human resource management skills has a positive and significant influence on accounting information syste

Phytochemical and antioxidant potential of selected plants from Mianwali, Pakistan

Plants have been used since ancient times as an important source of biologically active substances. Specific activities of these plant extracts are generally linked to the presence of secondary metabolites together with their phenolic contents. Present study aimed at investigating the total phenolic and flavonoid contents, and antioxidant activity of selected plants from five different families. The total phenolic content was measured using Folin-Ciocalteu assay and total flavonoid content by aluminum chloride colorimetric method. The antioxidant capacity was estimated by phosphomolybdinium assay. Our findings indicates that total phenolic content for methanolic extracts ranged from 27.07 to 59.11 mg GAE/g DW, and total flavonoid content ranged from 38.37 to 124.23 mg QE/g DW, with an antioxidant activity ranging from 55.82 to 129.06 mg AAE/g DE. Following trend was shown in the assessment of total phenolic and flavonoid contents: Rhazya stricta>Cicer arietinum>Solanum melongena>Solanum surattense>Solanum nigrum>Withania sominifera>Sisymbrium irio>Withania coagulans>Raphanus sativus>Fagonia indica>Brassica napus. While the antioxidant capacity followed the trend: Cicer arietinum>Solanum nigrum>Withania coagulans>Rhazya stricta>Raphanus sativus>Solanum melongena>Withania sominifera>Solanum surratense>Fagonia indica>Brassica napus>Sisymbrium irio. It is also seen that both wild and cultivated plants have higher medicinal value, which can be linked to the phenolic and flavonoid content, and antioxidant potential. Findings of the study revealed that wild plants possess higher phenolic content compared to cultivated plants, whereas cultivated plants had higher antioxidant activity

Impact of neonicotinoid seed treatment of cotton on the cotton leafhopper, Amrasca devastans(Hemiptera: Cicadellidae), and its natural enemies

BACKGROUND Neonicotinoid seed treatments suppress populations of pest insects efficiently and can enhance crop growth, but they may have negative effects on beneficial arthropods. We evaluated the effects of either imidacloprid or thiamethoxam on the abundances of a sucking pest, the cotton leafhopper (Amrasca devastans), and its arthropod predators under field conditions. We also evaluated the impact of seed treatment on transgenic cotton plant growth, with pests and natural enemies present or absent. RESULTS Imidacloprid and thiamethoxam reduced pest abundance, with greater effects when dosages were higher. Treatment at recommended doses delayed the pest in reaching the economic damage threshold by around 10–15 days (thiamethoxam) and 20 days (imidacloprid). Recommended doses also enhanced plant growth under all tested conditions; growth is affected directly as well as via pest suppression. Neonicotinoid applications reduced abundance of beneficial arthropods, with lower populations after higher doses, but negative effects of imidacloprid were not apparent unless the manufacturer-recommended dose was exceeded. CONCLUSION Imidacloprid applied at the recommended dose of 5 g kg−1 seed is effective against A. devastans and appears to be safer than thiamethoxam for natural enemies, and also enhances plant growth directly. We caution, however, that possible sublethal negative effects on individual beneficial arthropods were not evaluated

Assessment of sublethal and transgenerational effects of spirotetramat, on population growth of cabbage aphid, Brevicoryne brassicae L. (Hemiptera: Aphididae)

The cabbage aphid (Brevicoryne brassicae L.) is a devastating pest of cruciferous crops causing economic damage worldwide and notably owing to its increasing resistance to commonly used pesticides. Such resistance prompts the development of integrated pest management (IPM) programs that include novel pesticides being effective against the aphids. Spirotetramat is a novel insecticide used against sap-sucking insect pests, particularly aphids. This study evaluated the toxicity of spirotetramat to adult apterous B. brassicae after 72 h using the leaf dipping method. According to the toxicity bioassay results, the LC50 value of spirotetramat to B. brassicae was 1.304 mgL−1. However, the sublethal concentrations (LC5 and LC15) and transgenerational effects of this novel insecticide on population growth parameters were estimated using the age-stage, two-sex life table theory method. The sublethal concentrations (LC5; 0.125 mgL−1 and LC15; 0.298 mgL−1) of spirotetramat reduced the adult longevity and fecundity of the parent generation (F0). These concentrations prolonged the preadult developmental duration while decreasing preadult survival, adult longevity and reproduction of the F1 generation. The adult pre-reproductive period was also extended by spirotetramat treatment groups. Subsequently, the population growth parameters such as the intrinsic rate of increase r, finite rate of increase λ and net reproductive rate R0 of the F1 generation were decreased in spirotetramat treatment groups whereas, the mean generation time T of the F1 generation was not affected when compared to the control. These results indicated the negative effect of sublethal concentrations of spirotetramat on the performance of B. brassicae by reducing its nymphal survival, extending the duration of some immature stages and suppressing the population growth of B. brassicae. Overall, we demonstrated that spirotetramat is a pesticide showing both sublethal activities, and transgenerational effects on cabbage aphid; it may be useful for implementation in IPM programs against this aphid pest

Burnout among surgeons before and during the SARS-CoV-2 pandemic: an international survey

Background: SARS-CoV-2 pandemic has had many significant impacts within the surgical realm, and surgeons have been obligated to reconsider almost every aspect of daily clinical practice. Methods: This is a cross-sectional study reported in compliance with the CHERRIES guidelines and conducted through an online platform from June 14th to July 15th, 2020. The primary outcome was the burden of burnout during the pandemic indicated by the validated Shirom-Melamed Burnout Measure. Results: Nine hundred fifty-four surgeons completed the survey. The median length of practice was 10 years; 78.2% included were male with a median age of 37 years old, 39.5% were consultants, 68.9% were general surgeons, and 55.7% were affiliated with an academic institution. Overall, there was a significant increase in the mean burnout score during the pandemic; longer years of practice and older age were significantly associated with less burnout. There were significant reductions in the median number of outpatient visits, operated cases, on-call hours, emergency visits, and research work, so, 48.2% of respondents felt that the training resources were insufficient. The majority (81.3%) of respondents reported that their hospitals were included in the management of COVID-19, 66.5% felt their roles had been minimized; 41% were asked to assist in non-surgical medical practices, and 37.6% of respondents were included in COVID-19 management. Conclusions: There was a significant burnout among trainees. Almost all aspects of clinical and research activities were affected with a significant reduction in the volume of research, outpatient clinic visits, surgical procedures, on-call hours, and emergency cases hindering the training. Trial registration: The study was registered on clicaltrials.gov "NCT04433286" on 16/06/2020