Long-run Performance of Public vs. Private Sector Initial Public Offerings in Pakistan

The private sector had its major share in the economic development of the country in the early years of its independence in the 1950s. However, the private sector suffered a set back in the early 1970s, when a huge process of nationalisation of a large number of private industrial units was undertaken by the then government. Over the decades these enterprises were not professionally managed and the political influences in the management and running of these enterprises played havoc with them and consequently the experiment proved to be a failure. Attending to the weaknesses and inefficiencies inherent in the public sector enterprises, privatisation was systematically initiated by the then government in the early 1990s. Various privatisation commissions were set up in subsequent years and the privatisation process got some momentum during the present government and many large and profitable firms were privatised in the last few years, particularly at a time when the overall climate in the country was responsive and conducive for investment. The government, however, privatised many enterprises through public offerings on individual-case basis

Single Stock Futures Trading and Stock Price Volatility: Empirical Analysis

This study examines impact of the introduction of single stock futures contracts on the return volatility of the SSFs-listed underlying stocks. The study documents a significant decrease in return volatility for the SSFs-underlying stocks following the introduction of single stock futures contracts on the Karachi Stock Exchange. The multivariate analysis in which the spot trading volume, the futures trading volume and open interest were partitioned into news and informationless components, the estimated coefficient of expected futures volume component is statistically significant and negatively related to volatility, suggesting that equity volatility is mitigated when the expected level of futures activity is high. The findings of the decreased spot price volatility of the SSFs-underlying stocks associated with large expected futures activity is important to the debate of regarding the role of equity derivatives trading in stock market volatility. These empirical results for the Pakistan’s equity market support theories implying that equity derivates trading improves liquidity provision and depth in the equity markets, and appear to be in contrast to the theories implying that equity derivates markets provide a medium for destabilising speculation. Finally, the SSFs-listed stocks were grouped with a sample of non-SSFs stocks to examine cross-sectional data for comparing changes in return volatility. After controlling for the effects of a number of determinants of volatility, sufficient evidence is found to support that, this multivariate test, like the previous analysis, provides no evidence that the volatility of the SSFsunderlying stocks is positively related to the introduction of the single stock futures trading in the Pakistan’s stock market

Fixed Point Results on Multi-Valued Generalized (α,β)-Nonexpansive Mappings in Banach Spaces

In this paper, we provide and study the concept of multi-valued generalized (α,β)-nonexpansive mappings, which is the multi-valued version of the recently developed generalized (α,β)-nonexpansive mappings. We establish some elementary properties and fixed point existence results for these mappings. Moreover, a multi-valued version of the M-iterative scheme is proposed for approximating fixed points of these mappings in the weak and strong senses. Using an example, we also show that M-iterative scheme converges faster as compared to many other schemes for this class of mappings.The authors are very grateful to the Basque Government for their support through Grant no. IT1207-19

Firm Performance and the Nature of Agency Problems in Insiders-controlled Firms: Evidence from Pakistan

More than two centuries ago, Adam Smith (1776) showed skepticism about the efficiency of joint stock companies because of the separation of management from ownership. He observed that managers of joint stock companies cannot be expected to watch over the business with the same anxious vigilance as owners in a partnership would. Adam Smith’s worry remained buried for a century and a half until Berle and Means (1932) rekindled interest in this area when they hypothesised in their book that dispersed shareholding is an inefficient form of ownership structure. They argued that separation of ownership and management control has changed the role of owner from being active to the passive agent. Dispersed shareholders lack incentives to monitor self-interested managers who possess only a small fraction of the total shareholdings. The propositions by Adam Smith (1776) and Berle and Means (1932) received some support when Jensen and Meckling (1976) tied together the elements of property rights, agency costs, and finance to develop a theory of ownership structure of a firm. Jensen and Meckling asserted that agency costs are real, which the owner can reduce either by increasing ownership stake of the agent in the firm or by incurring monitoring and bonding costs. In early tests, several research studies supported the views of Jensen and Meckling. However, these studies did not account for endogeneity problem

Changes in snow depth under elevation‐dependent warming over the Tibetan Plateau

Abstract Snow plays an essential role in regulating climate change, the hydrological cycle, and various biological processes. Passive microwave snow depth data and gridded data from the Climate Research Unit (CRU_TS4.04) are utilized in this study to investigate spatiotemporal variations of snow depth over the Tibetan Plateau (TP), with special focus on the vertical dimension. The response of snow to elevation‐dependent warming (EDW) is determined accordingly. High mountains experience more rapid warming than lower elevations. During 1980–2014, the total snow depth over the TP decreased; areas with the most significant decreasing trends are mainly concentrated in the northwestern and southwestern parts of the TP. The plateau‐wide decrease in snow depth (−0.24 cm/decade) is mainly affected by increasing temperature (0.30°C/decade). The reduction in snow depth trend intensifies as sub‐regional mean elevation increases from 3,332 m (IID2) to 5,074 m (ID1). A stronger snow depth decrease in high‐elevation sub‐regions generally corresponds to higher warming rates, which demonstrates EDW. The most pronounced correlation between snow depth decrease rate and elevation occurs in the southeastern TP, which covers the largest elevation range on the plateau (from 2,000 to 6,000 m)

GIS-based flood susceptibility mapping using bivariate statistical model in Swat River Basin, Eastern Hindukush region, Pakistan

Frequent flooding can greatly jeopardize local people’s lives, properties, agriculture, economy, etc. The Swat River Basin (SRB), in the eastern Hindukush region of Pakistan, is a major flood-prone basin with a long history of devastating floods and substantial socioeconomic and physical damages. Here we produced a flood susceptibility map of the SRB, using the frequency ratio (FR) bivariate statistical model. A database was created that comprised flood inventory as a dependent variable and causative factors of the flood (slope, elevation, curvature, drainage density, topographic wetness index, stream power index, land use land cover, normalized difference vegetation index, and rainfall) as independent variables and the association between them were quantified. Data were collected using remote sensing sources, field surveys, and available literature, and all the studied variables were resampled to 30 m resolution and spatially distributed. The results show that about 26% of areas are very high and highly susceptible to flooding, 19% are moderate, whereas 55% are low and very low susceptible to flood in the SRB. Overall, the southern areas of the SRB were highly susceptible compared to their northern counterparts, while slope, elevation, and curvature were vital factors in flood susceptibility. Our model’s success and prediction rates were 91.6% and 90.3%, respectively, based on the ROC (receiver operating characteristic) curve. The findings of this study will lead to better management and control of flood risk in the SRB region. The study’s findings can assist the decision-makers to make appropriate sustainable management strategies for the mitigation of future damage in the study region

Optimizing Conservation of Nili Ravi Buffaloes in Southern Region of Khyber Pakhtunkhwa: A Comprehensive Evaluation of Phenotypic, Morphometric, and Productive Traits

In Pakistan, Nili Ravi buffalo is highly valued breed due to its high milk yield. Native to Punjab province, the breed is now extensively distributed throughout the country. To assess and optimize the conservation strategies for Nili Ravi buffaloes in southern Khyber Pakhtunkhwa by evaluating their phenotypic, morphometric, productive, and reproductive characteristics. Buffaloes were maintained at Livestock Research and Development Station in Paharpur, Dera Ismail Khan from 2010-2023, under breed conservation program. A sum of 298 records Nili Ravi buffaloes were used for the investigation. The research examined physical attributes such as coat color, horn morphology, and other qualitative characteristics. In addition to body weight, body length, withers height, chest circumference, and hip breadth, morphometric measurements were recorded. Mean body weight of Nili Ravi buffaloes was recorded was 677 + 213 Kg, produced 1387.12 + 32.87 liters milk during their lactation period of 292.87 + 32.40 days that was substantially impacted by year (p \u3c 0.05) and calving season. Calving interval was 480.18 + 22.09 days, whereas parity year and calving season bear considerable (p \u3c 0.05) impact on their characteristic. Dry period was 181.2 + 18.01 days. This research aided in the development of conservation and enhancement strategies for Nili Ravi buffalo in the region. Nili Ravi buffaloes in the region have excellent milk yield but the study disclosed morphometric variations within the breed, demonstrating the need for targeted breeding and management practices

Assessment of multi-components and sectoral vulnerability to urban floods in Peshawar – Pakistan

Over the last two decades, urban floods and their impacts have been on the rise worldwide, owing to both climatic changes and human activities. The present study examines different at-risk elements, such as residential, commercial, and critical facilities, to evaluate their multi-components of vulnerability to urban floods in Peshawar, Pakistan. Based on the impacts of urban floods, the weightage of each component of the vulnerability for the selected elements at risk is defined. This study presents and uses the modified Fisher's ideal quantity index to combine the different vulnerability components into a single value. Additionally, the Patnaik and Narayan vulnerability index is employed to generalize sector-wise vulnerabilities across the study area. The results show that the old physical infrastructure of commercial and manufacturing units in the Kohati Gate area is highly vulnerable to urban floods, while the residential units are the least susceptible due to their distanced location from the drainage system. In Hayatabad, encroachments along the torrent's sides, affecting housing and educational institutions, contributed to increased vulnerability to urban floods, despite their relatively lower physical vulnerability. The study provides a new platform for understanding the multi-components of vulnerability to urban floods and tackling the challenges posed by urban floods effectively

Does corporate groups accrue higher leverage: Emerging market evidence

This article explores the capital structure composition of group-affiliated firms. We find that group member firms choose to accrue higher debt ratios compared to non-group counterparts. Further disentangling the higher debt ratios of group-affiliates, we find risk-sharing or co-insurance effect whereby business groups enable member firms to share risks through income-smoothing and intra-group reallocation of resources. Our results suggest that business groups act as internal capital markets, assist affiliated firms overcome financial constraints, and ease access to external capital. Lastly, our study shows that group affiliations positively contribute to firms’ better financial performance relative to the non-group firms