SHORT-TERM FINANCING AND RISKADJUSTED PROFITABILITY: EVIDENCE FROM PAKISTAN

This study explores the impact of short-term financing on theoperational performance of firms and the relationship of the formerto risk-adjusted profitability. The sample consists of 352 nonfinancialfirms listed on the KSE (now Pakistan Stock Exchange)from 2003 to 2014. We use several dynamic panel data estimationtechniques and find that short-term financing is positively butinsignificantly related to firms’ profitability. As far as short-termfinancing and risk-adjusted profitability are concerned, the resultsconfirm the hypothesis that short-term financing has no impact onrisk-adjusted profitability under GMM estimation procedure. Thisstudy contributes to the literature as no prior study exists on theassociation of risk-adjusted profitability and short-term financing

Can Momentum Portfolios Earn More in the Karachi Stock Exchange?

In this study, we attempt to show empirical evidence of momentum profits in Karachi Stock Exchange (KSE) using monthly stocks returns data of 609 stocks over the period June 2004 to March 2014. Using Jegadeesh and Titman (1993) methodology, we find that investors can earn positive returns by holding a zero-investment momentum portfolio i.e. buying past winners stocks and selling past losers stocks. These results are robust to excluding small stocks (share price< PKR 5) as well as to using different sample periods. Further research in this area might consider factors such as risk, size, liquidity, book-to-market value, transaction costs, and trading volume to see which of these factors can explain momentum profits in KSE

FEMALE AS OWNER AND MANAGER, EXPORT ORIENTATION, AND VALUE RELEVANCE OF INNOVATION EVIDENCE FROM EMERGIN G COUNTRIES

The study investigates the impact of the females at the top, females with majority and minority ownership, and females as workers on the export orientation. Moreover, the study also examines the value relevance of the product, process, market, and organizational innovation in the relationship between the females at four different levels in hierarchy and export orientations in the case of emerging markets. The study use data of Enterprise survey conducted by the World Bank from 2002 to 2019 for 40 emerging countries. The sample included 20,019 export- oriented firms. We use hierarchical regression models for estimation. The results of various models show that females at the top position and females with majority ownership have a positive and significant effect on the export orientation. However, female minority ownership and female workers have no significant influence on export orientation. Moreover, product, market, and process innovations have a positive and significant incremental effect in the relationship between females at the top and females holding majority ownership and export orientation. The theory of internationalization is found valid as females in the two significant positions (majority shareholdings and manager at top) are found relevant to the export orientation of the firms. The findings of the study that females as controlling shareholder behave differently than men in emerging markets challenge the principal-principal agency conflicts. Organizations chasing the goal to improve their revenues and grow through exports shall try to attract female investors and hire or promote female to the rank of top-level managerial positions.Moreover, the results of the study encourage small firms to employ and utilize the potentials of females as managers and focus on innovations to exploit export opportunities.Whereas, to boost exports of the local industries, governments are required to provide structural and legal support

Association of hypoadiponectemia with smokeless/dipping tobacco use in young men

Background: Low levels of adiponectin, an adipocytokine with anti-diabetic, antiatherogenic and cardioprotective properties, is associated with increased risk of coronary disease in young men. Previous studies have demonstrated that smokeless tobacco is linked with a reduction of plasma adiponectin levels. However, the influence of smokeless tobacco (dipping tobacco) on plasma adiponectin levels still remains unknown. This study was conducted to assess the plasma adiponectin levels in young men who were using dipping tobacco. Methods: This was a community based study, which consisted of 186 young lean healthy males aged 20 to 35 years. Among these, 96 men were dipping tobacco users (BMI = 23.07 ± 2.68) and 90 were non-dipping tobacco users (BMI = 23.67 ± 1.46). Serum adiponectin levels were assessed by Enzyme Linked ImmunoSorbent Assay (ELISA). Results: A statistically significant difference in the mean adiponectin level between tobacco dipper and non-dipper groups was observed (p = 0.0001). A significant difference between the two groups was also observed in baseline parameters including triglyceride and random blood sugar levels (p < 0.05). However, no significant difference was observed between the two groups in other clinical parameters. Conclusions: Findings of this study suggest that dipping tobacco use was significantly associated with low level of adiponetin in community dwelling young males. This emphasizes the importance of developing community intervention to reduce the use of dipping tobacco, which will reduce the tobacco associated disease burden in the community and will improve public health

The role of rhizospheric Aspergillus flavus in standing maize crop contamination in different ecological zones of Khyber Pakhtunkhwa, Pakistan

Soil and un-husked maize samples were collected from 29 different locations belonging to three distinct ecological zones (Swat, Hazara and Peshawar) of Khyber Pakhtunkhwa, Pakistan. The samples were evaluated for the incidence of aflatoxigenic strains of Aspergillus flavus. The soil samples collected from Peshawar (100%) and Hazara (66%), and grain samples collected from Swat (64%) and Peshawar (55%) were severely infected with aflatoxigenic strains of A. flavus. The strains isolated from maize kernels of Manyar, Jalala (Swat zone), Palosi and Takkar (Peshawar zone) produced the highest amount of aflatoxin B1 (324 to 514 μg g-1) and B2 (23 to 486 μg g-1). Similarly, the strains isolated from soils of Bannu (Peshawar) and Huripur (Hazara) were prominent in B1 (662 to 1323 μg g-1) and B2 (145 to 826 μg g-1). Microbial analysis of the surface sterilized grains showed that the strains isolated from Jalala (Swat) and Palosi (Peshawar) samples were high in B1 (62 to 79 μg g-1) and B2 (21 to 36 μg g-1). It was concluded, therefore, that A. flavus from soil might contaminate maize crop, but not directly from the same field. The most probable contamination occurred through air borne spores. It is thus recommended that protection from air borne spore should be devised.Keywords: Aspergillus flavus, aflatoxin, ecology, maize crop, field, soil toxicolog

ENVISAGING KSE 100 INDEX USING THE BOX-JENKINS METHODOLOGY

Investment in stock portfolios has never been a risk-free course of action as countless factors impinge on the end result of such a venture. Although fairly rewarding, the element of uncertainty involved keeps many potential investors away as they fail to adequately forecast what moves the stock market is going to make in the near future. The enticement of receiving returns, however, is appealing enough for investors to have their money invested in the stock market. But the ability to forecast the market remains their major necessity. In operational terms, there are two ways of forecasting the current and future values of any time series including stock indices. One way is to regress stock returns over all those factors that have an effect on stock market performance. The other method is making predictions on the basis of the past performance of the stock market. The current paper has adopted the second method of forecasting and has made use of the ARIMA technique. Monthly stock returns data of KSE 100 Index was collected from 1997 to 2019 which translated into 266 observations. It was realized that the technique used in the study helped in adequately predicting stock returns, although only in the short run. The outcomes of this study may be of help for prospective stock market investors, specifically short-term, in deciding when, and when not, to extend their investments at Pakistan Stock Exchange

Endoscopic management of biliary leaks after open and laparoscopic cholecystectomy

Objective: To evaluate the diagnostic and therapeutic efficacy of ERCP in the management of biliary leaks.Methods: The study recruited 35 out of total 436 ERCP patients with post surgical biliary leaks, who presented to our department between January 1, 2001 and September 30, 2004. Unsuccessful ERCP and/or completely transected CBD injuries were handed over to surgery.Results: ERCP was successful in 33 (94%) patients. Of these 25 (75%) had cystic stump leaks, 3 (9%) had transected CBD, 2 (6%) had leakage from gall bladder (GB) bed, 2 (6%) had persistently draining T-tube with retained CBD stones and one (3%) patient had a leak from the right hepatic duct. CBD stenting was done successfully in 23 (92%) patients with a cystic stump leak. The other 3 patients with leakage from GB bed and right hepatic duct injury were successfully dealt with CBD stenting. The retained CBD stones were endoscopically removed. The overall therapeutic success was 93% and stents were removed after 6-8 weeks without further complications. Three patients with transected CBD were treated surgically.CONCLUSION: latrogenic Biliary system Injuries can be diagnosed and managed efficiently through Endoscopic Retrograde Cholangiopancreatography (ERCP)

MELD score: utility and comparison with King\u27s College criteria in non-acetaminophen acute liver failure.

Objective: To compare Model for End-stage Liver Disease Score (MELD Score, MS) and King’s College Hospital (KCH) criteria for finding correlation of mortality in non-acetaminophen induced acute liver failure (NAI-ALF). Study Design: An analytical cross-sectional study. Place and Duration of Study: The Aga Khan University Hospital, Karachi, from 2005 to 2007. Methodology: The study included patients with NAI-ALF. KCH criteria were labelled as good and bad prognosis groups. MELD score were calculated by using the MELD calculator. ROC was plotted and sensitivity analysis was done. ETA was used to see correlation between MELD and KCH. Results: Ninety-one patients with mean age of 32.5 + 16.3 years were studied; 49 were males (54%). Out of these, 57 patients died (63%); two leading causes of non-acetaminophen induced acute liver failure (NAI-ALF) were hepatitis hepatitis B virus (HBV) (n = 30, 33%) followed by hepatitis E virus in (n = 23, 25.3%). According to King\u27s College Hospital (KCH) criteria, 50 patients (88%) who died had bad prognosis and 24 patients (70.6%) who survived had good prognosis. The ROC determined MELD score of 32 was the best predictor of mortality with sensitivity and specificity of 79% and 71%, respectively and positive predictive value (PPV) and negative predictive values (NPV) of 82% and 67% respectively. There was significant association between mortality and bad prognosis according to KCH criteria (p \u3c 0.001). Overall mean MELD score (MMS) was 35.35 + 8.64. MMS on admission was 38 + 7.32 in patients who died and 30.7 + 8.77 in those who survived (p = \u3c 0.001). MMS correlated equally with KCH criteria (ETA = 0.52). Conclusion: The admission MELD score has an excellent utility and correlates equally with KCH criteria for mortality in NAI- ALF