Exploring Disposition Effect and Overconfidence in Pakistani Investors in KSE Listed Sectors

Financial markets are analyzed by using different models in whichinvestors are “rational”. Many traditional theories of varying nature and applicationhave existed and been developed over the past several decades. Investors are thoughtof as rational individuals, who carefully take all economic decisions every time.But irregularities were noticed in the behavior of investors when economy of theworld was shaken by the Financial Crisis of 2008 that started off in the USA andresulted in global recession. The news of international financial crisis affectstheir investment strategies and help to estimate the shock absorbing abilities ofcapital market. This arise the need to study this phenomenon in capital market ofPakistan and check what heuristics are used by investors in decision making. Investorsuse heuristics in their financial decisions whenever they are faced with uncertainsituation. For this study we have collected data of ten years (2005-2014) of 229companies listed in all sectors of Karachi stock exchange. We used Logit regressionto find the relationship between disposition effect and overconfidence of investorsin Pakistani stock market. We have found that disposition effect is used by Pakistaniinvestors in their financial decision making and it helps them to generate returns.Overconfidence has negative but significant effect on investment returns for theinvestors. So theory of EMH and CAPM does not hold with all its assumptions in Pakistanicapital market.Keywords: Heuristics, Behavior, overconfidence, disposition effect,EMH, CAP

Proizvodnja i karakterizacija α-galaktozidaze fermentacijom na čvrstoj podlozi s pomoću višestruko mutiranog soja Aspergillus niger

α-Galactosidase is applied in the sugar industry to enhance sugar recovery from sugar beet syrup and to improve nutritional value of the soymilk. In the present investigation, the influence of process variables on the production of this important enzyme has been explored in a newly isolated multiple mutant strain of Aspergillus niger in solid-state fermentation (SSF). Defined fermentation parameters include substrate type (pure lactose and by-products of rice and flour mills as prime substrates), nitrogen source, incubation time, initial pH of the medium and incubation temperature. Extracellular α-galactosidase reached the value of 135.4 IU/g of dry substrate (IU/g) after 96 h of fermentation. Supplementation with 2 g of glucose and 3 g of corn steep liquor significantly increased the enzyme production, and maximum value of product yield (318 IU/g) by the mutant strain was significantly higher than that reported by the wild type (this work), or other A. niger mutants, recombinants and yeasts reported in literature as producers of elevated levels of α-galactosidase. Among three α-galactosidases, one possessing high subunit molecular mass proteins (99 and 100 kDa) has been characterized in both wild and mutant organisms. Thermal properties of the purified enzymes indicate that the mutation decreased the values of activation energy for the formation of enzyme-substrate (ES) complex, enthalpy, Gibbs free energy demand for substrate binding, and transition state stabilization. A thermodynamic study of irreversible inactivation of enzymes suggests that the mutant–derived enzyme is more thermostable than the native enzyme, which is attributable to amino acids involved in active catalysis. Because of these properties, the mutant organism is a novel organism and may be exploited for bulk production of thermostable α-galactosidase for the above industrial and nutritional applications.U industriji se α-galaktozidaza primjenjuje radi povećanja prinosa šećera iz sirupa šećerne repe te poboljšanja hranjive vrijednosti sojinog mlijeka. U radu je ispitan utjecaj varijabli procesa na proizvodnju ovog važnog enzima fermentacijom na čvrstoj podlozi s pomoću novoizoliranog višestruko mutiranog soja Aspergillus niger. Procijenjeni su sljedeći parametri: supstrat (čista laktoza te nusprodukti meljave riže i brašna), izvor dušika, vrijeme inkubacije, početna pH-vrijednost podloge i temperatura inkubacije. Nakon 96 sati fermentacije dobiveno je 135,4 IU ekstracelularne galaktozidaze po g suhe podloge. Dodatak od 2 g glukoze i 3 g kukuruznog ekstrakta značajno je povećao proizvodnju enzima. S pomoću mutantnog soja postignut je kudikamo veći maksimalni prinos (318 IU/g) nego s divljim sojem (u ovom radu) ili drugim u literaturi navedenim mutantnim sojevima A. niger, rekombinantnim vrstama ili kvascima koji proizvode α-galaktozidazu. Ispitane su tri α-galaktozidaze, od kojih je ona što sadrži podjedinice proteina velike molekularne mase (99 i 100 kDa) karakterizirana i u divljem i u mutantnom soju. Toplinska svojstva pročišćenih enzima pokazuju da je mutacija smanjila energiju aktivacije potrebnu za nastajanje kompleksa enzim-supstrat, entalpiju, količinu Gibbsove slobodne energije utrošene za vezivanje supstrata i stabilizaciju prijelaznog stanja. Termodinamičkim ispitivanjem ireverzibilne inaktivacije enzima zaključeno je da enzim izoliran iz mutantnog soja ima veću termostabilnost od prirodnog enzima zbog aminokiselina u aktivnom katalitičkom procesu. Zbog toga bi se svojstva mutantni organizam mogao upotrijebiti u proizvodnji veće količine termostabilne α-galaktozidaze, za njezinu primjenu u industriji šećera, te radi poboljšanja hranjive vrijednosti proizvoda

Proizvodnja i karakterizacija α-galaktozidaze fermentacijom na čvrstoj podlozi s pomoću višestruko mutiranog soja Aspergillus niger

α-Galactosidase is applied in the sugar industry to enhance sugar recovery from sugar beet syrup and to improve nutritional value of the soymilk. In the present investigation, the influence of process variables on the production of this important enzyme has been explored in a newly isolated multiple mutant strain of Aspergillus niger in solid-state fermentation (SSF). Defined fermentation parameters include substrate type (pure lactose and by-products of rice and flour mills as prime substrates), nitrogen source, incubation time, initial pH of the medium and incubation temperature. Extracellular α-galactosidase reached the value of 135.4 IU/g of dry substrate (IU/g) after 96 h of fermentation. Supplementation with 2 g of glucose and 3 g of corn steep liquor significantly increased the enzyme production, and maximum value of product yield (318 IU/g) by the mutant strain was significantly higher than that reported by the wild type (this work), or other A. niger mutants, recombinants and yeasts reported in literature as producers of elevated levels of α-galactosidase. Among three α-galactosidases, one possessing high subunit molecular mass proteins (99 and 100 kDa) has been characterized in both wild and mutant organisms. Thermal properties of the purified enzymes indicate that the mutation decreased the values of activation energy for the formation of enzyme-substrate (ES) complex, enthalpy, Gibbs free energy demand for substrate binding, and transition state stabilization. A thermodynamic study of irreversible inactivation of enzymes suggests that the mutant–derived enzyme is more thermostable than the native enzyme, which is attributable to amino acids involved in active catalysis. Because of these properties, the mutant organism is a novel organism and may be exploited for bulk production of thermostable α-galactosidase for the above industrial and nutritional applications.U industriji se α-galaktozidaza primjenjuje radi povećanja prinosa šećera iz sirupa šećerne repe te poboljšanja hranjive vrijednosti sojinog mlijeka. U radu je ispitan utjecaj varijabli procesa na proizvodnju ovog važnog enzima fermentacijom na čvrstoj podlozi s pomoću novoizoliranog višestruko mutiranog soja Aspergillus niger. Procijenjeni su sljedeći parametri: supstrat (čista laktoza te nusprodukti meljave riže i brašna), izvor dušika, vrijeme inkubacije, početna pH-vrijednost podloge i temperatura inkubacije. Nakon 96 sati fermentacije dobiveno je 135,4 IU ekstracelularne galaktozidaze po g suhe podloge. Dodatak od 2 g glukoze i 3 g kukuruznog ekstrakta značajno je povećao proizvodnju enzima. S pomoću mutantnog soja postignut je kudikamo veći maksimalni prinos (318 IU/g) nego s divljim sojem (u ovom radu) ili drugim u literaturi navedenim mutantnim sojevima A. niger, rekombinantnim vrstama ili kvascima koji proizvode α-galaktozidazu. Ispitane su tri α-galaktozidaze, od kojih je ona što sadrži podjedinice proteina velike molekularne mase (99 i 100 kDa) karakterizirana i u divljem i u mutantnom soju. Toplinska svojstva pročišćenih enzima pokazuju da je mutacija smanjila energiju aktivacije potrebnu za nastajanje kompleksa enzim-supstrat, entalpiju, količinu Gibbsove slobodne energije utrošene za vezivanje supstrata i stabilizaciju prijelaznog stanja. Termodinamičkim ispitivanjem ireverzibilne inaktivacije enzima zaključeno je da enzim izoliran iz mutantnog soja ima veću termostabilnost od prirodnog enzima zbog aminokiselina u aktivnom katalitičkom procesu. Zbog toga bi se svojstva mutantni organizam mogao upotrijebiti u proizvodnji veće količine termostabilne α-galaktozidaze, za njezinu primjenu u industriji šećera, te radi poboljšanja hranjive vrijednosti proizvoda

Global wealth disparities drive adherence to COVID-safe pathways in head and neck cancer surgery

Peer reviewe

Recognition of the Relation between Interpretation of Text and Pragmatism in Arabic Language

This article defines principles of pragmatism and text. It endeavors to elements of interpretation of text as well as relation which plays its vital role for connecting both; text and pragmatism with each other. It goes on to describe a mechanism of reading and understanding of text along with elaboration of its interaction with text. It is so because Arabic based structure and text is having multi-coloured aspects and meanings. It has several ups and downs like surface and depth, metaphor, imagery and allegory in addition to exploitation and adaption. Interpretation of text is the grass-roots of productive cognition. Because the ambiguity in word, sentence even in structure weather it is shorten or long is interpreted in addition to the interpretation of meanings of structures which are ordinarily defined and recognized through involving context and situation of context, bearing in view the original meaning; lexical meaning alongside interpretation with its significant principles and elements. However, all the description said before locates frequently infinity of text meanings.     

Production and Characterization of α-Galactosidase by a Multiple Mutant of Aspergillus niger in Solid-State Fermentation

α-Galactosidase is applied in the sugar industry to enhance sugar recovery from sugar beet syrup and to improve nutritional value of the soymilk. In the present investigation, the influence of process variables on the production of this important enzyme has been explored in a newly isolated multiple mutant strain of Aspergillus niger in solid-state fermentation (SSF). Defined fermentation parameters include substrate type (pure lactose and by-products of rice and flour mills as prime substrates), nitrogen source, incubation time, initial pH of the medium and incubation temperature. Extracellular α-galactosidase reached the value of 135.4 IU/g of dry substrate (IU/g) after 96 h of fermentation. Supplementation with 2 g of glucose and 3 g of corn steep liquor significantly increased the enzyme production, and maximum value of product yield (318 IU/g) by the mutant strain was significantly higher than that reported by the wild type (this work), or other A. niger mutants, recombinants and yeasts reported in literature as producers of elevated levels of α-galactosidase. Among three α-galactosidases, one possessing high subunit molecular mass proteins (99 and 100 kDa) has been characterized in both wild and mutant organisms. Thermal properties of the purified enzymes indicate that the mutation decreased the values of activation energy for the formation of enzyme-substrate (ES) complex, enthalpy, Gibbs free energy demand for substrate binding, and transition state stabilization. A thermodynamic study of irreversible inactivation of enzymes suggests that the mutant–derived enzyme is more thermostable than the native enzyme, which is attributable to amino acids involved in active catalysis. Because of these properties, the mutant organism is a novel organism and may be exploited for bulk production of thermostable α-galactosidase for the above industrial and nutritional applications

Islamic economics: a survey of the literature

A central thesis of this paper is that social science is the study of human experience, and hence is strongly conditioned by history. Modern Western political, economic and social structures have emerged as a consequence of the repudiation of religion associated with the Enlightenment and are based on secular principles. Many of these are inimical to Islamic principles, and cannot be adapted to an Islamic society. Muslim societies achieved freedom from colonial rule in the first half of the twentieth century and have sought to construct institutions in conformity with Islam. The development of Islamic economics is part of this process of transition away from Western colonial institutions. This paper is a survey of the literature on Islamic economics, which focuses on the contrasts between Western economic theories and Islamic approaches to the organization of economic affairs

Effects of pre-operative isolation on postoperative pulmonary complications after elective surgery: an international prospective cohort study an international prospective cohort study

We aimed to determine the impact of pre-operative isolation on postoperative pulmonary complications after elective surgery during the global SARS-CoV-2 pandemic. We performed an international prospective cohort study including patients undergoing elective surgery in October 2020. Isolation was defined as the period before surgery during which patients did not leave their house or receive visitors from outside their household. The primary outcome was postoperative pulmonary complications, adjusted in multivariable models for measured confounders. Pre-defined sub-group analyses were performed for the primary outcome. A total of 96,454 patients from 114 countries were included and overall, 26,948 (27.9%) patients isolated before surgery. Postoperative pulmonary complications were recorded in 1947 (2.0%) patients of which 227 (11.7%) were associated with SARS-CoV-2 infection. Patients who isolated pre-operatively were older, had more respiratory comorbidities and were more commonly from areas of high SARS-CoV-2 incidence and high-income countries. Although the overall rates of postoperative pulmonary complications were similar in those that isolated and those that did not (2.1% vs 2.0%, respectively), isolation was associated with higher rates of postoperative pulmonary complications after adjustment (adjusted OR 1.20, 95%CI 1.05–1.36, p = 0.005). Sensitivity analyses revealed no further differences when patients were categorised by: pre-operative testing; use of COVID-19-free pathways; or community SARS-CoV-2 prevalence. The rate of postoperative pulmonary complications increased with periods of isolation longer than 3 days, with an OR (95%CI) at 4–7 days or ≥ 8 days of 1.25 (1.04–1.48), p = 0.015 and 1.31 (1.11–1.55), p = 0.001, respectively. Isolation before elective surgery might be associated with a small but clinically important increased risk of postoperative pulmonary complications. Longer periods of isolation showed no reduction in the risk of postoperative pulmonary complications. These findings have significant implications for global provision of elective surgical care. We aimed to determine the impact of pre-operative isolation on postoperative pulmonary complications after elective surgery during the global SARS-CoV-2 pandemic. We performed an international prospective cohort study including patients undergoing elective surgery in October 2020. Isolation was defined as the period before surgery during which patients did not leave their house or receive visitors from outside their household. The primary outcome was postoperative pulmonary complications, adjusted in multivariable models for measured confounders. Pre-defined sub-group analyses were performed for the primary outcome. A total of 96,454 patients from 114 countries were included and overall, 26,948 (27.9%) patients isolated before surgery. Postoperative pulmonary complications were recorded in 1947 (2.0%) patients of which 227 (11.7%) were associated with SARS-CoV-2 infection. Patients who isolated pre-operatively were older, had more respiratory comorbidities and were more commonly from areas of high SARS-CoV-2 incidence and high-income countries. Although the overall rates of postoperative pulmonary complications were similar in those that isolated and those that did not (2.1% vs 2.0%, respectively), isolation was associated with higher rates of postoperative pulmonary complications after adjustment (adjusted OR 1.20, 95%CI 1.05–1.36, p = 0.005). Sensitivity analyses revealed no further differences when patients were categorised by: pre-operative testing; use of COVID-19-free pathways; or community SARS-CoV-2 prevalence. The rate of postoperative pulmonary complications increased with periods of isolation longer than 3 days, with an OR (95%CI) at 4–7 days or ≥ 8 days of 1.25 (1.04–1.48), p = 0.015 and 1.31 (1.11–1.55), p = 0.001, respectively. Isolation before elective surgery might be associated with a small but clinically important increased risk of postoperative pulmonary complications. Longer periods of isolation showed no reduction in the risk of postoperative pulmonary complications. These findings have significant implications for global provision of elective surgical care