Capital Structure Dynamics and Bank Affiliation of Business Groups: Evidence from Pakistan

Objective – An empirical investigation to assess the impact of the bank-affiliated business group on firm’s capital structure decisions. Design/methodology/approach – A sample of 146 group affiliated firms and subsamples for bank and non-bank affiliated firms was analyzed with random-effect panel regression model to determine the relationship of the bank-affiliated business group on firm’s capital structure determinants of listed firms in Pakistan using data for 2006-2011. Findings – We have found that bank-affiliated firms financing decisions are significantly different from that of non-bank affiliated firms with a common factor of the internal capital market.  Bank-affiliated firm capital structure determinants of growth, asset tangibility, non-debt tax shield and operating risk show significantly different association with choice of leverage compared to non-bank affiliated firms. Policy implications – Our results show that group affiliated firms particularly bank-affiliated firms are the reason for market imperfections and have successfully eliminated the market distortions keeping others at a disadvantage.  Hence, Policymakers are suggested to improve the regulatory system and its implementation. Originality/value – According to best of our knowledge, this is the first study to extend the literature of firm financing decisions in relation to bank-group affiliation in Pakistan

Dogma of Profit Maximization: A Sight to Open Secrets

This essay is a philosophical enquiry into the dogma of profit maximization as one of the dogma premises of capitalism.  Being attracted by the cyclical nature of financial crises as an existential challenge the case is argued to be biased and undemocratic in presence of profit maximization as a guiding principle.  Philosophy as un-dogmatic procedure seems suitably sustained to keep the notion of maximization alive and leaves ground to draw valid arguments considering theory of greater good and justice.  The epistemological approach to understand the efficiency argument as defended seems vague to establish justice, stability and economic democracies.  Bottom up approach may resolve the issue using evident and biased ruling of interest tax deductibility under maximization approach and gain greater good and justice at all levels.   According to reasonable judgment of consequences “equitable and sustainable wealth creation” tends to be more valid corporate guiding principle negating “maximization of profit”

Nasal and hand carriage of bacteria in different groups of persons in a teaching hospital in India

275 persons of different categories were studiedfor nasal and hand carnage of different pathogenic bacteria. Overall carriage rate was 54.5%. Doc­tors and paramedical staff had higher bacterial carriage rate in comparison to other groups. Though Staphylococcus aureus iwu the commonest or­ganism isolated from both nose and skin, earners of Escherichia coli. Pseudomonas and Klebsiella group ofgramnegative bacilli was also observed. Nasal carrier were commonest than dermal carriag

Presenting features, treatment patterns and outcomes of patients with breast cancer in Pakistan: Experience at a university hospital

BACKGROUND: Breast cancer is the most common cancer in Pakistani women. We report the presenting features, treatment patterns and survival of breast cancer from a University Hospital in Southern Pakistan and compare the data with international population based studies. MATERIALS AND METHODS: Medical records of patients diagnosed to have breast cancer between January 1999 and November 2008 were reviewed retrospectively. RESULTS: A total of 845 patients were identified. Median age of diagnosis was 48 years (range 18-92). Clinical stage was as follows: Stage I 9.9%; Stage II 48.5%; Stage III 26.2%; Stage IV 13.8%; data not available 1.5%. Approximately, half (51.6%) were estrogen receptor (ER) positive and 17.5% over-expressed Her2/neu. Nearly 23% patients received neo-adjuvant chemotherapy while 68.9% received adjuvant chemotherapy. Anthracycline based treatment was the most common treatment until 2003 while later on, patients also received taxanes and trastuzumab based therapy. Age, stage, tumor size, lymph node status, tumor grade, ER status, treatment with hormonal therapy and radiation were the major predictive factors for overall survival (OS). We report an impressive 5 year OS of 75%, stage specific survival was 100%, 88% and 58% for Stages I, II and III respectively. CONCLUSION: The majority of patients present at a younger age and with locally advanced disease. However, short term follow-up reveals that the outcomes are comparable with the published literature from developed countries. Long-term follow-up and inclusion of data from population-based registries are required for accurate comparison

Farmers' organized behavior in irrigated agriculture in Pakistan's Punjab: A case study of six watercourse command areas in Junejwala Minor, Lower Chenab Canal System

Irrigated farming / Irrigation systems / Farmer participation / Farmers' associations / Water users' associations / Farmer-agency interactions / Watercourses / Canals / Case studies / Social aspects / Land tenure / Leadership / Conflict / Irrigation effects / Pakistan / Punjab

Preablation Stimulated Thyroglobulin/TSH Ratio as a Predictor of Successful I(131)Remnant Ablation in Patients with Differentiated Thyroid Cancer following Total Thyroidectomy

Background. About 90% of thyroid cancers are differentiated thyroid cancers. Standard treatment is total thyroidectomy followed by radioactive I(131)remnant ablation and TSH suppression with thyroxine. Unsuccessful ablation drastically affects the prognosis of patients with DTC particularly high risk individuals; therefore, identifying the factors that affect the success of ablation is important in the management of patients with DTC. sTg is a good predictor of successful ablation in DTC. Its levels can be influenced by tumor staging and TSH values, as well as other factors. Therefore, we did this study using TSH to correct the predictive value of sTg in success of RRA. Methods. We retrospectively reviewed the records of 75 patients with DTC, who underwent total thyroidectomy followed by RRA and TSH suppression. Results. Preablation sTg and sTg/TSH ratio are significantly associated with ablation outcome. Cutoff value for sTg to predict successful and unsuccessful ablation was 18ng/mL with 76.7% sensitivity and 79.1% specificity, while for sTg/TSH cutoff was 0.35 with 81.4% sensitivity and 81.5% specificity (P \u3c 0.001). Association was stronger for sTg/TSH ratio with adjusted odds ratio (AOR) 11.64 (2.43-55.61) than for sTg with AOR 5.42 (1.18-24.88). Conclusions. Preablation sTg/TSH ratio can be considered as better predictor of ablation outcome than sTg, tumor size, and capsular invasion

General anaesthetic and airway management practice for obstetric surgery in England: a prospective, multi-centre observational study

There are no current descriptions of general anaesthesia characteristics for obstetric surgery, despite recent changes to patient baseline characteristics and airway management guidelines. This analysis of data from the direct reporting of awareness in maternity patients' (DREAMY) study of accidental awareness during obstetric anaesthesia aimed to describe practice for obstetric general anaesthesia in England and compare with earlier surveys and best-practice recommendations. Consenting patients who received general anaesthesia for obstetric surgery in 72 hospitals from May 2017 to August 2018 were included. Baseline characteristics, airway management, anaesthetic techniques and major complications were collected. Descriptive analysis, binary logistic regression modelling and comparisons with earlier data were conducted. Data were collected from 3117 procedures, including 2554 (81.9%) caesarean deliveries. Thiopental was the induction drug in 1649 (52.9%) patients, compared with propofol in 1419 (45.5%). Suxamethonium was the neuromuscular blocking drug for tracheal intubation in 2631 (86.1%), compared with rocuronium in 367 (11.8%). Difficult tracheal intubation was reported in 1 in 19 (95%CI 1 in 16-22) and failed intubation in 1 in 312 (95%CI 1 in 169-667). Obese patients were over-represented compared with national baselines and associated with difficult, but not failed intubation. There was more evidence of change in practice for induction drugs (increased use of propofol) than neuromuscular blocking drugs (suxamethonium remains the most popular). There was evidence of improvement in practice, with increased monitoring and reversal of neuromuscular blockade (although this remains suboptimal). Despite a high risk of difficult intubation in this population, videolaryngoscopy was rarely used (1.9%)

Effect of Financial Innovations on Demand for Money in Pakistan: An ARDL approach

An increasing array of development of banking system of Pakistan, through the use of information technology and modernization of products and services has led to financial innovations to be considered as important determinant of demand for money. This paper investigates the relationship of financial innovations and demand for money in Pakistan using Pesaran and Shin (1995) ARDL approach for long run and ECM for short run determination using yearly observations from 1957 to 2008. Using the ARDL coefficient estimation approach financial innovations demonstrates positive relationship, not found to significant but highly elastic and does not have deterministic trend for long run estimation whereas positively significant and deterministic trend for money demand function in short run in case of Pakistan