Investor Behavior: Does Tax Avoidance and Liquidity Preference Culture Drive Equity Prices in Pakistan

Research on investor behavior in Pakistan shows mixed results. One of the main reasons is that most emerging countries are plagued by market distortions and pricing incongruities. In Pakistan, studies have examined different asset pricing models without observing any acceptable explanations for anomalies. This study tries to fill this gap by studying investor behavior in Pakistan. The data sample is taken from the PSX (Pakistan Stock Exchange) 100 Index and we constructed eighteen portfolios to empirically analyze investor behavior evidenced through surplus returns of these portfolios in this market. The findings indicate that investor behavior digresses from that observed by Fama and French ( 2015 ), and we do not observe strong support for their contentions. In our study F&F 5 model explains the distribution of average excess returns only within selective portfolios; small weak - profitability stocks, big neutral - profitability stocks, and big conservative - investment stocks. While risk and size factors drive asset prices, value and profitability premium are less important. This could stem from a tax evasion culture and the need to avoid tax payments in emerging countries. The preference for liquidity and strong cash flow - investment sensitivity is apparent in the importance of the investment premium factor. Here larger investments would indicate cash-rich companies and influence investor decisions alike. The weak results of portfolio intercepts suggest there could be some omitted variables not considered in the F&F 5 model. Therefore, we recommend that in emerging countries, asset pricing models need to incorporate aspects of investor behavior and culture to realistically capture market dynamics. It would enable more accurate forecasting, reduce investor asymmetry, and mispricing by creditors and capital markets. This is one of the few studies to examine and explain investor behavior within the context of its own specific culture and environment. The study attempts to explain the anomalies through investor behavior characteristics, and is the first to suggest that tax avoidance culture and cash preferences may drive investor preferences and equity prices in these markets. It highlights the importance of investment considerations, and the lower importance of value and profitability in these equity markets stemming from cultural and behavioral perspectives

Postoperative cognitive dysfunction following general anaesthesia in patients undergoing elective non-cardiac surgery

Objective: To determine frequency of early postoperative cognitive dysfunction (POCD) in patients aged 40 to 60 years, following general anaesthesia in patients undergoing elective, non-cardiac surgery.Study design: Descriptive study.Place and duration of study: Department of Anaesthesiology, The Aga Khan University Hospital (AKUH), Karachi, from December 2015 to May 2016.Methodology: After obtaining approval from Ethical Review Committee of AKUH and informed consent, ASA I and II patients, aged between 40 to 60 years of either gender, undergoing general anaesthesia for elective non-cardiac surgical procedures, were recruited. Patients were assessed preoperatively by using mini-mental state examination (MMSE); and patients having a score equal to or greater than 23 (maximum 30) were included in the study. All patients were reassessed at 24 hours postoperatively by MMSE. Both the MMSE evaluations were performed by primary investigator on predesigned data collection form.Results: A total of 150 patients were enrolled in the study. Preoperative MMSE score ranged from 24 to 30 while postoperative MMSE score (at 24 hours) was between 25 and 30. Thus, no patient developed POCD following general anaesthesia for elective, non-cardiac surgery in this study.Conclusion: Early POCD was not found in the presently studied population of middle aged patients having elective non-cardiac surgery under general anaesthesia. Key Words: Postoperative cognitive dysfunction (POCD), General anaesthesia, Non-cardiac surgery, Mini- mental state examination

Insurance Demand in Emerging Asian and OECD countries: A Comparative Perspective

Purpose: In this paper we aim to assess insurance demand across selected Asian and OECD countries during the period of the global financial crisis. Methodology: We collected data from 55 emerging Asian and OECD countries during the period of the global financial crisis. Our methodology relies on panel regressions. Separate models are run for the Asia/OECD economies and a follow-up distinction between high/low income regions is also made. Findings: We find that global financial crisis affects negatively the general insurance demand particularly in high-income region. Higher dependency ratio in Asia tends to decrease insurance demand, whereas Education in case of Asia positively influences insurance demand indicating that higher literacy rate can be helpful to capture the potential customers. Our results further reveal that life insurance is an important driver for insurance demand in OECD countries whereas general insurance demand is higher in the Asian economies. Research Limitation: A limitation of this study is that data sets employed do not differentiate between different life and general insurance products. Practical Implications: This study is helpful for regulators, policy makers and insurance providers to evaluate, assess and monitor insurance demand in relevant countries. Originality: This is one of the pioneering studies that have assessed insurance demand among emerging Asian and OECD countries during the period of the global financial crisis

FREQUENCY OF HEPATITIS-B AND C IN PATIENTS UNDERGOING CATARACT SURGERY IN A TERTIARY CARE HOSPITAL, DERA GHAZI KHAN

Objective: To determine the frequency of hepatitis B and C in patients undergoing elective cataract surgery. Study design: A descriptive study. Place of study: Ophthalmology Department, Teaching Hospital Dera Ghazi Khan. Duration of study: From 1st February 2017 to 30th September 2017. Methodology: All patients admitted for elective cataract surgery were included in the study. Screening was done for hepatitis B and C and findings were recorded. Hepatitis positive cases were identified and demographic data was collected on structured compilation sheets and analysis done. Results: A total of 889 patients were included in study. Overall, 52(5.85%) cases were positive for viral hepatitis B and C infection. 18(2.03%) were positive for hepatitis B and 34(3.82%) were positive for hepatitis C. 24 out of 52 cases (46.15%) were from rural areas and 28 out of 52 cases (53.85%) were from urban population. Conclusion: A significant number of hepatitis B and C positive cases were seen in patients admitted for elective cataract surgery. It is highly recommended that screening of preoperative cases of cataract surgery should be done so that even asymptomatic patients should pose no more threat to the spread of the disease. Key Words: Hepatitis B, Hepatitis C, Cataract surgery

Addisonian crisis complicated by rhabdomyolysis and acute kidney injury

Addisonian Crisis is an endocrine emergency requiring hospitalization and urgent management. The diagnosis is usually complicated by nonspecific sign and symptoms of primary adrenal insufficiency. A high degree of suspicion Is required in such cases. Rhabdomyolysis caused by addisonian crisis is a rare complication which was seen in our patient

Influence of Type of Product on Brand and Cause Images in a Cause-Related Marketing Campaign: Evidence from Pakistan

Luxury brands and non-profit organizations (NPOs) are increasingly involved in cause-related marketing (CRM) programs. This research aims to explain how product’s nature (hedonic vs. utilitarian) may influence consumer’s decisions to purchase cause-related products. Prior and post attitude of brands analyze with repeated measure ANOVA. The results show that brand attitude increased both in case of ahedonic and utilitarian partnership. However,partnering with a luxury brand ismore efficient to raise theimage of thebrand ascompared to apartnership with non-luxury brands.In general, these results provide clear insights to marketing managers for planning and positioning of their CRM campaigns

STUDENTS' INTELLECTUAL-HUMILITY AND COGNITIVE-FLEXIBILITY: THE ROLE OF MINDFULNESS AS A MEDIATOR

The primary objective of this study was to explore the inter-connections among mindfulness, cognitive flexibility, and intellectual humility in adult’s population. Additionally, the research aimed to investigate the mediating role of mindfulness in this association between cognitive flexibility and intellectual humility with different demographic differences (age, gender, and culture). Sample of 800 students selected from Hazara University, Mansehra (HU), and the University of AJK. The study employed a convenient sampling method. The results indicated a significant association between the study as well as demographics differences exists among study variables. In conclusion, this study contributes to our understanding of the connections between mindfulness, cognitive flexibility, and intellectual humility in a student context. The findings suggest that cultivating mindfulness may enhance cognitive flexibility and intellectual humility, with demographic factors playing a role in shaping these psychological attributes. This study has practical implications for enhanced academic performance, effective stress management, improved decision-making, life-long learning, personal well-being, critical thinking skills, adaptability in changing environments and positive interpersonal relationships