An Analysis of Pakistani Corporate Sector

Khan, K. I., Qadeer, F., Mata, M. N., Dantas, R. M., Xavier Rita, J., & Martins, J. N. (2021). Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector. JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 14(5), 1-16. [224]. https://doi.org/10.3390/jrfm14050224Recently, debt structure research has started focusing on the strategic perspective of financing choices, particularly to understand the reasons for debt specialization (DS). This paper examines trends of specialization over time and industry by using a comprehensive dataset on types of debt employed by the public limited companies during 2009-2018. The objective of the current study is to analyze the effect of debt market conditions by identifying significant predictors of DS. Time-series and cross-sectional results confirm the existence of DS, which is further validated by the findings of the cluster analysis. The empirical results indicate that overall, 61% of the companies solely rely on a single type of debt, mostly on short-term obligations accompanied by long-term secured and other debts. Moreover, small, mature, rated, group-affiliated, and low-leverage companies incline more towards this strategy. Credit rating, debt maturity, financial and interest coverage ratios serve as the primary determinants of the debt market that are significantly associated with the measures of DS. The results contribute to the capital structure literature by specifying that financing choice has an important implication in deciding the debt structure composition of the organizations.publishersversionpublishe

25 de Abril Sempre! Portuguese Science and the 50th anniversary of the Carnation Revolution

In 2024, Portugal celebrates the 50th anniversary of the Carnation Revolution, which brought down a long dictatorship and re-instated elemental civil liberties and democracy in the country. For Portuguese science, this revolution meant a democratisation of access to the scientific career and an increased investment in scientific research, which culminated in an unprecedented rise in scientific output. Communications Biology joins this anniversary and celebrations of freedom and democracy as basic pillars of scientific endeavour

The Mediator Role of Anger in The Relationship Illegitimate Tasks and SME Employee´s Turnover: Empirical Evidences from Developing Nation

Illegitimate tasks cause a threat to employees' job security; as a result, increasing the stress level. The purpose of this research is to explore how illegitimate tasks determine SME employees' turnover intentions and investigate the mediating role of anger in sustaining this relationship. A structured interview questionnaire was used for data collection from volunteering employees of manufacturing SMEs of Gujranwala city. Structural Equation Modeling (SEM) and Partial Least Square (PLS) software were used to analyze the data. Data analyzed in two steps: first, to check the goodness of measures through reliability and validity of constructs. In the second step, to assess the hypothesis of this study with the help of the structural model. The results indicate that illegitimate tasks positively influence both employees' turnover intentions and their anger level. The findings show all relationships were statistically significant. Lastly, this study's finding shows that anger has successfully mediated the relationship between illegitimate tasks and SME employees' turnover intention

Time-space evolution of Iberian Pyrite Belt igneous activity: Volcanic and plutonic lineaments, geochronology, ore horizons and stratigraphic constraints

ABSTRACT: The volcanism in the Iberian Pyrite Belt migrated from the present day west/southwest to the east/northeast during Devonian/Carboniferous times. Evidence is here discussed based in U-Pb zircon ages of felsic volcanic and plutonic rocks, bounded by enclosed sediments and their biostratigraphic ages, together with hosted massive sulphides deposits and associated plutonic counterparts.Volcano-Sedimentary Complex rocks define several volcanic axes, or lineaments, with the general NWSE to WNW-ESE belt trending orientation. The usage of all the available data from high-resolution stratigraphy, geology and geophysics lead to establishment of eleven main volcanic axes, nine with zircon U-Pb radiometric ages (166 samples).In this research, we reinforce a previous inter-axes volcanic evolutionary trend, but we also suggest an intra-axis evolutionary trend of the IPB igneous activity with time. This means the basin igneous activity also evolved along most of the volcanic and plutonic lineaments, from west/northwest to east/southeast.Successive weighted average ages for each axis (SW to NE) and opposite end-point sample ages for each axis (NW/W to SE/E) are presented. Similar trends are found with felsic volcanic rocks, subvolcanic and plutonic rocks and even massive sulphide ages correspond to the regional trend corroborating the proposed geological framework.Siliciclastic sediments and lower VSC sequences (sediments, felsic volcanic rocks and massive sulphides) show a comparable age trending evolution although upper VSC sediments seem to be contemporaneous across the province. Older ages, from zircon U-Pb and from associated reworked palynomorph in the sediments, show a long-lasting age distribution along most Devonian times, suggesting the IPB evolved since Lochkovian times (Lower Devonian). Therefore, we propose the IPB inter-axes evolution could be related with a NE-direction plate motion (present-day location) over a heat source, while intra-axes are probably due to the collisional/compressive tectonic interaction of South Portuguese - Ossa-Morena zones tectonic setting.info:eu-repo/semantics/publishedVersio

Geoquímica das rochas vulcânicas associadas aos jazigos de sulfuretos maciços do setor português da Faixa Piritosa Ibérica ocidental. Considerações sobre alteração hidrotermal, petrologia e evolução tectónica

ABSTRACT: A geochemical compilation database of the main volcanic units of the Volcano-Sedimentary Complex (VSC) of the Iberian Pyrite Belt (IPB), one of the largest provinces of massive sulfides on a global scale, is presented and discussed. For this purpose, we used several mineral exploration rock geochemistry databases from six IPB areas, namely Cercal, Lagoa Salgada, Lousal, Aljustrel, Neves Corvo and Chança, regarding unaltered/hydrothermaly altered felsic volcanic units interbedded in the Famennian-Late Visean volcano sedimentary sequences of the VSC. Volcanic rocks within the Phyllite-Quartzite Formation (Givetian-Famennian) IPB basement were also considered. From this, Neves-Corvo sector rhyolites (Rhyolite type 1 and 2) present the most intense hydrothermal alteration, directly related with the age of mineralization and coeval with hosted VSC sedimentary formations. Similar cases were also observed in the volcanic units hosting Lagoa Salgada, Chança and Aljustrel Volcanic-hosted massive sulfide (VHMS) deposits. The variety of felsic and intermediate volcanic rocks in the IPB (and within each sector) reflect different petrogenetic processes and/or distinct crustal sources. Application of Zr vs TiO2 binary diagrams allows to define three main trends of andesitic (Lagoa Salgada and Chança sectors), dacitic-rhyodacitic (Aljustrel sector) and rhyolitic (Cercal, Neves-Corvo, Aljustrel and Lousal sectors) composition. Cercal rhyolites are the most evolved felsic rocks (Zr/TiO2 ≈ 1562), followed by Neves-Corvo rhyolites (Zr/TiO2 ≈ 936), Lousal (Zr/TiO2 ≈ 845) and Aljustrel (Zr/TiO2 ≈ 840). In addition, four distinct compositional clusters can be distinguished based on Al 2O3/TiO2 vs Zr/TiO2 and Al2O3/Zr vs TiO2/Zr ratios according to its nature as, rhyolitic, rhyodacitic/dacitic and andesitic, probably reflecting differential partial melting rates. Ybn vs La/Yb(n) diagram ratio indicates that Neves-Corvo (mainly 2 types of rhyolites), Aljustrel (Tufo da Mina rhyolitic unit), as well as Lagoa Salgada sector rhyolites are projected along FIIIa and FIIIb rhyolite fields considered of higher metalliferous potential in the IPB, once their petrogenetic processes are considered ideal to trigger, sustain and host hydrothermal systems and consequently VHMS deposits. Future work, combining geochemical characterization of each volcanic unit with their stratigraphic positioning, is essential in order to achieve a correct correlation between the different sectors and, is therefore, a useful tool in IPB mineral exploration and drill-hole data correlation.Resumo: Neste trabalho são apresentadas e discutidas as interpretações resultantes de uma compilação de dados geoquímicos das principais unidades vulcânicas do Complexo Vulcano-Sedimentar (CVS) da Faixa Piritosa Ibérica (FPI), uma das maiores províncias de sulfuretos maciços à escala global. Para tal, foram utilizadas várias bases de dados de prospeção mineral relativas a análises químicas de rocha total para seis áreas: Cercal, Lagoa Salgada, Lousal, Aljustrel, Neves-Corvo e Chança (unidades vulcânicas intercaladas nas sequências vulcano-sedimentares de idade Famenniano-Viseano superior do CVS). Foram também considerados dados de rochas vulcânicas nos sedimentos basais da Formação Filito-Quartzítica (Givetiano-Famenniano). Os riólitos tipo 1 e 2 de Neves-Corvo apresentam a alteração hidrotermal mais intensa e estão diretamente relacionados com a idade da mineralização, sendo coevos com as formações sedimentares hospedeiras do CVS. Casos semelhantes são observados nas unidades vulcânicas que alojam os depósitos vulcânicos hospedeiros de sulfuretos maciços (VHMS) de Lagoa Salgada, Chança e Aljustrel. A variedade de rochas vulcânicas félsicas e intermédias na FPI (e dentro de cada setor) deve refletir diferentes processos petrogenéticos e/ou fontes crustais distintas. A aplicação do diagrama binário Zr vs TiO2 permite definir três tendências principais que correspondem aproximadamente às rochas de composição andesítica (setores da Lagoa Salgada e Chança), dacítica-riodacítica (setor de Aljustrel) e riolítica (setores do Cercal, Neves-Corvo, Aljustrel e Lousal). As rochas vulcânicas félsicas mais evoluídas são os riólitos do Cercal (Zr/TiO2 ≈ 1562), seguidos dos riólitos de Neves-Corvo (Zr/TiO2 ≈ 936), Lousal (Zr/TiO2 ≈ 845) e Aljustrel (Zr/TiO2 ≈ 840). Além disso, quatro grupos de composições distintas podem ser reconhecidos com base nas razões Al 2O3/TiO2 vs Zr/TiO2 e Al2O3/Zr vs TiO2/Zr de acordo com a sua natureza, riolítica, riodacítica/dacitica e andesítica, provavelmente refletindo diferentes taxas de fusão parcial. A aplicação do diagrama Ybn vs La/Yb(n) indica que os riólitos do setor de Neves-Corvo (principalmente dois tipos), Aljustrel (unidade riolítica Tufo da Mina) bem como as rochas vulcânicas da Lagoa Salgada são projetadas ao longo do campo dos riólitos do tipo FIIIa e FIIIb, sendo estes considerados os de maior potencial metalífero na FPI, pois os seus processos petrogenéticos são considerados ideais para desencadear, sustentar e hospedar sistemas hidrotermais e, consequentemente, depósitos de VHMS. Pretende-se, no futuro, continuar a desenvolver esta investigação envolvendo a caracterização geoquímica de cada unidade vulcânica, de acordo com o seu posicionamento estratigráfico, de forma a obter uma correlação sustentada entre os diferentes setores. Esta metodologia é assim uma ferramenta útil em prospeção mineral e na correlação de dados de diferentes sondagens.info:eu-repo/semantics/publishedVersio

Energy Estimation of Cosmic Rays with the Engineering Radio Array of the Pierre Auger Observatory

The Auger Engineering Radio Array (AERA) is part of the Pierre Auger Observatory and is used to detect the radio emission of cosmic-ray air showers. These observations are compared to the data of the surface detector stations of the Observatory, which provide well-calibrated information on the cosmic-ray energies and arrival directions. The response of the radio stations in the 30 to 80 MHz regime has been thoroughly calibrated to enable the reconstruction of the incoming electric field. For the latter, the energy deposit per area is determined from the radio pulses at each observer position and is interpolated using a two-dimensional function that takes into account signal asymmetries due to interference between the geomagnetic and charge-excess emission components. The spatial integral over the signal distribution gives a direct measurement of the energy transferred from the primary cosmic ray into radio emission in the AERA frequency range. We measure 15.8 MeV of radiation energy for a 1 EeV air shower arriving perpendicularly to the geomagnetic field. This radiation energy -- corrected for geometrical effects -- is used as a cosmic-ray energy estimator. Performing an absolute energy calibration against the surface-detector information, we observe that this radio-energy estimator scales quadratically with the cosmic-ray energy as expected for coherent emission. We find an energy resolution of the radio reconstruction of 22% for the data set and 17% for a high-quality subset containing only events with at least five radio stations with signal.Comment: Replaced with published version. Added journal reference and DO

Measurement of the Radiation Energy in the Radio Signal of Extensive Air Showers as a Universal Estimator of Cosmic-Ray Energy

We measure the energy emitted by extensive air showers in the form of radio emission in the frequency range from 30 to 80 MHz. Exploiting the accurate energy scale of the Pierre Auger Observatory, we obtain a radiation energy of 15.8 \pm 0.7 (stat) \pm 6.7 (sys) MeV for cosmic rays with an energy of 1 EeV arriving perpendicularly to a geomagnetic field of 0.24 G, scaling quadratically with the cosmic-ray energy. A comparison with predictions from state-of-the-art first-principle calculations shows agreement with our measurement. The radiation energy provides direct access to the calorimetric energy in the electromagnetic cascade of extensive air showers. Comparison with our result thus allows the direct calibration of any cosmic-ray radio detector against the well-established energy scale of the Pierre Auger Observatory.Comment: Replaced with published version. Added journal reference and DOI. Supplemental material in the ancillary file