Macroeconomic Factors and Equity Prices: An Empirical Investigation by Using ARDL Approach

The relationship between macroeconomic variables and the equity prices has attracted the curiosity of academicians and practitioners since the publication of seminal paper of Chen, et al. (1986). Many empirical studies those tested the relationship reveal that asset pricing theories do not properly identify macroeconomic factors that influence equity prices [Roll and Ross (1980); Fama (1981); Chen, et al. (1986); Hamao (1986); Faff (1988); Chen (1991); Maysami and Koh (2000) and Paul and Mallik (2001)]. In most of these studies, variable selection and empirical analyses is based on economic rationale, financial theory and investors’ intuition. These studies generally apply Eagle and Granger (1987) procedure or Johanson and Jusilieus (1990, 1991) approach in Vector Auto Regressor (VAR) Framework. In Pakistan, Fazal (2006) and Nishat (2001) explored the relationship between macroeconomic factors and equity prices by using Johanson and Jusilieus (1990, 1991) procedure. The present study tests the relationship between macroeconomic variables such as inflation, industrial production, oil prices, short term interest rate, exchange rates, foreign portfolio investment, money supply and equity prices by using Auto Regressive Distributive Lag (ARDL) bounds testing procedure proposed by Pesaran, Shin, and Smith (1996, 2001). The ARDL approach in an errorcorrection setting has been widely applied to examine the impact of macroeconomic factors on economic growth but it is strongly underutilised in the capital market filament of literature. This methodology has a number of advantages over the other models. First, determining the order of integration of macroeconomic factors and equity market returns is not an important issue here because the Pesaran ARDL approach yields consistent estimates of the long-run coefficients that are asymptotically normal irrespective of whether the underlying regressors are I(0) or I(1) and of the extent of cointegration. Secondly, the ARDL approach allows exploring correct dynamic structure while many econometric procedures do not allow to clearly distinguish between long run and short run relationships

Economic Freedom, Exchange Rates Stability and FDI in South Asia.

This study empirically examines the role of economic freedom, market size and exchange rates in attracting foreign direct investment in south Asian countries for the period 1995-2008 by employing panel data analysis in fixed effect setting. Results clearly indicate the presence of significant positive relationship between economic freedom and FDI inflows in South Asian countries during the period of study. The real effective exchange rate was having negative association with it indicating that depreciation in host country currency negatively influences the inflow of FDI to that country. Therefore, monetary policy should focus on providing stability to currencies of host countries. The model explains approximately 90 percent of total variation in FDI. The paper concludes that South Asian countries should make concerted efforts in devising polices that improve level of economic freedom. In other words, they should provide more investment friendly climate, trade openness, efficient monetary and fiscal policies and freedom from corruption. This can help to attract more foreign direct investment in the South Asian countries

Duhamel\u27s procedure for adult hirschsprung\u27s disease

An adult presented with chronic constipation and abdominal mass. Clinical features, abdominal radiographs and barium enema revealed features consistent with Hirschsprung\u27s disease. Full-thickness rectal biopsy was planned, but patient was lost to follow-up and presented 3 years later with intestinal obstruction. Exploratory laparotomy with resection of affected sigmoid colon and end colostomy were performed. Sequential rectal biopsies were obtained during the procedure to confirm the diagnosis. Later, Duhamel\u27s procedure with a diverting loop ileostomy was successfully performed. Ileostomy reversal was done thereafter. There was complete resolution of symptoms and dramatic improvement in bowel function

An audit of head trauma care and mortality

Objective: To analyze the factors contributing to deaths from head trauma by using standardized assessment parameters and to provide a peer-review of head injury deaths with focus on identifying deficiencies and analyzing contributory factors.Design: Descriptive study.Place and duration of study: The study was carried out at the Emergency, Aga Khan University Hospital during January 1998 to December 1999.Subjects and method: One hundred and three patients above the age of 15 years presenting alive to the Aga Khan University Hospital (AKUH) emergency with head injury were included in this study. Identified deaths data was reviewed by the Hospital Trauma Peer Review Committee and consensus arrived at for categorization of deaths. The potential deficiencies in care were identified and final recommendations made. The data was computed on CDC Trauma Registry (V 3.0) and SPSS (V 8.0).Results: Mean age was 31.9 years (n=103) with predominant male population (4:1). Severe head injury (GCS\u3c8) accounted for 21.3 % (n=22) of all cases with a total number of deaths being 12.6 % (n=13). Deaths were categorized preventable in 3 cases with non-preventable and potentially preventable in 4 and 6 cases respectively. Road traffic accidents were the predominant mechanism (n=8) in all deaths (n=13). The time interval in relation to mortality was biphasic, most deaths occurring either within 24 hours or between 3-7 days of injury. Inappropriate pre-hospital treatment, pre-hospital delays and inappropriate mode of transportation without inter-hospital communication were the process-related defects in pre-hospital care with major determinant of deaths outside AKUH (n=5). Prolonged emergency stay, delayed intensive care availability were the process-related deficiencies whereas inappropriate initial resuscitation, inappropriate initial head injury management were provider-related deficiencies in in-hospital care.Conclusion: Transfer of inappropriately managed patients, lapses in inter-hospital communications, delayed transfers were identified as the major pre-hospital factors whereas lack of ICU beds, portable ventilators in emergency room, delays in CT scan facilities were the deficiencies in the hospital services. Opportunities for improvement in head trauma care are needed to focus on initial resuscitation and appropriate surgical management

Clinico- haematological spectrum of females with inherited Bleeding Disorders

Background: Inherited bleeding disorders in females are under-diagnosed, eventually leading to multiple problems. This situation is further worsened by the inadequate information , non – availability of diagnostic facilities and low awareness on the clinical side Methods: In this non – interventional descriptive study , females with inherited bleeding disorders were assessed. Clinical presentations, demographic data and management received was recorded. Complete blood counts, prothrombin time, activated partial thromboplastin time, thrombin time and platelet function studies were performed, where required.. Results: In all the patients with inherited bleeding disorders , females constituted 16.85%. von Willebrand disease was the commonest (50.84%) out of all inherited bleeding disorders in females. In rest of the females autosomal recessive coagulation defects and platelet function defects constituted 25.42% and 23.72%, respectively. Majority of the females (83.04%) were below 17 years of age. Menorrhagia (46.87%) was the commonest clinical episode. Spontaneous bleed was seen in 95% episodes. Majority of the episodes (94.14%) were soft tissue bleeding episodes and joint bleeds were minimal (5.68%). Tranexamic acid was the most commonly used therapeutic agent . Surgical intervention was employed in 18 episodes. Conclusion: Females with inherited bleeding disorders have severely impaired quality of life , fail to get proper management and go through unwanted surgeries ( D&C; Hysterectomies)

Ethnophytotherapical Approaches for The Treatment of Diabetes by The Local Inhabitants of District Attock (Pakistan)

Results of the present investigation are based on 37 indigenous plant species belonging to 23 Angiospermic families. These indigenous plants were used as traditional phytotherapies for the control and treatment of diabetes millitus. The rural inhabitants of the area classified these traditional phytotherapies on the basis of uses of various parts of plants and method of their uses. About 29 traditional phytotherapies were investigated from the rural inhabitants of the area. These traditional phytotherapies were classified as antidiabetic extracts, leaves, powders, flour, seeds, vegetables, fruits and herbal mixtures

Correlation of Atrial Fibrillation with Left Atrial Volume in Patients with Mitral Stenosis. a Single Centre Study From Pakistan

Background: Rheumatic heart disease has a strong association with mitral valve stenosis. Atrial fibrillation is one of the most common complications of this condition and is a poor prognostic factor. Early detection and prompt management of atrial fibrillation can help to improve the quality of life and increase the life expectancy of the patients. We carried out this study to investigate the significance of left atrial volumetric changes in mitral stenosis and its correlation with atrial fibrillation. Methodology: We audited the data of 60 patients of rheumatic heart disease who had mitral valve stenosis. The patients were randomized into atrial fibrillation (Group A) and normal sinus rhythm (Group B). We conducted this cross-sectional analytical study at Cardiology Department, Mayo Hospital, Lahore, from 1st February 2017 to 31st January 2018. We only included those patients who consented to be a part of this study and fulfilled our predefined inclusion criteria. Left atrial volume was measured by prolate ellipse method and biplane methods on echocardiography. The Data was analyzed on SPSS v20. Results: Sixty patients were included in the study. Among the subjects, thirty-six (60%) were males, and twenty-four (40%) were females. Atrial fibrillation was noted in 43.33% of the patients of mitral valve stenosis. There was a marked difference in the mean volume of the left atrium among the two groups. We observed that the mean area of the mitral valve for Group A patients was larger than that of patients in Group B. Our study showed an inverse correlation between left atrial volume and mitral valve area among Group A patients. Conclusion: Patients of mitral stenosis are at an increased risk of developing atrial fibrillation if the left atrial volume is increasing. All patients with mitral stenosis should have routine echocardiography & measurement of left atrial volumes, so that proper treatment can be started if the left atrial volume is increasing, to prevent atrial fibrillation

ANALYSIS OF BLOOD CIRCULATING SERUM BIOMARKERS FOR THE DIAGNOSIS OF BREAST CANCER

Introduction: Breast cancer is the most common neoplasm in women and the second leading cause of cancer-related mortality in females worldwide. Breast cancer is the second most common type of cancer (after lung cancer), and the fifth most common cause of cancer death. Objectives of the study: The main objective of the study is to assess the blood circulating serum biomarkers for the diagnosis of breast cancer. Methodology of the study: This cross sectional study was conducted at DHQ teaching hospital Sahiwal during February 2018 to November 2018. Breast cancer notifications were confirmed and characterized by postal questionnaire sent to treating clinicians (consultant, or General Practitioner if details not provided by the volunteer), which was designed to ascertain clinical and histological data on diagnosed cases (date of diagnosis, histology, nodal status, staging, grade, prognosis, ER, PR and HER2 status). Results: The results indicates that CTC, CEA and ALP are the best indicating serum biomarkers for the diagnosis and progression of breast cancer. Mean, median and SD shows that there is a significant relationship in these serum biomarkers. Conclusion: It is concluded that biomarkers are the useful tool for the analysis of progression of breast cancer in females. Key words: Diagnosis, Breast, Cancer, Female

Correlation of serum calcium with severity of acute ischaemic stroke

Stroke results in the death of around 6.5 million people annually with a majority of these occurring in developing countries. Serum calcium has been hypothesised to play a significant role in causing ischaemic stroke. This retrospective observational study was conducted to determine the correlation, if any, between serum calcium and the severity of acute ischaemic stroke in our population. Two hundred and seventy-nine patients admitted with acute ischaemic stroke were enrolled in the study. Of the 279 patients 162 (58%) were male and mean age was 62.4 ± 3.8 years. Characteristics of stroke patients were compared with stroke severity. Mean albumin corrected serum calcium and Scandinavian stroke severity score was 9.1 (± 5.6) and 33.67 (± 15.2), respectively. Hypertension and mean GCS on admission were significantly associated with increased stroke severity score. However, no correlation was observed between serum calcium and severity of acute ischaemic stroke