Microfinance and Growth of MSMEs: The Moderating Role of Entrepreneurial Thrust

The main objective of the study is to investigate the role of entrepreneurial thrust in the relationship between growth in microfinance and growth of micro, small and medium enterprises (MSMEs). A panel of 15 countries from 2004 to 2013 is investigated in the analysis. Microfinance index is developed by using PCA and impact of microfinance index is examined on growth of MSMEs along with other dimensions of microfinance. The study documented that in isolation microfinance may not increase growth of MSMEs but if a borrower possess entrepreneurial thrust then growth in MSMEs is evident. Entrepreneurial thrust plays a role of catalyst in the relationship. Furthermore role of entrepreneurial thrust in growth of MSMEs is found to be more important than role of growth in microfinance itself. It is also established that in the presence of entrepreneurial thrust if even small loans are given to the borrowers then it leads to increase in business activities. It is concluded that microfinance may be a better tool to alleviate poverty but for creating new enterprises entrepreneurial thrust is found to be a prerequisite. In absence of entrepreneurial thrust microfinance may not be workable. Keywords: Microfinance, Entrepreneurial Thrust, MSMEs Growth

Exact Solutions of Generalized Modified Boussinesq, Kuramoto-Sivashinsky, and Camassa-Holm Equations via Double Reduction Theory

We find exact solutions of the Generalized Modified Boussinesq (GMB) equation, the Kuromoto-Sivashinsky (KS) equation the and, Camassa-Holm (CH) equation by utilizing the double reduction theory related to conserved vectors. The fourth order GMB equation involves the arbitrary function and mixed derivative terms in highest derivative. The partial Noether’s approach yields seven conserved vectors for GMB equation and one conserved for vector KS equation. Due to presence of mixed derivative term the conserved vectors for GMB equation derived by the Noether like theorem do not satisfy the divergence relationship. The extra terms that constitute the trivial part of conserved vectors are adjusted and the resulting conserved vectors satisfy the divergence property. The double reduction theory yields two independent solutions and one reduction for GMB equation and one solution for KS equation. For CH equation two independent solutions are obtained elsewhere by double reduction theory with the help of conserved Vectors

Predicting Stochastic Lightning Mechanical Damage Effects on Carbon Fiber Reinforced Polymer Matrix Composites

Three stochastic air blast models are developed with spatially varying elastic properties and failure strengths for predicting lightning mechanical damage to AS4/3506 carbon/epoxy composites subjected to \u3c 100 kA peak currents: (1) the conventional weapon effects program (CWP) model, (2) the coupled eulerianlagrangian (CEL) model, and (3) the smoothed-particle hydrodynamics (SPH) model. This work is an extension of our previous studies [1–4] that used deterministic air blast models for lightning mechanical damage prediction. Stochastic variations in composite material properties were generated using the Box-Muller transformation algorithm with the mean (i.e., room temperature experimental data) and their standard deviations (i.e., 10% of the mean herein as reference). The predicted dynamic responses and corresponding damage initiation prediction for composites under equivalent air blast loading were comparable for the deterministic and stochastic models. Overall, the domains with displacement, von-Mises stress, and damage initiation contours predicted in the stochastic models were somewhat sporadic and asymmetric along the fiber’s local orientation and varied intermittently. This suggests the significance of local property variations in lightning mechanical damage prediction. Thus, stochastic air blast models may provide a more accurate lightning mechanical damage approximation than traditional (deterministic) air blast models. All stochastic models proposed in this work demonstrated satisfactory accuracy compared to the baseline models, but required substantial computational time due to the random material model generation/assignment process, which needs to be optimized in future work

Structural Breaks and Volatility Spillover in South Asian Economies

Purpose - This study examines the volatility spillovers in the presence of structural breaks with specific reference to South Asian Capital markets. The global financial crisis of 2007-2009 has compelled policymakers to realize that financial instability has the potential to threaten economic stability and growth; therefore, managing the financial crisis is inevitable. To manage the impact of financial crises, understanding the dynamics of volatility spillover across various markets is imperative. This study has investigated the possible emergence of structural breaks in risk patterns after global financial crises in south Asian markets. Methodology - Using the data from July 2002 to June 2016, employing the Exponential GARCH methodology. Findings - This study finds a significant volatility spillover after the financial crisis of 2007-09. Therefore, the existence of a structural break in the risk pattern of south Asian capital markets cannot be fully rejected. Policy Implications - This conclusion is of prime importance to policymakers in devising policy guidelines concerning financial crises

Combined Effects of Psychological Capital and Psychological Contract on Employees’ Job Level Outcomes

This study examined the direct effect of psychological capital on employees’ job level outcomes. In addition, the study also examined the moderating role of psychological contract types (relational and transactional contract) on the direct relationship between PsyCap and job level outcomes. Longitudinal research design was adopted for this study and data were collected from employees working at different organizations in telecom sector. After deleting incomplete and invalid survey instruments the remaining sample size left with 411 respondents. Findings of the study revealed that PsyCap was positively related with employees’ behaviors and in-role- performance. The results also showed that psychological contract types (Relational and Transactional contract) moderated the direct relationship between PsyCap and counterproductive work behavior; however, psychological contract types (Relational Contract and Transactional contract) did not moderate the direct relationship of PsyCap with OCB, and in-role performance.Future research directions and implications of the study are also discussed. Keywords: PsyCap, relational contract, transactional contract, OCB, CWB, in-role-performance

Institutional Ownership and Discretionary Accruals: Empirical Evidences from Pakistani Listed Non-Financial Companies

Current study empirically investigates the impact of institutional ownership on discretionary accruals; we took a sample size of 68 listed non -financial companies from a population of 652 companies listed on Karachi Stock Exchange (KSE). This data was gathered for the period of 5 years, starting from 2006 up to 2010. Modified Jones Model was employed for this study to quantify discretionary accruals while institutional ownership measured by dividing number of shares kept by institutions from total number of shares outstanding. The fix effect model showed that the magnitude of discretionary accruals in Pakistani listed firms tends to significantly decrease for the firms where institutions hold a decent amount of share of that particular firm. Thus the findings of this study are in consensus with our hypothesis, which proposes that institutional ownership is quite an effective tool in aligning insider management and administration to take the right decision for value maximizing of the companies, and thus shareholders

Heterogeneous catalysis of some redox reactions by platinum

The heterogeneous catalysis by platinum of redox reactions in aqueous solution has been investigated. In Part I of the thesis the kinetics of the heterogeneous reactions of iodide with hexacyanoferrate(III), with aquo-iron(III) and with sulphato-iron(III) are examined with platinum as catalyst. The result for the Fe(CN)63-/I - reaction indicates that the catalytic rate is at least partly controlled by the rate of diffusion of Fe(CN)63- from the bulk solution up to the platinum surface. The state of the platinum surface is also shown to affect the observed reaction rate. It has been found that the heterogeneous reaction has a rate dependent upon [K+] and the results are consistent with an ion-pair, K+...Fe(CN) 3-/I-, being one species involved in exchanging electrons with the platinum surface. In the reaction of ferric ion with iodide the results indicate that Fe(OH)2+ is the species more suited to the heterogeneous process. In the FeSO4+/I- reaction it has been observed that the. heterogeneous rate is due to FeSO4 +. Both these latter heterogeneous reactions have an appreciable temperature co-efficient. The order of the heterogeneous component of reaction with respect to each reactant has always turned out to be one or less. In Part II the rate of the reaction between tris (dipyridyl)-iron(III) and iodide has been measured spectrophotometrically by observing the optical density at 520 nm where absorption is virtually due to the formation of tris(dipyridyl)iron(II). The effects of several variations in reaction conditions are studied. The main reaction is shown to be first order in Fe(dipy)33+ and first to second order in I-. Finally a possible reaction mechanism is proposed. This reaction is unaffected in rate by the presence of platinum surface. The effect of platinum on the reaction between cerium(IV) and thallium(I) in different acidic media such as HNO3, H2SO4 and HClO4 is also studied. It has been found that the reaction occurs almost exclusively via a heterogeneous catalysed path. Finally in the reaction of peroxodisulphate with oxalate ion in the presence of silver(I) as a catalyst, it has been found that the rate of the reaction in the presence of silver(I) ion is uncatalysed further by the presence of platinum. Some implications of these results are discussed.<p

On the Differential Market Reaction to Dividend Announcement: Evidence from an Emerging Equity Market

The corporate finance literature for market reaction to dividend announcements reports mixed result

Assessment of Knowledge among Dental Patients regarding Second wave of Corona virus Disease

Objective The objective of this study was to assess the dental patients' knowledge and perspectives with respect to the second wave of COVID-19. Materials and methods A self-designed questionnaire was sent as a google forms link via WhatsApp and a few patients who had no access to WhatsApp, were asked to fill out a hand printed form. The completed questionnaires were then analyzed using the statistical package for social sciences (IBM version 22). Results: A total of 350 participants were included in the study, out of which 38% were male and 62% were female. Result was calculated using binary logistic regression analysis for different variables to predict the confidence level based on their knowledge, attitude and practice regarding second wave of COVID-19. Conclusion: Our study concluded that there is more than satisfactory level of knowledge regarding COVID-19 and People are aware of the basic protocols which help in protection against the virus owing to easy access of information

Economic Integration and Stock Market Comovement: An Empirical Study Pairing Pakistan's Stock Exchange with 21 other Markets

Using daily stock returns from 2004 to 2014 for 21 countries paired with Pakistan, and using the Geweke methodology, the paper investigates the degree to which these stock markets are integrated with the Pakistani stock market. The paper also explores the factors that have an effect on the level of economic integration by applying fixed effect model. The result demonstrates statistically significant and high percentage of contemporaneous association between the 21 economies of the world and Pakistan. Greater comovement was observed between the equity markets during the period when Pakistani capital market and economy experience performance but less comovement was noted when Pakistan Stock Markets were under crises