Impact of trade openness on output growth for Pakistan: an empirical investigation

In this paper we analyze the impact of trade liberalization policy on GDP growth of Pakistan for the period ranging from 1972 to 2002. We found that there is long run negative relationship between trade growth and GDP growth. When we separate the total trade volume in export and import we find insignificant positive relationship between GDP and export and import. Both the models showed positive and significant relationship between GDP and investment.Trade Openness; Liberalization

Trade Openness and Growth: An Analysis of Transmission Mechanism in Pakistan

This paper investigates the linkages between trade policy openness and economic growth for Pakistan for the period 1973 to 2008. The paper tests the hypothesis that trade policy does not affect economic growth directly rather it affects through some growth determining economic variables, which then effect economic growth. For this purpose a simultaneous system of equations is estimated through the Three Stage Least Squares. The results suggest a positive impact of trade policy openness on Black Market Premium, Domestic Investment and Foreign Direct Investment (FDI) and negative impact on Macro Policy Index. However, Black Market Premium and FDI show negative and Domestic Investment shows positive impact on economic growth.Openness, Growth, Transmission Mechanism, Pakistan

Peak to average power ratio based spatial spectrum sensing for cognitive radio systems

The recent convergence of wireless standards for incorporation of spatial dimension in wireless systems has made spatial spectrum sensing based on Peak to Average Power Ratio (PAPR) of the received signal, a promising approach. This added dimension is principally exploited for stream multiplexing, user multiplexing and spatial diversity. Considering such a wireless environment for primary users, we propose an algorithm for spectrum sensing by secondary users which are also equipped with multiple antennas. The proposed spatial spectrum sensing algorithm is based on the PAPR of the spatially received signals. Simulation results show the improved performance once the information regarding spatial diversity of the primary users is incorporated in the proposed algorithm. Moreover, through simulations a better performance is achieved by using different diversity schemes and different parameters like sensing time and scanning interval

Capital structure and market timing in the UK : empirical evidence from UK firms

This thesis studies capital structure of non-financial firm in the UK. It specifically examines the market timing theory of capital structure in the three different empirical chapters. Given that the market timing theory is new relative to the trade-off and pecking order explanations of firms‟ capital structure decisions; it provides an interesting discourse for the wider finance community. The thesis empirically tests the theory and provides evidence as well as theoretical implications for practising managers.The first empirical chapter looks at the timing of IPOs and SEOs in the UK as well as the reversal and persistence of timing attempts. Consistent with the findings in Barker and Wurgler (2002) we find that firms do time IPOs as well as SEOs. However, similar to Alti (2006), we do not find that the effect is persistent. In addition to that, we find that the motive for timing SEOs are distinctively different from the motive for IPO managers. Although timers in both markets are inferior (they are less profitable and have a smaller growth frontier), SEO firms appear to be over-levered and their timing attempts appear to be motivated by reaching a target level. The findings in this chapter lay out an interesting avenue that provides opportunities for future research work.The second empirical chapter studies the timing of issues as well as repurchases. Similar to Elliot et al. (2007) we use a direct measure of equity mispricing to measure how firms adjust security issues to reflect equity mispricing. Consistent with their findings in the US market, we find that firms increase debt issues during periods of undervaluation and equity issues during period of overvaluation to finance their deficit. We further investigate the impact of equity mispricing on repurchasing activities. The findings confirm those of Oswald and Young (2004) where firms repurchase activities are driven by equity mispricing and contradict Rau and Vermaelan (2002) where repurchases in the UK are tax driven. I further find that financial constraints play a critical role in timing of issues and repurchases. Constrained firms are more sensitive to equity mispricing and thus time the market more evidently. In addition to that, building from the work in Warr et al (2011) I find that firms are inclined to time security issues and repurchases to reach their target leverage levels.The third empirical chapter studies the probabilities of firms issuing and repurchasing securities to time periods of equity mispricing. I find that firms time issues and thus rely on debt issues during periods of undervaluation (and vice versa). This action leads them to deviate further from target levels. This is an intuitive finding and supports conclusions derived in Hovakimian (2006) where firms that set target leverage levels also engage in market timing. Similar to Huang and Ritter (2009) I find that equity mispricing drive the issue decision as well as the issue choice. Building on the work of Hovakimian et al. (2001) I also find that issue size is also driven by market timing considerations. Further to that I also find that equity mispricing similarly influences on the repurchasing decision, size and choice of repurchases. Contributing further, I find that firms decision to issue equity accompanied by reducing debt (or issue debt accompanied by repurchasing equity) are more likely to be driven by equity mispricing than pure issue or repurchase decisions, suggesting that managers do try to lower overall cost of capital by switching to a relatively cheaper source of financing.In brief this thesis provides empirical evidence that equity market timing influences capital structure decisions. In support of the market timing theory, I find that managers do indeed time security issues and repurchase securities to reflect equity mispricing. Their timing motivations seem to be driven by targeting behaviour and also financial capacity. I further find that managers substitute one form of financing with another due to market timing considerations. Further research into debt market timing such as Doukas et al. (2011) might shed further light into managerial timing decisions and its impact on capital structure of firms. Comparing both views simultaneously would also provide a more complete and insightful understanding of capital structure

Contraction Mappings and Applications

The aim of the chapter is to find the existence results for the solution of non-homogeneous Fredholm integral equations of the second kind and non-linear matrix equations by using the fixed point theorems. Here, we derive fixed point theorems for two different type of contractions. Firstly, we utilize the concept of manageable functions to define multivalued α∗−η∗ manageable contractions and prove fixed point theorems for such contractions. After that, we use these fixed point results to find the solution of non-homogeneous Fredholm integral equations of the second kind. Secondly, we introduce weak F contractions named as α-F-weak-contraction to prove fixed point results in the setting of metric spaces and by using these results we find the solution for non-linear matrix equations

Ekeland-type variational principle with applications to nonconvex minimization and equilibrium problems

The aim of the present paper is to establish a variational principle in metric spaces without assumption of completeness when the involved function is not lower semicontinuous. As consequences, we derive many fixed point results, nonconvex minimization theorem, a nonconvex minimax theorem, a nonconvex equilibrium theorem in noncomplete metric spaces. Examples are also given to illustrate and to show that obtained results are proper generalizations

The Determinants of Services Sector Growth: A Comparative Analysis of Selected Developed and Developing Economies

This study empirically examines the possible factors that determine the services sector growth, both in selected developed and developing economies. For estimation purpose, the study employs the static as well as the dynamic panel data estimation technique with panel data over the period 1990-2014. The results suggest that GDP per capita, FDI net inflow, trade openness and innovations are the common factors that significantly affect the services sector growth both in developed and in developing economies. However, the productivity gap is the only factor that does not have any significant impact on services sector growth, both in developed and developing economies, which indicates that the Baumol's cost disease has been cured. Keywords: Services Sector Growth, Panel Data Analysis, Innovation

Non-specific immunity of BCG vaccine: A perspective of BCG immunotherapy

AbstractBCG is a widely used vaccine worldwide for neonates including Pakistan. BCG has more than 90% coverage through the EPI program which was introduced in 1965 in Pakistan. BCG has limited efficacy against the transmissible form of pulmonary tuberculosis in high TB endemic countries. However, BCG vaccination continues in these countries because BCG confers protection against the disseminated form of TB in children. BCG has also shown some protection against leprosy and certain forms of cancers. One reason for such nonspecific protection may be that BCG activates APCs via PAMPS that interacts with TLRs (2, 4 & 8), which initiate the inflammatory cascade thereby recruiting inflammatory cells to the site of infection and providing maturation signals for neutrophils, macrophages and dendritic cells. Such activation may be crucial for restricting the infection at the initial site. Furthermore, activation of the pro-inflammatory cascade also results in expression of adhesion molecules, co-stimulatory molecules as well as MHC class II molecule. MHC class II molecules engage CD4+ cells via the TCR receptor while the adhesion and costimulatory molecules bind to their respective receptors on CD4+ T cells for additional high affinity binding for T cell activation. Although activation of the innate arm may not provide subsequent memory, activation of T cells may introduce a certain level of memory response and therefore, may form a rational basis for BCG immunotherapy. This review, therefore, focuses on the immune activation related to both the innate and adaptive arm of the immune response that has been reported and further explores the utility of BCG immunotherapy related to non TB conditions