Financial cointegration and spillover effect of global financial crisis: a study of emerging Asian financial markets

This paper examines the financial cointegration and spillover effect of the global financial crisis to emerging Asian financial markets (India, China, Pakistan, Malaysia, Russia and Korea). The analysis used daily stock returns, divided into three time periods: pre-, during and post-crisis from 1 July 2005 to 30 June 2015. We applied the Johansen and Juselius cointegration test, the vector error correction model (V.E.C.M.) and the G.A.R.C.H.-B.E.K.K. model for an examination of integration and conditional volatility. We find long-term cointegration between the U.S. market and emerging stock markets, and the level of cointegration increased after the crisis period. The V.E.C.M. and impulse response function reveal that a shock in the U.S. financial market has a short-term impact on the returns of emerging financial markets. Past shocks and volatility have more effect on the selected stock markets during all time periods. The Korea Composite Stock Price Index and the Bombay stock exchange (B.S.E.) are the only stock markets that have cross-market news and volatility spillover effects during the crisis period. After the crisis period, news effects are positive on the B.S.E. and the Russian Trading System and have a negative effecton the Kuala Lumpur Stock Exchange and the Shanghai Stock Exchange

Effects of a high-dose 24-h infusion of tranexamic acid on death and thromboembolic events in patients with acute gastrointestinal bleeding (HALT-IT): an international randomised, double-blind, placebo-controlled trial

Background: Tranexamic acid reduces surgical bleeding and reduces death due to bleeding in patients with trauma. Meta-analyses of small trials show that tranexamic acid might decrease deaths from gastrointestinal bleeding. We aimed to assess the effects of tranexamic acid in patients with gastrointestinal bleeding. Methods: We did an international, multicentre, randomised, placebo-controlled trial in 164 hospitals in 15 countries. Patients were enrolled if the responsible clinician was uncertain whether to use tranexamic acid, were aged above the minimum age considered an adult in their country (either aged 16 years and older or aged 18 years and older), and had significant (defined as at risk of bleeding to death) upper or lower gastrointestinal bleeding. Patients were randomly assigned by selection of a numbered treatment pack from a box containing eight packs that were identical apart from the pack number. Patients received either a loading dose of 1 g tranexamic acid, which was added to 100 mL infusion bag of 0·9% sodium chloride and infused by slow intravenous injection over 10 min, followed by a maintenance dose of 3 g tranexamic acid added to 1 L of any isotonic intravenous solution and infused at 125 mg/h for 24 h, or placebo (sodium chloride 0·9%). Patients, caregivers, and those assessing outcomes were masked to allocation. The primary outcome was death due to bleeding within 5 days of randomisation; analysis excluded patients who received neither dose of the allocated treatment and those for whom outcome data on death were unavailable. This trial was registered with Current Controlled Trials, ISRCTN11225767, and ClinicalTrials.gov, NCT01658124. Findings: Between July 4, 2013, and June 21, 2019, we randomly allocated 12 009 patients to receive tranexamic acid (5994, 49·9%) or matching placebo (6015, 50·1%), of whom 11 952 (99·5%) received the first dose of the allocated treatment. Death due to bleeding within 5 days of randomisation occurred in 222 (4%) of 5956 patients in the tranexamic acid group and in 226 (4%) of 5981 patients in the placebo group (risk ratio [RR] 0·99, 95% CI 0·82–1·18). Arterial thromboembolic events (myocardial infarction or stroke) were similar in the tranexamic acid group and placebo group (42 [0·7%] of 5952 vs 46 [0·8%] of 5977; 0·92; 0·60 to 1·39). Venous thromboembolic events (deep vein thrombosis or pulmonary embolism) were higher in tranexamic acid group than in the placebo group (48 [0·8%] of 5952 vs 26 [0·4%] of 5977; RR 1·85; 95% CI 1·15 to 2·98). Interpretation: We found that tranexamic acid did not reduce death from gastrointestinal bleeding. On the basis of our results, tranexamic acid should not be used for the treatment of gastrointestinal bleeding outside the context of a randomised trial

A cost benefit analysis of private and public schools in District Malakand of North West Frontier Province

The objective of this paper is to compare the relative efficiency of private and public schools in term of cost and benefit per student, achievement and their comparison of high schools of public and private sector in District Malakand. 11 private and 11 public schools were randomly selected for analysis from district Malakand to compare their cost effectiveness. Chi square analysis was made to compare the output of public and private schools. The result shows that private schools are better in student's achievement and in terms of cost per students.Recommendation was made to introduce voucher system in public schools and greater authority be given to school level management

Lean Product Development Performance Measurement Tool

The need of applying lean thinking to product development is becoming a must for the organisations to success in the current industry. This paper presents a tool that helps to define the actual status of the organisations in relation to the lean principles. Extensive literature highlighted the need of developing a tool focused on assessing the implementation of lean principles themselves, rather than quantitate metrics. Based on the Balanced Scorecard, four perspectives, with corresponding set of questions, were defined reflecting the enablers of the product development model proposed by the LeanPPD European project. A five-level scale was customised to score the different readiness levels that define the transformation into a full lean implementation. The tool was used to assess the current and desired lean situation of an aerospace company within the research environment and resulted to be accurate to define the starting condition of the company to adopt leaner practices

Lean Product Development Performance Measurement Tool

The need of applying lean thinking to product development is becoming a must for the organisations to success in the current industry. This paper presents a tool that helps to define the actual status of the organisations in relation to the lean principles. Extensive literature highlighted the need of developing a tool focused on assessing the implementation of lean principles themselves, rather than quantitate metrics. Based on the Balanced Scorecard, four perspectives, with corresponding set of questions, were defined reflecting the enablers of the product development model proposed by the LeanPPD European project. A five-level scale was customised to score the different readiness levels that define the transformation into a full lean implementation. The tool was used to assess the current and desired lean situation of an aerospace company within the research environment and resulted to be accurate to define the starting condition of the company to adopt leaner practices