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Rapidly changing business environments and the use of inclusive systems have magnified the emerging concept of “ecosystem” for the businesses. The need of ecosystem is further amplified for entrepreneurs working in underserved marginalized communities where networks and collaborations can play a catalyst for an inclusive future characterized by sustainable business and social uplift. Underserved communities have significant potential of entrepreneurship which can be explored by being active part of the ecosystem. This chapter focuses on the need of ecosystem approach for underserved community. The chapter presents an explanation of business ecosystem, identification of key actors and their roles in the ecosystem, and the relationship among various actors. The significance of inclusive future of work and entrepreneurship for the underserved has been highlighted through a case study findings. Furthermore, the chapter presents recommendations for the government, regulators, policymakers, the supporting institutions, small business and entrepreneurs in the underserved, and academicians.

The stock market in an emerging country like Pakistan has been volatile from the earliest times. This paper studies the volatility of Pakistan Stock Exchange (PSX) (using Karachi Stock Exchange 100 Index (KSE-100) as a proxy) through the application of Generalized Autoregressive Conditional Heteroscedasticity (GARCH) family models. The sample period consists of 4831 daily observations for the 19 year trading period (from 2000 to 2019). Symmetric GARCH (2, 1), asymmetric EGARCH (1, 1), GJR-GARCH (1, 1) and APARCH (1, 1) models were used under Gaussian distributional assumptions. The results validate the empirical findings of previous studies conducted in Pakistan that log returns of KSE-100 Index are characterized by volatility clustering, time-variability, leptokurtic distribution with dominant ARCH and GARCH effects. An interesting feature of Pakistan Stock Exchange revealed by asymmetric models (used in the study) is that PSX is more volatile to good news than bad news. Moreover EGARCH (1, 1) outperforms all other models of the study on the basis of AIC/BIC criterion. However the comparison of correlations of variances predicted by three asymmetric models reveal that correlations among them are very high, with minimum correlation being 98%. This essentially means that all three asymmetric models provide a good fit to PSX.

Innovation is taking place rapidly, which is changing the demand level. Diversifying the supply chain with changing demand patterns is another challenge to meet. Industrial Revolution (IR) 4.0 is the new way to effectively manage the supply chain process with the updated conventional business model. The technology enhances the traditional business model and improves distance relations among companies and customers through well managed distribution channels, creates high-level customer satisfaction, and provides timely information in each stage of the supply chain process. Innovative technology allows companies to make more profit by saving time and making an additional product to meet specific demands cost-effectively. It is also reducing human efforts, which will be taking place by robotics soon. The industrial revolution is the new beginning of an environment where the supply chain will be managed by intelligent technology, improving the overall process of value chains.

This study explores the arbitrage opportunities in Deliverable Future Contracts (DFC) due to mispricing and the factors affecting it. We use the cost of carry model to calculate the fair prices of futures. We use mispricing as a direct measure of arbitrage opportunities. With one-year daily data collected from the data portal of Pakistan Stock Exchange, we calculate mispricing for twenty-two stock futures. Summary statistics of mispricing confirm the presence of arbitrage opportunities in this market. We also examine the relationship of mispricing with the time to contract expiry, stock return volatility, the trading volume of ready and future market, and open interest. Tobit regression results indicate that apart from open interest, all other factors possess significant explanatory power for mispricing.

The current study examines the impact of leverage on earning management in the manufacturing sector of Pakistan. It selects a list of 159 non-financial firms listed at Pakistan Stock Exchange (PSE) for a period of 7 years. The study has used Modified Jones Model 1995 as proxy of earning management. Independent variable is leverage while the three control variables are growth, firm size and Return on Assets (ROA). The findings reveal that a significant positive relationship exists between leverage and earning management activities while other variables ROA and firm size are also found to be significant. However, no significant relationship is found between growth and earning management activities. Moreover, this study has discussed the relationship between earning management and discretionary accruals. The implications of the study for different stakeholders have been discussed also.

Prostate cancer is the commonest non-cutaneous cancer in males and frequently metastasizes to nodal and skeletal tissues. Metastases to soft tissue viscera such as lung and liver are associated with decreased overall survival compared to nodal and skeletal metastases despite androgen deprivation and chemotherapy with palliative intent. We present a case with complete resolution of lung metastases after 225Ac-PSMA targeted alpha endoradiotherapy in a treatment naive patient with metastatic prostate cancer. Our case gives preliminary clinical support for the efficacy of 225Ac-PSMA therapy in lung metastases.

This study aims to investigate an unexplored dimension of microfinance industry in Pakistan by analysing the social performance of Microfinance Providers (MFPs) in terms of finding the gaps between stated and actual outcomes. The study employs qualitative content analysis, to explore the vision and mission of 27 MFPs (Microfinance institutions and Microfinance banks) and success stories of microfinance borrowers published on the official websites of MFPs. The results of content analysis revels financial inclusion, social and economic development, poverty alleviation, and empowerment as prominent themes stated in the strategic statements. The major findings of the study suggest that vision and mission statements are aligned in stating the expected outcomes of microfinance, whereas, few gaps between actual and expected outcomes are reported in terms of their focus. Among various themes; MFPs have focused financial inclusion and empowerment the most, while borrowers’ success stories highlighted the business expansion and improved living standard as the prominent outcomes of microfinance.&nbsp

The purpose of this study was to examine the impact of sales promotion on consumer’s impulse purchases in retail industry in Karachi, Pakistan. The study also aims to identify the impact of the most reliable sales promotional tools i.e., (free-sample, buy one get one, price discount, and coupons). A sample size of 200 respondent were surveyed through questionnaires that were filled through electronically and manually. The data was analyzed using CFA (Confirmatory Factor Analysis) and SEM (Structural Equation Modeling) for testing hypothesis. The results suggested that the impact of sales promotional tools has positive effect on consumer impulse purchases. They are attracted more to the store by these offerings especially price discount and buy one get one as compared to other means. This study would help retailers to make sales promotion a more effective way to gage consumers by attracting them to most worthy offer. Moreover, retailers can plan better for competitiveness and make more profit on short term basis.

Diatoms have long been known to be photosensitive, altering the direction of their movement in response to changes in ambient light conditions detected at the tips of the cells. In order to better understand the light conditions responsible for triggering positive photophobic (out-of-light) and negative photophobic (into-light) responses of diatoms, cells from three species of diatoms, Craticula cuspidata (Kutzing) D.G. Mann, Stauroneis phoenicenteron (Nitzsch) Ehrenberg, and Pinnularia viridis (Nitzsch) Ehrenberg, were irradiated at their leading or trailing ends during cell movement. The response times for direction changes when cells were irradiated at various irradiance levels and wavelengths were measured to determine the quality of light responsible for eliciting cell direction changes in each of the three species. All three species displayed strong out-of-light responses at the highest irradiances measured. Craticula cuspidata cells displayed negative photophobic sensitivity (into-light) responses ...

Purpose – The purpose of this paper is two folds: first, to analyze the long-run relationship between terrorism and key macroeconomic indicators (GDP growth, GDP per capita, inflation and unemployment) and second, to determine the direction of causality between these variables in Pakistan. Design/methodology/approach – The relationship between terrorism and various macroeconomic indicators is analyzed by applying Johansen cointegration analysis. Furthermore, the causality between terrorism and macroeconomic indicators is tested by applying Toda Yamamoto Granger causality test. Findings – The results show that there exists a long-run relationship between terrorism and key macroeconomic indicators. Furthermore, the results suggest that there exists a bi-directional causality between terrorism and inflation. The causality between GDP per capita, unemployment, GDP growth and terrorism is unidirectional. Originality/value – There is a lack of research work conducted to analyze the long-run relationship and direction of causation between terrorism and various macroeconomic indicators specifically for Pakistan. The current paper fills the gap in the literature by using sophisticated econometric techniques and recent data set to provide the evidence of the relationship between terrorism and various macroeconomic indicators.

This study primary investigates the value relevance of accounting information in banking sector of Pakistan. The study employed the pooled regression technique on nineteen private banks from the period of 2008 to 2012. The findings show that earning per share is more value relevant than book values, while accounting data explains a high proportion of the stock price. The relevant information is such that it influences the economic decisions of users by helping them evaluate past, present and future events.

The purpose of this study is to analyze the determinants of terrorism in the context of Pakistan. The determinants of terrorism include various socio-economic variables like GDP per capita, unemployment, political rights, inflation, poverty, inequality and literacy level. A long-run relationship between the variables is analyzed by applying Johansen co-integration technique. The Error Correction Model (ECM) is applied to determine the stability of the long run relationship between terrorism and various variables and also to streamline the short-run and long run impacts of the variables on terrorism. In general, the results revealed that there exists a long run relationship between various social and economic variables and terrorism while the results of ECM revealed that about 89% convergence towards equilibrium takes place every year. Similarly, important results are obtained by short run and long run elasticities estimated under the Error Correction Model. Impulse response analysis reveals that the impacts of one standard deviation shock given to random disturbances on the systems of variables have mixed results. Some variables have increasing trend over the time period, some have decreasing trends, while some have fluctuating and cyclical trends.

The purpose of this study is two folds: firstly, to analyze the direction of causality between corruption and political instability directly and secondly, to determine the causality between corruption and political instability indirectly through judicial inefficiency in Pakistan. The causality between corruption, political instability and judicial inefficiency is tested by applying Toda–Yamamoto Granger causality test. The results show that there is a lack of direct causal relationship between corruption and political instability. However, political instability and corruption cause each other indirectly through judicial inefficiency. The study highlights the critical role of judicial inefficiency leading to an important policy implication.

The purpose of this study is two-fold: firstly, to analyze the long run relationship between household saving and various socio-economic and demographic variables and secondly, to determine the short run and the long run impact of various socio-economic and demographic variables on the household saving rate in Pakistan. The relationship between household saving and various socio-economic and demographic variables is analyzed by applying Johansen cointegration analysis. Furthermore, Error Correction Model is also estimated in order to find out the convergence of the model towards equilibrium. The results show that there exists a long run relationship between household saving and the variables used in the study, while the result of Error Correction Model reveals that about 45% convergence towards equilibrium takes place every year.

Credit risk is one of the major risks in banking operations now-a-days. For sustainable financial performance, credit risk management is of crucial importance. Non-performing loans are the major element of credit risk that negatively affects the banking performance. To cater such risk, banks have to maintain certain percentage of capital as cushion with central bank as per BASEL requirements. Efficient credit risk management contributes positively towards banking profitability. This study aims to investigate, how credit risk and capital adequacy affects the performance of commercial banks in Pakistan. This study identifies the exposure of Pakistani commercial banks towards credit risk and impact of credit risk management practices for 6 years. The findings of this study help the risk managers to ensure prudent credit risk management practices that will help in reducing non-performing loans and improving banking performance.

Objective: Radioiodine is a safe, cheap, and recognized permanent treatment option for patients with hyperthyroidism. Despite, the extensive use of radioiodine therapy in hyperthyroidism there is no consensus regarding the optimal dose of radioiodine. To evaluate the clinical efficacy and our clinical experience with the use of a single dose radioiodine therapy for hyperthyroidism in our institution.Methods: A total of 274 patients who received a single dose of radioactive iodine therapy for hyperthyroidism at our institution between 2007-2015 were retrospectively reviewed. Of these, 186 patients had Graves’ disease (GD), 73 patients had Plummer’s disease (PD), and 15 patients had a single toxic adenoma (STA). All patients received between 10-30mCi of oral radioiodine capsule. The efficacy of therapy was determined 3 months post-therapy using serum thyroid function test, weight and heart rate measurements. Therapy success refers to patients whose outcome was euthyroidism and hypothyroidism post-therapy and treatment failure where patients still manifested with persistent hyperthyroidism.Results: The efficacy of a single dose of radioiodine 3months post-therapy varies with the type of hyperthyroidism, 96% for Graves’s disease, 92% for Plummer’s disease and 100% in single toxic adenoma.Conclusion: Our study showed that a single dose of radioactive iodine therapy 3 months post-therapy is 96% efficient in all types of hyperthyroidism. However, we observed that patients at risk of therapy failure 3month post-therapy included, large thyroid gland prolong antithyroid drug usage and male gender.