Relationship of the Big Five Personality Traits and Risk Aversion with Investment Intention of Individual Investors

SARWAR, Danish,SARWAR, Bilal,RAZ, Muhammad Asif,KHAN, Hadi Hassan,MUHAMMAD, Noor,AZHAR, Usman,ZAMAN, Nadeem uz,KASI, Mumraiz Khan Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.12

This empirical research is aimed at testing the relationship of the big five personality traits namely openness to experience, extraversion, consciousness, agreeableness, neuroticism, and risk aversion with the investment intention of individual investors belonging to Balochistan, Pakistan. The primary data is collected through a self-administered questionnaire (a structured form that consists of a series of closed-ended and open-ended questions) from a sample of 397 active individual investors belonging to different districts of the province. The data is empirically analyzed by applying the Partial Least Square (PLS) path modeling technique by using the estimation package available in Smart-PLS. The findings of this study suggest that all the variables are statistically significant with investors' investment intention with risk aversion as the strongest predictor. Moreover, openness to experience, extraversion, consciousness, agreeableness, and risk are significantly and positively related to an investor's investment intention, whereas neuroticism is negatively related to an investor's investment intention. The results extended by this study can be used by financial planners and investment bankers to channelize the available financial resources in diversified portfolios. The results will help financial planners to make available diverse investment alternatives for investors in Balochistan, thus catering to their unique needs. Academia must offer courses on contemporary finance paradigm based on behavioral finance to enable future business graduates to make wise financial decisions.

Effectiveness of zinc application to minimize cadmium toxicity and accumulation in wheat (Triticum aestivum L.)

Sarwar, N.,Bibi, S.,Ahmad, M.,Ok, Y. S. Springer Science + Business Media 2014 Environmental Earth Sciences Vol.71 No.4

Effect of Feeding Saturated Fat on Milk Production and Composition in Crossbred Dairy Cows

Sarwar, Muhammad,Sohaib, Amer,Khan, Muhammad Ajmal,Nisa, Mahr-un Asian Australasian Association of Animal Productio 2003 Animal Bioscience Vol.16 No.2

To see the effect of Beragfat T-300, a by pass fat, on the production and composition of milk, four primiparous crossbred cows in their early lactation were used in a $4{\times}4$ Latin Square Design. Each period was of 30 days including 15 days of adjustment period. The diets were formulated to contain 0, 2.5, 3.5 and 4.5% of Bergafat and were isonitrogenous and isoenergetic. The intake of DM, OM, CP, NDF, ADF, Cellulose and ADL were not affected, however, the EE intake was increased by the supplementation of Bergafat in the diet of cows. The digestibilities of NDF and EE remained unaffected, whereas the digestibilites of DM, OM and CP were reduced. Milk yield remained unaltered, while 4%FCM yield increased as a result of adding Bergafat in the daily ration. Bergafat upto 4.5% of the diet DM can be added in the diet of crossbred cows without any adverse effect on the DM intake and digestibilities of DM and NDF. Furthermore, Bergafat does not cause any butter fat depression in the milk of cows.

Influence of Ruminally Protected Fat and Urea Treated Corncobs Ensiled with or without Corn Steep Liquor on Nutrient Intake, Digestibility, Milk Yield and Its Composition in Nili-Ravi Buffaloes

Sarwar, M.,Khan, M. Ajmal,Un-Nisa, Mahr Asian Australasian Association of Animal Productio 2004 Animal Bioscience Vol.17 No.1

Sixteen early lactating Nili-Ravi buffaloes, four animals in each group, were used in a Completely Randomized Design to evaluate the effect of varying levels of both ruminally protected fat and urea treated corncobs ensiled with or without corn steep liquor (CSL) on feed intake, digestibility and milk production and its composition. Four experimental diets were formulated. The control (C) diet was balanced to contain 0% fat and 35% urea treated corncobs ensiled with 0% CSL. The low fat (LF), medium fat (MF) and high fat (HF) diets had 45, 55 and 65% urea treated corncobs ensiled with 9% CSL and 2, 4 and 6% ruminally protected fat, respectively. Dry matter, crude protein (CP) and neutral detergent fiber (NDF) intakes by buffaloes remained similar across all treatments. However, DM and NDF as a percent of body weight and digestible DM intakes were higher in HF diet when compared to C, LF and MF diets. Digestible NDF intakes were also significantly higher in HF diet as compared to all other diets. The intakes of ADF and digestible ADF were higher in MF and HF than C and LF diets. The significant variation in digestible DM, ADF and NDF intakes may be attributed to the ammoniation of corncobs along with CSL that caused significant changes in the degradability and digestibility of the diets. Ether extract and digestible EE intakes differed significantly (p<0.05) among all treatments. Intakes of EE were the highest in animals fed HF diet, which was because of added fat. Apparent DM digestibility was the highest in animals C diet and was the lowest in those fed LF diet. Neutral detergent fiber and ADF digestibilities were higher in animals fed diets containing urea treated corncobs ensiled with 9% CSL when compared to those fed diets containing urea treated corncobs ensiled without CSL. Apparent digestibility of CP was noted highest (71.47%) in animals fed HF diet when compared to those fed MF (67.75%), LF (67.04%) and C (65.39%) diets. Milk yield (4% FCM) was the higher in buffaloes fed HF, MF and LF diets than those fed C diet. These results indicated that increasing levels both of fat and urea treated corncobs ensiled with CSL elevated the negative effects of poor quality fibrous feed on milk production by buffaloes.

Nutritional Management for Buffalo Production

Sarwar, M.,Khan, M.A.,Nisa, M.,Bhatti, S.A.,Shahzad, M.A. Asian Australasian Association of Animal Productio 2009 Animal Bioscience Vol.22 No.7

The buffalo (Bubalus bubalis) is an important contributor to milk, meat, power, fuel and leather production in many developing countries. Buffaloes can be categorized into Asian and Mediterranean buffaloes. Asian buffalo includes two subspecies known as Riverine and Swamp types. Riverine (water buffalo) and Swamp buffaloes possess different genetics (50 vs. 48 chromosomes, respectively), morphology (body frame, body weight, horn shape and skin color) and behavior (wallowing in mud or water) and thus, are reared and used for different purposes. Low per head milk yield, poor reproductive performance (seasonal breeding behavior, anestrous, and longer calving interval) and low growth rate in buffaloes have been attributed to insufficient supply of nutrients. In many parts of Asia, where the buffalo is an integral part of the food chain and rural economy, irregular and inadequate availability of quality feedstuffs and their utilization are hampering the performance of this unique animal. Balanced nutrition and better management can enhance buffalo productivity. Many efforts have been made in the last few decades to improve nutrient supply and utilization in buffaloes. Recent research on locally available feed resources such as crop residues, and industrial by-products, dietary addition of micronutrients, use of performance modifiers and use of ruminally protected fat and protein sources have shown significant potential to improve growth, milk yield and reproductive performance of buffaloes. However, a number of issues, including establishment of nutrient requirements for dairy and beef, development of buffalo calf feeding systems, nutritional management of metabolic and reproductive anomalies, and understanding and exploitation of the buffalo gut ecosystem, need to be addressed. Extensive coordinated research and extension efforts are required for improved buffalo nutrition in developing countries.

IN SITU RUMINAL DEGRADATION KINETICS OF FORAGES AND FEED BYPRODUCTS IN MALE NILI-RAVI BUFFALO CALVES

Sarwar, M.,Mahmood, S.,Abbas, W.,Ali, C.S. Asian Australasian Association of Animal Productio 1996 Animal Bioscience Vol.9 No.5

The rate and extent of digestion of dietary carbohydrates has a tremendous impact on ruminal fermentation and the productivity of the animals. The objective of the study was to determine the dry matter (DM) and neutral detergent fiber (NDF) degradabilities and rate and extent of feed byproducts (cotton seed cake, wheat bran), legumes [berseem (Egyptian clover), lucern (Medicago sativa), cowpeas (Vigna sinensis)], grasses [maize (Zea mays), millet (Panicum miliaceum), sorghum (Sorghum vulgare)] and wheat straw in ruminally fistulated male buffalo calves. By using nylon bags, 10 grams sample was exposed to the ruminal fermentation for 0, 1, 2, 4, 6, 10, 16, 24, 36, 48 and 96 hours. Dry matter and NDF degradability was measured at 48 hours. Extent of DM and NDF disappearance was determined at each time point. Rates of disappearance of DM and NDF were determined by regressing the natural logarithm of the percentage of original DM and NDF remaining in the bags between 1 and 96 hours. The dry matter digestibility (DMD) of the feed byproducts (FBP) and legume forages when incubated in the rumen of male buffalo calves were greater (p < 0.05) than grasses. Extent of digestion followed similar pattern as DMD. Rate of DMD was higher in FBP than in legumes and was the lowest in the wheat straw. The NDF degradability (NDFD) of FBP, legumes and grasses did not differ, however, wheat straw had the lowest NDFD from all the feeds tested. The lowest NDFD of wheat straw may have been due to the depressing effect of lignin on fiber digestion. The FBP and legumes had higher (p < 0.05) rates and lower extents of NDF digestion than grasses.

Effect of Nitrogen Fertilization and Stage of Maturity of Mottgrass (Pennisetum purpureum) on its Chemical Composition, Dry Matter Intake, Ruminal Characteristics and Digestibility in Buffalo Bulls

Sarwar, M.,Mahr-un-Nisa, Mahr-un-Nisa Asian Australasian Association of Animal Productio 1999 Animal Bioscience Vol.12 No.7

Four ruminally cannulated buffalo bulls were fed mottgrass diets using a $4{\times}4$ Latin square design. Treatments were arranged factorially and consisted of mottgrass fertilized with 0 for Kg nitrogen (N) per acre and harvested at 40 and 60 days of age. Nitrogen fertilization improved the concentrations of neutral detergent fiber (NDF), and acid detergent fiber (ADF) in early-cut mottgrass (ECM) but, the acid detergent lignin (ADL) contents were higher in the late-cut mottgrass (LCM). The crude protein (CP) contents of the mottgrass decreased with advancing maturity, but N fertilization increased CP at both maturities. The intake of dry matter (DM), organic matter (OM), CP, NDF and ADF were higher by buffalo bulls fed ECM than those fed LCM. The ruminal pH increased in first 6 hours post feeding in animals fed N fertilized mottgrass and may be due to higher concentration of ruminal ammonia. The digestibilities of DM, OM, CP, NDF and ADF were higher by buffalo bulls fed ECM than those fed LCM. However, the application of N fertilizer did not affect the digestibilities of these nutrients.

In Situ Digestion Kinetics of Mottgrass (Pennisesetum Purpureum) With or Without Supplemental Legume at Two Levels by Buffalo Calves

Sarwar, M.,Mahr-un-Nisa, Mahr-un-Nisa Asian Australasian Association of Animal Productio 1999 Animal Bioscience Vol.12 No.3

The present study was conducted to evaluate the mottgrass alone and in combination with berseem (Trifolium alexandrinum) at different intake levels to determine the lag time, rate and extent of digestion of DM and NDF of mottgrass. Four ruminally cannulated buffalo calves were used in a $4{\times}4$ Latin Square Design with $2{\times}2$ factorial arrangement of treatments. The two factors were forage intake levels (ad libitum versus restricted) and forage source (mottgrass versus mottgrass plus 25% berseem). Four dietary treatment consisted of 1) ad libitum mottgrass, 2) restricted feeding of mottgrass, 3) ad libitum mottgrass plus berseem with a ratio of 3:1 and 4) restricted mottgrass plus berseem in a ratio of 3:1 Calves fed ad libitum mottgrass supplemented with 25% berseem consumed 25% more DM and 15 % more NDF than those fed mottgrass only. The in situ DM digestibility, the lag time and extent of digestion were not affected by intake level. However, rate of disappearance was greater in restricted fed animals than those fed ad libitum. This increased rate could be due to greater concentration of fibrolytic bacteria in restrict fed animals. The DM digestibility was greater (64.1%) in calves fed mottgrass supplemented with 25% berseem than those fed mottgrass only (57.7%). The reduced mottgrass DM digestion may be due to its higher NDF contents. The NDF digestibility, the lag and extent of NDF digestion were not affected by varying intake levels. However, rate of digestion of NDF was higher in restricted fed animals than those of ad libitum fed animals. The NDF digestibility was greater (58.4%) in calves fed mottgrass supplemented with 25% berseem than those fed mottgrass (48.7%) only.

Improved Long-term Stability of Dye-Sensitized Solar Cell by Zeolite Additive in Electrolyte

Sarwar, Saad,Ko, Kwan-Woo,Han, Jisu,Han, Chi-Hwan,Jun, Yongseok,Hong, Sungjun Elsevier 2017 ELECTROCHIMICA ACTA Vol.245 No.-

<P><B>Abstract</B></P> <P>In this study, we demonstrate dye-sensitized solar cells showing an improved long-term stability at a high temperature by incorporating Zeolite molecular sieve in ionic liquid based electrolytes. The short-circuit photocurrent density of devices with 5wt% of Zeolite molecular sieve increases by 17% on average relative to that of device without any additive, mainly owing to its light scattering effect. Moreover, the devices containing Zeolite molecular sieve show remarkable enhancement of the thermal stability at 60°C for a period of 1200hours under dark condition with a marginal variation of performance. On the contrary, the performance of devices without additives is continuously deteriorated during this period because of adverse effects of trace waters present in electrolytes, which can lead to dye molecules' detachment or degradation. This research study will pave a new way to fabricate thermally stable dye-sensitized solar cells with high efficiency.</P> <P><B>Highlights</B></P> <P> <UL> <LI> Novel Nano-ZSM based electrolyte is prepared for DSSCs. </LI> <LI> Nano-ZSM additive acts as both incident light scatter and moisture scavenger. </LI> <LI> Nano-ZSM additive improves long-term thermal stability of DSSCs. </LI> </UL> </P>

Diversification, Industry Concentration, and Bank Margins: Empirical Evidence from an Emerging South Asian Economy

SARWAR, Bilal,MUHAMMAD, Noor,ZAMAN, Nadeem Uz Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.7

The study aims to empirically examine the determinants of bank margins from Pakistan, an emerging South Asian economy. To elucidate the importance of the Pakistani banking sector, secondary data has been used, which was extracted from the annual accounts of twenty-four Pakistani scheduled commercial banks (20 conventional, four full-fledged Islamic) over a sample period of 2006 to 2017. The factors identified in the dealership model and the subsequent empirical developments in the dealership model categorized as bank-specific, diversification, regulatory, and industry concentration are analyzed by applying the most-common linear dynamic panel-data estimator, the Generalized Method of Moments (GMM) estimator, developed by Arellano and Bond (1991). The findings reveal that, among the bank-specific variables, funding cost, credit risk, managerial efficiency, market share, and operating cost are significant predictors of bank margins. For diversification variables employed in the study, both variables including net non-interest income and asset diversity are as well significant predictors of bank margins. It is also found that the market concentration variable proxied by the Herfindahl-Hirschman Index (HHI) is significantly predicting bank margins. Subsequently, one of the regulatory variables, the opportunity cost of holding reserves, and one bank-specific variable, the degree of risk aversion, are insignificant in the model.