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Determinants and Outcomes of Financial Derivatives: Empirical Evidence from Pakistani Banks
Atia ALAM,Syeda Fizza ABBAS,Anam ZAHID,Syeda Irtiqa BATOOL,Misbah KHAN 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.4
The increased risk in financial firms, due to Global Financial Crises and high international trade activities, has encouraged banks to use derivatives for both managing their financial risk and earning non-operating income simultaneously. The present study brings new evidence in the existing literature by determining the drivers behind financial derivative usage in Pakistani banks for 2011 till 2016. Moreover, the paper examines how risk plays a moderating role in determining the relationship between derivative usage and bank value. While assessing the determinants, a two-stage test has conducted, first, the logit regression was used to test the drivers behind the derivative usage in banks. Second, Tobit regression was run to analyze the factors leading to determine the extent of derivative usage. The findings demonstrate that Pakistani banks are using derivatives for both risk management and speculative motive as they are customers and users of derivatives at the same time. Empirical results, regarding moderating role of risk on the value implications of derivative usage, provide mixed findings as derivative usage gives value premium in case of non-systematic risk and foreign exchange risk. Whereas value discounts have been observed for cases where systematic risk is high and managers try to earn non-operating income from speculative activities.
Perianal Actinomycosis: A Surgeon’s Perspective and Review of Literature
Alexios Dosis,Atia Khan,Henrietta Leslie,Sahar Musaad,Adrian Smith 대한대장항문학회 2021 Annals of Coloproctolgy Vol.37 No.5
Actinomycosis is a serious suppurative, bacterial infection caused by the gram-positive anaerobic Actinomyces species. Primary perianal actinomycosis is rare and challenging for the colorectal surgeon. We aimed to present our experience and compare this with available literature. All patients with isolated Actinomyces on microbiology reports, between January 2013 and February 2021, were identified and reviewed. Data collection was retrospective based on electronic patient records. The site of infection and treatment strategy were examined. Perianal cases were evaluated in depth. All publications available in the literature were interrogated. Fifty-nine cases of positive actinomycosis cultures were reviewed. Six cases of colonization were excluded. Actinomyces turicensis was the most common organism isolated. Five cases of perianal actinomycosis were identified requiring prolonged antibiotic and surgical therapy. Twenty-one studies, most case reports, published since 1951 were also reviewed. Diagnosis of perianal actinomycosis may be challenging but should be suspected particularly in recurrent cases. Prolonged bacterial cultures in anaerobic conditions are necessary to identify the bacterium. An extended course of antibiotic therapy (months) is required for eradication in certain cases.
Bilal Ahmed Usmani,Saqib-Ur-Rehman,Syed Adnan Hussain,Kamran Khan,Atia Elahi 한국기상학회 2019 Asia-Pacific Journal of Atmospheric Sciences Vol.55 No.4
Several studies have linked ongoing austral winter drying conditions in southwest Western Australia (SWWA) to changes in regional and large scale sea level pressure. As the region bounded by SWWA occupies limited observation of a typical global climate model (GCM), it is not easy to infer the influence of global climate change during the drought inSWWA. In this study, we explore the relationships between early winter (May-Aug) rainfall in Kent river catchment (KRC), Southwestern Australia and Indian Ocean High Pressure system.We construct two objective indices of Indian Ocean High Pressure system (IOHPS), viz., (i) the intensity of Indian Ocean High Pressure (IOHP) and, (ii) the Indian Ocean High Longitude (IOHLN) using National Center of Environmental Prediction mean sea-level pressure (MSLP) reanalysis data. The station data of seasonal rainfall is obtained from Australian Bureau of Meteorology. A representative rainfall index for the KRC was built by averaging the seasonal rainfall three major stations for the period of 1951–2016. Significant inverse relationship is found between early wintertime precipitation in KRC, Southwestern Australia and the IOHP and IOHLN. The IOHPS accounts for more of the early winter (May–August) precipitation variation in KRC than the Southern Oscillation Index (SOI), Southern Annular mode (SAM) and Indian Ocean Dipole (IOD). Our significant findings suggest that strengthening of IOHP and zonal movement of IOHPS has a major contribution in decline of early winter precipitation in KRC.