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Reassessment of Volatility Transmission Among South Asian Equity Markets
Tariq AZIZ,Jahanzeb MARWAT,Sheraz MUSTAFA,Vikesh KUMAR,Lara AL-HADDAD 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.1
This study investigates the nexus among the South Asian economies. Effects of shocks in the equity market of one country on the equity market of the other country are examined. For empirical analysis, the time series monthly data is used for the period from February 2013 to August 2019. The study focuses on the four larger economies of the region, namely, India, Bangladesh, Pakistan, and Sri Lanka. To investigate for asymmetric effects of positive and negative shocks, EGARCH model is used. The findings show the mix nature of the spillovers between the various pairs of countries. The equity market of Pakistan has two-way spillover effects with the equity market of Bangladesh, but has no association with the equity markets of India and Sri Lanka. The volatility in the equity market of India significantly influences the volatility of the financial markets of Bangladesh and Sri Lanka. Similarly, the capital market of Sri Lanka has a negative association with the equity market of India as well as Bangladesh, but does not affect the equity market of any other country. These findings validate the argument in the literature that geographic location influences the nexus among equity markets. The findings are important for policy-makers and investors
AZIZ, Tariq,MARWAT, Jahanzeb,MUSTAFA, Sheraz,KUMAR, Vikesh Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.12
The primary purpose of the study is to investigate the volatility spillovers from global economic policy uncertainty and macroeconomic factors to the Islamic stock market returns. The study focuses on the Islamic stock indices of emerging economies including Indonesia, Malaysia, and Turkey. The Macroeconomic factors are industrial production, consumer price index, exchange rate. EGARCH model is employed for investigation of volatility spillovers. The results show that the global economic policy uncertainty has a significant spillover effect only on the returns of Turkish Islamic stock index. Similarly, the shocks in macroeconomic factors have little influence on the volatility of Islamic indices returns. The volatility of Indonesian and the Turkish Islamic stock indices returns is not influenced from the fluctuations in macroeconomic factors. However, there is significant volatility spillover only from industrial production to the returns of Malaysian Islamic index. The results suggest that the Islamic stock markets are less likely to influence from the global economic policies and macroeconomic factors. The stability of Islamic stocks provide opportunity for diversification of portfolios, particularly in stressed market conditions. The major price factors of Islamic markets could be firms' specific factors or investors' behaviors. The findings are helpful for policy makers and investors in formulating policies and portfolios.
The epoxy resin system: function and role of curing agents
Aziz Tariq,Haq Fazal,Farid Arshad,Cheng Li,Chuah Lai Fatt,Bokhari Awais,Mubashir Muhammad,Tang Doris Ying Ying,Show Pau Loke 한국탄소학회 2024 Carbon Letters Vol.34 No.1
Curing agents are critical components of aqueous epoxy resin systems. Unfortunately, its uses and applications are restricted because of its low emulsifying yields. Epoxy resins are frequently used in electrical devices, castings, packaging, adhesive, corrosion resistance, and dip coating. In the presence of curing agents, epoxy resins become rigid and infusible. Eco-friendliness and mechanical functionality have emerged as vulcanization properties. Curing agents are used for surface modification, thermodynamic properties, functional approaches to therapeutic procedures, and recent advances in a variety of fields such as commercial and industrial levels. The curing agent has superior construction and mechanical properties when compared to the commercial one, which suggests that it has the potential for use as the architectural and industrial coatings. The thermal stability of cured products is good due to the presence of the imide group and the hydrogenated phenanthrene ring structure. Over the course of the projection period, it is anticipated that the global market for curing agents will continue to expand at a steady rate. The growth of the market is mainly driven by its expanding range in future applications such as adhesives, composites, construction, electrical, electronics, and wind energy. This review focused on the most recent advancements in curing techniques, emphasizing their thermal and mechanical properties. The review also presents a critical discussion of key aspects and bottleneck or research gap of the application of curing agents in the industrial areas. Similar content being viewed by others Curing agents are critical components of aqueous epoxy resin systems. Unfortunately, its uses and applications are restricted because of its low emulsifying yields. Epoxy resins are frequently used in electrical devices, castings, packaging, adhesive, corrosion resistance, and dip coating. In the presence of curing agents, epoxy resins become rigid and infusible. Eco-friendliness and mechanical functionality have emerged as vulcanization properties. Curing agents are used for surface modification, thermodynamic properties, functional approaches to therapeutic procedures, and recent advances in a variety of fields such as commercial and industrial levels. The curing agent has superior construction and mechanical properties when compared to the commercial one, which suggests that it has the potential for use as the architectural and industrial coatings. The thermal stability of cured products is good due to the presence of the imide group and the hydrogenated phenanthrene ring structure. Over the course of the projection period, it is anticipated that the global market for curing agents will continue to expand at a steady rate. The growth of the market is mainly driven by its expanding range in future applications such as adhesives, composites, construction, electrical, electronics, and wind energy. This review focused on the most recent advancements in curing techniques, emphasizing their thermal and mechanical properties. The review also presents a critical discussion of key aspects and bottleneck or research gap of the application of curing agents in the industrial areas. Similar content being viewed by others
Correction: The epoxy resin system: function and role of curing agents
Aziz Tariq,Haq Fazal,Farid Arshad,Chengliang Xiao,Chuah Lai Fatt,Bokhari Awais,Mubashir Muhammad,Tang Doris Ying Ying,Show Pau Loke 한국탄소학회 2024 Carbon Letters Vol.34 No.3
Curing agents are critical components of aqueous epoxy resin systems. Unfortunately, its uses and applications are restricted because of its low emulsifying yields. Epoxy resins are frequently used in electrical devices, castings, packaging, adhesive, corrosion resistance, and dip coating. In the presence of curing agents, epoxy resins become rigid and infusible. Eco-friendliness and mechanical functionality have emerged as vulcanization properties. Curing agents are used for surface modification, thermodynamic properties, functional approaches to therapeutic procedures, and recent advances in a variety of fields such as commercial and industrial levels. The curing agent has superior construction and mechanical properties when compared to the commercial one, which suggests that it has the potential for use as the architectural and industrial coatings. The thermal stability of cured products is good due to the presence of the imide group and the hydrogenated phenanthrene ring structure. Over the course of the projection period, it is anticipated that the global market for curing agents will continue to expand at a steady rate. The growth of the market is mainly driven by its expanding range in future applications such as adhesives, composites, construction, electrical, electronics, and wind energy. This review focused on the most recent advancements in curing techniques, emphasizing their thermal and mechanical properties. The review also presents a critical discussion of key aspects and bottleneck or research gap of the application of curing agents in the industrial areas.
AZIZ, Tariq,MARWAT, Jahanzeb,ZEESHAN, Asma,PARACHA, Yaser,AL-HADDAD, Lara Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3
The study investigates the diversification behavior of Islamic stocks against US financial uncertainty. Considering limitations found in the literature, a comprehensive index of financial uncertainty (FU) is used, developed by Jurado, Ludvigson, and Ng (2015). The empirical analysis uses monthly data from four Islamic markets - Saudi Arabia, Malaysia, Indonesia, and Turkey - for the period from January 2010 to September 2019. Results of the bivariate EGARCH models show that Islamic stocks can be used for diversification purpose against the financial uncertainty of the US because the volatility of US uncertainty does not propagate in the Islamic stock markets. Moreover, findings show that the spillover effect of financial uncertainty varies with the FU forecast horizon. The spillover effect of FU increases with an increase in the FU forecast horizon and becomes significant over 3-month and 12-month periods in the case of Saudi Arabia. The current volatility of Islamic stock returns is independent of the size of shocks in past volatility. The leverage effect and asymmetry have been found in Saudi Arabia and Malaysia. The findings validate the arguments of the literature that Islamic markets are resilient facing uncertainties and perform well during crisis periods. The findings are important for investors in making better portfolio decisions.
Linkage between US Financial Uncertainty and Stock Markets of SAARC Countries
AZIZ, Tariq,MARWAT, Jahanzeb,MUSTAFA, Sheraz,ZEESHAN, Asma,IQBAL, Yasir Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.2
The primary purpose of the study is to investigate the volatility spillover from financial uncertainty (FU) of the United States (US) to the stock markets of SAARC member countries including India, Sri-Lanka, Pakistan, and Bangladesh. The empirical literature overlooked SAARC countries and the FU index. Based on the estimation method, the data of FU is available for three different forecast horizons including 1-month, 3-months, and 12-months. For empirical analysis, monthly data is used from February 2013 to September 2019. EGARCH model is employed to investigate the volatility spillover effects. The findings of the study show that the spillover effect of FU varies with the forecast horizon. The FU with a higher forecast horizon has a significant spillover effect on more countries. The spillover effect of US financial uncertainty is negative in most of the SAARC countries. Bangladesh stock market is influenced by FU with all three forecast horizons whereas the volatility of the Pakistan stock market is not influenced by FU with any forecast horizon. The findings are consistent with the concept of "limited trade openness" in the financial markets of emerging economies. The emerging economies avoid financial market openness to minimize the risk of spillover of other countries.
The Impact of Geopolitical Risk on Financial Conditions of Emerging Economies
Namarta Kumari BAJAJ(Namarta Kumari BAJAJ ),Tariq AZIZ(Tariq AZIZ ),Sonia KUMARI(Sonia KUMARI ),Marim ALENEZI(Marim ALENEZI ),Naif Mansour MATHKUR(Naif Mansour MATHKUR ) 한국유통과학회 2023 The Journal of Asian Finance, Economics and Busine Vol.10 No.1
The detrimental impacts of financial instability on the world economy during the financial crisis highlighted the requirement to understand the existing financial circumstances. Stability and developments in financial conditions are important for economic prosperity. This study analyses the impact of geopolitical risk on the economic conditions of some specific emerging economies using monthly data from January 1999 to September 2016 by applying a fixed-effects panel data model. The estimation results demonstrated that geopolitical risk has a significant, negative impact on financial conditions. It shows geopolitical risk could be seen as a key factor that contributes towards financial conditions. Further, it implies that negative shocks of high geopolitical risk experienced by emerging economies are one of the primary reasons for the financial conditions’ deterioration. The findings provide important insights for governments, policymakers, and investors. For instance, governments and politicians should refrain from expressing or producing tension, economic discomfort, or news that is likely to increase a high geopolitical risk. Maintaining a close eye on geopolitical risk and its sources may also help to stabilize financial conditions and develop a well-functioning financial system. As a result, investors would be better informed about an economy’s economic and financial conditions, allowing them to diversify their international portfolios and devise investing strategies during uncertain economic times.
Rehman Aziz Ur,Javed Muhammad Tariq,Ahmed Ishtiaq,Saeed Muhammad Adnan,Ehtisham-ul-Haque Syed,Rafique Muhammad Kamran,Sikandar Arbab,Nasir Amar,Ahmad Latif,Kashif Muhammad,Zeeshan Muhammad Abid 아세아·태평양축산학회 2024 Animal Bioscience Vol.37 No.9
Objective: This study aimed to investigate the prevalence of paratuberculosis in cattle and buffaloes at twelve public dairy farms in Punjab, Pakistan.Methods: A total of 2,181 more than two-year-old animals (1,242 cattle and 939 buffaloes) were tested by avian tuberculin, i.e., killed purified protein derivative of <i>Mycobacterium avium</i> paratuberculosis and indirect enzyme linked immunosorbent assay (ELISA). Blood and fecal samples were collected from tuberculin positive animals. These samples were further processed by indirect ELISA. The data were analyzed using frequency analysis and logistic analysis procedures.Results: The prevalence of paratuberculosis at public dairy farms was 3.8%, as determined by tuberculin+ELISA test. It varied from 0.71% to 13.5% with a 100% herd prevalence. Multivariate logistic regression analysis revealed that species, milk production, total animals, total small ruminants, and total buffaloes were significantly associated with the occurrence of paratuberculosis. Odd ratio analysis revealed that with a one-kilogram increase in body weight, there will be a 0.006% increase in disease occurrence. With the increase in one animal in small ruminants and buffaloes, there will be 0.008% and 0.42% greater chances of developing paratuberculosis, respectively. Bivariate logistic regression analysis of cattle and buffaloes revealed that farm number, age, and total number of cattle were significantly associated with the occurrence of paratuberculosis. A one-month increase in lactation length increases the chance of tuberculosis by 0.004%; similarly, a one-liter increase in milk production increases the chance of disease by 10%. With each additional buffalo in the herd, there will be a 0.007% greater chance for the occurrence of paratuberculosis.Conclusion: This study concluded that tuberculin testing can be used in conjunction with ELISA to screen animals for paratuberculosis in countries with scarce resources, such as Pakistan. The efficacy of disease diagnosis can be improved by combining multiple tests. Objective: This study aimed to investigate the prevalence of paratuberculosis in cattle and buffaloes at twelve public dairy farms in Punjab, Pakistan. Methods: A total of 2,181 more than two-year-old animals (1,242 cattle and 939 buffaloes) were tested by avian tuberculin, i.e., killed purified protein derivative of Mycobacterium avium paratuberculosis and indirect enzyme linked immunosorbent assay (ELISA). Blood and fecal samples were collected from tuberculin positive animals. These samples were further processed by indirect ELISA. The data were analyzed using frequency analysis and logistic analysis procedures. Results: The prevalence of paratuberculosis at public dairy farms was 3.8%, as determined by tuberculin+ELISA test. It varied from 0.71% to 13.5% with a 100% herd prevalence. Multivariate logistic regression analysis revealed that species, milk production, total animals, total small ruminants, and total buffaloes were significantly associated with the occurrence of paratuberculosis. Odd ratio analysis revealed that with a one-kilogram increase in body weight, there will be a 0.006% increase in disease occurrence. With the increase in one animal in small ruminants and buffaloes, there will be 0.008% and 0.42% greater chances of developing paratuberculosis, respectively. Bivariate logistic regression analysis of cattle and buffaloes revealed that farm number, age, and total number of cattle were significantly associated with the occurrence of paratuberculosis. A one-month increase in lactation length increases the chance of tuberculosis by 0.004%; similarly, a one-liter increase in milk production increases the chance of disease by 10%. With each additional buffalo in the herd, there will be a 0.007% greater chance for the occurrence of paratuberculosis. Conclusion: This study concluded that tuberculin testing can be used in conjunction with ELISA to screen animals for paratuberculosis in countries with scarce resources, such as Pakistan. The efficacy of disease diagnosis can be improved by combining multiple tests.
Mini-Slot Based Access Barring Scheme for IoT Networks
Alvi Maira,Toor Waqas Tariq,Rehman Yawar,Javed Imran,Idrees Muhammad,Imtiaz Junaid,Assam Muhammad,Aziz Amira Syed A.,Attia El-Awadi 한국컴퓨터산업협회 2023 Human-centric Computing and Information Sciences Vol.13 No.-
These rising adoption of Internet of Things (IoT) devices in various applications have placed significant demands on cellular networks, including LTE/5G because they have to provide not only the regular services for human traffic but also meet the traffic requirements for these IoT devices. Multiple devices desire to use network resources at the same time during peak hours and overload conditions, generating collisions and reducing the network's effective throughput. The access class barring (ACB) method was offered as the best potential approach in the LTE communication network to overcome this problem. Our suggested approach improves the ACB scheme, by splitting the time of a random-access sensing frame into a number of mini-slots and computing the value of the effective ACB factor within each mini-slot. Simulation results obtained show significant improvement in the reduction of the number of collisions, thereby increasing the throughput of the network. The proposed algorithm shows better performance from conventional ACB algorithms in terms of total service time (TST) which is the time required by all IoT devices in the system to get success. In particular, our proposed algorithm shows 75% improvement in TST, and the simulation results support our claim.