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Winner-Loser Effect: Empirical Evidence from Pakistan
Muhammad Sahid RASHEED,Muhammad Fayyaz SHEIKH,Jahanzaib SULTAN,Qamar ALI,Aamir Inam BHUTTA 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.10
The study examines the behavior of stock prices after large price changes. It further examines the effect of firm size on stock returns, and the presence of the disposition effect. The study employs the event study methodology using daily price data from Pakistan Stock Exchange (PSX) for the period January 2001 to July 2012. Furthermore, to examine the factors that explain stock price behavior after large price movements, the study employs a two-way fixed-effect model that allows for the analysis of unobservable company and time fixed effects that explain market reversals or continuation. The findings suggest that winners perform better than losers after experiencing large price shocks thus showing a momentum behavior. In addition, the winners remain the winner, while the losers continue to lose more. This suggests that most of the investors in PSX behave rationally. Further, the study finds no evidence of disposition effect in PSX. The investors underreact to new information and the prices continue to move in the direction of initial change. The pooled regression estimates show that firm size is positively related to post-event abnormal returns while the fixed-effect model reveals the presence of unobservable firm-specific and time-specific effects that account for price continuation.
Induced Magnetic Properties of BN Nanotubes by the Adsorption of First-row Adatoms
Fayyaz Hussain,Muhammad Imran,Nimra Fatima,Anwar Manzoor Rana,R. M. Arif Khalil,Arshad Javid,Muhammad Ismail 한국자기학회 2018 Journal of Magnetics Vol.23 No.1
This work is performed to study the effect of adsorption of various first row adatoms (such as Be, C, F, Li and O) on (8, 0) zigzag boron nitride nanotubes (BNNTs) on their structural, electronic and magnetic properties. These calculations are based on density functional theory using pseudopotentials technique. For this purpose, five different sites namely axial, hexagonal, zigzag, on top of N and/or B (which are the most preferred available sites for adatoms on (8, 0) BNNTs) were utilized. The energetically stable sites for each of the first-row adatoms are found to be different because of their different electronic configurations caused by the charge transfer/ rearrangements between s-p or p-p orbitals. The binding energies of all adatoms on (8, 0) BNNTs have been calculated through structural optimization process after adsorbing these five adatoms at the above said sites on the BNNTs and are found to be in the energy range from -2.04 to 2.96 eV. It is further elaborated that F, Be and C adatoms on (8, 0) BNNTs show strong induced magnetization at specific localized sites depending upon the nature of adatom, whereas weak magnetization is noticed for Li and O adatoms on the BNNTs. Such localized induced magnetization could be associated with the hybridization of s-p or p-p orbitals of adatoms and B and/or N atoms.
Antibacterial activity of flower of Melia azedarach Linn. and identification of its metabolites
Muhammad, Munira Taj,Lubna, Lubna,Fayyaz, Nida,Tauseef, Saima,Razaq, Ummarah,Versiani, Muhammad Ali,Ahmad, Aqeel,Faizi, Shaheen,Rasheed, Munawwer The Korean Society for Applied Biological Chemistr 2015 Applied Biological Chemistry (Appl Biol Chem) Vol.58 No.2
Constituents of eight different extracts and fractions, obtained from flowers of Melia azedarach, were identified by gas chromatography-mass spectrometry and mass spectral library search. Altogether, 38 phytochemicals were identified, all for the first time from the flowers. Only 14 of these were known from parts of M. azedarach other than flowers, while 24 are reported for the first time from any part of the plant. These metabolites included branched and n-hydrocarbons, aromatics, a polyisoprenoid, fatty acids, fatty acid methyl esters, and fatty alcohols, which were found to be different from its essential oil constituents. One major constituent 4-hydroxybenzoic acid (4) was not only identified but also isolated as a pure compound from ethyl acetate extract. Extracts, compound 4 and its derivatives gallic acid and methyl gallate were tested for antimicrobial potential. Gallic acid and methyl gallate exhibited antibacterial activity against Staphylococcus saprophyticus. Methyl gallate also showed some activity against Corynebacterium diphtheriae and Corynebacterium. hofmannii. Among the extracts, only methanol extract exhibited activity against Pseudomonas sp. The extracts only inhibited the growth of dermatophytic fungi.
Sensing Magnetic Fields With Surface Acoustic Wave (SAW) Sensors
Fayyaz Muhammad,Hu Hong 한국자기학회 2019 Journal of Magnetics Vol.24 No.3
Magnetic sensors are essential sensing elements in various industrial applications, but the design and technology used in the development of these sensors vary from application to application. Recently Surface Acoustic Wave (SAW) sensors have gained considerable attention due to their advantages over conventional sensors. SAW sensors are a class of Microelectromechanical (MEMS) system that use SAW technology and can be easily configured to sense physical parameters including magnetic fields. This paper presents an overview of recent research in the domain of magnetic field sensing based on such SAW devices. The paper describes the most common design approaches in practice and also discusses the key properties of fabrication materials for optimum design and performance. A short review of the processes involved in the development of SAW magnetic sensors is also covered in this paper.
CEO Compensation and Unobserved Firm Performance in Pakistan
Muhammad Fayyaz SHEIKH,Aamir Inam BHUTTA,Jahanzaib SULTAN 한국유통과학회 2019 The Journal of Asian Finance, Economics and Busine Vol.6 No.3
The study examines whether higher CEO compensation is related to unobserved future firm performance in an emerging market, Pakistan. Further, it extends its scope to analyzing the impact of group affiliation and ownership concentration on the relationship between CEO compensation and future firm performance. The study uses an unbalanced panel data consisting of 1508 firm-year observations from 225 non-financial listed companies in Pakistan Stock Exchange (PSX) for period 2005 to 2012. The multiple regression models adjusted to heteroskedasticity and autocorrelation in error terms are used. The study finds that, in general, CEO compensation is positively associated with future operating performance. However, higher CEO compensation leads to lower operating performance in firms that have lower ownership concentration and are affiliated with business groups. When firms are not affiliated with any group and have high ownership concentration, the relationship between excessive CEO compensation and future operating performance becomes insignificant. Given that efficient compensation packages may lead to long term value creation to shareholders and reduce agency problems, this study highlights an important moderating role of ownership concentration and group affiliation of the firms in emerging markets.
Muhammad Ismail,Shazia Jabeen,Tahira Akber,Ijaz Talib,Fayyaz Hussain,Anwar Manzoor Rana,Muhammad Hussain,Khalid Mahmood,Ejaz Ahmed,Dinghua Bao 한국물리학회 2018 Current Applied Physics Vol.18 No.8
Effect of oxygen annealing on bipolar resistive switching (BRS) properties of TiN/ZnO/CeO2-x/Pt devices was investigated. Bilayer ZnO/CeO2-x thin films were fabricated by rf-magnetron sputtering. It was observed that the improvement in cycle-to-cycle endurance degradation and uniformity of the bilayer ZnO/CeO2-x thin film is optimum at 400 °C annealing temperature due to decrease in oxygen vacancies during annealing, as confirmed by x-ray photoelectron spectroscopy. The BRS could be caused by the formation of interfacial TiON layer, which is most likely to be accountable for creating an adequate quantity of oxygen vacancies necessary for the formation and rupture of conductive filaments. Smaller Gibbs free energy of the formation of interfacial TiON (−611 kJmol−1) layer as compared to bilayer film ZnO (−650 kJmol−1) and CeO2 (−1024 kJmol−1) results in an easier re-oxidation of the filaments through the oxygen exchange with TiN top electrode. The analysis of current– voltage characteristics shows that the charge transport mechanism is Schottky emission. Moreover, the temperature dependence of high resistance state (HRS) and low resistance state (LRS) revealed the physical origin of the RS mechanism, which entails the oxygen vacancies for the formation and rupture of conducting paths.