The Predictive Power of Multi-Factor Asset Pricing Models: Evidence from Pakistani Banks

Muhammad SALIM,Muhammad Arsalan HASHMI,A. ABDULLAH 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.11

This paper compares the performance of Fama-French three-factor and five-factor models using a dataset of 20 Pakistani commercial banks for the period 2011 to 2020. We focus on an emerging economy as the findings from earlier studies on developed countries cannot be generalized in emerging markets. For empirical analysis, twelve portfolios were developed based on size, market capitalization, investment strategy, and growth. Subsequently, we constructed five Fama-French factors namely, RM , SMB, HML, RMW, and CMA. The OLS regression technique with robust standard errors was applied to compare the predictive power of both the Fama-French models. Further, we also compared the mean-variance efficiency of the Fama-French models through the GRS test. Our empirical analysis provides three unique and interesting findings. First, both asset pricing models have similar predictive power to explain the expected portfolio returns in most cases. Second, our results from the GRS test suggest that there is no noticeable difference in the mean-variance efficiency of one asset pricing model over the other. Third, we find that all factors of both Fama-French models are statistically significant and are important for explaining the volatility of expected commercial bank returns in the context of Pakistan.

Stacked insecticidal genes in potatoes exhibit enhanced toxicity against Colorado potato beetle, Leptinotarsa decemlineata (Coleoptera: Chrysomelidae)

Salim Muhammad,Bakhsh Allah,Gökçe Ayhan 한국식물생명공학회 2021 Plant biotechnology reports Vol.15 No.2

The present study was performed to express stacked insecticidal genes in potato cv. Lady Olympia and Agria to encode resistance against Colorado potato beetle (CPB), Leptinotarsa decemlineata (Say). Bacillus thuringiensis (Bt) gene (cry3A), synthetic hybrid (SN-19) and plant proteinase inhibitor Oryza cystatin II (OCII) cloned in pCAMBIA1301 binary vector in two diferent combinations as of DS-1 (cry3A+SN-19 genes) and DS-2 (OCII+SN-19 genes) constructs and further transformed to two potato cultivars using Agrobacterium-mediated transformation. All molecular analyses confrmed gene integration and expression in a total of 27 primary transformants in both Agria and Lady Olympia. Insecticidal efects of T0 progeny transgenic potato plants were tested against CPB under laboratory conditions. Transgenic plants of Agria and Lady Olympia transformed with DS-1 and DS-2 constructs caused 100% mortality to all larval stages and adults of CPB. However, 100% mortality of tested insects took a longer time in the adult stage (10–14 days) compared to larval stages (2–6 days). Foliage consumption by L2-L4 larval stages and adults of CPB was signifcantly reduced in Agria and Lady Olympia plants transformed with DS-1 and DS-2 constructs, as compared to their control plants. Lower foliage consumption of transgenic plants by L1 larval stages was also observed, but the reduction was only statistically signifcant for some of the tested plants. These promising results indicate that the transgenic potato plants exhibit a high potential in controlling CPB population and are a useful tool in the management of imidacloprid-resistant CPB.

Photoelectrocatalysis performance of Se doped-TiO2/Ti nanotube arrays for visible-light-driven degradation of diazinon pesticide

Nurdin Muhammad,Watoni Abdul Haris,Natsir Muhammad,Rahmatilah Sarifa,Maulidiyah Maulidiyah,Wibowo Dwiprayogo,Salim La Ode Agus,Sadikin Siti Naqiyah,Bijang Catherina Manukpadang,Umar Akrajas Ali 한국화학공학회 2023 Korean Journal of Chemical Engineering Vol.40 No.9

The modification of ternary metal oxide to improve the photoelectrocatalysis (PEC) properties of TiO2 photocatalyst is a hot issue in environmental and resource applications. Herein, we present a novel photoelectrocatalytst of Se doped-TiO2/Ti nanotube arrays (Se@TiO2/Ti-NTAs) for high-efficiency degradation of diazinon pesticide. The Se@TiO2/Ti-NTAs were prepared to treat the TiO2-NTAs in Se-TiO2 sol-gel for 10 min, which was followed by calcination in air at 200 °C for 1 h. Optical absorption spectroscopy of the Se@TiO2/Ti-NTAs indicated that there is a red-shift in the optical energy gap to 2.95 eV if compared to the pristine TiO2/Ti NTAs, which suggests that the new photoelectrocatalyst is photoactive under visible light irradiation. We evaluated the photoactivity of the sample by using it as the photoelectrocatalyst in the degradation of diazinon pesticides under the PEC process. The results showed that the Se@TiO2/Ti-NTAs can degrade 95.62% for 1 h under visible light irradiation, which is equivalent to the degradation rate constant of 0.0183 s−1. For comparison, the pristine TiO2/Ti NTAs only degrades the diazinon as high as 87.65%, even then under UV light irradiation. Our result also indicated that the Se@TiO2/Ti-NTAs promote active photoelectron transfer and active radical formation, such as •OH and •O − 2 , for rapid diazinon pesticide degradation. The Se@TiO2/Ti-NTAs photoelectrode should be a potential platform for environmental pollution treatment.

Nanocomposite design of graphene modified TiO2 for electrochemical sensing in phenol detection

Muhammad Nurdin,Maulidiyah Maulidiyah,Abdul Haris Watoni,Armawansa Armawansa,La Ode Agus Salim,Zul Arham,Dwiprayogo Wibowo,Irwan Irwan,Akrajas Ali Umar 한국화학공학회 2022 Korean Journal of Chemical Engineering Vol.39 No.1

This study is the stage of developing a phenol detection electrochemical sensor. Phenol is one of the organic pollutants harmful to human life and ecosystems. The development of this sensor was carried out by studying the use of TiO2 anatase as a modifier of graphene electrodes. The mass of TiO2 anatase was varied, while the mass of graphene and paraffin was fixed. The results showed that the TiO2 mass of 1.0 g was the best mass as a graphene electrode modifier. The use of this mass increases the oxidation current (Ipa) of phenol by 450 A, which is observed at an oxidation potential (Epa) of −0.30 V. The presence of interfering ions such as K+, Fe2+, and OH− can decrease the measurement current. However, based on the %RSD value, it shows that the performance of TiO2-graphene is in a good category, where the %RSD value obtained is 0.6%. TiO2-graphene electrodes can be used repeatedly for 12 days. Overall, this work demonstrates the potential of TiO2-graphene electrodes as electrode candidates for electrochemical-based phenol sensors.

The Effect of Product Knowledge and Service Quality on Customer Satisfaction

Salim AL IDRUS,Abdussakir ABDUSSAKIR,Muhammad DJAKFAR,Shofiyah AL IDRUS 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.1

Small and Medium Enterprises (SMEs) is one of several activators that drives the economy of Indonesia because SMEs provide jobs, increase Gross Domestic Product (GDP), and assure the delivery of products and services. However, Indonesian SMEs are not very competitive in the industrial world, and one of the causes is the low quality of products that undermine customer satisfaction. There are several factors presumed as influencing customer satisfaction, which among others include product knowledge, service quality, and competitive advantage. The objective of this research is to reveal the contribution of product knowledge and service quality to customer satisfaction with competitive advantage as the mediation variable. This research used a quantitative approach. The causal relationship across variables was examined with Structural Equation Modeling-Partial Least Squares (SEM-PLS). The sample of this research involved 140 respondents. Data was collected through a questionnaire and the items in the questionnaire were processed with a software called SmartPLS version 3.3.2. Results of this research indicate (1) product knowledge and service quality can increase competitive advantage and customer satisfaction in East Java SMEs; (2) competitive advantage can act as a mediator in the effect of service quality on customer satisfaction (3) product knowledge can increase customer satisfaction but the increase is not significant statistically.

The Effect of Firm Size, Debt, Current Ratio, and Investment Opportunity Set on Earnings Quality

Rusdiah HASANUDDIN,Darman DARMAN,Muhammad Ybnu TAUFAN,Agus SALIM,Muslim MUSLIM,Aditya Halim Perdana Kusuma PUTRA 한국유통과학회 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.6

The quality of earnings refers to the proportion of income attributable to the core operating activities of a business. This study analyzes the effect of the variable firm size, the leverage ratio as manifested by the debt-to-equity ratio, the liquidity ratio exemplified by the current ratio, and the investment opportunity set (IOS) on earnings quality. The study subjects are IPO companies engaged in the food and beverage sector with a study observation period using secondary data (financial statements), namely in 2016–2019, totaling 17 companies. Several stages of testing are carried out to answer statistical analysis (eg, normality test, heteroscedasticity test, multicollinearity test, T-test, and F-test) then the final testing stage is the regression test. These results of this study explain that the firm size, leverage ratio, does not contribute to earnings quality. Liquidity positively contributes to earnings quality. IOS also contributes to earnings quality. This study assumes that company management prefers to carry out earnings management to maintain their firm value. Besides, large companies make it possible to generate greater profits in the future. Thus, the market to book value of the equity ratio affects earning quality.

CA 15-3 (Mucin-1) and Physiological Characteristics of Breast Cancer from Lahore, Pakistan

Begum, Mumtaz,Karim, Sajjad,Malik, Arif,Khurshid, Rukhshan,Asif, Muhammad,Salim, Asmat,Nagra, Saeed Ahmed,Zaheer, Ahmad,Iqbal, Zafar,Abuzenadah, Adel Mohammed,Alqahtani, Mohammed Hussain,Rasool, Mahmo Asian Pacific Journal of Cancer Prevention 2012 Asian Pacific journal of cancer prevention Vol.13 No.10

Background: High incidence of breast cancer and its fatal effect has reached an alarming stage across the globe, including the third world countries. Many factors have been reported to be associated with the development of breast cancer but detailed structural and functional information is missing. CA 15-3 is one of the known potential tumor marker of breast cancer; however little is known about structure and functional site of this protein. Present study aims to investigate the functional role of CA 15-3 in breast cancer, especially in development and metastasis. Material and Methods: Hundred female breast cancer patients confirmed by histopathological reports were included in the study. Their physiological characters were recorded in a performa. Enzyme linked immunosorbent assay (ELISA) technique was used to estimate serum CA 15-3 level. Immunohistochemistry was done for estrogen (ER), progesterone (PR) and Her2/neu receptors expression. Results: The study revealed the details of physiological characteristics of female breast cancer. Mean age was $37.72{\pm}5.99$ and $55.05{\pm}7.28$ years and serum CA 15-3 (MUC1) level was $60.47{\pm}8.59$ and $63.17{\pm}4.58$ U/ml in pre and post-menopause respectively, and both groups of women had sedentary life style. Their receptor status especially of progesterone, estrogen and HER-2/neu were positive in 50% of premenopausal women and 65% of postmenopausal women. Conclusion: There are multiple physiological factors promoting breast cancer. High serum CA 15-3 level and hormonal imbalance of ER, PR and Her2/neu appears to be the main cause of breast cancer. It may be possible that the functional sites of these proteins may be altered which may increase the chances of metastasis in breast cancer.

Sol-gel TiO₂/Carbon Paste Electrode Nanocomposites for Electrochemical-assisted Sensing of Fipronil Pesticide

Maulidiyah, Maulidiyah,Azis, Thamrin,Lindayani, Lindayani,Wibowo, Dwiprayogo,Salim, La Ode Agus,Aladin, Andi,Nurdin, Muhammad The Korean Electrochemical Society 2019 Journal of electrochemical science and technology Vol.10 No.4

The unique study of TiO₂ sol-gel modified carbon paste electrode (CPE) nanocomposites have been developed for electrochemical sensor detecting fipronil pesticide compound. We develop the easy synthesized TiO₂ via a sol-gel method and modified in CPE which applied electrochemical system as cyclic voltammetry (CV) because the concentration is proportional with current peaks. We discover the TiO₂ optimal mass used of 0.1 g which is compared with 0.7 g carbon and 0.3 mL paraffin. It has high-current anodic (Ip_a) of 1.13×10³ μA and high-current cathodic (Ip_c) -0.96×10³ μA in scan rate of 0.5 V/s. The limit of detection (LOD) of fipronil has been determined of 34.0×10^-5 μM in percent recovery of 0.8%. Its high-stability for lifetime TiO₂-CPE nanocomposites was expressed for 13 days which mean that can be used for detecting fipronil pesticide.

Vaccine usage and wastage in a designated Yellow Fever Vaccination Centre in North India

Sabira Aalia Dkhar,Ruqia Quansar,Inaamul Haq,S. Muhammad Salim Khan 대한백신학회 2021 Clinical and Experimental Vaccine Research Vol.10 No.3

Purpose: Yellow fever is a viral hemorrhagic fever transmitted through the bite of mosquitoes. World Health Organization guidelines advocate a single dose of vaccine for life-long protective immunity against yellow fever. Yellow fever vaccine is included in routine childhood immunization schedules in countries at medium or high risk of yellow fever. For some travelers, visiting endemic countries, yellow fever vaccination is recommended to protect the travelers. We calculated the yellow fever vaccine wastage rate at a designated center in North India. Materials and Methods: This is a record-based study. The data for the study was obtained from the immunization center of Government Medical College, Srinagar, Jammu and Kashmir. The particulars for every vaccine recipient were present in the register. The vaccine wastage rate was calculated. The analysis was done in IBM SPSS ver. 20.0 (IBM Corp., Armonk, NY, USA) and results were presented as numbers and frequencies. Results: A total of 136 doses were issued out of which 111 doses were administered from November 2017 till October 2020. The maximum number of travelers was young adults (26.1%). In 83.7% of cases, the area of the visit was Africa. The vaccine wastage rate was 18.4%. Conclusion: The vaccine wastage rate was not very high and was within that recommended for vaccines in routine immunization.

<i>Bacillus amyloliquefaciens</i> BSL16 improves phytoremediation potential of <i>Solanum lycopersicum</i> during copper stress

Khan, Abdul Latif,Bilal, Saqib,Halo, Boshra Ahmed,Al-Harrasi, Ahmed,Khan, Abdur Rahim,Waqas, Muhammad,Al-Thani, Ghanim Salim,Al-Amri, Issa,Al-Rawahi, Ahmed,Lee, In-Jung Informa UK (TaylorFrancis) 2017 Journal of plant interactions Vol.12 No.1

<P>Current study aimed at exploring the diversity of bacterial endophytes with Boswellia sacra and their role in copper (Cu) stress to tomato plants. Bacterial endophytes were belonged to Bacillus, Rhizobium and Paenibacillus, which were screened against Cu (0=10 mM) stress to dwarf and normal rice seeds. Among strains, Bacillus amyloliquefaciens BSL16 showed significantly higher bioremediation potential by accumulating high Cu and promoting growth of rice seeds. B. amyloliquefaciens BSL16 significantly increased growth of tomato plants during 2.5 mM Cu stress. Active colonization of BSL16 reduced the accumulation of Cu in leaf, shoot, and root, and in parallel up-regulated total protein contents in leaf and stem. Glutathione peroxidase and reduced glutathione contents were significantly higher and lipid peroxidation was lower in endophyte-treated tomato plants as compared to Cu treatment. The current results conclude that application of metal bio-accumulating bacteria can help in improving the plant growth of tomato plants during Cu stress.</P>