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Triggering of Herding Instincts due to COVID-19 Pandemic in Pakistan Stock Exchange

  • JABEEN, Shaista;RIZAVI, Sayyid Salman;NASIR, Adeel
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.10
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    • pp.207-218
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    • 2021
  • The present research intends to examine the herding aspect during the COVID-19 outbreak. The study is conducted to achieve specific objectives, so the underlying sampling technique is purposive sampling. The considered data source is the Pakistan Stock Exchange (PSX). Daily stock prices of 528 listed companies in PSX have been taken from the official website of PSX from 1998 to 2021. The current study envisions investigating the herding aspects for pre-pandemic and the time covering the pandemic period. The study has also targeted ten sectors of PSX. The present study's motive is to investigate investors' herding prospects before and during the pandemic in the Pakistan Stock Exchange (PSX) and its selected sectors. Daily closing stock prices of listed companies have been collected from the official website of PSX to calculate the stock returns. The Cross-Sectional Absolute Deviation (CSAD) has been used as a herding measure. Findings revealed that herding has not been observed in PSX during both time spans and even not during the bullish and bearish trends. However, robust sectoral evidence has been observed during the pandemic. It implies that investors in PSX tend to follow the crowd irrespective of making their own decisions to avoid further losses.

The Effect of COVID-19 Pandemic on Stock Market: An Empirical Study in Saudi Arabia

  • ALZYADAT, Jumah Ahmad;ASFOURA, Evan
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.5
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    • pp.913-921
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    • 2021
  • The objective of the study is to investigate the impact of the COVID-19 pandemic on Saudi Arabia stock market. The study relied on the data of the daily closing stock market price index Tadawul All Share Index (TASI), and the number of daily cases infected with COVID-19 during the period from March 15, 2020, to August 10, 2020. The study employs the Vector Auto-Regressive (VAR) model, the Impulse Response Function (IRF) and Autoregressive Conditional Heteroscedasticity (ARCH) models. The results of the correlation matrix and the Impulse Response Function (IRF) show that stock market returns responded negatively to the growth in COVID-19 infected cases during the pandemic. The results of ARCH model confirmed the negative impact of COVID-19 pandemic on KSA stock market returns. The results also showed that the negative market reaction was strong during the early days of the COVID-19 pandemic. The study concluded that stock market in KSA responded quickly to the COVID-19 pandemic; the response varies over time according to the stage of the pandemic. However, the Saudi government's response time and size of the stimulus package have played an important role in alleviating the impacts of the COVID-19 pandemic on Saudi Arabia Stock Market.

COVID-19 Pandemic and Dependence Structures Among Oil, Islamic and Conventional Stock Markets Indexes

  • ALQARALLEH, Huthaifa;ABUHOMMOUS, Alaa Adden
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.5
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    • pp.515-521
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    • 2021
  • The popularity of Islamic financial instruments among Muslims is not surprising. The Islamic capital market is where sharia-compliant financial assets are transacted. It works parallel to the conventional market and helps investors find sharia-compliant investment opportunities. At a time of collective confusion when the COVID-19 epidemic is contributing to unprecedented change, this paper is keen to understand how attractive conventional and Islamic stock markets have been to investors recently. Second, this paper takes advantage of the time-scale decomposition property of the wavelet to simultaneously capture risk exposure and distinguish the risks faced by short- and long-term investors. To this end, this research conducted a two-step investigation of the daily closing equity market price indices for three Islamic stock markets and their conventional counterparts. Given that different financial decisions occur with greater or less frequency, the paper examines the connectedness of stock markets operating at heterogeneous rates and identifies the timescales using wavelet-DCC-GARCH analysis to take account of both the time and the frequency domains of stock market connectedness. The paper findings highlight the strong evidence of contagion that can be seen in nearly all conventional stock markets in the COVID-19 pandemic; they reach a high level of dependency in such health crises. Furthermore, Islamic stock markets prove to be a rich ground for global diversification.

A Study on Manually and Continuously Variable Impact Force Control Device Development for Hydraulic Breakers (유압브레이커의 수동 무단 타격력 제어기구 개발에 대한 연구)

  • Kang, Young Ky;Jang, Ju Seop
    • Journal of Drive and Control
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    • v.17 no.4
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    • pp.46-53
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    • 2020
  • In this paper, the development of a manually and continuously variable impact force control mechanism for hydraulic breakers was studied. Generally, a hydraulic breaker has one or two piston strokes. Hydraulic breakers, which have two strokes, have two valve-switching ports and make short and long piston strokes. The piston stroke valve controls the piston stroke by opening and closing a short stroke-switching port. The short piston stroke mode is used to break soft rock, concrete, or asphalt. This stroke control valve system is not popular for small hydraulic breakers mounted on 1 to 14-ton excavators. To preserve the carrier-like excavator, proper breaking force is needed, and it can be easily controlled by multiple piston stroke control valves. The easiest way to control these breakers is to use several switching ports and valves but they are not easy to install in small hydraulic breakers and are expensive. To use only one switching port and valve, a method can be used to change the open area of the switching port to delay valve switching. This method provides multiple piston strokes.

The effect of injection molding cooling parameters on shrinkage of plastic roller (사출성형의 냉각 파라미터가 플라스틱 롤러의 수축에 미치는 영향)

  • Cho, Sung-Gi;Han, Seong-Ryeol
    • Design & Manufacturing
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    • v.15 no.4
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    • pp.8-13
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    • 2021
  • A plastic roller for opening and closing the safety door of the injection molding machine was molded. The dimensional change of the measurement position of the roller was studied when the cooling time was applied differently among the molding conditions, and when the temperature of the coolant applied for mold cooling was also applied differently. Cooling times of 300 seconds and 400 seconds, hot and low-temperature coolant were applied. When the low-temperature coolant was applied, the measuring point of the roller shrank by 0.03 mm. However, when the high-temperature coolant was applied, the measuring point shrank by 0.3 mm. It was found that the application of low-temperature coolant among coolants was more suitable for the reference dimension of the molded article compared to the application of high-temperature coolant. Among the cooling water applied for the molding of plastic rollers, when high-temperature coolant is applied, the shrinkage rate measured immediately after ejection was smaller than when low-temperature coolant is applied. However, it was found that post shrinkage, which occurs over time, occurs much larger when high-temperature coolant is applied.

Retrospective study on the airway obstruction aspects of computed tomography and lateral cephalometry and the correlation of polysomnography in obstructive sleep apnea patients

  • Jin, Sun-Mi;Lee, Hye-Sung;Ryu, Hyun-Ho;Ryu, Seok-Hwan;Shin, Dong-Yoon;Kim, Chul-Hoon;Kim, Myoung Soo;Chung, In-Kyo
    • Journal of the Korean Association of Oral and Maxillofacial Surgeons
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    • v.38 no.5
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    • pp.295-304
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    • 2012
  • Objectives: Lateral cephalometry, computed tomography (CT) and full-night polysomnography were used to examine the correlation of obstructive sleep apnea (OSA) severity. Materials and Methods: A total of 29 patients (5 females, 24 males) diagnosed with OSA were evaluated by lateral cephalometry, CT and full-night polysomnography. Lateral cephalometry was performed in the closed and open mouth states. The radiographic and polysomnography measurements of the patients with OSA were evaluated statistically to determine the association with OSA severity. Results: A significant relationship was observed between the increased respiratory disturbance index and closing lateral cephalometry. With mouth opening, the airway space narrowed and the OSA worsened. Lateral cephalometry revealed OSA patients to have an inferiorly positioned hyoid bone, longer-than-normal soft palate and narrowing airway space. As OSA was severe, the airway shape was ovoid in the CT horizontal view. Conclusion: Polysomnography and the radiographic parameter can be used for diagnosing OSA.

Novel Clean End-to-End Anastomosis Method, Without Opening the Stomach Lumen, in Totally Laparoscopic or Robotic Pylorus-Preserving Gastrectomy

  • Takashi Mitsui;Kazuyuki Saito;Yuhei Hakozaki;Yoshiyuki Miwa;Takuji Noro;Emiko Takeshita;Taizen Urahashi;Yasuyuki Seto;Takashi Okuyama;Hideyuki Yoshitomi
    • Journal of Gastric Cancer
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    • v.23 no.4
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    • pp.523-534
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    • 2023
  • Purpose: Intra-abdominal infection is a common postoperative complication of laparoscopic pylorus-preserving gastrectomies (PPGs). Many studies have reported that intra-abdominal infectious complications after gastrectomy adversely affect patient survival outcomes. To prevent gastric fluid leakage into the abdominal cavity, we developed a novel anastomosis method in which the stomach lumen is not opened (termed the non-opened clean end-to-end anastomosis method [NoCEAM]) and evaluated its feasibility. Materials and Methods: Subsequent to lymphadenectomy, the oral and anal resection lines were sutured using an intraoperative endoscope. After closing the stomach circumferentially with clips, the specimen was rolled outward like a "donut." We resected the specimen circumferentially using a linear stapler, and anastomosis was completed simultaneously. We examined the feasibility of this procedure ex vivo, using three porcine stomachs, and in vivo, using one pig. Subsequently, we applied the procedure to 13 consecutive patients with middle-third early gastric cancer utilizing laparotomic, laparoscopic, and robotic PPG. Results: NoCEAM was completed in all porcine models and human cases. In the human cases, the mean operation time (±standard deviation) was 279±51 minutes, and mean blood loss volume was 22±45 mL. The mean number of linear staples used was 5.06±0.76. None of the patients had complications, and all were discharged on the eighth postoperative. The serum total protein, serum albumin, and hemoglobin levels did not change significantly after surgery. Conclusions: NoCEAM is feasible and safe for performing totally laparoscopic or robotic PPG. It may reduce postoperative complications, such as intra-abdominal infections.

Dobutamine-Induced Perioperative Anaphylaxis in a Dog

  • Jeong, Youngeun;Jang, Yunseol;Moon, Changhwan;Jeong, Jaemin;Roh, Yoonho;Lee, Haebeom;Jeong, Seong-Mok
    • Journal of Veterinary Clinics
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    • v.37 no.3
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    • pp.145-148
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    • 2020
  • A 9-years old spayed female Maltese was referred for the treatment of mass on the right 1st mammary gland and acute weight bearing lameness of right hindlimb. It was diagnosed as malignant mammary tumor and cranial cruciate ligament rupture of right stifle joint. Right upper regional mastectomy followed by cranial closing wedge osteotomy (CCWO) of the right tibia were planned for the present problems. Preanesthetic work-up did not show any remarkable abnormalities. Forty-five minutes after induction of anesthesia dobutamine was administered at a rate of 5 ㎍/kg/min by constant rate infusion due to gradual decrease of blood pressure below MAP 60 mmHg during surgical procedure. Despite of the increase of dobutamine infusion rate up to 20 ㎍/kg/min, blood pressure didn't recover. At the end of regional mastectomy generalized skin redness and eyelid edema were identified. Anesthesia was stopped and CCWO procedure was cancelled. To recover from the anaphylactic reactions dexamethasone and diphenhydramine were administered. After about one hour, the patient completely recovered from hypotension and anaphylactic reactions. After 4 weeks, intradermal skin test (IDST) was performed for all the drugs used during anesthesia. Only dobutamine showed positive reaction in IDST. Therefore, dobutamine was considered as the causative agent of anaphylaxis in this patient during the anesthesia. In case of perioperative anaphylactic reaction, postoperative investigation should be performed to identify causative agent and to provide safe recommendations for future anesthetic procedure.

Temporal and Spatial Variations of Sinking-particle Fluxes in the Northwestern Subtropical Pacific (북서태평양 아열대 해역에서 침강입자 플럭스의 시·공간 변동)

  • Kim, Hyung-Jeek;Hyeong, Ki-Seong;Yoo, Chan-Min;Jeon, Dong-Chull;Jeong, Jin-Hyun;Khim, Boo-Keun;Kim, Dong-Seon
    • Ocean and Polar Research
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    • v.33 no.spc3
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    • pp.385-395
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    • 2011
  • Time-series sediment traps were deployed at 1,000 m water depth of the northwestern subtropical Pacific from July 2009 to June 2010, with the aim of understanding temporal and spatial variations of sinking-particle fluxes. The opening and closing of the traps was synchronized at 18-day periods for 20 events. Total mass fluxes showed distinct seasonal variations with high values for the summer-fall seasons and relatively low values for winter-spring. This seasonal variation at two stations was characterized by a distinct difference in $CaCO_3$ fluxes between the two seasons. The enhanced $CaCO_3$ flux in the summer - fall seasons might be attributed to an increased planktonic foraminiferal flux. Total mass flux at FM10 station was nearly 50% higher than that at FM1 station. The difference in $CaCO_3$ fluxes between two stations contributed nearly 70% of the difference of total mass fluxes. The $CaCO_3$ flux was a major component controlling temporal and spatial variation of sinking - particle fluxes in the western subtropical Pacific Ocean.

Evaluative Study of Hospice Education using Data Triangulation (자료적 트라이앵귤레이션 방법의 활용을 통한 호스피스 교육평가에 관한 연구)

  • Paik Hoon-Jung;Kim Chun-Mi;Choi Soon-Young;Park Soon-Ok;Moon Jin-Ha;Kim Jung-Suk;Kim Ae-Jung
    • Journal of Korean Academy of Fundamentals of Nursing
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    • v.12 no.1
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    • pp.91-100
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    • 2005
  • Purpose: This research used quantitative research to identify differences in death consciousness between pre and post education. The study was also designed to further understanding of the effects of nursing education by using a qualitative analysis to examine hospice education experience. Method: This study a one group pre-post test design. Results: 1 The mean score for the students' death consciousness before the hospice education averaged $2.15{\pm}\;.33$, a medium level for death Consciousness. The Score after education was $2.25{\pm}\;.36$, that is, there was higher score for death consciousness after education. 2. The result of classification, giving their names and categorizing the experience of being in a coffin shown to be self-reflection, regret, recognition to death, death as discontinuation of life, the last closing from everything, death as a sad and cruel event, death as another world, specialist intuition of nursing. Conclusion: This research provided an opportunity for nursing students to consider death earnestly and realistically through hospice nursing education. We also discovered affirmative changes in the students' viewpoint of death, students who in future clinical practice may work with elders. We also found increases in motives to develop ability to present effective aid to dying patients.

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