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Dynamic Portfolio Returns: Impact of Macroeconomic Variables

Thesis Info

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Author

Afifa Naseer

Institute

Virtual University of Pakistan

Institute Type

Public

City

Lahore

Province

Punjab

Country

Pakistan

Thesis Completing Year

2016

Thesis Completion Status

Completed

Subject

Software Engineering

Language

English

Link

http://vspace.vu.edu.pk/detail.aspx?id=93

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720965347

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Very few researches have constructed both na?ve and diversified portfolio but none of the studies to the best of researcher?s knowledge have explored the impact of macroeconomic variables on both types of portfolio in a particular country. This study excogitates the relationship between naive and diversified portfolio expected returns and macroeconomic variables. The commodities and variables ? KSE 100 index, gold rates, National Savings Certificate (NSC) profit rates, treasury bills (T-Bills) yield, deposit rates and exchange rates - Euro, Great Britain Pound and US Dollar have been considered for construction of equal weighted portfolio. The macroeconomic or explanatory variables ? Producer Price Index (PPI) or Wholesale Price Index (WPI), balance of trade prices, discount rates, crude oil prices, natural gas prices and Consumer Price Index (CPI) are considered for exploring their impact on equal weighted portfolio. The commodities and variables ? KSE 100 index, gold rates, National Savings Certificate (NSC) profit rates, treasury bills (T-Bills) yield, deposit rates and exchange rates - Euro, Great Britain Pound and US Dollar were considered initially from which exchange rate commodities were selected and considered for construction of diversified portfolio based on cut off rate determined from Sharpe ratio. The yields of 12 months treasury bills considered as a risk free security were used for calculating excess returns of these commodities. The macroeconomic or explanatory variables ? Producer Price Index (PPI) or Wholesale Price Index (WPI), Foreign Direct Investment (FDI), balance of trade prices, discount rates and crude oil prices were considered for exploring their impact on optimal or diversified portfolio. Monthly data of all these variables was examined from January 2000 to October 2015. The assumptions of Classical Linear Regression Model (CLRM) were met before running the Ordinary Least Square (OLS) model. It was found that expected returns of both portfolios are significantly and positively affected by discount rates and wholesale price index and negatively and insignificantly affected by balance of trade (BOT).
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جمیل احمد عدیل کی: سخن وری اچھی لگی

اردو بازار، مال روڈ، انار کلی، ٹولینٹن مارکیٹ وغیرہ میں اکثر میرزا صاحب سے ملاقات ہو جاتی۔ میں ان کا بیگ اٹھا لیتا اور ان کے ساتھ ساتھ رہتا۔ گھر کی چھوٹی موٹی چیزیں وہ خود خریدتے تھے اور خوب بھاؤ تاؤ کرکے۔ ایک روز وہ شاپنگ وغیرہ کر چکے تو میں انھیں ویگن پر بٹھانے کے لیے انارکلی سٹاپ پر آیا۔ اس دن ویگنوں میں کچھ زیادہ رش تھا۔ میں نے کہا بھی، رکشے پر چلے جائیں مگر وہ حسبِ سابق نہیں مانے۔بڑی مشکل سے: پچیس(۵۲)نمبر ویگن میں انھیں جگہ ملی اور وہ بھی ڈرائیور کی پچھلی سیٹ(پھٹے) پر،دروازے کے بالکل ساتھ۔ انھیں بیٹھنے میں ذرا دشواری ہوتی تھی، بڑھاپے کی وجہ سے بھی اور ٹانگ میں خم کے سبب بھی۔ انھیں سوار ہونے میں قدرے تاخیر سی ہو گئی تو کنڈکٹر نے ان کا بازو سختی سے پکڑا اوریہ کہتے ہوئے ویگن میں گھسیٹ لیا: ”کیہہ بابا توں نخرے ای کری جانا ایں، جلدی کر!“اتنے میں ویگن چل پڑی اور میں وہاں کھڑا تادیر سوچتا رہا، اب: پچیس (۵۲)نمبر ویگن کے اس کندہ ناتراش کنڈکٹر کو کیا معلوم کہ یہ بابا کون ہے؟

یہ پیراگراف جمیل احمد عدیل کے ادبی کالموں کے مجموعے: ”سخن وری اچھی لگیسے لیا گیا ہے۔ اس میں انھوں نے میرزا ادیب کی یادوں اور باتوں پر ایک کالم تحریر کیا ہے۔ جمیل احمد عدیل نے میرزا ادیب کے انتقال پر تحریر کردہ اس کالم میں اُن کی زندگی کے بہت سے پہلوؤں کو اجاگر کیاہے۔ اس کالم کا ایک ایک لفظ دل میں اُتر جانے والا ہے اور جس حساسیت کے ساتھ درج بالاپیراگراف تحریر کیا ہے، اُس نے ہمیں بھی رُلا دیا ہے!!

جمیل احمد عدیل سے...

خصائصِ نبویﷺ : اردوتفسیری ادب کاتجزیاتی مطالعہ

There is no doubt that the personality of messenger of Allah peace be upon him is irreproachable from all kind of diminutions and barrier of salient bigness and glory. Not only historically biographers have written about the  greatness of Prophet peace be upon him, But the Muhadithin have collected  a large part of the collection of Hadiths on  prophet peace be upon him greatness and  honour. Urdu commentators are not far behind in this field. We have come to the conclusion after observing that while interpreting the Qur'anic verses relating to the greatness and character of the Prophet (peace be upon him) The commentators were very eloquent and described the characteristics of the Prophet (peace and blessings of Allah be upon him) in a very eloquent and loving manner. In this article, the detailed material written by the commentators on the characteristics of the Prophet (peace be upon him) in Urdu commentary literature will be presented.

Characterization and Evaluation of Anti-Campylobacter Potential of Indigenous Lactobacilli in Poultry

IN VITRO CHARACTERIZATION OF PROBIOTIC PROPERTIES AND ANTICAMPYLOBACTER ACTIVITY OF LACTOBACILLI ISOLATED FROM POULTRY The aim of the present study was to isolate, characterize and develop indigenous probiotic lactobacilli targeting mitigation of Campylobacter jejuni. Lactobacilli (n=150) were isolated from poultry (62), fermented foods (78) and human faeces (10).All isolates were preliminarily screened for their anticampylobacter activity by well diffusion assay. Sixteen pre-selected isolates had activity against Campylobacter jejuni (n=4). Cell free supernatants (CFSs) of eight isolates (PL22, PL53, PL88, PL120, PL135, PL141, PL145 and PL149) retained activity after pH adjustment (6.5), while CFS of seven isolates (PL22, PL53, PL120, PL135, PL141, PL145 and PL149) retained activity after boiling at 80°C for 10 minutes. Selected isolates were further characterized for their tolerance to low pH and bile salts, antibiotic susceptibility, auto-aggregation and co-aggregation properties. All selected isolates had significant tolerance to low pH (>50% survival at pH 3), bile salts (0.3%), autoaggregation and coaggregation properties. Selected isolates were safe and had no acquired resistance to penicillin, tetracycline, ampicillin and erythromycin. PL53, PL120 and PL149 showed significantly higher reduction (> 3 log reduction) of Campylobacter jejuni ATCC 33291 in broth culture. It is concluded that Lactobacillus gallinarum PL 53, Lactobacillus casei PL 120 and Lactobacillus gallinarum PL 149 had probiotic potential and anti-campylobacter properties.Keywords: probiotics, Lactobacillus, Campylobacter, pH tolerance, antimicrobial activity EFFECT OF NEWLY CHARACTERIZED PROBIOTIC LACTOBACILLI ON WEIGHT GAIN, IMMUNOMODULATION AND GUT MICROBIOTA OF CAMPYLOBACTER JEJUNI CHALLENGED BROILER CHICKEN The aim of the present study was to determine the competitive exclusion of Campylobacter jejuni inpoultry gut by three potential probiotic lactobacilli strains. A total of 135 birds of one day age were randomly divided into nine groups. The groups of prevention model received respective strains from day 1-35 and treatment model received lactobacilli from day 15-35 (after challenging with C. jejuni). These groups were given lactobacilli (~108 CFUs) while challenged with C. jejuni on day 14 by oral gavage (106 CFUs/bird). There were three control groups including A, B and I. Negative control (A) did not receive any treatment, C. jejuni was given to group B and group I was given Enrofloxacin formulation. Cloacal swabs were collected from birds of each group before and after challenge while the ceca were collected from birds after slaughtering (on day 35) for enumeration of aerobic bacteria, coliform, C. jejuni, lactobacilli and Bifidobacterium on selective agar plates. Effect of lactobacilli on weight gain and New Castle Disease vaccine (NDV) titer were also evaluated. Probiotic strain Lactobacillus gallinarum PL 53 considerably decreased log10 values of aerobic plate count (3.19±0.66), coliform count (2.83±0.22) and C. jejuni (3.98±0.77) in poultry. The probiotics also enhanced Lactobacillus and Bifidobacterium spp. counts (~2-3 log increase). Treatment group C had maximum weight gain (1994±188.32g) and geometric mean titer (274.4) on day 28. The results of in-vivo experiments concluded that probiotic administration may be effective for targeted mitigation of C. jejuni in broiler birds.