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This study aims to investigate the effect of seasonality caused by fasting as a religious practice on trading activity.

The authors use an unbiased sample of daily trading by individuals and institutions on the Boursa Kuwait. The authors use panel data on trading activities and Tobit regression models to examine the effect of Muslims’ religious practice of fasting during the holy month of Ramadan on trading behavior.

The authors find that during the holy month of Ramadan, Muslims’ religious practice of fasting leads to a decline in the frequency of both overall stock market trading and the ratio of individual trading volume to total trading volume. The authors find a significant decrease in individual buy-side trading as a proportion of total trading volume and simultaneously a significant increase in institutional buy-side trading.

This study’s findings have important implications for the main players in stock markets of countries with a Muslim majority. Market-makers should be aware of the significant increase in the proportion of institutional buy-side trading volume to total trading volume to minimize the cost of trading with better-informed traders (adverse selection).

To the best of the authors’ knowledge, this is the first study that investigates individuals’ trading activity during Ramadan.

The purpose of this paper is to propose a solution to the challenges of professional service firms (PSF), which are referred to as cat herding, opaque quality and lack of process standardization. These result from misalignment in the mental pictures that managers, employees and customers have of the service. The study demonstrates how the process of articulating a shared service concept reduces these challenges.

A narrative methodology is used to analyze the perspectives of old management, new management and employees during organizational change in a PSF – a website design company growing to offer full-service branding. Group narratives are constructed using longitudinal data gathered through interviews and fieldwork, in order to compare the misaligned mental pictures and show the benefits of articulating the service concept.

Professional employees view growth and change as threats to their culture and practice, particularly when new management seeks to standardize processes. These threats are revealed to stem from misinterpretations caused by miscommunication of intentions and lack of participation in decision making. Articulating a shared service concept helps to align understanding and return the firm to equilibrium.

The narrative methodology helps unpack conflicting perspectives, but is open to claims of subjectivity and misrepresentation. To ensure fairness and trustworthiness, informants were invited to review and approve the narratives.

The study contributes propositions related to the value of articulating a shared service concept as a means of minimizing the challenges of PSFs.

By any count or criterion, Pakistan is a national security state. It always was. The country has fought four wars with India, and it continues to suffer the devastating consequences of confrontation with its formidable neighbor – India; it has been put under siege for more than 40 years by the terrorist and religious extremist groups; it has suffered long spells of military rule; its political structure remains fragile; its civil society organizations are vulnerable, weak, and toothless; and its media, universities, research institutes, and judiciary are under huge stress. Given the state of affairs, the realization is rather slow to grow that human development strengthens national power and national security much more than weapons. It is in this context that a study on food insecurity in Pakistan has been undertaken. It aims to explain as to how a predominantly agricultural country has been reduced into a food resource poor country, and how has the neglect of social, economic, and cultural sectors made Pakistan more insecure. This study covers a number of related issues as well, but it mainly looks for answer to two questions: first, should food insecurity be studied in isolation as a separate issue or as a part of the larger issue of governance, security, and people; and second, isn't there a need to drastically restructure the economic, political, and security landscape and framework to significantly diminish poverty, illiteracy, and food insecurity in the country?

This study aims to provide a system capable of static searching on a large number of unstructured texts directly on the Web domain while keeping costs to a minimum. The proposed framework is applied to the unstructured texts of Migne’s Patrologia Graeca (PG) collection, setting PG as an implementation example of the method.

The unstructured texts of PG have automatically transformed to a read-only not only Structured Query Language (NoSQL) database with a structure identical to that of a representational state transfer access point interface. The transformation makes it possible to execute queries and retrieve ranked results based on a specialized application of the extended Boolean model.

Using a specifically built Web-browser-based search tool, the user can quickly locate ranked relevant fragments of texts with the ability to navigate back and forth. The user can search using the initial part of words and by ignoring the diacritics of the Greek language. The performance of the search system is comparatively examined when different versions of hypertext transfer protocol (Http) are used for various network latencies and different modes of network connections. Queries using Http-2 have by far the best performance, compared to any of Http-1.1 modes.

The system is not limited to the case study of PG and has a generic application in the field of humanities. The expandability of the system in terms of semantic enrichment is feasible by taking into account synonyms and topics if they are available. The system’s main advantage is that it is totally static which implies important features such as simplicity, efficiency, fast response, portability, security and scalability.

Fintech businesses have the tendency to revolutionize the entire world. Especially, the tasks associated with banking needs, and therefore, there is a significant scope for Fintech in the banking industry. Although when the country’s major population is unbanked and most of the population is also financially excluded, then the scope of Fintech gets exaggerated for microfinance institutions (MFIs), and therefore, the significance of Fintech for MFIs is much higher than the commercial and Islamic banks. Hence, this chapter has been written purposively to illuminate the impact, role, significance and implications of Fintech for MFIs in Pakistan in order to boost the knowledge and understanding of diverse stakeholders. The specialty of this chapter is that it is written specifically with reference to Pakistan as there is least research work with respect to the application of Fintech in MFIs. Similarly, the chapter also contains the anatomy of the value chain activities of MFIs and their linkage with the role of Fintech applications in boosting the performance of MFIs. Last, but not the least, the chapter also has a detailed discussion on factors that are required to boost the usage of Fintech in the MFI sector. Therefore, this chapter is pervasive for academicians, researchers, entrepreneurs, intrapreneurs and students for grasping, understanding and applying recent knowledge towards the betterment of academic and pragmatic activities.

This study aims to examine the impact of sponsors and democratic government on the flipping activity of initial public offerings (IPOs).

Based on the sample of 95 IPOs listed on the Pakistan Stock Exchange between January 2000 and December 2019, this study used multiple cross-sectional regression to examine the relationship between sponsors and democratic government on flipping activity.

The findings indicate a significant negative association between sponsors and the flipping activity of IPOs. Sponsor(s) signal quality by trying to share accurate information about company values. As a result, the confidence of rational investors in the company’s future prospectus increases and they hold their shares for future gains, which reduces the flipping activity. Also, democratic government, along with sponsors' participation, provides investors with liquidity immediately after listing.

The findings of this study have implications for investors as they may assist them make informed decisions about whether or not to invest in an IPO with high sponsor(s) ownership. In addition, issuers should consider the disclosure of sponsor information(s) as such information may directly affect the first day’s trading volumes.

To the best of the authors’ knowledge, this is the first research study that explores the correlation between sponsors and democratic government and flipping activity of IPO. This study is important for investors and issuers.

The purpose of this paper is to present an approach to reduce energy consumption in data centers. Subsequently, it reduces electricity bills and carbon dioxide footprints resulting from their use.

The authors present a mathematical model of the energy dissipation optimization problem. The authors formulate analytically the server selection problem and the supply air temperature as a non-linear programming, and propose an algorithm to solve it dynamically.

A simulation study on SimWare, using real workload traces, shows considerable savings for different data center sizes and utilization rates as compared to three other classic algorithms. The results prove that the proposed algorithm is efficient in handling the energy-performance trade-off, and that the proposed algorithm provides significant energy savings and maintains a relatively homogenous and stable thermal state at the different rack units in the data center.

The proposed algorithm ensures energy provisioning, performance optimization over existing state-of-the-art heuristics, and on-demand workload allocation.

To understand the World Bank's education sector strategy development, an historical perspective of where previous strategies have gone is essential. Rather than building schools the Education Strategy 2020 suggests that it will emphasize the efficiency of the education system and help reform its management, governance and finance. Rather than provide new curriculum, it will try to lay the foundations of an education knowledge base by supporting the use of assessments of academic achievement, both local and cross-national. Countries will be asked to measure their progress against statistical evidence. While none of these changes are entirely new, they all represent progress. In this chapter, the new strategy efforts of the World Bank are examined in relation to the contribution of education to social cohesion, education and corruption, education financing and educational quality and cognitive skills and economic development. This portion of the volume will emerge from a 22-year personal history of working with the World Bank on researching education quality, designing policies to support educational effectiveness and training senior officials worldwide in education policy-related lending strategy.

The purpose of this paper is to the investigate the rock music, and in particular the genre known as heavy metal, subculture in Iran and identify its relationship to social responsibility.

The research was conducted qualitatively through in-depth interview with more than 100 rock music fans who identify themselves as belonging to the particular subculture under investigation. It also investigates the history of such music within the country to explain that it is marginalized and forbidden in a way which is not generally understood in Western countries.

The findings of the paper show that the fans of the music identify themselves as a particular subculture within the society and share not just an interest in the music but also in social concerns, politics and religion.

This paper shows that subcultures are interrelated with social responsibility and that this is dependent upon the nature of the society in which the subculture resides. This is important in understanding the dynamics of change within a country.

This is one of the very few papers which looks at the link between subcultures and social responsibility and, therefore, is important in showing that social responsibility can develop independently of any organization while not being bounded by the nature of the society which spawns it.