Business transactions are going to be fast day by day because of dynamic changes in the global environment. Merger and Acquisition is a strategy adopted by the organizations globally to meet the needs of recent dynamic business environment. It has achieved much attention and importance in corporate world. In Pakistan, this strategy has been used widely in banking sector. Therefore, the objective of the study is to evaluate the financial performance of banks in Pakistan after M&A. The financial and accounting data for 10 banks was taken from the Financial Statement Analysis by State Bank of Pakistan. Profitability & Efficiency, Leverage, and Liquidity ratios were used to measure the financial performance, where pre and post ratio analysis was done. Results of the study show that there is no positive improvement in the financial performance of the banks in Pakistan after Merger and Acquisition.

In this paper, we produced a new family of distribution called Gull Alpha Power Family of distributions (GAPF). A Special case of GAPF is derived by considering the Weibull distribution as a baseline distribution called Gull Alpha Power Weibull distribution (GAPW). The suitability of the proposed distribution derives from its ability to model both the monotonic and nonmonotonic hazard rate functions which are a common practice in survival analysis and reliability engineering. Various statistical properties were derived in addition to their special cases. The unknown parameters of the model are estimated using the maximum likelihood method. Moreover, the usefulness of the proposed distribution is supported by using two real lifetime data sets as well as simulated data.

This study investigates that how investment banks select alternative valuation models to price Initial Public Offerings (IPOs) and examine the value-relevance of each valuation model using the data of 88 IPOs listed on the Pakistan Stock Exchange (PSX) during 2000–2016. This study investigates that investment banks used Dividend Discount Model (DDM), Discounted Cash Flow (DCF) and comparable multiples valuation models on the basis of firm-specific characteristics, aggregate stock market returns and volatility before the IPOs. In this study, a binary logit regression model is used to estimate the cross-sectional determinants of the choice of valuation models by investment banks. The results reveal that underwriters are more likely to use DDM to value firms that have dividends payout trail. The investment banks select DCF when valuing the younger firms, that have more assets-in-tangible, firms that have negative sales growth and positive market returns before the IPO; while comparable multiples are used for mature firms and firms that have less assets-in-tangible. Furthermore, this study also used OLS regressions to examine the value-relevance of each valuation model and Wald-test to examine the predictive power of cross-sectional variation in the market values. The findings unveil that P/B ratio has highest but DCF has lowest predictive power to market values. The Wald-test results depict that none of the valuation methods produces an unbiased estimate of market values.

Merger and Acquisition is a strategy adopted by the organizations globally to meet the needs of dynamic business environment. This strategy also has much importance in Pakistan mostly in banking sector. Therefore, the objective of the study is to assess the impact of M&A on the financial performance of banks in Pakistan. The accounting and financial data of 10 banks were used in this study. Data was taken from the financial statement analysis (FSA) by State Bank of Pakistan from the period of 20062011. For the analysis of pre and post Merger and Acquisition performance 15 financial ratios were used in the study. To compare the results Paired sample t-Test was used to measure the significant difference between pre and post M&A financial performance. The overall results show that there is no significant difference in financial performance. It is concluded that there is insignificant difference between pre and post M&A performance of banks in Pakistan.

In the current age of advanced technologies, there is an escalating demand for reliable wireless systems, catering to the high data rates of mobile multimedia applications. This article presents a novel approach to the concept of Self-Concatenated Convolutional Coding (SECCC) with Sphere Packing (SP) modulation via Differential Space-Time Spreading- (DSTS-) based smart antennas. The two transmitters provide transmit diversity which is capable of recuperating the signal from the effects of fading, even with a single receiving antenna. The proposed DSTS-SP SECCC scheme is probed for the Rayleigh fading channel. The SECCC structure is developed using the Recursive Systematic Convolutional (RSC) code with the aid of an interleaver. Interleaving generates randomness in exchange for extrinsic information between the constituent decoders. Iterative decoding is invoked at the receiving side to enhance the output performance by attaining fruitful convergence. The convergence behaviour of the proposed system is investigated using EXtrinsic Information Transfer (EXIT) curves. The performance of the proposed system is ascertained with the H.264 standard video codec. The perceived video quality of DSTS-SP SECCC is found to be significantly better than that of the DSTS-SP RSC. To be more precise, the proposed DSTS-SP SECCC system exhibits an E b / N 0 gain of 8 dB at the PSNR degradation point of 1 dB, relative to the equivalent rate DSTS-SP RSC. Similarly, an E b / N 0 gain of 10 dB exists for the DSTS-SP SECCC system at 1 dB degradation point when compared with the SECCC scheme dispensing with the DSTS-SP approach.