Risk Factors for Sudden Infant Death Syndrome (SIDS)

Risk Factors for Sudden Infant Death Syndrome (SIDS) Article 1 Socioeconomic Position and Factors Associated With Use of a Nonsupine Infant Sleep Position: Findings From the Canadian Maternity Experiences Survey SIDS is the surprising loss of life of an baby young than one year of age. SIDS continues to be mysterious after a thorough case research, such as efficiency of a complete autopsy, evaluation of the loss of life field and evaluation of medical record.Unexpected Child Loss of life Issue has always been a challenge to scientists.. So far no concepts or details are able to provide a effective response for this. Physicians have did not figure out whether the child instantly had a center problem or just basically missing the capability to take in. Over 70 different concepts have been suggested to describe the cause of SIDS The chance of SIDS usually mountains in babies older between 2-4 several weeks of age, it is very unusual within the first month of birth and threat decreases after six several weeks of age. Research has revealed that about 90% of SIDS fatalities happen in babies young than six several weeks of age. In SIDS an baby between the age groups of two to four several weeks is discovered deceased during a period of sleep. The surprising loss of life of previously healthy babies is all the more surprising and harmful. Sudden baby loss of life is a terrible event for any mother or father or care provider. This is the most severe disaster mother and father can face, a disaster which results in them with unhappiness and a feeling of weeknesses that continues throughout their lives. SIDS is also generally known as Bed loss of life, Cot loss of life, Sudden mysterious loss of life in beginnings (SUDI). Unexpected Baby Loss of life Issue has always been a challenge to scientists. The cause (or caus es) of SIDS is still a secret. SIDS is one of the top causes of infant death in USA. So far no concepts or details are able to give a effective response for this. Physicians have did not figure out whether the child instantly had a center problem or just simply missing the capability to take in. Over 70 different concepts have been suggested to describe the cause of SIDS. In facedown position, air activity around the oral cavity is also affected. This can cause the baby to rebreathe just blown out co2. Normal air activity is avoided by Smooth bed linens and gas-trapping things, like bed linens, bed linens, waterbeds and soft beds. Some of the concepts relevant to SIDS describe that the childs higher air gets obstructed making the child suffocate. One concept says that blood vessels structure of the child may have sudden development of the level of body fat and thus, the mind of the child prevents performing. Some fault defective neurological program in children for SIDS as it is not able to notify the child and awaken it up when the fresh air provide is low. SIDS children may not have this procedure at all. SIDS may be due to a defective defense mechanisms or the way a child rests such as smooth bed linens in which the children unintentionally hide their experience and then cannot convert and thus get choked. Covering the child too firmly in a cover may also cause to SID. Article 2 Heart Rate Variability in Sleeping Preterm Neonates Exposed to Cool and Warm Thermal Conditions The term babies with apparent deadly event (ALTE), premature babies of low birth weight are at risk for SIDS. Some state that friends of babies who have succumbed to SIDS are at risk. The study states that the babies who die of SIDS have irregularities in functions like respiration, hypertension and arousal. The structural differences in a specific part of the mind may add to the chance of SIDS. Exams of the mind stems of SIDS victims have revealed a developing delay in formation and function of several serotonin-binding nerve routes within the mind. These routes regulate respiration, pulse rate, and hypertension reactions. The study examine that increase in the heat range due to overdressing, using extreme covers can cause to an improved fat burning capacity in these babies and ultimate loss of respiration control. Apparent life-threatening activities (ALTEs) are medical activities in which young babies show unexpected changes in respiration, shade, or muscular mass. ALTEs are triggered due to popular breathing attacks, gastro esophageal flow back illness or convulsions. But there is no medical proof connecting ALTEs to SIDS.Some of the baby fatalities followed by immunization made people believe immunization as a cause of SIDS which has now proven to be wrong by research. SIDS is non-contagious and is not genetic and obviously it is not due to bad being a parent. Infants are very delicate to changes in heat range. Child may sleep greatly if the space is too heated and may not awaken in time in case of any problems in respiration. Breast fed children are secured against attacks that can cause to SIDS. Parents can pay attention to their children while they are resting through digital products. They increase an alert if the child prevents respiration. But they are not known to prevent SIDS. They are suggested for children with higher threat for SIDS. Pacifiers give included security for children up to 6 month. Because heating up may increase a childs chance of SIDS, outfit your baby in light, relaxed outfits for resting, and keep the 70 degrees at a level thats relaxed for an mature. If youre concerned about your baby remaining heated, outfit him in a onesie, sleepwear that protect arms, legs, arms, and legs. Remember, dont use a protect your baby can get twisted in it or take the protect over his face. Article 3 Clinical Digest Cot lack of life, better known as S.I.D.S., is one of the top causes for the overpriced baby death amount rate in this nation these days. It is often misinterpreted or unrecognizable. For the most part, the causes of SIDS are unidentified to the community. This is modifying, however, as attention is ever improving. Thus, the objective of this document will be to describe unexpected baby lack of life problem and its known or recommended causes. Also, the record of SIDS, the issues and psychological struggling that outcomes from the lack of a kid, the cost it requires on the enduring brother, and possible guidance or other help that is available for mother and father who may have missing a kid to SIDS are such places that will be researched. Overall I desire to accomplish a better knowing of all these recommended subjects within the body of the document. Despite decreases in occurrence during the past two decades, cot loss of life (SIDS) remains the leading cause of loss of life for babies older between 1 month and 1 year in western world. Behavioral risks identià ¯Ã‚ ¬Ã‚ ed in epidemiological studies include vulnerable and side roles for baby rest, smoking visibility, soft bedding and rest areas, and heating up. Proof also indicates that pacià ¯Ã‚ ¬Ã‚ er use at rest time and room discussing without bed discussing are associated with reduced chance of SIDS. Although the cause of SIDS is unidentified, premature cardiorespiratory autonomic control and failing of excitement responsiveness from rest are key elements. Gene polymorphisms with regards to this transportation and autonomic neurological system development might make aà ¯Ã‚ ¬Ã¢â€š ¬ected babies more susceptible to SIDS. Strategies for threat reduction have assisted to decrease SIDS occurrence by 50–90%. However, to decrease the occurrence even further, greater progr ess must be made in reducing prenatal smoking visibility and applying other recommended baby care methods. Ongoing research is needed to recognize the pathophysiological basis of SIDS. In the UK, present suggestions say that mother and father should choose where their child rests, however, the most secure choice is in a bed or cot in the same space. The researchers discovered that the chance of SIDS was more regular in breast-fed children young than 3 several weeks who distributed the bed with their mother and father, even if the mother and father did not use alcohol, medication, or smoking. Furthermore, the chance of bed-sharing reduced as the child got mature. The most frequent interval for the incident of SIDS was between 7 and 10 several weeks. The writers indicate that a important loss of SIDS worth could be achieved if mother and father did not discuss beds with their children. Article 4 Alcohol as a risk factor for sudden infant death Syndrome SIDS is the unexpected loss of life of an baby young than one year of age. SIDS continues to be mysterious after a thorough case research, such as efficiency of a finish autopsy, evaluation of the loss of life field and evaluation of medical record. The unexpected loss of life of formerly healthy babies is all the more surprising and harmful. Sudden baby loss of life is a terrible occasion for any mother or father Alcohol during maternity is one of the greatest risks to a unborn infant. Consumption can put the mom and unborn infant at threat for several things. For example: miscarriages, stillbirths, early babies, and low-birth-weight babies. When a lady is drinking regularly it boundaries her nutritional consumption that both she and the unborn infant need to develop. Consuming during maternity can also have an impact on baby growth. Alcohol remains in the blood circulation twice as long in a unborn infant than it does in the mom. This can cause the most harm to the unborn infant during the first trimester when body system components and body system parts are developing, such as the mind, center, and anxious system. Scientists discovered those fatalities may result from kids being exposed to alcohol in the uterus and from alcohol-using moms creating dangerous surroundings for the kids after beginning. Previously, studies have tied SIDS to parents smoking and to risky surroundings, but few stu dies have looked at whether alcohol could be involved in some of the fatalities. They in comparison the number of SIDS and baby fatalities that happened in kids of moms with a clinically diagnosed consuming issue, to cases among the kids of moms without a analysis. The researchers discovered that kids created to moms who consumed intensely during maternity had a seven-fold increase in the chance of SIDS, in comparison to kids of moms without a consuming issue. Babies also had a nine-fold increased chance of SIDS when their moms consumed within the year after beginning, in comparison to kids created to moms who didnt drink. The results of this study indicate that expectant mothers alcohol-use problem improves the chance of SIDS and (infant deaths) through immediate effects on the unborn baby and ultimately through ecological risks,† The writers add that past studies suggest children revealed to alcohol in the uterus may have irregularities in the brainstem, which could lead to problems controlling basic body features like respiration.

A Mans Struggle to Heal Himself in Big Two-Hearted River Essays

A Man's Struggle to Heal Himself in Big Two-Hearted River Ernest Hemingway's "Big Two-Hearted River"* is such a rich text that it has probably received more literary critical attention than many novels of several times its length. Hemingway's ardent use of intricate detail and his intentional, calculated use of short, simple sentences help to make "River" a treasure chest of critical ideas and possible interpretations. Historically, much of the criticism of "River" has examined the dark underlying themes of the story, such as the alleged omission of some preceding, devastating event and Nick's wounded spiritual and mental state. These sentences, such as "There was no town, nothing but the rails and the burned-over country," are representative of the abundance of similar language throughout the story and make it easy to understand why many critics focus on dark themes, devastation and mental instability. Without denying or dispelling any of the valid "dark" critiques, I intend to show that "River" may also be easily understood in a more posi tive light as an account of one man's struggle to heal himself by returning to what he knows and loves. The intense detail that abounds within the story makes an easy job for the deconstructionist. The intricate descriptions of Nick's actions are susceptible to deconstructive criticism, as may be seen in James Twitchell's "The Swamp in Hemingway's 'Big Two-Hearted River." Twitchell focuses on the physical improbability of the swamp existing adjacent to the river as it is described in the story. A swamp is an area where the water moves very slowly, if at all; however, Nick describes the river as being lined with boulders, having a pebbly bottom, and "fast moving water" (209). Twitchell po... ... Green, James L. "Symbolic Sentences in 'Big Two-Hearted River.'" Modern Fiction Studies 14 (1968): 307-312. Kyle, Frank B. "Parallel and Complementary Themes in Hemingway's Big Two-Hearted River Stories and 'The Battler.'" Studies in Short Fiction 16 (1979): 295-300. Smith, B.J. "' Big Two-Hearted River:' The Artist and the Art." Studies in Short Fiction 20 (1983): 129-32. Stewart, John F. "Christian Allusions in 'Big Two-Hearted River.'" Studies in Short Fiction 18 (1978): 194-96. Svoboda, Frederic J. "Landscapes Real and Imagined: 'Big Two-Hearted River.'" Hemingway Review 16 (1996): 33-42. Twitchell, James. "The Swamp in Hemingway's 'Big Two-Hearted River.'" Studies in Short Fiction 9 (1972): 275-76. Weeks, Lewis E. Jr. "Two Types of Tension: Art Vs Campcraft in Hemingway's 'Big Two-Hearted River.'" Studies in Short Fiction 11 (1974): 433-34.

How to Change a Flat Tire

You can easily get sucker into paying more than fifty dollars for having a towing company change flat tire for you. Instead, you can save yourself money by doing it yourself. It is a simple process that takes less than half an hour. Most of the tools you need are already in your car. These tools include a Jack, a tire iron, a spare tire, and road flares. The first step is to set up the road flares. Flares are available at most department stores and are a very good idea to carry. Setting flares makes the car more visible, decreasing the chance of an accident while you are changing the tire. To properly set flares, you should have four of them. Take each flare and light it, following the directions on the package. After you light them, lay them on the ground in the following pattern. Lay the first one about fifty feet behind your car, and about four feet from the white line on the side of the road. Set the rest of the flares in a straight line, with the last one being about three feet from the driver’s side rear corner of your car on the white line. This will allow other drivers to see that there is an emergency, and allow them time to merge. The next step is to begin the tire change. To do this you must take the rest of the tools out of your car. The tire iron is probably in the trunk along with the spare tire. The car jack might be in the trunk, or it might be under the hood next to the engine. It depends on what type of car you have. Once you have all of the tools out, find the tire iron. The tire iron in most vehicles is a bent piece of steel flattened on one end, with a socket on the other. Use the flattened end to pry off the hubcap. Then use the socket to loosen all five lug nuts. Do not remove the lug nuts at this time because it will cause the car to fall. Once you loosen the lug nuts, you will begin lifting the car with the jack. There are only four places on the car where you can put the jack. They are close to the tires, and reinforced to hold the weight of the car. There are pictures and written directions on the side of the jack, telling you where to use it. Find the spot where the jack goes, and determine if the ground will support the weight of your car. If it might not, you will want to stick a board, or another hard object under the jack. This will allow you to jack up the car, even in the softest ground. Once the tire is off the ground about four to five inches, remove the lug nuts, and take the tire off. Take your spare tire, line it up with the lug bolts, and slip it on. Put all five lug nuts back on and tighten them as much as possible. It is easier to put the top ones on first, because this will keep the ire from falling off. Lower the car back to the ground, and remove the jack. Tighten the lug nuts as tight as possible. There is a special way to tighten the lug nuts, if you do not do it this way, your tire may be on the hub crooked. After tightening one lug, go directly across to tighten the next one, be sure to re-tighten all of the lug nuts at least four times. This will make your tire go on the hub perfectly straight. Then, put all of the tools away, and put your flat tire in the trunk. Before you go, read the spare tire to see if there is any speed limitations. Some car manufacturers design their spares to travel only at slow speeds. Check your tire for any specific regulations. If you do not abide by speed limitations, the tire could blow out, causing not only damage to the rim, but also possibly body damage to the car. How to Change a Flat Tire Donna Pierce ENG032 G02 02-21-2013 Illustration Essay First Draft Going back to College As a college student, all my fellow students are worried about what they will do for spring break. I, on the other hand, am trying to figure out what to do with my grandchildren. I have been out of school for 28 years. Being back in college is exciting, but it can also be very stressful too. So many things have changed since I was in school. For instance, the subjects are a lot harder than 28 years ago.For example, the math classes with algebra are nothing like the algebra that I learned back in the day. Also, all of our homework has to be done online. We didn’t really use the internet back then. Furthermore, it’s really nice getting to meet new friends that are my age and older. For instance, we all get together and have study groups to try to help each other out. To sum it up, going back to college at an older age has its advantages and disadvantages.The subjects are different to s ome extent, but I just have to work that much harder to understand and learn the internet better. It’s really nice having friends that you can get together with as a study group to help each other understand and try to accomplish our goals. I feel that going back to school will help me learn that it doesn’t matter how old you are, you still can accomplish your goals in life if you put forth the effort.

Maturity Structure Of Firms Assets Liabilities Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4868 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Financial economics had made significant progress in asset management, the coordination between firms cash inflows with cash outflows by matching the maturity of income generated by assets with the maturity of interest incurring debts. People knew little about the maturity structure of firms assets and liabilities, because willingly obtainable and thorough information regarding a firms liabilities and liabilities like commitment were not easy and time overwhelming to gather in our country, while many papers had explained how imbalances in the maturity period of asset and liability structure could be the main reason of currency and financial crises in the emerging markets, the factors that create such imbalances in the first place had established comparatively little attention so far. The agency costs could be reduced if firms issue short-term debt and, thus, were evaluated periodically. Don’t waste time! Our writers will create an original "Maturity Structure Of Firms Assets Liabilities Finance Essay" essay for you Create order Information asymmetry and conflict between shareholders and debt holders could be intensified in transition economies for three reasons: (i) lack of shareholder and creditor protection owing to the imperfect legal system; (ii) the high level of uncertainty enables firms with overdue debt to switch to high-risk assets, which increases flotation and/or transaction costs; and (iii) the ownership structure of companies in emerging markets could create potentially higher agency costs because managers dominate the board of directors and comparatively greater control rights (Harvey, Lins and Roper (2004). Smith and Warner (1979) argued that riskier and smaller companies had higher agency related costs because managers of small companies had mutual interests with the shareholders since they were holding a larger proportion of the equity. The managers were interested in progress of the equity value even it reduced the firms total value. The purpose of the study was to seal the gap of ma turity mismatch between firms assets and liabilities, and theoretically how mismatch might lead to and exacerbated maturity mismatch due to market uncertainty, and how maturity mismatch increased output instability on the non/financial firms. Second, this research provided empirical results that supported the predictions that firms debt maturity had positive impact on maturity of its assets, however little support for firm size and the impact of growth options were inversely related to debt maturity to test these predictions the study made the model which depended on the following variable like debt maturity ratio, asset maturity ratio, market to book value ratio, and firm size. A common recommendation was that firms should compare the maturity period of its assets to that of its long term liabilities. If long term liabilities had less maturity period with respect to assets, then there might not be sufficient cash on hand to pay back the principal when it was outstanding. On the other hand, if debt had a greater maturity period with respect to assets, then cash flows from assets moved toward an end, whereas debt expenses stay outstanding. Maturity matching could lessen these risks and then structure of corporate hedging that decreased predictable expenditure of financial distress. In a related element, Myers (1977) disputed that maturity matching could control agency conflicts between equity holders and debt holder ensured that debt reimbursements were planned to communicate with the reduction in the worth of assets. In a model of this fact, Chang (1989) revealed that maturity matching could reduce organization expenditure of debt financing. Hoven and Mauer (1996) study also revealed well-built support for the standard textbook recommendations that firms should compare the maturity period of their assets to that of their liabilities. Research investigation specified that asset maturity was an important aspect in explaining distinction in debt maturity st ructure. The sample of firms were taken from non/financial firms listed on the Kse-100 index and their financial data consisting from year 2003 to 2008 and those firms were used to analyzed the distinctive financial characteristics. The reasons for choosing non-financial firms, because it played significant role in the economy of this country and the measurement of maturity matching of assets and liabilities and reduction in agency cost would help these firms to avoid risks like liquidation and fluctuation in interest rates. If the period of the maturity of assets was larger than the maturity period of its liabilities, then the maturity structure was at risk to growing interest rates, because the higher maturity period assets were more responsive to interest rates than the lower maturity period liabilities. If interest rates went up then the assets were turned down in value more rapidly than the liabilities. If interest rates remained constant, then there might be a deficit in su pporting the liabilities. One way to diminish this problem was to rebalance the assets such that the maturity period of the assets were equal to the maturity period of the liabilities, then any interest rate had a minor effect on outcome. If in the above case, the asset maturity period was too high, the maturity period must be shortened. This short fall might be achieved by either rebalancing the structure with shorter maturity period assets or by shorting longer maturity period assets, and if the firms debts and debt like obligations were larger than its assets in amount then this mismatch between the maturity period of assets and liabilities could lead it towards liquidation so to keep away from that liquidation the firms should keep up matching between the amount of its assets and liabilities, and companies that had a greater reliance on external finance faced a comparatively weaker agency problem. De Haas and Peeters (2006) agency cost issue could be alleviated by the higher variability of firm value, which could interfere with the firms ability to pay off its obligations. The main advantage that Non-Financial firms listed on KSE-100 Index could acquire from this study was to avoid the mismatch between the maturity period of its assets to that of its debts and the agency cost problem. 1.2 Statement of Problem The objective of this study was to seal the gap of maturity mismatch between firms assets and liabilities, and the importance of agency cost problems, which showed theoretically how mismatch might lead to and exacerbated maturity mismatch due to market uncertainty, and how maturity mismatch increases output instability in the Non-Financial firms listed on KSE-100 Index. The purpose of this study was to observe the debt maturity structure described by Shah and khan (2005); Myers (1977); Titman (1992); Diamond (1991); Barnea, Haugen, and Senbet (1980); Jalilvand and Harris, (1984); Ozkan, 2000, Yi, 2005 and Whited, (1992); Warner (1979); Hoven and Mauer (1996); Barclay and Smith (1995); Barnea, Haugen, and Senbet (1980, 1985); and Hart and Moore (1995) presented the detail regarding the debt maturity structure. The scope of study was to analyze the maturity matching structure between firms assets and liabilities, and agency cost problem. 1.3 Hypotheses H0: There was a positi ve impact of asset maturity on Debt maturity. H1: There was a positive impact of Firm Size on Debt maturity. H2: There was an inverse impact of Market to Book Ratio on Debt maturity. 1.4 Outline of the Study The outline of the study processed as follows. Chapter one based on the introduction of the thesis, which contained introduction about debt maturity structure by different researchers, the statement of problem, and hypotheses etc. Chapter two contained literature review given by different researchers, theories on debt maturity structure, and factors which were directly or indirectly related to debt maturity structure. In chapter three, research methods were described, which contained method of data collection, sampling technique, sample size, research model developed, and statistical technique. Chapter four contained on findings and interpretation of the results. Chapter five contained the conclusion, discussions, implications, recommendations, and future research. Chapter six contained those references of different authors, which were related to this study. CHAPTER 02 LITERATURE REVIEW The literature included two types of theories about the debt maturity structure: agency cost theory, and maturity matching theory. 2.1 Agency Cost Theory Myers (1977) discussed that risky debt financing caused low investment benefits when a firms investment had chances to look for growth option and low investment benefits could be assured by providing short-term debt to mature before the growth options were utilized. The hypothesis was that the firms assets had a greater ratio of growth options in shorter-term debt. Titman (1992) presented that if growing firms had the greater chances of bankruptcy and positive future-outlook then those firms could acquire incentives from borrowing short-term debt. There was an acceptance in the literature that growth (market-to-book ratio of assets) should be inversely correlated to debt maturity in the agency/contracting costs perspective. Hart and Moore (1995) defined the role of long-term debt in controlling managements capability in increasing funds for future projects. It was analyzed that long-term debt may restrict self-interested managers from financing non-profitable investments enta iled a direct variation of long-term debt with market-to-book ratio. Therefore, the relationship between growth options and debt maturity structure had an experimental issue. Diamond (1991) defined liquidity risk as the risk that debtors were lost control rents because creditors do not want to refinance, and therefore they decided to liquidate the firm. Because short-term debt had seen by Diamond as debt that mature before the profits of an investment were received, it was necessary to refinance short-term debt. For firms with high credit worthiness, the liquidity risk was not relevant. A decreased in credit worthiness did not lead to a crunch of credit to the firm. For this reason, firms with a high credit rating were expected to borrow on the short term. For firms with a medium credit rating, the liquidity risk could be important, but they also interested to borrow on the long term. Firms with a low credit rating were therefore forced to borrow on the short term. Barnea, Hau gen, and Senbet (1980) found that organization conflicts, similar to Myerss (1977) underinvestment problem, could be restrained by reducing the maturity of debt. Therefore, smaller firms which faced additional harsh agency conflicts then larger well-maintained firms might use shorter-term debt to mitigate these conflicts. In most cases, the costs of a public debt issue were fixed, and these costs were therefore self-determining of the size of the debt. Because public debt had a longer maturity than private debt, a positive relation between the size of a firm and the maturity of debt was proposed. However, those reasons did not apply to small unlisted firms, because these firms make very little use of public debt. The present study also included leverage and industry affiliation as determinants of debt maturity. Arguably, larger firms had lower asymmetric information and agency problems, higher tangible assets relative to future investment opportunities, and thus, easier access to long-term debt markets. The reasons why small firms were forced to use short-term debt include higher failure rates and the lack of economies of scale in raising long-term public debt. It was further argued that larger firms were tend to use more long-term debt due to firms remaining financial needs (Jalilvand and Harris, 1984). Agency problems (risk shifting, claim dilution) between shareholders and lenders may be particularly severed for small firms. Bondholders attempt to control the risk of lending to small firms by restricting the length of debt maturity. Large (small) firms, thus expected to had more long (short)-term debt in capital structure. Consequently, these arguments implied a positive impact of firm size on debt maturity. It was widely accepted by the current literature that larger firms had lower agency costs of debt (Ozkan, 2000, Yi, 2005 and Whited, 1992), because these larger firms were believed to an easier access to capital markets, and a stronger negotiat ion power. Hence both these arguments favored larger firms for issuing more long-term debt compared to smaller firms. In addition to it Smith and Warner (1979) argued that smaller firms were more likely to face higher agency costs in terms of a conflict of the interest between shareholders and debt holders. Hoven and Mauer (1996) found out only little evidence for the agency cost aspect that debt maturity used to restrict the conflicts of interest between share holders and debt holders. Although smaller firms in the sample used short term debt, findings also suggested that firms with big amounts of growth options small leverage, and hence small to moderate incentive of debt maturity structure to reduced the conflicts of interest above the utilization of those options. Barclay and Smith (1995) tested the determinants of corporate debt maturity hypothesis that firms with greater growth choices in investment opportunity sets issued large amount of short-term debt, study also foun d that firms issue large amount of long-term debt. The findings were robust to surrogate measures of the investment opportunity set, techniques as well which proposed to growth options in the firms investment opportunities be key in discussing both the time-series and cross-sectional fluctuation in the firms maturity structure. Study also supported strong relationship among firm size and debt maturity: superior firms issue a considerably bigger proportion of long-term debt. This was uniformed with the observance that small firms were dependent more heavily on bank debt that traditionally had shorter maturity than public debt. Smaller firms had large growth options, which indicated to employ shorter-term debt to reduce the agency conflicts; these indications assumed debt as uncertain. Though, the capital structure theory suggested that these firms employed moderate amounts of leverage to mitigate the risk of financial loss. As such, firms with low leverage and low chances of finan cial loss would likely be unbiased to employ debt maturity structure to restrict agency conflicts, all other matters remain constant. Agency cost theory also proposed that smaller to medium size firms relatively faced higher agency costs problems because the possible divergence of risk shifting and reducing the concentration between equity holders and managers (Smith and Warner, 1979). To overcome this issue and to control the agency cost short-term debts were recommended Barnea, Haugen, and Senbet (1980, 1985). The large constant flotation cost of constant securities comparative to the small size of the firm had an additional barrier that stops all small firms access to the capital market. Smith (1986) argued that managers of regulated firms had less discretion over investment decisions, which reduced debts agency costs and increased optimal leverage. Shah and khan (2005) evidenced the blended support for the agency cost, study results showed that smaller firms employed more sho rter term debt then longer term debt; even there was no evidence that growing firms employ more of short-term debt as assumed by (Myers, 1977) that debt maturity varied inversely to proxies for firms growth options in investment opportunities, The implication of firm size variable also verify the information asymmetry hypothesis, established it costly to access capital market for long term liabilities. 2.2 Maturity Matching Theory A frequent recommendation in the literature discussed that a firm should compare maturity structure of its assets to that of its debt. Maturity matching could concentrate on these threats and thus a structure of corporate hedging that decreased projected expenses of financial suffering. In a related element, Myers (1977) explained that maturity matching could control agency conflicts between equity holders and debt holders by ensuring that debt repayments had planned to match up with the reduction in the worth of assets in place. At the final stage of an assets life, the firms encountered a reinvestment judgment, concerning to debt that matures at that time assists to restore the suitable investment benefits as soon as new investments were needed. Though, this analysis specified that the maturity of a firms assets did not the only determinant of debt maturity. Growth options also played a vital role as well. Chang (1989) revealed that maturity matching could reduce organization exp enses of debt financing. Stohs and Maurer (1996) and Morris (1976) argued that a firm could face risk that did not cover sufficient cash in case the maturity of the debt had shorter maturity than the maturity of the assets or even vice versa in case the maturity of the debt was greater than asset maturity (the cash flow from assets necessary for the debt repayment terminated). Following these arguments, the maturity matching principle belongs to the determinants of the corporate debt maturity structure. Emery (2001) argued that firms avoid the term premium by matching the maturity of firms liabilities and assets. Hart and Moore (1994) confirmed matching principle by showing that slower asset depreciation signified that longer debt maturity. Therefore, this study expected a positive relationship between debt maturity and asset maturity. Hoven and Mauer (1996) found well-built support for the regular textbook recommendations that firms should compare the maturity period of fi rms liabilities to that of firms assets. Study results were indicating asset maturity a key aspect in discussing instability in debt maturity structure. Shah and khan (2005) found unambiguous support for maturity matching hypothesis. Study findings revealed that the fixed assets varied directly with debt maturity structure. Myers (1977) argued that maturity matching of firm assets and liabilities could also partially serve as a tool for mitigation of the underinvestment problem, which was discussed in the agency costs theory section. Here the maturity matching principle ensured that the debt repayments should be due according to the decrease of the asset worth. Comparing the maturities as an effort to list debt repayments to match up with the decrease in expected worth of assets now in place. Gapenski (1999) differentiated two strategies of maturity matching namely the accounting and financing approach. The accounting approach considered the assets as current and fixed ones and called for the financing of the current assets by short-term liabilities and fixed assets by long-term liabilities and equity. The financing approach considered the assets as permanent and temporary. In these terms the fixed assets were definitely permanent ones and some stable parts of the fluctuating current assets were also taken as permanent. This approach then suggested financing the permanent assets by long-term funds (long-term liabilities and equity) and temporary assets by short-term liabilities. Consequently, the financing approach generally employed ceteris paribus more long-term liabilities than the accounting approach did. The financing approach brought more stable interest costs than the accounting approach; but as the yield curve was usually upward sloped, the financing approach was also more costly. The financing approach versus accounting approach decision making was thus a classical risk return trade-off relationship. In praxis, the corporate commonly favor ed the accounting approach before the finance approach. Based on these maturity matching arguments, balance sheet liquidity implied an impact on the corporate debt maturity structure. Guedes and Opler (1996) stated that the estimation of asset maturity did not appear to be very much between firms, those issued debt (term of one to nine years) and firms that issued debt up to twenty nine years term. But firms that issued debt for greater than thirty years term had assets with significantly long lives. Assumptions expected that firms should compare the maturity of assets and liabilities showed that partially correct. Morris (1976) argued that such a strategy allowed firms to decrease uncertainty both over interest costs over the assets life as well as over the net income those were derived from the assets. (Emery (2001) the higher the term premium, the stronger should be the firms incentive for maturity matching. CHAPTER: 03 RESEARCH METHODS This study mainly focused on the impact of asset maturity, firm size, and market to book ratio on debt maturity structure of Pakistani non-financial firms. According to the Capital Market of Pakistan, this study employed on publicly listed firms on KSE-100 index. Firms were evaluated based on several factors. All the listed non financial firms were taken and following steps were adopted to conduct this study: 3.1 Method of Data Collection Secondary data comprised on non-financial firms listed on KSE-100 Index, collected from the different sources i.e. Karachi Stock Market, Balance sheet analysis report published by State Bank of Pakistan for year 2003-2008. The data comprised on following variables: debt maturity as dependent variable, asset maturity, firm size, and market to book value ratio as independent variables. Debt maturity was measured by dividing debt maturing more than one year to total debt; asset maturity was obtained by dividing fixed assets to depreciation; firm size was takes as natural l og of total assets; market to book value ratio measured as market value of firms assets divided by book value of firms assets. This research had supported the predictions that firms debt maturity had positive impact on maturity of its assets, however little support for firm size and the impact of growth options had inverse impact on debt maturity to test these predictions the study made the model which contained following variable like debt maturity ratio, asset maturity ratio, market to book value ratio, and firm size. 3.2 Research Model Developed Multiple linear regression models were used in this study such as all variables were scale variables. One dependent and three independent variables were used. This study mainly focused on impact of independent variables on dependant variable. To satisfy the regression normality assumption study used transformation on dependant variable and two independent variables, which ultimately gave the simple linear models as described below Sqrt of DEBTMAT = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + Ln of ASSETMAT (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ Sqrt of DEBTMAT = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± + + SIZE (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ Sqrt of DEBTMAT = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± Ln of MV/BV (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²1) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ Where: Sqrt of DEBTMAT was transformation of firms debt maturity (Debt maturing more than one year / Total debt) Ln of ASSETMAT was firms asset maturity transformed (Fixed Assets / Depreciation) SIZE was firm size (Log (natural) of total assets) Ln of MV/BV was firms market-to-book ratio transformed (Market value of firms assets / Book value of firms assets)  µ was error term ÃÆ'Ã… ½Ãƒâ€šÃ‚ ± was the Constant 3.3 Sample Size Non-financial firms varied from each other on the basis of their capital formation. This research eliminated all those non-financial firms which had some inconsistencies in their financial data. Sample of 58 firms were used from non-financial firms listed on the Kse-100index 3.4 Sampling Technique Procedure Non-financial companies listed on the KSE-100 index selected for the purpose of conducting this research study. 3.5 Statistical Technique After collecting the data from the selected population, it was analyzed by using SPSS software to study the impact of dependent variable (sqrt_Debt Maturity) on independent variables (ln_asset maturity, firm size, and ln_market to book ratio). The statistical technique Multiple Linear Regression was used to classify the variables that impact the debt maturity. CHAPTER: 04 RESULTS 4.1 Findings and Interpretation of the results: 4.1.1 Correlations Matrix sqrt_dema ln_assmt Size ln_mkttobv sqrt_dema Pearson Correlation Sig. (2-tailed) N 1 39 0.530 0.001 39 0.155 0.346 39 -0.232 0.162 38 ln_assmt Pearson Correlation Sig. (2-tailed) N 0.530 0.001 39 1 58 -0.123 0.359 58 -0.267 0.049 55 Size Pearson Correlation Sig. (2-tailed) N 0.155 0.346 39 -0.123 0.359 58 1 58 0.047 0.734 55 ln_mkttobv Pearson Correlation Sig. (2-tailed) N -0.232 0.162 38 -0.267 0.049 55 0.047 0.734 55 1 55Table 4.1.1 measured linear association between dependent variable and independent variables. In this study the correlation coefficient for sqrt_dema (dependent variable) and ln_assmt (independent variable) was 0.530; this indicated that these were positively correlated but not strongly correlated. The significance level was 0.001 which was very low significance; low significance indicated that sqrt_dema and ln_assmt were significant and linearly correlated. The correlation coefficient of sqrt_dema with firm size was 0.155; which showed that sqrt_dema and firm size were positively correlated but not strongly correlated. The significance level had relatively large 0.346 so the correlation was not significant and the debt maturity and firm size were not linearly related, and the correlation coefficient of sqrt_dema with ln_mkttobv was -0.232; which showed that debt maturity and market to book ratio were inversely correlated but not strongly correlated. The significance level had relatively large 0.162 so the correlation was not significant and the debt maturity and market to book ratio were not linearly related. TABLE 4.1.2: MODEL SUMMARY FOR DEBT MATURITY Model R R Square Adjusted R Square 1 0.624 0.389 0.336 Table 4.1.2 displays R; R squared, and adjusted R squared. R, the multiple correlation coefficients, was the correlation between the observed and predicted values of the dependent variable. Larger value of R indicated stronger relationships. R squared showed the percentage of deviation in the dependent variable explained by the regression model. Small values specified that the model did not in shape with the data well. To satisfy the regression normality assumption study used transformation on dependant variable and two independent variables to make the data normally distributed. It shows that 38.9 % variation in dependent variable (square root of debt maturity) was due to independent variables (log of asset maturity, firm size, and log of market to book value ratio). Table 4.1.3 summarized the results of an analysis of variance. In this model the value of the F statistic was less than 0.05, thus the independent variables did a fine work to clarif y the deviation in the dependent variable. TABLE 4.1.3: ANOVA FOR DEBT MATURITY Model Sum of Squares df Mean Square F Sig. 1 Regression .592 3 .197 7.228 .001* Residual .928 34 .027 Total 1.520 37 Table 4.1.4 developed the model in which square root of debt maturity was the dependant variable and the independent variables were log of asset maturity, firm size, and log of market to book ratio,  µ was the error term. TABLE 4.1.4: COEFFICIENT FOR DEBT MATURITY Model 1 Unstandardized Coefficients Collinearity Statistics B t Sig VIF (Constant) -0.733 -2.434 0.020 ln_assmt 0.266 4.063 0.000 1.055 Firm size 0.041 2.097 0.043 1.048 ln_mkttobv -0.055 -1.311 0.198 1.045 Sqrt_dema = -0.733 + 0.266*ln_assmt +  µ Sqrt_dema = -0.733 + 0.041* Size +  µ Sqrt_dema = -0.733 0.055*ln_mkttobv +  µ Debt maturity was significant and positively related to asset maturity in this model and if it changed by 1 unit then asset maturity increased by 0.266 this result supported by (Hart and Moore 1994), (Shah and khan 2005), and (Myers 1977). Firm size was significant but showed mixed positive support for debt maturity in this model and it increased by 0.041; this was supported by (Myers 1977), (Hoven and Mauer 1996), (Barnea, Haugen, and Senbet 1980); and growth options (market to book value ratio) was insignificant in this model and inversely related to debt maturity, and it decreased by 0.055; this result was consistent w ith results of (Diamond 1991), (Titman 1992), (Myers 1977), and (Barclay and Smith 1995 ). 4.2 Hypotheses assessment summary The hypotheses of the study were distinctive financial characteristics and which had a significant impact on debt maturity structure. These financial characteristics were asset maturity, firm size, and market to book value ratio. In this study each the financial characteristic tested and concluded the results. TABLE 4.2.1 : Hypotheses Assessment Summary S.NO. Hypotheses R Square Coefficients Sig. 0.05 RESULT H1 There was a positive impact of asset maturity on Debt maturity. 0.389 0.266 0.000 Accepted H2 There was a positive impact of Firm Size on Debt maturity. 0.389 0.041 0.043 Accepted H3 There was an inverse impact of Market to Book Ratio on Debt maturity. 0.389 -0.055 0.198 Accepted This study contained research hypotheses which were, debt maturity had a positive impact on asset maturity supported by (Hart and Moore 1994), (Shah and khan 2005), and (Myers 1977), debt maturity had a positive impact on firm size supported by (Myers 1977), (Hoven and Mauer 1996), (Barnea, Haugen, and Senbet 1980); debt maturity had a inverse impact on growth options (market to book value ratio) supported by (Diamond 1991), (Titman 1992), (Myers 1977), and (Barclay and Smith 1995). CHAPTER 05 DISCUSSIONS, IMPLICATIONS, FUTURE RESEARCH AND CONCLUSIONS In this study, multiple linear regression analysis exercised to examine data collected from listed Pakistani non-financial firms for period 2003-08. Regression analysis used to measure the long term debt employed by non-financial firms. Debt maturity had taken as a dependent variable in this study where as asset maturity, firm size, and market to book value ratio were independent variables to measure their effect on debt maturity structure. 5.1 Conclusion This study concluded that the most important variables were debt maturity, and asset maturity. According to this study, these variables were most important in the prediction/ anticipation of maturity structure of firms asset and liabilities. According to this study, asset maturity played important part for the model to predict the debt maturity structure. Asset maturity was positively impacted by debt maturity. This study confirmed matching principle by showing that slower asset depreciation resulted in longer debt maturity. These results were also supported by Hart and Moore (1994). Firm size was also one of the important variables for this study, this study found out only little evidence for the agency cost aspect that debt maturity used to restrict the conflicts of interest between share holders and debt holders, these results were matching with the study conducted by Hoven and Mauer (1996). These results were varied in various countries, because there had been dissimilarity in environments and circumstances. Though firms made decision accordingly, it also showed that smaller firms employed shorter term debt then longer term debt, which was consistent with the results of Shah and khan (2005). There was an acceptance that growth (market-to-book ratio of assets) should be inversely correlated to debt maturity in the agency/contracting costs perspective in this research, which was supported by Titman (1992). 5.2 Discussion All variables were considered to be in line with the literature, however, based on regression coefficients shown by many variables along with dependency problem, the final model comprised of independent variables; asset maturity, and firm size had significant value of less than 0.05 which suggests that these variables had significant impact on the debt maturity of non-financial firms listed on KSE-100 index. On the other hand, results also revealed that market to book value ratio had significant value greater than 0.05 therefore it might not necessarily lead to an impact on non-financial firms listed on KSE-100 index. 5.3 Implications and Recommendations This research was limited to the non-financial companies listed on KSE-100 index. The data had taken from 58 non-financial firms for the year 2003-08. It was suggested that such type of study should be carried out in other countries of Asia as well, as to comprehensive idea about the debt maturity structure. Moreover, it also suggested that other factors except ones examined in this study should be researched as to perfect idea about the debt maturity structure. Besides that, this study could also be replicated in other developing countries. CHAPTER 06 REFRENCES