Sarhad University of Science & Information Technology (SUIT), Peshawar: E-Journals
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Studying the Behavior of Growth and Value Stocks in Pakistan Through Portfolios
Get PDFThis research is basically focused on finding evidence for the dynamic behavior of value and growth stocks over a timeline. The study also focuses on the convergence of these two categories because of the mean reversion pattern in their profitability and expected returns. The purpose of this research is to find evidence from the Pakistani stock market that Price to Book ratios of growth and stock prices follow a mean reversion pattern. Over pricing of growth stocks and under-pricing of value stocks take place which is followed by a correction and thus resulting in higher returns for value stocks and their PB ratio increases. While the price to book ratios of growth stocks decrease because of lower than expected returns. So this study tries to find an empirical evidence for this phenomenon. The population for this study consists of all listed companies in Karachi Stock Exchange (KSE) which remain listed from 2004 to 2008.The sample size was 94 companies. This research uses arithmetic means for trendanalysis and extreme values disturb the arithmetic means and consequently theanalysis. Secondary data have been used for this research. As mentioned above, the data of 96 companies useful in finding price to book ratios like book value of equity, number of fully paid ordinary shares outstanding and weekly market share prices have been used from 2004 to 2008. Other data has been extracted from the financial statements of companies while weekly share prices have been collected from Karachi Stock Exchange data websites. The data have been used for the period 2004-08. The results of the model (1) showed that there is a positive and significant relationship between “our growth portfolio†and “market growth portfolioâ€, while the results of model (2) showed that there is positive significant impact of “market value portfolio†on “our value portfolioâ€
TOURISM DEMAND FUNCTION FOR PAKISTAN
Get PDFTourism is a good contributor to the services sector as well as the overall economic growth of a country. With the help of Auto Regressive Distributed Lag (ARDL) model this study attempts to estimate the tourism demand function in context of Pakistan and to explore, why tourism is not flourishing in Pakistan. Time series data were used for the duration of 26 years ranging from1984 to 2010. The study analyzes the prevailing law and order situation, internal and external conflicts and the ethnic tensions prevailing in the country impacts the tourism demand negatively whereas a better socioeconomic condition are favorable for the international tourism. Exchange rate that captures the prices factor have negative contribution in the demand function whereas, the income of the tourist has statistically significant positive impact on demand for tourism in both the short and long run
PRINCIPALS’ STRATEGIES FOR CURRICULUM IMPLEMENTATION AT SECONDARY LEVEL
Get PDFThis paper provides an insight on the strategies adopted by principals in the implementation of curriculum at secondary level. The objectives of the study were to find out the impact of strategies adopted by principals and identifying the gaps acting as potential hampers in managing the implementationof curriculum. For this purpose, a close ended questionnaire with 5 points Likert scale was designed and the entire population was taken as sample of the study. The collected data were treated with Chi–square statistics. The results revealed that the principals were not accompanied with the curricular materials, physical and financial facilities and least training regarding the application of strategies for implementation of curriculum were provided. The recommendation like provision of formal training to strengthen the academics, development of organizational commitment amongthe employer and employees were made
The Macroeconomic Impact of Budget Deï¬cit in Pakistan (1980-2014); A Time Series Analysis
No full textThe aim of the present analysis is to examine the long and short run relationshipbetween budget deï¬cit (BD) and other macroeconomic variables like realeconomic growth (Y) and real investment (RINV). The dynamic interactions arestudied through Granger causality test (VAR approach)as well as with the help ofautoregressive lag model approach to co-integration. The analysis is carried outfrom the year 1980-2014. The ï¬ndings show that there is unilateral causalityfrom real economic growth (Y) to budget deï¬cit (BD) and investment (RINV) tobudget deï¬cit (BD). An ARDL approach to Cointegration conï¬rms the long andshort run co- ntegration between economic growthand budget deï¬cit at 5% levelof signiï¬cance. There is also co-integration between budget deï¬cit andinvestment at the same level of signiï¬cance in the short run but in long run ARDL approach conï¬rms Cointegration between budget deï¬cit and investment at 10 % level of signiï¬cance only. The result shows that the budget deï¬cit hampered economic growth and investment negatively both in short and long run
Estimation of Laffer Curve: Evidence from Pakistan
Get PDFLaffer curve is a tradeoff between tax cuts and tax revenues. The sketch of Laffer curve was drawn by Arther Laffer at a dinner with his friends on his napkin that reduction in taxes will increase tax revenues. Lafer curve explained that lower tax rate could encourage an additional output and it would increase income, which builds bigger tax base in an economy. In this research we have estimated the Laffer curve on the basis of Taxes on goods and services for Pakistan economy for the period of 1990 to 2016. Time series data have been collected from the world economic data base. Results explained that all the variables are significant and signs of coefficients are in accordance with the theory. Results confirm that Laffer curve is alive in Pakistan economy but its existence is in the prohibited area of Laffer curve. It is suggested that plans of taxation should be modified in such a way that maximum number of people could bring under the tax brackets. The taxation structure of the economy should ensure to lower the indirect taxes, encourage the progressive taxes and elasticity of taxation should be increased. The pattern of taxation should be encouraged after introducing some sort of incentives such as relief in the income tax and higher bank deposit rates should be realize
Execution of Artificial Intelligence Approach in Human Resource Management Functions: Benefits and Challenges in Pakistan
Get PDFArtificial intelligence has a theatrical effect on management of the workforce in the future. This paper has highlighted the benefits and challenges to adoption of artificial intelligence approach in human resource management functions in Pakistan. Artificial intelligence-based human resource applications have robust potential to increase employee performance, engagement & retention while it also helps to reduce turnover, errors, time & biases in HR decision making. Artificial Intelligence needs to be incorporated by the organization in Pakistan for effective people management and HR decisions. Reluctance to the adoption of artificial intelligence in human resource management functions can demonstrate the devastating effect on the overall growth of the organization; thus, human resource leaders should prepare and train the human resource for the adoption of artificial intelligence & also address the concerns regarding man & machine interactions at the workplace. Yet, artificial intelligence cannot substitute the human element in human resource management, although if artificial intelligence united with capabilities of a human, would fetch on more intelligent solutions for HR. Hence, in today’s world, artificial intelligence is a formula for the success of HR
IMPORTANCE OF COMMUNICATION IN PROJECT MANAGEMENT: A CASE STUDY OF COMMUNICATION & WORKS DEPARTMENT PESHAWAR.
Get PDFProject management is a growing concept in public and private organizations of Pakistan. There are many obstacles in way of a successful project completion. The problem of Communication is of great importance in project management. A qualitative investigation was used to explore the importance of communication in project management. The interviews were conducted to explore the phenomena of communication among the ten project team members of Communications & Work department Peshawar. The data were collected and analyzed. The results shows that communication plays an important role in project management. Communication combines and coordinates different areas of project management phases. The findings of the study also illustrate that the communication skills of project managers and team members has a great impact on the project completion and its succes
Participatory Development and its Impact on Poverty, Vulnerability and Social Exclusion in Baluchistan
Get PDFThis paper evaluates the impacts of Baluchistan Area development program in terms of reduction of rural poverty, vulnerability and social exclusion in the selected regions of Baluchistan (Pakistan). Using the participatory approach, both quantitative and qualitative data were collected by impact surveys. Then they were categorized and analyzed by applying descriptive ordinal scale technique in such a way as to reach the distributional impact. The key ï¬ndings conï¬rm durability and relevancy of some interventions for effective reducing of poverty; vulnerability and social exclusion but some were found less effective in the context of study. Basic physical infrastructure in social sector such as water supplies, dames, water channels were found more productive putting the positive effect on the well-being of beneï¬ciaries. Positive linkage in thereduction of poverty, vulnerability and social exclusion was found with different degrees of impact on different segments of population. Finally, the study concludes program\u27s overall temporary positive impact on above three correlated concepts of poverty. But has found it insigniï¬cant for durable development as such suggests measures to strengthen the impact of certain interventions by getting them more innovative through strong and viable community organizations
Impact of Macroeconomic Variables on Foreign Direct Investment in Pakistan: Time Series Analysis for The Period (1990 – 2015)
Get PDFIn the modern world no one can deny the importance of the foreign direct investment (FDI) due to diversity in demand for goods, no country can be self-sufficient in production or technological growth. Pakistan is also one of these countries which need continuous inflow of FDI in order to maintain its economic growth rate. The most significant determinants of foreign direct investment in Pakistan are exchange rate depreciation, inflation rate, unemployment rate, and average taxes imposed on the economy. Time series data from the year 1990 to 2015 was used to analyze the relationship between the FDI and the chosen independent variables. For the purpose multiple regression was used to statistically examine the relationships amongst the variables. The main findings of the study were unemployment has extremely strong relationship with FDI inflows, if unemployment increases by one percent, the FDI will increase by 32 percent. Average tax rate has positive but insignificance relationship. Similarly, an insignificant relationship was observed between inflation and FDI duringthe study period. Thus, the study suggests that the government should keep strict vigilance on the exchange rate depreciation, unemployment rates, taxes imposed on the economy
CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL PERFORMANCE OF THE FIRMS IN CEMENT AND SUGAR INDUSTRIES OF PAKISTAN
Get PDFThis research examines the impact of firm capital structure and liquidity on the financial performance of sugar and cement sector firms in Pakistan. The study used the secondary data of 30 firms randomly selected for the period 2005 to 2017. The data was analyzed through statistical tools like correlation and regression. The results revealed that the capital structure proxies have a negative correlation with financial performance proxies of these sector firms.The results indicated that debts to equity ratio and the fund capital ratio has a negative insignificant impact however the debts ratio and Funded debts ratio were found having a negative significant impact on the financial proxies of these selected firms. The results indicated a positive correlation of the liquidity with the financial performance of these firms. The results demonstrating positive effect of current and quick ratios on the financial performance proxies of these firms. The study has some meaningful insights for the financial managers and decision makers of these firms