Market Forces (Journal of Management, Business and Economics, College of Management Science, PAF-KIET)
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Get PDFThis series reports data, on Pakistan’s major export commodities and their destinations. In this issue we present data on the top 20 major products exported to the United Kingdom and Hong Kong. Wel also report data on Hosiery and Cotton Yarn exports by Pakistan
Conference on Building Trust In Investment Banks
Get PDF“ For the past couple of years the investment banking industry has been shrinking and the current scenario calls for combined efforts by the regulators and the industry itself to take measures for improving the situationâ€
INTERVIEW* AIR CDRE. (RETD) JAMAL HUSSAIN DIRECTOR CENTRE FOR AEROSPACE POWER STUDIES PAF BASE, FAISALINTERVIEW* AIR CDRE. (RETD) JAMAL HUSSAIN DIRECTOR CENTRE FOR AEROSPACE POWER STUDIES PAF BASE, FAISAL
No full textRecent wars have shown that air power plays a cardinal role in modern warfare. Do you envisage any change in the defence strategy of Pakistan in view of the space-increasing role of air power
CHERLY BENARD : DEMOCRATIC ISLAM NEW YORK. THE RAND. CROP AND THE FREE PRESS 2004
Get PDFThe post 9/11 era has made the western thinking elite take Islam seriously. An effort is being made to understand Islamic values and ideals and to discover some similarities of icleals. This it is hoped, would pave the way for the West to put its own meanings into the epistemological heritage of Islam. Post modernism, in the last century, has already made it impossible to accept Western ideals, values and culture as universal, or rational. Why should Western civilization be considered as superior?. No answer can be given to this question except that the West has such military power that it can enforce its values and culture on the world. This exercise of hard power can clearly be observed in Afghanistan and Iraq. It would however be a grave mistake to use hard power where soft power could suffice and it makes sense to develop strategies for ‘friends among foes’. This is where Cheryl Benard comes in
CORPORATE GOVERNANCE: ISSUES AND CONCERNS
Get PDFThis conference was organized by the Institute of Business Administration—Karachi in January 2005 and attracted wide interest. It covered a broad range of themes. These included regulatory procedures and methodologies, measurement of corporate governance and corporate governance structures and practices in capital market in financial institutions and within the public sector. Issues related to corporate sector responsibility were also discussed
STOCK RETURNS BEHAVIOR AND LINKAGES: AN EMPIRICAL INVESTIGATION
Get PDFThe primary objective of this study is to examine the behavior and linkages of stock price indices and stock returns of different sectors with each other as well as with the market rate of return on the Karachi stock Exchange. We compute descriptive statistics and the correlation coefficients for stock price indices and return indices over a span of about 10 years, which is divided into two sub periods. Our findings suggest that all the said industry indices are modestly volatile relative to the market index during both the examined periods. During the second sub period, the weekly average rates of return for nine out of the eighteen industry indices as well as for the KSE-100 index are significantly greater than zero. This finding implies that an investor can get a positive return on averageby trading of stocks. In addition to this, our results provide evidence that the Pakistani stock market may go up gradually but goes down sharply. Finally, we found that there is weaker short-run co-movement among the rates of return of the examined industry indices relatively during the second sub period. This finding suggests that an investor may hedge his/her loss by investing in more than one industry stock
Ten Major Managerial Misconceptions about IT Implementation and the Computerization Process
No full textFailure of computerization projects and projects involving information technology is not a rare occurrence (to put it euphemistically). Studies have indicated that typically over 60% of I.T projects fail (Mac lead 1995). In Pakistan, several organizations have gone through a similar experience of projects that failed to deliver the promised results; projects that were abandoned halfway through or projects completed but never used by intended end-users. This paper is based on lessons learned from case studies and focuses on managerial lack of understanding about information technology and the process of computerization
IMPACT OF TRADE OPENNESS ON OUTPUT GROWTH FOR PAKISTAN: AN EMPIRICAL INVESTIGATION
Get PDFThe relationship between trade openness and growth is a highly debated topic. The empirical literature shows that trade openness or liberalization affects output growth. Most of the studies have concluded that the openness of the trade regime has positive relation with GDP growth [Ahmed, Yusuf and Anoruo Emmanuel (2000), Edwards, S., (1998), Edwards, S., (1992), Harrison, A., (1996), Iscan, Talan (1998), Santos Paulino (2002), Wacziarg R., (2001), Yanikkaya Halit (2003)].Pakistan has gradually liberalized its trade regime specially after 1988, when the government accepted the first IMF Structural Adjustment Program. After 1995, this policy gained greater momentum and WTO related compliances have induced Pakistan to reduce import duties and eliminate various subsidies.In this paper we analyze the impact of trade liberalization policy on GDP growth of Pakistan for the period ranging from 1972 to 2002. This paper consists of five sections. The next section reviews the empirical literature on trade openness. Section - 3 describes the model and data sources. Section - 4 reports the estimation results. Final section - 5 concludes the paper
HYPERVELOCITY MISSILES FOR DEFENCE
Get PDFThe paper reviews the history of technical development in the field of hypervelocity missiles. It highlights the fact that the development of anti-ballistic systems in USA, Russia, France, UK, Sweden, and Israel is moving toward the final deployment stage; that USA and Israel are trying to sell PAC 2 and Arrow 2 to India; and that India’s Agni and Prithvi missiles have improved their accuracy, with assistance from Russia. Consequently, the paper proposes enhanced effort for development in Pakistan of a basic hypersonic tactical missile, with 300 KM range, 500 KG payload, and multi-role capability. The author argues that a system, developed within the country, at the existing or upgraded facilities, will not violate MTCR restrictions, and would greatly enhance the country’s defense capability. Furthermore, it would provide high technology jobs to Pakistani citizens. The paper reinforces the idea by suggesting that evolution in the field of aviation and electronics favors the development of ballistic, cruise and guided missile technologies; and that flight time of short and intermediate range missiles is so short that its interception is virtually impossible
THE WORLD BANK’S STRATEGY FOR REINSTITUTIONALIZING THE POST COLONIAL STATE: AN ASSESSMENT
Get PDFSustaining globalization as a world order requires a restructuring of the state and its relationship to capital. Capitalist order and ‘optimal’ institutions are not produced as the unintended consequences of the interaction of free agents, as Hayek and some other self styled neo Smithians believe. The World Bank has been a relatively early convert to this new institutionalism and has sought to graft a political economy which combines insights of institutional and neo classical economics. Its 2002/2003 World Development Report sets out essential changes in the institutional structure of post colonial states required for their subordinate integration within the order of global capital.The Report does not however identify the political agency for creating and sustaining this “required†institutional restructuring. This paper argues that neither donor authorities nor their client regimes possess the political legitimacy or the political legitimacy or the political resources to effectively restructure the postcolonial state. The postcolonial state can therefore be transformed into a site for resisting subordinated incorporation within the order of global capital.This paper is divided into four parts. It begins by setting out the state institutional restructuring strategy presented in the 2002/2003. World Development Report, Part Two raises the question: can the hegemon, other metropolitan states or imperialist international organizations effectively impose this form of institutional restructuring on the post colonial state? Part Three assesses the ideological and political capabilities of client regimes for achieving enhanced legitimacy and effectiveness through this form of institutional restructuring. We conclude that donor authorities and client regimes will not succeed in effectively integrating the post colonial state within the order of global capital and that this failure has the potential to create a crisis for the post colonial state and for the global project as a whole