Pakistan Journal of Commerce and Social Sciences (ISSN 1997-8553)
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Efficiency of South Asian Capital Markets An Empirical Analysis
Get PDFIn recent years, especially in the aftermath of the global financial meltdown, the performance of South Asia capital markets has attracted the attention of the researchers and investors across the globe. The resilient shown provides the impetus to examine the efficient market hypothesis in these markets. It is with this backdrop, this paper is an attempt to test the weak form efficiency of select South Asian capital markets (India, Sri Lanka, Pakistan, Bangladesh, and Mauritius) over the sample period spanning from January 2005 to October 2010. The application of unit root test provides the evidence that these markets are not weak form efficient which has both positive and negative implications. On the one hand, such inefficiency disturbs the allocation of national resources for development projects, and on the other hand, provides incentives for creation of innovative financial products thereby making the markets move towards efficiency in the long run
Impact of Democratic/Non-Democratic Regimes on Foreign Direct Investment in Pakistan: Pre and Post September 11, 2001 Scenarios
Get PDFIn this study the impact of democratic and non-democratic regime (pre and post September 11, 2001seenarios) on foreign direct investment in Pakistan have been investigated using quarterly data over the period of 1976Q1 to 2006Q4. Stepwise regression, Box-Jenkins methodologies have been applied initially then GARCH-type models are used to counter the problems of auto-correlation and ARCH effect and to model the conditional variance of FDI. It is found that foreign direct investment in Pakistan mainly depends upon on the past trends, as higher order auto-regressive terms are statistically significant. It has also been observed that the volatility shocks are quite persistent and take a long time to die out. September 11, 2001incident and thereafter war on terror has increased the conditional volatility of foreign direct investment and has statistically significant impact while FDI was not volatile before the September, 11, 2001. CPI plays a significant role to decrease conditional volatility. One interesting finding of this study is that the impact of Non-Democratic regime before September, 11 scenario is statistically significant and severely bad on foreign direct investment but with the inclusion of observations of post September, 11 the variable becomes insignificant
Effects of Exports Instability on Economic Growth in SAARC Region Countries
Get PDFThis study analyzed the hypothesis that export instability affects the economic growth for SAARC region countries (Pakistan, India, Sri-Lanka and Nepal) by using neoclassical aggregate production with export and export instability as the additional variables. The Augmented Dickey Fuller (ADF) and Johansson Cointegration tests are used to test stationarity for all variables and cointegration respectively. The results of these tests demonstrate that all variables are non-stationary at levels but stationary at their first difference and co integrated of order I(1). Export instability has deleterious effects for these four countries on economic growth and its magnitude is higher for Sri Lanka economy. The exports and investment has positive and significant effects on economic growth for all countries except the Nepalese economy where export has negative but insignificant effect on its economic growth.
The most important policy implications for these countries are that they should diversify their exports horizontally and liberalize their foreign exchange markets and capital accounts to control the instability in exports
Inter-Relationship between Profitability, Growth and Size: A Case of Non-Financial Companies from Pakistan
Get PDFThe purpose of this paper is to provide an in-depth description of the inter relationship between firm size, growth, and profitability of non-financial companies listed at Karachi stock exchange. The study is based on the sample of 70 (seventy) non-financial companies listed at Karachi Stock Exchange of Pakistan, selected on the basis of their market capitalization. Panel data techniques were employed using 700 observations of each of the variables of study; size (log natural of total assets), growth (sustainable growth rate for firm) and profitability (return on assets). Observations are collected for ten years (2001-2010). The study concluded that there is study reveals that all the profitability has strong positive relationship with the growth of the firm; however size has less significant and negative impact on the profitability. One suggestion for further research would be to replicate the study in order to get more cases. Furthermore, it would be valuable to take a more long-term focus to examine the described relationships in the long run. The paper highlights the importance of these measures which are generally used for performance evaluation. Paper sets out the criteria that under which situations the company should focus which of the measure, so that company may derive its strategies on that way. This paper improves our preferences about the three major measures of the firm. Moreover, it contributes to the literature of financial management that how these three measures have trade-off between them
The Influence of Manto and Maupassant on Social Life
Get PDFLiterature is expression and interpretation of life. The Realism of life is exhibited in the literary masterpieces of the writers who understand life and possess enough courage to express it in their creative writings. This is quite befitting for French writer Guy De Maupassant and Urdu writer Saadat Hassan Manto. They, through their world famous short stories, put a great impact on world literature. Their special field is Realism. They painted life as it appeared to them. They were blamed for vulgarity and resultantly suffered for that matter. The researchers and critics have acknowledged their love for humanity and their superiority as writers and as trend setters
An Examination of Malaysia\u27s Structural Breaks Vis-À-Vis Japan and the USA
No full textThis paper primarily examines whether Malaysia has had experienced any structural breaks in comparison with its main two trading partners, namely the USA and Japan in 1970s, 1980s, 1990s and 2000s. It also discusses the implications of such structural breaks to Malaysia’s economic globalization at the international level. Using some econometric and statistical tools such as the ADF test, transformed lag equation, Chow Breakpoint test, and CUSUM test, the study reveals that only at 1% level of significance income ratio of Japan and Malaysia has had experienced structural breaks in terms of GDP during the periods 1980s, 1990s, and 2000s. In respect of GNI, the study reveals that only at 5% level of significance their income ratio has had experienced structural breaks during these periods. The study further reveals that income ratio of the USA and Malaysia does not have any structural break both in respect of GNI and GDP
Testing the Weak Form Efficiency of Karachi Stock Exchange
Get PDFIn an efficient market, share prices reflect all available information. The study of efficient market hypothesis helps to take right decisions related to investments. In this research, weak form efficiency has been tested of Karachi Stock Exchange—KSE covering the period of 2nd November 1991 to 2nd November 2011. Descriptive statistics indicated the absence of weak form efficiency while results of non-parametric tests, showed consistency as well. We employed non-parametric tests were KS Goodness-of-Fit test, run test and autocorrelation test to find out serial independency of the data. Results prove that KSE is not weak-form-efficient. This happens because KSE is an emerging market and there, it has been observed that information take time to be processed. Thus it can be said that technical analysis may be applied to gain abnormal returns
A Study of Relationship between Leader Behaviors and Subordinate Job Expectancies: A Path-Goal Approach
Get PDFThis study investigates relationship between leader behavior (directive, supportive, participative and achievement-oriented) of corporate managers and subordinates’ job expectancies using House (1974) Path-goal model of leadership. The results reveal that leader behavior affects subordinates’ job expectancies. The situational factors (task structure, role ambiguity, stress, need for autonomy, locus of control, need for achievement and perception about abilities) affect subordinates’ job expectancies (I&II). While subordinates’ attributes/characteristics (age, gender, qualification, rank, experience and length of service under the current supervisor) do not affect job expectancies (I&II) except for rank/position and expectancy-II.
Path goal theory predicts that directive leader behavior will be more effective for the subordinates with high need for achievement because directive leader through clarifying path guides subordinates. Similarly, participative leader behavior is also effective as he consults with subordinates in setting, clarifying and achieving goals. The results of this study reveal that there is an inverse relationship between subordinates’ job expectancy (I&II). According to Yukl (2006), for subordinates with high need for autonomy, participative leader behavior will increase the intrinsic valence of work
The Financial Performance and Corporate Governance Disclosure: A Study in the Annual Reports of Listed Companies of Bangladesh
Get PDFThis research aims to test empirically the relationship between the Financial Performances (Profitability) and the level of Corporate Governance Disclosure (CGD) by the listed non-financial companies in Bangladesh. Data are taken from annual reports of the listed companies in the 2007. This paper is based on a sample of 94 listed companies and Used OLS as a method of estimation. The extent of corporate governance disclosure level is measured using 40 items of information and financial performance (profitability) is measured by return on assets (ROA). Using an unweighted approach for measuring corporate governance disclosure, this approach is most appropriate when no importance is given to any specific user-groups. After establishing the disclosure index, a scoring sheet was developed to assess the extent of corporate governance disclosures. The result shows that the level of Corporate Governance Disclosure (CGD) is positively correlated with the Financial Performances (Profitability).The study provides empirical evidence to policy makers and regulators in South Asia
Comments on Estimating Income Variances by Probability Sampling: A Case Study by Shah and Aleem
Get PDFIn this article, we wish to write comments on recently published article “Shah, A.A. and Aleem, M. (2010). Estimating income variances by probability sampling: a case study. Pakistan Journal of Commerce and Social Sciences, 4(2), 194-201”, which suggest improvement as well as criticism on the paper and also contribute effectively towards journal repute and ranking