1,720,962 research outputs found
The Determinants of Mutual Funds Success in Pakistan
No full textTujuan utama dari penelitian ini adalah untuk mengetahui faktor penentu keberhasilan reksa dana di
Pakistan. Penelitian ini memanfaatkan teknik sampling yang mudah digunakan & data dikumpulkan
dari laporan manajer dana, laporan tahunan & dari CDCPL. Ukuran sampel penelitian ini dilonggarkan
ke enam Perusahaan Manajemen Aset (AMC) dari total 20 untuk periode 2013 hingga 2017. Kami
menerapkan uji akar unit untuk menemukan sifat data dan memeriksa variasi kinerja bersama variabel
oleh Hausmen Teknik. Selain itu, kami menggambarkan hubungan antara variabel dependen dan
independen dengan bantuan Model Koefisien Konstan. Disimpulkan bahwa pengembalian yang disesuaikan
dengan risiko, struktur manajemen & rasio beban memiliki dampak yang signifikan terhadap ukuran
dana dari AMC?S Pakistan terpilih. Namun, nilai aset bersih ditemukan berhubungan negatif dengan
ukuran dana. Penelitian ini akan membantu investor, AMC dan badan pengatur untuk memahami
dinamika reksadana di Pakistan
Is Bankruptcy Risk a Systematic Risk? Evidence from Pakistan Stock Exchange
No full textThis study empirically investigates the relationship between default risk and cross-section of stock returns in the Pakistan Stock Exchange (PSX). Stock price data from all listed and delisted companies use to calculate monthly returns from 2001-2016. Ohlson's O-score is employed to measure exposure of firm to systematic deviation within bankruptcy risk. Besides, asset-pricing models like the Capital Asset Pricing Model (CAPM) and Fama French (FF) models are employed. Portfolios are sorted in deciles by default probability. This result finds that stocks of firms significantly exposed to not diversified Default Risk yield higher returns. Besides that, the FF models explain cross-sectional stock returns since factors incorporate information on financial distress and default. After that, the book-to-market equity factor is not significant in elucidating returns of distressed firms because of market inefficiency. Results have practical implications for portfolio managers and investors of an emerging economy in developing diversified portfolios during periods of uncertainty and market volatility
Monetary Policy and Financial Asset Prices: Empirical Evidence from Pakistan
No full textMekanisme transmisi moneter diasumsikan sangat dipengaruhi oleh pengaruh keputusan kebijakan di
pasar keuangan. Namun, berbagai penelitian sebelumnya telah menghasilkan hasil yang berbeda. Tujuan
dari penelitian ini adalah untuk menguji dampak kebijakan moneter terhadap berbagai kelas aset (saham
dan obligasi) di Pakistan. Untuk mempelajari dampak ini, harga saham dan imbal hasil obligasi telah
diambil sebagai variabel dependen dan tingkat diskonto, jumlah uang beredar, inflasi dan nilai tukar
merupakan variabel bebas. Data semua variabel telah dikumpulkan dari teknik 2010 sampai 2016 dan
Vector Autoregressive (VAR) telah diterapkan. Hasil empiris menunjukkan bahwa ada penurunan harga
saham dan imbal hasil obligasi. Temuan penelitian ini akan membantu calon investor dalam membuat
strategi investasi jangka panjang (secara umum) dan jangka pendek (khususnya) sehubungan dengan
kebijakan monete
Value Investment Strategies and Asset Pricing: A Case of Pakistan Stock Exchange (PSX)
No full textThe Capital Asset Pricing Model (CAPM) measures only a linear relationship between the Risk and the Return. However, market dynamics and anomalies calls for understanding the relationship in between risk and return from non-linear perspective. Thus, current study explores an opportunity to study asset value anomalies by Constructing Decile Portfolio for the period starting from 2001 to 2018 with 900 firms listed. GMM (Generalized method of moment and Wald test are applied to see the robustness of results. For further analysis, Risk Adjusted CAPM, Fama French 3 Factor (FF3) and 5 Factor (FF5) are applied. Empirical results indicate that value effect and debt to equity ratio are essential factors and genuinely explain what CAPM fails to explain. The findings from the study recommend that investing in High value and high leverage firm will generate abnormal returns to investors. Taking long position in high value firm and short position in low value firms and same with debt to equity anomaly. The results will help financial analyst develop investment strategies for well diversified and efficient portfolios. These results can also be helpful to financial firm and security analyst in the financial market where they can take appropriate capital budget decisions while investing
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Consumer’s Preference and Awareness: Comparative Analysis between Conventional and Islamic Ijarah Auto Financing in Pakistan
No full textA healthy banking industry plays a vital role in the economic stability, and banks success depends on its products. Therefore, this study aims at cognizing the consumer’s preference and awareness of Islamic Ijarah over the conventional lease in Pakistan. This research used regression as tools of analysis. The findings indicate that convenience is the prime determinant for preference of Ijarah over the lease. Moreover, all other factors except religion also support in the motivate selection of Islamic banking products. Therefore, it can be concluded that in Pakistan, religion is not the only fact motivates individuals to prefer Ijarah. Based on findings, it is recommended to relevant stakeholders to create more awareness among masses about Ijarah and to further ease out policies in order to harness optimum benefit.DOI: 10.15408/aiq.v10i2.710
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