15 research outputs found
Presence of Day-of-the-Week Effect in the Karachi Stock Market
Full text linkThis study investigates the day-of-the week (DOW) effect and volatility in Karachi Stock Exchange (KSE), from 2009-2013, using all four indices in the exchange. The objective is to assess the reliability of the four indices working at KSE, from investor perspective of portfolio and risk management of KSE. By using OLS and autoregressive technique with lagged value of returns the study shows Tuesday and Thursday effect in case of KSE-100 and KSE-all share respectively. No DOW effect in KSE-30 and in KMI-30 indices found. This is in favour of the free-floating concept of shares in these indices. The GARCH (1,1) technique with student’s t distribution revealed highly persistent volatility in KSE-100 index, comparatively less persistent shocks in KSE-all share and KSE-30 index and a rapid decay in KMI-30. Keywords: Day-of-the-week effect; KSE-100 index; KSE-30 index; KMI-30 index; KSE-all share index; GARCH (1,1
Economic Growth- Female Labour Supply Nexus: A Dynamic U-Shaped Perspective for Pakistan
Full text linkThe developing and fast growing economy of Pakistan is going through the process of structural and demographic change. Hence, the contemporary pattern of economic growth demands both males and females to contribute in the labour market activities. Therefore, the idea of the study revolves around the fact that improvement in economic conditions of women would motivate them to participate in the labour market. The prime concern of the study is to investigate a U-shaped dynamic nexus between variables of economic growth and female labour supply in the context of Pakistan for the time span of 1990-2017. The study has employed the dynamic perspective through employing the ARDL technique. This specific method has assessed to trace out both long and short run relationship between core variables. It is conclude that the U-shaped dynamic association between economic growth and female labour supply is prominent for the economy of Pakistan. Considering the findings of the study, a few doable policy recommendations are also recommended. Keywords: Economic development, female labour supply, U-shaped hypothesis, dynamic analysis, ARDL. DOI: 10.7176/JESD/10-8-07 Publication date: April 30th 201
Relationship among Economic Growth and other Macroeconomic Variables: A Study of Pakistan
Full text linkThis study is investigating the short run and long run relationship among major macroeconomic variables and economic growth for the economy of Pakistan during 2000 - 2015. Autoregressive distributed lag (ARDL) model and bounds test have been applied to estimate the short run and long run relationship between GDP and other major macroeconomic variables like, labour force, rate of capital formation, money supply, inflation rate, trade rate, foreign direct investment (FDI) and unemployment. ARDL model indicates significant relationship between labour force, FDI and unemployment economic growth, in the long run, at 1% and 5% level. Keywords: Macroeconomic variables; capital formation; money supply; inflation; trade; FDI; unemployment; economic growth; ARDL model. JEL Code: O1; O4; F43. DOI: 10.7176/JRDM/54-07 Publication date: April 30th 201
Association of work-life balance and job satisfaction in commercial pilots: a case study of Pakistan
Full text linkThe premise of this research was to investigate the state of work-life balance in commercial pilots of Pakistan. The objective was to investigate the impact of family-work conflict and work-family conflicts on job satisfaction. This study focused on commercial pilots of Pakistan that are currently employed by the four commercial aviation organizations of Pakistan. The sampling method utilized will be convenience sampling specifically focusing on chief pilots, captains and first officers who are flying commercially. The research was conducted on 192 pilots. It was concluded that Family-work conflict results in a higher level of job satisfaction, Work-family conflict leads to a lower level of job satisfaction and amid family-work conflict and work-family conflict; Work-Family conflict has a stronger correlation with job satisfaction
Import-Led Growth Hypothesis: A Case Study of Pakistan
Full text linkIn 2017, Pakistan has imported amounted $57 billion worth of goods from world which shows significant role of import in domestic consumption. However; most of the imports are capital goods and petroleum products which increased the trade deficit and debts. . Moreover, imports are used to run the production processes in the economy. Hence, it can be said that imports are valuable to increase growth which is the objective of this study. We have investigated the import and economic growth nexus by taking data from 1985 to 2016 for Pakistan. Growth rate has been taken as dependent variable whereas; import, export FDI and inflation rate are independent variables. After finding the stationary of the time series, ARDL technique for dynamic perspective in short and long run. We have successfully tested the imports-led growth hypothesis in Pakistan. The finding of the study proves the there is more significant role of import for determining GDP growth than exports due to the largest share of raw material, intermediate manufacturing and capital goods in imports. Although more imports will results in a greater balance of payment deficits however, import of capital and intermediate goods should be encouraged and imports consumer goods should be discouraged. Moreover, tariff rate on imported goods and border tariff should also be reduced whilst and direction of trade should be more diversified and inclusive from North America to Eastern and Western Asia. Keywords: Import led growth, Export, Foreign Direct Investment, Economic Growth, ARDL DOI: 10.7176/JESD/10-8-04 Publication date: April 30th 201
Variance Ratio Test in Pakistani Stock Market
Full text linkThis study is an attempt to investigate the evidence of random walk on KSE-100, KSE-30, all-share index, KMI-30 from Pakistan stock exchange (PSX) and 40 independent firms from randomly selected for the period from January 01, 2009 to August 31, 2014 by using the conventional Lo and Mackinlay (1988). Both positive and negative autocorrelation is found in the return series of indices and individual stocks. KSE-100 shows negative autocorrelation, KSE-all and KMI-30 are positively autocorrelated. Large number of firms have found to possess negative correlation and profits are earned by mean reversion trend. For KSE-30 and for 10 other firms the null hypothesis of random walk cannot be rejected revealing unpredictability in KSE-30. Therefore, it is concluded that large investors earn profits by over-reaction and small investors by trend-chasing in the market where possible. Keywords: Variance ratio test, Pakistan stock exchange; random walk DOI: 10.7176/EJBM/11-9-11 Publication date:March 31st 201
Waste Management System in Karachi as an Environmental and Health Hazard
Full text linkPresent research is an attempt to describe the problem of waste management of Karachi and its possible impact as a health hazardous issue in the city. The study mainly focuses on the issues of solid waste management in the sampled areas of Defence Housing Authority (DHA) Karachi and Cantonment Board Clifton (CBC). A poll result shows that the sewerage management is comparatively better than the other areas. However, additional and adequate waste management measures to overcome some problems faced in solid as well as effluent disposal. Conditions in the waste management system can be improved if all the concerned departments worked on a policy of mutual co-operation and co-ordination. This will not only ensure healthier and efficient system but also provide incentive for improvement to areas other than the sampled area. Keywords: Solid Waste Management, Clifton Cantonment Board, Environmental Decency, General Welfare. DOI: 10.7176/PPAR/9-4-07 Publication date: April 30th 201
The Impact of US Aid on the Attitudes of Educated Youth of Pakistan
Full text linkPakistan is one of the countries which have been economically well aided by the US for a long time. A survey conducted in 2012 by Pew Research Center’s on the Pakistani people’s attitude towards the US, reveals that majority of the Pakistanis have antipathies against US. This research aimed to explore the opinions of Pakistani educated youth about the significance of US economic aid for Pakistan and the extent of their likeness for the residents of US and its policies towards region, specifically towards Pakistan especially after the incidence of 9/11. The data was collected with the help of a structured questionnaire by interviewing 300 university students over 18 years of age from various public and private sector universities in Karachi. This research shows that most of the respondents of the survey answered the US economic aid to their country is significant and helpful, differently from the result of the above Pew Research Center’s 2012 survey. Furthermore, half of them showed their likeness towards people of US and their policies to support Pakistan in alleviating poverty and for the economic development of their country. This situation shows that the young and well educated generation has more positive attitudes towards the US than the general population in Pakistan. Nonetheless, more than half of the respondents considered the reason the US has increased its economic aid to their country since 9/11 is not for Pakistan but for its engagement in ‘counter-terrorism in Afghanistan’. The study concludes the signs of correlation between the US aid to Pakistan and likeness of Pakistani youth towards the people of US. This result has the important implication on the future relationship between US and Pakistan. DOI: 10.7176/DCS/9-4-11 Publication date: April 30th 201
Prevalence of Stunted Growth in Pakistan: A Socio-economic Phenomenon.
Full text linkThis study attempts to examine the relationship between the stunted growth with socioeconomic variables such as growth rate, fiscal expenditures on health and education, level female education and poverty level for the last two decades. In a developing country like Pakistan where the prevalence of stunted growth is nearly 50%, that is around fifty percent of the children under the age of five are suffering from malnutrition and the expenditures on health is approximately 2.5% of the GDP, it is expected to have a significant relationship between the expenditures on health and stunted growth. Similarly, the female education rate is expected to have significant impact on the malnutrition of a child under-5 years of age. Pearson correlation estimates will be used to investigate the relationship; along with the multivariate regression analysis will be employed to measure the association, between the variables. The study finds the female education, poor living conditions and poverty as significant variables associated with stunted growth. Managing and controlling factors such as preventative healthcare focus on female adult education, access to clean drinking water and poverty alleviation, should be used to influence levels of stunting, in light of Pakistan Key Words: Stunted growth; Poverty; Female literacy rate; Pearson correlation test DOI: 10.7176/PPAR/9-4-10 Publication date: April 30th 201
Nexus Between Human Capital, Technology and Economic Growth: The Role of Stages of Economic Development in Asian Countries
No full textThis paper explores the effect of human capital and technology on economic growth in Asian countries while considering economic development. The paper expands the Solow Growth model by further incorporating the import of machinery and equipment reflecting total factor productivity. Panel data for 30 Asian countries has been used over 1995-2015. Due to the endogeneity problem in human capital and other variables, the System Generalized Method of Moment (GMM) is used to address this problem. Empirical results reveal that human capital and technology have increased economic growth in the total sample of Asian countries. Furthermore, the sample has been disaggregated into high-income (HI) and low-income (LI) Asian countries. Our findings determine that human capital and technology are reflecting a positive and statistically significant role in enhancing economic growth in both samples of countries. However, the magnitude of the impact is high in HI Asian countries relative to LI Asian countries, respectively. When the import of machinery and equipment are replaced with patents, a positive and insignificant results are obtained for LI countries because these countries have lacked legal systems, but a positive and statistically significant relationship is observed for HI Asian countries
