Is Pakistan Stock Market Moving Towards Weak Form Efficiency Evidence From The Karachi Stock Exchange And The Random Walk Nature Of Free Float Of Shares Of Kse 30 Index
Download Is Pakistan Stock Market Moving Towards Weak Form Efficiency Evidence From The Karachi Stock Exchange And The Random Walk Nature Of Free Float Of Shares Of Kse 30 Index full books in PDF, epub, and Kindle. Read online free Is Pakistan Stock Market Moving Towards Weak Form Efficiency Evidence From The Karachi Stock Exchange And The Random Walk Nature Of Free Float Of Shares Of Kse 30 Index ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
| Author | : Ushna Akber |
| Publisher | : |
| Total Pages | : 43 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
In this study, we have attempted to seek evidence for weak-form of market efficiency for KSE 100 Index because over the last five years KSE 100 Index has shown substantial growth as compared to other emerging stock markets. Index returns have been studied from 1st January, 1992 to 30th April, 2013. For further analysis, return series has been divided into sub-periods. The paper has made use of primarily Non-Parametric tests as well as parametric tests. For further analysis, Runs test has also been run on 20 companies return series for comparison purpose with the results of index return series. In addition, from KSE 30 Index, 20 companies return series based on the free-float of shares have also been analyzed through Runs test to check if increase in numbers of floating shares does increase the randomness in return series or not. To our knowledge, this paper is the first one on KSE 100 Index to study the overall time frame of return series of KSE 100 Index of 22 years with the several random walk and weak-form efficiency tests to ensure the consistency of results; and to compare the results of runs test of index return series with the results of runs test on companies return series from KSE 100 and KSE 30 Indexes. Overall KSE 100 Index has been found to be weak-form inefficient, but unlike other studies, our study illustrates how the last 4 years have shown some signs of efficiency. Companies return series from KSE 30 Index are found to be more random than companies return series from KSE100 Index.
| Author | : Awais Ur Rehman |
| Publisher | : |
| Total Pages | : 12 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
The study aims to test the semi strong form of market efficiency by analyzing the reaction of Pakistani stock market to natural disaster and terrorism effects. This study is unique and special in its nature as this is the first kind of study on natural disasters and terrorism effects on stock market of Pakistan. This paper is based on event study, taking the data of KSE-100 index on daily basis from 2005 to 2010 comprising of two natural disasters and five major terrorist attacks in the country, and their impact on the Karachi Stock Exchange. Calculations were based on before and after the event, then by calculating the cumulative average returns and abnormal returns, results were calculated. The article shows that the market is efficient in the context of terrorist attacks, while in case of natural disaster market is inefficient.
| Author | : Asad Ali |
| Publisher | : |
| Total Pages | : 34 |
| Release | : 2019 |
| Genre | : |
| ISBN | : |
This study examines the valuation, liquidity, volatility, and efficiency before and after the integration of Islamabad Stock Exchange (ISE) and Lahore Stock Exchange (LSE) with Karachi Stock Exchange (KSE) to form the Pakistan Stock Exchange (PSX). The firm level daily data is analyzed to determine the effects of regulatory change. Based on regression analyses, results indicate mixed evidence for different market measures following the integration of domestic bourses. However, the post-integration period in Pakistan is fraught with political turmoil and weak economic indicators. Thus any improvement that is hypothesized following the merger is offset by poor economic and political factors.
| Author | : Hamid Ullah |
| Publisher | : |
| Total Pages | : 14 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
This paper has investigated the Efficient Market Hypothesis (EMH) through the concept of lead-lag relationship of the future market prices and spot market prices in the context of Pakistani stock market. The study has used data of randomly selected one hundred and forty firms listed on the Karachi Stock Exchange from January 1995 to March 2012. Spot and future indices were developed from the closing prices through the Price-Weighted index method. First stationarity of the data was checked through Augmented-Dicky Fuller test; then GARCH (1,1) model was estimated for both the spot and future index returns in order to investigate the volatility in either of the index. The results of GARCH (1, 1) suggest that the impact of the previous day volatility in both the spot and future index has impact on the current day volatility. The future market price volatility has more prominent role to explain the spot market prices as compared to that of the explanatory power of the future market prices based on the spot market prices. Therefore, it is concluded based on the GARCH (1,1) there exists lead-lag relationship between the future and spot index where future market leads the spot market. Granger casualty test has been used to triangulate the results of GARCH (1,1) model. The results showed that future market Granger causes the spot market while the spot market does not Granger causes the future market. Thus, it can be concluded that it is the future market prices that lead the spot market prices and thus there exist a Lead-Lag relationship between the future and spot market prices in Karachi Stock Exchange and one can predict changes in spot market price based on the changes in the future market price. Moreover, these empirical results support the view that it's the future market where information is created about the security prices and then it disseminates to the spot market.
| Author | : Zamir Iqbal |
| Publisher | : John Wiley & Sons |
| Total Pages | : 318 |
| Release | : 2011-08-24 |
| Genre | : Business & Economics |
| ISBN | : 0470828110 |
The first book to offer comprehensive coverage of Islamic finance and banking and its applications to the rest of the world, now fully revised and updated The ongoing international financial crisis has reignited debate over the development of a risk-sharing financial system, such as that required in Shariah Law. An Introduction to Islamic Finance: Theory and Practice, Second Edition highlights the core principles of risk sharing in Islam, arguing that a risk-sharing financial system is exactly what we need to promote greater financial stability. Providing comprehensive coverage of the fundamental theory behind Islamic finance and banking, according to the core concepts of Shariah law, authors Zamir Iqbal and Abbas Mirakhor clearly explain the distinct features of an Islamic financial system and how it compares with traditional financial models. Addressing the myriad important developments that have taken place in recent years, this second edition looks to the future, addressing emerging issues sure to influence future developments in Islamic finance. Explores the unique features of an Islamic financial system, how they compare to more traditional financial systems, and how they could improve them Discusses all the most recent developments and emerging issues in Islamic finance Updated with the latest developments, trends, innovations, and statistics, this new edition features additional chapters on the financial crisis, globalization, non-bank financial institutions, and recent developments in Takaful (Islamic insurance) The first edition of An Introduction to Islamic Finance established the book as the market leader, and this newly revised and updated second edition incorporates the most recent developments in this booming financial sector, including financial stability, globalization, and non-banking financial institutions.
| Author | : Rim Jallouli |
| Publisher | : Springer Nature |
| Total Pages | : 413 |
| Release | : 2019-09-20 |
| Genre | : Computers |
| ISBN | : 303030874X |
This book constitutes the refereed proceedings of the 4th International Conference on Digital Economy, ICDEc 2019, held in Beirut, Lebanon, in April 2019. The conference was founded in 2016 to discuss innovative research and projects related to the support role of Information System Technologies in the digital transformation process, business innovation and e-commerce. The 31 papers presented in this volume were carefully reviewed and selected from 89 submissions. The theme of ICDEc 2019 was “Digital Economy: Emerging Technologies and Business Innovation”. The papers were organized in topical sections named: digital transformation; e-finance; social media communication; intelligent systems; e-commerce and business analytics; e-learning and cloud education; e-commerce and digital economy; data science; digital marketing; and digital business model.
| Author | : Cassar, Brendan |
| Publisher | : UNESCO Publishing |
| Total Pages | : 252 |
| Release | : 2015-12-31 |
| Genre | : Afghanistan |
| ISBN | : 9231000640 |
| Author | : Dil Muhammad Akbar Hussain |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 469 |
| Release | : 2008-11-14 |
| Genre | : Science |
| ISBN | : 3540898530 |
The international multi-topic conference IMTIC 2008 was held in Pakistan during April 11–12, 2008. It was a joint venture between Mehran University, Jamshoro, Sindh and Aalborg University, Esbjerg, Denmark. Apart from the two-day main event, two workshops were also held: the Workshop on Creating Social Semantic Web 2.0 Information Spaces and the Workshop on Wireless Sensor Networks. Two hundred participants registered for the main conference from 24 countries and 43 papers were presented; the two workshops had overwhelming support and over 400 delegates registered. IMTIC 2008 served as a platform for international scientists and the engineering community in general, and in particular for local scientists and the engineering c- munity to share and cooperate in various fields of interest. The topics presented had a reasonable balance between theory and practice in multidisciplinary topics. The c- ference also had excellent topics covered by the keynote speeches keeping in view the local requirements, which served as a stimulus for students as well as experienced participants. The Program Committee and various other committees were experts in their areas and each paper went through a double-blind peer review process. The c- ference received 135 submissions of which only 46 papers were selected for presen- tion: an acceptance rate of 34%.
| Author | : Anastasios G. E. T. Al MALLIARIS |
| Publisher | : World Scientific |
| Total Pages | : 844 |
| Release | : 2015-08-06 |
| Genre | : Business & Economics |
| ISBN | : 9814566926 |
"The World Scientific Handbook of Futures Markets serves as a definitive source for comprehensive and accessible information in futures markets. The emphasis is on the unique characteristics of futures markets that make them worthy of a special volume. In our judgment, futures markets are currently undergoing remarkable changes as trading is shifting from open outcry to electronic and as the traditional functions of hedging and speculation are extended to include futures as an alternative investment vehicle in traditional portfolios. The unique feature of this volume is the selection of five classic papers that lay the foundations of the futures markets and the invitation to the leading academics who do work in the area to write critical surveys in a dozen important topics."--$cProvided by publisher.
| Author | : Greg N. Gregoriou |
| Publisher | : CRC Press |
| Total Pages | : 654 |
| Release | : 2009-04-08 |
| Genre | : Business & Economics |
| ISBN | : 1420099558 |
Up-to-Date Research Sheds New Light on This Area Taking into account the ongoing worldwide financial crisis, Stock Market Volatility provides insight to better understand volatility in various stock markets. This timely volume is one of the first to draw on a range of international authorities who offer their expertise on market volatility in devel
