Monetary Policy Announcements and Market Interest Rates in Pakistan: An Event Study Approach.

The objective of this paper is to analyse the impact of monetary policy (MP) announcements on market interest rates at different nine maturities (1/Week, 2/Week, 1/Month, 3/Months, 6/Months, 9/Months, 1/Year, 2/Years and 3/Years) in Pakistan. The Event window of 11 days and an estimation window of 250 days have been used for analysis. The study did not find significant evidence of ARCH effect in market interest rates at (1/Year, 2/Years and 3/Years) maturities. However, there is evidence of significant abnormal returns which shows a positive impact of monetary policy announcements on market interest rates at different nine maturities. Keywords: Monetary Policy, Market Interest Rates, Normal Rates, Abnormal Rates, GARCH, ARIM

Momentum Effect: Empirical Evidence from Karachi Stock Exchange

Capital market efficiency and the prediction of future stock prices are the most thought-provoking and ferociously debated areas in finance. The followers of traditional financial theory strongly believe that the markets are efficient in pricing the financial instruments. This view became popular after Fama’s work on the Efficient Market Hypothesis. But before 1990s, wide-ranging financial literature documented that stock prices, to some extent, are predictable. Many psychologists, economist and the journalists are of the view that general tendency of individuals is to overreact to the information. De Bondt and Thaler (1985) studies this view of experimental psychology that whether such behaviour matters at the market level or not. They found out that stock prices will overreact to information, and suggested that contrarian strategies buy the past losers and sell the past winners, earn abnormal returns. They extended the holding period from 3 to 5 years and provide the evidence of long term returns reversal. Jegadeesh (1990) and Lehmann (1990) supported the evidence of return reversal in short term, i.e. from one week to one month. They suggested that the contrarian strategies having holding period of one week to one month earned the significant abnormal return. Lo and Mac Kinalay (1990) objected on the ground that a major portion of this abnormal return, reported by Jegadeesh (1990) and Lehmann (1990), is due to the delayed reaction of stock prices to common factors rather than to overreaction. Some other researchers pointed out some other reasons of this abnormal stock returns i.e. short-term pressure on stock prices and absence of liquidity in the market rather than overreaction

IDENTIFICATION OF BASIC HEALTH INFORMATION AND KNOWLEDGE AT HIGH SCHOOLS IN SWAT RURAL AREAS (A WAY TOWARD VEBH MODEL IMPLEMENTATION)

Common diseases mostly occur due to lack of basic health information and knowledge to public at large. Therefore, basic health information and knowledge is very much important to reduce the outbreaks of different diseases especially in rural communities which is possible through proper education. Education is a natural and an inborn part of any community or society. High quality and healthy volunteers can be generated in a society by right education with full support of any kind of facility.The objective of this paper is to gather and identify information and knowledge about basic health from students and teachers. In this paper, first we study current basic health (information & knowledge) situation of teachers and students in high schools of District Swat (70% mountain rural areas and 30% urban areas), Khyber Pakhtunkhwa Pakistan. Secondly, find out the willingness of high school teachers and students for basic health information and knowledge using information communication technology (ICT) i.e. through a proposed “Virtual Education for Basic Health (VEBH)†model at high school level. For this purpose a pilot research survey was conducted in seven tehsils of district Swat which contained 119 high schools, including 77 male high schools and 42 female high schools.The respondents are willing to learn basic health information and knowledge through virtual and commented that it will be better for rural mountainous areas of Swat especially for female health. VEBH model will make the students aware about common diseases and ensure future healthy society. &nbsp

Risk Management in Banks: A Descriptive Study

Banking, though integral part of an economy, is the most volatile business because of the commodity it deals in changes value with variation in its circulation. Money value in the market, at times, is determined by its quantity, but the number of transactions carried out with money is of equal importance. Rarely, it happens that the quantity alone affects its purchasing power. The value of money is thus a function of both the supply and demand which together determines the trend of prices in the market. The supply of money results from the credit decision of banking industry as a whole which generally takes into account the market scenario depicting future economic activities and safety of banks funds. No doubt the scope of market mostly depends upon the availability of finances yet the market stability ultimately helps in credit expansion by promoting optimism and growth opportunities in the economy. This paper will discuss the various elements of risks which render the money market more volatile and will suggest preventive measure to minimize the chances of Loss so that the flow of credit may continue unhindered

Foreign Direct Investment and Economic Growth in Pakistan

After World War II newly emerged nations inspired by industrialized countries of western world embarked upon economic development projects. Poverty ridden peoples of these countries had suffered at the hands of developed nations and they were anxious about adopting measures which could help alleviate poverty and bring socio-economic wellbeing. This urge compelled them to borrow from industrially advanced countries to gear up their development programs. Borrowing and then repaying with interest put them in a dangerous whirlpool of debt trap. Because with meager income they could not save to pay off their debts, therefore, outstanding amounts went on multiplying and many countries were afraid to be listed as defaulters. They were constrained to find out an alternate source of finances which could provide sufficient funds for initiating and completing development schemes. Thus, foreign direct investment was the only source which could help in not only implementing their planned development projects but also encouraged to undertake additional schemes of development and increase their gross domestic product growth rate. This paper discusses the circumstances which led to rely on foreign direct investment instead of borrowing from external sources. It also throws light on importance of foreign direct investment amidst other sources of financing

Problems of Small and Medium Enterprises in Khyber Pakhtunkhwa

The role of SMEs in the economic development of any economy can hardly be over emphasized. In developing country like Pakistan SMEs is the major sector of employment. The SMEs in a province like Khyber Pakhtunkhwa attains moreimportance because of its rich mineral potential, irrigated agricultural land with very hard working labor force and entrepreneurial talents. In spite of these natural blessings out of a total 2222 SMEs there are more than 330 units which have been closed their business for one reason or the other. The failure or slow growth of SMEs in the province warrants intensive study for finding out the root cause and suggest/recommend/ measures which can help revive and rejuvenate the existing SMEs and also pave way for expansion in this vital sector of the economy. This study focuses on the existing situation of SMEs in province, identifies problems confronted by the SMEs and on the basis of first-hand information collected through a questionnaire makes recommendations for improving the situation

Food Waste Reduction in Oslo’ Restaurants: an approach toward Sustainability

Mastergradsoppgave i innovasjon, med fordypning i organisasjon og ledelseIn the current era, the climate change and environmental sustainability are the most challenging issues and objectives. For this purpose, the sustainable development is required to combat climate change and to adapt environmental sustainability. So, organizational and businesses innovations for sustainable development can contribute in this battle. There is so much research which has already been done on the organizational innovations for sustainable development but, there is not much literature regarding businesses innovations to achieve sustainability especially in the restaurants businesses for the management and reduction of food wastage. The reduction of food waste in restaurants is very important to contribute to sustainable development in order to overcome climate change and environmental issues because; food waste has diverse negative environmental, social and economical consequences. This thesis aims are to understand and find that, what are the reasons behind the food wastage in the restaurants of Oslo and making strategies and finding out the practices through which the restaurants of Oslo can reduce the food wastage if they implement those strategies and practices. There are ten interviews from ten different restaurants conducted for this thesis. The data collected through the semi-structured interviews provide the insight into the current state of food waste sources and thinking attitudes regarding food waste of the owners and management of the restaurants. Although, all the restaurants implement some kind of practices and processes at a certain level to reduce the food waste in their respective businesses but it varies among the restaurants due to the knowledge and awareness of the owners and top management about the food waste’s impacts on the environment, society and economy. Polishing the professional and managerial abilities of the owners and management of the restaurants and educating them, making legislations and granting funds for food waste management at government level, staff training working in the kitchens in restaurants and making them aware and responsible for environment and society are the main factors that can trigger the processes for food waste reduction in restaurants

Analysis of Inconsistent Routing Components in Reactive Routing Protocols

In reactive routing protocols, additional routing information is often collected to reduce the response time and the overhead of the future routing demands. However, these protocols do not have any mechanism to refresh this routing information and soon it become obsolete. Therefore, routing components based on this prior-to-demand collected information are not consistent with the reactive nature of the protocol. In this work, we have identified such inconsistent components in AODV routing protocol and have analyzed their effect. Our simulation based analysis has revealed that the presence and use of stale routing information degrades the protocol performance. However, if the dependency of protocol operations on this obsolete information is reduced, the protocol performs better in terms of overhead and packet delivery ratio

Frequency of Congenital Heart Disease in Patients with Down Syndrome

OBJECTIVES Frequency of congenital heart disease in patients with Down syndrome.METHODOLOGY This study was conducted in Hayatabad Medical Complex, Peshawar from 10th May 2021 to 9th November 2021. A total of 377 patients of age 1 to 10 years and both gender were included in the study. Those with already diagnosed cases of congenital heart disease and dysmorphic features other than Down syndrome were excluded from the study. All patients were undergone echocardiography and patient with PDA, VSD, ASD, ASVSD, and TOF were labeled as having congenital heart diseases.RESULTSMean age was 5.96 ±1.954, Males were 176 (46.7%) while females were 201 (53.3%), Mean birth weight was 3.45 ± 0.801 kg, Mean age of the mother was 38.25 ± 6.797 years, Congenital heart diseases were present in 157 (41.6%) of the patient while it was not present in 220 (58.4%) of patients, there was no association between congenital heart disease and age of mother, age of the child, sex of child or weight of the child (P >0.05).CONCLUSIONCongenital heart disease is very common in patients with Down syndrome. It is recommended that at the time of diagnosis of this disease, the patient should be screened for congenital heart disease