Portfolio Management And Disposition Effect Empirical Evidence From Pakistan.

Kahneman and Tversky’s approach to preference under uncertainty is aversion to loss realization. This paper is an attempt to highlight this phenomenon with a unique approach. In order to beat the market fund managers are required to manage their portfolio at regular intervals. The tendency to sell the winners too early and ride the losers for long “disposition effect” can affect the Management decision of fund managers. This paper investigates the mediating role of disposition effect between mental accounting, aversion to regret, self control and portfolio Management. For this purpose we use the extended version of Shefrin and Statman framework and include Dyl’s tax consideration. In order to provide empirical evidence survey has been conducted from mutual fund managers.  CFA and Cronbach’s alpha is used to test the reliability of the instrument. AMOS tool is used to test the structure equation model for disposition effect and portfolio Management. Results confirmed that disposition effect plays significant role of mediator between mental accounting, aversion to regret, self control and portfolio Management. However tax consideration has direct loading on forward Management. It means that disposition effect plays significant role in decisions of fund managers; however investors are aware of tax consideration

Partnerships to improve access and quality of public transport - a case report: Faisalabad, Pakistan

This book presents findings from project R7786 Partnerships to improve access and quality of urban public transport for the urban poor carried out by the authors as part of the Knowledge and Research (KaR) programme of the Infrastructure and Urban Development Department, Department for International Development (DFID) of the British Government. The purpose of the project was to identify, explore, and document critical issues in the provision of transport services for and in low-income settlements in developing countries. The identified issues can be used at policy and operational levels to provide better transport services to low-income communities in urban areas. In the research methodology, a sustainable livelihoods framework was used to set the research framework. Faisalabad has 1,977,246 residents at the time of the most recent census in 1998, and it is likely that the population is now well in excess of 2 million. The traffic growth rate was 4.25 per cent in 1991, and that growth rate is likely to be maintained. Public transport availability varies strongly according to the nature of the community, but has not grown at the same rate as the work force. 60 per cent of the city's population live in 'colonies', which are planned developments recognised and accepted by the council. The remainder live in 'Katchi abadies' (houses developed in an unplanned manner and illegally occupied by squatters) or slums consisting of poor people who have moved to the edge of the city in the hope of finding work or education

Influence of Lifestyle and Cultural Values on Impulse Buying Behavior

The aim of research is to analyze the influence of life styles and cultural values on the impulse buying behavior of Pakistani university students and professionals in different organizations.  For collection of data, survey technique was used from the students of different universities and organizations by adopting the convenient sampling technique.  For analyzing the group differences between the variables of lifestyles and cultural values on impulse buying behavior, it was found that only gender role has the significant differences between male and female students and professionals on the impulse buying behavior. For analyzing the relationships among the variables of life style and cultural values, it was found that significant relationship exists among all the variables.  The study also shows that variables of life style and cultural values such as, life satisfaction, security, financial satisfaction, gender role and in-group contact predict the influence on impulse buying behavior of the Pakistani students and professionals. Keywords: Cultural values, Impulse buying behavior, Financial satisfactio

Media Reliance and Information Seeking Habits of Pakistani Millennial

The mushroomed growth of private news TV channels and speedydiffusion of social media in Pakistan has provided many options forthe Pakistani youth to get information from different media sources.This study explores primary information sources of Pakistani youth,their information seeking habits, media reliance and believability onthe medium. The data collected through survey method suggeststhat the primary source of the majority of Pakistani youth is socialmedia as they consider it to be more credible than the mainstreammedia. They primarily use social media to seek politicalinformation. The findings of this study suggest the policy makers,advertisers, media strategists, political parties and media contentproducers to be vigilant for media consultation and consumptionpatterns among youth

Portfolio Tilting Hunt for Positive Alpha Through Style Tilts

A long discussion in literature exist to answer the question how a fund manager can generate extra returns? In order to answer the question this study is concerned with two aspects of this problem. First it discusses the portfolio construction process from separation theorem to modern style tilts. And in second step it provide empirical evidence for superior performance of style tilts. First of all active and passive style of management are compared. Data on returns is taken from KSE for five years and two sets of style based portfolios are constructed. Strong evidence is found in favor of active style of management. Actively managed funds are used as proxy for tilted portfolios. Data of Net asset value is taken from MUFAP. Tilted portfolios are tested for Size and value tilts. This study confirms higher performance of portfolio with style tilts