The Impact of Merger and Acquisition on Karachi Stock Exchange–Testing Semi-Strong Efficient Market Hypothesis

This paper particularly addresses the impact of mergers and acquisition (M&A) announcements on share prices in Pakistani stock market from 2006 to 2014.  It uses event study method for a sample of 32 M&A announcements from both financial and non-financial sectors. The result shows that M&A declarations do not signal any significant information to Pakistani market. Therefore, the findings show statistically insignificant abnormal returns on announcements of M&A, however a significant positive abnormal return just before proclamation of merger and acquisitions is noted. Similarly, the bidder firms show significant share price reaction and also some gains before the announcement which may be because of leakage of information (Khan, 2011). While after the declaration both target and bidder firms experience losses but overall conclusion detects that the target companies get fewer abnormal earnings as compared to acquirer firms in case of acquisitions. The insignificant unexpected returns on announcement date of M&A do not support semi-strong form of EMH. The findings of this study help investors in devising their investment strategies based on the timing of important announcements by companies such as M&A

Evaluation of Bentonite Mixed Indigenous Clays for Development of Clay Liners

This study presents experimental investigation of indigenous clays mixed with Bentonite to assess their suitability in potential use as clay liners. Soil samples with 0, 4, 8, and 12% Bentonite content from three different sites in Peshawar region were tested for various geotechnical properties. Grain size distribution, specific gravity, Atterberg limits and free swell were found through laboratory tests using appropriate ASTM procedures. Maximum dry density and optimum moisture content were calculated using Atterberg limits in available relationships. Finally, one dimensional consolidation tests were conducted to find relevant parameters for calculating hydraulic conductivity. A decrease in specific gravity, increase in free swell, and in optimum moisture content, decline in maximum dry density and hydraulic conductivity was observed with increase in Bentonite content across all three soil samples. During free swell, the soil clusters become larger leading to formation of floccules resulting in the narrowing of inter-particle space and thus blocking of permeable paths. It is concluded that 8% Bentonite content by weight yields a suitable mixture for a clay liner that has hydraulic conductivity in the range of recommended limits

Migration of Bangladeshi workers to Malaysia: emerging lessons of economic and social costs and benefits at the migrant, migrant household and community levels

Asia’s varying economic performance, changing demographic characteristics and improved transportation, stimulated further by social and economic inequalities, both within and across nations, and expanding labour demands in the faster growing economies of the region, have triggered the emerging trend of Asia to Asia migration (A2AM) in the Asian region (UN, 2004; Hugo, 2005). The A2AM has been bolstered by three successive waves of rapid economic growth in some parts of Asia: Japan led the first wave; South Korea, Taiwan, Hong Kong and Singapore (the newly industrialized economies–NIEs) the second wave, and Malaysia, Thailand and Indonesia the third wave. These growth waves that accompanied expanded economic activities against the backdrop of falling rates of population growth and shifts in the labour market have produced labour shortages, especially in the semi and unskilled sectors, creating opportunities for migration of workers. In the emerging scenario of A2AM Bangladesh, a least developed country of Asia, has become a major labour sending country, and Malaysia a major receiving country of the Bangladeshi workers. This chapter discusses the political economic dimension – the ‘pull’ and ‘push’ factors – of migration of Bangladeshi workers to Malaysia

Insights into the Metallogenesis of the Felsic Volcanic Hosted Mundiyawas-Khera Cu Deposit, Alwar Basin, Western India

Copper and associated gold mineralization in the Mundiyawas-Khera area of western India is hosted by the Proterozoic felsic volcanic rocks of rhyo-dacite composition. Signatures of hydrothermal alteration represented by sericite, epidote, scapolite and carbonates are well observed around the ore mineralization zone. The felsic volcanic rocks with gently to flat sloping REE pattern, variable negative Eu anomaly, intermediate abundances of HFSE and moderate to low Zr/Y anomalies are suggested to be FII, FIIIa and FIV type rhyolite. The felsic volcanic host rock for copper mineralization has a depleted and flat HREE pattern and indicates the crustal source, which is garnet free. Negative Eu anomaly in the rock is probably because of the intracrustal partial melting formed in a rift related environment. The high temperature magmatic activities are probably evolved due to the partial melting of crust at shallow to moderate depths, suggesting an evolved continental crust. The δ13C values of the mineralized carbonate veins range between −10.4‰ and −0.9 ‰ (min = −10.6‰, n = 27), whereas the δ18O values show a range of 16.35‰ to 25.23‰ (min = 21.49‰, n = 27), ideally suggesting a mixed source for the ore bearing fluid. Geological, geochemical and stable isotope data of the Mundiyawas-Khera copper deposit suggest it to be a VMS/VHMS setup and these insights will lead to finding new deposits in the nearby areas, having same stratigraphic horizons and similar lithogeochemical assemblages

Online banking acceptance in Malaysia: a students' behaviour perspective

Purpose: Adopting the technology acceptance model, this research examines the factors that determine intention to use online banking in Malaysia, focusing on students of different faculties and different age groups of different higher educational institution in Malaysia. Perceived ease of use and perceived usefulness are considered to be the fundamental factors in detennining the acceptance and use of various information technologies. Design/methodology/ approach - The approach takes the form of an empirical study with 303 usable responses on a questionnaire with five-point Likert scale. Findings - The results indicate that perceived usefulness and perceived ease of use are strong determinants of the students' behavioural intention to adopt online banking in Malaysia. According to descriptive statistics, we have got 70.6% male and 29.4% female's response. Out of which, are generally having 46.5% of their accounts in Bank Muamalat and 32.7% in Bank Islam, and more than 50% of them having current accounts in their respective banks. Usually 88.4% students are in between 15 to 30 years of their age. Most of them were the master's students of different fields and approximately 50% utilise online banking services from the bank. Research limitationsl implications - The use of convenience sampling in this study weakens research bbjectivity and the relatively small size of the sample somewhat limits generalisations. Originality/value - Extends the understanding of the technology acceptance model from students' behaviour perspective