Stock Prices and Exchange Rates: Are they Related? Evidence from South Asian Countries

The issue of whether stock prices and exchange rates are related or not has received considerable attention after the East Asian crisis. During the crisis the countries affected saw turmoil in both currency and stock markets. If stock prices and exchange rates are related and the causation runs from exchange rates to stock prices, then the crisis in the stock markets can be prevented by controlling the exchange rates. Moreover, developing countries can exploit such a link to attract/stimulate foreign portfolio investment in their own countries. Similarly, if the causation runs from stock prices to exchange rates then authorities can focus on domestic economic policies to stabilise the stock market. If the two markets/prices are related then investors can use this information to predict the behaviour of one market using the information on other market.1 Most of the empirical literature that has examined the stock prices-exchange rate relationship has focused on examining this relationship for the developed countries with very little attention on the developing countries. The results of these studies are, however, inconclusive. Some studies have found a significant positive relationship between stock prices and exchange rates [for instance Smith (1992); Solnik (1987) and Aggarwal (1981)] while others have reported a significant negative relationship between the two [e.g., Soenen and Hennigar (1998)]. On the other hand, there are some studies that have found very weak or no association between stock prices and exchange rates [for instance, Franck and Young (1972); Bartov and Bodnor (1994)]. On the issue of causation, the evidence is also mixed. Some studies [for instance, Abdalla and Murinde (1997)] have found causation runs from exchange rates to stock prices while other reported a reverse causation [e.g., Ajayi and

Offshore Drone Logistics Optimization and Corporate Feasibility

Drones can help offshore logistics to improve safety, increase production efficiency, and reduce CO2 emissions. Drones will also be used in the development of new energy solutions on offshore stations. The aim is to see new logistics and support infrastructure, which will complement what we now have on ships and helicopters. Johan Castberg FPSO requires offshore drone logistics operations and for that purpose literature review on the history and types of drones is done to establish a multi-criteria system. Based on that multi-criteria system a drone fleet with different ranges and payload capacities is established. Keeping an eye on the advanced and upcoming drone technologies that can boost the use of drones in offshore logistics different power sources are discussed. To fulfill the objectives of offshore drone logistics in a pre-operational and operational phase different challenges have been discussed in this thesis project that includes type of logistics model in the supply chain, loading and unloading mechanisms with human safety and Environmental parameters, Operational and maintenance regime, and feasibility analysis of the implementation of drone logistics. All these pre-operational and operational phase challenges are discussed in detail and solutions to different challenges are proposed

Hydraulic Characteristics of a Modified Venturi Section

The measurement of water in open channels on extremely flat grades is difficult because of the head loss that is necessary. A modified venture section, the contraction of which is provided by a top cover section mounted in a rectangular flume, is proposed to meet the requirements of a suitable measuring device for use in canals of flat gradients. The method of finite differences has been used for the mathematical solution to the idealized inviscid flow problem. This was followed by a laboratory investigation to ascertain the hydraulic characteristics of the proposed design. The experiments were conducted in a 3 feet by 3 feet by 200 feet concrete flume. The equation for discharge as obtained in this study is as follows: Coefficient of discharge CD has been calculated for throat opening of 5, 6, 7, 8 and 9 inches. The results have been presented in the form of curves and these curves have been compared with the work done by previous investigators

FDI and Terrorism: Co-integration & Granger Causality

Terrorist activities not only effects that particular region or country's infrastructure, but it also effects the financial well being of that country. Because such terrorist activities create instability and uncertainty in the country. This results loss of foreign investors’ confidence in that economy, thus decreasing the level of foreign investments. Similarly Pakistan is also facing this bitter reality of decreased foreign direct investment due to an increase in terrorist activities. Variables: FDI , Terroris

Stock Prices and Exchange Rates: Are they Related? Evidence from South Asian Countries

The issue of whether stock prices and exchange rates are related or not has received considerable attention after the East Asian crisis. During the crisis the countries affected saw turmoil in both currency and stock markets. If stock prices and exchange rates are related and the causation runs from exchange rates to stock prices, then the crisis in the stock markets can be prevented by controlling the exchange rates. Moreover, developing countries can exploit such a link to attract/stimulate foreign portfolio investment in their own countries. Similarly, if the causation runs from stock prices to exchange rates then authorities can focus on domestic economic policies to stabilise the stock market. If the two markets/prices are related then investors can use this information to predict the behaviour of one market using the information on other market.1 Most of the empirical literature that has examined the stock prices-exchange rate relationship has focused on examining this relationship for the developed countries with very little attention on the developing countries. The results of these studies are, however, inconclusive. Some studies have found a significant positive relationship between stock prices and exchange rates [for instance Smith (1992); Solnik (1987) and Aggarwal (1981)] while others have reported a significant negative relationship between the two [e.g., Soenen and Hennigar (1998)]. On the other hand, there are some studies that have found very weak or no association between stock prices and exchange rates [for instance, Franck and Young (1972); Bartov and Bodnor (1994)]

Corporate Governance and Stock Price informativeness: Evidence from an Emerging Market

Emerging markets usually have weaker legal and governance environment. The weaker enforcement of investor protection laws leads to a poor information environment. Using data of all the listed non-financial firms from Pakistan stock exchange (PSX), we document the relationship between corporate governance variables and stock price informativeness. The results from two-stage least squares (2SLS) reveal that controlling shareholders in the form of block holding plays an effective role in improving informativeness. Due to the presence of these block ownership, the institutional investors remain largely short term investors and act passively. This behavior of institutional investors encourages managers to extract more cash flows leading to higher synchronicity. These findings suggest market regulators develop such a corporate governance mechanism that not only ensures investor protection but also advise firms to reduce information asymmetry by better disclosure and transparency. More specifically, in the Pakistani context, traditional corporate governance mechanisms through board room regulations may not improve informativeness, and regulators need to regulate the ownership regulations, including family ownership and controlling shareholders

Use of E-learning and its Effect on students

Purpose: The purpose of the study is to measure the factors affecting the use of e-learning and its effect on students on the base of three variables time, technology and workload.Design/methodology/approach: Being descriptive study, survey method was adopted for data collection to find out the factors. A sample of 100 students of Islamia University of the Bahawalpur was selected for the survey. Data was analyzed by using Cronbach?s Alpha, correlation and regression in SPSS software.Findings: From our study it is found that the independent variables, time, technology and workload have great influence on dependent variable e-learning.Keyword: e-learning, time, technology and workload.Paper type: Research paper