Information System for NGO Libraries in Pakistan: A Proposed Model for Organizing the Grey Literature by Syed Attaullah Shah and Humera Ilhaq

Abstract In recent years, especially in developed countries, various systems have been created to advance the management and organization of grey literature. Such systems use the latest communication technology and electronic and digital resources, and have developed huge networking systems to distribute and mange grey literature. Because of the scarcity of a global standardized organization system for grey literature and often limited access to computer technology, however, awareness of existence and access to grey literature is still seriously lacking, particularly in developing countries. Based on a survey of selected Pakistani NGOs from various sectors, this study proposes a new model. This paper explains the current usage patterns of grey literature in Pakistani organizations, then assesses their needs and resources for grey literature and finally recommends anew standardized model for organizing grey literature in the developing world. In this model a separate subject and classification scheme to control various types of grey literature, a shelving arrangement system and a networking system have been introduce

Contrarian and Momentum Investment Strategies in Pakistan Stock Exchange

This study examines several aspects of the momentum strategies, such as profitability, risk-based explanation, and decomposition of the momentum profits. For this purpose, we use weekly and monthly data of 581 firms listed at the Pakistan Stock Exchange (PSX) for the period 2004-2014. We found the presence of momentum profits over short and long-horizons, while majority of the contrarian profits were observed only in the presence of penny stocks that have share prices of PKR 10 or less. As a robustness check, we computed returns through the weighted relative strength scheme (WRSS) procedure and average cumulative abnormal returns (ACARs). Interestingly, the results reported through WRSS have shown a similar pattern to that obtained through average cumulative abnormal returns (ACARs). Further, to know which factor contributes more to momentum and contrarian profits, we used the model proposed by Lo and MacKinlay (1990). Our findings show that the overreaction effect is the largest contributing factor of contrarian profits in PSX, while cross-sectional risk is the second largest factor and negatively affects the contrarian profits. Moreover, the lead-lag effect contributes positively to the contrarian profits. Similarly, the largest contributing factor for momentum profits is the underreaction effect, whereas cross-sectional risk is the second largest factor that positively affects momentum profits. Unlike contrarian profits, lead-lag effect reduces the momentum profits in the PSX

Importance of Judicial Efficiency in Capital Structure Decisions of Small Firms: Evidence from Pakistan

Empirical evidence to identify factors that are responsible for the sluggish development of bond and capital markets in Pakistan remains scanty. This paper is a step forward in this direction. Specifically, this paper draws on the recent developments in the area of law and finance to formulate several propositions on how judicial efficiency can have a differential impact on corporate capital structures of small and large firms. These propositions are tested using data of 370 firms listed at the Karachi Stock Exchange (KSE) and 27 districts high courts of Pakistan. The results indicate that leverage ratio decreases, when judicial efficiency decreases; however, this relationship is not statistically significant. This is due to the composition effect. Allowing judicial efficiency to interact with the included explanatory variables, the results show that worsening judicial efficiency increases leverage ratios of large firms and decreases leverage ratios of small firms, which is an indication of the fact that creditors shift credit away from small firms to large firms in the presence of inefficient judicial system. Results also indicate that the effect of inefficient courts is greater on leverage ratios of firms that have fewer tangible assets as percentage of total assets than on leverage ratios of firms that have more tangible assets. The results indicate that under inefficient judicial system creditors reduce their lending to small firms and firms with little collateral and redistribute the credit to large firms. This is why judicial inefficiency does not change volume of credit, but changes distribution of the credit. These results highlight the importance of judicial efficiency for small firms in the determination of their capital structures. JEL Classification: G10, G21, G32 Keywords: Judicial Efficiency, Leverage, KSE, Capital Market Development, Law and Finance

SHORT-TERM FINANCING AND RISKADJUSTED PROFITABILITY: EVIDENCE FROM PAKISTAN

This study explores the impact of short-term financing on theoperational performance of firms and the relationship of the formerto risk-adjusted profitability. The sample consists of 352 nonfinancialfirms listed on the KSE (now Pakistan Stock Exchange)from 2003 to 2014. We use several dynamic panel data estimationtechniques and find that short-term financing is positively butinsignificantly related to firms’ profitability. As far as short-termfinancing and risk-adjusted profitability are concerned, the resultsconfirm the hypothesis that short-term financing has no impact onrisk-adjusted profitability under GMM estimation procedure. Thisstudy contributes to the literature as no prior study exists on theassociation of risk-adjusted profitability and short-term financing

Corporate Financing and Firm Efficiency: A Data Envelopment Analysis Approach

This study investigates the endogenous determination of firm efficiency and leverage while testing the competing hypotheses of agency cost, efficiency-risk and franchise-value, in a sample of 136 non-financial firms listed on the Pakistan Stock Exchange (PSX), over the period 2002 to 2012. Data Envelopment Analysis (DEA) method is employed to measure firm efficiency as proxy for firm performance. The endogenous nature of firm efficiency and leverage allowed using two-stage least square (2SLS) technique. The findings of the efficiency equation suggest that leverage has a significant positive effect on firm efficiency. Additionally, firm risk, growth rate, size, board size and board composition positively affect firm efficiency. On the other hand, the results of the leverage equation suggest that firm efficiency has a significant negative effect on leverage. Firm size and CEO duality have positive effects on leverage while firm age, board composition, institutional ownership, managerial ownership and asset tangibility have negative effects on leverage. Generally, the results support agency cost and franchise-value hypotheses that higher leverage improves firm efficiency while higher firm efficiency results in reduced leverage. Keywords: Leverage, Firm Efficiency, Capital Structure, Firm Performance, Data Envelopment Analysi

Information System for NGO Libraries in Pakistan: A Proposed Model for Organizing the Grey Literature by Syed Attaullah Shah and Humera Ilhaq

Abstract In recent years, especially in developed countries, various systems have been created to advance the management and organization of grey literature. Such systems use the latest communication technology and electronic and digital resources, and have developed huge networking systems to distribute and mange grey literature. Because of the scarcity of a global standardized organization system for grey literature and often limited access to computer technology, however, awareness of existence and access to grey literature is still seriously lacking, particularly in developing countries. Based on a survey of selected Pakistani NGOs from various sectors, this study proposes a new model. This paper explains the current usage patterns of grey literature in Pakistani organizations, then assesses their needs and resources for grey literature and finally recommends anew standardized model for organizing grey literature in the developing world. In this model a separate subject and classification scheme to control various types of grey literature, a shelving arrangement system and a networking system have been introduce

Can Momentum Portfolios Earn More in the Karachi Stock Exchange?

In this study, we attempt to show empirical evidence of momentum profits in Karachi Stock Exchange (KSE) using monthly stocks returns data of 609 stocks over the period June 2004 to March 2014. Using Jegadeesh and Titman (1993) methodology, we find that investors can earn positive returns by holding a zero-investment momentum portfolio i.e. buying past winners stocks and selling past losers stocks. These results are robust to excluding small stocks (share price< PKR 5) as well as to using different sample periods. Further research in this area might consider factors such as risk, size, liquidity, book-to-market value, transaction costs, and trading volume to see which of these factors can explain momentum profits in KSE

The Role of Firm-Specific Variables in Explaining Heterogeneous Stock Market Reactions to Dividend Announcements

The finance literature reports mixed results about the stock market reaction to dividend announcements. We try to explore that the heterogeneous stock market reaction to dividend announcements might be attributed to a number of firm-specific financial and non-financial factors. In this vein, we investigate the role of family ownership, firm size, leverage, dividend yield, market-to-book ratio, and firm growth in explaining the stock market reaction to dividend announcements. We use a sample of 206 dividend announcements of 136 firms listed at the Karachi Stock Exchange over the period of 2008 to 2012. Results of both the univariate and multiple regression analysis show that family ownership, firm size, and leverage negatively influence the stock market reaction to dividend announcements while dividend yield positively influences the stock market reaction to dividend announcements.