81 research outputs found
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
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
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
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.
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