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

Evaluation and comparison: antipyretic activity in compound products of herbal pharmaceutical industries

To reduce an elevated body temperature various antipyretics drugs and medicinal plants are used. This study was designed to evaluate the antipyretic claim compound herbal syrups manufactured by three different herbal pharmaceutical companies of Pakistan. Bukharin (Hamdard Laboratories), Fever-X (Qarshi Industries) and Bukharok (Ashraf Laboratories) products were tested in rabbits. The experimental conditions were produced by E. coli suspension in animal model whereas 150 mg/Kg Paracetamol suspension was used as positive control. Doses with concentration of 5 ml/Kg of syrup were administered to check temperature lowering effect. The administration of Bukharin, Fever-X and Bukhrok significantly reduced the rectal temperature of animals. It was concluded that Bukharok and Bukharin syrups are good antipyretic drug products as they lowered 3 and 2.5 ?C temperature respectively. Keywords: Antipyretic effect, Herbal Syrups, Comparison with Allopathic Medicin

Spectroscopy of the hidden-charm [qc][qˉcˉ][qc][\bar q \bar c] and [sc][sˉcˉ][sc][\bar s \bar c] tetraquarks

We calculate the spectrum of $q\bar q c \bar c$ and $s\bar s c \bar c$ tetraquarks, where $q$, $s$ and $c$ stand for light ($u,d$), strange and charm quarks, respectively, in a relativized diquark model, characterized by one-gluon-exchange (OGE) plus confining potential. In the diquark model, a $q\bar q c \bar c$ ($s\bar s c \bar c$) tetraquark configuration is made up of a heavy-light diquark, $q c$ ($sc$), and anti-diquark, $\bar q \bar c$ ($\bar s \bar c$). According to our results, 13 charmonium-like observed states can be accommodated in the tetraquark picture, both in the hidden-charm ($q\bar q c \bar c$) and hidden-charm hidden-strange ($s\bar s c \bar c$) sectors.Comment: Discussions extended, references adde

Statistical Analysis of Effort Estimation Techniques Deployed for Android Platform

Software project’s work estimation as well as software project cost estimation is the very chief skill of software development houses. Cost and work guesstimate plays an active protagonist in accomplishment of the soft project deployment and also benefitted income. Cost as well as work prediction is most challenging decision making activity, as several product variables are difficult to identify and never stress-free to guess in any premature level of product Development practice. Android project development industry is growing very rapidly. Being the operating system for the number of smart phones, tabs, and embedded system, and huge apps store containing 450 million apps for end user, the Android   had become a very important part of software industry. The effort and cost estimation for such huge field is an important task as the people are using Android   apps in their business and other areas of life. This paper analyzes the different techniques deployed for this purpose and use statistical testing for analysis of a better technique. Keywords: Android, cost estimation, time estimation, Chi-Square

Consumer’s Brand Purchase Intention in Emerging Markets Like Pakistan

Purpose – The objective of this research paper is to examine the intention of consumers towards the purchase of branded product in newly emerging markets like Pakistan.Design/Methodology/Approach – This is descriptive type of study based upon survey method and data were collected through self administered questionnaire. Sample size consists of 125 respondents, in which 52 males and 64 females participated from Bahawalpur region of Pakistan. Data were examined by using regression analysis and R square analysis.Findings – The results suggest that among all relevant factors perceived quality, brand awareness, brand image have strong effect on the consumers brand purchase intention, But brand association and information acquisition does not show any positive or significant relationship with the consumer brand purchase intention.Research Limitations/Implications – This research used sample size of 125 respondents moreover 9 respondents refused to respond, further study could conduct by using large sample size. This research determine the consumers brand purchase intention on low involvement products, further studies could determine the results by using high involvement products. Furthermore it results represent only consumers of Bahawalpur region and can be implemented in any emerging market throughout the globe.Originality/Value – Previous studies were conducted in various cultures of several countries. This study is more specifically focused the consumers brand purchase intention in under develop city of developing country like Pakistan. Many multinational companies could use this research to determine the consumers brand purchase intention in emerging markets. Keywords: Purchase intention, Perceived quality, Brand awareness, Brand image, Brand association, and Information

Qualitative Inquiry of Software Cost and Effort Estimation Techniques

Software cost and effort estimation is one of the supremeimperative asset of software industry. Effort and costprediction plays a vibrantpart in the failure or success of the software project implementation and as well as profited revenue. To survive in the market, a software house need to estimate the development cost and time before starting of project. Cost and effort estimation is most challenging decision making task, because number of developmentnecessities are not well defined and never easy to forecast on starting stage of Software building process. Number of cost and estimation techniques are currently being used, but none of these are given the 100% of accuracy in actual prediction, as these technique fall accurate in one development environment and fail in other one. Organizations want to automate the software effort and cost estimation procedures.This paper unfold the different technique of predicting cost and effort estimation based of literature review.

Analyses of Cost and Revenue of Wheat Crop Production in District Musakhail, Balochistan

The study was conducted in Musakhail district of Balochistan Pakistan to analyses the cost benefit ratio of wheat crop total 40 wheat grower were selected for the study to find out the estimate costs and revenues of wheat production and share of different input costs in total cost of production of wheat in the study area the study reveal that Majority 19 (47.5%) of the respondent were of age group 31-40, while 7 (17.5%), 10 (20.0%), and 4 (10.0%) growers were of age group 21-30 and 41-50 and 51-60 years or above respectively. Based on the literacy level, farmers of the study area were categorized into 5 groups. First group was illiterate, while second, third, fourth and fifth groups were of education level 1-5 years, 6-8 years, 9-10 years, 11-12 years, and 13-16 years respectively. It was found  that out of total 40 farmers, 14 (35.0%) were illiterate while 6 (15.0), 4 (10%), and 11 (27.0%) 1 (2.5%) and 4 (10.0%) were having education level of 1-5 years, 6-8 years, 9-10 years, 10-12 and 13-16 years respectively. The average seed rate for wheat was 48.20 kg per acre in the study area. Cost of production of wheat was found to be Rs. 39265.0 per acre. The major factor of cost of production of wheat was labour cost of Rs. 8392.5 having 21.37% share in the total cost of production while the other factors of cost of production for wheat were seed cost, urea cost, DAP cost, farmyard manure cost, irrigation cost, chemical cost, Land preparation cost, threshing cost, marketing cost, and land rent (4.27%), (4.94%), (8.08%), (9.17%), (5.23%), (2.11%), (10.94%), (7.83%), (7.56%) and (18.48%) share in the total cost of production respectively. Majority of wheat growers (50.0%) were found to be facing by quality seed availability problem as their major problem on first priority while 27.5%, 15.0%, 37.5%, and 22.5% were facing pest control problem, Irrigation problem, marketing problem and other problems on their first priority respectively. Keywords: Cost, Revenue, Wheat , Production, Musakhail

Determinants of Dividend Policy and Its Role: Empirical Evidence in Textile Sector of Pakistan

Purpose: The purpose of this study is to find out the relationship between dividend policy and its factors focusing the Textile sector of Pakistan. There is a positive as well as negative relationship exists between determinants and dividend policy. Design: The data of this study is gathered from the financial statements of textiles companies of Pakistan. The sample of one hundred and ten companies is used from the period 2009 to 2014(www.kse.com.pk). The relationships are computed by regression results like fixed effect and random effect. Dividend Policy is taken as a dependent variable and leverage, profitability, liquidity and free cash flow are taken as independent variables. Findings: The results of this study show a positive relation between dividend payout policy and profitability because if the company’ earning per share is high then it will pay dividend to its shareholders. There is positive relation between free cash flow and dividend payout policy and negative relation between dividend policy and liquidity and leverage of the firms.Research Limitation and suggestions: The findings of the study are limited because there are many others factors that affect the dividend policy. I have taken only four variables like leverage, profitability, liquidity and free cash flow between dividend policy. More studies can be conducted to explore others factors that affect the dividend policy and its role. Keywords: Leverage, Profitability, Liquidity, Free Cash Flow, dividend Payou