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Profitability and predictability of momentum investment strategy for stocks listed on Pakistan stock exchange

Thesis Info

Author

Tauseef, Sana

Program

MS

Institute

Institute of Business Administration

Institute Type

Private

City

Karachi

Province

Sindh

Country

Pakistan

Thesis Completing Year

2016

Page

61

Subject

Economics

Language

English

Other

CallNo: 332.63228

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720933123

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Empirical research on the profitability of momentum investment strategies in emerging equity markets has presented mixed findings and therefore the momentum patterns in emerging equity markets have not been explained to the unanimous satisfaction of the researchers. This research examines the momentum returns and their determinants for stocks listed on Pakistan Stock Exchange using the data from 2001 to 2015. The analysis is also performed for the two sub-periods, from 2001 to 2007 and from 2009 to 2015, and the two sub-samples, financial firms and non- financial firms. Results show that over the complete sample period the momentum returns are positive and as high as the returns reported in early literature (for example, Jegadeesh & Titman, 1993), but they are not statistically significant. Similar results are obtained for the two sub-samples; however, for the two sub-periods, the momentum strategy yields completely contrasting results. For the first sub-period which experienced a high economic growth, low inflation and better governance, the momentum portfolios earned significant positive returns; whereas for the second sub-period which experienced a low economic growth, high inflation and poor governance, momentum returns are negative for most of the portfolios. Analysis also shows that momentum portfolios continue earning positive returns beyond the holding period indicating that the returns are not caused by temporary over- or under-reaction of investors in the market and they must be related to some systematic risk factors. However, the study does not find any evidence of relationship between beta and size factors and the momentum returns
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سید صدیق حسن

سید صدیق حسن
گزشتہ مہینہ سید صدیق حسن صاحب مرحوم کا حادثہ وفات ایسے وقت پیش آیا جب معارف چھپ چکا تھا، اس لیے تعزیت کا فرض ادا نہ ہوسکا، یہ اتفاق ہے کہ ان کی وفات سے صرف تین چار دن پیشتر ندوہ کی مجلس انتظامیہ کے جلسہ میں ان سے ملاقات ہوئی تھی، پھر دوسرے دن وہ ملنے کے لئے آئے، اس وقت یہ گمان بھی نہیں ہوسکتا تھا کہ یہ آخری ملاقات ہے، اعظم گڑھ واپس آنے کے دوسرے دن معلوم ہوا کہ مرحوم نے عالم غربت میں جنت کی راہ لی، اس سے اور بھی دل متاثر ہوا، مرحوم اپنے اوصاف و خصوصیات میں مومن کامل، اخلاص وﷲیت، حسن خلق، سادگی و تواضع، خدمت خلق، اہل حاجت کی امداد و دستگیری کا نمونہ اور غریبوں اور بے نواؤں کا ملجا و ماویٰ تھے، ان کی فیض رسانی عام تھی، کسی طبقہ اور فرقہ کی تخصیص نہ تھی، ہر حاجت مند کے لئے ان کا دروازہ کھلا ہوا تھا، عقیدۃً اور عملاً پکے مسلمان تھے، ان کے یہاں ہر ہفتہ قرآن مجید کا درس ہوتا تھا، جس میں بہت سے مسلمان حکام شریک ہوتے تھے، ان میں انھوں نے ایک مذہبی ذوق پیدا کردیا تھا، دینی و اسلامی اداروں سے ان کو بڑی دلچسپی تھی، ندوے کے رکن رکین اور بڑے معاون و مددگار تھے، دارالمصنفین سے بھی ان کو مخلصانہ تعلق تھا، اس کی مجلس انتظامیہ کے رکن بھی تھے، ان کا مذہبی اور اسلامی تاریخ کا مطالعہ بھی وسیع تھا، انھوں نے جمع و تدوین قرآن پر ایک طویل مقالہ لکھا تھا، جو معارف کے اس نمبر میں چھپ رہا ہے، اس سے ان کے علمی و دینی ذوق اور اس میں دقت نظر کا اندازہ ہوگا، شعر و ادب کا بھی ستھرا ذوق رکھتے تھے، رسمی غزل سرائی کے علاوہ...

مشہور مصادر سیرت كے اسالیب كا علمی جائزہ

Some famous books ofSeerah and Maghazi have been discussed in the given article. The important thing in the distinguished status of these books is the non-availability of their sources (Masadar) . The reasonfor its being unauathoritative is that early writers ofSeerah are mostly Tabaeen and Taba Tabeen. They did not refer to the original source (Masdar) because in those days the events of Seerah were verbally narrated and directly listened. Special gatherings and sittings, regarding Seerah were arranged in Masajids. Only those writers of Seerah have mentioned the sources (Masadar) , who had deep knowledge of Hadith; others have recorded different events ofSeerah in their books, without any scrutiny and investigation. This caused the penetration of certain invalid events in this field, which has been strongly objected by the non-Muslim scholars in their books.

Determination of Residues of Pesticide in Meat and Their Effects on Enzymes and Proteins

The present work is concerned with the determination of pesticide residues in meat samples and effects of pesticides on enzymes levels and protein. Different samples of meat were collected from (chicken, cow and goat). Later organs (fat, heart, kidney, liver and muscle) were isolated. The experiment was done under two conditions such as fresh and other one kept in 10˚C. Meat samples were collected randomly from butcher`s shops. All samples were taken to lab and the collected samples were separately kept in plastic bags. For this standard method described in materials and method was adopted. The pesticide residues, estimation of biochemical contents, enzymes activities and protein content were investigated in 90 samples of meat, additionally, 15 samples meat of each (chicken, beef and mutton) were also collected and considered as control or normal subject for enzymes activity and biochemical content. In all chicken samples, the activity of GOT contents showed significant increase, whereas GPT content significantly decreased than those of detected in control or normal subject. However, ALP and protein were higher in maximum number of samples. In all beef samples GOT and GPT content showed increase in all samples while ALP decreased in all sample but protein increased in all samples. In all mutton samples GPT and GOT content showed significant decrease whereas ALP and protein showed significant increase than those of detected in control or normal subject. Most probable reason of this variation in biochemical contents and enzymes activity may be presence of pesticides residues, socioeconomic factor, metabolic factor and environmental factor. The standard chromatogram of permethrin was prepared on HPLC and retention time (RT) was noted. Chromatograms of cypermethrin, deltamethrin, diazinon, DDE, DDT, malathion and monocrotophos were taken from previous study which was run under the same condition. Total 90 samples were run on HPLC for pesticide residues analysis. The residues amount was noted from the chromatograms. The two set of chicken samples which comprise 30 in numbers were taken from two different locations. The first set of chicken samples contained fifteen different organs (fat, heart, kidney liver and muscle) and also had two conditions of fresh and stored 10˚C. Five samples of fresh ones were run on HPLC for pesticides residues and four were found positive for pesticide. Ten samples stored at 10˚C for 3 days and run on HPLC for pesticides analysis and all were positive for residues analysis. In all the samples, the residues of cypermethrin, DDE, DDT and malathion were detected in noticeable amount. The second set of chicken samples stored were run on HPLC for pesticide residues analysis. Out of 15 samples, 3 samples were found positive for residues of deltamethrin and malathion. Two set of beef samples (30) were run on HPLC for pesticide residues analysis and 19 were positive for pesticides residues. After analysis it was found that cypermethrin was found in 8 samples, DDT in 3 samples, DDE in 8 samples, diazinon in 5 samples, deltamethrin in 13 and malathion only in 2 samples were detected. While mutton samples also 30 in number and were run on HPLC for pesticide residues analysis and 8were positive for pesticides residues. Cypermethrin was found in 2 samples, deltamethrin in 10 samples, diazinon in 7 samples and monocrotophos in 2 samples.