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Two essays on Behavioural finance issues in Pakistan stock market

Thesis Info

Author

Khan, Tayyaba Sami

Program

MS

Institute

Institute of Business Administration

Institute Type

Private

City

Karachi

Province

Sindh

Country

Pakistan

Thesis Completing Year

2017

Page

53

Subject

Economics

Language

English

Other

CallNo: 332.63228

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676720933372

Similar


This study investigates predictability of returns in Pakistan stock market. The first essay investigates the profitability of momentum strategies in Pakistan stock market over the period 2001 to 2015 and over a sub-period 2007 to 2015. By constructing equally weighted winner- loser portfolios using partial rebalancing technique, the study finds that momentum profits are highly significant in all investment horizons for the complete period as well as for the sub-period. The most successful zero cost strategy is selecting the stocks based on their returns of past 6 months, and holding the portfolio for 6 months. Furthermore, the portfolios are sorted on the basis of risk factors to find the effect of liquidity and size on strength of momentum profits. We find that momentum returns are significant for all investment horizons in both high and low volume portfolios. However, the momentum returns of low volume portfolios are on average 0.2 percent higher than those of high volume portfolios. Finally, when stocks are sorted on the basis of size of firm, results indicate that the returns are significant for all investment horizons in both large and small size portfolios. Furthermore, the momentum profits are stronger for small rather than large size portfolios. Therefore, it is possible to earn super normal profits in Pakistan stock market by using momentum strategies.The second essay examines the predictability of returns through assessing the lead-lag relationship between stock returns in Pakistan Stock Market. It investigates the existence of cross-autocorrelations and lead-lag relationships between stock returns in Pakistan stock market. By using cross-autocorrelations and vector auto-regressions, our research finds that given the firms have low volume of trading, lagged returns of large cap portfolios significantly impact current returns on small cap portfolios, while the opposite is not true. In the high volume category, lagged returns of large (small) cap portfolios do not affect the current returns on small (large) cap portfolios. Also, the ability of lagged returns of low volume portfolios to predict current returns of high volume portfolios is better than the ability of lagged returns of high volume portfolios to predict current returns of low volume portfolios. This result is contrary to the existing theory on lead-lag effects which suggests that high volume portfolios lead the returns on low volume portfolios, as heavily traded stocks quickly absorb market information. The study is important in understanding the return irregularities which exist in Pakistan stock market. Investors can make use of this study to formulate such trading strategies which help them to earn abnormal profits. The research is of particular importance to regulators, as they can examine the inefficiencies in the market and formulate policies to reduce them. Academicians can also make use of this study to explore directions for further research
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امین الدین

امین الدین !
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بالوں کو سنوارنے سے متعلق شرعی احکامات

Allāh Almighty has concentrated most of the physical beauty of the human beings in the upper part of the human body, i. E., the face and what surrounds the face. Here is displayed the important features of human beauty. Hair on head adds beauty to a person’s countenance. Especially, long, thick, silky & shiny hair is always preferred by females. But it required to be kept clean, tidy and properly combed. Unfortunately, often, it seems that the women, who wear “Ḥijāb”, do not bother to maintain their hair in a proper manner. Since, it is out of sight, so is out of mind, but, it does not mean that since if hair is not visible, they should neglect it. Sometimes, improper keeping of hair creates a lot of problems like lice, itching, dandruff, hair fall, etc. Therefore, cleanliness is the most important element for the health of hair and Islām also recommends the same. Most of the time, people adopt different methods and products for hairstyling, such as branded shampoo, extensions, transplantation of hair, dyeing, trimming of hair, etc. But, people need to know the Islamic ruling of beatification, so that they may not indulge in something, which is not allowed in the Islamic law. Therefore, the author of this paper, chose this topic to explore and hence, guide the people, especially, the women, the methods and types of products that are allowed for them to use and adopt, and the others ones that are forbidden or undesirable, according to Islamic law of beautification.

Management Strategies for Breaking Tuber Dormancy in Potato

This study was aimed at breaking potato tuber dormancy to facilitate their use as seed potatoes immediately after harvesting. Six genotypes out of 22 were selected in a screening trial based on their dormancy period to investigate the effect of plant growth regulators, i.e. benzyl amino purine or gibberellic acid or both, cold pre-treatment, electric current and irradiation on breaking tuber dormancy and subsequent field evaluation. The sprouted genotypes were categorized into short, medium and long dormant groups. Their weight, sprouting behaviour, antioxidative enzymes, hydrogen peroxide contents, hormonal contents and sugar contents were analysed at one week and three week intervals after subjecting tubers to dormancy breaking methods. This investigation was carried out using completely randomized design (CRD) under factorial settings. Among PGRs, 60 mgL-1 BAP and its combination with 20 mgL-1 GA3 most effectively reduced the dormancy duration. Gibberellic acid produced maximum sprout length with concentration 20 mgL-1 but was statistically comparable to effect of combined application of 60 mgL-1 BAP and 20 mgL-1 GA3. The interaction of PGR × genotype was more pronounced in short-term and medium-term dormancy genotypes and less pronounced in long-term dormancy genotypes. The cold pre-treatment had the greatest effect at 2°C for breaking tuber dormancy and inducing sprout length. However, use of electric current was most effective at 80 volt to shorten tuber dormancy and develop longest sprout. Irradiation proved to be most effective at highest dose, 3.5 kGy. Hydrogen peroxide contents and superoxide dismutase and ascorbate peroxidase activities after treatment with PGRs, low temperature, electric current and irradiation increased from first week to the third week of storage. In contrast, catalase and peroxidase activities were decreased. In hormonal contents, zeatin increased and GA1 and ABA decreased during the storage period of three weeks. The increase in sugar contents with passage of storage time was observed in selected genotypes. Overall, two-way interaction, genotype × storage period was significant for the observed attributes i.e. antioxidative activities and hormonal and sugar contents. The field experiment was conducted with factorial arrangement based on randomized complete block design using three replications. Various physical (days to emergence, emergence percentage, leaf area and number of stems and tubers per plant), physiological (Photosynthetic rate, transpiration rate and stomatal conductance) and biochemical attributes (chlorophyll contents in leaves, specific gravity and tuber dry matter) were studied during the crop growth period. The individual 2 effects of dormancy breaking methods and genotypes were significant (p<0.05) for days to emergence, emergence percentage, number of stems and tubers per plant and leaf area. The combined effect of dormancy breaking methods and genotypes was however nonsignificant. The main and interactive effect of dormancy breaking methods and genotypes significantly affected the plant photosynthetic rate, transpiration rate and stomatal conductance; also the biochemical constituents i.e. leaf chlorophyll contents, tuber specific gravity and tuber dry matter contents. The last experiment involved assessment of relationship between true seed and tuber dormancy in a Solanum tuberosum group phureja - stenotomum hybrid population. The 12 random crosses were selected for this study. For the study of tuber dormancy, parental genotypes were harvested from three different locations Presque Isle, Maine; Plymouth, North Carolina and BARC, Maryland; and kept in cold store of BARC, Maryland, USA at 7 °C. Parental tuber dormancy ranged from 6-10+ weeks. TPS seedling vigor ranged from 9 to 94.2%.The seedling vigor index of all the progenies obtained from the long dormant parent was lower except WHD-7 had the higher value of seedling vigor index with both parents were long-dormant. No correlation (r = 0.01) was found between parental tuber dormancy and seedling vigor index. So, for the selection for early sprouting, offspring in-vitro needs to correlate with short tuber dormancy in subsequent field generations. Overall, from this study we can draw several conclusions. i) The dormancy duration and sprout length varies among genotypes. ii) The use of PGRs has been the most efficient dormancy breaking method, followed by electric current, cold storage and irradiation in order to their effectiveness for breaking dormancy and subsequent field performance. iii) The biochemical attributes i.e. antioxidative enzymes and hormonal and sugar contents changed significantly in different genotypes with the progression of storage period. iv) The parental genotypes harvested from different locations differed significantly in term of dormancy duration and sprouting percentage and there was no correlation (r = 0.01) between parental tuber dormancy and offspring true potato seed.