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A study on market microstructure.

Thesis Info

Author

Saima Munir

Supervisor

Farah Zamir

Department

Department of Business Administration

Program

MBA

Institute

International Islamic University

Institute Type

Public

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2015

Thesis Completion Status

Completed

Page

30

Subject

Business Administration

Language

English

Other

332.0415 SAS

Added

2021-02-17 19:49:13

Modified

2023-01-06 19:20:37

ARI ID

1676721726229

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اگلا امتحان

اگلا امتحان
رَکھ پڑھنے ول دِھیان کُڑے
تیرا بورڈ دا ہے امتحان کُڑے

تیرے نال دیاں ٹر گیاں نیں
تینوں واجاں مارن پیاں نیں
تو بڑیاں نیندراں لیاں نیں
اُٹھ جاگ، ہوسیں پریشان کُڑے
رَکھ پڑھنے ول دِھیان کُڑے

راتیں جاگ جو سبق پکاندیاں نیں
اُٹھ فجریں مڑ دہراندیاں نیں
اوہو چنگے نمبر پاندیاں نیں
جو پڑھدیاں نیں ہر آن کُڑے
رَکھ پڑھنے ول دِھیان کُڑے

تیری میڈم بڑی ہی پیاری اے
جس حالت آن سنواری اے
پھل کلیاں باغ بہاری اے
سب ویکھ ہوون حیران کُڑے
رَکھ پڑھنے ول دِھیان کُڑے

چک بستہ سکولے جاویں توں
ہر اک دے دل نوں بھاویں توں
پڑھ لکھ کے خوشیاں پاویں توں
ہووے راضی رب رحمان کڑے
رَکھ پڑھنے ول دِھیان کُڑے

قادریؔ دی نہ پند بھلاویں
پڑھن پڑھان چ وقت نبھاویں
محنت کر کے نمبر پاویں
ہوے چرچا وچ جہان کُڑے
رَکھ پڑھنے ول دِھیان کُڑے

Pengaruh Kinerja Kepegawaian Dalam Administrasi Perkantoran

Penelitian ini bertujuan untuk mengetahui dan menganalisis hubungan pengaruh kinerja kepegewaian dalam administrasi perkantoran di kantor camat kecamatann Tuhemberua kabupaten Nias Utara. Populasi dalam penelitian ini adalah pegawai Kantor Camat Kecamatan Tuhemberua yang berjumlah 12 orang. Jenis data yang digunakan dalam penelitian ini adalah data primer. Teknik pengumpulan data dengan angket, wawancara, observasi, ujian (test) dokumentasi. Teknik analisis data dengan melakukan verifikasi data, pengelolaan angket, dan pengolahan data: (a). Uji validitas data, (b). Uji reliabilitas data, dan (c). Pengujian hipotesis. Dari hasil perhitungan koefisien korelasi diperoleh rhitung (rxy) = 0,834 jika dikonsultasikan pada tabel harga kritik r produk moment untuk interval kepercayaan 5% setelah di hitung rhitung = 0,834 > rtabel = 0,576. Berdasarkan regresi linear sederhana maka sumbangan kinerja kepegawaian terhadap administrasi perkantoran di Kantor Camat Gunungsitoli Tuhemberua 2,668. Dari perhitungan koefisien determinasi besarnya pengaruh variabel x terhadap variabel y di Kantor Camat Gunungsitoli Tuhemberua 69, 48%. Berdasarkan kriteria pengujian hipotesis ternyata Ha adanya pengaruh dan H0 tidak adanya pengaruh, sebab thitung = 7, 20 > rtabel = 2,160 sehingga dapat dinyatakan adanya pengaruh kinerja kepegawaian terhadap administrasi perkantoran pada kantor camat Tuhemberuaa kabupaten Nias Utara.

Information Environment Quality and its Impact on Return and Investment Decision

This study contributes to literature in four ways to explore the dynamics of stock price synchronicity (SPS). Firstly, it tests the weak form of market efficiency. Secondly, measures the effect of information environment on SPS by using firm specific variables i.e. liquidity, illiquidity, cost of information, trading cost and investor attention. Thirdly, this study attempts to investigate the relationship between information environment and foreign investment. Fourthly, role of information environment premium or SPS premium in explaining equity returns is explored. This study investigates the weak form of efficiency of Karachi stock exchange using a set of parametric and non-parametric tests that include Jarque-Bera and Kolmogrov-Smirnov (KS) test for normality, autocorrelation and Run test for autocorrelation, Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) for stationarity and multiple variance ratio (MVR) test. The results of the study indicate that daily, weekly and monthly returns do not follow random walk. So, investors can use technical analysis to devise investment strategies. This study also examines the relationship between SPS and firm specific variables associated with information environment. Results indicate that age, size, institutional ownership, book to market ratio, trading cost, liquidity, illiquidity and returns have significant impact on SPS. Various proxies of liquidity and illiquidity are used to test the robustness of results. These proxies include volume, turnover rate, value traded, Amihud illiquidity and percentage of zero volume days. The results suggest that the differences in idiosyncratic volatility are not linked with the more or less information of firm specific attributes. It appears to be linked with noise in returns. Findings of this study are in line with West (1988) and Lettau Malkiel and Xu (2001). This study further suggests that low stock price synchronicity is a result of imbedding of firm specific variables information in to stock prices. If quality of information environment is good, market model R square will be higher represented by large institutional holding, greater age, lower trading cost, large size, value stocks, low illiquidity, high liquidity and large information events. In next phase, this study examines the relationship between foreign investment and information environment. Results indicate that Institutional ownership, age, trading cost, size, liquidity and illiquidity influence foreign investment. Institutional ownership, size and percentage of zero volume days have significant and positive impact on foreign investment and trading activities have negative association with foreign investment. Such deviations might be the effect of herding, noise trading and instable dynamics of emerging markets. Finally, this study explores the impact of size premium, value premium, information efficiency premium on average equity returns using the methodology proposed by Fama and French (1992, 1993). Result indicates that size premium, values premium and information efficiency premium are priced by the market. Market premium, size premium, value premium and information efficiency premium significantly explain equity returns in single factor, three factor and four factor model. Capital asset pricing model (CAPM) is valid for explaining average equity returns but multifactor model captures additional information. Therefore, it can be concluded that size premium, value premium and information efficiency premium are considered as systematic risk and priced by the market.