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Home > An Analysis of Institutional Investors, Information Asymmetry and Stock Market Liquidity A Sector Wise Analysis in Pakistan Stock Exchange

An Analysis of Institutional Investors, Information Asymmetry and Stock Market Liquidity A Sector Wise Analysis in Pakistan Stock Exchange

Thesis Info

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Author

Muhammad Arif

Program

PhD

Institute

Iqra National University

City

Peshawar

Province

KPK

Country

Pakistan

Thesis Completing Year

2018

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11712/1/Muhammad%20Arif%20management%20sci%202018%20iqra%20national%20uni%20peshwar%20prr.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724471066

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The study was conducted by checking the effect of institutional investors (Ins.Invs) on information asymmetry (Inf.Asym) and stock market liquidity (ML) in Pakistan stock exchange (PSX). The aim of the study was to analyze the Ins.Invs, Inf.Asym, and ML on the basis of most populated non-financial sectors among the other sectors listed at PSX. The purposive sampling is base for the study and has selected four sectors, that is, textile, food, chemical and pharmaceutical and mineral plus cement sector as the sample of the study. The sample comprises of 280 sample firms which constitute 70 percent of the total population. The information of the sample firms has been gathered through reliable sources like annual reports of the sample firms, business recorder, yahoo finance and the official web sites of State Bank of Pakistan and PSX. The panel firm information regression was recommended for the firm information analysis. According to the results of this model; in textile sector, institutional shareholdings (IS) and growth shows insignificant effect on market liquidity while firm size and leverage have significantly affect the ML. Further, IS, growth and leverage have insignificant while size of the firm has significantly affect the information asymmetry. In food sector, institutional shareholdings and growth shows insignificant effect on market liquidity while firm size and leverage shows noteworthy effect on market liquidity. IS, growth and leverage have insignificant effect while firm size has significant effect on information asymmetry. In chemical sector, institutional shareholdings, leverage and growth shows insignificant effect on market liquidity while firm size shows noteworthy effect on ML. Furthermore, IS and growth have unimportant effect while firm size and growth has major effect on information asymmetry. In cement sector, institutional shareholdings, firm size and growth have notably affected the ML as well as the leverage has also considerably affected the ML that shows the significance of the variables of this study. Similarly, IS, growth and leverage have momentous effect while firm size has unimportant effect on information asymmetry.
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85. Al-Buruj/The Constellations

85. Al-Buruj/The Constellations

I/We begin by the Blessed Name of Allah

The Immensely Merciful to all, The Infinitely Compassionate to everyone.

85:01
a. By the celestial realm full of constellations,

85:02
a. and the Promised Time,

85:03
a. and a witness and a witnessed.

85:04
a. Destroyed were the People of the Ditch,

85:05
a. of the fire abounding in fuel, it will be fueled,

85:06
a. as they gathered around it,

85:07
a. witnessing to what they were doing to the believers,

85:08
a. and they avenged them merely because they believed in Allah – The One and Only God,
b. The Almighty, All-Praiseworthy,

85:09
a. Allah - the One WHO holds the reign over the celestial realm and the terrestrial world,
b. and Allah is Witness to everything.

85:10
a. Surely, for those who oppress and persecute the believing males and the believing females,
b. and then do not repent of their evil,
c. for them will be severe suffering of Hell,
d. added to that shall also be suffering of the Blazing Fire for having tortured to death the believers.

726 Surah 85 * Al-Buruj

85:11
a. Indeed, those who believe and practice righteousness, for them will be Paradise under which rivers/streams flow.
b. Such will be the great success!

85:12
a. Nevertheless, the grip/onslaught of your Rabb - The Lord against the disbelievers will be intense and painful.

85:13
a. It is, indeed, HE WHO initiated, and
b. will repeat it when HE will choose to.

منو دھرم شاستر اور ہندو نظام میراث

It is said that “Mony makes the mare go ” and it is so because AH’ah Subhdn-au-Taa’la Has willed it so. Wealth is thus, a great blessing and a means of great trial for man at the same time. It is utility and worth-no matter how a man may amass wealth- is restricted to this world alone. A man enters into the world hereafter-empty handedly. All his treasured troves of gold and silver are bequeathed to his loved ones after his demise. Had there been no proper mechanism or a modus-oerandi for the division of this left-over money/inheritance then violence and bloody feuds would have sparked amongst the heirs. Hence we find that almost all religions offer guidelines for the division of ( bequeathed mony or) wealth and valuables left after the death of a person. So is the case of Hindu religion. The purpose of this article is to focus, assess and analyze the Hindu system of inheritance-as to how to disperse the left-over wealth amongst the closest relatives of the decease

Structure, Coordination, Sensing and Allocation in Cognitive Radio Vanets

With the increase in population, vehicle traffic has also increased on roads. This has caused an increase in accidents, due to which thousands of people lose their lives and millions get injured annually. Hence, a foolproof and secure Vehicular Ad-hoc Network (VANET) structure is required to reduce the number of accidents considerably. Pre-danger information must be communicated in real-time, in order to implement preventive measures to avoid accidents. VANETs are specially designed in order to communicate information about hazards. The protocol DSRC/WAVE/IEEE802.11p is proposed for VANETs, but it may not be enough to cope with increasing network traffic, especially emergency messages. Hence the use of cognitive Radio (CR) technology has been introduced. A lot of methods for coordination and channel allocation in the context of VANETs are being introduced. As such, the need of a framework to reliably compare the relative performances of different channel sensing, allocation and coordination schemes which take into account the movement of vehicles is felt. Different techniques like Independent Spectrum sensing and various forms of Cooperative techniques have been proposed in the near past. In this dissertation, a VANET structure has been proposed for highways and urban environments. In the Highway model, separate Road Side Units have been provided for the traffic on each side. In this way group formation for localized traffic will be easy on highways. Simulation results show that by using the proposed model, average throughput and end-to-end delay have improved considerably, while packet loss has also been reduced. We also propose an efficient spectrum sensing mechanism for sensing and sharing the CR spectrum by mobile vehicles, which combines best of stand-alone sensing and cooperative sensing techniques. The proposed mechanism not only improves the probability of correct detection, but also almost eliminates the probability of misdetection. Then we have introduced a framework that can be used to define and compare such schemes in a variety of scenarios. Simulation results clearly show the robustness of our technique by almost eliminating the misdetections and reducing to a great extent the false alarms. Afterwards we have proposed a sensing technique which prepares a database for small road segments, time slots for the hours of the day and different frequencies of the spectrum based on the sensing of vehicles throughout the day. Based on this database, the future utilization of the spectrum is proposed. Simulations and results clearly indicate the success and usefulness of our proposed technique. In the end we have proposed a model based on fuzzy logic for the allocation of different types of TV channels having different ON/OFF timings in different hours of the day taking time, vehicle speed, message priority and CR channel sensing results as input. The simulations performed show the utilization of every type of channel in speed versus time and message priority versus time. These results can be utilized well for the allocation patterns of CR channels.