Home > Behavior of Stock Return, Calender Effects and Adaptive Market Hypothesis Ahm : Evidence from Pakistan by Using Historic Data With Special Focus on Gregorian and Islamic Calender
Behavior of Stock Return, Calender Effects and Adaptive Market Hypothesis Ahm : Evidence from Pakistan by Using Historic Data With Special Focus on Gregorian and Islamic Calender
Beyond the traditional verdict of efficiency/inefficiency of market, the current thesis aims to provide additional insights to portray the clear picture of behavior of stock market. Although the previous studies have broadly examined the classical EMH, but there exists no consensus among academicians and researchers whether markets are efficient or not. Earlier studies favor EMH and claim that it holds. However, the recent studies cast a serious doubt by showing a strong evidence against the validity of the EMH. In addition, numerous research studies used a predetermined sample-period to investigate the EMH while ignored the fact that the levels of market efficiency may change/evolve over time. Thus, testing efficiency in previous studies is confined to investigate whether the returns generating process of an asset is stochastic (market efficiency) or deterministic (market inefficiency). In this regard Lo (2004) tries to reconcile both the varying degree of market efficiency and EMH through Adaptive Market Hypothesis (AMH). This theory facilitates the efficiency of capital markets to evolve over time and allows market inefficiencies to co-exist along with market efficiency (EMH). The thesis aims to examine the behavior of stock returns and calendar effects through AMH to identify whether AMH delivers a better depiction of behavior stock return and calendar anomalies than traditional EMH. For the purpose 107 listed companies from Pakistan Stock Exchange (PSX) are selected over the period from 1996 to 2015 to contribute to limited literature available on emerging markets. Similar to the studies of (Urquhart, 2013; Urquhart & Hudson, 2013), five different types of behavior are studied. The data set is divided into 4 equal 5-yearly-subsamples to detect the evolution of market efficiency (through linear & non-linear tests) and calendar effects (through GARCH model & Kruskal-Wallis test). The simultaneous utilization of linear and non-linear methods would probably improve the prediction of market participants. The results of linear & nonlinear tests reveal that firms exhibit significant predictability of returns during certain sub-samples while insignificant in others indicating that returns go under periods of market efficiency and inefficiency thus, consistent with AMH. Similarly, the results of GARCH (1,1) and Kruskal-Wallis test show that behavior of calendar effects fluctuates and goes under periods of predictability and no predictability . Overall, results of study suggest that AMH well elucidates the behavior of stock return and calendar effects than conventional EMH. The findings of the study may helpful to investors to assess the time varying volatility to manage their portfolios, investment decisions and trading strategies at (PSX).
ڈاکٹر عبدالبصیرخان قاہرہ سے واپسی پردوسری اندوہناک خبر اپنے عزیز دوست ڈاکٹر عبدالبصیر خان کی وفات حسرت آیات کی سُنی جوپہلی خبرسے کم دلدوز نہیں تھی۔ موصوف اپنے مضمون (ZOOLOGY) میں بین الاقوامی شہرت کے مالک تھے۔ مسلم یونیورسٹی علی گڑھ میں اپنے شعبہ کے صدر اور پروفیسر تھے،پراکٹر بھی رہ چکے تھے۔ طبعاً نہایت شریف ،سچّے اور خدا ترس انسان تھے۔ مرنا ہرایک کوہے لیکن اُن کی وفات جن حالات میں ہوئی ہے وہ حددرجہ صبرآزماتھے،اس لیے ہمیں اس میں ذرا شبہ نہیں کہ اُن کی موت صرف موت نہیں بلکہ شہادت ہے۔ اﷲ تعالیٰ انھیں صدیقین وشہداء کامقامِ جلیل عطا فرمائے اور ان کی نوجوان بیوہ اور دو کمسن بچّوں کاحافظ وناصر اور نگہبان ہو،آمین۔ [نومبر ۱۹۶۶ء]
This paper establishes a novel breakthrough in my world pioneering academic theory of unfolding the miracles ofIslam in Mathematical Sciences. Ofparticular significance is the humble step on the way of computing the First Minimum Newtonian Approximation (FMNA) of the distance between the lobe of the ear and the shoulder ofone of the bearer angels of the Divine Throne of Allah the Almighty according to the approved correct speech ofProphet Muhammad(p). The paper makes an effort to illustrate that at the top level of human intelligence, even numbers, dimensions, spaces and all other forms of human knowledge would definitely prostrate in full submission to the greatness ofAllah, the most exalted.
21 ABSTRACTBSTRACTBSTRACTBSTRACTBSTRACTBSTRACTBSTRACT Acute respiratory infections (ARI) are associated with high morbidity and mortality rates at the global level. Approximately 20% of the deaths attributable to pneumonia globally occur in Pakistan with nearly one half the infections among children younger than 5 years of age. The objectives of this study were to define the molecular epidemiology of respiratory viruses in Pakistani children and to identify viral genotypes causing respiratory infections. In this study, we analyzed 1941 respiratory samples collected over three winter seasons and tested for common respiratory pathogens using real time PCR. We found 76% prevalence rate for viral pathogens with Influenza and RSV predominant among 0.01-6 and 12-24 months age groups respectively. Fever and cough were identified as significant clinical parameters along with malnutrition and maternal breastfeeding. Furthermore, phylogenetic analysis of representative Influenza A/H3N2 viruses showed that recent viruses belonged to subgroup 3C.3 and carried important amino acid substitutions in the H3 hemagglutinin, while no substitutions attributable to neuraminidase resistance were detected. We genotyped the Respiratory Syncytial viruses subtypes and analyzed the two surface glycoproteins G and F of over100 isolates. All RSV-A strains carried 297 amino acids long G protein and clustered in the NA1/GA2 genotype. We also reported a novel RSV B genotype BA-13 and two other genotype variants (BA-9 and BA-10). We analysed the fusion protein F in RSV A isolates at the binding sites for the monoclonal antibodies Palivizumab and Motavizumab specifically and found that the N276S substitution in over 90% of RSVA and all RSVB viruses. This work highlights the need for respiratory disease surveillance as it will support the development of appropriate public health surveillance programs to inform health planning.