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Determinants of Value Premium in Pakistan Stock Exchange

Thesis Info

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Author

Tanveer Ahmed

Program

PhD

Institute

Shaheed Zulfikar Ali Bhutto Institute of Science and Technology

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Finance

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11654/1/Full%20Thesis%20phd%20-1231111.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724600972

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The purpose of this research is to investigate the ability of six value-growth indicators to produce value premium and to investigate the factors that influences value premium. The six value growth indicators used in this study are book to market, earning to price, dividend to price, cashflow to price, gross profit to total assets and sales to price ratio. The explanatory variables selected in this are transaction cost, idiosyncratic volatility, institutional ownership, distress risk, investment irreversibility, operating leverage, financial leverage, information asymmetry and accrual quality. Furthermore, the sampling technique used in this research is purposive sampling from year 2004 to 2014. In order to avoid survivor bias, the sample size varies from year to year, however the maximum number of firms included in the analysis were 383. Additionally, the sample size also varies across the six value-growth indicators selected in this study. The value premium is estimated using value weighted two-dimensional portfolio formation technique. The result indicates that value stock earns higher return as compared to growth stocks irrespective of the value-growth indicator used to disentangle stocks into value and growth firms, suggesting that value premium is positive and significant for all the value-growth indicators. Value premium is highest when earning to price ratio is used as value-growth indicator. On the other hand, sales to price ratio produces lowest value premium. Furthermore, small stocks earn higher value premium as compared to big stocks. The impact of explanatory variables had been measured on value premium generated through all the six proxies. The significance of explanatory variable varies with the value-growth indicator used to form value premium, however their direction is consistent irrespective of the value growth indicator used. Indirect cost, volatility, oscore,investment irreversibility, financial leverage,information asymmetry and dividend cut have positive effect on value premium. Direct cost, operating leverage, financial constraint and accrual quality have negative effect, however, intuitional ownership is insignificant irrespective of the value-growth indicator used.
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ڈاکٹر اعجاز حسین

ڈاکٹر اعجاز حسین ؍ ڈاکٹر مسیح الزماں
گزشتہ مہینہ میں ڈاکٹر اعجاز حسین سابق صدر شعبہ اردو الہ آباد یونیورسٹی کا انتقال حرکت قلب بند ہوجانے سے مظفرپور میں ہوگیا، جہاں وہ ممتحن بن کر گئے ہوئے تھے، ان کی میت الہ آباد لائی گئی، اپنی ملازمت سے سبکدوش ہونے کے بعد بھی لکھنے پڑھنے کا شغل جاری رکھا تھا، اہم اور مفید کتابوں کے مصنف تھے، جن میں مختصر تاریخ ادب اردو اور نئے ادبی رجحانات وغیرہ زیادہ مقبول ہوئیں، اپنے شاگردوں میں بہت مقبول رہے، ان کی وفات سے اردو ادب ایک بہت ہی لائق مصنف اور خدمت گزار سے محروم ہوگیا، ان سے کچھ ہی روز پہلے ڈاکٹر مسیح الزماں ریڈیو شعبہ اردو الہ آباد یونیورسٹی کی بھی وفات اچانک ہوگئی، اردو کی مرثیہ نگاری ان کا خاص موضوع تھا، ان کی عمر وفا کرتی تو اس صنف میں ان کا ادبی کارنامہ بڑا قابل قدر ہوتا، وہ پروفیسر مسعود حسن رضوی سابق صدر شعبہ اردو لکھنؤ یونیورسٹی کے داماد تھے، جن کے لئے اس کبرسنی میں یہ سانحہ بڑا ہی جانکاہ ہوگا۔
دعا ہے کہ خدا اردو ادب کے ان دونوں خدمت گزاروں کو غریق رحمت کرے، آمین ثم آمین۔ (صباح الدین عبدالرحمن، مارچ ۱۹۷۵ء)

 

Second Wave of COVID-19 in Pakistan: Our Responsibilities and Challenges as A Nation

The Corona virus (SARS-CoV2) pandemic initiated in late December 2019 in Wuhan city of Hubei, China, which has rapidly progressedinvolving more than 215 countries of the world. It was caused by novel SARS-COV2 coronavirus with Huanan seafood wholesale market as the possible point of origin. In past two decades, coronaviruses epidemic of Middle East Respiratory Syndrome (MERS-COV) had 37% mortality rate and Severe Acute Respiratory Syndrome (SARS-COV) had 10% affecting more than 10,000 population together. World Health Organization (WHO) declared it as the sixth Public Health Emergency of International Concern (PHEIC) on January 30, 2020 and later on March 11, 2020, the WHO labeledit as a pandemic. The first case of COVID-19 from Pakistan was reported on 26th February, 2020 and has affected over 354,000 people with a mortality of over 7000 patients. Many countries of the world have seen second wave of this pandemic. Government ofPakistan has also declared a second waveon October 28, 2020, after the rise in cases from 500 to 750 per day. Now it has crossed 2000 cases. The data released by the National Command and Operation Centre (NCOC) shows that the current percent positivity rate is close to 3 compared to the previous figure of lesser than 2 making it a bigger challenge than first wave in Pakistan. The patients now presenting in hospitals are all in critical condition. Lack of a specific vaccine or antiviral drug and non-compliance to the standard preventive measures is the major reason of initiation of a second wave of this viral infection in Pakistan. Being a nation we need to be responsible. Our country may go into economic crisis & our health facilities may choke. We have to understand how to live with this virus till the availability of vaccine or Curative antiviral drug. TheGovernment of Pakistan is creating awareness in the public for the second wave as the situation of pandemic is getting worse. Smart lock downs are being implementedbut people are not following preventive measures that are leading to infection spread at a very alarming speed. At the moment preventive measures are the only way to stop the spread of disease. Preventive measures should be adopted to contain this deadly disease. Wearing masks, using hand sanitizers, washing hands with soap for 20 sec, keeping social distance of 6 feet are mandatory preventive strategies. Social, political, business, recreationaland religious gatherings, should be avoided. Educational institutesshould follow strict standard operating procedures. Most of the people in Pakistan are not considering this disease as a matter of serious concern due to unawareness, poverty, beliefs and lack of resources. People should ignore such disbeliefs and should start considering it as a great health concern. They should follow the preventive measures in true sense.

Exploration and Utlization of Promoters from Dicot Plats

The highly expressed promoters used in genetic engineering have been isolated from viruses. The commercially available promoters have been patented and the scientists have to address the Intellectual Property Rights issues related to patented promoters. The exploration of strong dicot promoters is needed for the expression of transgenes by our local researchers for the evaluation of their transgenes. The dicot promoters (β-TbBr promoter, β-TbSt promoter and susy-Sl promoter) were explored and isolated from potato, turnip and tomato respectively. The promoter sequences and their deletion mutants consist of various motifs for light response, hormonal response and stress response. Maximum light responsive motifs were detected in β-TbSt and susy-Sl promoters. The full length β-TbSt and susy-Sl promoters were expressed in tobacco and cotton tissues through transient assay and their expression was maximum in major tissues of these selected dicot plants. The strong β-Glucoronidase (GUS) expression was observed in roots, stem, leaves, flowers, trichomes and siliques of transgenic Arabidopsis thaliana under the β-TbSt and susy-Sl promoters. The full length β-TbBr promoter also expressed GUS gene in various tissues of tobacco and cotton through transient assay but the deletion mutants of this promoter were expressed only in anthers of transgenic lines of Arabidopsis. The deletion mutants of susy-Sl promoter showed strong constitutive GUS expression in roots, stems, leaves, flowers, trichomes and siliques of transgenic A.thaliana tissues.The smallest deletion mutant (679bp) of susy-Sl promoter showed optimal promoter activity in transgenic A. thaliana. The deletion mutants of β-TbSt promoter also expressed GUS gene in major tissues of A. thaliana but the expression was not good in roots due to removal of some of the root specific motifs and light inducible motifs. The β-TbBr promoter showed flower specific expression in A. thaliana. The β-TbSt promoter and susy-Sl promoter were found highly constitutive while the full length β-TbBr promoter can be utilized for the expression of salt inducible genes under stress conditions and the deletions of this promoter can be utilized for the floral specific expression of transgenes in plant genetic engineering.