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The Determinants of Stock Market Development: A Panel Study of Developed, Emerging and Frontier Markets

Thesis Info

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Author

Mahmood, Gulbaz

Program

PhD

Institute

Air University

City

Islamabad

Province

Islamabad.

Country

Pakistan

Thesis Completing Year

2018

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/12817/1/Gulbaz%20Mahmood_Mngt%20Sci_2018_Air.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725084168

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The objective of the present study is to find the determinants of equity market development with a panel data of Developed, Emerging and Frontier Equity Markets. The determinants of equity market include both the quantitative and qualitative factors, whereas the former represents the macroeconomic variables, and the later embodies the governance variables. The study incorporates the panel data set of world stock markets of 70 countries, which are classified by international group of Financial Times Stock Exchanges (FTSE) in three main regions of the world as Developed (25), Emerging (21) and Frontier (24) Equity Markets and period of the study is 20 years starting from 1996 to 2015. Given the panel nature of the data, the econometric methodologies of dynamic Generalized Methods of Moments (GMM) has been incorporated to find the significant relationships on subject matter Moreover, the study has incorporated multifaceted statistical methodologies in all three regions of the world stock markets. Despite having different dynamics and resources, there are few similarities but there are some of the stark differences, which lead them to identify their uniqueness. The study finds that effects of economic and governance factors on stock market development are peculiar in nature and quite unique as per the dynamics of that particular region. For instance, the study finds that economic and governance factors are more influential in developed region as compared to emerging and frontier regions which is mainly due to strong institutional quality in the developed countries. The study has formed a composite index of Economic and Governance factors through Principal Component Analysis by using factors for each region of the world equity markets. Afterwards, cross-index of Economic and Governance Factors is formed for exploring the joint effects of these variables. The study reveals that there is strong correlation in these composite indices in the developed region, where as there is no clear pattern in the developing countries. Moreover, there is quite dispersion in the composite data of the developing countries. So, there is no direct correlation in the composite factors of economic and governance in the developing countries. The studies on exploring the direct effects are quite in abundance but the literature on indirect and cross effects of governance and economic factors on the development of stock market are quite scarce. The present study explores the comprehensive direct and indirect effects of governance factors as well as vice versa effects on the development of economy and equity market in all regions of the world equity markets. After the estimation, the study finds that effects of economic and governance factors on stock market development are not only unidirectional, but also bidirectional as well. Particularly, the emerging markets have dual effects on economic and governance factors. The indirect effects of governance through economic factors are significant in developed region and cross effects of governance and economic factors are significant in emerging markets. The vice versa effects of stock market development and economic growth suggests that economic growth is also affected by the development of stock market and governance factors particularly in frontier markets. The reverse impacts of stock market development on the economic growth are quite captivating in which development of stock market also affects the growth of economy in all three regions of the world. In the end, the study recommends that determinants of equity market may not solely based on economic factors rather the significance of governance factors may be taken into account while taking the complete picture of the subject. This study will append the knowledge of prevailing institutional works on equity markets and economy as well. Moreover, the formation of composite indices for governance and economic factors for all the regions of developed, emerging and frontier markets may append the existing knowledge database of financial markets.
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ڈاکٹر مر سیر

ڈاکٹر مرسیر

            ڈاکٹرمرسیر اس وقت انگلستان میں امراض عصبی و دماغی کے نہایت ممتاز ماہر تھے، جنون و متعلقات جنون پر ان کی متعدد تصانیف تھیں، نفسیات پر بھی وہ بعض اہم تصانیف کے مصنف تھے ان کا ایک خاص کارنامہ یہ ہے کہ ۱۹۱۲؁ء میں انھوں نے ’’نیولاجک‘‘ (جدید منطق) کے نام سے ایک ضخیم کتاب لکھی، جس میں ارسطو، مل، ہیگل وغیرہ کے متعارف نظامات منطق پر اعتراضات کی بھرمار کرکے انھوں نے اپنا ایک جدید نظام منطق پیش کیا، اس پر علمی حلقوں میں ایک غلغلہ برپا ہوگیا اور اب تک علمی رسائل میں برابر بحث و مناظرہ کا سلسلہ جاری رہا، ڈاکٹر موصوف نے دفعتہ ستمبر گزشتہ میں وفات پائی، ان کی وفات سے انگلستان کی بزم علمی کا ایک رکن رکین اٹھ گیا۔

(نومبر ۱۹۱۹ء)

Reading in a report: the French National Gendarmerie, on the reasons for the cargo train coup between the cities of Ain Sefra and Bashar in 1957

It is no coincidence that the researcher in history, especially the history of the Algerian revolution, finds a missing link in the history of the Algerian revolution, which we call the history of what history has neglected. Intentionally, or unintentionally, the archives of Algeria in France, Pax- Provence, or others, or even with some Algerian families, who still hide their archives from researchers? a question that the Algerian researcher will answer to show the truth with documents. Similar to this document, which deals with a topic, in which scientific material was scarce, which is related to the revolution’s strategy to abort and eliminate French projects, the strategy of the National Liberation Army to adapt to the situation consisted in sabotaging French transportation routes, especially railways, in order to destroy France’s economy as well as When she wanted to isolate the people from their revolution, by building barbed wire at the level of the East and West.

Ecoperformativity in Multivalent Textual Ecologies

Intervening within contemporary ecosophy, this thought experiment reframes the idea of the human while taking into account nonhuman semiotic potential. It postulates literary theory and texts as agents that participate in the material world’s meaningmaking tableau while subverting the nature/culture and human/nonhuman divides. Through a transdisciplinary itinerary, my work provides a much needed intervention within the field of literature as it foregrounds the narrative potential of nonhuman actants and its impact on the assumptions regarding the human body. Since stories have historically prescribed the centrality of the human as a logocentric agent, I argue that stories can also be used to dismantle this anthropocentric tilt. In so doing, they can establish the idea of a reparative humanness that takes into account the materialsemiotic agency of the world within which the human is enmeshed. Via the idea of textual ecology, I read the world as a kinetic compendium of human and nonhuman stories that defy absolutes and break down onto-epistemological enclosures. Therefore, my theorization takes on board Gerald Vizenor’s The Heirs of Columbus and Paolo Bacigalupi’s The Windup Girl, along with two hypertexts, i.e., Mark Amerika’s Grammatron and Stephanie Strickland & Cynthia Lawson Jaramillo’s V:Vniverse to propose a re-reading of the human in terms of a compound subjectivity. This compound subjectivity inaugurates a re-reading of human embodiment as an editable assemblage that is in a state of continual becoming due to its enmeshment with various nonhuman phenomena. Since the human body is no longer a fixed entity, human performativity is also equally malleable. Therefore, I propose the idea of Ecoperformativity, which invites a search for new stories regarding our understanding of the world we live in through their mediation with nonhuman narrative agency. In so doing, I have blended the pertinent tenets of Jacques Derrida, Karen Barad, Gilles Deleuze and Felix Guattari, Bruno Latour, Jeffrey Jerome Cohen, Timothy Morton, Rosi Braidotti and Donna Haraway, etc. My research advocates the stance that in narrating more egalitarian performative accounts of human and nonhuman agency, literary texts and theories function as open-ended semiotic systems which permit a weaving of new stories regarding the co-constitutive participation of the human and nonhuman in the meaning-making processes of the world. This provides the space for the renewal of humanities that could raise further possibilities for thinking Posthuman subjectivities and the new structures of dominance that might emerge as a consequence.