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Home > The Macroeconomic Variables and Stock Returns in Pakistan

The Macroeconomic Variables and Stock Returns in Pakistan

Thesis Info

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Author

Sohail, Nadeem

Program

PhD

Institute

University of Sargodha

City

Sargodha

Province

Punjab

Country

Pakistan

Thesis Completing Year

2009

Thesis Completion Status

Completed

Subject

Labor economics

Language

English

Link

http://prr.hec.gov.pk/jspui/handle/123456789/1148

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676725112077

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The stock market is a barometer of a country’s economy. The stock market of Pakistan was initiated in the year 1947 at Karachi. Later on two more stock exchanges were established in Lahore and Islamabad in the year 1970 and 1992 respectively. The intent of this study was to explore long run and short run relationships between four stock indices i.e. KSE100 index, General index, LSE25 index, and ISE10 index relating three stock exchanges namely Karachi stock exchange, Lahore stock exchange, and Islamabad stock exchange in Pakistan and five macroeconomic variables i.e. consumer price index, industrial production index, real effective exchange rate, money supply, and three months treasury bills rate. In order to investigate the long run and short run relationships Johansen cointegation technique and VECM was applied. The study used monthly data from November 1991 to June 2008 for analyzing KSE100 index and General index, while from December 2002 to June 2008 and from July 2004 to June 2008 for LSE25 index and ISE10 index respectively. The results showed that industrial production has long run positive impact on stock returns in all three markets. Exchange rate was positively affecting all indices except ISE10.Inflation was positively related with stock returns at Karachi Stock market, while it was negatively related with rest of the two markets. Increase in money supply had negative impact on the stock returns, while treasurery bills rate had mixed effect. The VECM analysis depicted that it takes more than four months for the adjustment of disequilibrium of the previous period in case of KSE100 index. In case of General index, nine months were required for disequilibrium adjustment. The disequilibrium in LSE25 index required five months for adjustment, while ISE10 showed the most speedy adjustment i.e. two months. The results of Innovation accounting revealed that macro economic variables explained more variance of forecast error incase of KSE100 index and LSe25 index than General index and ISE10.
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والدین کا مقام

والدین کا مقام
رشتے ناتے بڑی اہمیت کے حامل ہوتے ہیں، رشتے مختلف نوعیت کے ہوتے ہیں کسی کے ساتھ رشتہ ناطہ موروثی نوعیت کا ہوتا ہے، کسی کے ساتھ رشتہ اور تعلق علاقائی نوعیت کا ہوتا ہے کسی کے ساتھ خاندانی تعلقات ہوتے ہیں لیکن ان تمام رشتوں میں سب سے بڑھ کر رشتہ والدین کا ہے۔ یہ ایک عظیم رشتہ ہے کہ اس کا نعم البدل نہیں ہے۔
قرآنِ پاک میں ارشاد ِباری تعالیٰ ہے کہ اپنے والدین کے ساتھ بھلائی کروان کے ساتھ حسنِ سلوک سے پیش آئو، قرآنِ پاک سے جو بات ثابت ہوجائے پھر اس میں لیت ولعل کی گنجائش نہیں رہ جاتی اس پرعمل کرنا ناگزیر ہو جاتاہے ، حکم عدولی کی صورت میں دین و دنیا دونوں برباد ہونے کا خدشہ ہے۔ اسی طرح ایک اور مقام پر اللہ تعالیٰ نے اپنے کلام میں فرمایا کہ اگر تمہارے والدین میں سے کوئی ایک عمر رسیدہ ہو جائے تو ان کو اُف تک نہ کہو بلکہ ان کے ساتھ گفتگو کرنی ہے تو احسن طریقے سے کرو۔ اسی طرح حدیث نبوی صلی اللہ علیہ و آلہٖ وسلم ہے کہ اگر کسی شخص کا خیال ہو اور وہ اس سوچ میں مستغرق ہو کہ آیا اس وقت وہ خالقِ کائنات، وہ مالک کائنات، وہ رازق کائنات، وہ پتھر کے اندر چیونٹے کو رزق دینے والا میرے ساتھ ناراض ہے ناخوش ہے تو وہ والدین کے چہرے کو دیکھ لے اگر والدین کے چہرے پر بشاشت ہے مسکراہٹ کے آثار نمایاں ہیں تو سمجھ لے کہ اللہ تعالیٰ راضی ہے اور مسکراہٹ نہیں تو اللہ تعالیٰ اس پر ناراض ہے۔ اللہ تعالیٰ کی ناراضگی اور رضا مندی والدین کے چہرے کو محبت سے دیکھنے میں ایک مقبول حج کا ثواب ملتاہے۔
والدین کا مقام اتنا بلند ہے کہ اس کی پیمائش کے لیے...

E-Commerce and its Effects in Supply Chain Management

E-Commerce in today’s world is playing an important role in global business. A quantitative and quantitative research was conducted with professional members, employees working in organization which are dealing with E-Business or online working via internet and their views gave an empirical and dynamic approach to make business efficient and effective. Connectivity with market to find best manufacture for goods and for manufacture to finds its buyer for their finished goods. Flow of information become faster and gathering of data become easier to make activities of business to get optimal results. Numbers of goods are available complications to finds goods are removed by complimentary goods. Supplies of goods at proper time in order to meet demand by consumer plays win to win game. Improved methods of technology like RFID make work easier and accessible information about goods to management. Manpower in forms of labor is reducing which leads to decrease in the cost of goods. Ordering cost saves time and gives a specified time both producers to make commodity and consumer for delivery of goods. E-Commerce with contrast of components of supply chain in the form of ware house, logistics, number of listing suppliers, number of listing items on one web in the form of website on one platform give dynamic image to businesses in the race of competitive world. Business transactions done with internet not only reduce time but also make documents or records for longer time able to send data from distant parts of the world. Through websites we can get completive price information and other relevant information for goods.

Development of Novel 3D Woven Reinforcements for High Performance Applications

Three-dimensional (3D) fibre reinforced polymer composites (FRPC) are attractive and preferred in high performance applications because of their resistance against delamination and better out of plane properties due to the presence of fibres/yarns in the z direction. However, the ability to withstand damage depends on weave design, z-binder yarn and interlocking pattern. A substantial amount of research has been performed to understand in plane properties of 3D woven composites as well as under different mechanical loads. But there is limited research on the damage tolerance and out of plane properties of 3D woven warp, weft, bidirectional and novel hybrid interlock composites as well as on mechanical and time dependent compression and recovery properties of 3D woven spacer composites. In view of present research in 3D woven composites, two different types of 3D woven reinforcements i.e. 3D woven solid and 3D woven spacer were developed. In 3D woven solid reinforcements i.e. warp, weft, bidirectional and hybrid interlock structures were produced. In the first stage, 3D orthogonal layer to layer warp, weft and bidirectional interlock composite structures were fabricated. It was found that alone warp and weft interlock composites showed better tensile behaviour as compared to bidirectional interlock composite in warp and weft direction, due to the presence of less crimp as compared to bidirectional interlock. However, bidirectional interlock composite exhibited considerably superior impact resistance and three-point bending strength as compared to the individual warp and weft interlock composites. In the second stage, mechanical performance of seven different types of 3D woven composites i.e. orthogonal layer to layer (OLL), orthogonal through thickness (OTT), angle interlock layer to layer (ALL), angle interlock through thickness (ATT), hybrid 1 (H1, combination of OTT and ATT), hybrid 2 (H2, combination of OTT and ALL) and bidirectional interlock (H3) were studied. Overall, during in plane testing (tensile), OTT composite samples behaved mechanically well due to the least crimp in binder yarn, while during out of plane characterizations (flexural, interlaminar shear strength, low velocity impact and compression after impact), both through thickness structures (OTT and ATT) and H3 samples showed highest and comparable mechanical results. In the third stage, 3D woven spacer composites with three different thicknesses i.e. 4mm, 10mm and 20mm were characterized. Flexural, low velocity impact and flat compression performance of the 3D woven spacer composites were reduced with the increase of sample thickness. The highest amount of energy was absorbed during fracture of 4mm thick composite. Compressibility (%) and resiliency (%) was highest in 4mm thick composite but recovery (%) was found a bit lower as compared to the 10mm and 20mm thick composites. While in 10mm thick composite recovery percentage was highest.Three dimensional (3D) woven fibre reinforced polymer composites (FRPC) are currently receiving a great deal of attention in numerous applications such as interior parts of vehicles, light weight furniture, automotive, sporting goods, aerospace, civil infrastructure, etc., due to their favourable mechanical properties. Despite their several advantages over traditionally used structures, they tend to be susceptible to the different static and dynamic mechanical loads (in plane and out of plane), resulting in the failure of the structure. A substantial amount of experimental and theoretical work has been performed to understand the in-plane properties as well as out of the plane performance of 3D woven composites exposed to different mechanical loads. However, the use and influence of individual 3D warp and weft interlocks and their combination with novel hybrid 3D interlocking on the in-plane, as well as the out of plane properties of different 3D woven composites and, time dependent performance of the 3D woven spacer composites has not yet been explored. The behaviour of 3D woven (Solid and Spacer) composites under static and time dependent loads are studied in this work. Chapter 1 In this chapter, the literature survey is presented, and this is divided into five sections. The first section deals with the general background of this study with a certain application area and their significance. The second section deals with different classes of textile preforms/reinforcements (2D and 3D), Advantages of three dimensional (3D) woven structures over the two dimensional (2D) woven structures. Designing of 3D woven structures on the conventional weaving machines. In the third section, types of the matrix with their significance and composite fabrication techniques are explained. In the fourth section, literature regarding the 3D woven composite with different reinforcement systems is described in detailed. This also covers damage/failure mechanisms under tensile, flexural, compression, compression after impact, impact testing, and the effect of test parameters on the subsequent damage mechanism. In the fifth section of this chapter, the research problem is defined, and the objectives of this study are stated. Chapter 2 In this chapter, designing and fabrication of warp, weft and bidirectional (combination of warp and weft) interlock 3D woven structures using the orthogonal layer to layer (OLL) 3D multilayer technique on a conventional weaving loom, is described. Influence of the interlocking patterns on the mechanical properties (in plane and out of plane) of the composite structures is explained in both warp and weft directions. Chapter 3 In this chapter, designing and fabrication of 3D woven warp interlock structures using the orthogonal layer to layer (OLL), orthogonal through thickness (OTT), angle layer to layer (ALL), angle through thickness (ATT) interlocking and their combination (hybrid interlock) with extra stuffer yarns in warp direction, is discussed. Also, the Influence of the interlocking patterns on the mechanical properties (in plane and out of plane) of the composite structures is clarified in both warp and weft directions. Microscopic images are added for clarification of the 3D structures. Chapter 4 In this chapter, designing and fabrication of the 3D woven spacer composites with different thickness levels (4mm, 10mm, 20mm) and their influence on the mechanical (flexural, impact, compression) as well as on the time dependent compression/recovery properties, is explained. Effect of pile height on different mechanical properties is explained. The cyclic load is applied to the composite structures to determine dynamic compression and recovery behaviour. Chapter 5 In this chapter, general conclusions and future perspectives of this work are given.