This paper investigates the relative importance of microfinance institutions (MFIs) at both the m... more This paper investigates the relative importance of microfinance institutions (MFIs) at both the macro (financial development, economic growth, income inequality, and poverty) and micro levels (efficiency of traditional commercial banks). We observe a significant impact on most of the fronts. MFIs’ participation increases overall savings (total bank deposits) and credit allocation (loans to private sector) in the economy. Their involvement enhances economic welfare by reducing income inequality and poverty. Additionally, their active presence helps to discipline the traditional commercial banks by subjecting them to more competition triggering higher efficiency.
SSIJEM All rights reserved. http://ssirn.com Page no 1 Factors Affecting an Individual Investor B... more SSIJEM All rights reserved. http://ssirn.com Page no 1 Factors Affecting an Individual Investor BehaviorAn Empirical Study in Twin Cities (Rawalpindi and Islamabad) of Pakistan Rabeea Rizvi* & Afsheen Abrar** * Faculty of Management Sciences, National University of Modern Languages, Islamabad, Pakistan *Faculty of Management Sciences, National University of Modern Languages, Islamabad, Pakistan _____________________________________________________________________________ Abstract This research study intends to examine the impact of financial literacy, accounting information, firm size , classical wealth maximization and demographic factors on individual investor’s decision making through the empirical research specifically conducted from the twin cities of Pakistan, Rawalpindi and Islamabad. This article explores the relationship between decision making by individual investors, within the context of portfolio management and the factors that may influence such decisions in Pakistan. ...
The purpose of current study is to explore the volatility linkages between four Asian equity mark... more The purpose of current study is to explore the volatility linkages between four Asian equity markets, which arePakistan (Karachi Stock Exchange), India (Bombay Stock Exchange), Hong Kong (Hang Sang Index) and Singapore (Strait Time Index). We estimate Multivariate GARCH BEKK model using weekly returns from January 2000 to August 2011.Direct evidences of linkages are found among all markets with respect to conditional mean returns and volatility.Own volatility spillover is found greater than cross volatility spillover in all emerging and developed economies.The insinuation of this study is that overseas investors may take advantage from the decrease of uncertainty by accumulating the stocks in the emerging markets to their investment portfolio.
The present study examines the role of credit risk in value creation process in banking system of... more The present study examines the role of credit risk in value creation process in banking system of Pakistan. This study here develops a conceptual model with three antecedents to credit risk. These antecedents are loan loss provision, advances, and capital adequacy ratio. The study analyzes the impact of these antecedents on accounting return on equity (ROE) and market return on shares (ROS). The data come from 20 banks listed on Karachi Stock Exchange (KSE) for 2004-2009. The study includes panel data analysis to analyze the relationship between the selected variables. The results of this study expose a minimal role of credit risk in value creation process in banking system of Pakistan. The results further reveal that banks with higher advances in their portfolio are successful in getting the confidence of shareholders.
International Journal of Trade, Economics and Finance, 2014
The present study examine the most important issue faced by microfinance institutions around the ... more The present study examine the most important issue faced by microfinance institutions around the world in this present era that is the commercialization trend and drifting size. This study will analyze whether the commercialization from their primary function of serving poor class of the society to moving towards better off customer in order to satisfy their urge of financial benefits. This study is using average loan size as proxy of mission drift with operational self sufficiency as profit measure, productivity as cost measure and repayment risk as independent variables in the study .The study also accommodate age ,size as control variables .Data has been taken from all the six regions of the world from 72 countries for the years 2003 to 2009.The econometric evidence using random effect estimation technique reveals that profitability and risk are positively related with average loan size where as cost is inverse relation with size of loan. The impact of age and size varies from region to region.
The present paper examines the impact of financial and social performance of microfinance institu... more The present paper examines the impact of financial and social performance of microfinance institutions (MFIs) on lending interest rate. The paper has covered fivestar-rated MFIs in all the six regions of the world individually and collectively for the period of 2006-2012. Data for 382 MFIs belonging to 70 countries around the world have been taken from the Microfinance Information Exchange (Mix Market). Financial performance is captured through return on assets, return on equity, and operational self-sufficiency, whereas social performance is measured through average loan size and number of credit clients. The lending interest rate is a weighted average of the interest rates actually received by the MFIs from their clients. The paper incorporated some control variables to capture variations in size, age, location, and infrastructure of MFIs. Panel data estimation techniques have been applied to find out the empirical association between the selected variables. Most of the results have shown that cost of funding, return on assets (ROA), and the number of credit clients have a significant positive impact on lending interest rate around the world. However, depth outreach as depicted by average loan size has significant inverse relation with lending interest rates. Moreover, results also highlight different factors that affect the productivity of MFIs around the world.
This paper investigates the relative importance of microfinance institutions (MFIs) at both the m... more This paper investigates the relative importance of microfinance institutions (MFIs) at both the macro (financial development, economic growth, income inequality, and poverty) and micro levels (efficiency of traditional commercial banks). We observe a significant impact on most of the fronts. MFIs’ participation increases overall savings (total bank deposits) and credit allocation (loans to private sector) in the economy. Their involvement enhances economic welfare by reducing income inequality and poverty. Additionally, their active presence helps to discipline the traditional commercial banks by subjecting them to more competition triggering higher efficiency.
SSIJEM All rights reserved. http://ssirn.com Page no 1 Factors Affecting an Individual Investor B... more SSIJEM All rights reserved. http://ssirn.com Page no 1 Factors Affecting an Individual Investor BehaviorAn Empirical Study in Twin Cities (Rawalpindi and Islamabad) of Pakistan Rabeea Rizvi* & Afsheen Abrar** * Faculty of Management Sciences, National University of Modern Languages, Islamabad, Pakistan *Faculty of Management Sciences, National University of Modern Languages, Islamabad, Pakistan _____________________________________________________________________________ Abstract This research study intends to examine the impact of financial literacy, accounting information, firm size , classical wealth maximization and demographic factors on individual investor’s decision making through the empirical research specifically conducted from the twin cities of Pakistan, Rawalpindi and Islamabad. This article explores the relationship between decision making by individual investors, within the context of portfolio management and the factors that may influence such decisions in Pakistan. ...
The purpose of current study is to explore the volatility linkages between four Asian equity mark... more The purpose of current study is to explore the volatility linkages between four Asian equity markets, which arePakistan (Karachi Stock Exchange), India (Bombay Stock Exchange), Hong Kong (Hang Sang Index) and Singapore (Strait Time Index). We estimate Multivariate GARCH BEKK model using weekly returns from January 2000 to August 2011.Direct evidences of linkages are found among all markets with respect to conditional mean returns and volatility.Own volatility spillover is found greater than cross volatility spillover in all emerging and developed economies.The insinuation of this study is that overseas investors may take advantage from the decrease of uncertainty by accumulating the stocks in the emerging markets to their investment portfolio.
The present study examines the role of credit risk in value creation process in banking system of... more The present study examines the role of credit risk in value creation process in banking system of Pakistan. This study here develops a conceptual model with three antecedents to credit risk. These antecedents are loan loss provision, advances, and capital adequacy ratio. The study analyzes the impact of these antecedents on accounting return on equity (ROE) and market return on shares (ROS). The data come from 20 banks listed on Karachi Stock Exchange (KSE) for 2004-2009. The study includes panel data analysis to analyze the relationship between the selected variables. The results of this study expose a minimal role of credit risk in value creation process in banking system of Pakistan. The results further reveal that banks with higher advances in their portfolio are successful in getting the confidence of shareholders.
International Journal of Trade, Economics and Finance, 2014
The present study examine the most important issue faced by microfinance institutions around the ... more The present study examine the most important issue faced by microfinance institutions around the world in this present era that is the commercialization trend and drifting size. This study will analyze whether the commercialization from their primary function of serving poor class of the society to moving towards better off customer in order to satisfy their urge of financial benefits. This study is using average loan size as proxy of mission drift with operational self sufficiency as profit measure, productivity as cost measure and repayment risk as independent variables in the study .The study also accommodate age ,size as control variables .Data has been taken from all the six regions of the world from 72 countries for the years 2003 to 2009.The econometric evidence using random effect estimation technique reveals that profitability and risk are positively related with average loan size where as cost is inverse relation with size of loan. The impact of age and size varies from region to region.
The present paper examines the impact of financial and social performance of microfinance institu... more The present paper examines the impact of financial and social performance of microfinance institutions (MFIs) on lending interest rate. The paper has covered fivestar-rated MFIs in all the six regions of the world individually and collectively for the period of 2006-2012. Data for 382 MFIs belonging to 70 countries around the world have been taken from the Microfinance Information Exchange (Mix Market). Financial performance is captured through return on assets, return on equity, and operational self-sufficiency, whereas social performance is measured through average loan size and number of credit clients. The lending interest rate is a weighted average of the interest rates actually received by the MFIs from their clients. The paper incorporated some control variables to capture variations in size, age, location, and infrastructure of MFIs. Panel data estimation techniques have been applied to find out the empirical association between the selected variables. Most of the results have shown that cost of funding, return on assets (ROA), and the number of credit clients have a significant positive impact on lending interest rate around the world. However, depth outreach as depicted by average loan size has significant inverse relation with lending interest rates. Moreover, results also highlight different factors that affect the productivity of MFIs around the world.
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