Papers by Dr Khalid Mustafa
GCU Lahore Economic Journal , 2021
A financial crunch has been a continual factor throughout the history of Pakistan. Hence, Pakista... more A financial crunch has been a continual factor throughout the history of Pakistan. Hence, Pakistan has been restricted to the expenditure of limited resources on growth. Most governments have a better cushioned to allocate for growth, especially on human capital because of less resources, side by side rising defense and surviving expenditure. The study is based on a skillful inquiry of health on economic growth in Pakistan. Time series data for the period 1971 to 2016 has been obtained while; ARDL co-integration technique has been applied. Economic growth is influenced and brought about, directly by Health indicators in the long run as well as in the short run. This shows that health has far-reaching effects on economic growth. Moreover, education spending by the government is also improving economic activities as it enhances the quality of human resources. Inflation is also positively related to economic growth of Pakistan. According to the major policy implications, a steep level of growth can be obtained by enhancing and making better the stock of human capital; particularly, if available stocks are going to exhaust. In addition, the policy indicates a tiny act of expenses on public health inconclusive economic growth.
CHAPTER 1 INTRODUCTION 1 CHAPTER 2 COOPERATIVES: IDEOLOGY, PRINCIPLES AND PRACTICES 2.1 Ideologic... more CHAPTER 1 INTRODUCTION 1 CHAPTER 2 COOPERATIVES: IDEOLOGY, PRINCIPLES AND PRACTICES 2.1 Ideological Base 2.II Economic and Social Aspects of Cooperatives 2.11.1 Some Definitional issues 2.11.2 Principles of Cooperation and their critical Analysis 2.Ill Effectiveness of Cooperatives as an instrument of Development 2.111.1 Government choice of Cooperatives as a policy instrument 2.111.2 Potential Benefits to the government from Cooperation 2.111.3 Role of Cooperatives in Development (a) Agriculture and Employment 72 (b) Land Reform (c) Development Projects 74 2.111.4 Some Potential Benefits and Weaknesses of Farmers Cooperatives 75 2.111.5 Impact of Cooperatives on Economic and Social Development 87 (1) Self-reliance and Development 88 (2) Agricultural Innovation and Productivity 89 (3) Social Impact and structural change 91 ii 2. IV CHAPTER 3
THE LAHORE JOURNAL OF ECONOMICS, 2009
Mangoes are one of Pakistan’s most important fruits; the country is the world’s fourth largest pr... more Mangoes are one of Pakistan’s most important fruits; the country is the world’s fourth largest producer and exporter of mangoes. Integrated markets are those where price signals are transferred from one to another, allowing physical arbitrage to adjust any disturbances in these markets; integrated markets are thus a sign of efficiency. From this viewpoint, we investigate domestic integration among ten major mango markets, i.e., Lahore, Faisalabad, Multan, Gujranwala, Sargodha, Karachi, Hyderabad, Sukkur, Peshawar, and Quetta employing Johansen’s cointegration approach and error correction model. Data on monthly wholesale prices data (PRs/100 kg) were obtained from the agricultural and livestock marketing advisor, Government of Pakistan. The results of the study confirm the presence of integration among major mango markets in Pakistan. These markets were able to adjust for 16 to 68% of disequilibrium in one month, implying that it takes almost two to six months to remove any disequil...
This study investigates the role of various factors to determine CEO compensation in family-owned... more This study investigates the role of various factors to determine CEO compensation in family-owned listed companies in Karachi Stock Exchange. Using the pooled data with 66 companies registered in Karachi Stock Exchange from 2010 to 2012, results indicate that the firm size is a significant contributing factor. In addition if the CEO belongs to the family, then his compensation is less because his compensation is made in terms of job security as well as status. Moreover, if the CEO holds more than one chair, her/his compensation decreases. This may owe to the fact that dual power may affect its efficiency and reduce performance of company adversely. Finally, the number of directors on the board has increased the compensation of the CEO has also escalated. Escalating board size indicate that more capable and eligible people, well equipped with skills and resources become part of organization which strongly effect performance, market position and goodwill of company and intensifying CEO pay scale.
GCU Economic Journal, Volume LIV (1&2), 2021
A financial crunch has been a continual factor throughout the history of Pakistan. Hence, Pakista... more A financial crunch has been a continual factor throughout the history of Pakistan. Hence, Pakistan has been restricted to the expenditure of limited resources on growth. Most governments have a better cushioned to allocate for growth, especially on human capital because of less resources, side by side rising defense and surviving expenditure. The study is based on a skillful inquiry of health on economic growth in Pakistan. Time series data for the period 1971 to 2016 has been obtained while; ARDL co-integration technique has been applied. Economic growth is influenced and brought about, directly by Health indicators in the long run as well as in the short run. This shows that health has far-reaching effects on economic growth. Moreover, education spending by the government is also improving economic activities as it enhances the quality of human resources. Inflation is also positively related to economic growth of Pakistan. According to the major policy implications, a steep level of growth can be obtained by enhancing and making better the stock of human capital; particularly, if available stocks are going to exhaust. In addition, the policy indicates a tiny act of expenses on public health inconclusive economic growth.
Acta Radiologica, 1960
The concept of the roentgenological visualization of the spermatic tract originally developed as ... more The concept of the roentgenological visualization of the spermatic tract originally developed as an extension of the treatment of chronic diseases in this region. In the days prior to the introduction of the antibiotics attempts were made to treat spermatic tract inflammations with antiseptic instillations. The instillations could be performed in one of two ways, either (1) by the deferential route (vasopuncture, vasotomy), or (2) by the transurethral route (retrograde catheterization of the ejaculatory ducts).
European Journal of Business and Management, 2019
This study is an attempt to investigate the evidence of random walk on KSE-100, KSE-30, all-share... more This study is an attempt to investigate the evidence of random walk on KSE-100, KSE-30, all-share index, KMI-30 from Pakistan stock exchange (PSX) and 40 independent firms from randomly selected for the period from January 01, 2009 to August 31, 2014 by using the conventional Lo and Mackinlay (1988). Both positive and negative autocorrelation is found in the return series of indices and individual stocks. KSE-100 shows negative autocorrelation, KSE-all and KMI-30 are positively autocorrelated. Large number of firms have found to possess negative correlation and profits are earned by mean reversion trend. For KSE-30 and for 10 other firms the null hypothesis of random walk cannot be rejected revealing unpredictability in KSE-30. Therefore, it is concluded that large investors earn profits by over-reaction and small investors by trend-chasing in the market where possible.
Business Review, 2017
This study explores the implications of control transfer and ownership structure on firm value an... more This study explores the implications of control transfer and ownership structure on firm value and restructuring activities in Japan. We find that conventional banks and business group affiliations negatively impact firm value and organizational restructuring, but foreign and private individual shareholding have a positive impact on firm performance and its ability to restructure internally. Furthermore, the transfer of ownership control to market-oriented investors consistently results in greater firm value and restructuring activities that enhance economic efficiency of listed companies in Japan.
The objective of this study is to investigate the macroeconomic performance of agriculture sector... more The objective of this study is to investigate the macroeconomic performance of agriculture sector in various regimes for the year 1950 to 2010 employing ARDL, and ECM. After examining macroeconomic performance of agriculture sector of Pakistan, under alternative political setup that is dictatorship and democracy, it is concluded that, the type of associations between alternative political setup and economic development and growth resists the finding established that both political setup promote the economic growth and development of agriculture sector of Pakistan. Under interesting conditions of Pakistan, the connection amongst economic development and growth and the democratic system is ambiguous and inexplicit. Pakistan’s economic growth and development has been better with tyrannical political administrations than democracy and the causative association amongst democratic system and economic aspects, as laid out by Huntington, can't be shown on account of Pakistan. Keeping al...
This study aimed at revisiting and divulging the existing empirical evidence regarding the inform... more This study aimed at revisiting and divulging the existing empirical evidence regarding the informational efficiency and random walk in stock markets of developed and emergent markets. The critical analysis of statistical tools used is out of the purview of this study. Most of the empirical literature on the topic after the seminal work of Fama (1965a) is based on the developed markets. However, emergent markets received greater attention of the researchers after the huge inflow of capital in these markets after financial liberalization. Review of literature reveals varied results for efficiency and random walk in case of developed and emerging markets. Developed markets empirically found to be more efficient than emergent markets. Highly contradictory results are observed for emerging markets depending on the size, influence of insider trader, market integration, liberalization, trading volume, trading process, and infrequent trading. Empirical evidence in favour or against efficien...
Review of Middle East Economics and Finance, Dec 8, 2012
This study investigates the role of various factors to determine CEO compensation in family-owned... more This study investigates the role of various factors to determine CEO compensation in family-owned listed companies in Karachi Stock Exchange. Using the pooled data with 66 registered companies from 2010 to 2012, OLS method has been used to determine CEO compensation. It is found that the firm size is a significant contributing factor, which effect CEO compensation. In addition if the CEO belongs to the family, then his compensation is less because his compensation is made in terms of job security as well as status. Moreover, if the CEO holds more than one chair, his compensation decreases. This may owe to the fact that dual power may affect its efficiency and reduce performance of company adversely affect CEO compensation. Finally, the number of directors on the board increased, the compensation of the CEO also escalated. Escalating board size indicate that more capable and eligible people, well equipped with skills and resources become part of organization which strongly effect performance, market position and goodwill of company and intensifying CEO pay scale
Global Business Review
ABSTRACT
International Journal of Innovation and Sustainable Development
Corruption is a multidimensional global fact having diverse pros and cons, as it easily camouflag... more Corruption is a multidimensional global fact having diverse pros and cons, as it easily camouflages in almost all types of political and economic settings. Development researchers consider the complexity of the phenomenon of corruption a single most threat to the humanity causing meek poverty and deprivation in developing economies. In Pakistan, corruption particularly petty in nature ha it has devastating impact not only on the economic growth but also on the development of the whole society. Therefore in this study an attempt has been made to identify the determinants of corruption in the pu delivery mechanism in the slum areas of Karachi. implications on poverty are enormous. This study empirically investigates the attributes of the respondents and their relation with the bribe paying activities. In this way it provides important guidelines to the policy makers for formulating the anticorruption policies targeting the poor driven class of the society in Pakistan.
Philippine Review of Economics, 2008
This paper examines the relationship between aggregate stock market trading volume and serial cor... more This paper examines the relationship between aggregate stock market trading volume and serial correlation of daily stock returns from December 1991 to April 2006. The empirical results reveal that there is a first-order positive autocorrelation between future and present returns. The ...
Journal of Emerging Market Finance, 2006
... If the market is semi-strong form efficient then the two volatilities shouldn't differ s... more ... If the market is semi-strong form efficient then the two volatilities shouldn't differ significantly. ... If there was such information during that period, then we considered that observation as a day with asym-metric information. ... Testing for Market Efficiency in Emerging Markets / 125 ...
Journal of Emerging Market Finance, 2006
... If the market is semi-strong form efficient then the two volatilities shouldn't differ s... more ... If the market is semi-strong form efficient then the two volatilities shouldn't differ significantly. ... If there was such information during that period, then we considered that observation as a day with asym-metric information. ... Testing for Market Efficiency in Emerging Markets / 125 ...
Abstract. The study reports the empirical evidence on the presence of weak-form efficiency under ... more Abstract. The study reports the empirical evidence on the presence of weak-form efficiency under the random walk hypothesis on the emerging stock market of Pakistan; Pakistan stock exchange (PSX), formerly known as Karachi stock exchange (KSE) from January 01, 2009 to August 31, 2014, by investigating two categories of stock indices; one in which the selection of firms is based upon market capitalization and the other where the selection criteria of firms is based upon free-float methodology. The study applied both non-parametric and parametric tests; Kolgomorov-Simirnov (K-S), runs, serial correlation and unit root tests on daily returns of KSE-100 index; KSE- all share index; KSE-30 index and KMI-30 index. The study finds absence of random walk on the former two indices, where chronology of firms and selection criteria are based on traditional market capitalization technique. However, evidence of random walk is found in stock-indices where selection of firms is based on free float...
International Journal of Business Management and Finance Research, 2018
This study attempts to explore the relationship between remittances and the macroeconomic variabl... more This study attempts to explore the relationship between remittances and the macroeconomic variables of Pakistan using gravity model for the period 2002-2013. The bilateral remittances from twenty-three major source countries were selected, which covered 90 percent of total remittances. The key findings of this study reveal that the economic performance of home countries has a positive and significant impact on remittances as revealed in migrants' investment behavior. Moreover, the flow of remittances to Pakistan responds mainly due to the macroeconomic variables of remittance-receiving countries instead of the remittance-sending countries. Consequently, remittance receipts have become an important factor in promoting the economic growth of Pakistan. It is thus suggested that Pakistan should diversify migration destinations to stabilize remittance flows, promote the transfer of skilled migrants, improve the remittance transfer system, and use advanced technology to decrease the cost of remittance.
Asian Development Policy Review, 2019
This study empirically examines the link between stock market returns and exchange rate fluctuati... more This study empirically examines the link between stock market returns and exchange rate fluctuations using monthly data ranging from 1993 to 2016 for selected SAARC countries (Bangladesh, India, Pakistan, and Sri Lanka). In the presence of other macroeconomic factors, dynamic links in the financial markets are investigated using Hamilton's Markov switching approach. The multivariate analysis reveals that stock market returns develop in accordance with two different regimes: during a crisis and when there is no crisis. The study discovered evidence of switching suggesting that stock markets have persistent volatility in bullish trends and are influenced more by currency returns during both calm and turbulent periods. However, stock markets with persistent volatility in bearish trends are influenced more by other macroeconomic factors, in both periods. This implies that movements in the stock market are regimedependent and transition probabilities between regimes can be affected by certain macroeconomic factors. Contribution/Originality: This study contributes to the existing literature by examining whether there is a switching behavior in South Asian stock markets and whether regime-switching behavior is influenced by a number of factors that directly or indirectly affect internal and external economic, financial, and political elements during times of crisis and stability.
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Papers by Dr Khalid Mustafa