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All Journal Palmyra Fiber as Additional Materials on Solid Concrete Brick of Aggregate
Muhammad Aamir
SZABIST, Karachi, Pakistan.
Civil Engineering, Building, Construction & Architecture Economics, Econometrics & Finance Materials Science & Nanotechnology

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Determinants and Motivators of Dividend Policy: A Study of Cement Industry of Pakistan Islam, Talat; Aamir, Muhammad; Ahmad, Ashfaq; Saeed, Muhammad
Mediterranean Journal of Social Sciences Vol. 3 No. 2 (2012): May 2012
Publisher : Richtmann Publishing

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Dividend is one of the most debatable topics for the researchers. Many researchers explore the factors of dividendpolicy. The aim of the study is to find out the factors that motivate the dividend policy among the cement industry. For thepurpose data of eight firms was collected from Karachi Stock exchange and State bank of Pakistan. SPSS 17 was used toanalyze the data and it was found that PE ratio, EPS growth and sale growth are positively associated with the dividend payoutwhile profitability and debt to equity were found to have negative association with dividend payout.
The Impact of Macroeconomic Variables on Stock Prices: An Empirical Analysis of Karachi Stock Exchange Hussain, Muhammad Mubashir; Aamir, Muhammad; Rasool, Nosheen; Fayyaz, Maleeha; Mumtaz, Maryam
Mediterranean Journal of Social Sciences Vol. 3 No. 3 (2012): September 2012
Publisher : Richtmann Publishing

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The intention of this study was to investigate the causal relationship, both long-run and short-run, between KSE (Karachi StockExchange) and some macroeconomic variables in Pakistan. The monthly data of all macroeconomic variables and stock prices wastaken from January 2001 to December 2010. In this paper, the variables which have not been previously studied by the researchers inPakistan were also included. The set of macroeconomic variables used in this study as an independent variables were Exchange Rate(ER), Foreign Exchange Reserves (FER), Industrial Production Index (IPI), Interest Rate (IR), Imports (M), Money Supply (MS),Wholesale Price Index (WPI) and Exports (X). The stock price index of KSE, which is the largest stock exchange of Pakistan, was takenas a dependent variable. The statistical techniques, which were employed in this study, include the Augmented Dickey-Fuller (ADF) andKwiatkowski-Phillips-Schmidt-Shin (KPSS) unit root test, Johansen Co-integration test, Vector Error Correction Model (VECM) andGranger Causality test. The study revealed the presence of long-run association between macroeconomics variables and stock prices.FER, IR, M, MS and WPI showed a positive and significant relationship with stock prices, while ER and X indicated a negative andinsignificant impact on stock prices but IPI has a negative but significant relationship with stock prices. The two error correction terms likeVecm1 (-1) and Vecm2 (-1) were resulted from VECM, the first error correction term was significant and indicated short term adjustmentstowards the equilibrium path. The results of Granger Causality showed that MS and WPI have bi-directional relation while ER, FER andM have uni-directional relationship with the stock prices but IPI, IR and X showed not any casual relationship.
Stock Market Prices and Performance of Textile Industry of Pakistan in Last Five Years – An Evidence of EMH Aamir, Muhammad; Khan, Kanwal Iqbal; Rehan, Muhammad Farooq
Mediterranean Journal of Social Sciences Vol. 3 No. 3 (2012): September 2012
Publisher : Richtmann Publishing

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This paper explains the performance of the textile sector and its impact on the market prices for the last five years. Textilesector is an important sector for the economy of Pakistan due to its employment potential, availability of raw material and foreignexchange earnings but this sector is not contributing its required role in the economy since the last five years. Why textile industry haslost its share in exports and fails to maintain its position in the economy. Reasons are discussed and explained by building the statisticalrelationship between the performance of the companies and their market prices. Although there are many internal and external factorsfor measuring the performance of the company, but in this research article only EPS (Earning per Share) and Book Value of shares aretaken as a performance measurement tools. The efficient market hypothesis is used as an evidence to explain the relationship betweenthe stock market prices and performance of the textile industry. The sample of twenty companies are taken from textile industry and byusing the SPSS software the relationship between the performance of the companies and their market prices are explained in themeaningful way. These results are helpful in explaining, how performance of the textile industry affects their market prices of shares inthe stock market.
Co-Authors Ahmad, Ashfaq Fayyaz, Maleeha Hussain, Muhammad Mubashir Islam, Talat Khan, Kanwal Iqbal Mumtaz, Maryam Rasool, Nosheen Rehan, Muhammad Farooq Saeed, Muhammad