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Prof. Romana Bangash
institute of management sciences, peshawar

Basic Info

Basic Info is private.

Research Keywords & Expertise

0 Financial Econometrics
0 Asset pricing models
0 Risk management and decision-making
0 Institutional investors and board of directors effects on financial policies
0 corporate financial policies

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Short Biography

Dr. Romana joined IMSciences after completing a PhD in Finance from University of Grenoble, France (2012). She completed her postdoctoral studies from University of Kentucky, US (2016). She is a quick learner with exposure to cross-cultural work environments. Her research interest covers Asset Management, Asset pricing, Corporate Finance, Financial Econometrics, Portfolio Theories and Behavioral Finance. Her work has been published in the local as well as international journals.

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Journal article
Published: 15 May 2021 in Mathematics
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This study aims to explore the causal relationship between fiscal deficit (FD) and current account deficit (CAD) along with policy recommendations based on long-run and short-run dynamics and sensitivities. A panel data span from 1990 to 2019 is analyzed based on panel unit root tests, panel co-integration with auto-regressive distributed lag (ARDL), panel co-integration regression with fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS), and causal analysis with the Dumitrescu and Hurlin (DH) technique. The results disclosed that all tested variables are stationary at the first difference I(1) except the real interest rate (IR), which is stationary at level I(0). The ARDL estimates suggested that there is a long-run relationship between tested variables and 92% annual convergence is possible for long-run equilibrium. The FMOLS and DOLS estimates indicated that the CAD is sensitive towards the FD and the exchange rate. The DH causality test showed that the CAD is significantly affecting the FD, supporting the current account targeting hypothesis. Furthermore, it is observed that the interest rate is acting as a moderating factor between the FD and the CAD because it causes both the deficits. Thus, reverse causality is concluded from the CAD to the FD. These results have macroeconomic implications for fiscal policy in the Association of South-East Asian Nations (ASEAN-10).

ACS Style

Maran Marimuthu; Hanana Khan; Romana Bangash. Reverse Causality between Fiscal and Current Account Deficits in ASEAN: Evidence from Panel Econometric Analysis. Mathematics 2021, 9, 1124 .

AMA Style

Maran Marimuthu, Hanana Khan, Romana Bangash. Reverse Causality between Fiscal and Current Account Deficits in ASEAN: Evidence from Panel Econometric Analysis. Mathematics. 2021; 9 (10):1124.

Chicago/Turabian Style

Maran Marimuthu; Hanana Khan; Romana Bangash. 2021. "Reverse Causality between Fiscal and Current Account Deficits in ASEAN: Evidence from Panel Econometric Analysis." Mathematics 9, no. 10: 1124.

Journal article
Published: 30 March 2019 in Global Social Sciences Review
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Since the reform movement of the Muslim World from the midnineteenth century, many Islamic Financial institutions have been established. Subsequently, in 2001 the first Islamic banking policy was issued by the State bank of Pakistan and thereafter, Pakistan has faced many commercial, accountability and regulatory challenges in transforming the economy into an Islamic Economy. In this study, we find out whether the development of the Islamic Economy has fostered moral values in investors. This study, hence, aims to discuss the foundamental issues in moral values behind an investment decision while taking in account some personal factors influencing investment decisions. Data has been collected with the help of a questionnaire, where its reliability is confirmed by Cronbach Alpha, followed by correlation and multiple Regression tests. The results show a significant role of certain moral factors in investment decisions.

ACS Style

Romana Bangash; Zeeshan Zeb Khattak; Hanana Khan. The Development of Islamic Finance and Fostering the Influence of Moral Values and Personal Factors in Investment Decision. Global Social Sciences Review 2019, IV, 34 -41.

AMA Style

Romana Bangash, Zeeshan Zeb Khattak, Hanana Khan. The Development of Islamic Finance and Fostering the Influence of Moral Values and Personal Factors in Investment Decision. Global Social Sciences Review. 2019; IV (I):34-41.

Chicago/Turabian Style

Romana Bangash; Zeeshan Zeb Khattak; Hanana Khan. 2019. "The Development of Islamic Finance and Fostering the Influence of Moral Values and Personal Factors in Investment Decision." Global Social Sciences Review IV, no. I: 34-41.

Journal article
Published: 30 June 2018 in Global Social Sciences Review
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This study conducts a regression analysis between the efficiency scores and the explanatory variables. Data was collected for explanatory variables like age of the mutual fund, size of fund family, number of funds in funds family, and volatility (beta). As this study used input oriented model, mutual funds were categorized and relatively evaluated on the basis of similar outcomes and inputs charged. Out of 44 mutual funds understudy, only 7 of the mutual funds were cost efficient. This indicates that nearly 37 of the mutual funds under study have more costs associated to them as compared to the return they are offering to the investors. It has been safely assumed that all the mutual funds, which are below the efficiency frontier, should compare themselves with the industry benchmark efficient mutual funds. In order to make these inefficient mutual funds reach the optimum and higher efficiency score, the fund managers should check every input and determine the slack they can afford to reduce the input without reducing the output generating from it.

ACS Style

Romana Bangash; Arif Hussain; Muhammad Hassan Azhar. Performance Evaluation of Mutual Funds: A Data Envelopment Analysis. Global Social Sciences Review 2018, III, 212 -236.

AMA Style

Romana Bangash, Arif Hussain, Muhammad Hassan Azhar. Performance Evaluation of Mutual Funds: A Data Envelopment Analysis. Global Social Sciences Review. 2018; III (II):212-236.

Chicago/Turabian Style

Romana Bangash; Arif Hussain; Muhammad Hassan Azhar. 2018. "Performance Evaluation of Mutual Funds: A Data Envelopment Analysis." Global Social Sciences Review III, no. II: 212-236.

Preprint
Published: 01 January 2018 in SSRN Electronic Journal
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The study evaluates the relationship of Pakistan Stock Exchange 1 (PSX) with progressing and well-established equity markets from 1997 to 2014. The Johansen’s multivariate cointegration tests i.e. maximum eigenvalue & trace statistics proposes three co-integrating vectors at 5% critical values with the progressing and well-established equity markets. Furthermore, vector correction model implies that PSX is positive and statistically robust in relation to India at lag 2, while negative and statistically significant in relation to China at lag 1 and USA at lag 2. Though, the bivariate co-integration trace and maximal eigenvalues recommends that the PSX individually have no relationship with other markets. This study further recommends that PSX is extremely unpredictable stock market in between from 44% to -24%. It might be desired by risky investors.

ACS Style

Faisal Khan; Romana Bangash; Muhammad Mohsin Khan. Dynamic Linkage among Pakistan, Emerging and Developed Equity Market. SSRN Electronic Journal 2018, 1 .

AMA Style

Faisal Khan, Romana Bangash, Muhammad Mohsin Khan. Dynamic Linkage among Pakistan, Emerging and Developed Equity Market. SSRN Electronic Journal. 2018; ():1.

Chicago/Turabian Style

Faisal Khan; Romana Bangash; Muhammad Mohsin Khan. 2018. "Dynamic Linkage among Pakistan, Emerging and Developed Equity Market." SSRN Electronic Journal , no. : 1.

Journal article
Published: 30 November 2017 in Global Regional Review
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This is a conceptual paper regarding consumption for policy implications based on the teachings of Islam. It awakens Islamic civil society for bringing about a correction and balance in the society whereby extreme poverty is eradicated through a consumption (and spending “infaaq”) approach in the light of (understanding the concepts of) Rushd, waqf and infaq fi sabeelillah for sharing rizq and setting aside rizq and resources for others. According to the Islamic principles, zakat and infaq fi sabeelillah are encouraged to deal with the disparities of wealth in general and to strike at poverty in particular. The rightly guided people (raashidoon) are encouraged to worship Allah as well as give to the poor. It is in contrast to consumerism of the western capitalistic schools of thought. In economic guidelines using the consumption theories, the concepts of Rushd, waqf and infaaq need to be incorporated in policy implication in the Muslim world.

ACS Style

Zohra Jabeen; Romana Bangash; Faizan Malik. Consumption with Shariah Based Imprint: Eradicating Extreme Poverty and Hunger with Infaq, Waqf and Rushd Behavior in Pakistan. Global Regional Review 2017, II, 1 .

AMA Style

Zohra Jabeen, Romana Bangash, Faizan Malik. Consumption with Shariah Based Imprint: Eradicating Extreme Poverty and Hunger with Infaq, Waqf and Rushd Behavior in Pakistan. Global Regional Review. 2017; II (I):1.

Chicago/Turabian Style

Zohra Jabeen; Romana Bangash; Faizan Malik. 2017. "Consumption with Shariah Based Imprint: Eradicating Extreme Poverty and Hunger with Infaq, Waqf and Rushd Behavior in Pakistan." Global Regional Review II, no. I: 1.

Journal article
Published: 01 October 2013 in Business & Economic Review
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ACS Style

Hanana Khan; Romana Bangash. Nexus Between Microcredit and Poverty Alleviation: Time Series Evidence from Pakistan. Business & Economic Review 2013, 5, 1 -14.

AMA Style

Hanana Khan, Romana Bangash. Nexus Between Microcredit and Poverty Alleviation: Time Series Evidence from Pakistan. Business & Economic Review. 2013; 5 (2):1-14.

Chicago/Turabian Style

Hanana Khan; Romana Bangash. 2013. "Nexus Between Microcredit and Poverty Alleviation: Time Series Evidence from Pakistan." Business & Economic Review 5, no. 2: 1-14.