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Purpose The authors examine the impact of asymmetric information on firm's financing decisions, the feedback effect of changes in capital structure on the level of asymmetric information, and the speed of adjustments in capital structure on its target leverage. Design/methodology/approach The authors extract the data on 280 non-financial firms listed in the Pakistan Stock Exchange (PSX) from the DataStream. The authors implement the generalized method of moments (GMM), complemented by the fixed effect model (FEM) to estimate the model coefficients. Findings The authors find that asymmetric information significantly affects the financing decisions; and that on average, firms adjust 26% of the total debt toward their target capital structure. The negative effect from the difference between the observed and target changes in leverage on asymmetric information confirms that capital structure changes act as a signal for future profitability and helps the management to lower its level of asymmetric information. Originality/value The findings offer fresh insight into the effect of asymmetric information on financing decisions, as well as the speed of adjustment of capital structure toward its target leverage, in the context of the firms working in emerging markets like Pakistan. To the authors’ best knowledge, this is the first study to investigate the impact of asymmetric information on financing decisions that incorporate firm's age, size and the global financial crises 2007–2008. The authors construct an asymmetric information index using both accounting and finance measures of asymmetry.
Muhammad Munir Ahmad; Ahmed Imran Hunjra; Faridul Islam; Qasim Zureigat. Does asymmetric information affect firm's financing decisions? International Journal of Emerging Markets 2021, ahead-of-p, 1 .
AMA StyleMuhammad Munir Ahmad, Ahmed Imran Hunjra, Faridul Islam, Qasim Zureigat. Does asymmetric information affect firm's financing decisions? International Journal of Emerging Markets. 2021; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleMuhammad Munir Ahmad; Ahmed Imran Hunjra; Faridul Islam; Qasim Zureigat. 2021. "Does asymmetric information affect firm's financing decisions?" International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.
Using gender as a theoretical framework, we analyse the dynamics of debt and equity financing during the COVID-19 pandemic for a cross-country sample of 8,921 private firms. We provide evidence of a slight gender bias in debt financing, with creditors favouring female entrepreneurs when dealing with cash flow problems during the COVID-19 pandemic. We find no evidence of gender bias in equity financing. The results are robust after controlling for a larger number of firm-specific characteristics and selection bias. We challenge the assumption of “gender-based discrimination” in the debt market, speculating that in the context of high uncertainty, prototypical forms of femininity may be advantageous as financial institutions seek to hedge their risk by favouring more conservative borrowers.
Nirosha Hewa-Wellalage; Sabri Boubaker; Ahmed Imran Hunjra; Peter Verhoeven. The gender gap in access to finance: Evidence from the COVID-19 pandemic. Finance Research Letters 2021, 102329 .
AMA StyleNirosha Hewa-Wellalage, Sabri Boubaker, Ahmed Imran Hunjra, Peter Verhoeven. The gender gap in access to finance: Evidence from the COVID-19 pandemic. Finance Research Letters. 2021; ():102329.
Chicago/Turabian StyleNirosha Hewa-Wellalage; Sabri Boubaker; Ahmed Imran Hunjra; Peter Verhoeven. 2021. "The gender gap in access to finance: Evidence from the COVID-19 pandemic." Finance Research Letters , no. : 102329.
We investigate the evidence of three risk-adjusted calendar anomalies in eight frontier markets. Our sample consists of the daily closing prices of their stock indices for the period of January 2006 to September 2019. We categorize the data with respect to day-of-the-week, Lunar calendar and Islamic calendar. Using Morgan Stanley Capital International (MSCI) eight Markets Index as our proxy of the market portfolio, most of the frontier markets tested exhibit calendar seasonality. We confirm that systematic risk varies with respect to day-of-the-week, Lunar months and Islamic months. After consideration of time-varying risk and applying Bonferroni correction, few frontier markets exhibit profitable investment opportunities from calendar return anomalies for active investment managers. This study contributes to the existing literature by documenting evidence of the presence of both day-of-the-week and month-of-the-year return seasonality both for the Gregorian and Islamic calendar for frontier markets.
Faheem Aslam; Ahmed Imran Hunjra; Tahar Tayachi; Peter Verhoeven; Yasir Tariq. Risk-Adjusted Seasonality in Muslim Frontier Stock Markets. 2021, 1 .
AMA StyleFaheem Aslam, Ahmed Imran Hunjra, Tahar Tayachi, Peter Verhoeven, Yasir Tariq. Risk-Adjusted Seasonality in Muslim Frontier Stock Markets. . 2021; ():1.
Chicago/Turabian StyleFaheem Aslam; Ahmed Imran Hunjra; Tahar Tayachi; Peter Verhoeven; Yasir Tariq. 2021. "Risk-Adjusted Seasonality in Muslim Frontier Stock Markets." , no. : 1.
We investigate the evidence of three risk-adjusted calendar anomalies in eight frontier markets. Our sample consists of the daily closing prices of their stock indices for the period of January 2006 to September 2019. We categorize the data with respect to day-of-the-week, Lunar calendar and Islamic calendar. Using Morgan Stanley Capital International (MSCI) eight Markets Index as our proxy of the market portfolio, most of the frontier markets tested exhibit calendar seasonality. We confirm that systematic risk varies with respect to day-of-the-week, Lunar months and Islamic months. After consideration of time-varying risk and applying Bonferroni correction, few frontier markets exhibit profitable investment opportunities from calendar return anomalies for active investment managers. This study contributes to the existing literature by documenting evidence of the presence of both day-of-the-week and month-of-the-year return seasonality both for the Gregorian and Islamic calendar for frontier markets.
Faheem Aslam; Ahmed Imran Hunjra; Tahar Tayachi; Peter Verhoeven; Yasir Tariq. Risk-Adjusted Seasonality in Muslim Frontier Stock Markets. 2021, 1 .
AMA StyleFaheem Aslam, Ahmed Imran Hunjra, Tahar Tayachi, Peter Verhoeven, Yasir Tariq. Risk-Adjusted Seasonality in Muslim Frontier Stock Markets. . 2021; ():1.
Chicago/Turabian StyleFaheem Aslam; Ahmed Imran Hunjra; Tahar Tayachi; Peter Verhoeven; Yasir Tariq. 2021. "Risk-Adjusted Seasonality in Muslim Frontier Stock Markets." , no. : 1.
The Covid-19 pandemic continues to disturb the global economy and capital markets. Governments across the globe relentlessly enact health policy measures to contain coronavirus and undertake economic relief programs to reduce the impacts on their economies. This paper examines the effects of Covid-19 government health measures on the volatility of capital markets in East Asian economies. The study applies Monte Carlo type simulations to determine stock price volatility over the period when health policy measures were implemented. The findings indicate that different health policy measures have affected investors’ behavior and caused volatility of stock markets. However, there are country-different impacts on the volatility of these capital markets. The findings provide important insights that are useful when reviewing Covid-19 health policy measures to mitigate the impacts on stock markets.
Ahmed Imran Hunjra; Ploypailin Kijkasiwat; Murugesh Arunachalam; Helmi Hammami. Covid-19 health policy intervention and volatility of Asian capital markets. Technological Forecasting and Social Change 2021, 169, 120840 .
AMA StyleAhmed Imran Hunjra, Ploypailin Kijkasiwat, Murugesh Arunachalam, Helmi Hammami. Covid-19 health policy intervention and volatility of Asian capital markets. Technological Forecasting and Social Change. 2021; 169 ():120840.
Chicago/Turabian StyleAhmed Imran Hunjra; Ploypailin Kijkasiwat; Murugesh Arunachalam; Helmi Hammami. 2021. "Covid-19 health policy intervention and volatility of Asian capital markets." Technological Forecasting and Social Change 169, no. : 120840.
We investigate the impact of asymmetric information on the investment decision of firms and analyze the effect of asymmetric information on the over-investment and under-investment of firms. Further, we examine the effect of leverage on the investment behavior of firms and check this association in the presence of asymmetric information. We extract data from DataStream of 280 non-financial firms listed at Pakistan Stock Exchange over the period of 2000 to 2018. We apply the Fixed Effect Model to analyze the data and System Generalized Method of Moments to check the robustness of the results. We find that asymmetric information negatively affects the investment decision of firms. Due to asymmetric information investment decreases rapidly as compared to increase in investment. Further, leverage is an important determinant of investment decisions and the presence of asymmetric information increases the adverse effect of leverage on the investment of firms.
Muhammad Munir Ahmad; Ahmed Imran Hunjra; Dilvin Taskin. Do asymmetric information and leverage affect investment decisions? The Quarterly Review of Economics and Finance 2021, 1 .
AMA StyleMuhammad Munir Ahmad, Ahmed Imran Hunjra, Dilvin Taskin. Do asymmetric information and leverage affect investment decisions? The Quarterly Review of Economics and Finance. 2021; ():1.
Chicago/Turabian StyleMuhammad Munir Ahmad; Ahmed Imran Hunjra; Dilvin Taskin. 2021. "Do asymmetric information and leverage affect investment decisions?" The Quarterly Review of Economics and Finance , no. : 1.
Purpose Economic risk plays a vital role in firm's cash holdings. We aim to determine the impact of economic risk on the firm's cash holdings. Design/methodology/approach The data is collected from the DataStream from 2002 to 2018, which covers 552 listed firms in the manufacturing sector of Pakistan, Sri Lanka, India and Bangladesh. We apply a two-step dynamic panel estimation to analyze the results. Findings We use the variance of inflation and variance of interest rate as proxies of economic risk. Our results show that variance of inflation has a significant and negative effect while the variance of interest rate has a significant and positive effect on firms' cash holdings in selected countries. Furthermore, we find economic risk negatively affects the firm's cash holdings in the country-wise analysis. Firms should maintain a reasonable amount of cash reserves to handle uncertain situations. Originality/value This study may provide insights to financial decision-makers of a firm for better cash management according the economic conditions of the country.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Anwaar Hussain. Does economic risk affect corporate cash holdings? Journal of Economic and Administrative Sciences 2021, ahead-of-p, 1 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood, Anwaar Hussain. Does economic risk affect corporate cash holdings? Journal of Economic and Administrative Sciences. 2021; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Anwaar Hussain. 2021. "Does economic risk affect corporate cash holdings?" Journal of Economic and Administrative Sciences ahead-of-p, no. ahead-of-p: 1.
We aim to construct portfolios by employing different risk models and compare their performance in order to understand their appropriateness for effective portfolio management for investors. Mean variance (MV), semi variance (SV), mean absolute deviation (MaD) and conditional value at risk (CVaR) are considered as risk measures. The price data were extracted from the Pakistan stock exchange, Bombay stock exchange and Dhaka stock exchange under diverse economic conditions such as crisis, recovery and growth. We take the average of GDP of the selected period of each country as a cut-off point to make three economic scenarios. We use 40 stocks from the Pakistan stock exchange, 92 stocks from the Bombay stock exchange and 30 stocks from the Dhaka stock exchange. We compute optimal weights using global minimum variance portfolio (GMVP) for all stocks to construct optimal portfolios and analyze the data by using MV, SV, MaD and CVaR models for each subperiod. We find that CVaR (95%) gives better results in each scenario for all three countries and performance of portfolios is inconsistent in different scenarios.
Ahmed Imran Hunjra; Suha Mahmoud Alawi; Sisira Colombage; Uroosa Sahito; Mahnoor Hanif. Portfolio Construction by Using Different Risk Models: A Comparison among Diverse Economic Scenarios. Risks 2020, 8, 126 .
AMA StyleAhmed Imran Hunjra, Suha Mahmoud Alawi, Sisira Colombage, Uroosa Sahito, Mahnoor Hanif. Portfolio Construction by Using Different Risk Models: A Comparison among Diverse Economic Scenarios. Risks. 2020; 8 (4):126.
Chicago/Turabian StyleAhmed Imran Hunjra; Suha Mahmoud Alawi; Sisira Colombage; Uroosa Sahito; Mahnoor Hanif. 2020. "Portfolio Construction by Using Different Risk Models: A Comparison among Diverse Economic Scenarios." Risks 8, no. 4: 126.
PurposeThe authors examine the impact of credit, liquidity and operational risks on the financial performance of commercial banks of South Asia.Design/methodology/approachData are extracted from DataStream of 76 commercial banks of four countries, i.e. Pakistan, India, Bangladesh and Sri Lanka for the period 2009–2018. The generalized method of moments (GMM) is used to analyze the results.FindingsAll three risks are significantly associated with financial performance. The authors find that Z-score positively affects the bank performance, whereas the nonperforming loans (NPLs) ratio has a negative impact on financial performance of bank. Liquidity risk analyses show the current and loan-to-deposit (LTD) ratios positively and negatively, respectively, affect financial performance. While operational risk positively affects financial performance. The authors further present the significant effects of joint occurrence of credit and liquidity risks on financial performance.Practical implicationsFor managing credit risk, banking management should ensure the policies for granting loans and timely reimbursement of the loan installments from customers. Bank managers should regularly monitor the liquidity position by maintaining the necessary levels of loans and deposits. Management should retain a healthy capital charge to meet operational risks.Originality/valueCredit, liquidity and operational risks are considered the most important categories of risk which are faced by financial institutions. To the best of the authors’ knowledge, this is the first study which investigates the impact of these risks on banks’ financial performance in selected South Asian countries. The results of this study have relevance and probable generalizability about the impact of risks on the performance of banks in emerging markets.
Ahmed Imran Hunjra; Asad Mehmood; Hung Phu Nguyen; Tahar Tayachi. Do firm-specific risks affect bank performance? International Journal of Emerging Markets 2020, ahead-of-p, 1 .
AMA StyleAhmed Imran Hunjra, Asad Mehmood, Hung Phu Nguyen, Tahar Tayachi. Do firm-specific risks affect bank performance? International Journal of Emerging Markets. 2020; ahead-of-p (ahead-of-p):1.
Chicago/Turabian StyleAhmed Imran Hunjra; Asad Mehmood; Hung Phu Nguyen; Tahar Tayachi. 2020. "Do firm-specific risks affect bank performance?" International Journal of Emerging Markets ahead-of-p, no. ahead-of-p: 1.
Financial inclusion (FI) provides significant possibilities for poverty alleviation. Information communication technology (ICT) is an essential component of any FI strategy aiming to enable access to a wide range of financial products and services. This study explores entrepreneurs’ assessments of the role of ICT for their FI and its effect in Africa. Using data for 1436 entrepreneurs, from the World Bank Enterprise Survey database and applying an inverse probability of treatment weighting (IPTW) based on propensity scores, the results of our study indicate that ICT increases entrepreneurs’ FI. In particular, we find that the average FI of entrepreneurs using ICT in their business is approximately 12% higher than their counterparts who do not use ICT. Further, separate treatments of email, website, and mobile phone, show that business website ownership has the highest impact on FI, followed by mobile phone and email. The results are robust through a series of robustness checks including the bivariate probit model, propensity score matching model, and alternative proxies for FI. Our findings confirm the significant role technological deepening plays in advancing FI in Africa, and its potential for wider applicability to other developing economies.
Nirosha Hewa Wellalage; Ahmed Imran Hunjra; Riadh Manitac; Stuart M. Locke. Information communication technology and financial inclusion of innovative entrepreneurs. Technological Forecasting and Social Change 2020, 163, 120416 .
AMA StyleNirosha Hewa Wellalage, Ahmed Imran Hunjra, Riadh Manitac, Stuart M. Locke. Information communication technology and financial inclusion of innovative entrepreneurs. Technological Forecasting and Social Change. 2020; 163 ():120416.
Chicago/Turabian StyleNirosha Hewa Wellalage; Ahmed Imran Hunjra; Riadh Manitac; Stuart M. Locke. 2020. "Information communication technology and financial inclusion of innovative entrepreneurs." Technological Forecasting and Social Change 163, no. : 120416.
Banks not only rely on the traditional way of generating income, they also opt for non-interest income (NII) to survive in a competitive environment. Banks in South Asia are diversifying their income from interest to non-interest sources in order to reduce risk and generate high returns. This study examines the impact of non-interest income (NII) and revenue concentration on banks’ risk in South Asian countries such as Pakistan, Sri Lanka, India and Bangladesh. Panel data for eighty-five banks from 2009 to 2018 is used. Generalized Method of Moments (GMM) is employed to analyze the data. The study finds that non-interest source income and revenue concentration significantly affect bank risk in the overall analysis. The study finds different results depending on the regulations and application of the regulatory system in each country. Non-interest income reveals a significant impact on bank risk for Pakistan, India and Bangladesh, but insignificant for Si Lanka. Revenue concentration has a significant effect on bank risk in Pakistan and India, however, it does not affect bank risk in Sri Lanka and Bangladesh. This study recommends that bank managers focus on different sources of revenue generation in order to minimize their level of risk through a diversification strategy to enhance efficiency. This study contributes to the banking sector literature of South Asian markets.
Ahmed Imran Hunjra; Qasim Zureigat; Tahar Tayachi; Rashid Mehmood. Impact of non-interest income and revenue concentration on bank risk in South Asia. Banks and Bank Systems 2020, 15, 15 -25.
AMA StyleAhmed Imran Hunjra, Qasim Zureigat, Tahar Tayachi, Rashid Mehmood. Impact of non-interest income and revenue concentration on bank risk in South Asia. Banks and Bank Systems. 2020; 15 (4):15-25.
Chicago/Turabian StyleAhmed Imran Hunjra; Qasim Zureigat; Tahar Tayachi; Rashid Mehmood. 2020. "Impact of non-interest income and revenue concentration on bank risk in South Asia." Banks and Bank Systems 15, no. 4: 15-25.
We examine the mediating role of capital structure in the perceived relationship of uncertainty, corporate social responsibility (CSR), stakeholder interest and financial performance. We collect data through questionnaires, and survey the Chief Financial Officers (CFOs) of the service sector of Pakistan. We apply Structure Equation Modeling (SEM) for data analysis. We find that CFOs perceive uncertainty, CSR and stakeholder interest to have both direct and indirect impacts on financial performance. In particular, we find evidence of the mediating effect of capital structure in the relationship. Our findings imply that firms screen out uncertain situations while making capital structure decision and pursuing CSR-related activities.
Ahmed Imran Hunjra; Peter Verhoeven; Qasim Zureigat. Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance. Journal of Risk and Financial Management 2020, 13, 117 .
AMA StyleAhmed Imran Hunjra, Peter Verhoeven, Qasim Zureigat. Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance. Journal of Risk and Financial Management. 2020; 13 (6):117.
Chicago/Turabian StyleAhmed Imran Hunjra; Peter Verhoeven; Qasim Zureigat. 2020. "Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance." Journal of Risk and Financial Management 13, no. 6: 117.
This paper examines the mediating role of corporate social responsibility (CSR) on the relationship between culture, religiosity and firm performance. Using a questionnaire of a sample of 189 responses of corporate managers from Pakistan were analysed. The Confirmatory Factor Analysis (CFA) was applied to validate the instrument and Structural Equation Model (SEM) to test a framework comprising seven hypotheses. The results indicate that the effects arising from the association between religiosity, culture and firm performance are enhanced by the mediating impacts of CSR. We discuss the implications of these findings for theory and practice.
Ahmed Imran Hunjra; Sabri Boubaker; Murugesh Arunachalam; Asad Mehmood. How does CSR mediate the relationship between culture, religiosity and firm performance? Finance Research Letters 2020, 39, 101587 .
AMA StyleAhmed Imran Hunjra, Sabri Boubaker, Murugesh Arunachalam, Asad Mehmood. How does CSR mediate the relationship between culture, religiosity and firm performance? Finance Research Letters. 2020; 39 ():101587.
Chicago/Turabian StyleAhmed Imran Hunjra; Sabri Boubaker; Murugesh Arunachalam; Asad Mehmood. 2020. "How does CSR mediate the relationship between culture, religiosity and firm performance?" Finance Research Letters 39, no. : 101587.
Environmental sustainability is a major concern of contemporary societies, businesses, and governments. However, there is a lack of knowledge as to how countries can achieve the goal to end poverty, whilst protecting the planet. It is the objective of our study to examine the moderating role of institutional quality on the financial development and environmental quality nexus in South Asia. Our sample consists of panel data of five South Asian countries (India, Bangladesh, Nepal, Sri Lanka and Pakistan) from 1984 to 2018. We find that financial development increases CO2 emissions in this region, implying that countries in South Asia have utilized financial development for capitalization, instead of improving production technology. Institutional quality moderates the negative impact of financial development on environmental sustainability. An implication of our findings is that efforts to improve institutional quality may help to promote sustainable development in South Asia.
Ahmed Imran Hunjra; Tahar Tayachi; Muhammad Irfan Chani; Peter Verhoeven; Asad Mehmood. The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus. Sustainability 2020, 12, 3805 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Muhammad Irfan Chani, Peter Verhoeven, Asad Mehmood. The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus. Sustainability. 2020; 12 (9):3805.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Muhammad Irfan Chani; Peter Verhoeven; Asad Mehmood. 2020. "The Moderating Effect of Institutional Quality on the Financial Development and Environmental Quality Nexus." Sustainability 12, no. 9: 3805.
We examine the profitability of the momentum and contrarian strategies in three South Asian markets, i.e., Bangladesh, India, and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use default risk that relates to non-payments of debts by firms as a measure of credit risk. For that purpose, we use distance to default (DD) by Kealhofer, McQuown, and Vasicek (KMV) model as a proxy of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms based on high, medium, and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. Impact of Credit Risk on Momentum and Contrarian Strategies: Evidence from South Asian Markets. Risks 2020, 8, 37 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood, Sidra Malik, Zoya Malik. Impact of Credit Risk on Momentum and Contrarian Strategies: Evidence from South Asian Markets. Risks. 2020; 8 (2):37.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. 2020. "Impact of Credit Risk on Momentum and Contrarian Strategies: Evidence from South Asian Markets." Risks 8, no. 2: 37.
We aim to analyze the impact of capital regulation and market discipline on capital to risk-weighted assets ratio. We used the panel data of Asian developing-countries banks for the period from 2009 to 2018. We collected data from the financial statements of 73 banks of Pakistan, Jordan, Indonesia, the Philippines, Saudi Arabia, and Thailand. We used the generalized method of moment (GMM) to analyze the results. We find that capital regulation and market disciplines significantly influence the capital ratio in Asian developing countries.
Ahmed Imran Hunjra; Qasim Zureigat; Rashid Mehmood. Impact of Capital Regulation and Market Discipline on Capital Ratio Selection: A Cross Country Study. International Journal of Financial Studies 2020, 8, 21 .
AMA StyleAhmed Imran Hunjra, Qasim Zureigat, Rashid Mehmood. Impact of Capital Regulation and Market Discipline on Capital Ratio Selection: A Cross Country Study. International Journal of Financial Studies. 2020; 8 (2):21.
Chicago/Turabian StyleAhmed Imran Hunjra; Qasim Zureigat; Rashid Mehmood. 2020. "Impact of Capital Regulation and Market Discipline on Capital Ratio Selection: A Cross Country Study." International Journal of Financial Studies 8, no. 2: 21.
The implementation of an effective risk management policy is necessary for the survival and success of banks. Ownership structure changes the risk-taking behavior of banks. Therefore, we analyze the impact of the ownership structure on risk-taking behavior of banks in emerging markets (i.e., Pakistan, India, and Bangladesh). We take public, private and foreign ownership of banks in this study. We collect the data from 64 banks of selected countries from 2011 to 2018. We measure risk-taking as capital adequacy, leverage coverage ratio, non-performing loan ratio, and return volatility. We use two-step system dynamic panel estimation for analyzing the results. We find that public and private banks have significant relationship with the risk-taking of banks. Furthermore, public and private banks show more risk-taking behavior as compared to foreign banks in all selected countries.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood. Impact of ownership structure on risk-taking behavior of South Asian banks. Corporate Ownership and Control 2020, 17, 108 -120.
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood. Impact of ownership structure on risk-taking behavior of South Asian banks. Corporate Ownership and Control. 2020; 17 (3):108-120.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood. 2020. "Impact of ownership structure on risk-taking behavior of South Asian banks." Corporate Ownership and Control 17, no. 3: 108-120.
We examine the profitability of the momentum and contrarian strategies in three South Asian markets i.e. Bangladesh, India and Pakistan. We also analyze, whether credit risk influences momentum and contrarian return for these markets from 2008 to 2014. We use Distance-to-default (DD) of Kealhofer, McQuown and Vasicek (KMV) model as a measure of credit risk. We calculate the credit risk and form the momentum and contrarian strategies of the firms on the basis of high, medium and low risk. We find that in all three markets, the momentum and contrarian returns are significant for medium and high credit risk portfolios and no momentum and contrarian returns for low credit risk portfolios.
Ahmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets. 2020, 1 .
AMA StyleAhmed Imran Hunjra, Tahar Tayachi, Rashid Mehmood, Sidra Malik, Zoya Malik. Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets. . 2020; ():1.
Chicago/Turabian StyleAhmed Imran Hunjra; Tahar Tayachi; Rashid Mehmood; Sidra Malik; Zoya Malik. 2020. "Impact of Credit Risk on Momentum & Contrarian Strategies: Evidence from South Asian Markets." , no. : 1.
We investigate the impact of corporate social responsibility (CSR) and corporate governance on stock price crash risk in manufacturing sector of India and Pakistan. We collect data of nine years from 2010 to 2018 from DataStream of 353 manufacturing firms. We apply the Generalized Method of Moments (GMM) to the analysis of the data. We find that when firms actively engage in CSR activities, they lead to reduced stock price crash risk. We further find that managerial ownership has a significant positive impact on stock price crash risk, while board size and CEO duality show a significant and negative impact on stock price crash risk.
Ahmed Imran Hunjra; Rashid Mehmood; Tahar Tayachi. How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk? Journal of Risk and Financial Management 2020, 13, 30 .
AMA StyleAhmed Imran Hunjra, Rashid Mehmood, Tahar Tayachi. How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk? Journal of Risk and Financial Management. 2020; 13 (2):30.
Chicago/Turabian StyleAhmed Imran Hunjra; Rashid Mehmood; Tahar Tayachi. 2020. "How Do Corporate Social Responsibility and Corporate Governance Affect Stock Price Crash Risk?" Journal of Risk and Financial Management 13, no. 2: 30.
Ownership structure plays a vital role in stock market liquidity. We analyze the impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. We select 114 firms from manufacturing sector of Pakistan, India, Australia and Singapore. We extract data from DataStream from 2010 to 2018 of selected countries. We apply Generalized Method of Moments (GMM) to analyze the data. We find that ownership concentration, institutional ownership and earnings management significantly affect the stock market liquidity.
Ahmed Imran Hunjra; Uzma Perveen; Leon Li; Muhammad Irfan Chani; Rashid Mehmood. Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. Corporate Ownership and Control 2020, 17, 77 -87.
AMA StyleAhmed Imran Hunjra, Uzma Perveen, Leon Li, Muhammad Irfan Chani, Rashid Mehmood. Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity. Corporate Ownership and Control. 2020; 17 (2):77-87.
Chicago/Turabian StyleAhmed Imran Hunjra; Uzma Perveen; Leon Li; Muhammad Irfan Chani; Rashid Mehmood. 2020. "Impact of ownership concentration, institutional ownership and earnings management on stock market liquidity." Corporate Ownership and Control 17, no. 2: 77-87.