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Dr. Kanwal Iqbal Khan
Institute of Business & Management, University of Engineering and Technology

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0 Financial Reporting
0 Investment Portfolio
0 Behavioural Finance
0 Financial Management

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Journal article
Published: 17 May 2021 in Journal of Risk and Financial Management
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Recently, debt structure research has started focusing on the strategic perspective of financing choices, particularly to understand the reasons for debt specialization (DS). This paper examines trends of specialization over time and industry by using a comprehensive dataset on types of debt employed by the public limited companies during 2009–2018. The objective of the current study is to analyze the effect of debt market conditions by identifying significant predictors of DS. Time-series and cross-sectional results confirm the existence of DS, which is further validated by the findings of the cluster analysis. The empirical results indicate that overall, 61% of the companies solely rely on a single type of debt, mostly on short-term obligations accompanied by long-term secured and other debts. Moreover, small, mature, rated, group-affiliated, and low-leverage companies incline more towards this strategy. Credit rating, debt maturity, financial and interest coverage ratios serve as the primary determinants of the debt market that are significantly associated with the measures of DS. The results contribute to the capital structure literature by specifying that financing choice has an important implication in deciding the debt structure composition of the organizations.

ACS Style

Kanwal Khan; Faisal Qadeer; Mário Mata; Rui Dantas; João Xavier Rita; Jéssica Martins. Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector. Journal of Risk and Financial Management 2021, 14, 224 .

AMA Style

Kanwal Khan, Faisal Qadeer, Mário Mata, Rui Dantas, João Xavier Rita, Jéssica Martins. Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector. Journal of Risk and Financial Management. 2021; 14 (5):224.

Chicago/Turabian Style

Kanwal Khan; Faisal Qadeer; Mário Mata; Rui Dantas; João Xavier Rita; Jéssica Martins. 2021. "Debt Market Trends and Predictors of Specialization: An Analysis of Pakistani Corporate Sector." Journal of Risk and Financial Management 14, no. 5: 224.

Journal article
Published: 17 February 2021 in Mathematics
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This study aims to apply value at risk (VaR) and expected shortfall (ES) as time-varying systematic and idiosyncratic risk factors to address the downside risk anomaly of various asset pricing models currently existing in the Pakistan stock exchange. The study analyses the significance of high minus low VaR and ES portfolios as a systematic risk factor in one factor, three-factor, and five-factor asset pricing model. Furthermore, the study introduced the six-factor model, deploying VaR and ES as the idiosyncratic risk factor. The theoretical and empirical alteration of traditional asset pricing models is the study’s contributions. This study reported a strong positive relationship of traditional market beta, value at risk, and expected shortfall. Market beta pertains its superiority in estimating the time-varying stock returns. Furthermore, value at risk and expected shortfall strengthen the effects of traditional beta impact on stock returns, signifying the proposed six-factor asset pricing model. Investment and profitability factors are redundant in conventional asset pricing models.

ACS Style

Adeel Nasir; Kanwal Khan; Mário Mata; Pedro Mata; Jéssica Martins. Optimisation of Time-Varying Asset Pricing Models with Penetration of Value at Risk and Expected Shortfall. Mathematics 2021, 9, 394 .

AMA Style

Adeel Nasir, Kanwal Khan, Mário Mata, Pedro Mata, Jéssica Martins. Optimisation of Time-Varying Asset Pricing Models with Penetration of Value at Risk and Expected Shortfall. Mathematics. 2021; 9 (4):394.

Chicago/Turabian Style

Adeel Nasir; Kanwal Khan; Mário Mata; Pedro Mata; Jéssica Martins. 2021. "Optimisation of Time-Varying Asset Pricing Models with Penetration of Value at Risk and Expected Shortfall." Mathematics 9, no. 4: 394.

Journal article
Published: 13 January 2021 in Journal of Open Innovation: Technology, Market, and Complexity
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The current coronavirus pandemic (COVID-19) has led the world toward severe socio-economic crisis and psychological distress. It has severely hit the economy; but the service sector, particularly the hospitality industry, is hard hit by it. It increases the sense of insecurity among the employees and their perception of being unemployed, adversely affecting their mental health. This research aims to contribute to the emerging debate by investigating the effect of economic crisis and non-employability on employees’ mental health through perceived job insecurity under the pandemic situation. It empirically examines the underlying framework by surveying 372 employees of the hospitality industry during COVID-19. Results indicate that perceived job insecurity mediates the relationship of fear of economic crisis, non-employability, and mental health. Furthermore, the contingency of fear of COVID-19 strengthens the indirect relationship of fear of economic crisis on mental health through perceived job insecurity. The findings will provide a new dimension to the managers to deal with the psychological factors associated with the employees’ mental health and add to the emerging literature of behavioral sciences. The study also highlights the increasing need for investment in the digital infrastructure and smart technologies for the hospitality industry.

ACS Style

Kanwal Iqbal Khan; Amna Niazi; Adeel Nasir; Mujahid Hussain; Maryam Iqbal Khan. The Effect of COVID-19 on the Hospitality Industry: The Implication for Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity 2021, 7, 30 .

AMA Style

Kanwal Iqbal Khan, Amna Niazi, Adeel Nasir, Mujahid Hussain, Maryam Iqbal Khan. The Effect of COVID-19 on the Hospitality Industry: The Implication for Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity. 2021; 7 (1):30.

Chicago/Turabian Style

Kanwal Iqbal Khan; Amna Niazi; Adeel Nasir; Mujahid Hussain; Maryam Iqbal Khan. 2021. "The Effect of COVID-19 on the Hospitality Industry: The Implication for Open Innovation." Journal of Open Innovation: Technology, Market, and Complexity 7, no. 1: 30.

Journal article
Published: 05 March 2020 in Sustainability
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Sustainable economic growth and development of stock market plays an important role in diversifying the investment opportunities that can be assessed accordingly. However, a true diversification in portfolio is impossible without inclusion of higher-order moments, skewness and kurtosis. However, the risk-taking behavior of investors is modelled with the help of higher-order moments of risk. Therefore, this study is intended to construct optimal portfolios and efficient frontiers with the inclusion of higher-order moments of risk. The findings show that optimized portfolios with inclusion of skewness and kurtosis are sustainable and significantly different than those from mean-variance optimized portfolios which show asymmetric and fat-tail risk. Results further confirm its significance in balancing the additional risk dimensions and returns in Asian emerging stock markets for sustainable returns. The results also endorse that induction of skewness and kurtosis affects portfolio allocation weights and expected returns. Therefore, this study strongly recommends the inclusion of higher moments of risk for optimization to curtail their effect and sub-optimal decisions.

ACS Style

Kanwal Iqbal Khan; Syed M. Waqar Azeem Naqvi; Muhammad Mudassar Ghafoor; Rana Shahid Imdad Akash. Sustainable Portfolio Optimization with Higher-Order Moments of Risk. Sustainability 2020, 12, 2006 .

AMA Style

Kanwal Iqbal Khan, Syed M. Waqar Azeem Naqvi, Muhammad Mudassar Ghafoor, Rana Shahid Imdad Akash. Sustainable Portfolio Optimization with Higher-Order Moments of Risk. Sustainability. 2020; 12 (5):2006.

Chicago/Turabian Style

Kanwal Iqbal Khan; Syed M. Waqar Azeem Naqvi; Muhammad Mudassar Ghafoor; Rana Shahid Imdad Akash. 2020. "Sustainable Portfolio Optimization with Higher-Order Moments of Risk." Sustainability 12, no. 5: 2006.