Finance

Seasonal or calendar anomalies in equity markets (over specific days, weeks, months, and even years) have attracted a widespread attention and considerable interests among practitioners and academics alike. The day of the week effect refers to the existence of a pattern on the part of stock returns, whereby these returns are linked to the particular day of the week The primary objective of the study is to investigate the existence of seasonality in stock price behavior in Indian stock market, more specifically to investigate the existence of the day of the week effect in banking sector. The rationale behind the selection of banking sector is stocks in this sector always experience high volatility in the market, linked to the movement of broad market index and banking in India is critical to economic development of the nation. Thus this sector hence needs special attention by investors. The period of the study is from 3rd November 1994 to 31st December 2013. For the purpose analysis, the study has employed daily price series that have been obtained from the official website of National Stock Exchange (NSE). The daily price series of selected nine banks were selected for this study, and used multiple regression technique to examine the significance of the regression coefficient for investigating day of week effects. It is found that all the nine selected banks evidenced day of the week effect and mostly either on Monday, Tuesday or Wednesday. Only IDBI, OBC and PNB evidenced significant Thursday effect. The existence of seasonality in stock returns violates the weak form of market efficiency because equity prices are no longer random and can be predicted based on past pattern. This facilitates market participants to devise trading strategy which could fetch abnormal profits on the basis of past pattern. These findings have important implications for the financial managers, financial analysts and investors. The understanding of seasonality would help them to develop appropriate investment strategies.

The core objective of cureent study is to investigat the costs of financial distress of ongoing manufacturing sector of Pakistan. A panel of 146 manufacturing firms Pakitan are selected for this study for the period of 2001-2011. Two most applicable panel data teachniques (fixed effects and random effects models) are utilized to investigate the costs of financial distress and Hausman’s specification test recommended that fixed effects model is most appropriated model in this study. The results of fixed effects model suggest that financial distress of onging firms of Pakistan has significant direct impact on opportunity losses in case of Pakistan after control average collection period, total assests growth, fised to total assets ratio, tangibility of aessts and sector distresssed. The upcoming studies msut explore direct costs of financial distress and bankruptcy in case of manufacturing as well as service sector of Pakistan.

Corporate governance is leadership that has the rules, processes, or laws by which businesses are operated, regulated, and controlled, the internal factors are defined by the officers, stockholders or constitution of a corporation, as well as to external forces such as consumer groups, clients, and government regulations. A corporate governance perspective committed to ethical behaviours in business is very essential for business growth, the organization ethical operations and culture has been on the periphery of corporate governance and board leadership, linked mainly to corporate reputation. However, in today’s globalized and interconnected world, investors and other stakeholders have come to recognize that environmental, social, and governance based on the ethical responsibilities of a company as integral to its performance and long-term sustainability. Internal control procedures and policies implemented by an entity's board of directors must be in line with the values of the organization, audit committee, management, and other personnel to provide reasonable assurance of the entity in achieving its objectives related to reliable financial reporting, operating efficiency, and compliance with laws and regulations. Internal auditors in an organization should be able to test the design and implementation of the entity's internal control procedures and the reliability of its financial reporting. The global financial crisis has heightened the need for corporate boards of directors to provide well informed strategic direction and engage in oversight that stretches beyond short-term financial performance. Doing so prepares companies to more comprehensively address risks, by anticipating potentially adverse impacts on people and the environment and managing tangible and reputational risks. It can also generate wealth by creating shareholder value through an increase in business opportunities and broader access to markets. In recent years, corporate governance based on the ethical values has received increased attention because of high-profile scandals involving abuse of corporate power and, in some cases, alleged criminal activity by corporate officers. An integral part of an effective corporate governance regime includes provisions for civil or criminal prosecution of individuals who conduct unethical or illegal acts in the name of the enterprise.

Health Insurance can be broadly defined as a financial mechanism that exists to provide protection to individual and house holds from expenses incurred as a result of unexpected illness or injury. Under this mechanism, the insurer agrees to compensate or guarantee the insured person against loss by specified contingent event and provide financial coverage for which the insured party pays a premium.

This paper explains the process of measuring and analyzing Bank’s total productivity (BTP) and the productivity changes in bank branches using Slack Based Measure (SBM) of DEA and Malmquist Productivity Index (MPI). in Export Development Bank of Iran (EDBI). For this purpose, we have measured and analyzed the productivity growth in EDBI branches using MPI in the period of 2000-2011. The trend of efficiency scores’ moving averages confirms improvement in BTP over the period of study. Moreover, the results show %1 and %2 on average improvement in the productivity of EDBI branches in period 2000 and 2011, respectively.

This study investigates the factor capital which leads towards the dearth of entrepreneurship. Micro and macro enterprises play an important role in the economy of any country, but in Kotli Azad Jammu & Kashmir these enterprises are rare. This research was conducted through a self adminstered questionnaire. The sample size for this study was 100 and these organizations were facing the problems of entrepreneurial dearth. Data collected through questionnaire were statistically analyzed, correlation was used to test the research hypotheses. This study provides valuable insights that, one of the main reason of dearth of entrepreneurship is lack of capital. Many entrepreneurs faced lot of problem in accessing the finance through financial institutions. The significance of this research study lies in the fact that it fills an important gap in the literature, offering a deeper understanding of how the access to capital affects the entrepreneurship in Kotli AJ&K. Future researchers can conduct similar studies on other sectors in Kotli AJ&K and findings of this research study can be incorporated in entrepreneurship policies and guidelines.

Due to major changes taken place in the banking system of Iran, Bank Mellat has faced new challenges: restructuring state sectors into private ones through privatization, an increase in their rivals, the intense competition to obtain more market share, bringing about more expenses and costs as to four bank deposits, etc., has led the bank to tends to increase the commission (the income from services’ commission). In this paper, the researcher has collected the required information through interviews with experts as well as scientific and library studies. In the first section of this study, to determine the potential income from commission on Mellat bank services, strategic planning (SWOT model) and assessment models of internal factors (IFE) as well as external factors (EFE) were employed. Due to the fact that in assessment models of internal (IFE) and external factors (EFE), the bank has obtained a score of 2.25 and 1.75, it can be argued that the bank has not successful in making use o its appropriate capacity in the field of services and non-shared revenues.In the last section of this paper, to enhance the capacity of non-shared services of Mellat bank, various strategies SO, ST, WO and WT are suggested. Among aforementioned strategies, the defensive strategy (WT) is selected as the main strategy of the bank through which 12 major factors are presented by the researcher contributing to the self-defense strategy.

Green Banking means combination of operational improvements, technology and changing client habits in banking business. Adopting green banking is not only useful for environment but also benefits in greater operational efficiency. This paper analyzes the evolution of green banking concepts in India, its necessity and significance. It also highlights the major benefits and challenges of Green Banking. Banks should go green and play a pro-active role in India’s emerging economy. This paper has also presented the status of Indian Banks as far as Green banking adoption is concerned. It also highlights the green banking initiatives been taken by the Indian Banking Industry. It gives a detailed study on the findings that there have not been many initiatives in this regard by banks and financial institutions in India though they play an active role in India’s emerging economy. The objective of this study is to find out what initiative has been taken by the Indian Banking Industry to adopt Green Banking. This article also presents the to find out different ways to overcome such hindrances. Observational method and descriptive research design has been adopted for this research and secondary data has been chosen for the research.

This research explains the steps and the benefits of implementing Activity Based Costing (ABC) in Iranian Gas Company. Using ABC, cost of one cub meter of consuming gas in all regions of capital was determined and compared with the results of the Traditional Costing Systems (TCS). Implementing ABC strongly changed company managers’ prospective toward company cost of services, provided more effective system for company internal decision-making, improved the effectiveness of the costing system and cost management and helped the managers to correct company pricing of services and accomplishment of the strategic goals by giving correct cost information.

This paper explains the process of measuring and analyzing Bank Total Productivity (BTP) and the productivity changes in bank braches using Data Envelopment Analysis (DEA), Slack Based Measure (SBM) and Malmquiest Productivity Index (MPI) in Export Development Bank of Iran (EDBI). For this purpose, we have measured and analyzed the productivity growth in EDBI branches using MPI in the period of 1994-2005. The trend of efficiency scores’ moving averages confirms improvement in BTP over the period of study. Moreover, the results show %1 and %2 on average improvement in the productivity of EDBI branches in period 2004 and 2005, respectively.