Purpose: The current study aimed to test the impact of two religious months on the return behaviour of the gold market in Pakistan under informational efficiency hypothesis i.e. to empirically test the semi-strong form of EMH in gold market for religious calendar anomaly. Methodology: Weekly gold prices in rupees per one gram that prevailed in Pakistan for the period January 2007 till December 2015 were selected, summing up to 468 observations. Data was taken from World Gold Council and the Bullion-rate database. Event methodology was employed for capturing and analyzing the pre and post event reactions by calculating abnormal returns. Furthermore, average security return variability was employed for robustness check. Main Findings: Opposing results were achieved for both the lunar calendar occurrences where the gold market is inefficient for the month of Ramazan but is found efficient in Muharram's case concluding into mixed evidence and findings. Implications/Applications: The contribution of this study differs from previous gold studies in two aspects; first the research investigated the effect of Ramazan and Muharram as Islamic calendar events, and second is that gold market prices of Pakistan that had not been examined earlier. So this study is adding to the literature in the sense of examining the new relationship in Pakistan. Novelty/Originality of this study: Extensive literature can be found about the global gold market that tested the weak form efficiency, but empirical evidence related to the semi-strong form efficiency of the gold market in Pakistan is not available neither the calendar anomaly related to the gold market is available. The dynamics of this very highly valuable and volatile asset market require investigation of such type.
This research takes in view the motives that drive opportunistic managers in the Pakistani corporate world to manipulate firm earnings in different financial circumstances by resorting to real (REM) and accrual (AEM) earning management to reap their self-interests. The present study undertakes 188 distressed and 37 non-distressed firms for the sample period of 2010-2017. The summary stats confirm that both in distressed and non-distressed firms’ managers resort to REM practices more than AEM. The factors that urge mangers to take REM practices in distressed firms i.e., debt covenant restriction, managerial ownership and tax avoidance needs to be amended in such a way that it demotivates managers for carrying such practices in distressed firms. The factors that influence AEM practices in distressed firms are debt covenant restrictions, institutional ownership, highly valued firms and managerial ownership whereas in non-distressed firm these factors are debt covenant and effective tax rate. In non-distressed firms motives that urge mangers to adopt REM, practices are raising additional capital and tax avoidance practices.
Financial distress is one of the leading reasons for corporate default, foreclosure, and subsequent bankruptcy. Traditionally accounting information-based models have been used to identify the financially distressed firms. Inaccurate identification results in type-I and type- II errors. These errors are attributable to the elements of conservatism and prudence within the accounting information. Enclosure of market information into these models may reduce the quantum of errors and improve the existing ability of these models to accurately identify the financially distressed firms. This study has infused the Corporate Social Responsibility information into the Altman Z-Score. The enclosure has been made using additive index methodology, resulting in formation of a Composite Default Index. 161 non- financial firms listed on the Pakistan Stock Exchange have been taken as the sample over the study period of 2010-2016. The accuracy of Composite default Index has been found significantly better as compared to the Z-Score Default Index as the type-I and type-II errors are reduced by 41% and 132% respectively. This study has implication for the corporate regulators, practitioners, stakeholders and researchers in form of providing a better mechanism to identify the financially distressed firms, future studies may consider other forms of market information and the accounting information-based models to improve upon the same, further.
Background: Since December 2019, the COVID-19 pandemic has challenged the international community on health and legislative fronts. The widespread disease needs an effective response from the health-care system as well as the legislative framework. Pakistan is facing a challenge from the under-developed health-care system as well as a lack of awareness about the available laws to deal with the issue. Awareness about the relevant laws is a precursor to the establishment of rule of law. This study will doctrinally analyse the national laws of Pakistan to make the response more effective. The awareness about the relevant laws will supplement the healthcare response against the pandemic of COVID-19. Since Pakistan is a federation and healthcare is a provincial subject, therefore the study limits itself to the laws of Punjab, the largest populated province of Pakistan. Objectives: This study will analyse the available healthcare laws to deal with the recent outbreak of COVID-19. The focus will remain on the doctrinal measurement of the effectiveness of The Punjab Infectious Diseases (Prevention and Control) Act 2020 (PIDA) vis-à-vis already existing laws. It will also highlight the salient features of the PIDA 2020 along with its effectiveness to deal with the current pandemic. Method: The study benefits from documentary analysis of legal documents. The method is nearer to the doctrinal research method in law. The study will shape itself into two parts. First will be lax lata that will ascertain what is the relevant healthcare law to deal with infectious diseases like COVID-19. The next step will be lax ferenda where the study will propose how it can become more effective to deal with the issue. The research will opt black letter approach. Conclusion: This study finds that the adoption of PIDA 2020 is in spirit with dealing with the pandemic of the COID-19. The law has shown positive trends in protecting the population from the widespread impact of the diseases. The World Health Organization has appreciated Pakistan’s methods and strategies against the first wave of the COVID-19 with reference to response in Punjab, the largest province of Pakistan.
The countrywide lockdown in Pakistan was enforced on the 1st of April which lasted till the 9th of May 2020. The Punjab Unified Communication and Response (PUCAR-15) statistical data indicates that a total of 25 percent rise was observed in the cases of domestic violence during the lockdown. Therefore, it is imperative to examine the evidence, reason, and corrective measures to limit and control the domestic violence against women in Pakistan. This paper analyzes the current literature, legal framework, and necessary preventive measures to tackle the issue of domestic violence to safeguard the women staying at home. Keywords: COVID-19, Lockdown, Domestic Violence, Women rights, Pakistan
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