While the topic of stock market integration has been one of the highly researched area in the literature but focus had mostly been on the stock markets of developed economies. Few have focused on analyzing market integration in South Asian region and no inclusion of Bhutanese stock has been found in the literature in any of the earlier studies. The objective of this paper is to analyze market integration between Bhutanese, Indian and other indices in the region. We also analyzed whether other indices in the region are co-integrated with Indian stock market, as Indian market is more proficient in the region and can be believed to have influences on others. We analyzed all indices in the region on one to one basis (using pairwise co-integration test). We used weekly data from January 2006 to December 2011 period from the stock exchanges of (Bhutan, India, Nepal, Bangladesh, and Pakistan). Applying, Dickey-Fuller method, we tested unit root for each stock indices and used Johansen co-integration approach pairwise to test the long-term relationship between stock indices and multivariate approach to test market integration as a whole. We found that all indices are stationary at I(1) and confirmed no long-term relationship between Bhutanese stock with Indian and other regional stock markets. In fact we find no market integration either on one to one basis or for the south Asian market as a whole. Information on market integration should help market players in managing their investments in capital markets in a sustainable manner.
Druk Holding and Investments (DHI) that holds and manages twenty State Owned Enterprises (SOEs) in Bhutan assesses customer satisfaction annually for five service oriented companies through the independent survey to measure customer service related performances of the companies. This paper uses the data collected by the consulting team in 2013 that covers twenty districts of Bhutan. The team collected the data using structured questionnaire covering different aspects of customer satisfaction. Data was collected from 2123 respondents representing various demographic characters. Besides looking into the descriptive aspects of the statistics, this paper analyses the relational between customer satisfaction level and gender, income groups and educational levels so that each group can be targeted with different strategies. Findings suggest that all types of customers consider service reliability and value for money (price) as the most important factors that attributes to their satisfaction. It was found out that generally females are more satisfied than male respondents at the same level of service quality indicators. Study further establishes the inverse relationships between customer satisfaction level and income and with educational levels of the customers.
Abstract-Druk Holding and Investments (DHI) that holds and manages twenty State Owned Enterprises (SOEs)
This paper analyzes the data distribution on stock market returns in SAARC nations (Bhutan, India, Bangladesh, Nepal, Sri Lanka and Pakistan) for weekly data from January 2006 to December 2011 to see if market returns are normally distributed. Secondly we have also tested if returns are similar across different markets using pair sample t-tests. While comparing differences or similarities in returns we compare associated risks for each pair to see if there exist opportunity for similar returns at lower risk or higher returns at a given risk. Finally we analyzed variance analysis using one-way ANNOVA with multiple comparisons to find out if time varying effect is present in any of the stock market return. Our finding suggests that the data distributions on stock returns of all the markets in the region are not normal. We observe high skewness, kurtosis and further the hypothesis of normal distribution have been rejected based on Jarque-Bera test for full sample data of 2006 to 2011 for all countries although, the data of Bangladesh and India seems to possess lower levels of skewness and Jarque-Bera statistics indicating lesser degree of non-normality. When data was run after splitting the sample annually, we found that the distribution was normal for most years for majority of markets. This suggested impacts of sample size on data distribution. We crosschecked the results with non-parametric test using Kolmogorov-Smirnov (K-S) since it is one of the very popular tests statisticians would use. We found that the data distributions of Indian and Bangladeshi stock returns are normal and the rest are non-normal. While analyzing the return similarities/difference using paired sample t-tests, we found that there exits no statistical differences in the average returns between different pairs of stock returns except some difference with few pairs of returns when sample was split annually. We have observed difference in the levels of risks (standard deviation). This indicates opportunity for investors to earn similar returns at lower risks by changing their investment destinations. We conducted multiple comparisons of variances using annual, weekly and seasonal codes and found that some annual time effect with some stock returns. However, we found no week of the month effect and season of the year effect. Difference in time per se for entry into the stock market and exit from it does not provide extra benefits.
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