Purpose The current paper aims to fill a gap in the literature by analyzing the nature of volatility on the Karachi Stock Exchange (KSE) 100 index of the KSE, and develop an understanding as to which model is most suitable for measuring volatility among those used. The study contributes significantly to the literature as, compared with the limited previous studies of Pakistan undertaken in the past, it covers three types of data (i.e. daily, weekly and monthly) for the whole period from the introduction of the KSE 100 index on November 2, 1991 to December 31, 2013. In addition, to analyze the impact of global financial crises upon volatility, the data have been divided into pre-crisis (1991-2007) and post-crisis (2008-2013) periods. Design/methodology/approach This study has used an advanced set of volatility models such as autoregressive conditional heteroskedasticity [ARCH (1)], generalized autoregressive conditional heteroskedasticity [GARCH (1, 1)], GARCH in mean [GARCH-M (1, 1)], exponential GARCH [E-GARCH (1, 1)], threshold GARCH [T-GARCH (1, 1)], power GARCH [P-GARCH (1, 1)] and also a simple exponentially weighted moving average (EWMA) model. Findings The results reveal that daily, weekly and monthly return series show non-normal distribution, stationarity and volatility clustering. However, the heteroskedasticity is absent only in the monthly returns making only the EWMA model usable to measure the volatility level in the monthly series. The P-GARCH (1, 1) model proved to be a better model for modeling volatility in the case of daily returns, while the GARCH (1, 1) model proved to be the most appropriate for weekly data based on the Schwarz information criterion (SIC) and log likelihood (LL) functionality. The study shows high persistence of volatility, a mean reverting process and an absence of a risk premium in the KSE market with an insignificant leverage effect only in the case of weekly returns. However, a significant leverage effect is reported regarding the daily series of the KSE 100 index. In addition, to analyze the impact of global financial crises upon volatility, the findings show that the subperiods demonstrated a slightly low volatility and the global economic crisis did not cause a rise in volatility levels. Originality/value Previously, the literature about volatility modeling in Pakistan’s markets has been limited to a few models of relatively small sample size. The current thesis has attempted to overcome these limitations and used diverse models for three types of data series (daily, weekly and monthly). In addition, the Pakistani economy has been beset by turmoil throughout its history, experiencing a range of shocks from the mild to the extreme. This paper has measured the impact of those shocks upon the volatility levels of the KSE.

Purpose-The aim of this research is to examine the perceptions of consumers on Islamic banking and finance in Pakistan. Islamic finance is an emerging phenomenon and its survival depends upon the availability, affordability and awareness. This thesis attempts to fill the gap in the literature by exploring the perceptions of consumers and bankers in an attempt to gain insights so that availability of products and awareness can be increased. Design/methodology/approach-The study uses a regression model by employing perception as a dependent variable and awareness, knowledge and religious motivation as independent variables. The primary data is collected using 150 questionnaires distributed amongst finance students in several universities and employees of Islamic banks in Khyber Pakhtunkhwa (KPK) province of Pakistan. Findings-The findings reveal that overall consumers' perception is positive about Islamic banking and finance in Pakistan. Statistical analysis shows that awareness, knowledge and religiosity level have positive influence on the perception of consumers about Islamic financing products and services in Pakistan. To improve the awareness and understanding, Islamic banks could make better marketing strategies and could increases their presence by mosque visits and conferences. A cooperation between the industry and scholars could help in more innovative products for the consumers. Implications-There has been a limited amount of work carried out on the perceptions of consumers about Islamic banking in Pakistan. The present study represents start of a larger context for examining Islamic banking practices in Pakistan. The findings of the study can be used as a reference in future research projects in the areas of perceptions and awareness. Originality/value-Little research has been conducted to study this problem from the perspectives of consumers and Islamic banking employees. Most research associated with Islamic banks fails to pay attention to these stakeholder groups in one study.

PurposeVery little is known about the influences on dividend decisions in Pakistan, despite the importance of the market in the region and the nation's non‐standard tax system. This study therefore aims to provide detailed evidence regarding this issue by examining the views of those charged with the decisions in practice.Design/methodology/approachThe study reports the findings from interviews with 23 Pakistani company officials about influences on their firms' dividend policies. A semi‐structured interview document was used to guide the discussions. The interviewees chosen ensure that a wide spread of professional and industrial backgrounds were covered in the study.FindingsThe results suggest that, despite differences in environmental idiosyncrasies, the dividend decision‐making process in Pakistani companies is similar in many important respects to that in the USA and other developed markets. However, unlike in earlier studies, the interviewees suggested that past dividends do not influence current dividend levels in Pakistan and respondents were not reluctant to announce news of a dividend cut; instead, firms focus only on current earnings and company liquidity when deciding on a disbursement level.Originality/valueThe study suggests that views about dividends in Pakistan differ from those reported in other markets in a number of important respects. Some, but not all of this evidence relates to the Pakistan taxation system, where until very recently share dividends (as with all capital gains) were tax exempt.

The study examines the relationship between job stress and turnover intentions with the moderating role of emotional intelligence. The questionnaire survey is conducted with a sample of 153 employees of the banking sector in Pakistan. Two methods are used in this study to test the moderation effect i.e. Baron and Kenny’s (1986) technique and the Process method of Andrew F. Hayes (2013). The results show that job stress and turnover intentions are positively related to each other whereas emotional intelligence has no moderating role between them. Based on the findings, it is proposed that organizations should focus on making active policies towards stress management so that employees’ turnover intentions can be reduced ensuring an encouraging working environment.