We apply GARCH (p, q) and ARCH(m) model to the daily return of DSE general index (DGEN) ranging from 1 st January, 2002 to 30 th July 2013 for examining market volatility. Besides, we calculate year wise standard deviation of daily return of DGEN for the same period. The result of GARCH (1, 1) process and standard deviation of the daily return confirms an abnormal volatility episode from 2009 to 2012. The highest per day volatility was observed in the first half of 2011 in both investigations. The volatility rate found in GARCH (1, 1) process is 2.44% in 2011 followed by 2.00% and 1.99% in 2009 and 2012 respectively. The highest standard deviation of return is 2.99% in 2011 followed by 2.08% in 2012 authenticate the highest volatile periods of the study. We apply ARCH (m) model in 2004 and 2013 for volatility estimate due to inapplicability of GARCH (p, q) process in those market return. The results of ARCH (m) model confirm reliable estimates of market volatility, 1.10% and 1.46% respectively. This is a part of our total research work where our main focus is to detect the factors affecting market volatility and its spillover effects in emerging markets.
The aim of the research is to find the association between human capital and financial and non-financial performance. A self-administered survey instrument is developed consisting 26 items under three parts. Both primary and secondary data have been used in this study. In order to collect primary data, face-to-face interview method was used. The result provides evidence that human capital is significantly associated with financial and non-financial performance of an organization. That means skills, education and training, knowledge and competencies, and positive attitudes are vital elements to increases organizational performance. The study recommended the BGMEA, BKMEA, entrepreneurs, policy makers, and investors to concentration on fundamental variables that are influencing the development of human capital in RMG industry of Bangladesh.
This study examines the weak form market efficiency of the thirteen listed pharmaceuticals company of Dhaka Stock Exchange (DSE). We exclude the three listed pharmaceuticals company because of their newly enlistment at DSE. The data consists of the daily returns from 1 st January, 2009 to 31 st December, 2013. The returns of all pharmaceuticals companies are not normally distributed. Unit root test, serial correlation test and runs tests are being used for testing weak form efficiency of the individual stocks return. The findings of the runs test is completely rejecting the random walk theory for all thirteen securities whereas the augmented dickey-fuller (ADF) test are showing inverse result with its all three equations suggesting the weak form efficiency of the Pharmaceuticals stock return. The results of the Autocorrelation and Box-Ljung statistics support random walk theory for ten companies and reject it for ACI, Reckitt Benckiser and Pharma Aid. However, from the summery of findings we can agree that the Pharmaceuticals industry of Bangladesh is just becoming weak-form efficient.
Mutual fund is an investment instrument which assembles the savings of millions of small and retail investors into large capital formation. The fundamental objective behind investment in mutual fund is to earn good return with relatively low risk. Mutual fund is acting as an important investment alternatives for general investors. In Bangladesh, mutual fund was first introduced by Investment Corporation of Bangladesh (ICB) in 1980. The main purpose of doing this research is to analyze the investors' preference towards mutual fund and factors affecting the investors' preference towards mutual fund. By using 5-point Likert scale in structured questionnaire, researchers have measured the factors affecting the attitude of investors towards mutual fund. Descriptive statistical tools like chi square test have been used for analyzing the data. It is found that, the demographical factors-gender, income and savings have significant influence on the investor's attitude towards mutual funds investment. Investors prefer mutual fund as safety of life and return on investment. It is identified that, most of the investors are not satisfied with their investment. The study has suggested some important policy measures such as regulatory change, creating investors awareness, encouraging the private companies to raise fund through mutual fund.
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