Javid, Attiya Y.; Ahmad, Eatzaz - In: The Pakistan Development Review 50 (2011) 2, pp. 95-118
This study investigates the dynamics of beta by the asymmetric response of beta to bullish and bearish market environment on 50 stocks traded in Karachi Stock Exchange during 1993-2007. The results show that the betas increase (decrease) when the market is bullish (bearish). The results however...