In this paper, we study the potential determinates of the capital structure of non-financial firms listed on Karachi Stock Exchange. We analyse a sample of 445 firms listed on the KSE for the period 1997-2001. We have chosen tangibility of assets, size, firm growth rate, and profitability as...

In this technical report, I show how to use asm – a Stata program to construct J-K overlapping momentum portfolios. Also, I outline details of the primary functions/ features of the program. The methods used in this program for constructing momentum portfolios are generally in line with...

Empirical evidence to identify factors that are responsible for the sluggish development of bond and capital markets in Pakistan remains scanty. This paper is a step forward in this direction. Specifically, this paper draws on the recent developments in the area of law and finance to formulate...

We examine how CEO's inside-debt based compensation incentives (pension benefits and other deferred compensation) influence firm's debt maturity structure. We examine this relationship in the context of the hypothesis that CEO's inside-debt based incentives exposes managers to similar kind of...

The debt-maturity structures of listed firms in Pakistan have shown significant decline over the last decade. In this study, we investigate changes in both the demand-side and supply-side factors that are responsible for this decline. For this purpose, we study 364 firms for a period of...

The finance literature reports mixed results about the stock market reaction to dividend announcements. This study has tried to figure out that the heterogeneous stock market reaction to dividend announcements might be attributed to several firm-specific financial and non-financial factors. In...

During the stock market turmoil and later on in the year 2008, the Securities and Exchange Commission of Pakistan (SECP) suspended trading in futures products at the Karachi Stock Exchange (KSE) due to their proven destabilizing role in Global Financial Crises (GFC). On July 27th 2009, the...

In this study, we attempt to show empirical evidence of momentum profits in Karachi Stock Exchange (KSE) using monthly stocks returns data of 609 stocks over the period June 2004 to March 2014. Using Jegadeesh and Titman (1993) methodology, we find that investors can earn positive returns by...

In this study, the relationship between corporate cash holdings and corporate governance variables is tested in Pakistan. The sample consists of 309 non-financial firms listed on the Karachi Stock Exchange (KSE) over the time span of 2002 to 2010. The study uses several proxies for corporate...

This study analyzes the impact of corporate governance and ownership structure on earnings management for a sample of 372 firms listed on the Karachi Stock Exchange over the period 2003–10. We estimate discretionary accruals using four well-known models: Jones (1991); Dechow, Sloan, and...