Asian Finance Research Journal (AFRJ)

COVID-19, Government Initiatives, and Stock Market Liquidity in Pakistan

OJS Admin — Mon, 06 Mar 2023 12:04:51 +0500

This study focuses on two proxies of COVID-19 and its impact on Pakistan and government initiatives' stock market liquidity and the human cost by exploring the rate of spread of COVID-19 infections. Using time-series data of the Pakistan Stock Exchange from January 2, 2020 to November 30, 2020, our finding suggests that a decreasing (increasing) trend in the confirmed COVID-19 cases is associated with improving (deteriorating) liquidity of Pakistan's stock market. This study concludes that policy interventions are related to stock market liquidity. Results reveal that government initiatives' control over COVID-19 cases reduces the uncertainty among the market and investors.
Keywords: COVID-19, Stock Market liquidity, Stringency Index, Confirmed Cases, Death Cases.

Impact of Aggressive Working Capital Management Policy on Firm’s Financial Performance

OJS Admin — Mon, 06 Mar 2023 12:10:05 +0500

The current study looks at the long-standing link between working capital management policies and a company's profitability. Using the panel data set for the time, the impact of aggressive working capital investment and financing strategies was examined. The data for study variables are taken from the Muscat security market, we identified 13 non-financial companies that provide industrial services from 1998 to 2005. Results show that managers that are cautious with their working capital investment and finance policies can provide value to their businesses. Investors value stocks of companies that take an active approach to address their short-term liabilities. Such results posit new evidence and have implications for corporate working capital management.

Evolution of Green Finance: A Comprehensive Science Mapping Analysis by using the lens of Bibliometrix

OJS Admin — Mon, 06 Mar 2023 12:14:12 +0500

Current study focuses on analyzing the evolution of green finance since the inception of the concept. Apart from a conventional approach which may study the evolution in terms of
definitions, policy implementations, projects’ expansion, etc. this study tries to analyze the evolution in terms of academic expansion and contribution. A bibliometrics approach has been
employed to achieve this objective. Analysis has been carried out by mapping and visualizing the top articles, leading authors, dominating journals, prominent institutes, and countries, emerging themes, and keywords. The study has been carried out using Biblioshiny, a shiny app for the Bibliometrix, programmed in R language specifically useful for comprehensive science mapping analysis. Along with it, VOS viewer has also been utilized for enriched visualizations. The analysis is carried out on a dataset of 450 articles extracted from Scopus. Key indicators of Bibliometrix depicted that the concept grasped academic attention in 2013 and is significantly growing after 2015. Journals such as Sustainability, Environmental Science and Pollution Research, etc. are some of the dominating sources. China and UK are leading countries in terms of academic studies on green finance. The analysis also provides an in-depth insight into green finance by mapping the frequently used keywords. The word clusters and thematic map formation is valuable as they present emerging themes and provide directions for future research in green finance.
Keywords: Green Finance, Science Mapping, Biblioshiny, Bibliometric Analysis, VOSviewer, Cluster

Visualizing the Evolution and Knowledge Landscape of Adaptive Market Hypothesis (2004-2022): A Scientometric Analysis

OJS Admin — Mon, 06 Mar 2023 12:18:33 +0500

The purpose of the paper is to find the evolution of the ‘Adaptive Market Hypothesis (AMH)’ by bibliometric and scientometric analysis between the calendar years 2004 and 2022. We used a scientometric approach by taking 148 documents from the Scopus database. The study attempts to identify prominent authors, significant journals, most cited papers, countries, organizations, co-authorship network analysis map, inter-country evolution, and keyword occurrences in scholarly engagement. The analysis also uncovers the conceptual structure and thematic evolution of the topic. Biblioshiny and VOSviewer performed the tabular and visual mapping for the different scientometric dimensions. The study lays out an instant snapshot of the AMH knowledge domain.
Keywords: Adaptive Market Hypothesis, Bibliometric, Scientometric, Mapping

SECTORIAL VOLATILITY TRANSMISSION IN STOCK MARKET: EMPIRICAL EVIDENCE FROM DOW JONES INDICES

OJS Admin — Mon, 06 Mar 2023 12:23:44 +0500

The objective of the study is to examine the existence of the volatility and its perseverance in different indices of Dow Jones and the spillover effect among these indices. For this purpose,
the daily closing prices of the five indices of Dow Jones, have been collected from July 1, 2001 to June 30, 2019. These indices are Consumer goods, Consumer Service, Health Care,
Industrial, and Insurance. In order to estimate the results ARMA (1, 1)/ GARCH (1, 1) model has been used in the study. The results show the existence of volatility in the return of all the
indices and the spillover effect has been observed among all the indices. The persistence of volatility has been calculated and its existence for the longer period of time has also been
observed. The long term relationship among the sectors has been observed by taking the closing values of the each selected sectors.
Key Words: Dow Jones Indices, Volatility, Persistence of Volatility, Spillover Effect, ARMA (1, 1)-GARCH (1, 1)