重要事項 Import Notes

重要事項 Import Notes
修習國際金融專題學生,
請務必參見 課程網頁維護重要事項 Import Notes
Registered students MUST see the Import Notes

2015-10-19

An Analysis of the Stock Return and Exchange Rate Variation on Market Return of Pharmaceutical Industry in Pakistan

作者
Nazim Hussain Abdul Qayyum Khan
作者關係機構:
Rahim Yar Khan Campus, The Islamia University of Bahawalpur, Pakistan 1 COMSATS WahCantt. Pakistan 
資料來源:
World Applied Sciences Journal;2014, Vol. 31 Issue 6, p1180
出版日期:
June 2014
摘要:
The main purpose of this paper is to investigate the exchange rate exposure of pharmaceutical industry of Pakistan in long run and short term. Quarterly time series data for last 37 quarters from 2003Q1 to 2012Q1have been used. Unit root test, co-integration test and ECM have been applied to investigatethe stationarity and long run and short term exposure of the industry. Results revealed that all variables are stationary at level with intercept only. Co-integration results showthat there is long run relationship between stock returns, exchange rate and market return index. Error Correction Mechanism results shows that that there is negative short term significant relationship between stock returns of pharmaceutical multinationals of Pakistan and exchange rate dollar currencyin short run. Likewise stock returns have positive short term and significant impact with market return index. The equilibrium adjustment term show that all the disequilibrium in short term will adjusted in current period as the coefficient of error term is 1 and statistically significant. Keeping in view, the findings of this study suggest that extensive financial hedging is necessary to moderate the exchange rate exposure.
關鍵字:
Stock Returns, Exchange rate exposure ,Co-integration Test ,Error correction mechanism, Pharmaceutical industry, Pakistan
地理位置描述項:
Pakistan
ISSN:
1818-4952
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PO 文注意事項 (Notes about your posts required for this course)

每位同學必需建立與維護 2 個網頁: (updated on 2010.9.19)
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1. 你的期末報告想要仿照的原始 paper 重點摘要頁, 見 [範例]
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2. 你的學習紀錄頁, 見 [範例]
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== Posted on 2009.10.05 ==
請同學在你所選的 paper 加上標籤:「已選」
在你的 學習紀錄頁加上標籤:「學習記事」