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Corporate Governance And Cash Holdings In Listed Non-Financial Firms In Pakistan, Alina Masood, Attaullah Shah
Corporate Governance And Cash Holdings In Listed Non-Financial Firms In Pakistan, Alina Masood, Attaullah Shah
Business Review
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 governance mechanisms such as percentage ownership held by directors, institutional investors, and five largest shareholders, the existence of audit committees and a measure of concentration of ownership. To avoid omitted variable bias, the study also controls for all well-known determinants of corporate cash holdings (market to-book ratio, growth, size, leverage, R&D investments, cash flow …
Wealth Effect Of Mergers & Acquisitions In Emerging Market: A Case Of Pakistan’S Banking Sector, Sana Tauseef, Mohammad Nishat
Wealth Effect Of Mergers & Acquisitions In Emerging Market: A Case Of Pakistan’S Banking Sector, Sana Tauseef, Mohammad Nishat
Business Review
This study investigates the short-term market response associated with the announcement of seven merger and acquisition deals in the banking sector of Pakistan during the period 2003 to 2008 using the event study methodology. The results indicate statistically significant investor reactions around the merger announcements. For individual target and bidder banks, the cumulative abnormal returns (CARs) range from significant positive to significant negative. The combined mean CAR for the bidder group is significant positive and for target group, the mean CAR is significant negative. The mean CAR for the combined banks in the domestic mergers is also positive but is …