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Papers by ammara sarwar

Research paper thumbnail of COVID-19 Attack on Stock Markets: Event Study and Panel Data Analysis of Organization of Islamic Countries (OIC)

Journal of Economic Impact

The outbreak of COVID-19 has hampered the economies in all over the world. Due to this pandemic, ... more The outbreak of COVID-19 has hampered the economies in all over the world. Due to this pandemic, many economic activities worldwide continue to be slumps. Current study examines the effect of COVID-19 contagion epidemic on stock markets of 23 OIC economies. Event study approach is employed to quantity abnormal returns (ARs). Fixed effect and random effect models are employed for the cause of abnormal return. Sixty (0 to 59) days, including the event day, are observed in the event window at the release of news related to COVID-19 in media at the international level; each window contains ten days. Pre-event window includes 120 days afore from the event day. We examine the ARs significantly negative in 4 ensuing windows in 59 days. Negative AR is significant for developed as well as developing economies. Findings reveal that the cumulative ARs from day first to day 33 remain in the range of decimal -0.203 to single digit -9.09. Still, from day 34 to day 59, it remains in the range of d...

Research paper thumbnail of An Insight into Recent Trends in Mobile Money Service: A Comprehensive Bibliometric Analysis

International Journal of Business Innovation and Research

Research paper thumbnail of Impact of Audit Quality on Stock Price Crash Risk: Evidence from Pakistan Stock Exchange

Journal of economic impact, Aug 30, 2022

Stock price crash risk is an unfavourable event in business that may decrease the shareholder's w... more Stock price crash risk is an unfavourable event in business that may decrease the shareholder's wealth and hurt stability and capital market growth. This study investigates the impact of audit quality measured by auditor industry specialization (AIS), audit tenure (AT), audit committee independence (ACI), audit firm size(AFS)) on stock value crash (measured by down-to-up unpredictability) for a sample of 70 non-financial firms listed in Pakistan Stock Exchange during from 2009 to 2018. Efficient governance enriches financial and operational directness, which cuts down the stock value crashes in rotation. Facing crash risk difficulties, traders impart more funds to stocks of well-regime organizations. The fixed effect model results show that AIS and ACI have a negative and significant impact on crash risk, while there is a positive impact of AFS on stock price crash risk. Moreover, it concludes that it has an insignificant impact on stock price crash risk in Pakistan. It is concluded that effective audit quality lessens the difficulty of data abnormality and improves stock price crash risk. This study has importance for investors to help them identify the most liquid stock and will enable them to decide which stocks to acquire and which to dispose of. This study will also be helpful for academics and scholars to bridge this gap on the influence of audit quality practices on the economic consequences of Pakistan. It will be useful for future research as well as because it will become part of the empirical literature on the economic consequence of stock markets.

Research paper thumbnail of Impact of Political Instability and Terrorism on Stock Returns: Evidence from Pakistan

Jinnah Business Review

This study examines the impact of terrorist activities and regime in Pakistan on the return and v... more This study examines the impact of terrorist activities and regime in Pakistan on the return and volatility dynamics of the financial markets in Pakistan between year 2000 and 2010. The study constructs two dummy variables that quantify political instability and terror and examine the effect on stock market volatility. An ARCH and GARCH model to discover evidence that terrorism and regime has a significant impact on both the return and volatility dynamics of stock markets. To capture the asymmetries in terms of negative and positive shocks, this study also uses threshold GARCH (TGARCH) and an exponential GARCH (EGARCH) model. From both of the TGARCH and EGARCH results, it can be reveal that for the return of KSE-100, there are asymmetries in the news that shows bad news has a larger effect on the volatility of return than good news. Finally study of the reaction of the stock market to terrorist events may also provide indication to investors and speculators to adjust their positions ...

Research paper thumbnail of Role of Service Quality Dimensions on the Customer Satisfication and Loyality towards Islamic Banks

Research paper thumbnail of The Impact of Political Stability and Firm-Specific Variables on the Performance of Islamic Banks in Pakistan

Hamdard Islamicus, Sep 10, 2020

Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim ... more Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim of this study is to analyze the performance determinants of 5 Islamic banks in Pakistan which remain active from year 2006 to 2018. By applying the Random Effect Model (REM), this study concluded that leverage and size of Islamic banks contributed significantly towards their performance. However, Islamic banks' performance remained unaffected with respect to change in political stability level and liquidity. Therefore, this study has implication for Islamic banks managers that instead of considering political environment of Pakistan, focus should be made on bank specific matters.

Research paper thumbnail of The determinants of working capital management in Pakistan: The case of manufactoring sector

Competitive Social Science Research Journal, Aug 31, 2020

This paper explores the main determinants of working capital management in the Egyptian SMEs and ... more This paper explores the main determinants of working capital management in the Egyptian SMEs and explains its effect on working capital management. Also, it examines the relation between the main determinants of working capital management and each component of working capital management. Moreover, the paper examines the effect of working capital management and SMEs' profitability and capital structure. The study sample includes data for 138 SMEs working in Egypt and financed by the national bank of Egypt from 2010 to 2013. Data have been collected from SMEs financial statements for four years for each company. OLS regression models have been used to examine the effect of working capital determinants on working capital level measured by CCC. I used firm size and industry as control variables and robust my results using full regression models for every year of analysis. The main results reflect negative and significant effect of SMEs profitability, tangible fixed assets, and leverage on working capital. Also, the industry represents a significant factor in determining the level of working capital in the Egyptian SMEs. Moreover, the effect of working capital management and SMEs profitability and capital structure decisions has been examined. The results reflect that the Egyptian SMEs follow an aggressive policy as businesses hold low level working capital which leads to high return and high degree of risk (measured by LEVERAGE). The study limited to the Egyptian SMEs which are financed by the National Bank of Egypt.

Research paper thumbnail of The Impact of Political Stability and Firm-Specific Variables on the Performance of Islamic Banks in Pakistan

Psychology and Education Journal, 2021

Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim ... more Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim of this study is to analyze the performance determinants of 5 Islamic banks in Pakistan which remain active from year 2006 to 2018. By applying the Random Effect Model (REM), this study concluded that leverage and size of Islamic banks contributed significantly towards their performance. However, Islamic banks’ performance remained unaffected with respect to change in political stability level and liquidity. Therefore, this study has implication for Islamic banks managers that instead of considering political environment of Pakistan, focus should be made on bank specific matters.

Research paper thumbnail of COVID-19 Attack on Stock Markets: Event Study and Panel Data Analysis of Organization of Islamic Countries (OIC)

Journal of Economic Impact

The outbreak of COVID-19 has hampered the economies in all over the world. Due to this pandemic, ... more The outbreak of COVID-19 has hampered the economies in all over the world. Due to this pandemic, many economic activities worldwide continue to be slumps. Current study examines the effect of COVID-19 contagion epidemic on stock markets of 23 OIC economies. Event study approach is employed to quantity abnormal returns (ARs). Fixed effect and random effect models are employed for the cause of abnormal return. Sixty (0 to 59) days, including the event day, are observed in the event window at the release of news related to COVID-19 in media at the international level; each window contains ten days. Pre-event window includes 120 days afore from the event day. We examine the ARs significantly negative in 4 ensuing windows in 59 days. Negative AR is significant for developed as well as developing economies. Findings reveal that the cumulative ARs from day first to day 33 remain in the range of decimal -0.203 to single digit -9.09. Still, from day 34 to day 59, it remains in the range of d...

Research paper thumbnail of An Insight into Recent Trends in Mobile Money Service: A Comprehensive Bibliometric Analysis

International Journal of Business Innovation and Research

Research paper thumbnail of Impact of Audit Quality on Stock Price Crash Risk: Evidence from Pakistan Stock Exchange

Journal of economic impact, Aug 30, 2022

Stock price crash risk is an unfavourable event in business that may decrease the shareholder's w... more Stock price crash risk is an unfavourable event in business that may decrease the shareholder's wealth and hurt stability and capital market growth. This study investigates the impact of audit quality measured by auditor industry specialization (AIS), audit tenure (AT), audit committee independence (ACI), audit firm size(AFS)) on stock value crash (measured by down-to-up unpredictability) for a sample of 70 non-financial firms listed in Pakistan Stock Exchange during from 2009 to 2018. Efficient governance enriches financial and operational directness, which cuts down the stock value crashes in rotation. Facing crash risk difficulties, traders impart more funds to stocks of well-regime organizations. The fixed effect model results show that AIS and ACI have a negative and significant impact on crash risk, while there is a positive impact of AFS on stock price crash risk. Moreover, it concludes that it has an insignificant impact on stock price crash risk in Pakistan. It is concluded that effective audit quality lessens the difficulty of data abnormality and improves stock price crash risk. This study has importance for investors to help them identify the most liquid stock and will enable them to decide which stocks to acquire and which to dispose of. This study will also be helpful for academics and scholars to bridge this gap on the influence of audit quality practices on the economic consequences of Pakistan. It will be useful for future research as well as because it will become part of the empirical literature on the economic consequence of stock markets.

Research paper thumbnail of Impact of Political Instability and Terrorism on Stock Returns: Evidence from Pakistan

Jinnah Business Review

This study examines the impact of terrorist activities and regime in Pakistan on the return and v... more This study examines the impact of terrorist activities and regime in Pakistan on the return and volatility dynamics of the financial markets in Pakistan between year 2000 and 2010. The study constructs two dummy variables that quantify political instability and terror and examine the effect on stock market volatility. An ARCH and GARCH model to discover evidence that terrorism and regime has a significant impact on both the return and volatility dynamics of stock markets. To capture the asymmetries in terms of negative and positive shocks, this study also uses threshold GARCH (TGARCH) and an exponential GARCH (EGARCH) model. From both of the TGARCH and EGARCH results, it can be reveal that for the return of KSE-100, there are asymmetries in the news that shows bad news has a larger effect on the volatility of return than good news. Finally study of the reaction of the stock market to terrorist events may also provide indication to investors and speculators to adjust their positions ...

Research paper thumbnail of Role of Service Quality Dimensions on the Customer Satisfication and Loyality towards Islamic Banks

Research paper thumbnail of The Impact of Political Stability and Firm-Specific Variables on the Performance of Islamic Banks in Pakistan

Hamdard Islamicus, Sep 10, 2020

Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim ... more Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim of this study is to analyze the performance determinants of 5 Islamic banks in Pakistan which remain active from year 2006 to 2018. By applying the Random Effect Model (REM), this study concluded that leverage and size of Islamic banks contributed significantly towards their performance. However, Islamic banks' performance remained unaffected with respect to change in political stability level and liquidity. Therefore, this study has implication for Islamic banks managers that instead of considering political environment of Pakistan, focus should be made on bank specific matters.

Research paper thumbnail of The determinants of working capital management in Pakistan: The case of manufactoring sector

Competitive Social Science Research Journal, Aug 31, 2020

This paper explores the main determinants of working capital management in the Egyptian SMEs and ... more This paper explores the main determinants of working capital management in the Egyptian SMEs and explains its effect on working capital management. Also, it examines the relation between the main determinants of working capital management and each component of working capital management. Moreover, the paper examines the effect of working capital management and SMEs' profitability and capital structure. The study sample includes data for 138 SMEs working in Egypt and financed by the national bank of Egypt from 2010 to 2013. Data have been collected from SMEs financial statements for four years for each company. OLS regression models have been used to examine the effect of working capital determinants on working capital level measured by CCC. I used firm size and industry as control variables and robust my results using full regression models for every year of analysis. The main results reflect negative and significant effect of SMEs profitability, tangible fixed assets, and leverage on working capital. Also, the industry represents a significant factor in determining the level of working capital in the Egyptian SMEs. Moreover, the effect of working capital management and SMEs profitability and capital structure decisions has been examined. The results reflect that the Egyptian SMEs follow an aggressive policy as businesses hold low level working capital which leads to high return and high degree of risk (measured by LEVERAGE). The study limited to the Egyptian SMEs which are financed by the National Bank of Egypt.

Research paper thumbnail of The Impact of Political Stability and Firm-Specific Variables on the Performance of Islamic Banks in Pakistan

Psychology and Education Journal, 2021

Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim ... more Financial sector of a country plays pivotal role in the economic advancement. Therefore, the aim of this study is to analyze the performance determinants of 5 Islamic banks in Pakistan which remain active from year 2006 to 2018. By applying the Random Effect Model (REM), this study concluded that leverage and size of Islamic banks contributed significantly towards their performance. However, Islamic banks’ performance remained unaffected with respect to change in political stability level and liquidity. Therefore, this study has implication for Islamic banks managers that instead of considering political environment of Pakistan, focus should be made on bank specific matters.