Muhammad Zubair Mumtaz

University of Bahrain

This study examines the supply and demand shocks in Pakistan that affected occupations and industries during the COVID-19 pandemic. We use the remote labor index and essential scores for undertaking work activities from home across occupations proposed by del Rio-Chanona et al. (2020). To estimate demand shocks, we follow del Rio-Chanona et al. (20...

In alignment with the objectives of the 26th Conference of the Parties (COP26) Summit, this study proposes a sustainable policy framework to facilitate energy transition by enhancing governance quality in OECD countries. The study employs Method of Moment Quantile Regression (MMQR) and Bootstrapped Quantile Regression (BSQR) techniques, examining d...

In line with Sustainable Development Goals (SDGs) 7 and 13, this study proposes a policy framework while considering digitalization as a critical tool in shaping the energy transition process to attain environmental suitability in OECD countries. The study employed multifaceted empirical techniques, including Method of Moment Quantile Regression (M...

Bonded labor, also known as debt slavery, has emerged as the predominant form of debt bondage in numerous developing economies. In the context of Pakistan, despite its legal prohibition, the practice is supported by an influential segment of society. This phenomenon is deeply rooted in a matrix of governmental failure, autocratic governance structu...

Purpose Financial inclusion and digital finance go side by side and help enhance agricultural activities; however, the magnitude of digital financial services varies across countries. In line with this argument, this study aims to examine whether financial inclusion enhances agricultural participation and decompose the significance of the differenc...

The world is more susceptible to extreme natural disasters and environmental issues; therefore, the business landscape in Pakistan must evolve while remaining environmentally conscious. Firms must incorporate sustainability strategies into their planning and instil actions that make them more economically and environmentally resilient. This study a...

Over the past three decades, industrial innovations and technological advancements have changed business dynamics, adversely devastating the overall environment. As a result, our oceans have been severely affected due to climate change and global warming. To address this issue, this study investigates the factors that cause ocean CO2 using a sample...

Purpose This study investigates the factors influencing household financial choices in Malawi. The authors also compare how household financial decisions differ in urban and rural areas. Design/methodology/approach The authors utilize the logit model to examine the factors that influence household financial decisions using the Malawi Integrated Ho...

This paper applies panel data techniques to Austrian non-financial listed companies for investigating the managerial discretion hypothesis and asymmetric information. We analyse full population of non-financial companies listed on the Vienna Stock Exchange from 2007-2020. Equipment investment is susceptible to cash flows, providing evidence that ov...

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors' participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for...

Does the construction of green spaces, parks, greenbelts and socio-economic amenities helps in creating reasonable identity and prestige before customers which further nurtures premium and pricing advantages in return? For this purpose, we construct prestige based on composite pollution index, greenness score, and socio-economic amenities which fur...

This study examines the aftermarket performance of high-green and low-green IPO and how green IPOs can optimize portfolio allocation. We assume the higher level of greenness increases investors’ participation in IPOs. To this end, we develop the utility function and determine that investors prefer to participate in new issues when firms account for...

This study empirically investigates the relationship between macroeconomic volatility and growth in the presence of credit constraints and governmental fiscal policy stances. This study considers four South Asian countries: Bangladesh, India, Pakistan, and Sri Lanka, to examine the relationship between macroeconomic volatility and growth during the...

Recently, the concept of ‘blue finance’ was introduced to the world. Blue finance envisages that ocean firms issue financial instruments to obtain funds and take necessary measures to make the ocean environment blue. To measure the blueness of a firm, we estimate the blueness index using GHG emissions as a percentage of sales. This study proposes a...

This study empirically examines the relationship of bank-specific and macro-economic factors on capital adequacy ratio (CAR) using 26 Pakistani banks for the 2006 to 2018 period. We find that a bank’s size, loan loss reserves, and leverage significantly influence capital adequacy. At the same time, interest rate appears to be a significant macro-ec...

This study examined the IPO waiting period from offering to the first trading day listed on the Pakistan Stock Exchange from 1995 to 2018. We find that firms that float shares to the general public have passed through multiple layers of inspection by underwriters, auditors, institutional investors, and regulatory bodies. The waiting period of the unseas...

This study examines the performance and determinates of Creative Industries (CIs) in 32 Asian economies using a dataset from 2002 to 2015. To model the performance of CIs, we follow the Markowitz model. To determine the sensitivity of CIs exports in individual countries to the overall output of CIs throughout Asia. Our findings illustrate that cert...

This study examines how the urban climate affects the price, and urban greenness causes the pricing premium. To explore the greenness aspects, we construct a composite pollution index for each property traded in twin cities—Islamabad and Rawalpindi—based on the area traded properties' water, air, noise, and soil pollution. To examine the pricing ef...

Belt and Road (BRI) countries are trying to realize the potential of financial resources and renewable energy in order to mitigate the effects of carbon dioxide (CO2) emissions and to attain the Sustainable Development Goals (SDGs). However, prevailing structural issues have been found to stymie the environmental outcome. This issue calls for a pol...

This empirical study examines the endogenous relationship between carbon emissions (CO 2), financial development, renewable energy, globalization, and institutional quality in 64 belt and road initiative countries (BRI) using a two-step system generalized method of moments (GMM) approach with panel data over the period 2003 to 2018. Furthermore, th...

Predicting the ebb and flow of stock markets is a complex and challenging exercise owing to the disruptive and uncertain behavior of stock prices. The COVID-19 pandemic is an example of an event that, had a drastic impact on global stock markets, due to business activities and trading being severely affected. It is important, therefore, to be able...

Stock market behavior is a contentious matter among researchers in the field of finance. In literature, various conventional and behavioral explanations exist for real-life stock market behavior. This study considered and incorporated all three schools of thought on the matter and applied a nonlinear model namely a threshold quantile autoregressive...

The Pakistan Stock Exchange (PSX) strategic partnership with the Chinese consortium shifted trends and transition patterns from global to Chinese exchanges. Any substantial changes in these markets created a significant impact on the PSX. After the partnership with the Chinese consortium, Pakistan's mean returns and price volatility dynamics have s...

This research contains a significant new knowledge perspective on contextualizing sustainable development with Artisanal Small-Scale Mining (ASM). The study has explored the impacts of ASM on livelihood of both high- and low-income households by self-administering 150 questionnaires at household level in the Sumayar valley, Gilgit-Baltistan. The dy...

This study estimates the utility function, including the rate of return, riskiness, greenness, and mood across selected countries. We incorporate mood as investors’ sensitivity or momentum towards environmental issues. This study assumes that higher sensitivity of environmental issues compels the firms to follow green measures. We report that the p...

This study proposes a theoretical model for measuring the greenness factors of a firm. We develop the multifactor utility function and find that the proportion of investment in green bonds is higher if greenness factors account for by a firm and vice versa. Moreover, we further develop the global aspects of greenness measures which identify how muc...

Previous literature argues that corruption hampers economic performance. Moreover, there is limited literature available on the interaction between corruption, government spending, and its effect on the overall economic taxonomy in Asia. This study employs the use of various classifications of government expenses and then analyses their impact on e...

This empirical study examines the endogenous relationship between carbon emission (CO 2 ), financial development, renewable energy, globalization, and institutional quality in 64 belt and road initiative countries (BRI) using a two-step system generalized method of moments (GMM) approach with panel data over the period 2003 to 2018. Furthermore, th...

In this paper, we analyze blockchain technology as an alternative to facilitate securities market transactions. We argue that the ability to lower transaction costs combined with the reduction of intermediaries and improvements in transaction efficiency will promote the implementation of blockchain technology in these markets. We use platform econo...

In this paper the meaning of “under invoicing in a real estate market” signifies that the market value of real property exceeds its record value appearing in government documentation. The purpose of this study is to identify the level of under invoicing and determine the factors that affect the under invoicing in real estate markets in Pakistan. We...

This study examines how the greenness of the firm affects the short- and long-term performance of IPOs. To measure the greenness of the firm, we develop the Greenness Index based on the emissions produced. We find that the greenness of the firms operating in services and financial sectors is higher than in other sectors. To examine the short- and l...

This study investigates the long-run pricing performance of 90 IPOs listed on the Karachi Stock Exchange from 1995 to 2010. This study finds evidence that IPOs show signs of underpricing and underperform over three years after listing; however, the observed pattern of underperformance is not always statistically significant. The equal-weighted buy-...

This study investigates the cycles that IPO issuance produce in Pakistan and the US. We did not find evidence of a lead-lag relationship between IPO volume and initial returns in Pakistan; however, this evidence holds for the US IPOs. Another important finding is that Pakistani and US IPOs are sensitive to changes in market conditions. Moreover, we...

This study empirically examines the role that fintech has on the transmission mechanism of monetary policy. To accomplish this, we analyze the income velocity and money multiplier and the results confirm no change in income velocity and money multiplier after the initiation of fintech activities. We evaluate the factors of money demand and report t...

This article examines the current portfolio allocation in Sustainable Development Goal (SDG) and Green projects. Traditional investments are focusing on rates of return and risk associated with investment. SDG, Environmental, Social and Corporate Governance (ESG) or Green factors are additional components which investors have to pay attention to. I...

Initial Public Offerings are, by definition, not seasoned securities. They have not been subjected to valuation by the community of investors. It is often difficult or impossible to forecast their future cash flows because most do not have a long history of publicly disclosed financial information. Consequently, valuing IPOs in any market is more d...

This study analyzes the effect of demographic characteristics on household finance in Pakistan. Using Household Integrated Economic Survey data and applying the proportional sampling technique, we determine that household size, secondary and ter-tiary education, gender, size of income, urban area, occupation, and province-wise residency are the imp...

The objective of this chapter is to provide an update to the literature on initial public offering (IPO) performance and issuance focusing explicitly on the methodological approaches used to conduct these analyses and to develop a more general approach to evaluating aggregate IPO issuance and performance. Traditionally, empirical studies of IPO perf...

Earlier studies document that IPOs are underpriced in the short-run and underperformed in the long-run. In almost all studies, researchers analyze the IPO performance using the dataset from highly liquid markets. However, the pricing behavior of IPOs in the Alternative Investment Market (AIM) is different. There is a reason to expect the price perf...

This study empirically examines the relationship between the banking competition and the risks faced by the financial sector (i.e. solvency, liquidity, and credit risks) considering 31 banks for the period 2001 to 2018. Banks are further subdivided into three categories i.e. state-owned banks, foreign banks, and private/commercial banks. The result...

This article discusses how monetary and fiscal policy can work during the coronavirus shock and how to deal with the structural problem of population aging in Japan. The sudden drop in stock prices in many countries reflects a decline in market sentiment. Money is shifting from riskier assets to safer assets which causes stock prices to drop furthe...

Over the past decade, technological innovations have changed the dynamics of the financial system. As a result, firms have used cellular phones, the Internet, and digital currencies to facilitate exchanges and operate their businesses. This course of action affects the transmission mechanism of monetary policy. The goal of the present study is to e...

In most of the traditional markets, one may observe a rapid escalation in the trading prices of many IPOs on the listing day. The closing price of new issues on the first trading day is often much higher than the offering price six hours earlier. The price dynamic varies among markets and has never been satisfactorily explained. This study examines...

This study examines the duration from the offering to the listing of IPOs issued on the Pakistan Stock Exchange (PSX) during the period lasting from 1995 to 2017. First, we analyze two regulatory regimes and identify that the listing process has improved under the SECP regime which eventually reduces the duration to listing. Second, this study expl...

Over the past few decades, technological advancements have caused various environmental issues. To contend with them, the concept of Green Finance was introduced which envisages that both public and private sectors should establish linkages between technological development, innovation, and the greening of the economy to explore untapped opportunit...

This paper examines the short-run pricing performance of 238 IPOs listed on the Alternative Investment Market (hereafter referred as AIM) during the period from 2007 to 2016. This study measures the short-run pricing behavior of IPOs over the period of first-thirty trading days and finds that IPOs are underpriced by 12.58% on the first trading day...

This study performs the predictability tests for eleven Asian stock markets using monthly data during the period lasting from January 1990 to December 2017. Asian stock market returns, as well as returns in the bear regime, are predicted by using the US stock market returns and bears. We employ the two-state Markov-Switching model to distinguish be...

The notion of globalization is generally developed around the synchronization of domestic and global resources. This concept is based on three pillars, that is, integration, convergence and cohesiveness. This leads toward the higher level of liberalization of economies, interrelated synchronization and high level of integration among countries. Aft...

This study empirically examines the spillover effect from US monetary policy to nineteen European economies using Markov-switching models. The results of the univariate Markov-switching models validate the presence of two distinct regimes for both US monetary policy and the stock markets. We find mixed results when applying the multivariate Markov-...

Over the last fifteen years, China rapidly expanded its outward foreign direct investment (OFDI) through remarkable economic growth and the "go global" policy. Chinese firms explored investment avenues especially in developing and emerging countries. As a result, China became the third largest contributor of OFDI. We examine the determinants of Chi...

The aim of this study is to examine the economic corns of demutualization and gauge the stability and soundness of demutualized indices and predict financial drivers of demutualization using Probit Extreme Bounds Analysis. The sample of the study includes 29 exchanges of the World. We find that demutualized exchanges are more attractive in case of...

Bilateral Investment Treaties (BITs) are legal instruments which safeguard the interest of investors and help to promote Foreign Direct Investment (FDI) in developing countries. This study analysed 19 Asian economies which had a relationship with 50 source countries from 2001-14, and found that BITs are an important determinant in promoting FDI inf...

This paper examines whether regional connectivity causes return and volatility spillovers and the co-movement of stock exchanges to shift from international to regional markets. Using the China-Pakistan free trade agreement (FTA) of 2006 and the China-Pakistan Economic Corridor (CPEC) agreement to represent events of regional connectivity, we test...

The objective of this paper was to explore the relationship between IPO returns and performance on the U.S. Equity Exchanges from 2005 to 2015. To conduct this analysis, we used two independently drawn samples, a primary sample, which ran from 2005 to 2015 and, an out of sample comparison, which ran from 1996 to 2008. While conducting our analyses...

Over the past fifteen years, Chinese investors explored their international business opportunities. Over this time period their investment flows moved from developed to developing and emerging economies. This study analyzes the Chinese outward foreign direct investment (OFDI) deployed in twenty-five emerging and developing countries during the 2009...

Resumo Avaliamos o desempenho de preços no curto e médio prazo de ofertas públicas iniciais no período de 1995 a 2014. Encontramos que as novas emissões, em média, são subavaliadas no dia de listagem e obtêm retor-nos anormais significativos até os quinze dias de negociação. No caso do desempenho a médio prazo, os investidores obtêm retornos positi...

Purpose The purpose of this paper is to examine whether there is significant evidence that hedge fund managers engage in deceptive manipulation of their reported performance results. Design/methodology/approach We developed a model of hedge fund performance using standard regression analysis incorporating dependent lagged variables and an auto-r...

This study investigates the long-run pricing performance of 90 IPOs listed on the Karachi Stock Exchange from 1995 to 2010. This study finds evidence that IPOs show signs of underpricing and underperform over three years after listing; however, the observed pattern of underperformance is not always statistically significant. The equal-weighted buy-...

This paper estimates the aftermarket performance of initial public offerings (IPOs) listed on the Karachi Stock Exchange. The evidence confirms that IPOs generate statistically significant abnormal returns in the short run, which indicates that underwriters initially underprice IPOs when analyzed using a short time horizon. However, when using long...

This paper estimates the short-run performance of IPOs issued on the Karachi Stock Exchange in Pakistan. The present study extends the existing literature concentrating on the degree of underpricing over a 3-month period lasting from the listing date to the 3-month anniversary showing significant evidence of IPO underpricing. The analyses support t...

This study examines the cash flow growth rate implicit by offer prices of industrial IPOs using a reverse engineering DCF model. In addition, this study also investigates the bias of implicit growth relative to the realized growth rate by considering 19 IPOs listed on Karachi Stock Exchange during the period from 1995 to 2008. We find that the esti...

This study examines (a) the cash flow growth rate implicit by offer prices of IPOs in an emerging market using a reverse engineering DCF model and (b) the bias of implicit growth relative to the realized growth rate. We find that the estimated growth in cash flows is slightly higher than realized growth rate, which indicates that the median IPO fir...

This study examines the determinants of underpricing of Initial Public Offerings (IPOs) using Extreme Bounds Analysis (EBA) in the Pakistani capital market. We measure the short-run performance of 75 IPOs from listing to the thirtieth-trading day issued on Karachi Stock Exchange from 2000 to 2011. The results confirm that IPOs have been underpriced...