Waqar I. Ghani

• Ph.D., MBA, MS, MA, BA
• Professor (Associate) at Saint Joseph's University

This study investigates the shareholder wealth effect of the passage of de-listing regulation on Chinese companies listed on the U.S. stock exchanges. Using a standard event study methodology similar to Dodd and Warner (1983) and Travlos (1987), we study three events leading up to the passage and the signing of the Holding Foreign Companies Account...

Background: Our work is motivated by prior evidence of significant negative wealth effects reported by Jambulingam and Sharma, based on the Food and Drug Administration (FDA) 2 April 2009, warning letters to 14 major pharmaceutical companies pertaining to search engine advertising, in an effort to stop one critical dimension of internet marketing b...

Background: This study examines the contagion effect on shareholders’ wealth of large generic firms to the issuance of guidelines by the Office of Inspector General “to efficiently monitor adherence to applicable statutes, regulations and program requirements” of the branded pharmaceutical companies. These guidelines prod pharmaceutical manufacture...

This paper investigates the effects on shareholders’ wealth of firms composed of the Karachi Stock Exchange 100 index, around events leading up to the signing of the China-Pakistan Economic Corridor (CPEC) agreement. We used standard event study methodology to measure the stock price reaction of KSE 100 Index (composed of all major sectors of Pakis...

This study reports on the impact that firms’ hiring of sustainability officers has on their shareholders’ wealth. Our stock market tests show a significantly positive effect on the wealth of shareholders of firms around the time of sustainability officer hiring announcements. It appears that hiring these officers by publicly traded firms is a signa...

Our study examines Economic Value Added metric’s link to long term shareholder value creation. We assume that EVA adoption directs a positive change in managerial behavior that in turn affects long-term value generation. Unlike most prior research that uses only one sample, we employ two samples. The first sample is based on 57 U.S. firms that Ster...

This study investigates the impact of CFO turnover on shareholder wealth in the post-Sarbanes-Oxley Act period. Our tests are based on a sample of 244 CFO turnovers during the post-SOX (2003-2007) years. Our full and sub-sample empirical results show that market reaction to CFO turnover events was significantly negative for all departure reasons. P...

Our article investigates the stock market reaction of the issuance of guidelines by the Office of Inspector General (OIG) to prod biotechnology manufacturers to strengthen self-regulation so as to efficiently monitor adherence to applicable statutes, regulations and program requirements in their marketing to physicians. Our empirical results, using...

Our article investigates the stock market reaction of the issuance of guidelines by the Office of Inspector General (OIG) to prod biotechnology manufacturers to strengthen self-regulation so as ‘to efficiently monitor adherence to applicable statutes, regulations and program requirements’ in their marketing to physicians. Our empirical results,...

Purpose The purpose of this paper is to investigate the wealth effects of the issuance of guidelines by the Office of Inspector General (OIG) to encourage pharmaceutical manufacturers to use internal controls or self‐regulation “to efficiently monitor adherence to applicable statutes, regulations, and program requirements” in their marketing to the...

We use the chain of events from the fall of the Berlin Wall to the reunification of Germany to examine how capital market participants respond to momentous and unprecedented events. Our examination measures the impact of these events on analysts’ forecasts for the earnings of West German firms. Our results show a significant decrease in analysts’ a...

This descriptive study examines a sample of 269 firms that mentioned EVA in their public disclosures. The key findings of our study are: (1) the use of EVA is found in a cross-section of the industries; (2) the most commonly used source of disclosure is the proxy statement; (3) a majority of the firms use only EVA rather than EVA in combination wit...

This paper examines the origins, growth, and the development of accounting practices and disclosures in Pakistan and the factors that influenced them. We trace the early days of accounting in the Indian subcontinent and discuss the British colonial influence. We examine the development of accounting in Pakistan through three eras: Independence thro...

In this article, the authors investigate the wealth effects of the passage of the food labeling regulation issued by the United States Nutritional Labeling and Education Act for a sample of large U.S. multinational food corporations using a standard event study methodology. The results show an adverse impact on shareholders' wealth around the Act's...

This study investigates the stock market reaction to the passage of the General Agreement on Tariffs and Trade (GATT) for a sample of U.S. multinational corporations which expressed favorable or unfavorable views about it in their public disclosures. An event study methodology similar to that described in Dodd and Warner (1983), Travlos (1987) and...

This paper evaluates the market orientation of the Executive MBA program offered at Saint Joseph's University (Philadelphia) using input from a study of current and past students. The EMBA program was evaluated in terms of twelve skills and knowledge areas measuring effective managerial performance and the student-executives' perceptions of the str...

We examine comparative financial performance of business groups in Pakistan employing samples of firms listed on the Karachi Stock Exchange. Our descriptive results show that group firms are larger in size and have higher operating profits. Group firms also exhibit lower sales growth variability over a five year period than non-business group firms...

Our paper examines the origins, growth, and the development of accounting practices and disclosures in Pakistan and the factors that influenced them. We traced the early days of accounting in the Indian subcontinent and the British colonial influence over the accounting of newly independent State. We examined the development of accounting through t...

This study examines business groups and their impact on corporate governance in Pakistan. We use non-financial firms listed on the Karachi Stock Exchange of Pakistan for 1998-2002 periods in order to select group and non-group samples. Our analysis find that group firms have higher liquidity/short-term debt paying ability, and lower financial lever...