Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Muzammal Murtaza Author-Workplace-Name: University of Central Punjab Lahore. Title: Alternative Investments are Mean-Variance Efficient and Inflation Hedger: Fact or Fiction Publication-Status: Published Abstract: Weight of alternative investments has been increased in the asset mix portfolio of investors due to the increased global financial uncertainty for the last 25 years. Since 90s to post period of global finance crisis, a significant changing trending has been observed in asset mix portfolio. Farmland and timberland seem to be better choices for an investor to add in her/his portfolio of assets mix as alternative investment due to their diversification characteristics. NCRIEF Farmland and timberland smoothed indices from the 1st quarter of 1992 to the 3rd quarter of 2012 and have been used in this study to explore the mean variance diversification features of both alternative asset classes. De-smoothed series has been generated from smoothed series to overcome the autocorrelation problem. Empirical results demonstrate the significant mean variance diversification characteristics of farmland and timberland. Both farmland and timberland have potential to increase the return of a diversified traditional asset portfolio at a given level of risk and vice versa during the period of low market term oil and high uncertainty. During inflationary period, both farmland and timberland possess low inflation hedging characteristics of the study period. Keywords: Investments; Inflation; Hedger Journal: iRASD Journal of Finance Pages: 1-19 Volume: 1 Issue: 1 Year: 2022 Month: March DOI: 10.52131/jof.2022.0101.0001 File-URL: https://journals.internationalrasd.org/index.php/jof/article/view/651 File-Function: Abstract page File-Format: text/html File-URL: https://journals.internationalrasd.org/index.php/jof/article/download/651/362 File-Function: Full text File-Format: application/pdf Handle: RePEc:rad:irdjof:v:1:y:2022:i:1:id:651 Template-Type: ReDIF-Article 1.0 Author-Name: Saqib Masud Author-Workplace-Name: Ripah International University, Faisalabad, Pakistan Title: Testing Five Factor CAPM on Pakistan’s Stock Exchange: How Risk and Return and Interlinked? Publication-Status: Published Abstract: The study is conducted to test Five Factor CAPM on Karachi Stock Exchange which include impact of market risk (RM), size effect (SMB) in terms of market capitalization, value effect (HML) in terms of book to market ratio, profitability (RMW) in terms of earning per share and investment (CMA) in terms of annual growth in assets. Data for RM, SMB, HML, RMW and CMA is taken from Karachi Stock Exchange from the year 2000 to 2015. Four windows having different year from year 2000 to 2015 are constructed to conduct the research by using Fama and Macbeth (1973) Methodology. Overall results shows that all the independent variables RM, SMB, HML, RMW and CMA have significant impact on the excess return of portfolios. By considering the various factors for portfolio returns for the first windows all the indicators have insignificant outcomes accepting the null hypothesis; factors have impact on stock returns (Fama & French, 2015). Due to the volatility in the stock prices of small companies the stated facts are in consistent with the argument that small firms outperform big firms. It means big firms provide lower stock return comparatively to the small companies. The value stocks which have high book to market ratio yields more returns with respect to growth stocks which have high book to market ratio (Fama & French, 1992). Profitability also has significant impact on the returns of portfolios, the companies who earn more profitability (Robust) provide more return as compared to the companies who have poor or less profitability (Weak). The investment made by the companies during the year also have significant impact on returns. The companies having high annual assets growth rate by reinvesting their retained earnings in new ventures or projects, they generate less returns as compared to companies having low annual asset growth rate. So, from above discussion it is established that Five Factor CAPM model hold in Karachi Stock Exchange (KSE). Keywords: Five-Factor CAPM; Stock Exchange; Risk and Return; Pakistan Journal: iRASD Journal of Finance Pages: 20-35 Volume: 1 Issue: 1 Year: 2022 Month: March DOI: 10.52131/jof.2022.0101.0002 File-URL: https://journals.internationalrasd.org/index.php/jof/article/view/653 File-Function: Abstract page File-Format: text/html File-URL: https://journals.internationalrasd.org/index.php/jof/article/download/653/363 File-Function: Full text File-Format: application/pdf Handle: RePEc:rad:irdjof:v:1:y:2022:i:1:id:653 Template-Type: ReDIF-Article 1.0 Author-Name: Sufyan Rasheed Author-Workplace-Name: Ripah International University, Faisalabad, Pakistan. Title: Examining The Role of Firm-Based and Country-Based Determinants Towards Banks Performance: A Case of Pakistan Publication-Status: Published Abstract: The aim of my study is to determine the factors which affect the profits of the banking sectors into Pakistan. For the examination either our variables have their significant impact on the profit of the banks or not, so the data was collected for the duration of the 2010-2018. The data was gathered from the financial statement of the banks and World Development indicator. Total 17 commercial banks were selected. We apply on it the panel date analysis and find the result of the fixed and random effect. To get this object we bring the Return on asset as our independent variable. For the independent variables, we make our two factors. First one is bank specific and second is the country specific. We find that the independent variables have shown a significant impact on the profitability of the bank. The variable Net interest margin, money and quasi money have significant impact on the profitability of the banks. The result exposed that the Net interest margin and the long loss provision over the total loss have a highly significant impact on the profit of the bank. Keywords: Profitability; Return on average asset after tax; Firm-specific; Country-specific; Pakistan Journal: iRASD Journal of Finance Pages: 36-48 Volume: 1 Issue: 1 Year: 2022 Month: March DOI: 10.52131/jof.2022.0101.0003 File-URL: https://journals.internationalrasd.org/index.php/jof/article/view/654 File-Function: Abstract page File-Format: text/html File-URL: https://journals.internationalrasd.org/index.php/jof/article/download/654/365 File-Function: Full text File-Format: application/pdf Handle: RePEc:rad:irdjof:v:1:y:2022:i:1:id:654 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Zulfiqar Author-Workplace-Name: Liaoning University, Shenyang, China. Author-Name: Amber Pervaiz Author-Workplace-Name: University of Education, Lahore, Pakistan. Author-Name: Hafiz Muhammad Omar Author-Workplace-Name: NFC Institute of Engineering & Fertilizer Research, Faisalabad, Pakistan. Title: The Level of Financial Literacy: A Women Perspective Publication-Status: Published Abstract: The performance of women is greatly influenced by their level of financial literacy because women do not confine only to their household exercises, but they gradually participate in labour markets, household financial management and many more. This study, thus, aims to measure the level of financial literacy among women. To accomplish this objective, the data were collected from 130 respondents through a well-designed questionnaire. Principle component analysis was applied to check the data validity. Reliability of the data was checked through Cronbach alpha. The study established an indicator to measure the level of financial literacy. Findings depict a low level of financial literacy among working women. The findings show that imperative policies should be developed to minimize the problem of financial literacy among women. The study suggests making more efforts to reach women. The study recommends developing and promoting educational programs to boost financial literacy among women as well as in whole society. The organizations should conduct special workshops for women employees about the financial literacy to improve their performance. Keywords: Financial literacy; Financial attitude; Financial behavior; Financial knowledge; Women Perspective Journal: iRASD Journal of Finance Pages: 49-58 Volume: 1 Issue: 1 Year: 2022 Month: March DOI: 10.52131/jof.2022.0101.0004 File-URL: https://journals.internationalrasd.org/index.php/jof/article/view/655 File-Function: Abstract page File-Format: text/html File-URL: https://journals.internationalrasd.org/index.php/jof/article/download/655/367 File-Function: Full text File-Format: application/pdf Handle: RePEc:rad:irdjof:v:1:y:2022:i:1:id:655 Template-Type: ReDIF-Article 1.0 Author-Name: Muhammad Adnan Arshad Author-Workplace-Name: Government College University Faisalabad, Pakistan. Title: Downsize Risk and Momentum Effect: A Case of Pakistan Publication-Status: Published Abstract: The aim of this current research is to analyse the downside risk and momentum effects for predicating the expected stock returns by considering the size effects (measured in term of market capitalization) and value effects (measured in term of book to market ratio) factors. The Study uses closing prices of stocks listed at the Karachi Stock Exchange (KSE) on monthly basis. The data period used in this study is from January 2000 to December 2015.Fama and Macbeth (1973) procedure is engaged to investigate the association between the variables. The results of the momentum effect in this study support the null hypothesis for all the generated pools that stock returns for a portfolio which are previously performing well in the present market situations at lower risk has surpassed those which have lower returns at higher risk. It means investors can increase their earnings by investing in those stocks, that perform well and selling poorly performed stocks over the last 1-6 months. In this study, the outcomes for downside market risk are in favour for the null hypothesis for overall time 2000-15. The key findings demonstrate that downside market risk indicate that the premium is associate with the downside risk, and it will represent the relationship between risk and expected return in better way. The empirical results of the study are of great interest for investors which help them in designing the effective investment strategies. Specially, the findings of the study help investors to understand the appropriate measure of risk and develop well diversified portfolios. The findings of the study are also helpful for the firm manager during capital budgeting decision as they help them to cost the equities properly. Keywords: Downside Risk; Size Effects; Value Factor; Momentum; CAPM Journal: iRASD Journal of Finance Pages: 59-69 Volume: 1 Issue: 1 Year: 2022 Month: March DOI: 10.52131/jof.2022.0101.0005 File-URL: https://journals.internationalrasd.org/index.php/jof/article/view/656 File-Function: Abstract page File-Format: text/html File-URL: https://journals.internationalrasd.org/index.php/jof/article/download/656/369 File-Function: Full text File-Format: application/pdf Handle: RePEc:rad:irdjof:v:1:y:2022:i:1:id:656