Accounting development in Pakistan

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 through 1971, Post 1971-1984, and 1984 to present. We describe how the colonial past and later the international financial institutions such as the Asian Development Bank and the International Monetary Fund played key roles in shaping accounting and reporting practices of the country. Pakistan's adoption of International Financial Reporting Standards as national standards has not led to improvement in the quality of financial reporting. We argue that Pakistan, even though classified as a common law country in literature, exhibits most of the properties of code law countries. We conclude that lack of investor protection (e.g., minority rights protection, insider-trading protection), judicial inefficiencies, and weak enforcement mechanisms are more critical to explaining the state of financial reporting in Pakistan than are cultural factors. This insight has policy implications for developing countries that are making efforts to improve the quality of the financial reporting of their business entities.     

Epidemiological patterns of suicide terrorism in the civilian Pakistani population

In this study, we assessed the epidemiological patterns of suicide terrorism in the civilian population of Pakistan. Information about suicide terrorism-related events, deaths and injuries was extracted from the South-Asian Terrorism Portal (SATP) for the period from 2002 to October 2009. Of 198 events, civilians were involved in 194 events. Civilians accounted for 74.1% (N?=?2017) of those who died and 93.8% (N?=?6129) of those who were injured. In nine districts, mortality rates were more than one death per 100,000 inhabitants per year. The yearly trend showed a shift of attack targets from foreigners and sectarian targets in 2002-2005 to security forces or general public in 2006-2009. Attacks on public installations (mosques) or political gatherings resulted in a significantly greater (P?≤?0.02) number of deaths (22 vs. 8) and injuries (59 vs. 24) per event compared with security installations. These results show that prevention might focus on political negotiation with armed groups and that appropriate measures should be taken to protect mosques and political gatherings.     

The Market Performance of Socially Responsible Investment during Periods of the Economic Cycle – Illustrated Using the Case of FTSE

The debate about socially responsible investment (SRI) portfolio performance compared with its non‐SRI counterparts remains inconclusive. This paper contributes to the debate by adding a new approach, examining the issue of a full economic circle through economic boom, recession and recovery. We compare stock performance of two value‐weighted investment portfolios: FTSE4Good (SRI portfolios) and FTSE 350 (conventional portfolios) from 2004 to 2011 including 2007 to 2009 financial crash. The results indicate the SRI portfolio performed better and recovered its value quicker in post‐crisis than the non‐SRI portfolio, indicating that SRI portfolios are more resilient to economic turmoil and market shocks. Copyright © 2015 John Wiley & Sons, Ltd.     

Asymmetric Effects of Exchange Rate Changes and the J‐curve: New Evidence from 61 Malaysia–Thailand Industries

Research on the impact of currency depreciation on the trade balance is now moving in a new direction by incorporating nonlinear dynamic adjustment of the exchange rate and by using a nonlinear approach to error‐correction modeling and cointegration. Using these advances, researchers find not only more evidence of the J‐curve effect, but also new evidence of asymmetric effects of exchange rate changes on the trade balance. We contribute to this line of research by using monthly trade flow data from 61 two‐digit industries that trade between Malaysia and Thailand, and show that not only does currency depreciation have favorable effects on the trade balance of more industries, but the long‐run effects are asymmetric in 26 out of 61 cases. In line with current literature, our nonlinear model performs much better than the linear model when industry level data are used.     

Asymmetric effects of exchange rate changes on the Malaysia-China commodity trade

Previous research that considered the response of the trade balance between Malaysia and China to exchange rate changes used a linear model and did not find any significant long-run link. Suspecting that the results suffer from aggregation bias as well as ignoring nonlinear adjustment of the exchange rate, we consider the trade balance of 59 industries that trade between the two countries and use a nonlinear ARDL model to show that almost a third of the industries are affected by ringgit depreciation against the yuan, in an asymmetric manner. The largest industry, which accounts for more than 25% of the trade, is found to benefit from ringgit depreciation while not being hurt by appreciation. In total, 15 industries that account for 40% of the trade enjoy this property.     

Foreign exchange market pressure and stock market dynamics in emerging Asia

International Economics and Economic Policy - This study investigates connections between currency and stock markets for the Asian emerging economies using a novel approach that considers exchange...     

A measure of authorship by publications

Measuring publication success of a researcher is a complicated task as publications are often co-authored by multiple authors, and so, it requires comparison of solo publications with joint publications. In this paper, like Price (1981), we argue for an egalitarian perspective in accomplishing this task. More specifically, we justify the need for an ethical perspective in quantifying academic author by identifying certain ethical difficulties of some popular contemporary indices used for this purpose. And then we show that for any given dataset of research papers, the unique method satisfying the ethical notions of identity independence and performance invariance must be the egaliatarian E-index proposed by Bose, Pal, and Sappington (2010) and Price (1981). In our setting, this egalitarian method divides authorship of joint projects equally among authors and sums across all publications of each author.     

Co-ordinated environmental regulation: controlling non-point nitrate pollution while maintaining river flows

Environmental policy often addresses multiple targets, yet much economic analysis of pollution control is based on a single-target objective. In this paper, we present an analysis of policies to control non-point source nitrate pollution in the presence of minimum river flow restrictions. A non-linear bio-physical economic optimisation model of an intensively cultivated Scottish agricultural catchment was constructed. The presence of minimum river flow controls in the catchment was found to reduce nitrogen pollution. However, by themselves, river flow controls were found not to be a cost effective means to reduce non-point pollution. We quantify the improved social welfare from coordinating the environmental regulation of river flows and pollution, and determine the conditions under which such coordination is beneficial. The paper also investigates whether the benefits of such coordination can be sustained under wetter (winter) weather conditions implied by current climate change predictions.     

Initial results of Pakistan's first road traffic injury surveillance project

Our aim is to report the findings of the initial three years of road traffic injuries (RTI) surveillance at Karachi and to compare it with previously published RTI-related data from Pakistan and other low-and middle-income countries. Data were collected through the RTI surveillance programme at Karachi (RTIRP) from the five biggest emergency departments of the city, which receive almost all the major emergencies of the city for the period September 2006 till September 2009. A total of 99,272 victims were enlisted by the RTIRP during the study period. Annual incidence of RTI is calculated to be 184.3 per 100,000 populations and mortality is 5.7 per 100,000 populations. Eighty nine per cent of victims are male and 73% are between 15 and 44 years of age. Commonest road user to be affected is riders of two wheelers (45%). Only 7% of affected motorcyclists were found to be wearing helmets at the time of the accident. Trends of injuries remained uniform over the years. Most frequent injuries were external wounds, followed by orthopaedic injuries. On the basis of our surveillance system, we have presented the largest RTI-related data from a metropolitan city of Pakistan to date.     

Exchange-rate variability and industry trade flows between Malaysia and Japan

This research investigates the exchange-rate risk sensitivity of Malaysian bilateral trade flows with its important trading partner, Japan. To this end, bounds testing approach to co-integration is applied using industry level data over the monthly period 2000–2013. Findings suggest that above the one-third of the total co-integrated export (43.86%) and import (34.54%), industries experiences the ringgit/yen variability effect in the short run. However, this effect sustains in relatively less number of export (14.03%) and import (32.73%) industries in the long run. It is interesting to note that exchange-rate risk boosts trade flows in the majority of these affected industries.