Is Trade Liberalisation Pro-Poor in Pakistan? Evidence from Large-Scale Manufacturing

This article aims to analyse the impact of industry-level trade liberalisation (measured through industry-specific tariff rates) on poverty in Pakistan. Combining data for tariff rates with the Labour Force Survey of Pakistan, we use quantile regression analysis to estimate the impact of changes in tariff rates on workers’ wages (associated with the manufacturing sector of Pakistan) that are at different points of the income distribution. Our findings meaningfully signal that trade liberalisation helps to reduce poverty in the economy. Based on these results, this study provides policy recommendations to reap maximum benefits from trade liberalisation.     

Future of Ethically Effective Leadership

This research focuses on (a) introducing and exploring ethically effective leadership, (b) introducing and testing theory on triad of typical–maximal–ideal ethically effective leadership performances, (b) theorizing and empirically testing that each of typical–maximal–ideal ethically effective leadership performance is different from each others, in other words exploring mean differences between each pair of typical–maximal–ideal effective leadership performances, (c) introducing, theorizing, and testing mechanism to quantify respondents’ intrinsic desire and inherent potential to enhance their ethically effective leadership performances, (d) exploring precedents of each of typical–maximal–ideal ethically effective leadership performances, and finally (e) exploring bases and feasibility of virtual, robotic, and mixed reality ethically effective leadership that may or may not be same as conventional ethically effective leadership. This paper explores global leadership aspect of ethically effective leadership performance at three data collection levels (via typical, maximal, and ideal effective leadership performances) adding precision to assessment of ethically effective leadership and resolving an important challenge (precise assessment) to ethical leadership development. It explores respondents’ typical ethically effective leadership performance E_T, their maximal ethically effective leadership performance E_M, and their ideal ethically effective leadership performance E_I. It presents non-western perspectives on ethically effective leadership disregarding homogenization of leadership behavior. It advances our insight into ethical leadership development by empirically identifying presence, direction and magnitude of respondents’ (a) intrinsic desire and (b) existing intrinsic potential for alteration of their ethically effective leadership. Means of typical ethically effective leadership performance E_T, maximal ethically effective leadership performance E_M, and ideal ethically effective leadership performance E_I are distinct. Typical ethically effective leadership performance E_T is positively associated with maximal ethically effective leadership performance E_M and ideal ethically effective leadership performance E_I. This article concludes that the selected leaders report their ideal ethically effective leadership performance E_I to be higher than their typical ethically effective leadership performance E_T and maximal ethically effective leadership performance E_M depicting significant intrinsic desire for 14 % enhancing their ethically effective leadership performance. Respondents have significant existing intrinsic potential for 10 % enhancing their ethically effective leadership performance. Regression constants for regression models for typical ethically effective leadership performance E_T, maximal ethically effective leadership performance E_M and ideal ethically effective leadership performance E_I are significant depicting that the researchers have to look for other variables to fully explain variance in typical ethically effective leadership performance E_T, maximal ethically effective leadership performance E_M and ideal ethically effective leadership performance E_I. Regression coefficient of typical ethically effective leadership performance E_T is significant in model for ideal ethically effective leadership performance E_I as well as maximal ethically effective leadership performance E_M and vice versa. So, the paper suggests that training strategies may be feasible to alter typical ethically effective leadership performance E_T and maximal ethically effective leadership performance E_M in such a way as to bring it closer to ideal ethically effective leadership performance E_I but for this, researchers have to look for other variables too.     

Impact of Islamic Work Ethics on Organizational Citizenship Behaviors and Knowledge-Sharing Behaviors

This study examines the impact of Islamic Work Ethic (IWE) on organizational citizenship behaviors (OCBs) and knowledge-sharing behaviors (KSBs) among university employees in Pakistan. A total of 215 respondents from public sector educational institutions participated in this research. The findings suggest that IWE has a positive effect on OCBs. In other words, individuals with high IWE demonstrate more citizenship behaviors than those with low IWE. The findings also suggest a positive effect of IWE on KSBs. Individuals with high IWE exhibit more KSBs than those with low IWE. The paper also discusses the theoretical and practical implications of these findings.     

Estimating the recreational value of Pakistan's largest freshwater lake to support sustainable tourism management using a travel cost model

Keenjhar Lake, Pakistan's largest freshwater lake and an important Ramsar site, provides habitat for internationally important water birds. Annually, 385,000 people visit the lake. The lake is threatened by a variety of causes, including industrial and agricultural pollution. To support its sustainable management and conservation, the lake's recreational value is estimated using an individual travel cost model. Randomly selected visitors are interviewed during peak season about their recreational travel behavior and perception of lake conditions. Key issues in travel cost modeling are addressed, including the opportunity cost of time, group travel, substitution and income effects, and endogenous stratification and truncation due to on-site sampling. Poisson and negative binomial regression models produce similar results. We find significant over-dispersion, and therefore, use the more conservative truncated negative binomial model results to estimate consumer surplus. The value of this assessment method for resource managers is illustrated by comparing the consumer surplus with existing pricing and budgeting mechanisms. The annual flow of benefits from lake recreation appears to be almost 50 times higher than the average entrance fee paid by the predominantly higher-income segments visiting the lake, suggesting scope for increasing fees and reallocating government budgets to finance the necessary lake protection measures.     

Pillion riders' cloth related injuries and helmet wearing patterns: a study of Lahore,Pakistan

This study aims at investigating the burden and pattern of clothing related pillion riders' injuries and their helmet wearing pattern in Lahore, Pakistan. Data were collected for nine months (July 2013 to March 2014), reporting 13,248 motorcycle related injuries, out of which 8751 (66%) cases were related to the clothing related pillion riders' injuries. Out of these injuries 10.30% were severe injuries which can be prevented or reduced by proper safety measure, e.g. wearing helmet. It was also found that most of the fatalities were not wearing helmet. Injuries due to wearing of loose fitting clothes and absence of helmet are not uncommon in Pakistan and other underdeveloped parts of the world. Such accidents may be reduced by creating awareness and safety sense in the riders, where use of safe dress and helmet should be encouraged in order to avoid such fatal damages.     

Derivative prices from interest rate models: results for Canada, Hong Kong, and United States

In this paper, we compute implied bond and contingent claim prices from the CKLS, Vasicek, CIR, and BS interest rate models using historical estimates for Canada, Hong Kong, and the United States. We find that default-free bond prices and contingent claim prices are sensitive to the assumed model used for these currencies, and that for Canada the CIR is the best, for Hong Kong the Vasicek and CIR models, and for the US the BS model.     

Asymmetric impact of oil prices,exchange rate,and inflation on tourism demand in Pakistan: new evidence from nonlinear ARDL

This study scrutinized the asymmetric impact of oil prices, exchange rate, and inflation on tourism demand in Pakistan using [Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014) Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In Festschrift in honor of peter schmidt (pp. 281–314). New York, NY: Springer] nonlinear autoregressive distributed lag (NARDL) model. The NARDL bounds test examined the existence of cointegration in study variables, including CO₂ emissions, institutional quality, oil prices, exchange rate, inflation, and tourism demand. The evidence proposes that disregarding the intrinsic nonlinearities may misinform inference. The estimated NARDL model affirmed long-run negative and significant effect of CO₂ emissions on tourism demand, while institutional quality was positively associated with tourism demand. Furthermore, the findings of the study also suggested long-run asymmetric relationship between oil prices, exchange rate, inflation, and tourism demand.     

The Informational Role of Option Trading Volume in Equity Index Options Markets

This paper examines the dynamic relations between future price volatility of the S&P 500 index and trading volume of S&P 500 options to explore the informational role of option volume in predicting the price volatility. The future volatility of the index is approximated alternatively by implied volatility and by EGARCH volatility. Using a simultaneous equation model to capture the volume-volatility relations, the paper finds that strong contemporaneous feedbacks exist between the future price volatility and the trading volume of call and put options. Previous option volumes have a strong predictive ability with respect to the future price volatility. Similarly, lagged changes in volatility have a significant predictive power for option volume. Although the volume-volatility relations for individual volatility and volume terms are somewhat different under the two volatility measures, the results on the predictive ability of volume (volatility) for volatility (volume) are broadly similar between the implied and EGARCH volatilities. These findings support the hypothesis that both the information- and hedge-related trading explain most of the trading volume of equity index options.     

Influence of Leadership on Job Satisfaction: The Moderating Effects of Follower Individual‐Level Masculinity–Femininity Values

The current study examined whether employee individual‐level masculinity–femininity values moderate the relationship between leadership styles (structural, human resource, political, and symbolic) and employee job satisfaction. Overall, the research provided support for the impact of individual‐level masculinity–femininity on follower reactions to various leadership behaviors. The findings indicated that followers who scored high on feminine orientation perceived a weaker relationship between all leadership behaviors and job satisfaction. Followers with more masculine values associated more perceptions of job satisfaction with human resource, political, and symbolic leadership and viewed leaders' structural behaviors as less important for satisfaction at work.     

The interrelation of price volatility and trading volume of currency options

This article examines the interrelations between future volatility of the U.S. dollar/British pound exchange rate and trading volume of currency options for the British pound. The future volatility of the exchange rate is approximated alternatively by implied volatility and by IGARCH volatility. The results suggest the presence of strong contemporaneous positive feedbacks between the exchange rate volatility and the trading volume of call and put options. Previous option volumes have significant predictive power with respect to the expected future volatility of the dollar/pound exchange rate. Similarly, lagged volatilities jointly have significant predictive power for option volume. Although option volume (volatility) responds somewhat differently to individual volatility (volume) terms under the two volatility measures, the overall volume‐volatility relations are broadly similar between the implied and IGARCH volatilities. The results generally support the hypothesis that the information‐based trading explains more of the trading volume in currency options on the U.S. dollar/British pound exchange rate than hedging. © 2003 Wiley Periodicals, Inc. Jrl Fut Mark 23:681–700, 2003