2018

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Stock Return co-movement within Business Groups
(UMT, Lahore, 2018-03) SHEHLA ARIF
In this study stock return co-movement within family business groups in Pakistan is examined. For this purpose publically listed shares from 2008 to 2017 are taken as population from which those stocks are selected which belongs to family business groups. In family business groups it is said that same group companies change together. Two factors are used to find out the co movement between family business groups namely; Fundamental factors (related party transaction) and Non-Fundamental factors (correlated trading). Our study find out that correlation does exist more due to non-fundamental factors than that of fundamental factors. Results also showed that in family business groups correlation exists between stocks due to non-fundamental factors. So this study concluded that there are some factors other than fundamentals which we consider as non-fundamentals include sentiments are responsible for co movement within family business groups