Browsing by Author "Javed Gilani, Usman"

Now showing 1 - 2 of 2
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    Managing the gap between Actual and Target Capital Structure: An Evidence from Pakistan.
    (Journal of Management and Research., 2015) Rafay, Abdul; Javed Gilani, Usman; Ijaz, Farrukh
    Investment framework is one of the most significant components that impact the company’s value. Reliable funding choices for a company generally lead to a capital structure that increases the firm’s value (Abor, 2006). Early studies provide contradictory reviews about a company’s capital structure decisions. This paper investigates the partial adjustment model for a company’s target capital structure. The study also explores how companies operating in different sectors of Pakistani market adjust towards the target capital structure levels. The study also recognizes that an unanticipated share price change also have an effect on the target capital structure. The results indicate that companies do have target leverage and that their adjustment speed varies from sector to sector of the Pakistani market. A typical sector closes more than 50% of the gap between its actual and its target debt ratios within one year
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    Volatility Modeling for Spot and Futures of Crude Oil–Evidence from Pakistan.
    (Abasyn University Journal of Social Sciences., 2015) Rafay, Abdul; Javed Gilani, Usman; Naeem, Muhammad Abu Bakar; Ijaz, Maham
    In this article, we study the volatility of Spots and Futures of Crude Oil using daily data from the period 2010-2013. We examine both the Crude Oil Spots and Crude Oil Futures traded on the Pakistan Mercantile Exchange. Our main findings suggest that (1) shocks tend to persist over a long period of time for both Crude Oil Spots and Crude Oil Futures; and (2) shocks have asymmetric effect on the volatility. Hence our findings indicate that behavior of Crude Oil Spots prices and Crude Oil Future prices tends to vary over time.