Journal of Asian Business Strategy

Online ISSN: 2225-4226


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Impact of Political Events on Stock Market: Evidence from Pakistan


Shahid Mahmood -- Muhammad Irfan -- Saeed Iqbal -- Muhammad Kamran -- Ali Ijaz 

| Pages: 141-152
In this paper it is examined that how much political events impact the KSE-100 index returns, fifty major political events are selected from the period of 1998 to 2013. To calculate the abnormal returns, event study methodology is applied and KSE-100 index returns data for 30 days before and 60 days after happening of an event are also collected. Results of each window verify that negative abnormal returns are observed some days before and some days after happening of an event. This study helps the investor to judge the effect of political events on KSE-100 index returns and develop strategy according to the political environment. Only major political events are selected for a selected time horizon which is not covering the all political episodes. Political conditions vary country to country and period to period. Further researches can be made by selecting different political events for any other country. This study contributes in literature and verifies the significant relationship between political events and stock market returns.

The Public Procurement Reforms in Nigeria: Implementation and Compliance Challenges


Musa Success Jibrin -- Success Blessing Ejura -- Nwaorgu Innocent Augustine 

| Pages: 153-166
The public procurement in Nigeria has come to stay. The problem now is not the lack of a regulatory framework but rather that of poor implementation and non-compliance with the reforms laws and regulations. This position paper made used of published data on the extent of implementation and compliance with the Nigerian reforms regulations and those of other developing and developed countries as a basis for drawing conclusion that there has been some significant improvement on the awareness of the existence of the public procurement law but for low level of implementation and compliance. The paper identified factors as media publicity; planning, organisational culture political interference amongst others contributes both positively and negatively to public procurement implementation and compliance. The need to insulate the procurement decisions from political interference and the setting up of the National Council on Public Procurement so as to allow it discharged its legitimate roles against the current trend where the Federal Executive Council and other governmental bodies performing this role are among some of the recommendations proffered by the paper if a successful implementation and compliance with the Nigerian Public Procurement reforms will be realised.