David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Speculative bubbles present a problem for the development of sophisticated financial markets in developing economies. This paper discusses the evolution of regulatory institutions in Pakistan pertaining to the Karachi stock exchange and empirically tests for the presence of stock market bubbles in that stock market in recent years. A fundamental is estimated using a VAR approach, and residuals of this fundamental are tested for trends using Hamilton regime switching and Hurst rescaled range methods. Nonlinearities beyond ARCH are also tested for using the BDS test. We are unable to reject the hypothesis of no bubbles or non nonlinearities during the period studied, indicating that Pakistan faces this difficult problem in developing appropriate regulations and institutions for the oversight of its financial markets
|Keywords||No keywords specified (fix it)|
No categories specified
(categorize this paper)
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library||
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
J. Barkley Rosser & Jamshed Y. Uppal, Emerging Markets and Stock Market Bubbles: Nonlinear Speculation?
J. Barkley Rosser & L. Kramer, State-Space Estimation of Rational Bubbles in the Yen/Deutschemark Exchange Rate.
Michael L. Anderson, The Origins of Collective Overvaluation: Irrational Exuberance Emerges From Simple, Honest and Rational Individual Behavior.
Shahnaz Naughton & Tony Naughton (2000). Religion, Ethics and Stock Trading: The Case of an Islamic Equities Market. [REVIEW] Journal of Business Ethics 23 (2):145 - 159.
James J. Angel & Douglas M. McCabe (2008). The Ethics of Managerial Compensation: The Case of Executive Stock Options. [REVIEW] Journal of Business Ethics 78 (1-2):225 - 235.
Jennifer Bremer & Nabil Elias (2007). Corporate Governance in Developing Economies the Case of Egypt. International Journal of Business Governance and Ethics 3 (4):430-445.
E. Mine Cinar (1999). The Issue of Insider Trading in Law and Economics: Lessons for Emerging Financial Markets in the World. [REVIEW] Journal of Business Ethics 19 (4):345 - 353.
Josep M. Lozano, Laura Albareda & M. Rosario Balaguer (2006). Socially Responsible Investment in the Spanish Financial Market. Journal of Business Ethics 69 (3):305 - 316.
Geoffrey Poitras (2007). Accounting Standards for Employee Stock Option Disclosure. International Journal of Business Governance and Ethics 3 (4):473-487.
Added to index2010-12-22
Total downloads4 ( #243,847 of 1,096,585 )
Recent downloads (6 months)0
How can I increase my downloads?