Inter-Linkages between Stock Markets Having Portfolio Investment in Pakistan
Bibliographic record
Abstract
This study examines the short term and long term co-movement of Pakistani equity market and equity markets of Developed and Developing counties having portfolio investment in Pakistan which includes Australia, Canada, France, Germany, Japan, Norway, Netherland, UK, USA, China, India, Korea, Kuwait, Singapore, Saudi Arabia, UAE, Qatar and Hong Kong by using monthly time series data starting from July 2003 to June 2012. Multivariate Co-integration approach by Johnson and Julius (1990) shows that there exists long-term relationship between developed, developing and Pakistani equity markets. Pair-wise Granger Causality test shows that there exist both unidirectional and bidirectional causality between the equity market of Pakistan and the other developed and developing country’s stock markets. Impulse response analysis and variance decomposition analysis reveal that most of the shocks in Pakistani equity markets are due to its own innovation and behave like exogenous. Therefore, by investing in Karachi Stock Exchange (KSE) the fund manager of developed and developing countries especially Australia, Canada, France, Netherland, UK, China, Hong Kong, Kuwait and Korea is capable of getting the advantage of portfolio diversification.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.001 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.002 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".