文章基本信息

标题：Determinants of Share Prices at Karachi Stock Exchange
本地全文：下载
作者：Muhammad Nauman Khan ; Amanullah
期刊名称：International Journal of Business and Management Studies
电子版ISSN：1309-8047
出版年度：2012
卷号：4
期号：1
出版社：Social Sciences Research Society
摘要：Knowing about stimulus of stock indices is a key for the future projection of stocks performance and in turn provide base for making and suggesting appropriate economic policies. The main objective of the study is to find different determinants of share prices and the relationship of these determinants with the share prices of Karachi Stock Exchange (KSE) 100 index of Pakistan. After going through literature review 5 quantitative determinants, namely Book to Market (B/M) ratio, Price Earning (P/E) ratio, Dividend, Gross Domestic Product (GDP) and Interest Rate were selected to find out the direction and strength of relationship. A sample of 34 companies has been randomly selected from 34 sectors of KSE. Ten years’ (2000-2009) data has been collected for the sample companies. The tools used for analysis are Linear Multiple Regression and Correlation Model. It has been concluded that all the factors selected have positive and significant relationship with share prices except Interest rate and B/M ratio. The rise in GDP, dividend and P/E ratio leads to rise in share prices. B/M ratio and interest rate are negatively related to share prices. The hypothesis developed for GDP rate, Dividend per share, Interest rate, B/M ratio and P/E ratio are thus accepted.
关键词：Determinants of share prices; Gross domestic product (GDP);Interest rate; Dividend per share; Book to market (B/M) ratio; Price earning (P/E);ratio; Karachi Stock Exchange