TABLE OF CONTENTS

In a perfectly competitive market we simply assume that full knowledgeable sellers and buyers have full information about the market condition and the information is free and costless. The firm is a price taker and has an infinitely elastic demand curve. But this is not generally happened in information asymmetry ad adverse section may occur. Equilibrium does not necessarily depict a single price rather it is characterized by a distribution set of price. Here the potential buyers and sellers are not price takers rather price setters. Multiple price equilibrium are quite similar to it but they differ only due to asymmetric information. Thus, in a buyers' equilibrium no seller will be benefited for announcing his own price. But in a seller's equilibrium (when all sellers have distinct price) some buyers may be benefitted by announcing their price. This is because the presence of adverse selection may induce a bias towards the market adopting a convention in which the buyers act as price setters.

According to increasing shortage of resources and increasing competition in global market, productivity as a work culture is a necessity for society in order to it can develop in economic, social and political aspects. Productivity in organizations can be a function of various variables among them organizational climate plays a significant role as a value system which specifies the procedures for conducting activities and the acceptable behaviors. Thus aim of present study is to investigate the relationship between organizational climate and also some dimensions of it such as organizational structure, organizational responsibility, organizational identity and organizational support with organizational productivity among top managers of various organizations in West Azerbaijan province. Totally 150 questionnaires were distributed to statistical population and among them data collected from 115 usable questionnaires were exploited for testing research hypotheses. With respect to normality of data after Kolmogorov-Smirnov test, Pearson correlation coefficient was used to determine type and intensity of relationships between variables. Results show a direct relationship between organizational climate and its three dimensions i.e. organizational responsibility, identity and support with organizational productivity. Thus it is recommended that by applying efficient managerial mechanisms and creating an appropriate organizational climate with respect to dimensions of organizational responsibility, identity and support serious measures are taken to improve productivity in organizations of West Azerbaijan province.

This write-up is on the seasonal autoregressive integrated moving average (SARIMA) modelling of daily exchange rates of the Euro and the US Dollar. The realization analyzed is from June 21 to December 17 in the year 2014. Its time-plot has a downward secular trend which depicts the fact that the dollar is relatively appreciating within the 180-day period. An inspection reveals that the series is seasonal of weekly periodicity. Therefore a seven-day differencing of the series yields a series adjudged stationary by the Augmented Dickey Fuller (ADF) Test. However its time-plot shows a generally slightly positive secular trend and its correlogram does not support the stationarity hypothesis as it reveals a sinusoidal pattern of period 7 days. A further non-seasonal differencing yields a series which has a generally horizontal trend and is adjudged as stationary by the ADF Test. Its correlogram not only supports the stationarity hypothesis but also confirms the 7-day seasonality assumption. By application of a new subset SARIMA modelling algorithm an adequate subset SARIMA (1,1,0)x(1,1,0)7 model is fitted to the data. Forecasting of the series may therefore be based on the model.

This paper applies the Autoregressive Moving Average-Exponential General Autoregressive Conditional Heteroskedasticity (ARMA-EGARCH) in studying the spillover and leverage effects of returns and volatilities of China's Shanghai Stock Exchange (SSE) index, India's Bombay Stock Exchange index (BSE), Malaysia's Kuala Lumpur Stock Exchange (KLSE) index, and the Philippine Stock Exchange (PSE) index. Results show that the leverage effects term is negative in all emerging stock market indices, except for Malaysia, which means that the Malaysian financial market is relatively stable. This paper also finds bilateral positive returns and volatility transmissions between BSE and the PSE index, which can be attributed to the established bilateral trade relations between the two countries. The BSE is found to also have a higher volatility effect on the KLSE index over the SSE, which can be attributed to the more established trade relations between India and Malaysia. Lastly, the PSE index's one-way positive volatility spillover effect on the SSE index is attributed to the higher Philippine investments in China compared to China's investments in the Philippines.

Results show that the leverage effects term is negative in all emerging stock market indices, except for Malaysia, which means that the Malaysian financial market is relatively stable. This paper also finds bilateral positive returns and volatility transmissions between BSE and the PSE index, which can be attributed to the established bilateral trade relations between the two countries. The BSE is found to also have a higher volatility effect on the KLSE index over the SSE, which can be attributed to the more established trade relations between India and Malaysia. Lastly, the PSE index's one-way positive volatility spillover effect on the SSE index is attributed to the higher Philippine investments in China compared to China's investments in the Philippines.

weak-form efficiency hypothesis. The combined ARFIMA-fractionally integrated asymmetric power autoregressive conditional heteroskedasticity (ARFIMA-FIAPARCH) models did not confirm the initial findings due to insignificant results. However, the gamma (  ) parameter of the ARFIMA-FIAPARCH models showed the presence of volatility asymmetry in the AMJ ETN, which means that negative shocks have relatively more impact than positive shocks on its volatility.

This research provides evidence of predictability and asymmetry in the returns and volatility of the two largest exchange-traded notes (ETNs), namely, JPMorgan Alerian MLP Index ETN (ticker: AMJ) and iPath DJ-UBS Commodity ETN (ticker: DJP). This study found that AMJ ETN has an intermediate memory based on the autoregressive fractionally integrated moving average (ARFIMA) model and the combined ARFIMA-fractionally integrated general autoregressive conditional heteroskedasticity (ARFIMA-FIGARCH) models. Long-memory properties also existed in the volatility structures of both the AMJ and DJP ETNs according to the ARFIMA-FIGARCH models making them predictable in the long-run, and violates Fama's (1970) weak-form efficiency hypothesis. The combined ARFIMA-fractionally integrated asymmetric power autoregressive conditional heteroskedasticity (ARFIMA-FIAPARCH) models did not confirm the initial findings due to insignificant results. However, the gamma () parameter of the ARFIMA-FIAPARCH models showed the presence of volatility asymmetry in the AMJ ETN, which means that negative shocks have relatively more impact than positive shocks on its volatility.

This study evaluates the effects of government's borrowings on infrastructural development in Nigeria. Infrastructural development has been proxied with capital spending of the federal government of Nigeria. The study embraced only secondary data as the sole source of data collection; quantitative data for the three variables of the study were sourced from Central Bank of Nigeria statistic bulletin. Data were analyzed using the Ordinary Least Square (OLS) Regression analysis to determine the relationship of the variables. Findings from the analyses show a short term relationship among the variables. The study further reveals that a positive relationship exists between federal government capital expenditure and domestic debt; while no significant relationship between capital expenditure and foreign debt was found. The implication of the findings is that increases in Domestic debt of the federal government leads to an increase in capital expenditure (Infrastructural development) (at the short run) while federal government foreign debt hitherto has not resulted to any improvement in capital spending (infrastructural development). The study thus concludes that the external/foreign debt has not contributed significantly in the development of Nigerian's infrastructure and that the huge external debt profile of Nigeria even before the debt forgiveness of 2005 to date is not justifiable and is uncalled for. It suggested that external loans should be restricted to specified identifiable infrastructural or productive projects.

Trading blocs are found with the objective to gain benefits and exchange economic and social traditions. Trading blocs are FTA (Free trade agreements) and PTA (preferential trade agreements). In this present era approximately all countries are part of at least one trading bloc, while there are some countries which are members of more than one trading blocs. India is an example of this. This study is conducted with the objective to find the trading magnitude of one of the emerging Asian trading blocs i.e. ASEAN and SAARC with another effective trading blocs of the world i.e. EU and US world's largest and developed economy. Data spans from 1990 to 2012. The nature of this study is qualitative. It has been found that trade of both trading blocs i.e. ASEAN and SAARC has increased with the time while magnitude of ASEAN's trade is greater than the trade of SAARC with EU and US. EU is one of the strong and effective trading blocks, and is engaged in bridging relations with other regions of the world. EU is in the first row for the peace, prosperity of the South Asian countries as well as for the other developing economies of the world.

Pakistan is a developing market where corporate governance practices have introduced to establish and maintain a good quality corporate culture at organizational level. This research work aims to test the impact of board composition, leadership structure and ownership structure on firm performance. The sample size taken in this study is KSE-100 index companies. The time span form2008 to 2012 used in this study. For the purpose of data collection, annual reports of the sample companies were considered as a major source. These annual reports gathered from the official website of each sample company. Firm performance measured with two proxy variables i.e. return on asset and market to book value. For this, two different techniques were applied. Most of the corporate governance variables under the study had insignificant effect on performance. However, managerial ownership and leverage had negative and significant impact with return on asset under Ordinary Least Square (OLS) technique. Similarly, random effect results show that managerial ownership and leverage had also negative significant effect with market to book value.