Browsing by Author "Hasan, Md. Abu"

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Efficiency and Volatility of the Stock Market in Bangladesh: A Macroeconometric Analysis
(University of Rajshahi, 2015) Hasan, Md. Abu; Wadud, Md. Abdul
This dissertation investigates the weak form efficiency of Efficient Market Hypothesis (EMH) employing Autocorrelation test, Runs test and Unit Root tests, and the nature of volatility characteristics of stock returns applying GARCH family models in Bangladesh stock market using daily all share price index return data of Dhaka Stock Exchange (DSE) from 02 January 1993 to 27 January 2013. The thesis also examines the semi-strong form of the EMH of DSE based on macroeconomic variable version of the Arbitrage Pricing Theory (APT) applying Cointegration tests, Vector Error Correction Model (VECM) and Granger causality tests, and the volatility of the DSE returns in response to the volatility of the macroeconomic variables employing GARCH family models using monthly data from January 2001 to December 2012. In addition, the short run and long run relationships between macroeconomic variables and aggregate stock prices in Bangladesh have also been determined. Employing both nonparametric tests (Runs test and Phillips-Perron test) and parametric tests (Autocorrelation test and Augmented Dickey-fuller test), this thesis finds that the Dhaka Stock Exchange of Bangladesh is not weak form efficient. The Johansen and Juselius multivariate cointegration tests reveal that industrial production index (IPI) and crude oil price (OP) have significant negative long run relationships with all share price index (DSI) of DSE, while money supply (MS), exchange rate (ER) and Indian stock prices (SENSEX) have significant positive long run relationship with all share price index of DSE. Results of VECM indicate that there is a long run causality running from IPI, M2, OP, ER and SENSEX to DSI. The error correction term of first differenced DSI implies that 15% of the last month’s disequilibrium becomes corrected monthly. The VECM results also show that DSI picks up the disequilibrium quickly and guides the variables of the system back to equilibrium. Results of VECM Granger causality/block exogeneity Wald test and Granger causality test reveal that individually IPI, CMR and SENSEX are the leading indicators with respect to stock prices in Bangladesh in the short run. Moreover, stock price index of DSE is a leading indicator with respect to IPI and ER in the short run. Taking the outcome of VAR models into account, it is found that all selected macroeconomic variables do significantly explain the stock prices of the Bangladesh stock market. As a consequence, it may be concluded that the Bangladesh stock market is not efficient in the semi-strong form of EMH. Results of the estimated MA(1)-GARCH(1,1) model show that the stock market of Bangladesh captures volatility clustering and the volatility is moderately persistent. The estimated MA(1)-EGARCH(1,1) model reveals that the effect of bad news on stock market volatility is greater than the effect induced by good news. Results of six GARCH-S models indicate that there is significant positive relationship between the changes in exchange rate (ER) and the volatility of DSE returns. Results also imply that the growth of the broad money supply (M2) and the volatility of Indian stock market (SENSEX) have significant negative relationship with the volatility of Dhaka stock exchange returns. Therefore, we can conclude that the stock market of Bangladesh is not efficient in weak and semi-strong form, and consequently, investors can earn abnormal profit using publicly available information. Stock market returns of Bangladesh exhibit leptokurtosis, volatility clustering and leverage effect or asymmetric volatility. The volatility of DSE return is significantly influenced by the volatility of macroeconomic variables such as ER, M2 and SENSEX.
Observation of Garments Waste Management System
(Daffodil International University, 22-09-21) Haque, Md. Fazlul; Islam, Md. Ariful; Halder, Soumitro; Hasan, Md. Abu
The necessity of garment waste reducing, recycling and disposal management is motivated by the increasing cost and decreasing availability of dumping area and the diminish of natural resources. The raw materials in various combinations undergo different processes during production and are converted to finished goods. The residue left out after each process during production remains waste. The aim of this study was to identify the garments industry to shift to better waste management practices of the selected garments and to possible solution to recover the present condition. During the observation of a few surrounding Garments of Ashulia, Savar and EPZ we tried to look after the processing of their waste management system. Most of the waste is generated from the factory was clothing waste, which is 1.5 tons approx. every day. Recyclable waste is generated around 90kg every day. Caution they follow to protect the workers from generated waste were proper dress and fire safety. Worker is affected by the generated waste were said yes 0% and no 30% and future plans for improving your factory waste and management were discussing with the higher authorities to reduce this waste. We reached to garments employee, local people and farmers to know how they are dealing with this waste. From the analysis, we find that, directly affected by the waste is 30%, not affected 65% and neutral 5%. Last six months average 8/9 people has been affected by this waste, 41% people said that they are affected, 57% said no one affected and neutral 2%. The management system of garments factory is right were said 52%, not right said 40% and neutral 8%. Waste affecting agricultural land were said yes 25%, not affecting 68% and neutral 7%. Improvement of drainage system could be the way out of this problem were said yes 66% people, no 25% and neutral 9%. The study concludes that the Waste Management is the human control of the collection, treatment and disposal of different wastes. Some components of waste have economic value and can be recycled once correctly recovered. The most important barriers to recycling are lack of equipment and technology, lack of materials to recycle and lack of consumer awareness. The compositions of different wastes have varied over time and location, with industrial development and innovation being directly linked to waste materials.
Supply chain mapping of apparel export from Bangladesh to the USA market a case study from buyer’s perspective
(Department of Industrial and Production Engineering, 2018-08-13) Hasan, Md. Abu; Azeem, Dr. Abdullahil
Bangladesh remains an attractive source for global apparel manufacturing for past several years mainly due to its cheaper labor cost. Most of the worlds renowned apparel brands and retailers are highly dependent on Bangladesh as their one of the major supply base. On the other hand, apparel industry plays an extremely important role in Bangladesh’s economy for export earning as well providing employment. However, long lead time is a major threat to Bangladesh’s long term competitiveness as labor cost keep increasing, which will make Bangladesh less competitive in future compared with the competitors who benefit from relatively shorter lead-time due to various reason. This project work took a macro look at overall supply chain of the garments made in Bangladesh from a foreign buyer’s perspective and explore opportunities for overall lead time reduction. This study used a tool named Supply Chain Value Stream Mapping (SCVSM) or Mapping the Extended Value Stream (EVSM). The result showed 27% potential lead time reduction opportunity for overall supply chain of apparel products made in Bangladesh for USA market. If implemented, both Bangladesh apparel industry and foreign apparel buyers can be benefited from it.