Journal of Finance and Accounting Research https://ojs.umt.edu.pk/index.php/jfar <div class="row" style="text-align: justify;">The Journal of Finance and Accounting Research (JFAR) is a multidisciplinary international journal of the Department of Finance, School of Business and Economics (SBE), University of Management and Technology (UMT), Lahore, Pakistan. JFAR is committed to publishing high-quality studies in finance and related fields and is widely circulated, both nationally and internationally.&nbsp;Accounting, Finance &amp; Auditing are seen as essential components for the successful implementation of market-based development policies supporting economic liberalization in the rapidly emerging economies. JFAR publishes research articles and reviews within the whole field of&nbsp; Accounting, and it will continue to provide information on the latest trends and developments in this ever-expanding subject.</div> Department of Finance, School of Business and Economics, University of Management and Technology, Lahore, Pakistan en-US Journal of Finance and Accounting Research 2617-2232 <p style="text-align: justify;">UMT journals follow an open-access publishing policy and full text of all articles is available free, immediately upon acceptance. Articles are published and distributed under the terms of the Creative Commons Attribution 4.0 International License.&nbsp;Thus, work submitted to UMT Journals implies that it is original, unpublished work of the authors; neither published previously nor accepted/under consideration for publication elsewhere.&nbsp;On acceptance of a manuscript for publication, a corresponding author on the behalf of all co-authors of the manuscript will sign and submit a completed Author Agreement Form.</p> Challenges of Tax Auditors and Investigators in Abia State, Nigeria https://ojs.umt.edu.pk/index.php/jfar/article/view/620 <p><em>The objective of this study is to examine the challenges of tax auditors and investigators in Abia State, Nigeria. The population of the study consisted of 400 people and a sample size of forty respondents based on a judgmental sampling technique comprising of chartered accountants, tax consultants, and tax officials in public and private sectors in Umuahia, Abia State with the aid of a scaled questionnaire. The data obtained were qualitatively analyzed. The study concludes that the following were challenges facing tax auditors and investigators: poor record-keeping by taxpayers, lack of cooperation by taxpayers and agents, lack of technical manpower, bribery and corruption, obsolete tax laws, low funding of the tax authority, lack of database, etc. The study recommends modernization and automation of tax system, recruitment of qualified professionals well versed in tax and accounting among others.</em></p> <p><strong>JEL Classification:</strong> H20, H26, H29</p> Orji Chidebelu Chike ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2020-08-31 2020-08-31 2 2 1 13 10.32350/jfar/2020/0202/620 Momentum Effect in Developed and Emerging Stock Markets https://ojs.umt.edu.pk/index.php/jfar/article/view/95 <p>The study aims to reaffirms the existence of short-term momentum effect in 13 developed and emerging stock markets where previous literature has lack of consensus. Although many studies emphasis on the existence of momentum effect, but still, there are substantial number of researchers that deny the its presence. The contradictory finding of many researchers over the existence of momentum effect, raises a serious question, to what extend our stock markets are informationally efficient and whether investor can make abnormal profits by using momentum investment strategies. This study applies momentum investment strategy, J6K6, to calculate momentum returns. Our study finds negative significant momentum effect in all 13 stock markets. Although momentum effect is present in 13 countries but Investors are not able to attain abnormal profit through momentum investing. These findings have an utmost importance for practitioners that they should not adopt momentum investment strategies in these countries as these strategies are generating lose. Moreover, stock market regulators should formulate these markets on the notion of efficient market hypothesis.</p> Zulfiqar Ali Imran Woei-Chyuan Wong Rusmawati Ismail ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2020-08-31 2020-08-31 2 2 14 31 10.32350/jfar/2020/0202/95 The Relation between Dividend and Financial Constraints to Firm Value https://ojs.umt.edu.pk/index.php/jfar/article/view/851 <p>This study examines the relation between dividends and financial constraints to firm value using publicly traded firms in Indonesia from 2013 to 2017. The very exploration used a repeated cross section regression method to understand monotonic and non-monotonic alliance between dividends and financial constraints to firm value. The non-monotonic correlation measured by dummy variables for 6 dividends categories, i.e. 0 category is defined as firms that did not pay dividends and category 5 is defined as firms that pay dividends with the highest quintile. It is found that monotonic bond lowers the financial constraints that has more important and consistent positive effects on firm value relative to dividends. These findings imply investors to have higher preferences for a firm’s ability to realize good investment projects and provide higher future profits, relative to current profit in the form of dividends. It also found that non-monotonic connection between dividends and firm value and dividends and financial constraints have relatively equal positive effect to firm value.</p> Adrian Teja Wilson A Kevin Chanry John Iwan Kusno ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2020-08-31 2020-08-31 2 2 32 62 10.32350/jfar/2020/0202/851 Investor Behavior: Does Tax Avoidance and Liquidity Preference Culture Drive Equity Prices in Pakistan https://ojs.umt.edu.pk/index.php/jfar/article/view/852 <p>The present study investigates market-wide herding of stock market, industry indices of Pakistan, China and USA, A-cross border herding of Pakistan stock market with Chinese stock market and USA stock market. With Cross-Sectional-Absolute-Deviation, to check whether geographical distance matters to influence the stock markets or not and USA is its major influential, cannot be ignored. Market-wide herding in Pakistan is found only during 2004 and 2008 and A-cross border herding for Pakistan is only found from the USA which support asset pricing model and market efficiency. Pakistan market do not herd around China, this negates geographical distance matters, and influence in determining investor behaviour in stock markets. It is revealed, Pakistan stock market does not observe as much herding behaviour in stock investment as other markets (USA and China), so it can be said that Pakistan stock exchange index which is representative of Pakistan Stock market is efficiently operating in contest of Herding.</p> Rubeena Tashfeen Saad Ullah Abubaker Naeem ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2020-08-31 2020-08-31 2 2 63 91 10.32350/jfar/2020/0202/852 Article Herding Behaviour: Empirical Analysis of Pakistan, China, USA Stock Market https://ojs.umt.edu.pk/index.php/jfar/article/view/480 <p>The present study investigates market-wide herding of the stock market industry indices of Pakistan, China, and the USA, and cross-border herding of Pakistan stock market with the Chinese stock market and USA stock market. With Cross-Sectional-Absolute-Deviation, this study checks whether geographical distance matters in influencing the stock markets or not and if the USA is it's major influential and cannot be ignored. Market-wide herding in Pakistan is found only during 2004 and 2008, and across border herding for Pakistan is only found from the USA, which supports the asset pricing model and market efficiency hypotheses. Pakistan market does not herd around China- this negates that geographical distance matters and influences in determining investor behavior in stock markets. It is also revealed that the Pakistan stock market does not observe as much herding behavior in stock investment as other markets (such as the USA and China), so it can be said that the Pakistan Stock market is efficiently operating in the context of herding.</p> <p><strong>JEL Classification:</strong> G02, G11, G14, G1</p> Rukhsana bibi Syed Ali Arslan Attiya Yasmin Javid ##submission.copyrightStatement## http://creativecommons.org/licenses/by/4.0 2020-08-31 2020-08-31 2 2 92 114 10.32350/jfar/2020/0202/480